The impact of R&D expenditure on firm performance in emerging markets: evidence from the Vietnamese listed companies

2021 ◽  
pp. 1-19
Author(s):  
Le Thanh Tung ◽  
Quan Minh Quoc Binh
Keyword(s):  
Firm Performance ◽  
Emerging Markets ◽  
Listed Companies ◽  
The Impact

scholarly journals Environmental, Social, Governance Activities and Firm Performance: Evidence from China

2021 ◽  
Vol 13 (2) ◽  
pp. 767
Author(s):  
Lei Ruan ◽  
Heng Liu
Keyword(s):  
Firm Performance ◽  
Emerging Markets ◽  
Negative Impact ◽  
Listed Companies ◽  
Regulatory Agencies ◽  
Rating Data ◽  
Social Governance ◽  
Environmentally Sensitive ◽  
Regulatory Measures ◽  
A Share

Increasingly noticeable environmental and risk problems have made more and more companies and regulatory agencies realize the importance of environmental, social, and governance (ESG) activities. However, on the question that whether ESG activities have promoted or reduced firm performance, there is still no consensus. Especially for China, a representative country in emerging markets whose corporate ESG activities are still in their infancy and related systems and regulatory measures not complete, its theoretical and practical circles more urgently need to know an accurate answer to this question. Therefore, this article takes China’s Shanghai and Shenzhen A-share listed companies that have ESG rating data from 2015 to 2019 as samples and finds that corporate ESG activities have a significantly negative impact on firm performance. Further research finds that compared with state-owned enterprises and environmentally sensitive enterprises, non-state-owned enterprises and non-environmentally sensitive enterprises provide stronger evidence to support the above conclusions.

scholarly journals Impact of Agency Costs on Firm Performance: Evidence from Vietnam

2019 ◽  
Vol 10 (2) ◽  
pp. 294-309
Author(s):  
Le Duc Hoang ◽  
Tran Minh Tuan ◽  
Pham Van Tue Nha ◽  
Pham Van Tue Nha ◽  
Ta Thu Phuong
Keyword(s):  
Firm Performance ◽  
Instrumental Variables ◽  
Agency Costs ◽  
Negative Impact ◽  
Listed Companies ◽  
Econometric Models ◽  
Method Of Moment ◽  
Generalized Method Of Moment ◽  
The Impact

An assumption in agency costs theory is that agency costs can exert a negative impact on firm performance. In this study, we examine the impact of agency costs on firm performance of Vietnamese listed companies. Our sample includes 736 companies in Vietnam during the period om 2010 to 2015. We find that agency costs exert a negative impact on firm performance. Our results are robust to alternative econometric models, including an instrumental variables technique and a system generalized method of moment model. In addition, we show that a debt instrument can be a useful tool to reduce the negative impact of agency costs on firm performance.

scholarly journals Responsibilities of board of directors and enterprise efficiency in Vietnam stock market

2014 ◽  
Vol 17 (1) ◽  
pp. 74-87
Author(s):  
Minh Hoang Nguyen ◽  
Hien Thu Nguyen
Keyword(s):  
Firm Performance ◽  
Stock Market ◽  
Board Of Directors ◽  
Supervisory Board ◽  
Listed Companies ◽  
Market Capitalization ◽  
Study Results ◽  
Development Orientation ◽  
The Impact ◽  
The Relationship

Board of Directors and the Supervisory Board play an important role in the activities of the firm, because they influence the operational efficiency as well as the development orientation of the business. The study was conducted to survey the impact of the responsibilities of the board and the supervisory board on the effectiveness of listed companies on the stock market. A set of data consisting of 200 firms with the largest market capitalization on the stock market in 2011 has been obtained. The study results showed the correlation between the responsibilities of the Board and the Supervisory Board and the performance of the firm. The study also looked at the influence of industry factors on the relationship between the responsibilities of the board and the supervisory board and the performance of the business. The results showed that there is evidence to conclude the impact of industry factors on the relationship between the responsibilities of the Board and the Supervisory Board on firm performance.

scholarly journals How do executive pay and its gap with employee pay influence corporate performance? Evidence from Thailand tourism listed companies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Laurence Ferry ◽  
Guanming He ◽  
Chang Yang
Keyword(s):  
Regression Analysis ◽  
Firm Performance ◽  
Executive Compensation ◽  
Corporate Performance ◽  
Listed Companies ◽  
Executive Pay ◽  
Short Term ◽  
Pay Gap ◽  
Content Type ◽  
The Impact

PurposeThe authors investigate how executive pay and its gap with employee pay influence the performance of Thailand tourism listed companies.Design/methodology/approachThe authors manually collect data on the executives' and employees' remunerations for Thailand tourism listed companies and use the data for the authors’ OLS regression analysis. To check the robustness of the results to potential endogeneity issues, the authors employ the two-stage least-squares regression analysis and the impact threshold for a confounding variable approach.FindingsThe authors find that short-term executive compensation enhances firm performance, and that long-term executive compensation reduces the likelihood of unfavorable corporate performance. The authors also find that the gap in short-term pay between executives and employees has an inverted-U relation with firm performance.Research limitations/implicationsThis study suggests that higher executive pay relative to employee pay could encourage executives to work hard to improve corporate performance, but that too large a pay gap between executives and employees could impair employees' morale and harm firm performance.Practical implicationsIt is important for tourism companies to not only pay executives well but also avoid too large a pay gap between executives and employees.Social implicationsThis study implies the important role of compensation design in contributing to employee engagement and good performance for tourism firms.Originality/valueThis study sheds light on agency problems between executives and employees in tourism companies and provides new evidence and insights on compensation research in the tourism sector in emerging markets.

scholarly journals THE IMPACT OF MERGERS AND ACQUISITIONS ON FINANCIAL PERFORMANCE OF LISTED COMPANIES IN CHINA

2019 ◽  
Vol 2 (8) ◽  
pp. 01-12
Author(s):  
Yadong Chen ◽  
Char Lee Lok ◽  
Lian Kee Phua ◽  
Kenny Quah
Keyword(s):  
Firm Performance ◽  
Mergers And Acquisitions ◽  
Financial Performance ◽  
Economies Of Scale ◽  
Listed Companies ◽  
Growth Strategy ◽  
Stock Exchanges ◽  
Corporate Growth ◽  
Panel Data Regression ◽  
The Impact

The purpose of this paper is tantamount to study whether mergers and acquisitions (M&A) improve the financial performance of Chinese listed companies. We use panel data regression to examine 434 completed M&A activities from 2012 to 2016 initiated by Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges. The evidence indicates that, on average, the firm performed better after the M&A activities. We further divide all sample enterprises into three different types of M&A. The results demonstrate that when other conditions are unchanged, horizontal M&A and conglomerate M&A are positively related to firm performance. Our results suggest that the firm can benefit from horizontal M&A through economies of scale in operations while financial synergies following the conglomerate M&A enhance the firm performance. The findings deepen our understanding of the consequences of M&A and provide evidence that it is an important corporate growth strategy for the Chinese capital market.

scholarly journals The Impact of Media Independence On Firm Performance: A Panel Data Analysis From Emerging Markets

2015 ◽  
Vol 31 (4) ◽  
pp. 1277 ◽  
Author(s):  
Omar Farooq ◽  
Mounia Rbiha ◽  
Samir Aguenaou
Keyword(s):  
Data Analysis ◽  
Firm Performance ◽  
Emerging Markets ◽  
Panel Data Analysis ◽  
Market Participants ◽  
Independent Media ◽  
The Impact ◽  
The Relationship ◽  
Better Than ◽  
Media Independence

<p>Can media have any influence on firm performance? Do firms in countries with more independent media perform better than firms with less independent media? This paper seeks to answer these questions by documenting the relationship between media independence and firm performance in emerging markets. Using a dataset from twenty seven emerging markets, we show significantly better performance of firms headquartered in countries with relatively more independent media than firms headquartered in countries with relatively less independent media during the period between 2007 and 2011. We argue that independent media reduces information asymmetries for stock market participants. Consequently, it is more difficult for managers to expropriate, thereby improving performance of firms. Our results indicate that media can play a substitute role for traditional governance mechanisms in emerging markets.</p>

scholarly journals The impact of corporate governance on firm performance in Egyptian listed companies

2013 ◽  
Vol 11 (1) ◽  
pp. 691-705 ◽  
Author(s):  
Ehab K. A. Mohamed ◽  
Mohamed A. Basuony ◽  
Ahmed A. Badawi
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Listed Companies ◽  
Board Independence ◽  
Board Structure ◽  
Cross Sectional ◽  
Book Value ◽  
The Impact

This paper examines the impact of corporate governance on firm performance using cross sectional data from non-financial companies listed in the Egyptian Stock Exchange. The 88 non-financial companies on EGX100 index of listed companies on the Egyptian Stock Market are studied to examine the relationship between ownership structure, board structure, audit function, control variables and firm performance by using OLS regression analysis. The results show that ownership structure has no significant effect on firm performance. The only board structure variable that has an effect on firm market performance is board independence. Firm book value performance is affected by both board independence and CEO duality. Firm size and leverage have varying effects on both market and book value performance of firms

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