Skip to main content

2024 | OriginalPaper | Buchkapitel

The Influence of Free Cash Flow (FCF) on the Performance of Securities Companies in Vietnam

verfasst von : Cao Minh Tien

Erschienen in: Proceedings of the 4th International Conference on Research in Management and Technovation

Verlag: Springer Nature Singapore

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

This research seeks to investigate the influence of free cash flow on the performance of securities firms in Vietnam. The study involves a sample of 73 such firms, totaling 1315 data points, spanning the years from 2008 to 2021. Leveraging both qualitative research techniques (i.e., synthetic and interpretive methods) and quantitative approaches (such as linear regression), six key factors of free cash flow impacting the companies’ performance have been determined. These include the company size (Size), available free cash flow (FCF), company growth (Growth), cost factors (Cost), return on assets (ROA), and the enterprise's age (Age). The research explores and evaluates the critical role of effective free cash flow management in the operations of Vietnamese securities firms, especially in the current climate of extensive international economic integration, with an aim toward sustainable development of Vietnam's stock market.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
1.
Zurück zum Zitat Amuzu, M.S.: Cash Flow Ratio As a Measure of Performance of Listed Companies in Emerging Economies: The Ghana Example. Degree of Doctor of Philosophy, St. Clements University, Turks and Caicos Islands (2010) Amuzu, M.S.: Cash Flow Ratio As a Measure of Performance of Listed Companies in Emerging Economies: The Ghana Example. Degree of Doctor of Philosophy, St. Clements University, Turks and Caicos Islands (2010)
2.
Zurück zum Zitat Brush, T.H., Bromiley, P., Hendrickx, M.: The free cash flow hypothesis for sales growth and firm performance. Strateg. Manag. J. 21, 455–472 (2000)CrossRef Brush, T.H., Bromiley, P., Hendrickx, M.: The free cash flow hypothesis for sales growth and firm performance. Strateg. Manag. J. 21, 455–472 (2000)CrossRef
3.
Zurück zum Zitat Bukit, R.B., Iskandar, T.M.: Surplus free cash flow, earnings management and audit committee. Int. J. Econ. Manage. 3, 204–223 (2009) Bukit, R.B., Iskandar, T.M.: Surplus free cash flow, earnings management and audit committee. Int. J. Econ. Manage. 3, 204–223 (2009)
4.
Zurück zum Zitat Ang, S., Cole, R.A., Lin, J.W.: Agency costs and ownership structure. J. Financ. 55, 81–106 (2000)CrossRef Ang, S., Cole, R.A., Lin, J.W.: Agency costs and ownership structure. J. Financ. 55, 81–106 (2000)CrossRef
5.
Zurück zum Zitat Anup, A., Charles, R.K.: Firm performance and mechanisms to control agency problem between managers and shareholders. J. Financ. Quant. Anal. 31 (1996) Anup, A., Charles, R.K.: Firm performance and mechanisms to control agency problem between managers and shareholders. J. Financ. Quant. Anal. 31 (1996)
6.
Zurück zum Zitat Tien, C.M.: Financial Investment Monograph. Academy of Finance, Finance Publishing House (2023) Tien, C.M.: Financial Investment Monograph. Academy of Finance, Finance Publishing House (2023)
7.
Zurück zum Zitat Chung, R., Firth, M., Kim, J.-B.: Earnings management, surplus free cash flow, and external monitoring. J. Bus. Res. 58, 766–776 (2005)CrossRef Chung, R., Firth, M., Kim, J.-B.: Earnings management, surplus free cash flow, and external monitoring. J. Bus. Res. 58, 766–776 (2005)CrossRef
8.
Zurück zum Zitat Daher, M.: The Determinants of Cash Holdings in UK Public and Private Firms. Thesis for degree of Master, Lanscater University, Management School (2010) Daher, M.: The Determinants of Cash Holdings in UK Public and Private Firms. Thesis for degree of Master, Lanscater University, Management School (2010)
9.
Zurück zum Zitat Defond, M.L., Hung, M.: An empirical analysis of analysts’ cashflow forecasts. J. Account. Econ. 35, 73–100 (2003)CrossRef Defond, M.L., Hung, M.: An empirical analysis of analysts’ cashflow forecasts. J. Account. Econ. 35, 73–100 (2003)CrossRef
10.
Zurück zum Zitat Freund, S., Prezas, A.P., Vasudevan, G.K.: Operating performance and free cash flow of asset buyers. Financ. Manage. 32 (2003) Freund, S., Prezas, A.P., Vasudevan, G.K.: Operating performance and free cash flow of asset buyers. Financ. Manage. 32 (2003)
11.
Zurück zum Zitat Griffin, P.A., Lont, D.H., Sun, Y.: Agency problems and audit fees: a further tests of the free cash flow hypothesis. Account. Finance 50, 321–350 (2010)CrossRef Griffin, P.A., Lont, D.H., Sun, Y.: Agency problems and audit fees: a further tests of the free cash flow hypothesis. Account. Finance 50, 321–350 (2010)CrossRef
12.
Zurück zum Zitat Gul, F.A.: Freecashflow, debt-monitoring and managers’ LIFO/FIFO policy choice. J. Corp. Finan. 7, 475–492 (2001)CrossRef Gul, F.A.: Freecashflow, debt-monitoring and managers’ LIFO/FIFO policy choice. J. Corp. Finan. 7, 475–492 (2001)CrossRef
13.
Zurück zum Zitat Hagel, J., Brown, J.S., Davison, L.: The best way to measure company performance. Harvard Bus. Rev. (2010) Hagel, J., Brown, J.S., Davison, L.: The best way to measure company performance. Harvard Bus. Rev. (2010)
14.
Zurück zum Zitat Van Quynh, H., Tien, C.M.: Textbook of Portfolio Management Van Quynh, H., Tien, C.M.: Textbook of Portfolio Management
15.
Zurück zum Zitat Li, Z.: Test of Agency Problem in Free Cash Flow. China Soft Science (2002) Li, Z.: Test of Agency Problem in Free Cash Flow. China Soft Science (2002)
16.
Zurück zum Zitat Liao, Y.-M.: Do Free Cash Flow and Sale Growth Affect Firm Performance in Taiwan? Application of Panel Threshold Model. Thesis of Degree Master, Chaoyang University of Technology (2008) Liao, Y.-M.: Do Free Cash Flow and Sale Growth Affect Firm Performance in Taiwan? Application of Panel Threshold Model. Thesis of Degree Master, Chaoyang University of Technology (2008)
17.
Zurück zum Zitat Martani, D., Mulyono, Khairurizka, R.: The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chin. Bus. Rev. 8 (2009) Martani, D., Mulyono, Khairurizka, R.: The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chin. Bus. Rev. 8 (2009)
18.
Zurück zum Zitat Mojtahedzadeh, V., Nahavandi, N.: FCF agency costs, earnings management, and investor monitoring. Soc. Sci. Res. Netw. (2011) Mojtahedzadeh, V., Nahavandi, N.: FCF agency costs, earnings management, and investor monitoring. Soc. Sci. Res. Netw. (2011)
19.
Zurück zum Zitat Murphy, K.J.: Corporate performance and managerial remuneration, an empirical analysis. J. Account. Econ. 7, 11–42 (1985)CrossRef Murphy, K.J.: Corporate performance and managerial remuneration, an empirical analysis. J. Account. Econ. 7, 11–42 (1985)CrossRef
20.
Zurück zum Zitat Peng, M.W.: Outside directors and firm performance during institutional transitions. Strateg. Manag. J.Manag. J. 25, 453–471 (2004) Peng, M.W.: Outside directors and firm performance during institutional transitions. Strateg. Manag. J.Manag. J. 25, 453–471 (2004)
21.
Zurück zum Zitat Gelman, A., Pardoe, I.: Bayesian measures of explained variance and pooling in multilevel (hierarchical) models. Technometrics (2006) Gelman, A., Pardoe, I.: Bayesian measures of explained variance and pooling in multilevel (hierarchical) models. Technometrics (2006)
Metadaten
Titel
The Influence of Free Cash Flow (FCF) on the Performance of Securities Companies in Vietnam
verfasst von
Cao Minh Tien
Copyright-Jahr
2024
Verlag
Springer Nature Singapore
DOI
https://doi.org/10.1007/978-981-99-8472-5_29

Premium Partner