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1.TheImpactofOwnershipStructureandCapitalStructureonFinancialPerformanceofVietnameseFirms1
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TheImpactofOwnershipStructureandCapitalStructureonFinancialPerformanceofVietnamese
Firms
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摘要:
Thisarticlestudiestheimpactofownershipstructureandcapitalstructureonfirms'financialperformance
incontextofanemergingtransitionaleconomy.Accordingtoresearchfindings,capitalstructurehasanegative
impactwithstatisticalsignificanceonfinancialperformance(measuredbyROA,ROE).Thehigherlevelofstate
ownershipinownershipstructureofafirmis,thebetterfinancialperformanceithas.Whileclearevidenceswith
statisticalsignificanceoftheimpactofmanagerialownershiponfinancialperformancehavenotbeenfound,this
studyfoundoutthat,thelevelofentrenchmentofmanagersinstate-ownedenterprises(SOEs)ishigherthan
thatofbusinessesofothertypes.[PUBLICATIONABSTRACT]
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Abstract
Thisarticlestudiestheimpactofownershipstructureandcapitalstructureonfirms'financialperformancein
contextofanemergingtransitionaleconomy.Accordingtoresearchfindings,capitalstructurehasanegative
impactwithstatisticalsignificanceonfinancialperformance(measuredbyROA,ROE).Thehigherlevelofstate
ownershipinownershipstructureofafirmis,thebetterfinancialperformanceithas.Whileclearevidenceswith
statisticalsignificanceoftheimpactofmanagerialownershiponfinancialperformancehavenotbeenfound,this
studyfoundoutthat,thelevelofentrenchmentofmanagersinstate-ownedenterprises(SOEs)ishigherthan
thatofbusinessesofothertypes.
Keywords:
ownershipstructure,capitalstructure,financialperformance,entrenchment,Vietnam
(ProQuest:
...denotesformulaomitted.)
1.Introduction
Itisnoteasytoexplainissueoffinancialleveragedecisionsincapitalstructureinashortarticle.Theoretical
andempiricalstudiessofarexplain,tosomeextend,certainaspectsofthecapitalstructureofanorganization.
FromthethematicresearchofModiglianiandMiller(1958),therehavebeensofarmanytheoriesexplaining
capitalstructureselectionofafirm.Typicaltheorieswithstrongimpactandpersuasiveexplanationfortheissue
suchas:
trade-offtheory,pecking-ordertheoryandtheissueofinformationasymmetry,agencycosttheory.The
trade-offtheorystatesthatthereexistsanoptimalcapitalstructureforafirmbyarguingthatafirm,with
maximumvalues,willfindanoptimalcapitalstructurebytrade-offinterests(Miller,1977).Itmeansthat,atthe
firm'smaximumvalue,themarginalcostofdebtisequaltothemarginalbenefitofdebtfinancing.Incontrast,
thepecking-ordertheorydevelopedbyMyersandMajluf(1984),Myers(1984)arguesthatthereisnooptimal
capitalstructureforafirm,andthefirmusesdebtsonceinternalcapitalsources(retainedearningsforexample)
areusedupasthetoppriority,followedbydebtsandthenequitiesincasetheyareneededtofinancethefirm's
operations.Besides,theagencycosttheorygivenbyJensenandMeckling(1976)andfurtherdevelopedby
Jensen(1986)suggeststhattheoptimalcapitalstructureofafirmcanexistandbeidentifiedbyminimizing
agencycostsbetweenstakeholders:
shareholdersandmanagers,shareholdersanddebtholders.
Previousstudiestrytofindaclearexplanationforcapitalstructureselectionanditsimpactonvaluesand
financialperformanceofafirm.Inanotherangle,somestudiesinvestigatetheimpactofownershipstructureon
theperformanceandvaluesofafirm.Thesestudiesattempttogiveempiricalevidencestoexplainexisting
financialtheories.However,empiricalstudiesgivemixedorcontradictoryevidencesregardlessofdataderived
fromdevelopedcountriesordevelopingcountriesortransitionaleconomies.Studiesofrelationbetweencapital
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structureandfinancialperformancemayincludestudiesofFamaandFrench(2002),Abor(2005),Bergerand
BanoccorsidiPitti(2006),ZuitunandTian(2007),Ebaid(2009),MargaritisandPsillki(2009).Relationbetween
ownershipstructureandfinancialperformanceoffirmsarestatedinstudiesbyHanandSuk(1998),McConnell
andServaes(1990),Morcketal.(1988),MargaritisandPsillki(2009).
Inourunderstanding,researchmaterialsofcapitalstructureanditsimpactonvaluesandperformanceoffirms
mainlyfromdevelopedeconomieslikeU.S.andEurope.Therehavenotbeenmanyresearchesinthecontext
ofemergingeconomies,especiallyinthecontextofVietnam,atransitionalemergingeconomywithnumerous
outstandingachievementsaftermorethan25yearsofopeningupandrenovation.Objectiveofthisstudyisto
examinetheconcurrentimpactsofownershipstructureandcapitalstructureonfinancialperformanceof
Vietnamesefirms.Multivariateregressionmodelisusedtotestthecross-paneldataoffirmslistedonHoChi
MinhStockExchange(HoSE)intheperiodof2009-2012.Afirm'sperformanceisrepresentedbyReturnon
Assetsratio(ROA)andReturnonEquityratio(ROE),whilethecapitalstructureisrepresentedbytotal
debt/assetratio(TDA),long-termdebt/totalasset(LDA),short-termdebt/totalasset(SDA);andownership
structureisrepresentedbymanagerialandstateownershipinthemodel.
Therestofthearticleisorganizedasfollows:
Section2presentsaliteraturereviewofthecapitalstructureand
corporateperformance,ownershipstructureandcorporateperformance.Section3introducesmethodologyand
measurementofvariables.Section4presentsresearchresultsanddiscussion,andfinallyconclusionsare
presentedinSection5.
2.LiteratureReview
2.1OwnershipStructureandFinancialPerformance
AccordingtoJensenandMeckling(1976),managersmaynotalwaysactfortheinterestsofthosewhohire
them,butpossiblybecauseoftheirownsakeindistributingbenefitstostakeholders.Thiswillincreaseagency
problembetweenmanagersandshareholders,betweenshareholdersanddebt-holders,betweeninside
shareholdersandoutsideinvestors.Therefore,ifmanagerialownershipisincreased,theirinterestswillbe
balancedtotheinterestsofshareholdersleadingtopossibleremarkablereductionofconflictsbetween
managersandshareholders,gradualsolutiontoagencyproblemandasaresult,improvementoffirms'financial
performance.Morcketal.(1988),whenexaminingtherelationshipbetweenTobin'sQrateandinternal
ownershiplevel,pointsoutthatwithinacertainextendofinternalownershiplevel,theTobin'sQrateis
correlatedpositivelywithinternalownership,whilenegativelyinotherranges.Thisindicatesanon-linear
relationshipbetweeninternalownershipandfirms'financialperformance(measuredbyTobin'sQ).Italso
showsthatafirmmayachievethebestperformancewhenchoosingownershipstructureataspecificratio.
Inaddition,FamaandJensen(1983)provethattheincreaseofmanagerialownershipwouldleadtothe
increaseofentrenchmentofmanagers.Thismeansthattheincreaseofthesharedmanagerialownershipwill
bringabouttheincreasemanagers'influenceonbusinessperformanceandthedecreaseofinvestors'influence
onfinancialperformance.McConnellandServaes(1990)discoverthattheentrenchmentofmanagerswillbe
affectedifinstitutionalownershipisincreased.LikeMorcketal.(1988),theyindicatethatbusinessperformance
(representingTonbin'sQ)isinanon-linearrelationshipwithinternalownership,butapositivelinearrelationship
withinstitutionalownership.HanandSuk(1998)discoverthatincreasedinternalownershipleadsincreased
businessperformance(measuredbystockreturns).However,excessiveinternalownershipwillcausedamage
tobusinessproductivity.Theyalsoshowapositiverelationshipbetweeninstitutionalownershipandbusiness
performance(stockreturns),whichprovesthatinstitutionalownershiphasanegativeimpactonthe
entrenchmentofmanagers.ArecentstudybyMargaritisandPsillaki(2009)pointoutthatimpactofownership
concentration'sagencycostsisdifferentamongdifferentsectors.However,theyconcludethatingeneral,
concentratedownershipispositivelyassociatedwithdebtlevelincapitalstructure.Insummary,alltheabove
mentionedresearchesshowthesameresultofapositivecorrelationbetweentheincreaseinmanagerial
ownershipandtheincreaseofbusinessperformanceandviceversa.Mostofthoseresearchesstatethat
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excessivemanagerialownershipwouldcausedamagetothefinancialperformanceoffirms,andmanagerial
ownershipshouldberemainedataproperlevelforbusinesses.
2.2CapitalStructureandFinancialPerformance
Viewedfromanegative-positiverelationship,Ebaid(2009)summarizefromprevioustheoreticalandempirical
researchesandstatethattheselectionofcapitalstructureofafirmisinfluencedbymanyfactors,anda
financialtheorywithituniqueassumptionscannotgivecomprehensiveexplanationsforthecapitalstructure
selection.Therefore,itiseasytounderstandthatfinancialtheoriesofferdifferentperspectivesonthe
relationshipbetweencapitalstructureandfinancialperformanceoffirm.Empiricalevidencesalsodivideresults
byth
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