By: Nguyen Phuong Mai - VNP 21
Supervisor: Dr. Nguyen Trong Hoai
This thesis uses data of non – financial listed firm in Hochiminh Stock Exchange in the period from 2010 – 2015 and econometric method, three – stage least square, to solve the simultaneous correlation of state ownership, firm performance, leverage and investment and try to found real relationship among them. The study found non –linear with U-shape impact of state ownership concentration on firm performance. Specially, the result of this study also found the negative effect of both leverage and investment on firm performance. In additional, this study demonstrate non-linear effect of state ownership on leverage, U-shape effects on long – term leverage with, invert U- shape effect on short-term. The result also supports the hypothesis about two – way effect of leverage and investment. While investment affect positively to leverage, in invert side, increasing level of debt in firm may tend to decrease level of firm investment.