The Impact of Foreign Ownership and Management on Firm Performance in Vietnam

Nguyen, Thi Xuan Hong; Pham, Thu Huyen; Dao, Thi Nhung; Nguyen, Nga Thi Viet; Tran, Thi Kim Ngoc

doi:10.13106/jafeb.2020.vol7.no9.409

Cited by 35 publications

(37 citation statements)

References 25 publications

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“…Using ROA and sales growth, the results regarding the influence of liquidity on these variables have not been consistent. If on the one hand, some authors find empirical evidence for a positive relationship (Nguyen and Nguyen, 2020 or Tahir et al , 2020), others show a negative relationship (Fuertes-Callén and Cuellar-Fernández, 2019; Nguyen et al , 2020 or Roy et al , 2019).…”

Section: Literature Review and Hypothesesmentioning

confidence: 99%

Determinants of wine firms’ performance: the Iberian case using panel data

Neves

Dias

Ferreira

et al. 2022

IJAIM

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Purpose In the macroeconomic environment of the Iberian Peninsula, this paper aims to understand which factors, intrinsic to management, affect the performance of wine companies. Design/methodology/approach The sample comprises 3,113 wine Iberian companies between 2011 and 2018. This study has used the panel data methodology, specifically the generalized method of moments system estimation method of Arellano and Bond (1991); Arellano and Bover (1995); and Blundell and Bond (1998) to test the hypotheses proposed. Findings Using return on assets (ROA) and sales growth as measures of corporate performance, this study’s results suggest that sales growth is the variable that has the most significant determining factors, both specific to the company and given the macroeconomic environment. Investors and civil society well understand the meaning of sales growth, namely, in a sector close to the final consumer. When using ROA as a dependent variable, the results suggest that because it is a pure management variable, the manager tends to be more concerned with maintaining adequate levels of economic profitability to ensure sustainability and future solvency, without giving prominence to the macroeconomic environment. Originality/value To the best of the authors’ knowledge, this is the first time that a study has been carried out in the Iberian Peninsula on the wine industry using ROA and sales growth as measures of corporate performance. This study shows that sales growth is a measure traditionally known to external stakeholders, and to that extent, its determining factors are the variables that these players most value in the market.

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Section: Literature Review and Hypothesesmentioning

confidence: 99%

Determinants of wine firms’ performance: the Iberian case using panel data

Neves

Dias

Ferreira

et al. 2022

IJAIM

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show abstract

“…Tailab (2014) argued there is a positive association between growth rate and FP (Tobin's Q and ROA). Nguyen et al (2020) empirically proved that tangibility (Tang) and FP have a negative association, which is quite similar to ROA and Tobin's Q. Muzir (2011) found out that ROA and tangibility have a positive association.…”

Section: Theoretical Background and Previous Literaturementioning

confidence: 74%

“…In their study, Almajali and Shamsuddin (2019) reported that liquidity (LIQ) has a positive effect on financial performance. Nguyen et al (2020) and Sadeghian et al (2012) found out a negative significant association between liquidity and FP, proxies by ROA and Tobin's Q.…”

Section: Theoretical Background and Previous Literaturementioning

confidence: 95%

The Relationship between Capital Structure and Performance of Non-Financial Firms Listed on the Amman Stock Exchange

2022

RJFA

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The aim of this study is to take a step forward to examine the relationship between capital structure and firm performance particularly concentrating on the firms listed on Amman Stock Exchange (ASE). The current study uses 95 sample firms from non-financial firms listed on ASE. The period of the present study is (2013 -2017). The regressions have been shown and the results are showed rely upon the fixed effect model. The results show that all variables represent capital structure by Total Debt to Total Assets, Long Term Debt to Total Assets, Firm Size, Sales growth, Tangibility, and Liquidity have the relationship to firm's performance represents by return on assets and Tobin's Q. Sales growth and Total Debt to Total Assets have statistically positive significant relationship with firm's performance. Meanwhile, Long Term Debt to Total Assets and Liquidity show a statistically insignificant relationship with firm performance. Similarly, Tangibility has a statistically negative significant relationship with Tobin's Q and return on assets. Lastly, the study is contributed to top managers by providing value of an effective and efficient capital structure to firm performance in Jordanian business environment, by facilitating them in improving their capital structures to maximise shareholders' wealth as well as findings of this study will be important to other researchers by providing empirical evidence on the influence of capital structure on firm performance.

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“…Investor asing, cenderung menjadi investor yang kurang informasi dan berasal dari rezim yang lebih transparan mungkin menuntut pengungkapan informasi keuangan yang tinggi dibandingkan dengan investor lokal yang lebih terinformasi dan mungkin dapat mengakses informasi keuangan yang mereka butuhkan (Mohammed, 2018). Kepemilikan asing sendiri memiliki cara pengukuran dengan membandingkan jumlah saham dari investor saham dengan jumlah keseluruhan saham yang bereda (Hong Nguyen et al, 2020).…”

Section: Foreign Ownershipunclassified

“…Hasil penelitian dari (Mertzanis, Basuony and Mohamed, 2019) melihat adanya variabel kontrol yaitu ukuran perusahaan berpengaruh negative terhadap kinerja perusahaan. Sedangkan hasil penelitian dari (Amin and Hamdan, 2018;Hong Nguyen et al, 2020), (Al-Janadi, 2021) dan (Kao, Hodgkinson and Jaafar, 2019) memaparkan bahwa variabel kepemilikan asing memiliki hubungan positif atau mempengaruhi secara positif terhadap kinerja perusahaan.…”

Section: Kerangka Konseptualunclassified

Pengaruh Leverage dan Struktur Kepemilikan terhadap Kinerja Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

Setiadi

Lestari²

2022

jmas

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Leverage and ownership structure are important aspect on firm performance. Because of that the purpose of this study is to determine the effect of leverage and ownership structure on firm performance. The independent variables in this study are leverage, institutional ownership and foreign ownership. The dependent variable in this study is Firm performance, while the control variable consists of company size and company net income. On the Firm performance, in this study using the measurement of Return on Assets (ROA) and Return on Equity (ROE). This study uses panel data analysis and was conducted by collecting data from 31 manufacturing companies in Indonesia in the period 2016 to 2020. This study found a negative relationship between leverage on firm performance while firm size had a negative relationship with Firm performance with ROE and a positive relationship with ROA. The results of the study of foreign ownership have a positive effect on the performance of companies with ROA and ROE and for the results of net income and institutional ownership have a negative effect on the performance of companies with ROE, while the results of research on net income and institutional ownership have a positive influence on the performance of companies with ROA.

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The Impact of Foreign Ownership and Management on Firm Performance in Vietnam

Cited by 35 publications

References 25 publications

Determinants of wine firms’ performance: the Iberian case using panel data

Determinants of wine firms’ performance: the Iberian case using panel data

The Relationship between Capital Structure and Performance of Non-Financial Firms Listed on the Amman Stock Exchange

Pengaruh Leverage dan Struktur Kepemilikan terhadap Kinerja Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

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