Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy

Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy

This study examines the relationship between ownership structure and stock price informativeness in a transitional economy characterized by an underdeveloped corporate governance system. Using a sample of 322 publicly listed companies in Vietnam covering a 10-year period from 2009 to 2018, we evalua...

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Những tác giả chính: Bùi, Thị Kim Dung, Đoàn, Anh Tuấn, Kang, Hyoung-goo
Định dạng: Journal article
Ngôn ngữ:English
Được phát hành: Taylor and Francis Online 2022
Những chủ đề:
firm-specific information, ownership structure, institutional environment
Truy cập trực tuyến:http://scholar.dlu.edu.vn/handle/123456789/997
https://doi.org/10.1080/23322039.2020.1774986
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Thư viện lưu trữ: Thư viện Trường Đại học Đà Lạt
id oai:scholar.dlu.edu.vn:123456789-997
record_format dspace
institution Thư viện Trường Đại học Đà Lạt
collection Thư viện số
language English
topic firm-specific information, ownership structure, institutional environment
spellingShingle firm-specific information, ownership structure, institutional environment
Bùi, Thị Kim Dung
Đoàn, Anh Tuấn
Kang, Hyoung-goo
Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy
description This study examines the relationship between ownership structure and stock price informativeness in a transitional economy characterized by an underdeveloped corporate governance system. Using a sample of 322 publicly listed companies in Vietnam covering a 10-year period from 2009 to 2018, we evaluate how national governance quality affects the impact of ownership type on stock price informativeness. We find the evidence that government-owned firms tend to have higher synchronous (lower informative) stock prices, whereas the opposite is true for the foreign-owned firms. Furthermore, the stock price informativeness of government-owned firms is higher when there is an increase in national governance quality. This study finds no significant difference in governance quality benefits between foreign-controlled and non-foreign firms. These findings suggest that the institutional channel plays an important role in determining the informativeness of the stock prices of government-controlled firms, especially in transitional economies.
format Journal article
author Bùi, Thị Kim Dung
Đoàn, Anh Tuấn
Kang, Hyoung-goo
author_facet Bùi, Thị Kim Dung
Đoàn, Anh Tuấn
Kang, Hyoung-goo
author_sort Bùi, Thị Kim Dung
title Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy
title_short Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy
title_full Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy
title_fullStr Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy
title_full_unstemmed Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy
title_sort institutional environment, ownership structure and firm-specific information: evidence from a transitional economy
publisher Taylor and Francis Online
publishDate 2022
url http://scholar.dlu.edu.vn/handle/123456789/997
https://doi.org/10.1080/23322039.2020.1774986
_version_ 1768305944729485312
spelling oai:scholar.dlu.edu.vn:123456789-9972022-09-14T17:40:17Z Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy Bùi, Thị Kim Dung Đoàn, Anh Tuấn Kang, Hyoung-goo firm-specific information, ownership structure, institutional environment This study examines the relationship between ownership structure and stock price informativeness in a transitional economy characterized by an underdeveloped corporate governance system. Using a sample of 322 publicly listed companies in Vietnam covering a 10-year period from 2009 to 2018, we evaluate how national governance quality affects the impact of ownership type on stock price informativeness. We find the evidence that government-owned firms tend to have higher synchronous (lower informative) stock prices, whereas the opposite is true for the foreign-owned firms. Furthermore, the stock price informativeness of government-owned firms is higher when there is an increase in national governance quality. This study finds no significant difference in governance quality benefits between foreign-controlled and non-foreign firms. These findings suggest that the institutional channel plays an important role in determining the informativeness of the stock prices of government-controlled firms, especially in transitional economies. Volume 8, 2020 Issue 1 2022-09-14T17:40:12Z 2022-09-14T17:40:12Z 2020-06-16 Journal article Bài báo đăng trên tạp chí thuộc SCOPUS, bao gồm book chapter http://scholar.dlu.edu.vn/handle/123456789/997 https://doi.org/10.1080/23322039.2020.1774986 en Cogent Economics & Finance Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. 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