研究發現，國有製對企業績效具有顯著的正向作用。 然而，研究結果還表明，公司績效受所有權集中度的影響。 此外，治理特徵被發現與世界上以往的研究有顯著差異，反映出越南上市公司的公司治理尚未得到充分發展。 本研究還提供證據表明，國家所有權的積極影響機制在改善的製度環境中得到放大，並減輕了越南公司治理特徵的負面影響。 該研究的結果有助於相關理論、資本結構理論和製度理論，結合對越南管理者和決策者的實際影響。 This study examines the relationship between state ownership and corporate performance and clarifies how state ownership can influence the performance of corporations in Vietnam. Expanding on previous studies, this study also investigates the state-enterprise connection explicitly under the influence of ownership concentration and business environment, which is still controversial in recent years. Moreover, this study examines the influence of board characteristics, an important proxy for governance mechanisms, on corporate performance and compares their influences in participating of state ownership. Research data is collected from annual financial reports of listed corporations during the period 2010 - 2020. The empirical method is the Generalized Method of Moments (GMM) with related tests.
The study finds that state ownership has a significant positive role in corporate performance. However, the findings also indicate that corporate performance is influenced by ownership concentration. In addition, governance characteristics are found to be significantly different from previous studies in the world, reflecting corporate governance in listed corporations in Vietnam has not been fully developed. This study also provides evidence that the mechanism of positive effects of state ownership is amplified in an improved institutional environment and mitigates the negative effects of corporate governance characteristics in Vietnam. The results of the study contribute to related theories, capital structure theories, and institutional theories, combining the practical implications for managers and policy makers in Vietnam.
