Facebook: @ www.facebook.com/ S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 1 TABLE OF CONTENTS LIST OF TABLE AND FIGURE ...............................................................................5 LIST OF ABBREVIATIONS.....................................................................................5 ABSTRACT................................................................................................................7 Chapter I: INTRODUCTION .....................................................................................8 1.1. Rationale: .........................................................................................................8 1.2. Research objectives and scope:........................................................................9 1.3. Research questions:........................................................................................10 1.4. Research methodology...................................................................................10 1.4.1. Sample.....................................................................................................10 1.4.2. Methodology ...........................................................................................10 1.5. Research Structure .........................................................................................10 Chapter II: LITERATURE REVIEW.......................................................................12 2.1. Review of theoretical concepts: .....................................................................12 2.1.1. Delisting:.................................................................................................12 2.1.2. Involuntary Delisting ..............................................................................13 2.1.3. Voluntary Delisting:................................................................................15 2.2. The incentives to go private:..........................................................................16 2.2.1. Traditional incentives..............................................................................16 2.2.2. Incentives derived from agency theory...................................................17 2.2.3. Incentives related to financial structure ..................................................18 2.3. Previous researches related to delisting phenomenon: ..................................18 2.3.1. Researches on foreign markets: ..............................................................18 2.3.2. Researches on Vietnamese stock markets: .............................................19 2.4. Previous researches about determinants of delisting: ....................................21 2.4.1. Financial performance: ...........................................................................21 2.4.1.1. Involuntary delisting: .......................................................................21 2.4.1.2. Voluntary delisting:..........................................................................22 Facebook: @ www.facebook.com/ S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 2 2.4.1.3. General Delisting: ............................................................................22 2.4.2. Corporate Governance: ...........................................................................23 2.4.2.1. Involuntary delisting: .......................................................................23 2.4.2.2. Voluntary delisting:..........................................................................23 2.4.3. Previous research in Vietnam: ................................................................24 Chapter III: OVERVIEW OF VIETNAM STOCK MARKET AND ITS DELISTING PHENOMENON IN RECENT YEARS...................................................................26 3.1. Vietnam Stock Market Overview: .................................................................26 3.1.1. Period 2000 - 2005:...........................................................................