Issue: Số 16 - Tháng 6 - 2026Tài chính - Ngân hàng - Bảo hiểm
State ownership and cost stickiness in Vietnamese listed companies
Published: August 4, 2026
doi:10.62831/nckh.2026.389.v1
Abstract
This study examines the relationship between state ownership and the stickiness of selling, general, and administrative (SG&A) costs among Vietnamese non-financial listed firms over the period 2015–2024, using 3,673 firm-year observations from 492 companies. Applying the ABJ (2003) model with firm and year fixed effects, the results indicate that cost stickiness in the full sample is relatively weak, while the continuous level of state ownership does not exert a significant moderating effect. However, cost stickiness is clearly concentrated among state-controlled firms, defined as those with state ownership of 50% or higher, and the results remain robust under the wild cluster bootstrap test. These findings suggest that the observed cost stickiness is more closely associated with the presence of state control than with the proportion of state capital alone.
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