Impact of internal ownership structure on firm value through investment behavior: Evidence from listed companies on the Ho Chi Minh City Stock Exchange
Published: July 6, 2026
doi:10.62831/202608035
Abstract
This study examines the impact of internal ownership structure on firm value through investment behavior among companies listed on the Ho Chi Minh City Stock Exchange. The findings reveal that ownership structure influences firm value across two distinct investment phases. Specifically, internal ownership within a moderate range is associated with improved firm value by aligning the interests of managers and shareholders, whereas excessively high ownership levels may give rise to ownership concentration and managerial entrenchment, thereby exerting a negative effect on firm value. Conversely, low levels of internal ownership are found to weaken interest alignment and diminish firm value, highlighting the nonlinear relationship between internal ownership and corporate performance.
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