(Luận văn) the impact of ownership structure and capital structure on firm performance of privatized state owned enterprises in vietnam

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business t to ng hi ep w Le Phuoc Quyen Anh n lo ad y th ju THE IMPACT OF OWNERSHIP yi pl n ua al STRUCTURE AND CAPITAL va n STRUCTURE ON FIRM ll fu oi m PERFORMANCE OF PRIVATIZED at nh z STATE-OWNED ENTERPRISES IN z ht vb k jm VIETNAM om l.c gm MASTER OF BUSINESS ADMINISTRATION n a Lu n va y te re Ho Chi Minh City – Year 2018 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business t to ng hi ep w n lo ad Le Phuoc Quyen Anh ju y th yi pl THE IMPACT OF OWNERSHIP ua al n STRUCTURE AND CAPITAL n va fu ll STRUCTURE ON FIRM oi m at nh PERFORMANCE OF PRIVATIZED z z ht vb STATE-OWNED ENTERPRISES IN k jm om l.c gm VIETNAM n a Lu MASTER OF BUSINESS ADMINISTRATION n va y te re SUPERVISOR: CAO HAO THI, Ph.D Ho Chi Minh City – Year 2018 ACKNOWLEDGEMENT t to First of all, I would like to express my gratitude to all those who gave me the possibility to ng hi complete this thesis ep I am deeply indebted to my supervisor Ph.D Cao Hao Thi, whose helping, guidance, w stimulating suggestions and encouragement he gave me in all the time of researching and n lo writing this thesis ad y th I also want to express my thankfulness to committee members, Ph.D Tran Ha Minh Quan ju and Ph.D Nguyen Dinh Tho for their encouragements and comments Besides, I express my yi appreciation to Ms Phan Dang Bao Anh for your great support and all of my friends in Mbus pl ua al 4.1 for the time we spent together n And last but not least, I send all my gratefulness my family for all their external love and va n supports Especially, I want to say thank you so much to my boyfriend who always takes care ll fu of and supports me all the time I love you oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re i Table of Contents t to LIST OF TABLES iiv ng LIST OF FIGURES v hi ep ABBREVIATION vi ABSTRACT vii w n Chapter Introduction lo ad 1.1 Research background y th 1.2 Problem statement ju 1.3 Research objectives yi pl 1.4 Research questions al ua 1.5 Research scope n 1.6 Research contribution .6 va n 1.7 Research structure fu ll Chapter Literature Review m oi 2.1 Privatization at nh 2.1.1 Definition of privatization z 2.1.2 Objectives of privatization 11 z vb 2.2 Privatization in Vietnam .12 ht 2.3 Effects of ownership structure on firm performance 17 jm k 2.3.1 Effects of State ownership on firm performance 18 gm 2.3.2 Effects of private ownership on firm performance 19 om l.c 2.4 Effects of capital structure on firm performance 20 2.5 Effects of firm size as moderating firm performance 21 a Lu 2.6 Summary of literature reviews 21 n 2.7 Hypotheses 22 3.2 Data collection 26 ii y 3.1 Research process 25 te re Chapter Research Methodology 25 n va 2.8 Research models 23 3.2.1 Population 26 t to 3.2.2 Sample 27 ng 3.2.3 Data collection procedure 28 hi ep 3.3 Data analysis method 29 3.3.1 Regression analysis 29 w n 3.4 Variables .30 lo ad 3.4.1 Dependent variables 30 y th 3.4.2 Independent variables 31 ju 3.4.3 Control variables 31 yi pl 3.5 Summary of methodology 32 ua al Chapter Data Analysis 34 n 4.1 Descriptive analysis 34 va n 4.1.1 Descriptive analysis 34 fu ll 4.1.2 Correlation analysis 35 m oi 4.2 Regression analysis .36 at nh 4.2.1 Result of relationship between capital structure and firm performance 36 4.2.2 Result of relationship between dominant ownership structure and firm z z performance 37 vb ht 4.2.3 Result of the moderating effect of dominant ownership on relationship of D/E jm and firm performance 39 k gm Chapter Conclusion and implication 44 l.c 5.1 Conclusion 44 om 5.2 Implication 45 a Lu 5.3 Future research 45 n REFERENCES 46 y te re APPENDIX B Data Analysis Result 61 n va APPENDIX A List of privatized SOEs 52 iii LIST OF TABLES t to ng Table Number of Vietnam SOEs being privatized from 1992 to 2015 14 Table Vietnamese privatized SOEs with foreign ownership of around 49% 15 Sample size 28 Table Description of variables 33 ep hi Table w Descriptive statistics 35 n Table lo Level of Debt to Equity 35 Table Correlation analysis 36 Table Regression result of relationship between D/E and firm performance 37 Table Regression result of relationship between PDO and firm performance 38 ad Table ju y th yi pl ua al Table 10 Regression result of relationship between SDO and firm performance 39 n Table 11 Regression result of relationship between firm performance and D/E independent va n from PDO 40 fu ll Table 12 Regression result of moderating effect of private-dominant ownership on m oi relationship of D/E and firm performance 41 at nh Table 13 Regression result of relationship between firm performance and D/E independent z from SDO 42 z vb Table 14 Regression result moderating effect of State-dominant ownership on relationship ht of D/E and firm performance 42 k jm om l.c gm n a Lu n va y te re iv LIST OF FIGURES t to ng Figure Vietnamese’s SOEs reform, period 2009-2013 Figure Vietnam Public Debt to GDP ratio (2006- 2015) Predicted public and publicly-guaranteed debt ratio in Vietnam (2015-2021) Figure Choices of ownership privatization 11 ep hi Figure w Conceptual model 23 n Figure lo Moderated model 24 Figure Research process 26 Figure Data collection procedure 28 ad Figure ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re v ABBREVIATION t to Abbreviation Meaning ng Asian Development D/E Debt to Equity et al Et alia hi ADB ep w Et cetera n etc lo Gross Domestic Product HNX Hanoi Stock Exchange ad GDP ju y th HSX Ho Chi Minh Stock Exchange yi Initial public offering PDO Private-dominant ownership SCIC State Capital and Investment Corporation SDO State-dominant ownership SOEs State-owned enterprises USD United States Dollar (currency of The United States of America) WTO World Trade Organization pl IPO n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re vi ABSTRACT t to Privatization of Vietnamese State-owned enterprises is an interesting case in terms of ng economic development This study conducts an empirical evidence of privatization and its hi ep effects on firm performance It examines the performance of current privatized SOEs in Vietnam listed on Ho Chi Minh Stock Exchange and Ha Noi Stock Exchange The study w n collects the official published information of sampled privatized firms to analyze the lo ad relationship between ownership structure, capital structure and firm performance Based on ju y th the result, capital structure is confirmed to have negative effect on performance of privatized firms In addition, the study also found that State-dominant ownership is positively influenced yi pl firm performance, but in contrast to expectation, private-dominant ownership is negatively al ua affected performance Regarding to the moderating role of dominant ownership structure on n the adverse effect of relationship between capital structure and firm performance, private- va n dominant ownership results a positive effect while there is no evidence to refute the State- fu ll dominant ownership’s impact on this relationship The data collection generally shows an m oi overall picture of current State shares which State shall still control most of large privatized nh companies Finally, based on the theoretical analysis and empirical results and existing status at z of Vietnam’s economy, the study provides some beneficial opinions and recommendations z ht vb for future researches k jm om l.c gm n a Lu n va y te re vii Chapter Introduction t to ng 1.1 Research background hi In recent years, privatization in developing countries has been accelerated to meet the ep requirement of socioeconomic development For a developing country as Vietnam, the w privatization is becoming more and more important in reformation process and considered as n lo an essential engine for transformation of State-owned enterprises (SOEs) in the period of the ad y th country’s economy on going to integrate with the world economy ju After Vietnam had been the official member of World Trade Organization (WTO) in 2007, yi pl it was necessary to establish a capital mobilization regime suitable with market mechanism al ua and international practices to invest for developing socioeconomic in general As witnessed n an economic could not strongly develop in long time if it still depended on the revenue of va n SOEs, Vietnam Government has to considered privatization of SOEs as a mean of solving fu ll this problem and bringing steadily economic development to the country According to Asian oi m Development Bank’s paper (2015), Vietnamese SOEs’ production was lower levels of output at nh than private sector competitors’, influencing on economic growth Figure describes the net z turnover as percentage long-term investment of Vietnamese enterprises in period 2009-2013, z vb showing that State-owned remaining low net turnover compared to private-domestic and ht private-foreign Moreover, in competitive markets, State ownership may be less desirable to jm k private ownership for these reasons: (1) the State’s priorities focus on social and political gm goals opposed to maximization of firm value; (2) human resource for management/leader om l.c position is from political allies rather than experienced staff; and (3) higher transaction cost (Hess, Gunasekarage & Hovey, 2010) a Lu Before 1986, Vietnam had a centralized-planning economy, which had only two types of n & Jorissen, 2015) Under central planning system, the government controlled and allocated launched by Vietnam Government with the main purpose of improvement on the firm y and services of the economy Since 1992, the “reform” (known as “Doi moi”) program was te re social properties It led to a weak market mechanism because it distorted the prices of product n va firm ownership in the economy including State and collective enterprises (Tran, Nonneman Table 16 List of privatized SOEs listed on Hanoi Stock Exchange Stock code ALT AMC ALTA company Asia Mineral Joint Stock Company State's shares 27/07/2009 12.31 15/02/2012 40.00 ep ARM General Aviation Import – Export Joint Stock Company 26/10/2010 41.31 Joint Stock Company No 482 17/03/2008 51.00 Vicem Packaging But Son Joint Stock Company 28/12/2005 48.99 24/11/2006 73.15 29/01/2010 40.17 21/10/2009 37.18 11/1/2011 0.76 t to No ng hi B82 Privatized SOEs Listed date w BBS BCC BDB BED Danang Books and School Equipment Joint Stock Company BHT Bach Dang TMC construction investment Joint Stock Company 10 BPC Vicem Packaging Bim Son Joint Stock Company 8/6/2009 55.52 11 BSC Ben Thanh Service Joint Stock Company 5/1/2011 47.10 12 BST Binh Thuan Book and Equipment Joint Stock Company 18/12/2008 40.00 13 BTS Vicem But Son Cement Joint Stock Company 5/12/2006 79.51 14 BXH Haiphong Packing VICEM Joint Stock Company 25/11/2009 61.14 15 C92 Construction and Investment JSC No 492 19/11/2007 40.86 16 CAN Halong Canned Food Joint Stock Corporation 12/6/2009 27.75 17 CT6 Construction Joint Stock Company No 4/5/2010 15.89 18 CTT Vinacomin - Machinery Joint Stock Company 17/07/2015 40.98 19 CVT CMC Joint Stock Company 5/11/2009 3.65 20 CX8 CONSTREXIM No Investment and Construction JSC 19/05/2010 5.51 21 22 23 D11 DAD DAE Real Estate 11 Joint Stock Company Da Nang Education Development and Investment JSC Educational Book Joint Stock Company In Da Nang City 25/02/2011 19/08/2009 28/12/2006 20.00 41.50 29.41 24 DBT BenTre Pharmaceutical Joint Stock Company 30/10/2009 51.43 25 DC2 Development Investment Construction Number JSC 26 DC4 DIC No.4 Joint Stock Company 27 DGC Ducgiang Chemicals & Detergent Powder Joint Stock Company 28 DIH Development Investment Construction Hoi An JSC 29 DPC Da Nang Plastic Joint Stock Company 30 EBS Educational Book JSC in Hanoi City 21/12/2006 31 ECI Education Cartography and Illustration Joint Stock Company 16/06/2009 22.20 32 EFI Education Financial Investment Joint Stock Company 30/09/2009 12.81 33 EID Hanoi Education Development & Investment JSC 11/8/2009 40.16 34 FDT Tan Dinh Fiditourist Joint Stock Company 12/9/2011 19.64 35 HAD Hanoi – Hai Duong Beer Joint Stock Company 27/12/2010 55.00 n lo BimSon Cement Joint Stock Company ad Binh Dinh Book and Equipment Joint Stock Company ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm 3/11/2008 14.55 26/08/2014 l.c 16.81 27/04/2011 30.84 10/6/2009 a Lu om 50.07 gm 29.05 26.00 n n va y te re 56 2/7/2010 36 Stock code HBE Ha Tinh Book and Equipment Education Joint Stock Company State's shares 22/02/2008 49.97 37 HCT Hai Phong Cement Transport and Trading Joint Stock Company 27/11/2007 53.86 38 39 40 HEV HGM HHC Higher Educational and Vocational Book Joint Stock Company Ha Giang Mineral and Mechanics Joint Stock Company Haiha Confectionery Joint Stock Company 11/12/2007 21/12/2009 20/11/2007 21.73 49.29 51.00 41 HJS Nam Mu Hydropower Joint Stock Company 20/12/2006 51.00 42 HLC Vinacomin - HaLam Coal Joint Stock Company 18/02/2009 74.21 43 HLD HUDLAND Real Estate Investment and Development JSC 26/03/2013 51.00 44 HOM VICEM Hoang Mai Cement Joint Stock Company 9/7/2009 73.80 45 HTC HocMon Trade Joint Stock Company 7/5/2010 24.99 46 HTP Hoaphat Textbook Printing Joint Stock Company 14/12/2006 23.19 47 HVT Viet Tri Chemicals Joint Stock Company 8/5/2009 68.50 48 ICG Song Hong construction Joint Stock Company (INCOMEX) 21/04/2009 4.03 49 INC IDICO Investment Consultant Joint Stock Company 14/07/2011 60.40 50 KST Kon Tum Sugar Joint Stock Company 29/12/2010 33.88 51 L14 Licogi 14 Joint Stock Company 13/09/2011 26.42 52 L18 Investment and Construction Joint Stock Company No.18 23/04/2008 18.75 53 L35 LILAMA Erection Mechanical Joint Stock Company 25/03/2010 51.00 54 L43 Lilama 45.3 Joint Stock Company 11/6/2008 40.83 55 L44 Lilama 45.4 Joint Stock Company 21/12/2009 35.23 56 L61 Lilama 69-1 Joint Stock Company 19/11/2008 51.00 57 L62 LILAMA 69-2 Joint Stock Company 21/04/2008 53.08 58 LAS Lam Thao Fertilizers & Chemicals Joint Stock Company 1/3/2012 69.82 59 LCD Erection Electromechanics Testing Joint Stock Company 15/11/2010 36.18 60 LDP Lam Dong Pharmaceutical Joint Stock Company 20/07/2010 31.88 61 LIG LICOGI 13 Joint Stock Company 22/04/2010 13.99 62 LM7 Lilama Joint Stock Company 28/10/2010 51.00 63 LO5 Lilama No.5 Joint Stock Company 21/12/2009 l.c 51.00 64 65 66 LTC MAC MAS Low Current -Telecom Joint Stock Company Marine supply and engineering service Joint Stock Company Danang Airports Services Joint-Stock Company 14/12/2006 24/12/2009 15/07/2014 24.42 6.88 36.07 a Lu 67 68 69 70 MCF MCO MDC MEC Mechannics Construction and Foodstuff Joint Stock Company BDC Vietnam Investment and Construction Joint Stock Company Vinacomin - Mong Duong Coal Joint Stock Company Song Da Mechanical - Assembling Joint Stock Company 14/02/2011 21/12/2006 23/07/2009 14/12/2006 60.00 11.47 54.03 46.15 71 MIM Mineral and Mechanical Joint Stock Company 16/08/2010 16.90 72 NBP Ninhbinh Thermal Power Joint Stock Company 6/8/2009 54.76 No Privatized SOEs Listed date t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm gm om n n va y te re 57 73 74 Stock code NDN NDX Danang Housing Investment Development Joint Stock Company Danang Housing Development Joint stock company 75 NFC Ninh Binh Phosphate Fertilizer Joint Stock Company 76 No t to Listed date 51.00 NHC Nhi Hiep Brick-Tile Co-Operation 17/06/2011 30.04 77 NPS Phu Thinh - Nha Be Garment Joint Stock Commpany 27/12/2006 33.19 78 NST Ngan Son Joint Stock Company 29/12/2006 57.70 79 NTP Tien Phong Plastic Joint Stock Company 11/12/2006 37.10 80 PBP 27/01/2015 51.03 81 PCE 23/07/2015 75.00 82 PCG 29/12/2010 35.51 83 PCN PetroVietnam Packaging Joint Stock Company Central PetroVietnam Fertilizer And Chemicals Joint Stock Company Petro Viet Nam Gas City Investment and Development Joint Stock Company DMC-Northern Petrolium Chemicals Joint Stock Company 18/12/2015 84.71 84 PCT Cuu Long Petro Gas Transportation Joint Stock Company 12/9/2011 22.63 85 PDC Phuong Dong Petroleum Tourism Joint Stock Company 29/09/2009 60.40 86 PEN Petrolimex Installation No.III Joint Stock Company 25/09/2014 30.00 87 PGS Southern Gas Trading Joint Stock Company 15/11/2007 35.26 88 PHP Port of Hai Phong Joint Stock Company 12/8/2015 92.56 89 PJC Petrolimex Hanoi Transportation and Trading JSC m 25/12/2006 50.06 90 PLC Petrolimex Petrochemical Corporation Joint Stock Company 27/12/2006 79.07 91 PMB North Petro Vietnam Fertilizer & Chemicals Joint Stock Company 7/10/2015 75.00 92 PMC Pharmedic Pharmaceutical Medicinal Joint Stock Company 9/10/2009 43.44 93 PMP Dam Phu My Packaging Joint Stock Company 22/09/2015 43.34 94 PMS Petroleum Mechanical Stock Company 8/6/2009 46.17 95 PSC Petrolimex Saigon Transportation and Service JSC 29/12/2006 52.73 96 PSD Petroleum General Distribution Services Joint Stock Company 28/06/2013 80.14 97 PSE South-East PetroVietnam Fertilizer and Chemicals JSC 98 PSW South – W PetroVietnam Fertilizer and Chemicals JSC 99 PTS Hai Phong Petrolimex Transportation and Services JSC 100 PVB PetroVietnam Coating Joint Stock Company 101 PVC Drilling Mud Corporation 15/11/2007 102 PVE Petrovietnam Engineering Consultancy Joint Stock Company 2/1/2008 a Lu 103 PVG Petrovietnam Northern Gas Joint Stock Company 7/1/2009 35.88 104 PVI PVI Holdings 10/8/2007 36.85 105 PVL Petroleum Real Estate Joint Stock Company 15/04/2010 8.00 106 PVR PetroVietnam Premier Recreation Joint Stock Company 21/06/2010 4.46 107 PVS Petro Vietnam Technical Services Corporation 20/09/2007 51.38 108 PVX Petro Vietnam Construction Joint Stock Corporation 19/08/2009 54.47 hi 3/3/2014 ep ng State's shares 21/04/2011 4.88 17/07/2013 14.40 Privatized SOEs w n lo ad ju y th yi pl n ua al n va ll fu oi at nh z z ht vb k jm 21/07/2015 75.00 51.00 24/12/2013 52.94 75.00 l.c gm 1/12/2006 om 36.00 29.00 n n va y te re 58 18/03/2015 109 Stock code QTC Quang Nam Transportation Construction Joint Stock Company State's shares 16/01/2009 53.80 110 RCL Cho Lon Real Estate Joint Stock Company 14/06/2007 20.00 111 S74 Song Da 7.04 Joint Stock Company 2/7/2009 23.46 ep SAF Safoco Foodstuff Joint Stock Company 8/6/2009 48.93 No t to ng hi 112 Privatized SOEs Listed date 14/12/2006 32.26 114 SCJ Sai Son Cement Joint Stock Company 19/09/2007 16.44 115 SD2 Song Da Joint Stock Company 30/11/2007 85.61 116 SD4 25/06/2008 65.00 117 SD5 Song Da No Joint Stock Company 27/12/2006 64.16 118 SD6 Song Da Joint Stock Company 25/12/2006 65.00 119 SD9 Song Da No Joint Stock Company 20/12/2006 58.50 120 SDC Song Da Consulting Joint Stock Company 30/11/2006 51.01 121 122 123 SDD SDG SDN Song Da Investment and Construction Joint Stock Company Can Tho Sadico Joint Stock Corporation Dongnai Paint Corporation 23/01/2008 21/12/2009 22/06/2009 4.62 26.00 30.01 124 SDP Petro Song Da Trading and Investment Joint Stock Company 15/04/2009 26.99 125 SDT Song Da No 10 Joint Stock Company 14/12/2006 62.27 126 SDY Song Da Yaly Cement Joint Stock Company m 25/12/2006 63.25 127 SFN Saigon Fishing Net Joint Stock Company 12/6/2009 41.90 128 SGD Educational Book Joint Stock Company in Ho Chi Minh City 28/12/2006 15.63 129 SGH SaiGon Hotel Corporation 30/07/2009 4.58 130 131 132 SJE SMN SSM Song Da No 11 Joint Stock Company South Books & Educational Equipment Joint Stock Company Steel Structure Manufacture Joint Stock Company 14/12/2006 14/07/2015 17/11/2008 26.86 53.12 2.38 133 STC Book and Educational Equipment JSC in Ho Chi Minh city 27/12/2006 52.54 134 TC6 Vinacomin Coc Sau Coal Joint Stock Company 26/06/2008 51.01 135 136 137 138 139 140 141 142 143 TCS TDN THB THT TJC TMC TMX TPH TPP Vinacomin - CaoSon Coal Joint Stock Company Vinacomin - DeoNai Coal Joint Stock Company Thanh Hoa Beer Joint Stock Company Vinacomin - Ha Tu Coal Joint Stock Company Transportation and Trading Services Joint Stock Company Thu Duc Trading and Import - Export Joint Stock Company Vicem Cement Trading Joint Stock Company Hanoi Textbooks Printing Joint Stock Company Tan Phu Plastic Joint Stock Company 21/11/2008 21/11/2008 19/11/2008 24/10/2008 17/12/2007 8/6/2009 2/11/2009 15/12/2006 26/09/2008 51.01 51.00 55.00 28.33 33.49 51.01 59.64 54.13 71.89 a Lu 144 TSB Tiasang Battery Joint stock company 10/1/2011 51.00 145 TST Telecommunication Technical Service Joint Stock Company 13/12/2007 32.81 lo ad Song Da Joint Stock Company ju y th yi pl n ua al n va ll fu oi at nh z z ht vb k jm om l.c gm n va y te re 59 n Textbook Printing JSC In Ho Chi Minh City n SAP w 113 146 147 Stock code TTC TV2 Thanh Thanh Joint Stock Company Power Engineering Consulting Joint Stock Company 148 TV3 Power Engineering Consulting Joint Stock Company 149 150 151 152 153 154 155 156 ep TV4 TVD TXM V12 V21 VBC VC1 VC2 157 No t to Listed date 48.78 Power Engineering Consulting Joint Stock Company Vinacomin - Vang Danh Coal Joint Stock Company Vicem Gypsum and Cement Joint Stock Company Viet Nam Construction Joint Stock Company No 12 Vinaconex 21 Joint Stock Company Vinh Plastic and Bags Joint Stock Company Construction Joint Stock Company No Vietnam Construction Joint Stock Company No 22/07/2008 11/1/2011 11/12/2006 5/1/2010 21/04/2010 17/03/2010 14/05/2009 11/12/2006 48.85 66.83 51.21 52.60 0.75 50.96 56.63 40.99 VC7 No Vietnam Construction Joint Stock Company 28/12/2007 36.00 158 VC9 Construction Joint Stock Company No.9 5/11/2012 55.75 159 VCC Vinaconex 25 Joint Stock Company 5/2/2009 51.00 160 VCG Vietnam Construction and Import-Export Joint Stock Corporation 5/9/2008 57.79 161 VCM Vinaconex Trading and Manpower Joint Stock Company 11/5/2010 44.20 162 VE1 VNECO Electricity Construction Joint Stock Company 4/9/2008 2.40 163 164 165 166 167 168 169 170 171 172 VE2 VE3 VE4 VE8 VE9 VFR VGP VHL VIE VIT VNECO2 Electricity Construction Joint-Stock Company VNECO Electricity Construction Joint Stock Company VNECO4 Electricity Construction Joint Stock Company VNECO8 Electricity Construction Joint Stock Corporation VNECO Investment & Construction Joint Stock Company Transport And Chartering Corporation The Vegetexco Port Joint Stock Company Viglacera Ha Long Joint Stock Company VITECO VNPT., Joint Stock Company Viglacera Tien Son Joint Stock Company 26/07/2010 30/06/2010 16/10/2012 24/07/2012 23/01/2008 28/12/2006 12/6/2009 12/2/2009 6/5/2011 3/11/2009 32.37 52.93 54.73 55.93 7.36 7.90 40.34 28.39 49.00 51.00 173 VMC Vimeco Joint Stock Company 11/12/2006 51.41 174 175 176 177 178 179 180 181 182 183 VMS VNC VNF VNT VSA VTL VTS VTV VXB WCS Vietnam Maritime Development Joint Stock Company Vinacontrol Group Corporation Vinafreight Joint Stock Company The Van Cargoes and Foreign Trade Logistics JSC Vietnam Ocean Shipping Agency Corporation Thang Long Wine Joint Stock Company Viglacera Tuson Joint Stock Company VICEM Materials Transport Cement Joint Stock Company Ben Tre Contruction Material Joint Stock Company West Coach Station Joint Stock Company 20/10/2015 21/12/2006 1/12/2010 14/08/2009 22/12/2015 14/07/2005 20/09/2006 18/12/2006 22/06/2011 17/09/2010 51.00 30.00 42.12 7.03 51.05 40.00 24.93 62.95 49.76 51.00 hi 1/12/2009 va ng State's shares 7/1/2010 43.15 13/10/2009 51.32 Privatized SOEs w n lo ad ju y th yi pl n ua al n ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re 60 APPENDIX B t to Data Analysis Result ng Table 17 Descriptive analysis (PDO panel) hi ep Date: 06/22/17 Time: 14:36 Sample: 2011 2015 PDO SIZE 0.062718 1.791517 73.87614 11.55291 0.044158 1.08275 72.90000 11.52462 0.722146 33.02716 99.50000 13.43899 -0.270681 0.008182 50.03000 10.11125 0.08083 2.733791 13.68407 0.603742 2.020703 6.27675 0.144458 0.192576 13.53747 58.50517 1.988285 3.021802 4107.724 104438.9 35.70206 4.799358 Probability 0.000000 0.000000 0.000000 0.090747 Sum 48.54399 1386.634 57180.13 8941.95 Sum Sq Dev 5.050357 144747.2 281.7617 Observations 774 774 774 w D_E n Mean FIRM_PERFORMANCE lo n ua al Kurtosis pl Skewness yi Std Dev ju Minimum y th Maximum ad Median n va Jarque-Bera ll fu oi m nh at 5777.103 z z ht vb 774 k jm om l.c gm n a Lu n va y te re 61 Table 18 Descriptive analysis (SDO panel) t to Date: 06/19/17 Time: 16:50 Sample: 765 ng FIRM_PERFORMANCE D_E SDO SIZE hi ep 0.076871 1.998442 58.14929 11.81475 Median 0.051754 1.347037 53.8 11.79271 2.527462 18.25519 96.7 13.75369 -0.543615 0.044743 50.05 10.268 0.170639 2.041701 9.772753 0.624432 9.72993 2.642576 1.537514 0.288774 127.1556 14.00148 4.817089 3.246366 491566.8 4636.551 397.0805 12.27125 0 0.002164 1492.836 43437.52 8825.617 3109.733 71248 290.8771 747 747 Mean w n lo Maximum ad Minimum yi pl Kurtosis ju Skewness y th Std Dev n va Probability ua al Jarque-Bera n ll fu 21.72182 Observations 747 at nh Sum Sq Dev oi 57.42251 m Sum z 747 z ht vb k jm om l.c gm n a Lu n va y te re 62 Table 19 Test result of regression analysis for relationship between capital structure and firm performance (PDO panel) t to ng hi Dependent Variable: FIRM_PERFORMANCE Method: Panel Least Squares Date: 05/30/17 Time: 14:10 Sample: 2011 2015 Periods included: Cross-sections included: 156 Total panel (unbalanced) observations: 774 ep w n lo Coefficient ju y th Std Error t-Statistic 0.042104 -0.007945 0.003016 0.05523 0.001063 0.004814 yi pl C D_E SIZE ad Variable Prob 0.762326 -7.472649 0.626544 0.4461 0.0000 0.5311 ua al 0.069588 0.067174 0.078068 4.698913 877.0827 28.83257 0.00000 n Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.062718 0.08083 -2.258612 -2.240582 -2.251675 0.828521 n va ll fu oi m at nh R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) z z ht vb k jm om l.c gm n a Lu n va y te re 63 Table 20 Test result of regression analysis for relationship between capital structure and firm performance (SDO panel) t to ng hi Dependent Variable: FIRM_PERFORMANCE Method: Least Squares Date: 06/22/17 Time: 14:38 Sample: 765 Included observations: 747 ep w Coefficient n Variable Std Error t-Statistic Prob lo ad ju y th C D_E SIZE 0.397612 -0.020209 -0.023729 0.116551 0.003051 0.009975 3.411486 -6.624538 -2.378969 0.0007 0.0000 0.0176 yi 0.077028 0.074547 0.164156 20.04864 291.34 31.04566 0.0000000 pl n ua al Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.076871 0.170639 -0.771995 -0.753456 -0.76485 0.631976 n va ll fu R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re 64 Table 21 Test result of regression analysis for relationship between private-dominant ownership structure and firm performance (PDO panel) t to ng hi Dependent Variable: FIRM_PERFORMANCE Method: Panel Least Squares Date: 05/30/17 Time: 14:11 Sample: 2011 2015 Periods included: Cross-sections included: 156 Total panel (unbalanced) observations: 774 ep w n lo Coefficient ju y th Std Error t-Statistic 0.148529 -0.000616 -0.003486 0.055619 0.000216 0.00489 yi pl C PDO SIZE ad Variable Prob 2.670494 -2.85728 -0.712833 0.0077 0.0044 0.4762 ua al 0.062718 0.08083 -2.199222 -2.181192 -2.192285 0.823209 va Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat n ll fu oi m at nh 0.012657 0.010096 0.080421 4.986435 854.0987 4.941745 0.00737 n R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) z z ht vb k jm om l.c gm n a Lu n va y te re 65 Table 22 Test result of regression analysis for relationship between State-dominant ownership structure and firm performance (SDO panel) t to ng hi Dependent Variable: FIRM_PERFORMANCE Method: Least Squares Date: 06/22/17 Time: 14:44 Sample: 765 Included observations: 747 ep w Coefficient n Variable Std Error t-Statistic Prob lo ad ju y th C SDO SIZE 0.53461 0.002219 -0.049664 0.11655 0.000648 0.010143 4.58694 3.423547 -4.896219 0.0000 0.0007 0.0000 yi n ua al 0.076871 0.170639 -0.730315 -0.711776 -0.72317 0.646843 va Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat n ll fu 0.037746 0.035159 0.167613 20.90192 275.7726 14.59212 0.000001 pl R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re 66 Table 23 Test result of regression analysis for moderating effect of private-dominant ownership on relationship of capital structure and firm performance (Step 1) t to ng hi Dependent Variable: FIRM_PERFORMANCE Method: Panel Least Squares Date: 06/15/17 Time: 15:21 Sample: 2011 2015 Periods included: Cross-sections included: 156 Total panel (unbalanced) observations: 774 ep w n lo Coefficient Std Error t-Statistic 0.055338 -0.007837 -0.000557 0.005419 0.055235 0.00106 0.000209 0.004879 yi pl ua al Prob 1.00186 -7.394777 -2.670339 1.110635 0.3167 0.0000 0.0077 0.2671 0.062718 0.08083 -2.265246 -2.241207 -2.255997 0.836532 va Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat n ll fu oi m at nh 0.078125 0.074533 0.077759 4.655797 880.6501 21.75146 0.000000 n R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) ju y th C D_E PDO SIZE ad Variable z z ht vb k jm om l.c gm n a Lu n va y te re 67 Table 24 Test result of regression analysis for moderating effect of private-dominant ownership on relationship of capital structure and firm performance (Step 2) t to ng hi Dependent Variable: FIRM_PERFORMANCE Method: Panel Least Squares Date: 05/30/17 Time: 14:11 Sample: 2011 2015 Periods included: Cross-sections included: 156 Total panel (unbalanced) observations: 774 ep w n lo Coefficient ju y th Std Error t-Statistic 0.095477 -0.04423 -0.00139 0.000459 0.007524 0.055492 0.008775 0.000287 0.00011 0.004854 yi pl Prob 1.720546 -5.04067 -4.842484 4.177459 1.550063 0.0857 0.0000 0.0000 0.0000 0.1215 n ua al C D_E PDO D_E*PDO SIZE ad Variable Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.062718 0.08083 -2.285101 -2.255053 -2.27354 0.849282 n ll fu oi m at nh 0.098581 0.093893 0.076942 4.552486 889.3343 21.02493 0.00000 va R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) z z ht vb k jm om l.c gm n a Lu n va y te re 68 Table 25 Test result of regression analysis for moderating effect of State-dominant ownership on relationship of capital structure and firm performance (step 1) t to ng hi Dependent Variable: FIRM_PERFORMANCE Method: Least Squares Date: 06/22/17 Time: 14:44 Sample: 765 Included observations: 747 ep w Coefficient n Variable Std Error t-Statistic Prob lo ad ju y th 0.380073 -0.019481 0.001895 -0.031692 0.116082 0.003044 0.000633 0.010273 yi C D_E SDO SIZE 3.27418 -6.399184 2.991047 -3.085098 0.0011 0.00000 0.0029 0.0021 pl n ua 0.076871 0.170639 -0.781286 -0.756568 -0.77176 0.635057 va Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat n ll fu oi m 0.088009 0.084326 0.163286 19.81011 295.8104 23.90029 0.000000 al R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) at nh z z ht vb k jm om l.c gm n a Lu n va y te re 69 t to ng Table 26 Test result of regression analysis for moderating effect of State-dominant ownership on relationship of capital structure and firm performance (step 2) hi ep Dependent Variable: FIRM_PERFORMANCE Method: Least Squares Date: 06/22/17 Time: 14:45 Sample: 765 Included observations: 747 w n lo Coefficient ju y th Std Error t-Statistic 0.394901 -0.027388 0.001634 0.000132 -0.031624 0.119747 0.015851 0.000815 0.00026 0.010279 yi pl Prob 3.297782 -1.727785 2.004926 0.508301 -3.076653 0.001 0.0844 0.0453 0.6114 0.0022 n ua al C D_E SDO D_E*SDO SIZE ad Variable Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.076871 0.170639 -0.778957 -0.74806 -0.767049 0.634581 n ll fu oi m at nh 0.088326 0.083412 0.163368 19.80322 295.9404 17.97192 0.0000 va R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) z z ht vb k jm om l.c gm n a Lu n va y te re 70