Quan hệ xã hội và kết quả IPO các doanh nghiệp nhà nước cổ phần hóa tại việt nam

B GIO DC V O TO TRNG I HC M THNH PH H CH MINH NGUYN QUC T QUAN H X HI V KT QU IPO CC DOANH NGHIP NH NC C PHN HểA TI VIT NAM Chuyờn nganh Ma sụ chuyờn nganh : Ti chớnh Ngõn hng : 60 34 02 01 LUN VN THC SY TI CHNH NGN HNG Ngi hng dõn khoa hoc: TS Vế HNG C TP.H Chớ Minh, Nm 2016 LI CAM OAN Tụi cam oan rng, lun Quan h xó hi v kt qu IPO cỏc doanh nghip Nh nc c phn húa ti Vit Nam la bai nghiờn cu ca chớnh tụi Ngoi tr nhng ti liu tham kho c trớch dõn lun nay, tụi cam oan rng ton phn hay nhng phn nh ca lun cha tng c cụng bụ hoc c s dng nhn bng cp nhng ni khỏc Khụng cú sn phm/nghiờn cu no ca ngi khỏc c s dng lun ma khụng c trớch dõn theo ỳng quy nh Lun cha bao gi c np nhn bt k bng cp no ti cỏc trng i hoc hoc c s ao to khỏc TP.H Chớ Minh, Nm 2016 NGUYN QUC T i LI CM N Li u tiờn tụi xin gi li cm n ngot ngo nht n ngi v yờu quý ca tụi Ngi a luụn sỏt cỏnh bờn tụi, luụn ng viờn, an i tụi nhng lỳc bi nghiờn cu ri vao b tc Ngi a õm thm san s hu nh toan b cỏc cụng vic nha tụi cú th ton tõm ton lc hon thnh khúa hoc cng nh hoan bai nghiờn cu ny mt cỏch tụt nht Tụi xin trõn gi li cm n sõu sc n Thy Vừ Hng c T lỳc gp thy v vinh d c thy nhn hng dõn, tụi a hoc hi rt nhiu t thy khụng ch l nhng tri thc m cũn l nhng k nng cn thit cụng tỏc nghiờn cu khoa hoc Trong quỏ trỡnh thc hin bi nghiờn cu, thy lỳc nao cng theo dừi rt sỏt, luụn khuyn khớch, ng viờn va thỳc y tụi hon thnh bi nghiờn cu ỳng tin Song song ú, thy luụn to nhng tỡnh huụng tụi cú th m rng thờm cỏc hng tip cn mi cho bi nghiờn cu Thờm vao ú, thy cũn l mt ngi rt cn trong, t m tng cõu ch nờn tụi a hoc hi thờm c t thy k nng vit mch lc v cú h thụng Chớnh nhng yu tụ ú a giỳp tụi hoan bai nghiờn cu ny vi cht lng tụt nht va cng nh ỏp ng ỳng k hn ma nha trng quy nh Tụi gi li cm n n cỏc anh, cỏc em l nhng cu hoc viờn cao hoc a tn tỡnh giỳp tụi gii quyt cỏc khỳc mc; chia s cho tụi thờm nhiu kin thc v kinh t lng cng nh kinh nghim thc t b ớch vic nghiờn cu khoa hoc Tụi cng xin gi li cm n chõn n TS Lờ Th Thanh Thu (Trng khoa ao to Sau i hoc Trng i hoc M Tp.HCM) va cụ Trn Th Vit Ha (Ch nhim lp MFB7) a to moi iu kin cho tụi hoan lun Sau cựng, tụi cm n tt c cỏc ging viờn ca Khoa Sau i hoc a tn tỡnh truyn t nhng kin thc thit thc, chia s nhng k nng cn thit giỳp tụi cang t tin hn cụng vic sau Cm n cỏc bn MFB7 a cựng tụi ng hanh suụt chng ng i tỡm tri thc ii TểM TT Trong nhng nm va qua, c phn húa doanh nghip Nha nc hin la mt ch trng ln, l bin phỏp c bn va rt quan trong quỏ trỡnh ci cỏch doanh nghip Nha nc ca Chớnh ph Vit Nam iu dõn n vic chao bỏn c phiu ln u cụng chỳng (IPO) ti Vit Nam a din nhiu; nhiờn kt qu cha t c nh mong i Cỏc cụng ty cú uy tớn hoc cú mụi quan h xa hi tụt c cỏc nha u t chao ún IPO Vỡ vy, mt cõu hi c t la liu thc s kt qu IPO ca cỏc doanh nghip c phn húa giai on va qua cú chu s tỏc ng bi mụi quan h xa hi ca cỏc doanh nghip ny hay khụng Kt qu IPO va qua th hin rng, mt sụ doanh nghip t kt qu tụt va mt sụ doanh nghip khỏc cha t c kt qu tụt nh k vong Vic xem xột tỏc ng ca cỏc nhõn tụ n kt qu IPO ti cỏc cụng ty c phn tin thõn thuc 100% s hu Nha nc thu hỳt nhiu ngi quan tõm v mt xa hi Tuy nhiờn, cha cú nhiu cỏc nghiờn cu nh lng cú liờn quan cp trc tip n Hn na, õy cng la mt thỳ v ma khụng phi cỏc quục gia trờn th gii u cú C phn húa doanh nghip nha nc mang hỡnh nh rt Vit Nam Nghiờn cu ny c thc hin vi mc ớch lng húa quan h xa hi v s tỏc ng ca quan h xa hi n kt qu IPO ca cỏc doanh nghip Nha nc c phn ti Vit Nam nm 2015 Bờn cnh ú, nghiờn cu cng tỡm hiu va ỏnh giỏ mc tỏc ng ca cỏc yu tụ khỏc quỏ trỡnh IPO cỏc doanh nghip nha nc Nghiờn cu ny la chon hng tip cn lng húa quan h xa hi gia cụng ty va cỏc bờn liờn quan vi cụng ty thụng qua: cỏc thụng tin, sụ liu, ch tiờu lam nhõn tụ i din c trỡnh bay cỏc bỏo cỏo tai chớnh, cng nh cỏc bn cụng bụ thụng tin Tn ti nhn nh cho rng bờn quỏ trỡnh cụng ty kt hp cỏc yu tụ u vao to yu tụ u thu li nhun la cỏc quan h kinh t gia cụng ty vi cỏc bờn liờn quan Mng li quan h xa hi ca mt cụng ty nghiờn cu ny c xõy dng thụng qua sỏu nhõn tụ chớnh (i) Chớnh quyn, (ii) i th cnh tranh, (iii) c tớnh ca Hi ng qun tr, (iv) Nh cung cp, (v) i tỏc, v (vi) Khỏch hng xem xột cỏch thc cỏc cỏ nhõn hay cỏc t chc c x nh th nao thụng qua cỏc mng li quan h, nghiờn cu cng a da theo ý tng cng nh cỏch lng húa xu iii hng ng trung tõm (centrality) t cỏc nghiờn cu trc (mc - degree; trng thỏi trung gian- betweenness; mc gn gi- closeness; hng di chuyn- eigenvector; va h sụ cm- clustering coefficient) Trc tiờn, nghiờn cu s s dng mc gn gi (closeness centrality) lng húa mc gn gi ca tng yu tụ i din cú tng nhõn tụ chớnh ca mng li Tip theo, mc gn gi ca tng nhõn tụ chớnh c lng húa bng trung bỡnh cng mc gn gi ca tng yu tụ i din cú tng nhõn tụ chớnh ú Cuụi cựng, nghiờn cu ny s dng yu tụ mc trung tõm (degree centrality) lng húa mc trung tõm gia cỏc nhõn tụ chớnh vi cụng ty mng li Nghiờn cu a xõy dng mụ hỡnh nhm tỡm hiu tỏc ng ca cỏc nhõn tụ n kt qu IPO ca cụng ty Trong ú, kt qu IPO la bin ph thuc c o lng bng t l sụ c phn chao bỏn cụng trờn tng sụ c phn chao bỏn Bin c lp chớnh o lng mc quan h ca cỏc phn liờn quan n kt qu IPO ca doanh nghip bao gm: Socialtie (Quan h xa hi ca cụng ty); ROE (Sut sinh li vụn ch s hu); VNIndex (Thay i ca VNIndex trc IPO); P.Offerprice (Giỏ im); P.Volissued (Khụi lng chao bỏn); Underwriter (n v t IPO); Priceannoun (Sụ cụng bụ giỏ im) Cỏc bin c lp khỏc úng vai trũ la bin kim soỏt bao gm: tục tng trng, kớch c cụng ty, t chc hop bỏo, a im thc hin IPO, IPO c thc hin vao u tun hay cuụi tun, cp c quan ch qun, tui i c phn húa, ũn by tai chớnh,va nganh ngh kinh doanh Kt qu hi quy cho thy Quan h xó hi cú tỏc ng tớch cc n kt qu IPO ca cỏc doanh nghip nha nc c phn húa ti Vit Nam vi mc ý ngha 5% Ngoi ra, T sut sinh li ch s hu (ROE); v ũn by ti chớnh cng cú tỏc ng tớch cc n kt qu IPO Trong ú, Kớch c cụng ty cú tỏc ng ngc chiu n kt qu IPO Nghiờn cu cha tỡm thy c mc tỏc ng mang ý ngha thụng kờ ca cỏc nhõn tụ cũn li c s dng mụ hỡnh nghiờn cu n kt qu IPO iv MC LC LI CAM OAN i LI CM N ii TểM TT iii MC LC v DANH MC HèNH V TH vii DANH MC BNG BIU viii DANH MC T VIT TT ix CHNG GII THIU TI NGHIấN CU 1.1 t nghiờn cu 1.2 Mc tiờu nghiờn cu 1.3 Cõu hi nghiờn cu 1.4 ụi tng va phm vi nghiờn cu 1.5 Kt cu nghiờn cu CHNG C S Lí THUYT 2.1 Cỏc khỏi nim 2.1.1 Khỏi nim v mụi quan h 2.1.2 Khỏi nim v quan h xa hi 2.1.3 Khỏi nim v mng li xa hi 2.1.4 Khỏi nim v c phn húa doanh nghip nha nc 2.1.5 Khỏi nim v chao bỏn c phiu ln u cụng chỳng (IPO) 2.2 Gii thiu cỏc lý thuyt ch o nghiờn cu v quan h xa hi 10 2.2.1 Lý thuyt i din 10 2.2.2 Lý thuyt cng v qun lý 11 2.2.3 Lý thuyt ngun lc ph thuc 12 2.2.4 Lý thuyt bờn hu quan 13 2.2.5 Lý thuyt mụi liờn kt 14 2.2.6 Lý thuyt vụn xa hi 15 2.2.7 Lý thuyt li nguyn ca ngi thng cuc 16 2.3 Mt sụ nghiờn cu thc nghim 17 v 2.3.1 Nghiờn cu thc nghim v mụi quan h xa hi 17 2.3.2 Nghiờn cu thc nghim v cỏc nhõn tụ tỏc ng n kt qu IPO 19 2.4 Cỏc nhõn tụ mng li quan h 20 2.4.1 Chớnh quyn 22 2.4.2 ụi th cnh tranh 25 2.4.3 c tớnh ca Ch tch Hi ng Qun tr 27 2.4.4 Nha cung cp 28 2.4.5 ụi tỏc 29 2.4.6 Khỏch hng 31 2.5 o lng quan h xa hi 32 2.6 Tỏc ng ca quan h xa hi 36 CHNG D LIU V PHNG PHP NGHIấN CU 37 3.1 D liu nghiờn cu 37 3.2 Phng phỏp nghiờn cu 39 3.3 Mụ hỡnh nghiờn cu 40 3.4 Gi thuyt nghiờn cu 42 CHNG KT QU NGHIấN CU 43 4.1 Thụng kờ mụ t d liu 43 4.2 Ma trn tng quan 46 4.3 Kim nh phng sai ca sai sụ thay i 48 4.4 Kt qu hi quy 49 CHNG KT LUN V KHUYN NGH 52 5.1 Kt lun 52 5.2 Khuyn ngh 55 5.3 Nhng úng gúp va hn ch ca tai 57 5.4 Hng nghiờn cu cho cỏc bai nghiờn cu tip theo 58 TI LIU THAM KHO 59 PH LC: KT QU TNH TON QUAN H X HI CA CC DOANH NGHIP TH HIN QUA CH S MC TRUNG TM 77 vi DANH MC HèNH V TH Hỡnh 2.1 Cu trỳc cỏc nhõn tụ mng li quan h ca cụng ty 21 Hỡnh 2.2 Bụn gúc ca xu hng trung tõm 32 vii DANH MC BNG BIU Bng 2.1 Bng mụ t cỏc nhõn tụ chớnh c s dng nghiờn cu trc õy 22 Bng 2.2 Bng mụ t lng húa cỏc nhõn tụ mng li quan h 34 Bng 2.3 Bng lng húa quan h xa hi ca cụng ty 35 Bng 3.1 Bng mụ t cỏc bin o lng c s dng nghiờn cu 41 Bng 4.1 Thụng kờ cỏc doanh nghip IPO phõn theo nganh ngh kinh doanh 43 Bng 4.2 Bng thụng kờ mt sụ ch tiờu v cỏc doanh nghip IPO 44 Bng 4.3 Bng thụng kờ tỡnh hỡnh IPO ca cỏc doanh nghip 45 Bng 4.4 Bng thụng kờ mụ t cỏc bin quan sỏt 46 Bng 4.5 Ma trn tng quan gia cỏc bin 47 Bng 4.6 Kt qu kim nh phng sai ca sai sụ khụng i 48 Bng 4.7 Bng thụng kờ ch sụ mụi quan h xa hi 49 Bng 4.8 Ch sụ mc trung tõm phõn theo lnh vc kinh doanh 49 Bng 4.9 Kt qu hi qui theo phng phỏp FGLS 50 viii DANH MC T VIT TT BoardEx B d liu v Ban giỏm ục va qun lý cp cao CRSP Trung tõm nghiờn cu giỏ chng khoỏn DPO K chuyn i cỏc khon phi tr FGLS Phng phỏp bỡnh phng nht tng quỏt kh thi GEMC Th trng cỏc doanh nghip mi ni ti Trung Quục HNX San giao dch chng khoỏn Ha Ni HSX San giao dch chng khoỏn Tp.H Chớ Minh IFMSTs Mụi quan h xa hi cp qun lý gia cỏc cụng ty IPO Chao bỏn c phiu ln u cụng chỳng KLCI Ch sụ chng khoỏn Malaysia NAICS H thụng phõn loi nganh ngh Bc M NYSE S giao dch chng khoỏn New York OLS Phng phỏp bỡnh phng nht ROA T sut sinh li trờn tai sn ROE T sut sinh li vụn ch s hu ROS T sut sinh li trờn doanh thu S&P400 Ch sụ chng khoỏn S&P 400 S&P500 Ch sụ chng khoỏn S&P 500 S&P600 Ch sụ chng khoỏn S&P 600 SNA Phõn tớch mng li xa hi Upcom San giao dch chng khoỏn cha niờm yt VIF H sụ phúng i phng sai VNIndex Ch sụ chng khoỏn VN- Index Berger, A., N & Kick, T & Koetter, M & Schaeck, K (2015), Does it pay to have friends? Social ties and executive appointments in banking, Journal of Banking and Finance, Vol.37, pp.2087-2105, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2134801 Bohren, O & Strom, R., O (2007), Aligned, Informed, and Decisive: Characteristics of Value-Creating Boards, Working paper, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=966407 Bollen, A & Emes, C (2008), Understanding Customer Relationships: How important is the personal touch?, Ipsos MORI, Britain, cú th ti v t https://www.ipsosmori.com/DownloadPublication/1216_loyalty_customer_loyalty_understanding_cus tomer_relationships_052008.pdf Bonn, I (2004), Board structure and firm performance: Evidence from Australia, Journal of the Australian and New Zealand Academy of Management, Vol.10(1), pp.1424 Borgatti, S (2005), Centrality, Lecture notes for Social Network Analysis., truy cp ngy 18/01/2016, t http://www.analytictech.com/essex/lectures/centrality.pdf Bringmann, K & Verhetsel, A (2015), Venture Capital Investment and Firm Performance: A Spatially-informed Social Network Approach, the DRUID Academy conference in Rebild, Denmark Bruton, G., D & Filatotchev, I & Chahine, S & Wright, M (2010), Governance, Ownership Structure and Performance of IPO Firms: The Impact of Different Types of Private Equity Investors and Institutional Environments, Strategic Management Journal, Vol.31, Issue 5, pp.491-509 Burgess, Z & Tharenou, P (2002), Women Board Directors: Characteristics of the Few, Journal of Business Ethics, Vol 37(1), pp 39-49 Trang 65 Cai, J & Walkling, R., A & Yang, K (2014), The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs, Forthcoming , Journal of Financial and Quantitative Analysis, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1785417## Caloghirou, Y & Ioannides, S & Vonortas, N., S (2003), Research Joint Ventures: A Critical Survey of The Theoretical and Empirical Literature, Journal of Economic Survey, Vol.17, Issue 4, pp.541-570 Carletti, E (2004), The structure of bank relationships, endogenous monitoring, and loan rates, Journal of Financial Intermediation, Vol.13, pp.58-86 Carney, R., W & Child, T., B (2015), Business Networks and Crisis Performance: Professional, Political, and Family Ties, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2559866 Carpenter, M., A & Westphal, J., D (2001), The Strategic Context of External Network Ties Examining the Impact of Director Appointments on Board Involvement in Strategic Decision Making, Academy of Management Journal, 4(4), pp.639-660 Carter, D., A & Simkins, B., J & Simpson, W., G (2003), Corporate Governance, Board Diversity, and Firm Value, The Financial Review, Vol.38(1), pp.33-53 Certo, S., T & Holcomb, T., R & Holmes, R., M (2009), IPO Research in Management and Entrepreneurship: Moving the Agenda Forward, Journal of Management, 35(6), pp 1340-1378 Chen, J (2010), Community Mining: Discovering Communities in Social Networks, University of Alberta, Edmonton, Canada, cú th ti v t https://era.library.ualberta.ca/catalog?f[subject_sim][]=Social+Network+Analysis Chen, X , P & Chen, C., C (2004), On the Intricacies of the Chinese Guanxi: A Process Model of Guanxi Development, Asia Pacific Journal of Management, Vol 21(3), pp 305-324 Trang 66 Cheng, Q & Tang, W & Kappen, P (2012), How Business Guanxi Affects a Firms Performance:A Study on Chinese Small and Medium Sized Construction Companies, Uppsala University, Sweden Claessens, S & Demirguc-Kunt, A & Huizinga, H (2001), How Does Foreign Entry Affect Domestic Banking Markets?, Journal of Banking and Finance, Vol.25, No.5, pp.891-911 Coleman, J., S (1998), Social Capital in the Creation of Human Capital, American Journal of Sociology, Vol.94, Supplement: Organizations and Institutions: Sociological and Economic Approaches to the Analysis of Social Structure, pp S95-S120 Dacin, M., T & Ventresca, M., J & Beal, B., D (1999), The Embeddedness of Organizations: Dialogue & Directions, Journal of Management, 25 (3), pp 317356 Daily, C., M & Certo, S., T & Dalton, D., R (1999), A Decade of Corporate Women: Some Progress in the Boardroom, None in the Executive Suite, Strategic Management Journal, Vol 20(1), pp 93-99 Darmadi, S (2011), Board members Education and Firm Performance: Evidence from a Developing Economy, Working paper, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1904762 Delke, V (2015), The Resource Dependence Theory: Assessment and Evaluation as a Contributing Theory for Supply Management, University of Twente, Enschede, the Netherlands Deloitte (2013), Governance of Subsidiaries: A survey of global companies, Deloitte Touche Tohmatsu India Private Limited, India, cú th ti v t https://www2.deloitte.com/content/dam/Deloitte/in/Documents/risk/Corporate%20G overnance/in-gc-governance-of-subsidiaries-a-survey-of-global-companiesnoexp.pdf Trang 67 Demirgỹỗ-Kunt, A & Huizinga, H (1999), Determinants of commercial bank interest margins and profitability: some international evidence, World Bank Economic Review, Vol 13 No 2, pp.379-408 Denisov, D (2010), Business lobbying and government relations in Russia: The need for new principles, Reuters Institute Fellowship Paper Duni, M (2010), Small firms, Social networks and Economic Performance, Economics and Organization, Vol.7, No.1, pp.137-150, cú th ti v t http://facta.junis.ni.ac.rs/eao/eao201001/eao201001-12.pdf Eisenhardt, K., M (1989), Agency Theory: An Assessment and Review, Academy of Management Review, Vol 14, No.1, pp.57-74, cú th ti v t http://www.ppge.ufrgs.br/giacomo/arquivos/ecop26/eisenhardt-1989.pdf Ellis, P., D (2011), Social ties and international entrepreneurship: Opportunities and constraints affecting firm internationalization, Journal of International Business Studies, Vol.42, No.1, pp.99-127 Elsas, R & Krahnen, J., P (1998), Is relationship banking special? Evidence from credit file data in Germany, Journal of Banking Finance, Vol.22, pp.1283-1316 Evans, D., S (1987), The Relationship between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries, The Journal of Industrial Economics, Vol.35(4), pp.567-581 Evans, J., R & Laskin, R., L (1994), The relationship marketing process: A conceptualization and application, Industrial Marketing Management, Vol 23, pp.438-452 Fairchild, L & Li, J (2005), Director Quality and Firm Performance, The Financial Review, Vol 40(2), pp 257-279 Fauzi, F & Locke, S (2012), Board Structure, Ownership Structure and Firm Performance: A Study of New Zealand Listed-Firms, Asian Academiy of Management Journal of Accounting and Finance, Vol.8, No.2, pp.43-67 Trang 68 Felekoglu, B (2007), Managing Innovation: A Conceptual Framework for Evaluating Innovation Capabilities of Manufacturing Firms in Turkey (Master Thesis), Konak, Turki: Dokux Eylul University Fields, L., P & Fraser, D., R., & Subrahmanyam, A (2012), Board Quality and the Cost of Debt Capital: The Case of Bank Loans, Journal of Banking & Finance, Vol 36(5), pp 1536-1547 Foglia, A & Laviola, S & Reedtz, P., M (1998), Multiple banking relationships and the fragility of corporate borrowers, Journal of Banking Finance, Vol.22, pp.14411456 Ford, D (1980), The development of buyer-seller relationships in industrial markets, European Journal of Marketing, Vol 14, pp 339-353 Fracassi, C (2015), Corporate Finance Policies and Social Networks, Forthcoming, Management Science, University of Texas at Austin, United States, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1121503 Freeman, L (1979), Centrality in social networks conceptual clarification, Social networks, Vol.1, pp.215239 Freeman, R., E (2001), Stakeholder Theory of the Modern Corporation, General Issues in Business Ethics, pp.38-48 Frink, D., D & Robinson, R., K & Reithel, B & Arthur, M., M & Ammeter, A., P & Ferris, G., R & Kaplan, D., M & Morrisette, H., S (2003), Gender Demography and Organization Performance: A two Study Investigation with Convergence, Group & Organization Management, Vol 28(1), pp 127-147 Fukuyama, F (2002), Social Capital and Development: The Coming Agenda, SAIS Review, Vol.22, No.1, pp.7-20 Fynes, B & Voss, S (2005), Chain relationship quality, the competitive environment and performance, International Journal of Production Research, Vol 43(1), pp 3303-3320 Trang 69 Gaur, J & Gupta, R (2011), Comparing Firm Performance on the Basis of Age, Size, Leverage, and Group Affiliation on Indian IT Industry, Romanian Journal of Marketing, Vol.3, pp.8-13 Gellerstam, M & Wiesner, J & Baldvinsdottir, G (2010), The impact of guanxi in Chinese business: A study of Swedish SMEs in Beijing, University of Gothenburg, Sweden, cú th ti v t https://gupea.ub.gu.se/bitstream/2077/25496/1/gupea_2077_25496_1.pdf Granovetter, M (1985), Economic action and social structure: the problem of embeddedness, American Journal of Sociology, Vol.91 (3), pp.481-510 Grewal, R & Slotegraaf, R., J (2007), Embeddedness of Organizational Capabilities, Decision Sciences, Vol.38, No.3, pp.451-488, cú th ti v t http://kelley.iu.edu/Faculty/Marketing/rslotegr/publications/Grewal%20%20Slotegr aaf%20Decision%20Sciences%202007.pdf Gu, F., F & Hung, K & Tse, D., K (2008), When Does Guanxi Matter? Issues of Capitalization and Its Dark Sides, Journal of Marketing, Vol 72, pp.12-28 Hagedoorn, J & Link, A., N & Vonortas, N., S (2000), Research Partnerships, Research Policy, Vol.29, pp 567-586 Harhoff, D & Kửrting, T (1998), Lending relationships in Germany: Empirical evidence from survey data, Journal of Banking Finance, Vol.22, pp.1317-1353 He, X & Pittman, J & Rui, O., M & Wu, D (2014), Do social ties between external auditors and audit committee members affect audit quality?, University of Hong Kong, Hong Kong, cú th ti v t http://iaf.shufe.edu.cn/upload/_info/2002000049/149641_1404040953351.pdf Hoppe, B & Reinelt, C (2010), Social network analysis and the evaluation of leadership networks, the Leadership Quarterly, Vol.21, Issue 4, pp.600-619, cú th ti v t http://leadershiplearning.org/system/files/SNA%20and%20Leadership%20Network s%20-%20LQ.pdf Trang 70 Horton, J & Millo, Y & Serafeim, G (2012), Resources or Power? Implications of Social Networks on Compensation and Firm Performance, Journal of Business Finance & Accounting, Vol.39, Issue 3-4, pp.399-426, cú th ti v thttps://dash.harvard.edu/handle/1/9932099 Ismail, A., I & Rose, R., C.& Abdullah, H & Uli, J (2010), The Relationship between Organisational Competitive Advantage and Performance Moderated by the Age and Size of Firms, Asian Academy of Management Journal, Vol.15(2), pp.157-173 Jack, S., L & Anderson, A., R (2002), The effects of embeddedness on the entrepreneurial process, Journal of Business Venturing, 17 (5), pp 467-487 Jensen, M., C & Meckling, W., H (1976), Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Vol 3, No 4, pp 305-360 Kalm, M (2012), The Impact of Networking on Firm Performance: Evidence from Small and Medium-Sized Firmsin Emerging Technology Areas, Discussion Papers No.1278, The Research Institute of the Finnish Economy, Finnish, cú th ti v t https://www.etla.fi/wp-content/uploads/2012/09/dp1278.pdf Ketchen Jr, D., J & Hult, G., T., M (2007), Bridging Organization Theory and Supply Chain Management: The Case of Best Value Supply Chains, Journal of Operations Management, Vol.25, pp.573-580 Le, T & Chizema, A (2011), State Ownership and Firm Performance: Evidence from The Chinese Listed Firms, Organizations and Markets in Emerging Economies, Vol.2, No.2(4), pp.72-90 Li, H & Meng, L & Wang, Q & Zhou, L., A (2008), Political connections, financing and firm performance: Evidence from Chinese private firms, Journal of Development Economics, Vol 87(2), pp 283-299 Lin, N (1999), Social Networks and Status Attainment, Annual Review of Sociology, Vol.25, pp.467-487 Trang 71 Lin, Y., H (2013), Do Social ties Matter in Corporate Governance? The Missing Factor in Chinese Corporate Governance Reform, Journal of International Commercial Law, Vol.5, No.1, pp.39-73 Liu, X & Qu, W (2015), Winners Curse or Signaling? Bidding Outcomes in the Chinese Land Market, International Real Estate Review, Vol.18, No.1, pp.113129 Liu, Z (2003), The economic impact and determinants of investment in human and political capital in China, Economic Development and Cultural Change, Vol 51 (4), pp 823850 Long, H & Zhang, Z (2014), Examining IPO Success in the Emerging Growth Enterprise Market of China, Global Economy and Finance Journal, Vol.7, No.2, pp.71-92, cú th ti v t http://ro.ecu.edu.au/ecuworkspost2013/678/ Lowry, M (2003), Why does IPO volume fluctuate so much?, Journal of Financial Economics, Vol.67, Issue 1, pp.3-40, cú th ti v t http://schwert.simon.rochester.edu/f423/jfe0301_ml.pdf Luo, Y (1997), Guanxi: Principles, philosophies, and implications, Human Systems Management, Vol 16(1), pp 43 Madureira, L & Cooney, J & Singh, A & Yang, K (2015), Social ties and IPO outcomes, Journal of Corporate Finance, Vol 33, pp 129146 Mao, L (2015), State Ownership, Institutional Ownership and Relationship with Firm Performance: Evidence from Chinese Public Listed Firms, University of Twente, the Netherlands McLennan, A & Troutbeck, R (2002), Building Strategic Partnerships, cú th ti v t http://www.alliancenetwork.com.au/pdfs/Building_strategic_partnerships.pdf Meer-Kooistra, J., VD & Kamminga, P., E (2014), Joint venture dynamics: The effects of decisions made within a parent company and the role of joint venture management control, Management Accounting Research, Vol.26, pp.23-39 Trang 72 Miesing, P & Alexander, C & Parsons, A., L (2005), How Important are Stakeholder Relationships?, State University of New York, Albany, USA, cú th ti v t http://www.albany.edu/~pm157/research/stakeholders.pdf Morduch, J & Sicular, T (2000), Politics, growth, and inequality in rural China: Does it pay to join the Party?, Journal of Public Economics, Vol 77, pp 331356 Murphy, S., A & McIntyre, M (2007), Board of director performance: A group dynamics perspective, Corporate Governance, Vol.7(2), pp.209-224 Ngo My Tran & Nonneman, W & Jorissen, A (2014), Government Ownership and Firm Performance: The Case of Vietnam, International Journal of Economics and Financial, Vol 4, No 3, pp.628-650 Nijkamp, P & Gỹlỹmser, A., A & Baycan-Levent, T & Brons, M (2009), Embeddedness of Entrepreneurs in Rural Areas: A Comparative Rough Set Data Analysis, Discussion Paper, Tinbergen Institute, The Netherlands, cú th ti v thttp://papers.tinbergen.nl/09058.pdf Noordin, M., A & Mohtar, S (2014), Age: Does it Matter for Firms to Perform?, International Journal of Academic Research in Business and Social Sciences, Vol.4, No.3, pp.252-260 Pastoriza, D & Ariủo, M., A (2008), When Agents Become Stewards: Introducing Learning in The Stewardship Theory, 1st IESE Conference "Humanizing the Firm & Management Profession", Barcelona, IESE Business School, Spain Persson, H (2004), The Survival and Growth of New Establishments in Sweden, 19871995, Small Business Economics, Vol.23, pp.423-440 Peters, G., T & Bagshaw, K., B (2014), Corporate Governance Mechanisms and Financial Performance of Listed Firms in Nigeria: A Content Analysis, Global Journal of Contemporary Research in Accounting, Auditing and Business EthicsAn Online International Research Journal, Vol 1, Issue 2, pp.103-128 Trang 73 Pfeffer, J & Salancik, G (1978), The External Control of Organizations: A Resource Dependence Perspective,New York, Harper and Row, cú th ti v t http://web.unitn.it/files/download/12425/the_external_control_of_organizations_ch3 _pfeffer.pdf Portes, A (1998), Social Capital: Its Origins and Applications in Modern Sociology, Annual Review of Sociology, Vol.24, pp.1-24 Shahgholian, A & Theodoulidis, B & Diaz, D (2015), Social Network Metrics: The Boardex Case Study, Manchester Business School, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2613156 Sheng, S & Zhou, K., Z & Li, J., J (2011), The Effects of Business and Political Ties on Firm Performance: Evidence from China, Journal of Marketing, Vol 75, No 1, pp 1-15 Singh, V (2007), Ethnic diversity on Top corporate Boards: a resource dependency perspective, The International Journal of Human Resource Management, Vol.18(12), pp.2128-2146 Smith, S., S & Kulynych, J (2002), It May be Social, But Why is it Capital? The Social Construction of Social Capital and the Politics of Language, Politics & Society, Vol.30, No.1, pp.149-186 Snippert, L., A (2015), The Effect of Underwriters Reputation on Aftermarket IPO Performance, Behavioural- Management and Social Sciences, University of Twente, Netherlands Souissi, M & Khlif, H (2012), Meta-analytic review of disclosure level and cost of equity capital, International Journal of Accounting and Information Management, Vol.20(1), pp.49-62 Thao Thi Ho (2014), Corporate Governance: The Effects of Board Attributes on Performance of Listed Firms in Vietnam, Institute of Management Berlin, Berlin School of Economics and Law Trang 74 Thorelli, H., B (1986), Networks: Between Markets and Hierachies, Strategic Management Journal, Vol.7(1), pp.37-51 Tuan Van Nguyen (2015), Corporate Governance structures and Financial Performance: A Comparative study of Publicly Listed Companies in Singapore and Vietnam, University of Waikato, New Zealand Tusiime, I & Nkundabanyanga, S., K & Nkote, I., N (2011), Corporate governance: Ownership structure, board structure and performance of public sector entities, Journal of Public Administration and Policy Research, Vol 3(9), pp 250-260 Ulaga, W & Eggert, A (2006), Value-Based Differentiation in Business Relationships: Gaining and Sustaining Key Supplier Status, Journal of Marketing, Vol 70, pp 119-136 Uzzi, B (1997),Social structure and competition in interfirm networks: The paradox of embeddedness, Administrative Science Quarterly, Vol.42, Issue 1, pp.3567, cú th ti v ti http://www.kellogg.northwestern.edu/faculty/uzzi/ftp/social_structure.pdf Vandenbosch, M & Dawar, N (2002), Beyond better products: finding, building and capturing value in customer interactions, MIT Sloan Management Review, Vol 43(4), pp 35-42 Walther, O., J (2015), Social network Analysis and Informal Trade, Working Paper, Department of Border Region Studies, University of Southern Denmark Wang, X (2015), An Empirical Study on IPO Underpricing of the Shanghai A Share Market, 3rd International Conference on Management, Education, Information and Control, China, cú th ti v t http://www.atlantis- press.com/php/download_paper.php?id=25111 Wang, Y (2008), Evaluation or Attention: How Social ties Matter in Venture Financing?, Mit Sloan school of Management, Cambridge, cú th ti v t http://faculty.chicagobooth.edu/workshops/orgs-markets/past/more/pdf/Wang.pdf Trang 75 Wasserman, S & Faust, K (1994), Social Network Analysis: Methods and Applications, Cambridge University Press Whelan, E (2010), Its Whom You Know Not What You Know: A Social Network Analysis Approach to Talent Management, NUI Galway, Ireland, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1694453 Whittington, R (1992), Putting Giddens into Action: Social Systems and Managerial Agency, Journal of Management Studies, 29 (6), pp 693-712 Xu, H (2015), Corporate Governance, State Ownership and Cross-listing: Evidence from Chinese A-shared Listed Firms, Discussion Papers, Institute for Organisational Economics, University of Mỹnster, Germany Yang, K & Zhu, J & Santoro, M., D (2015), Do Inter-Firm Managerial Social Ties Matter? The Mediating Effect of Strategic Alliances on Innovation Performance, Lehigh University, United States, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2628979 Younesi, N & Ardekani, A., M & Hashemijoo, M (2012), Performance of Malaysian IPOs and Impact of Return Determinants, Journal of Business Studies Quarterly, Vol.4, No.2, pp.140-158, cú th ti v t http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2212013 Yu, M (2013), State ownership and firm performance: Empirical evidence from Chinese listed companies, China Journal of Accounting Research, Vol.6, pp.75-87 Zadeh, F., O & Eskandari, A (2012), Firm Size As Companys Characteristic and Level of Risk Disclosure: Review on Theories and Literatures, International Journal of Business and Social Sciences, Vol.3, No.17, pp.9-17 Zhou, L & Wu, W., P & Luo, X (2007), Internationalization and the performance of born-global SMEs: the mediating role of social networks, Jornal of International Business Studies, 38(4), pp.673-690, cú th ti v t http://www.fox.temple.edu/cms/wp-content/uploads/2013/09/Internationalized-andperformance-of-born-global.pdf Trang 76 PH LC KT QU TNH TON QUAN H X HI CA CC DOANH NGHIP TH HIN QUA CH S MC TRUNG TM Stt Tờn doanh nghip Quan h xó hi (Socialtie) Cụng ty TNHH MTV Vn ti ng st Ha Ni 0.7046 Cụng ty TNHH Xõy dng va Dch v Thy li Tnh in Biờn 0.2096 Cụng ty TNHH MTV Mụi trng ụ th tnh Ngh An 0.1639 Cụng ty TNHH MTV Cp nc Ngh An 0.4079 Cụng ty TNHH MTV Cp nc va Xõy dng Qung Tr 0.4519 Cụng ty TNHH MTV Phỏt trin H tng Khu Cụng nghip Thỏi Nguyờn 0.3516 Cụng ty TNHH MTV a cht Vit Bc - TKV 0.3757 Cụng ty TNHH MTV Giụng cõy trng Hi Dng 0.3010 Cụng ty TNHH MTV Du lch Dch v Du khớ Vit Nam 0.9072 10 Tng cụng ty Lp mỏy Vit Nam - Cụng ty TNHH MTV 0.6420 11 Cụng ty TNHH MTV In Trn Phỳ 0.7039 12 Cụng ty TNHH MTV Xut nhp khu va u t Ha Ni 0.9816 13 Cụng ty TNHH MTV a cht m - TKV 0.4901 14 Cụng TNHH MTV Phõn m va húa cht Ha Bc 0.5761 15 Cụng ty TNHH MTV Cp nc Yờn Bỏi 0.1876 16 Cụng ty TNHH MTV C in Cụng trỡnh 0.6657 17 Cụng ty TNHH MTV In Ti chớnh 0.5518 18 Cụng ty TNHH MTV Giụng gia sỳc Ha Ni 0.4062 19 Cụng ty TNHH MTV Thng mi va u t Ha Ni 0.2628 20 Tng cụng ty Chố Vit Nam - Cụng ty TNHH MTV 0.4608 21 Cụng ty TNHH MTV Dc phm Trung ng 0.6319 22 Tng cụng ty Rau qu, Nụng sn - Cụng ty TNHH MTV 0.4219 23 Cụng ty TNHH MTV Cụng trỡnh Giao thụng Ha Ni 0.3724 24 Cụng ty TNHH Xõy dng va Cp nc in Biờn 0.1247 25 Cụng ty TNHH Nha nc MTV Kinh doanh Nc sch Ninh Bỡnh 0.3377 26 Cụng ty TNHH Mt viờn Thng Long GTC 0.7446 27 Cụng ty TNHH MTV Cp thoỏt nc Bc Giang 0.3987 28 Cụng ty TNHH MTV Ni tht Xuõn Hũa 2.5789 29 Cụng ty TNHH MTV Sỏch va Thng mi Ha Ni 0.4166 30 Cụng ty TNHH MTV C khớ úng tau - Vinacomin 0.4523 31 Cụng ty TNHH MTV Thng mi Dch v Trang Thi 0.4523 32 Cụng ty TNHH MTV u t va Phỏt trin Trng An 0.7950 33 Cụng ty TNHH MTV Du lch va Xỳc tin u t 0.7235 34 Cụng ty TNHH MTV Cp nc Thỏi Hũa 0.2709 Stt Tờn doanh nghip Quan h xó hi (Socialtie) 35 Cụng ty TNHH MTV Giy Thng ỡnh 0.6472 36 Cụng ty TNHH MTV Cung ng Nhõn lc Quục t va Thng mi 0.3048 37 Tng cụng ty Cụng nghip m Vit Bc - Vinacomin 0.3926 38 Cụng ty TNHH MTV a chớnh Ha Ni 0.8865 39 Tng cụng ty Khoỏng sn Vinacomin 0.1725 40 Cụng ty TNHH MTV Tng Cụng ty in lc Vinacomin 0.2335 41 Tng cụng ty Xõy dng va Phỏt trin h tng 0.7148 42 Cụng ty TNHH MTV Du lch Dch v Ha Ni 0.6698 43 Cụng ty TNHH MTV Dch v - Xut Nhp khu Nụng sn Ha Ni 0.4866 44 Cụng ty TNHH MTV Trung tõm Hi ch Trin lam Vit Nam 1.7156 45 Cụng ty TNHH MTV Nc sch sụ Ha Ni 0.2580 46 Cụng ty TNHH MTV in c Thụng Nht 1.1562 47 Xớ nghip Kinh doanh nc sch Hoan Kim 2.0022 48 Cụng ty TNHH MTV In va Vn húa phm 0.2148 49 Cụng ty TNHH MTV Giy Thy Khuờ 0.6141 50 Cụng ty TNHH MTV Cp nc Hi Phũng 0.1563 51 Cụng ty TNHH MTV Bao bỡ 277 Ha Ni 0.3808 52 Cụng ty TNHH MTV Da giy Hi Phũng 0.3357 53 Cụng ty TNHH MTV Cp nc va Xõy dng Ha Tnh 0.2884 54 Cụng ty TNHH MTV Thc phm Ha Ni 1.1410 55 Cụng ty TNHH MTV Thng mi Thi trang Ha Ni 0.5145 56 Cụng ty TNHH MTV Vt t va Xut nhp khu Hoỏ cht 0.8482 57 Cụng ty TNHH MTV Xõy dng va Cp nc Lai Chõu 0.1893 58 Cụng ty TNHH MTV Cng Cam Ranh 0.2758 59 Cụng ty TNHH Mt viờn Cao su Bỡnh Dng 0.7043 60 Cụng ty TNHH MTV Dch v Xut khu Lao ng va chuyờn gia 1.1158 61 Cụng ty TNHH Mt viờn Cp thoỏt nc Cn Th 0.8738 62 Cụng ty TNHH Mt viờn Xõy dng H tng Khu cụng nghip Cn Th 0.1996 63 Cụng ty TNHH Mt viờn Cụng trỡnh ụ th Thanh phụ Cn Th 0.1339 64 Cụng ty TNHH MTV Cp nc Bc Liờu 0.3952 65 Cụng ty TNHH MTV Xut khu Lao ng - Thng mi va Du lch 0.4590 66 Cụng ty TNHH Mt viờn Cng Sai Gũn 0.7158 67 Cụng ty TNHH Mt viờn u t a ục Gia nh 0.5082 68 Cụng ty TNHH Mt viờn Phỏt trin nha Bn Thanh 0.7087 69 Cụng ty TNHH MTV Phim Gii Phúng 0.3913 70 Cụng ty TNHH MTV Thng mi va u t Khỏnh Hũa 0.5568 71 Cụng ty TNHH MTV Cụng trỡnh Giao thụng Cụng Chỏnh 0.7675 72 Cụng ty TNHH MTV Cp Thoỏt nc Phỳ Yờn 0.4120 73 Cụng ty TNHH MTV Dch v Vn ti Khỏnh Hũa 0.6510 74 Cụng ty TNHH MTV Dc phm Trung ng 0.6389 75 Cụng ty TNHH Mt viờn Dch v Mụi trng ụ th ng Nai 2.0681 76 Cụng ty TNHH MTV Xõy dng va Sn xut VLXD Biờn Hũa 0.2147 Stt Tờn doanh nghip Quan h xó hi (Socialtie) 77 Cụng ty TNHH Mt Thanh Viờn Cp Thoỏt Nc Bn Tre 0.7502 78 Cụng ty TNHH Mt viờn Xõy lp Mụi trng Nhõn C TKV 0.5775 79 Cụng ty TNHH Mt Thanh Viờn In Bao Bỡ Khatoco 3.8194 80 Cụng ty TNHH MTV C khớ Tõy Ninh 0.3429 81 Cụng ty TNHH Mt viờn Dc phm va Sinh hoc Y t 0.8233 82 Cụng ty TNHH MTV u t va Phỏt trin K Ha Chu Lai Qung Nam 0.0845 83 Cụng ty TNHH Mt viờn Du lch Khỏnh Hũa 0.2464 84 Cụng ty Ch bin Xut nhp khu Nụng sn thc phm ng Nai 0.6182 85 Cụng ty TNHH Mt viờn Vn ti ng st Sai Gũn 0.1863 86 Tng Cụng ty Cng hang khụng Vit Nam 0.6908 87 Cụng ty TNHH MTV Xe la D An 0.2166 88 Cụng ty TNHH Mt viờn Lõm nghip Sai Gũn 0.5830 89 Cụng ty TNHH Mt viờn Cp thoỏt nc Tõy Ninh 1.5316 90 Cụng ty TNHH MTV Mớa ng Tõy Ninh 0.8479 91 Cụng ty TNHH Mt viờn Xut nhp khu Ca phờ a Lt 0.2529 92 Tng Cụng ty Phỏt trin Khu cụng nghip (SONADEZI) 0.2970 93 Cụng ty TNHH Mt viờn Dch v Du lch Th c 0.4632 94 Cụng ty TNHH Mt viờn Dch v Du lch Phỳ Tho 1.5849 95 Cụng ty TNHH Mt viờn Vt liu va Xõy dng Bỡnh Dng 5.0313 96 Cụng ty TNHH Mt viờn May mc Bỡnh Dng 0.6730 ... • Lượng hóa quan hệ xã hội doanh nghiệp Nhà nước cổ phần thực IPO Việt Nam; và • Lượng hóa tác động quan hệ xã hội yếu tố khác đến kết IPO doanh nghiệp Nhà nước cổ phần Việt Nam năm 2015... có Cổ phần hóa doanh nghiệp nhà nước mang hình ảnh Việt Nam Nghiên cứu thực với mục đích lượng hóa quan hệ xã hội tác động quan hệ xã hội đến kết IPO doanh nghiệp Nhà nước cổ phần Việt Nam. .. luận văn Quan hệ xã hội kết IPO doanh nghiệp Nhà nước cổ phần hóa Việt Nam này là bài nghiên cứu Ngoài trừ tài liệu tham khảo trích dẫn luận văn này, cam đoan toàn phần hay phần nhỏ luận