The non-linear impact of state ownership on corporate risk-taking in Vietnamese listed firms
Authors
DOI: https://doi.org/10.57110/vnu-jeb.v5i4.339Keywords:
Non-linear, risk-taking, state ownership, VietnamReferences
Aabo, T., Pantzalis, C., & Park, J. C. (2017). Idiosyncratic volatility- An indicator of noise trading. Journal of Banking & Finance, 75,
–151.
Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and Their Impact on Corporate Performance. Review of Financial Studies, 18(4). 1403–1432. Doi: 10.1093/rfs/hhi030.
Akbar, S., Kharabsheh, B., Poletti-Hughes, J., Ali Shah, S. H. (2017). Board structure and corporate risk taking in the UK financial sector. International Review of Financial Analysis. Doi: 10.1016/j.irfa.2017.02.001.
Al-Tamimi, H., Hussein, A. & Jellali, N. (2013). The Effects of Ownership Structure and Competition on Risk-Taking Behavior: Evidence from UAE Conventional and Islamic Banks. The International Journal of Business and Finance Research, 7 (2). 115-124.
Boubakri, N., Cosset, J. C., & Saffar, W. (2013). The role of state and foreign owners in corporate risk-taking: Evidence from privatization. Journal of Financial Economics, 108(3). 641–658. Doi: 10.1016/j.jfineco.2012.12.007.
Boycko, M., Shleifer, A. & Vishny, R. (1996). A theory of privatization. Economic Journal, 106, 309-319.
Cheng, S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics, 87(1). 157–176. Doi: 10.1016/j.jfineco.2006.10.006.
Claessens, S., Djankov, S., Fan, J. P. H. & Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, vol. 57, no. 6, pp. 2741–2771.
Dharwadkar, R., George, G., & Brandes, P. (2000). Privatization in emerging economies: an agency theory perspective. Academy of Management Review, vol. 25, no.3, pp. 650–669.
Dyck, A. (2001). Privatization and corporate governance: Principles, evidence, and future challenges, The World Bank Research Observer, 16, 59–84.
Faccio, M., Marchica, M.-T., & Mura, R. (2011), Large Shareholder Diversification and Corporate Risk-Taking. Review of Financial Studies, 24(11), 3601–3641. Doi: 10.1093/rfs/hhr065.
Fogel, K., Morck, R. & Yeung, B. (2008). Corporate stability and economic growth: Is what’s good for general motors good for America?. Journal of Financial Economics, 89, 83–108.
Huang, Y. S. & Wang, C. J. (2014). Corporate governance and risk-taking of Chinese firms: The role of board size. International Review of Economics and Finance. Doi: 10.1016/j.iref.2014.11.016.
Iannotta, G., Nocera, G., & Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking & Finance, 31(7). 2127–2149.
Jiraporn, P. & Lee, S. M. (2017). How do Independent Directors Influence Corporate Risk-Taking? Evidence from Quasi-Natural Experiment. International Review of Finance, Doi: 10.1111/irfi.12144.
John, K., Litov, L., & Yeung, B. (2008), ‘Corporate Governance and Risk-Taking’. The Journal of Finance, 63(4), 1679–1728. Doi: 10.1111/j.1540-6261.2008.01372.x
Khaw, K. L., Liao, J., Tripe, D. & Wongchoti, U. (2016). Gender diversity, state control, and corporate risk – taking: Evidence from China. Pacific-Basin Finance Journal, 39, 141-158.
Koerniadi, H., Krishnamurti, C. & Tourani-Rad, A. (2014). Corporate governance and risk-taking in New Zealand. Australasian Journal of Management, 6, 3–18. Doi: 10.1177/0312896213478332
Lassoued, N., Sassi, H., & Ben Rejeb Attia, M. (2016). The impact of state and foreign ownership on banking risk: Evidence from the MENA countries. Research in International Business and Finance, 36, 167–178. Doi: 10.1016/j.ribaf.2015.09.014.
Nakano, M. & Nguyen, P. (2012). Board size and corporate risk-taking: Further evidence from Japan. Corporate Governance: An International Review, 20: 369–387. Doi: 10.1111/j.1467-8683.2012.00924.x.
Phung, D. N., & Mishra, A. V. (2015). Ownership Structure and Firm Performance. Evidence from Vietnamese Listed Firms. Australian Economic Papers, 55(1). 63–98.
Thomsen, S., & Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal, vol. 21, no. 6, pp. 689–705.
Uddin, H. (2015). Effect of Government Share Ownership on Corporate Risk Taking: Case of the United Arab Emirates. Research in International Business and Finance, 1-35. Doi: 10.1016/j.ribaf.2015.09.033.
Vickers, J. & Yarrow, G. (1991). Economic perspectives on privatization. Journal of Economic Perspectives, 5, 111–132.
Vo V. D., Tran T. V. T. & Dang T. P. N., (2020). The Impact of Ownership Structure on Listed Firm’s Performance in Vietnam. Journal of Asian Finance, Economics and Business, 195-203.
Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3). 581–606. Doi: 10.1016/j.jfineco.2012.03.005.
Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: a review of the principal–principal perspective. Journal of Management Studies, vol. 45, no. 1, pp. 196–220.
Zhu, W. & Yang, J. (2016). State ownership, cross - border acquisition, and risk taking: Evidence from China’s banking industry. Journal of Banking & Finance, 71, 133 – 153.
Downloads
Published
Abstract View
PDF Downloaded
How to Cite
Issue
Section
License
Copyright (c) 2025 Nguyen Huu Truc

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
by VNU Journal of Economics and Business