The impact of ownership structure on corporate performance (business -operating result) of listed companies on Ho Chi Minh Stock Exchange – A comparison the period 2006-2008 vs 2015-2017 – 10 years overview

Tóm tắt

This research studies the relationship between equity structure and business performance/ operating results of listed companies on HOSE for three years 2015, 2016, and 2017. This is not only an important aspect of corporate governance but also more important for companies operating in the form of a joint-stock company. The author uses the Enterprise Management System theory and references Xu and Wang's research model applied to Chinese joint-stock companies (1997). The used data is secondary data including indicators showing the company's business results (ROA, ROE, P/B) and equity ratios of shareholders (ownership concentration, ownership components). The research method was performed by regression analysis using SPSS software, in which the dependent variables are indicators of the company's business results, the main independent variables represent the equity structure. After analyzing data, the study has drawn two main results. The first result is that the ownership component of individuals (personal) hurts on the business performance of companies, in contrast to the fraction of equity owned by state and equity owned by legal person/institution (organizational entities) do not have any influence on the linear correlation. The second result is the concentration of ownership has no relation to the business performance of companies. With the above results, this topic can be studied more extensively for all types of other ownership such as domestic shareholders and foreign shareholders; due to both two types increasingly essential for companies and investors in the joint-stock market.