Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/129434 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
ESRI Working Paper No. 498
Verlag: 
The Economic and Social Research Institute (ESRI), Dublin
Zusammenfassung: 
Our research tests the difference in investment efficiency between state-owned enterprises (SOEs) and private firms and then evaluates the effect of privatisation and equitisation policies on the investment efficiency of former state owned enterprises (SOEs). We use a novel dataset from Viet Nam which covers large and non-listed SMEs across the construction, manufacturing, and services sectors. Our methodology uses a structural model to test the relationship between Tobin's Q and capital spending. We find no evidence of investment spending being linked to marginal returns by SOEs across all sectors and size classes. However, former SOEs which have been privatised and equitized with a minority state shareholding display positive links between Q and investment. In fact, the link is stronger for these firms than for private firms.
Schlagwörter: 
Investment efficiency
Privatisation
State-ownership
Corporate governance
JEL: 
G31
G32
G34
L33
P31
Dokumentart: 
Working Paper

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