Purpose

This study aims to provide firm-level evidence on the relationship between the presence of financial services multinationals and indigenous counterparts’ performance, using a comprehensive sample of firms in the emerging financial industry in Vietnam.

Design/methodology/approach

This study uses the generalized method of moments with instrumental variables (IV/GMM) to deal with potential endogeneity problem. Of this technique, a pragmatic approach to constructing instruments is adopted, capitalizing on the geographical and industry segmentation of the local market. The empirical analyses also address statistical issues of the overall model significance, heteroskedasticity and multicollinearity.

Findings

The regression results reveal that foreign entrants have a positive and statistically significant association with indigenous firms’ labor productivity and the average wage, with a more pronounced impact on the latter. The increased entry of financial multinationals appears to be uncorrelated with indigenous firms’ profitability. The extended estimations also suggest that investor origin matters in determining spillover magnitude. The average estimate of Asian affiliates in the examined relationship is approximately half that of European affiliates, whereas foreign entrants originating from America show an insignificant role.

Originality/value

This study sheds light on the broader impacts of foreign financial affiliates by simultaneously exploring their impacts on three key dimensions of indigenous firm performance, namely, labor productivity, average wage and profitability. This paper also enriches the existing literature by disentangling the effects of foreign entrants from different regions of origin, which was largely neglected in the context of financial services multinationals.

中文翻译：

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金融业的企业绩效：外国进入者的作用及其来源

目的

本研究旨在使用越南新兴金融业公司的综合样本，为金融服务跨国公司的存在与本土同行的业绩之间的关系提供公司层面的证据。

设计/方法/方法

本研究采用广义矩与工具变量法（IV/GMM）来处理潜在的内生性问题。在这种技术中，采用务实的方法来构建工具，利用当地市场的地理和行业细分。实证分析还解决了整体模型显着性、异方差和多重共线性的统计问题。

发现

回归结果表明，外国进入者与本土企业的劳动生产率和平均工资具有显着的正相关关系，对后者的影响更为显着。金融跨国公司的增加似乎与本土公司的盈利能力无关。扩展的估计还表明，投资者来源在确定溢出程度方面很重要。在所审查的关系中，对亚洲附属公司的平均估计约为欧洲附属公司的一半，而来自美国的外国进入者则表现出微不足道的作用。

原创性/价值

本研究同时探讨了外国金融附属公司对本土公司绩效的三个关键维度的影响，即劳动生产率、平均工资和盈利能力，从而阐明了外国金融附属公司的更广泛影响。本文还通过解开来自不同来源地区的外国进入者的影响来丰富现有文献，这在金融服务跨国公司的背景下很大程度上被忽视了。