Observational analysis reveals no significant impact of state ownership on operational efficiency in logistics firms, indicating differing influences on market expectations.
This study investigates the influence of ownership structure - particularly state ownership - on the operational efficiency of state-invested logistics enterprises listed on Vietnam’s stock market from 2013 to 2023. Using both static and dynamic panel data regression models, the results indicate that ownership structure, including state control, does not significantly affect operational efficiency. However, the study reveals positive market expectations for these enterprises. Operational efficiency is primarily driven by firm size and negatively affected by fixed asset ratios and debt financing. These insights are essential for policymakers involved in restructuring state capital investments in logistics firms, especially those listed on the stock exchange.
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Thu et al. (2025) studied this question.
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