Abstract:
The present paper applies the stochastic frontier production function to estimate the technical efficiency of non-financial listed companies on the Ho Chi Minh Stock Exchange. Output in the production function is measured by the value of gross output which is a function of capital, labor and costs of production. The linear panel model is also applied to identify determinants of the efficiency regarding of the impact of the 2007-2009 financial crisis on the firm performance. Estimation results show that the average level of the technical efficiency is quite low, 3.82%. The efficiency of the firm was decreasing continuously during the crisis from 2006–2014. In addition, the efficiency is affected by the firm size, ownership and areas of business.