Ownership structure, governance and stock liquidity in Vietnam
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Thi Ngoc Lan Le Thesis
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Available under License Creative Commons Attribution Non-commercial No Derivatives 4.0. |
Description
This thesis examines how ownership concentration and type, influences stock liquidity in the context of a transition economy. Vietnam's capital market is characterized by poor informational transparency, highly concentrated state ownership and poor governance. The research found evidence supporting the agency cost argument with controlling owners, belongs to the state or family decreasing stock liquidity, whilst institutional (foreign) ownership enhances liquidity. However, the researcher found no evidence that a more independent board promotes stock liquidity in the Vietnamese market. Additional tests show that in the environment of highly concentrated ownership, duality impairs stock liquidity, whilst Big 4 auditors enhance stock liquidity.
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| ID Code: | 124680 |
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| Item Type: | QUT Thesis (PhD) |
| Supervisor: | Verhoeven, Peter & How, Janice |
| Keywords: | Ownership Concentration, Ownership Structures, Corporate Governance, Stock Liquidity, Vietnam |
| DOI: | 10.5204/thesis.eprints.124680 |
| Divisions: | Past > QUT Faculties & Divisions > QUT Business School Current > Schools > School of Economics & Finance |
| Institution: | Queensland University of Technology |
| Deposited On: | 27 Feb 2019 00:47 |
| Last Modified: | 27 Feb 2019 00:47 |
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