Ownership concentration, corporate governance and firm performance of Vietnamese listed companies

Abstract

This study empirically examines the nexus between corporate governance, ownership concentration by the State and
non-state institutional investors, and firm performance of Vietnamese listed companies, using a panel data sample of the
entire population of listed companies in the Ho Chi Minh Stock Exchange (HSX) and the Hanoi Stock Exchange (HNX)
during the period from 2007 to 2015. The study results show that, highly concentrated ownership by the State/ non-state
institutional investors have a negative / positive association with firm performance, which is proxied by two alternative
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measures: Tobin’s Q and the logarithm of firm’s market value. While supervisory board has a positive effect on firm
performance, the proportion of non-executive directors in the board of directors are negatively related to both measures
of firm performance