The study explores the link between product market competition (PMC) and firm value (FV) and examines the moderating role of the state ownership (SOE) variable in this relationship by using data from 555 listed firms on Vietnam's stock market from 2011 to 2019 on the Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The System Generalized Method of Moments (SysGMM) is used to consider the relationship between variables. The findings from SysGMM indicate that product market competition has an effect on firm value. Firms with a high proportion of state ownership have a stronger correlation between product market competition and firm value than firms with a low proportion of state ownership. Additionally, we use fuzzy-set qualitative comparative analysis (fsQCA) to consider the causal relationship of variables in the model. The fsQCA results show that FV increased when the combination of lower product market competition, higher state ownership, higher firm, and lower debt ratio, which is a common trend to help clarify the evidence in emerging markets. The research is significant for investors, listed companies, and particularly organizations with state ownership, since it enables them to develop specific strategies for enhancing corporate value as the competitive market grows more challenging. Simultaneously, the study concentrated on examining the causal relationships between the variables while utilizing the FSQCA approach in order to contribute to the literature review in the emerging market.

中文翻译：

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国家所有权在产品市场竞争与企业价值之间的调节作用：来自 GMM 和 fsQCA 的研究结果

该研究利用 2011 年至 2019 年越南股市 555 家上市公司的数据，探讨了产品市场竞争 (PMC) 与公司价值 (FV) 之间的联系，并检验了国有制 (SOE) 变量在这种关系中的调节作用胡志明证券交易所 (HOSE) 和河内证券交易所 (HNX)。系统广义矩量法 (SysGMM) 用于考虑变量之间的关系。SysGMM 的研究结果表明，产品市场竞争对公司价值有影响。与国有股权比例低的企业相比，国有股权比例高的企业产品市场竞争与企业价值之间的相关性更强。此外，我们使用模糊集定性比较分析 (fsQCA) 来考虑模型中变量的因果关系。fsQCA 结果表明，当较低的产品市场竞争、较高的国家所有权、较高的公司和较低的债务比率相结合时，FV 增加，这是有助于澄清新兴市场证据的共同趋势。该研究对投资者、上市公司，尤其是国有企业具有重要意义，因为它使他们能够在竞争激烈的市场变得更具挑战性的情况下制定具体战略来提升企业价值。同时，该研究在利用 FSQCA 方法的同时集中于检验变量之间的因果关系，以便为新兴市场的文献综述做出贡献。这是帮助澄清新兴市场证据的普遍趋势。该研究对投资者、上市公司，尤其是国有企业具有重要意义，因为它使他们能够在竞争激烈的市场变得更具挑战性的情况下制定具体战略来提升企业价值。同时，该研究在利用 FSQCA 方法的同时集中于检验变量之间的因果关系，以便为新兴市场的文献综述做出贡献。这是帮助澄清新兴市场证据的普遍趋势。该研究对投资者、上市公司，尤其是国有企业具有重要意义，因为它使他们能够在竞争激烈的市场变得更具挑战性的情况下制定具体战略来提升企业价值。同时，该研究在利用 FSQCA 方法的同时集中于检验变量之间的因果关系，以便为新兴市场的文献综述做出贡献。