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Author
Nguyen Thanh Minh (Academy of Finance, Hanoi, Vietnam), Tran Tuyen Quang (University of Economics and Business; Vietnam National University, Hanoi, Vietnam,), Do Long Thanh (Ministry of Science and Technology, Hanoi, Vietnam)
Title
Government Support and Firm Profitability in Vietnam
Wsparcie rządowe a rentowność przedsiębiorstw w Wietnamie
Source
Comparative Economic Research, 2018, vol. 21, nr 4, s. 105-120, rys., tab., aneks, bibliogr. 24 poz.
Keyword
Rentowność przedsiębiorstwa, Pomoc państwowa
Enterprise profitability, State aid
Note
JEL Classification: C21, C23, D22, D25
summ., streszcz.
This research is funded by the Korean Foundation for Advanced Studies (KFAS) and the Asian Research Center, Vietnam National University, Hanoi (ARC-VNU) under project number CA.17.11A
Country
Wietnam
Vietnam
Abstract
Istniejące badania dotyczące związku między subwencjami rządowymi a wynikami finansowymi przedsiębiorstw często wykorzystują średnie podejście oparte na analizie regresji i koncentrują się głównie na krajach rozwiniętych. Aby wypełnić tę lukę, badanie to po raz pierwszy bierze pod uwagę wpływ działań wspierających rząd na opłacalność MŚP produkcyjnych w kraju rozwijającym się, jakim jest Wietnam. Wykorzystując niezbilansowany panel danych, obejmujący okres 2009-2015, wykazano, że rządowe wsparcie finansowe ma niewielki wpływ na rentowność jeśli zastosuje się zwykłą metodę najmniejszych kwadratów (OLS). Jednak metoda regresji kwantylowej z efektami stałymi pokazuje, że wsparcie finansowe ma negatywny wpływ na rentowność w przypadku firm o niskich zyskach, ale wpływa pozytywnie w przypadku firm o wysokim percentylu rentowności. Wyniki przeprowadzonych badań sugerują również, że decydenci powinni skupić się na wspieraniu start-upów, a nie nieefektywnych firm niezarejestrowanych. (abstrakt oryginalny)

Existing studies on the linkage between government subsidies and firm financial performance often use a mean regression approach and focus mainly on developed countries. To fill the gap, this study, for the first time, considers the impact of government support activities on the profitability of manufacturing SMEs in a developing country, Vietnam. Using an unbalanced panel dataset covering the period 2009-2015, government financial supports show an insignificant linkage with firm profitability when using OLS. However, a fixed-effect quantile approach reveals that government financial support is negatively related for firms with low profit but is positively related for firms in the high profitability percentile. Our findings also suggest that policymakers should focus on helping start-ups instead of ineffective, informal firms. (original abstract)
Accessibility
The Library of University of Economics in Katowice
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Bibliography
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ISSN
1508-2008
Language
eng
URI / DOI
https://doi.org/10.2478/cer-2018-0029
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