Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking System Reform In Vietnam.

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Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking System Reform In Vietnam.

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Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking System Reform In Vietnam.Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking System Reform In Vietnam.Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking System Reform In Vietnam.Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking System Reform In Vietnam.Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking System Reform In Vietnam.

... relation in the context of banking system reform in Vietnam 1.4.1 Objectives and hypotheses The study examines the effect of banking system reform on investment- cash flow relation in a context of a... Analysis of investment - cash flow relation 115 Table 5.5 Effect of banking system reform on investment – cash flow Table 5.6 relation Effect of banking system reform on investment ? ?cash flow 119...1 MINISTRY OF EDUCATION AND TRAINING OF VIETNAM UNIVERSITY OF ECONOMICS HO CHI MINH CITY TU THI KIM THOA Firms’ Investment – Cash Flow Relationship In The Context Of State Ownership And Banking

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Mục lục

  • TABLE OF CONTENTS

  • ABBREVIATIONS

  • LIST OF FIGURES

  • CHAPTER 1 INTRODUCTION

    • 1.1. Thesis motivations

    • 1.2. Thesis objectives

    • 1.3. Firm’s investment – cash flow relationship in the context of state ownership in Vietnam

      • 1.3.1. Objectives and hypotheses

      • 1.3.2. Data

      • 1.3.3. Methodology

      • 1.3.4. Empirical findings

      • 1.3.5. Contributions

    • 1.4. Firm’s investment – cash flow relation in the context of banking system reform in Vietnam

      • 1.4.1. Objectives and hypotheses

      • 1.4.2. Data

      • 1.4.3. Methodology

      • 1.4.4. Empirical findings

      • 1.4.5. Contributions

    • 1.5. Thesis structure

  • CHAPTER 2

    • 2.1. Overview on Vietnam’s economy

      • Figure 2.1. Annual GDP growth rate for the period of 1986 – 2018 (%)

      • Figure 2.2. Vietnam’s Inflation (% change of CPI), 1986-2018

      • Figure 2.3. Vietnam’s volume of imports and exports (% of GDP), 1986-2018

      • Figure 2.4: Vietnam’s Foreign Direct Investment, net inflows (% of GDP)

      • Table 2.1. Main Economic Indicators of Vietnam, 1986 – 2018

    • 2.2. Overview on equitization of state owned enterprises of Vietnam

      • Table 2.2. Stages of SOE equitization in Vietnam (1992 – 2018)

      • Figure 2.5. Progress of SOE equitization, 1992 – 2018

      • Figure 2.6. Number of SOEs, 1995 - 2017

      • Table 2.3. Credit institutions of Vietnam, 2010 - 2017

    • 2.4. Chapter summary

  • CHAPTER 3

    • 3.1. Theories of investment

      • 3.1.1. The Modigliani-Miller Theorem (MM)

      • 3.1.2. Neo-classical model

      • 3.1.3. Sales accelerator model

      • 3.1.4. Tobin’s Q model

      • 3.1.5. The Euler model

    • 3.2. Financial constraints and investment: a literature review

      • 3.2.1. Financial constraint and investment

      • 3.2.2. State Ownership and Investment–Cash Flow Relations

      • 3.2.3. Banking system reform and investment – cash flow relation

      • 3.2.4. Financial leverage, growth opportunity and investment relation

    • 3.3. Chapter summary

  • CHAPTER 4

    • 4.1. The study introduction

    • 4.2. Literature review and hypothesis development

      • 4.2.1. Relation between investment and cash flow

      • 4.2.2. State Ownership and Investment–Cash Flow Relations

      • 4.2.3. State Ownership and Investment–Leverage Relation

    • 4.3. Research design

      • 4.3.1. Testing Investment–Cash Flow Relation

      • 4.3.2. Testing the Impact of State Ownership on Investment–Cash Flow Relations

      • 4.3.3. Testing the Impact of State Ownership on Investment–Leverage Relations

      • 4.3.4. Data

    • 4.4. Empirical results

      • 4.4.1. Descriptive Statistics

      • Table 4.2. Variable descriptive statistic

      • Table 4.3. Differences between non state-owned and state-owned enterprises

        • 4.4.2. Empirical Results

      • Table 4.4. Analysis of relation between investment and cash flow

      • Table 4.5: Impact of state ownership on investment – cash flow relation

      • Table 4.6: Impact of state ownership on relation between investment and cash flow under different growth opportunities

      • Table 4.7. Impact of state ownership on the investment and leverage relations

      • Table 4.8: Impact of state ownership on the relations between investment - leverage under different growth opportunities

        • 4.4.3. Robustness Check

      • Table 4.9. State ownership and relations between investment and cash flow under different growth opportunities: GMM estimation method

      • Table 4.10. Classification of state-owned and non-state-owned enterprises using the threshold of 33.15 percent

      • Table 4.11. State ownership and relations between investment and cash flow under different growth opportunities in which high growth opportunity is classified by quartile

    • 4.5. Conclusion

    • 4.6. Chapter summary

  • CHAPTER 5

    • 5.1. The Stuty Introduction

    • 5.2. Literature review

      • 5.2.1. Investment – cash flow relation

      • 5.2.2. Effect of banking system reform on investment – cash flow relation

    • 5.3. Research methodology

      • 5.3.1. Hypothesis development and model specification

      • 5.3.2. Data

    • 5.4. Empirical results

      • 5.4.1. Descriptive statistic

      • Table 5.2. Variable descriptive statistic

        • 5.4.2. Correlations

      • Table 5.3. Pearson and Spearman correlation matrix

        • 5.4.3. Regression results

      • Figure 5.1: Fitted value of investment (IK) on cash flow (CFK) on a full sample of Vietnamese listed firms for the period of 2009 – 2014

      • Figure 5.2. Fitted value of investment (IK) on cash flow (CFK) on a subsample of Vietnamese State controlled firms for the period of 2009 - 2014

      • Figure 5.3. Fitted value of investment (IK) on cash flow (CFK) on a subsample of Vietnamese Non - state controlled firms for the period of 2009 - 2014

      • Table 5.4: Analysis of investment - cash flow relation Panel A: Regression with square of cash flow (CFKSQR)

      • Table 5.5. Effect of banking system reform on investment – cash flow relation

      • Table 5.6. Effect of banking system reform on investment –cash flow relation of state – controlled listed companies by different growth opportunities

      • Table 5.7. Effect of banking system reform on investment –cash flow relation of non state – controlled companies by different growth opportunities

      • Table 5.8. Effect of banking system reform on investment – leverage relation

      • Table 5.9. Effect of banking system reform on investment – leverage relation for both low and high growth opportunities

        • 5.4.4. Robustness check

      • Table 5.10. GMM estimates of investment – cash flow sensitivity

    • 5.5. Study conclusion

    • 5.6. Chapter summary

  • CHAPTER 6 CONCLUSION

    • 6.1. Introduction

    • 6.2. Firm’s investment – cash flow relationship in the context of state ownership in Vietnam

      • 6.2.1. Research findings

      • 6.2.2. Research contributions, implications and policy recommendations

      • 6.2.3. Research limitations and future research directions

    • 6.3. Firm’s investment – cash flow relationship in the context of banking system reform in Vietnam

      • 6.3.1. Research findings

      • 6.3.2. Research contributions , implications and policy recommendations

      • 6.3.3. Research limitations and future research directions

  • THESIS-RELATED LIST OF AUTHOR’S

  • REFERENCES

  • APPENDIX

    • Table A.1: Distribution of sample by exchange listed, 2008 - 2015

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