Arbeitspapier

Investment efficiency, state-owned enterprises and privatisation: Evidence from Vietnam in transition

Our research tests the difference in investment efficiency between state-owned enterprises (SOEs) and private firms and then evaluates the effect of privatisation and equitisation policies on the investment efficiency of former state owned enterprises (SOEs). We use a novel dataset from Viet Nam which covers large and non-listed SMEs across the construction, manufacturing, and services sectors. Our methodology uses a structural model to test the relationship between Tobin's Q and capital spending. We find no evidence of investment spending being linked to marginal returns by SOEs across all sectors and size classes. However, former SOEs which have been privatised and equitized with a minority state shareholding display positive links between Q and investment. In fact, the link is stronger for these firms than for private firms.

Sprache
Englisch

Erschienen in
Series: ESRI Working Paper ; No. 498

Klassifikation
Wirtschaft
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
Socialist Enterprises and Their Transitions
Thema
Investment efficiency
Privatisation
State-ownership
Corporate governance

Ereignis
Geistige Schöpfung
(wer)
O'Toole, Conor M.
Morgenroth, Edgar
Ha Thi Thu Thuy
Ereignis
Veröffentlichung
(wer)
The Economic and Social Research Institute (ESRI)
(wo)
Dublin
(wann)
2015

Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • O'Toole, Conor M.
  • Morgenroth, Edgar
  • Ha Thi Thu Thuy
  • The Economic and Social Research Institute (ESRI)

Entstanden

  • 2015

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