Global Business and Finance Review | 2026
Authors: Hung P.T.M.; Thanh N.N.; Phuc N.T.
DOI: 10.17549/gbfr.2026.31.5.93
Journal: Global Business and Finance Review
Year: 2026
Publisher: People and Global Business Association
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
Purpose: This article examines the impact of firm location on corporate performance, specifically whether firms located within an industrial park are associated with superior corporate performance compared to those located outside an industrial park, based on empirical data from 573 listed firms on the Vietnamese stock market from 2011 to 2023 Design/methodology/approach: This study analyzes 6,682 firm-year observations from 573 non-financial listed firms on the Vietnamese stock market (2011-2023), using audited data from FiinGroup with winsorized variables to mitigate outlier effects. To address heteroscedasticity and autocorrelation, we employ the Feasible Generalized Least Squares (FGLS) estimator instead of traditional methods. Robustness checks are also conducted to ensure the validity of the results. Findings: The results indicate that firms located within industrial parks demonstrate superior performance compared to those situated outside. Research limitations/implications: This study highlights the strategic importance of industrial parks in improving firm efficiency and resilience. Policymakers should enhance infrastructure and offer incentives to attract investment in key economic zones. Firms are advised to integrate location-based strategies and cost optimization into long-term planning. Nevertheless, a key limitation of this analysis is the insufficient consideration of mediating and moderating factors, such as technology, labor mobility, financial risks, and institutional quality, which future research should address to understand better how industrial parks influence economic performance. Originality/value: This study provides new empirical evidence regarding the performance impacts of business placement inside industrial parks in Vietnam, thereby expanding spatial economic theories to a transitional economy. Utilizing rigorous panel estimations, it elucidates how location-based advantages improve business outcomes, therefore enriching the literature on agglomeration and firm performance. © The Author(s).
Corporate performance; Feasible generalized least squares (FGLS) estimation technique; Firm location; GMM dynamic regression technique