The impact of ownership structure on firm performance: Evidence from listed companies on Ho Chi Minh Stock Exchange

Abstract

This study aims to investigate the relationship between ownership structure and firm performance for a panel of Vietnamese corporations. It examines the impact of state, foreign and managerial ownership on firm performance. The empirical results suggest that state ownership and managerial ownership have a significant impact on firm performance before the Global Financial Crisis, yet these relations disappeared after the event. Foreign ownership remains as an insignificant influence on firm performance for both before and after the Global Financial Crisis. Key words: ownership structure, firm performance, state ownership, managerial ownership, foreign ownership, financial crisis.