Firms’ investment – cash flow relationship

Despite an increase in governments' demand for private participation in infrastructure, Public-Private Partnerships (PPPs) have received low engagement from the private sector in the task of bridging infrastructure gaps in emerging markets. Previous literature in the field mainly focuses on the effects of PPPs from the governments' perspective and it is inconclusive in its examination of the advantages and disadvantages of the private sector's participation.

235p runthenight04 02-02-2023 8 2   Download

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.

24p trinhthamhodang8 20-10-2020 36 3   Download

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

178p trinhthamhodang8 20-10-2020 9 1   Download

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.

178p kequaidan6 15-07-2020 23 2   Download

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.

24p kequaidan6 15-07-2020 24 1   Download