State ownership and corporate risk‐taking: Empirical evidence in Vietnam
Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
Abstract Whether state ownership can affect the behaviour of corporations is an important research question, especially in a context such as severe recession or pandemic where policy makers have to consider bailing out large companies, thus increasing state ownership in corporations. This study investigates the impact of state ownership on corporate risk‐taking in Vietnamese listed firms. We find that state ownership is positively associated with corporate risk‐taking. The findings suggest that state ownership may encourage excessive risk‐taking, which has implications for policy makers when they consider increasing state ownership in corporations. We argue that state ownership representatives in Vietnamese corporations tend to take excessive risks to facilitate their personal gains, consistent with the prediction of the double‐agency problem hypothesis. We highlight the important role of a monitoring mechanism, which can mitigate this agency problem. We find that foreign ownership moderates the relationship between state ownership and risk‐taking in Vietnamese firms, consistent with the usefulness of a corporate‐governance mechanism in mitigating the double‐agency problem.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it