WHETHER THE OWNERSHIP STRUCTURE EFFECTS ON CASH HOLDING: AN EVIDENCE FROM VIETNAMESE STOCK EXCHANGE

Using a sample of 577 listed firms on the Vietnamese stock exchange over the period 2007 to 2015, we examine the effect of state ownership and institution-owned on cash holding level. The results find out the state-owned increase lead to the higher level of cash holding and the institution ownership have the opposite direction with cash reserve level. Furthermore, this study investigates whether the change in state ownership causes any alteration on the factors which impact on the cash holding. The findings will contribute to understand the factors impacting the cash holding level as well as having implications for cash management in state-owned firms with over 50% of total shares and state-owned firms with under 50% of the total shares.