Ownership Structure: A Literature Review Study

Vietnam's stock market has gone through more than 20 years of establishment and development but is still a new and young market. The ownership structure with centralized ownership structure, state ownership, etc. is a factor with some differences, different from the ownership structure in many countries around the world. Choosing the ownership structure and diversity in ownership structure components for research in the context of the ongoing 4.0 industrial revolution and the whole society implementing digital transformation is necessary. According to Vo et al. (2020) [17], the characteristics of the ownership model in Vietnam are that the holding rate of the board of directors is quite high and the rate of internal shareholders is large, which leads to the possibility that information is not proven. The aim of the study is to present a literature review on the ownership structure of firms using qualitative research methods. Accordingly, the structure of the article includes: part 1 is an introduction to the research; part 2 presents a literature review; part 3 presents agency theory; part 4 discusses management implications; and part 5 is the conclusion. Based on the research results, we propose some recommendations to help businesses create a more appropriate ownership structure.