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Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy

Title
Institutional environment, ownership structure and firm-specific information: Evidence from a transitional economy
Author
강형구
Keywords
firm-specific information; ownership structure; institutional environment
Issue Date
2020-05
Publisher
Taylor and Francis Ltd.
Citation
Cogent Economics and Finance, v. 8, no. 1, article no. 1774986
Abstract
This study examines the relationship between ownership structure and stock price informativeness in a transitional economy characterized by an underdeveloped corporate governance system. Using a sample of 322 publicly listed companies in Vietnam covering a 10-year period from 2009 to 2018, we evaluate how national governance quality affects the impact of ownership type on stock price informativeness. We find the evidence that government-owned firms tend to have higher synchronous (lower informative) stock prices, whereas the opposite is true for the foreign-owned firms. Furthermore, the stock price informativeness of government-owned firms is higher when there is an increase in national governance quality. This study finds no significant difference in governance quality benefits between foreign-controlled and non-foreign firms. These findings suggest that the institutional channel plays an important role in determining the informativeness of the stock prices of government-controlled firms, especially in transitional economies.
URI
https://www.tandfonline.com/doi/full/10.1080/23322039.2020.1774986https://repository.hanyang.ac.kr/handle/20.500.11754/166281
ISSN
2332-2039
DOI
10.1080/23322039.2020.1774986
Appears in Collections:
GRADUATE SCHOOL OF BUSINESS[S](경영전문대학원) > ETC
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