Context of state ownership

The thesis aims to investigate the impact of state ownership and banking system reform on the relationship between firm’s investment and internal cash flows in the context of small transition economy – Vietnam.

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The study examines the effect of state ownership on the relationship between investment and cash flow in Vietnam, a small transitional economy.

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The second essay examines the effect of banking system reform, which is defined by the presence of foreign banks, on investment-cash flow relation in a context of a small transition economy. I find evidence that the presence of foreign banks in Vietnam results in decreasing in firm’s dependence on local banks and has changed their financial constraint. Company investments are less reliant on internal cash flow in the post reform period.

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The study applies quantitative method on non-balanced panel samples of Vietnamese listed firms which are extracted from the Thomson Reuters database and manually collected from companies’ annual reports. All the regressions are estimated by Generalized Least Squared (GLS) method to fix the heteroscedasticity problem and robusted by Generalized Method of Moment (GMM) for endogeneitity potential.

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