Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context
Multinational Finance Journal, 2026, vol. 30, no. 1/2, pp. 25–56
https://doi.org/10.5281/zenodo.19574208 – an open-access journal article
Thuy Thanh Nguyen, Academy of Finance, Hanoi, Vietnam
Anh Thi Kieu Phi, Academy of Finance, Hanoi, Vietnam
Abstract:
This study examines the effect of ownership structure on firm value in Vietnam, focusing on CEO ownership, chairman ownership, foreign ownership, and institutional ownership. Using an unbalanced panel of 280 non-financial listed firms with 1,965 firm-year observations from 2017 to 2024, the results show that chairman ownership and institutional ownership exert positive and statistically significant impacts on firm value. CEO ownership has a positive but economically modest effect. Foreign ownership displays an inverted U-shaped relationship with firm value, indicating that its benefits are strongest at low to moderate levels and decline beyond an optimal threshold. The study makes several contributions. First, it simultaneously evaluates four ownership components within a unified empirical framework, whereas prior research typically investigates them separately. Second, it adds to the literature by documenting a nonlinear effect of foreign ownership on firm value, an underexplored dimension in emerging markets. Overall, the findings offer relevant implications for policymakers, firms, and investors.
Keywords:
Ownership structure, CEO ownership, Chairman ownership, Foreign ownership, Institutional ownership, Firm value
Citation (APA):
Nguyen, T. T., & Phi, A. T. K. (2026). Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context. Multinational Finance Journal, 30(1/2), 25–56.
Citation (Harvard):
Nguyen, T. T. and Phi, A. T. K., 2026. Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context. Multinational Finance Journal, 30(1/2), pp.25–56.