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MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - NGUYEN TUONG PHUONG EVIDENCE ON MARKET-TO-BOOK VALUE AND FIRM PERFORMANCE: A STUDY OF LISTED FIRMS IN VIETNAM MASTER THESIS Ho Chi Minh City – 2011 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - NGUYEN TUONG PHUONG EVIDENCE ON MARKET-TO-BOOK VALUE AND FIRM PERFORMANCE: A STUDY OF LISTED FIRMS IN VIETNAM MAJOR: FINANCE & BANKING MAJOR CODE: 60.31.12 MASTER THESIS INSTRUCTOR : DR TRUONG TAN THANH Ho Chi Minh City – 2011 ACKNOWLEDGEMENT I would like to expess my sincere gratitude to my instructor, Dr Truong Tan Thanh for guiding me throughout this thesis My appreciation to all of my teachers at Faculty of banking and finance, University of Econimics Hochiminh City for their teaching and guidance during my MBA course I would like to dedicate my deepest gratitude to my parents and my uncle for their support and encouragement i i ABSTRACT This study tries to interprete the relationship between market to book value (a proxy of growth opportunity) and firm performance based on capital structure theory, tradeoff theory and costly external financing theory, and other studies relative to this topic The author uses cross-sectional data 2009 and 2010 of 70 listed companies in Vietnam to investigate the effect of market to book on firm‟s performance As the results of this study, price to book value is the important determinant of firm performance This finding supports the argument of Xu et al (2005), Fairfield (1994), Block (1995), Frank et al (2005) and Myers et al (1984) Firm leverage has significant and negative impact on firm‟s performance, which is consistent with the results of Modigliani and Miller (1958), Robichek and Myers (1966), Jensen and Meckling (1976), Frank et al (2005) Firm size has negative and significant correlation with firm‟s performance, which contrasts with Titan & Zeitun (2007) Beta has negative influence to market to book ratio This finding is consistent with Damodaran (2002), Myers and Majluf (1984), Baker and Wurgler (2002), Harris and Marston (1994) Firm performance in 2009 has positive influence to growth opportunity (Pb) in 2010 This result favours Damodaran (2002), Block (1995) Industry has influence to firm‟s performance Keywords: Market to book value, corporate performance, Vietnam, HOSE, HNX ii ii TABLE OF CONTENTS ACKNOWLEDGEMENT - i ABSTRACT - ii TABLE OF CONTENTS - iii LIST OF FIGURES - iv LIST OF TABLES - v CHAPTER 1: INTRODUCTION 1.1 BACKGROUND - 1.2 RATIONALE - 1.3 RESEARCH PROBLEMS - 1.4 RESEARCH OBJECTIVE - 1.5 RESEARCH METHODOLOGY AND SCOPE - 1.6 STRUCTURE OF THE STUDY CHAPTER 2: LITERATURE REVIEW - 10 2.1 INTRODUCTION - 10 2.2 CASHFLOW INTO EMERGING MARKETS 10 2.3 PRICE TO BOOK VALUE - 12 2.4 FIRM PERFORMANCE 14 CHAPTER 3: RESEARCH METHOD - 17 3.1 INTRODUCTION 17 3.2 DATA - 17 3.3 RESEARCH METHOD - 17 3.4 RESEARCH SAMPLE 18 3.5 VARIABLES MEASUREMENT FOR MODEL 19 3.5.1 Dependent Variables -19 3.5.2 Independent Variables -20 3.6 HYPOTHESIS AND EMPIRICAL MODEL 24 3.7 SUMMARY - 29 CHAPTER 4: EMPIRICAL RESULTS OF THE RESEARCH - 30 4.1 INTRODUCTION 30 4.2 CHARACTERISTICS OF RESEARCH SAMPLES 30 4.3 DESCRIPTIVE STATISTICS - 31 4.4 QUANTILE ANALYSIS 39 4.5 REGRESSION ANALYSIS - 43 4.5.1 Model 1: The firm performance model 43 4.5.1.1 ROE as Firm Performance proxy 43 4.5.1.2 EB as Firm Performance proxy 50 4.5.2 Model 2: The Market to Book model 56 CHAPTER 5: CONCLUSIONS, RECOMMENDATIONS AND LIMITATIONS 60 5.1 INTRODUCTION 60 5.2 CONCLUSIONS 60 5.3 RECOMMENDATIONS 62 5.4 LIMITATIONS 62 REFERENCES GLOSSARY APPENDIX A APPENDIX B LIST OF FIGURES Figure 1: Distribution of Sectors -31 Figure 2: Distribution of Market to Book and Leverage ratios 38 LIST OF FIGURES Market to Book and Firm Performance 12.Demsetz, Harold & Lehn, Kenneth, 1985 "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol 93(6), pages 1155-77, December 13.Gary B Gorton, Richard J Rosen, April 1995, " Banks and Derivatives", NBER Working Paper No W5100 14.Mehran, Hamid, 1995 "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol 38(2), pages 163-184, June 15.James S Ang, Rebel A Cole, James W Lin, " Agency Costs and Ownership Structure", Journal of Finance, Vol 55, No 1, February 2000 16.Saunders, Strock, and Travlos 1990, "Ownership structure, deregulation, and bank risk taking", Journal of Finance, Vol XLV, No.2, June 1990 17.A Cole, Rebel & Mehran, Hamid, 1998 "The effect of changes in ownership structure on performance: Evidence from the thrift industry1," Journal of Financial Economics, Elsevier, vol 50(3), pages 291-317, December 18.Randall Morck & Andrei Shleifer & Robert W Vishny, 1988 "Alternative Mechanisms for Corporate Control," NBER Working Papers 2532, National Bureau of Economic Research, Inc 19.McConnell, John J & Servaes, Henri, 1990 "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol 27(2), pages 595-612, October 20.Himmelberg, C.P & Hubbard, R.G & Palia, D., 1997 "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business 21.Tim Bollerslev & Hao Zhou, 2001 "Estimating stochastic volatility diffusion using conditional moments of integrated volatility, Journal of Financial Economics 62 (2001) 559–571 560 22.Allen N Berger, 2002 "The economic effects of technological progress: evidence from the banking industry," Finance and Economics Discussion Series 2002-50, Board of Governors of the Federal Reserve System (U.S.) 23.Pulak Mishra, Tamal Chandra 2010, "Mergers, Acquisitions and Firms‟ Performance: Experience of Indian Pharmaceutical Industry, Eurasian Journal of Business and Economics 2010, (5), 111-126 24.Abdel Shahid, S (2003) Does Ownership Structure Affect Firm Value? Evidence from The Egyptian Stock Market Working paper, (www.ssrn.com) Market to Book and Firm Performance 25.Rajan, R.G and L Zingales (1995) What Do We Know About Capital Structure? Some Evidence from International Data Journal of Finance, Vol L, No 5, pp 1421–60 26.Zeitun, R and Tian, G.G (2007) Capital structure and corporate performance: evidence from Jordan The Australasian Accounting Business & Finance Journal 1(4), 40-61 27.Wei Xu, Xiangzhen Xu, Shoufeng Zhang (2005) An Empirical Study on Relationship between Corporation Performance and Capital Structure China-USA Business Review 4(4), 49-53 28.Long Chen, Xinlei Shelly Zhao (2006), On the Relation Between the Market-to-Book Ratio, Growth Opportunity, and Leverage Ratio , AFA 2005 Philadelphia Meetings, Finance Research Letters, 3(2006) 253-266 29.Jensen, M C., & Meckling, W H (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics, 3(4), 303-360 30.Jensen, M C (1986) Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers The American Economic Review, 76(2), 323329 31.Aswath Damodaran, Investment valuation second edition, John Wiley & Sons 2002 Market to Book and Firm Performance GLOSSARY Modigliani and Miller (1958) states that in imperfect markets, the value of a firm does not depend on operating profit, but in terms of taxes, a company tends to use debt to increase the value by taking advantage of tax shields Howerver, the fact that company can not use 100% debt because of cost of debt This kind of cost reduces corporate profits and increases business bankruptcy cost when debt increases Robichek and Myers (1966) argue that the negative effect of bankruptcy costs on debt to prevent firms from having the desire to obtain more debt Jensen and Meckling (1976) emphasize the importance of the agency costs of equity in corporate finance arising from the separation of ownership and control of firms whereby managers tend to maximize their own utility rather than the value of the firms Long and Zhao (2006) apply tradeoff theory to show that for firms with low to medium market-to-book ratios, the benefits from borrowing exceeds external equity issuance, and firms make optimal decisions by borrowing more On the other hand, firms with high marketto-book ratios have high growth opportunities and thus preserving low target ratios becomes a major concern Long and Zhao (2006 ) apply costly financing theory to interpret that firms with low to medium market-to-book ratios not have much retained earnings and they follow the pecking order by using more debt especially when debt is cheaper High market-to-book ratio firms, on the other hand, can use more retained earnings or time the market by issuing highly valued equities Demsetz and Lehn 1985, Gorton and Rosen 1995, Mehran 1995, Ang, Cole, and Lin 2000 Saunders, Strock, and Travlos 1990, Cole and Mehran 1998 Morck, Shleifer, and Vishny 1988, McConnell and Servaes 1990, Mehran 1995, Himmelberg, Hubbard, and Palia 1999, Zhou 2001 Allen N Berger 2002 Market to Book and Firm Performance Pulak Mishra, Tamal Chandra 2010 Abdel Shahid, 2003 10 Myers et al (1984) states that high growth firms had a greater need for funds and therefore could be expected to borrow more 11 According to Baker and Wurgler (2002) a firm with a higher market-to-book ratio is more likely to issue equity because it faces relatively lower costs of external equity financing These lower costs could be due to lower adverse selection costs, or market mis-valuation that is not part of the future growth opportunities Market to Book and Firm Performance APPENDIX A Formulas of Variables Price to book value ratio Market price Book value per share Eearnings to book value Earning per share Book value per share Firm size Ln (Sales) Long-term Debt to Total Asset Long_term debt Total asset Long-term Debt to Total Equity Long_term debt Total Equity Total Debt to Total Equity Total Debt Total Equity Return on Equity net income available for shareholders number of shares outstanding Book value per share Total equity - value of prefered stock number of shares outstanding Earning per share Net income - Dividend of prefered Stock Number of shares outstanding Market to Book and Firm Performance APPENDIX B SAMPLES 2009 & 2010 DATA 2009 Ticker Company Industries EB ROE ln(PB) LTDTA LTDTE AAM Mekong Fisheries J.S.C Food Producers 0.18 0.17 0.15 0.025 0.029 0.1582 26.9962 0.94 ABT Bentre Aquaproduct Import And Export J.S.C Food Producers 0.31 0.21 0.29 ACL Cuulong Fish J.S.C Food Producers 0.28 0.03 0.34 0.0527 AGC An Giang Coffee Joint Stock Company Food Producers 0.02 0.02 0.22 AGF An Giang Fisheries Import and Export J.S.C Food Producers 0.02 0.02 -0.41 0.0068 0.0131 0.9298 27.9978 1.07 ATA NTACO J.S.C Food Producers 0.28 0.28 0.76 0.0278 0.1078 2.8797 26.847 1.04 BBC Bibica Corporation Food Producers 0.11 0.11 -0.17 0.0764 0.1076 0.4081 27.2113 1.07 BHS Bien Hoa Sugar J.S.C Food Producers 0.28 0.28 0.23 0.1405 0.2902 1.0645 27.8161 0.89 BLF Bac Lieu Fisheries J.S.C Food Producers 0.01 0.01 -0.17 0.0819 0.3832 3.677 26.6409 1.24 10 CAN Halong Canned Food J.S.C Food Producers 0.14 0.14 -0.20 0.0622 0.1202 0.9284 26.7634 0.77 11 DBC Dabaco Viet Nam Corporation Food Producers 0.13 0.13 0.07 0.1667 0.3805 1.2623 28.1784 0.98 12 FMC Sao Ta Foods J.S.C Food Producers 0.09 0.09 -0.28 0.0008 0.0036 3.1003 27.6093 0.85 TDTE SIZE BETA 0.2192 27.0925 0.89 0.1822 2.4539 27.3239 1.12 6.4618 28.4796 0.96 Market to Book and Firm Performance 13 HHC Haiha Confectionery Food Producers 0.17 0.17 0.04 0.0124 0.0204 0.6364 26.8604 0.87 14 HNM Ha Noi Milk Food Producers 0.08 0.08 0.06 0.0084 0.0116 0.3711 26.3427 1.03 15 HVG Hung Vuong Corporation Food Producers 0.17 0.17 0.58 0.0235 0.0519 1.1771 28.7792 0.75 16 ICF Investment Commerce Fisheries Corporation Food Producers 0.15 0.15 -0.03 0.017 0.0327 0.9206 26.8462 0.94 17 KDC Kinh Do Corporation Food Producers 0.19 0.20 0.65 0.0317 0.0557 0.7309 28.309 0.88 18 LAF Long An Food Processing Export J.S.C Food Producers 0.20 0.20 0.17 0.0021 0.0044 1.0412 27.0408 0.98 19 LSS Lam Son Sugar Food Producers 0.23 0.23 0.56 0.0242 0.0345 0.4136 27.7772 0.92 20 MPC Minh Phu Seafood J.S.C Food Producers 0.21 0.22 0.71 0.1079 0.2205 0.9999 26.5304 0.99 21 MSN Masan Group Corp Food Producers 0.08 0.09 1.19 0.1049 0.1546 0.4089 29.0935 0.59 22 NGC Ngo Quyen Processing Export Food Producers 0.23 0.23 0.37 0.4154 1.4651 2.5266 25.5712 0.25 23 NKD North Kinhdo Food Food Producers 0.36 0.30 0.76 0.0569 0.1289 1.2659 27.3843 1.06 24 NSC National Seed J.S.C Food Producers 0.25 0.19 0.55 0.00254 0.0036 0.4303 26.3455 0.82 25 PIT Petrolimex International Trading J.S.C Food Producers 0.06 0.06 -0.42 0.0716 0.1611 1.2495 27.8695 0.95 26 SAF Safoco Foodstuff Food Producers 0.29 0.29 0.64 0.003 0.005 0.9212 26.6134 0.36 27 SBT Société De Bourbon Tay Ninh Food Producers 0.13 0.13 -0.04 0.0154 0.0173 0.1191 27.4169 0.97 28 SGC Sa Giang Import Export Corporation Food Producers 0.21 0.21 0.30 0.1688 0.2142 0.2684 25.4431 0.79 29 SJ1 Seafood J.S.C Food Producers 0.14 0.14 -0.01 0.0352 0.0495 0.4059 25.8412 0.84 Market to Book and Firm Performance 30 SSC Southern Seed J.S.C Food Producers 0.29 0.29 1.14 0.0161 0.0215 0.3334 26.2973 0.72 31 TAC Tuong An Vegetable Oil Food Producers 0.09 0.09 0.44 0.1195 0.2616 1.1891 28.599 1.26 32 TH1 The Vietnam National General Export - Import No.1 J.S.C Food Producers 0.32 0.32 0.65 0.0753 0.2161 1.8686 27.7959 1.05 33 TS4 Seafood No J.S.C Food Producers 0.16 0.16 0.66 0.3226 0.6808 1.1103 26.3982 0.96 34 TSC Agricultural Supplying J.S.C Food Producers 0.15 0.15 0.35 0.0001 0.0005 3.8226 28.6023 1.03 35 VHC Vinh Hoan Corporation Food Producers 0.31 0.30 0.94 0.139 0.3238 1.2755 28.6716 0.73 36 VNM Vietnam Dairy Products J.S.C Food Producers 0.36 0.36 1.37 0.0302 0.0386 0.2725 30.0466 0.84 37 HLA Huu Lien Asia Corporation Industrial Metals 0.23 0.24 0.45 0.0189 0.1029 4.3994 28.579 0.98 38 HMC HoChiMinh City Metal Corporation Industrial Metals 0.09 0.09 0.30 0.0528 0.1597 2.025 28.6751 1.00 39 HPG Hoa Phat Group J.S.C Industrial Metals 0.25 0.26 0.80 0.0536 0.1101 1.042 29.7454 1.12 40 HSG HOASEN Group Industrial Metals 0.20 0.20 0.92 0.5483 0.3562 1.5766 28.6817 1.12 41 KKC Produce and Trading Metal J.S.C Industrial Metals 0.35 0.35 0.56 0.0072 0.0162 1.2338 26.9281 0.93 42 NVC Nam Vang Corporation Industrial Metals 0.17 0.11 1.01 0.000002 0.0001 7.4223 28.6046 0.74 43 PHT Phuc Tien Trade-Manufacture J.S.C Industrial Metals 0.28 0.28 0.86 0.00038 0.0011 2.0684 27.5324 0.74 44 SMC SMC Trading- Investment J.S.C Industrial Metals 0.27 0.23 0.35 0.0222 45 TKU Tung Kuang Industrial J.S.C Industrial Metals 0.25 0.25 0.12 0.00805 0.0183 1.2793 27.4546 0.71 46 VGS Vietnam Germany Steel Pipe J.S.C Industrial Metals 0.25 0.09 0.70 0.0578 0.1115 4.0094 29.3019 1.04 0.1321 1.2601 27.7521 1.09 Market to Book and Firm Performance 47 VIS Vietnam - Itaty Steel J.S.C Industrial Metals 0.51 0.51 0.39 0.3625 1.2366 2.4114 28.3652 0.79 48 DDM Dong Do Marine J.S.C Transportation 0.01 0.01 0.13 0.7462 8.6317 10.5672 26.5108 0.93 49 DVP Dinh Vu Port Investment And Development J.S.C Transportation 0.28 0.28 1.01 0.1991 0.3068 0.5407 26.3452 0.72 50 DXP Doan Xa Port J.S.C Transportation 0.49 0.49 0.98 0.0336 51 GMD Gemadept Corporation Transportation 0.12 0.13 0.33 0.2323 0.4242 0.7483 28.3196 1.15 52 HCT Hai Phong Cement Transport And Trading Transportation 0.08 0.08 -0.14 0.0024 0.0026 0.0714 24.6054 0.59 53 HTV Ha Tien Transport J.S.C Transportation 0.12 0.12 0.03 0.0034 0.0037 0.0924 25.4522 1.08 54 PJC Petrolimex Ha Noi Transportation and Trading J.S.C Transportation 0.42 0.16 0.70 0.1954 0.4718 1.4145 26.9946 0.75 55 PJT Petrolimex Joint Stock Tanker Company Transportation 0.08 0.08 0.02 0.0943 0.1357 0.4388 26.5633 0.94 56 PSC Sai Gon Petrolimex Transportation and Service J.S.C Transportation 0.18 0.18 -0.09 0.0075 0.0181 1.4047 27.4114 0.73 57 PTS Hai Phong Petrolimex Transportation and Services J.S.C Transportation 0.35 0.18 0.58 0.0415 0.0817 0.9664 26.2259 1.09 58 SFI Sea And Air Freight International Transportation 0.19 0.21 0.50 0.0045 0.009 0.9315 25.6015 1.01 59 TJC Transporation And Trading Services J.S.C Transportation 0.08 0.08 -0.46 0.5482 2.2577 3.1194 25.6953 0.76 60 TMS Transforwarding Warehousing Joint Stock Corporation Transportation 0.14 0.11 -0.02 0.1768 0.238 0.3458 25.8865 0.69 61 VFC Vinafco Joint Stock Corporation Transportation 0.07 0.07 -0.17 0.0235 0.0305 0.2959 26.7042 0.98 62 VGP The Vegetexco Port J.S.C Transportation 0.16 0.16 0.06 63 VIP Viet Nam Petroleum Transport J.S.C Transportation 0.06 0.06 0.62 0.4833 0.04 0.1905 25.7907 0.97 0.1845 25.8357 0.58 1.3262 1.7322 27.8365 1.08 Market to Book and Firm Performance 64 VNA VINASHIP J.S.C Transportation 0.06 0.06 0.11 0.3998 1.3552 2.3889 27.2986 1.07 65 VNL Vinalink International Freight Forwarders Transportation 0.20 0.20 0.48 0.0005 0.0006 0.1593 26.2393 0.81 66 VNT The Foreign Trade Forwarding and Transportation J.S.C Transportation 0.26 0.26 0.40 67 VSC Viet Nam Container Shipping J.S.C Transportation 0.34 0.36 0.82 0.0568 0.0853 0.5012 26.8986 0.94 68 VSG South Vietnam Container Shipping J.S.C Transportation 0.00 0.00 -0.28 0.6018 2.1086 2.5033 25.577 0.77 69 VST VITRANSCHART J.S.C Transportation 0.12 0.12 0.50 0.5899 3.3503 4.6785 28.0112 1.03 70 VTO Vietnam Tanker J.S.C Transportation 0.04 0.04 -0.01 0.5652 2.3629 3.1803 27.7888 1.05 1.2055 26.4588 0.73 Market to Book and Firm Performance DATA 2010 Ticker Company Industries EB ROE ln(PB) LTDTA LTDTE AAM TDTE SIZE BETA Mekong Fisheries J.S.C Food Producers 0.03 0.03 -0.15 0.0504 0.2425 3.8112 28.6997 1.71 ABT Bentre Aquaproduct Import And Export J.S.C Food Producers 0.05 0.06 -0.42 0.0018 0.0019 0.0458 24.7148 1.16 ACL Cuulong Fish J.S.C Food Producers 0.05 0.07 -0.38 0.1029 0.1979 0.9225 28.3887 1.67 AGC An Giang Coffee Joint Stock Company Food Producers 0.06 0.06 0.32 0.3109 0.5913 0.9004 26.8572 1.51 AGF An Giang Fisheries Import and Export J.S.C Food Producers 0.06 0.08 -0.73 0.008 0.0173 1.1712 28.2111 0.84 ATA NTACO J.S.C Food Producers 0.07 0.07 -0.25 0.4773 1.2886 1.6999 26.0275 1.39 BBC Bibica Corporation Food Producers 0.07 0.09 -0.30 0.4623 1.1743 1.5292 28.0323 1.69 BHS Bien Hoa Sugar J.S.C Food Producers 0.08 0.05 -0.18 0.2 0.3332 0.6151 28.5058 1.46 AGD Godaco Seafood J.S.C Food Producers 0.08 0.06 -0.01 0.0226 0.0506 1.2329 28.4278 1.3 10 NHS Ninh Hoa Sugar J.S.C Food Producers 0.08 0.08 -0.38 0.5156 1.5341 1.9742 27.9843 1.35 11 CAN Halong Canned Food J.S.C Food Producers 0.08 0.11 -0.30 0.0714 0.1052 0.4734 26.5199 1.31 12 DBC Dabaco Viet Nam Corporation Food Producers 0.08 0.08 -0.49 0.0402 0.0561 0.3921 27.4185 1.5 13 FMC Sao Ta Foods J.S.C Food Producers 0.09 0.05 -0.15 0.0117 0.0271 1.3021 27.3362 1.02 Market to Book and Firm Performance 14 HHC Haiha Confectionery Food Producers 0.09 0.08 -0.21 0.0001 0.0005 3.4455 28.5929 1.3 15 SEC Gia Lai Cane Sugar Thermoelectricity J.S.C Food Producers 0.09 0.12 -0.28 0 6.6216 28.4814 0.93 16 HVG Hung Vuong Corporation Food Producers 0.09 0.08 -0.37 0.001 0.0011 0.1144 25.6024 0.82 17 ICF Investment Commerce Fisheries Corporation Food Producers 0.11 0.12 -0.16 0.016 0.0475 1.7426 29.1894 1.26 18 KDC Kinh Do Corporation Food Producers 0.11 0.12 -0.15 0.4326 1.4535 2.3595 27.6285 1.31 19 LAF Long An Food Processing Export J.S.C Food Producers 0.12 0.13 0.14 0.0969 0.2575 1.6579 29.2327 1.71 20 LSS Lam Son Sugar Food Producers 0.12 0.13 0.28 0.004 0.009 1.0753 26.5916 1.48 21 MPC Minh Phu Seafood J.S.C Food Producers 0.13 0.13 0.03 0 0.4026 26.0268 0.43 22 MSN Masan Group Corp Food Producers 0.13 0.09 0.44 0.005 0.0099 0.976 23 NGC Ngo Quyen Processing Export Food Producers 0.14 0.12 0.07 0.0657 0.2359 2.5903 29.1115 1.61 24 NSC National Seed J.S.C Food Producers 0.14 0.11 0.05 0.2284 0.5177 1.2665 26.6733 1.88 25 PIT Petrolimex International Trading J.S.C Food Producers 0.14 0.11 -0.40 0.0109 0.0231 1.1037 26.4836 1.49 26 SAF Safoco Foodstuff Food Producers 0.14 0.16 -0.88 0.0253 0.0289 0.1454 26.9934 0.79 27 SBT Société De Bourbon Tay Ninh Food Producers 0.16 0.19 0.06 0.0134 0.0147 0.0935 27.7796 0.87 28 SGC Sa Giang Import Export Corporation Food Producers 0.16 0.14 0.49 0.03 0.0405 0.3171 28.5986 0.7 29 SJ1 Seafood J.S.C Food Producers 0.16 0.16 0.30 0.0897 0.1881 1.0957 27.0098 0.65 27.5055 0.37 Market to Book and Firm Performance 30 SSC Southern Seed J.S.C Food Producers 0.17 0.13 -0.02 0.5705 2.6792 3.6827 28.3618 1.55 31 TAC Tuong An Vegetable Oil Food Producers 0.17 0.19 0.20 0 4.3812 27.7187 1.24 32 TH1 The Vietnam National General Export - Import No.1 J.S.C Food Producers 0.17 0.16 -0.12 0.0006 0.0014 1.0139 26.0131 1.59 33 TS4 Seafood No J.S.C Food Producers 0.17 0.16 -0.58 0.001 0.003 2.0205 28.0306 1.13 34 TSC Agricultural Supplying J.S.C Food Producers 0.18 0.13 -0.08 0.0003 0.0006 0.9754 28.0718 1.55 35 VHC Vinh Hoan Corporation Food Producers 0.19 0.15 0.56 0.0139 0.0245 0.7563 26.9991 0.9 36 VNM Vietnam Dairy Products J.S.C Food Producers 0.20 0.21 0.31 0.0017 0.0027 0.4746 26.7003 0.57 37 HLA Huu Lien Asia Corporation Industrial Metals 0.20 0.16 -0.12 0 0.2794 26.0771 0.58 38 HMC HoChiMinh City Metal Corporation Industrial Metals 0.21 0.20 0.41 0.1617 0.2415 0.4935 25.8376 0.28 39 HPG Hoa Phat Group J.S.C Industrial Metals 0.21 0.19 0.49 0.0032 0.0091 1.8515 28.7639 1.91 40 HSG HOASEN Group Industrial Metals 0.21 0.23 0.45 0.1928 0.5613 1.8607 29.2844 1.01 41 KKC Produce and Trading Metal J.S.C Industrial Metals 0.21 0.19 0.13 0.0001 0.0001 0.2188 26.6727 0.89 42 NVC Nam Vang Corporation Industrial Metals 0.22 0.24 -0.32 0.0055 0.0066 0.1823 25.4207 0.68 43 PHT Phuc Tien Trade-Manufacture J.S.C Industrial Metals 0.22 0.17 0.24 0.0218 0.0512 1.3447 27.8568 0.71 44 SMC SMC Trading- Investment J.S.C Industrial Metals 0.23 0.19 -0.03 0.324 1.7864 4.5125 25.5155 0.14 Market to Book and Firm Performance 45 TKU Tung Kuang Industrial J.S.C Industrial Metals 0.23 0.15 0.01 0.0284 0.1291 3.5316 29.5629 1.26 46 VGS Vietnam Germany Steel Pipe J.S.C Industrial Metals 0.24 0.21 1.29 0.2724 0.5418 0.8453 29.6087 0.51 47 VIS Vietnam - Itaty Steel J.S.C Industrial Metals 0.25 0.21 0.28 0 0.3548 27.3267 0.65 48 TCL Tan Cang Logistics And Stevedoring J.S.C Transportation 0.25 0.16 0.39 0.0276 0.0623 1.2535 26.3724 1.19 49 DVP Dinh Vu Port Investment And Development J.S.C Transportation 0.25 0.23 0.37 0.0496 0.0967 0.8942 28.7564 0.5 50 DXP Doan Xa Port J.S.C Transportation 0.25 0.21 0.65 0.1362 0.3171 1.2762 30.3208 1.04 51 GMD Gemadept Corporation Transportation 0.25 0.23 0.29 0 1.4385 26.8782 0.51 52 HCT Hai Phong Cement Transport And Trading Transportation 0.26 0.24 0.32 0.0574 0.1466 1.5538 28.8136 1.78 53 HTV Ha Tien Transport J.S.C Transportation 0.28 0.29 0.55 0.0819 0.1501 0.7091 27.4095 1.55 54 PJC Petrolimex Ha Noi Transportation and Trading J.S.C Transportation 0.28 0.26 0.26 0.0269 0.0858 2.1802 27.7428 1.11 55 PJT Petrolimex Joint Stock Tanker Company Transportation 0.28 0.29 0.59 0.0042 0.0059 0.4282 27.2253 0.45 56 PSC Sai Gon Petrolimex Transportation and Service J.S.C Transportation 0.30 0.31 0.73 0.2779 0.5909 1.1263 26.4347 1.71 57 PTS Hai Phong Petrolimex Transportation and Services J.S.C Transportation 0.30 0.29 0.19 0.1134 0.2318 1.0439 28.3376 0.4 58 SFI Sea And Air Freight International Transportation 0.30 0.26 0.64 0.0016 0.0029 0.7557 26.7916 0.39 59 TJC Transporation And Trading Services J.S.C Transportation 0.33 0.30 0.43 0.0668 0.3208 3.804 27.3118 0.81 Market to Book and Firm Performance 60 HMH HAI MINH Corporation Transportation 0.33 0.33 0.34 0.0116 0.0174 0.5014 61 VFC Vinafco Joint Stock Corporation Transportation 0.34 0.25 0.19 0.042 0.0556 0.3117 27.9754 1.44 62 VGP The Vegetexco Port J.S.C Transportation 0.36 0.25 0.69 0.0201 0.0548 1.7235 27.1431 0.7 63 VIP Viet Nam Petroleum Transport J.S.C Transportation 0.36 0.24 0.62 0.0085 0.0108 0.2553 64 VNA VINASHIP J.S.C Transportation 0.36 0.35 0.74 0.1185 0.1555 0.3116 26.5883 0.62 65 VNL Vinalink International Freight Forwarders Transportation 0.40 0.23 0.33 0.2018 0.5682 1.8007 28.5745 1.27 66 VNT The Foreign Trade Forwarding and Transportation J.S.C Transportation 0.41 0.38 0.27 0.2547 0.4566 0.7927 26.837 67 VSC Viet Nam Container Shipping J.S.C Transportation 0.45 0.45 1.35 0.0152 0.0205 0.3526 30.475 0.36 68 STG South Logistics J.S.C Transportation 0.45 0.22 0.79 0.0614 0.1388 1.2598 27.4154 0.06 69 VST VITRANSCHART J.S.C Transportation 0.47 0.47 0.30 0.0017 0.002 0.2099 25.9949 0.48 70 VTO Vietnam Tanker J.S.C Transportation 0.47 0.34 0.29 0.0015 0.0022 0.4183 27.5635 1.61 27.105 0.63 26.481 0.66 ...MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - NGUYEN TUONG PHUONG EVIDENCE ON MARKET- TO- BOOK VALUE AND FIRM PERFORMANCE: A STUDY OF LISTED FIRMS IN VIETNAM. .. is an important part in firm? ??s financing policy In addition, tradeoff theory and costly external financing theory focus on a relation that price to book ratio plays in making financing decisions... http://cafef.vn/thi-truong-chung-khoan.chn and http://finance.vinabull.com/ The author collected accounting data from annual audited balance sheets and annual audited income statements of 70 listed firms Market price to book value