Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam
This paper examines the relation among corporate governance practices, pyramid ownership structure, and firm value by using a sample of Vietnamese listed firms. Using a sample of 103 non-financial firms listed on HOSE for the period from 2012 to 2014, and employing two-stage least square regression...
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University of Economics Ho Chi Minh City
2023
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oai:scholar.dlu.edu.vn:DLU123456789-1155232023-03-08T03:56:45Z Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam Tr?n, Th? H?i Lý Nguy?n, Kim Ð?c This paper examines the relation among corporate governance practices, pyramid ownership structure, and firm value by using a sample of Vietnamese listed firms. Using a sample of 103 non-financial firms listed on HOSE for the period from 2012 to 2014, and employing two-stage least square regression (2SLS) to deal with potential endogeneity, we find that some indicators, commonly adopted as a key components of corporate governance, such as size or independence of board of directors, are imperfect proxies for corporate governance practices. Our results indicate that it is better to employ a corporate governance index (CGI), including 117 criteria developed by Connelly, Limpaphayom, and Nagarajan (2012) since it allows for more comprehensive estimation of corporate governance. More interestingly, our results show that the pyramid ownership plays an important role in the effect of corporate governance on firm value. The results are consistent regardless of whether companies have high or low family ownership. 2023-03-08T03:56:45Z 2023-03-08T03:56:45Z 2018 Article 2615-9112 http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=7a95af82-62b8-700a-74bc-245fe533fcaa http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115523 10.24311/JABES/2018.25.S01.4 en Journal of Asian Business and Economic Studies, Volume 25, Issue S01; p. 85-102 application/pdf University of Economics Ho Chi Minh City |
| institution |
Thư viện Trường Đại học Đà Lạt |
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Thư viện số |
| language |
English |
| description |
This paper examines the relation among corporate governance practices, pyramid ownership structure, and firm value by using a sample of Vietnamese listed firms. Using a sample of 103 non-financial firms listed on HOSE for the period from 2012 to 2014, and employing two-stage least square regression (2SLS) to deal with potential endogeneity, we find that some indicators, commonly adopted as a key components of corporate governance, such as size or independence of board of directors, are imperfect proxies for corporate governance practices. Our results indicate that it is better to employ a corporate governance index (CGI), including 117 criteria developed by Connelly, Limpaphayom, and Nagarajan (2012) since it allows for more comprehensive estimation of corporate governance. More interestingly, our results show that the pyramid ownership plays an important role in the effect of corporate governance on firm value. The results are consistent regardless of whether companies have high or low family ownership. |
| format |
Article |
| author |
Tr?n, Th? H?i Lý Nguy?n, Kim Ð?c |
| spellingShingle |
Tr?n, Th? H?i Lý Nguy?n, Kim Ð?c Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam |
| author_facet |
Tr?n, Th? H?i Lý Nguy?n, Kim Ð?c |
| author_sort |
Tr?n, Th? H?i Lý |
| title |
Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam |
| title_short |
Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam |
| title_full |
Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam |
| title_fullStr |
Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam |
| title_full_unstemmed |
Corporate governance, pyramid ownership, and firm value: Evidence from Vietnam |
| title_sort |
corporate governance, pyramid ownership, and firm value: evidence from vietnam |
| publisher |
University of Economics Ho Chi Minh City |
| publishDate |
2023 |
| url |
http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=7a95af82-62b8-700a-74bc-245fe533fcaa http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115523 |
| _version_ |
1765278025180512256 |