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
- Files in This Item:
- Institutional environment, ownership structure and firm-specific information Evidence from a transitional economy.pdfDownload
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