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This study examines the influence of stock liquidity on stock price crash risk and the moderating role of institutional blockholders in Vietnam’s stock market.

Crash risk is measured by the negative coefficient of skewness of firm-specific weekly returns (NCSKEW) and the down-to-up volatility of firm-specific weekly stock returns (DUVOL). Liquidity is measured by adjusted Amihud illiquidity. The two-stage least squares method is used to address endogeneity issues.

Using firm-level data from Vietnam, we find that crash risk increases with stock liquidity. The relationship is stronger in firms owned by institutional blockholders. Moreover, intensive selling by institutional blockholders in the future will positively moderate the relationship between liquidity and crash risk.

Since stock liquidity could exacerbate crash risk through institutional blockholder trading, firm managers should avoid bad news accumulation and practice timely information disclosures. Investors should be mindful of the risk associated with liquidity and blockholder trading.

We contribute to the literature by showing that the activities of blockholders could partly explain the relationship between liquidity and crash risk. High liquidity encourages blockholders to exit upon receiving private bad news.

This study focuses on Vietnamese international students who returned from their overseas doctoral education to home universities in Vietnam (henceforth Vietnamese overseas-trained returnees). The purpose is to explore the experience of these returnees “doing research” (i.e. being research active) when resuming a lecturing role at a Vietnamese regional university. In the context of research now receiving heightened attention in both the wider global higher education (HE) discourse and the Vietnamese HE sector, this study is timely and provides valuable insights.

In total, 76 Vietnamese overseas-trained returnees from varied disciplinary backgrounds completed a questionnaire on their research motivation and their perceived constraints doing research. Eighteen subsequently took part in semi-structured interviews. The study draws on the notion of human agency from the sociocultural perspective to understand the coping strategies of the Vietnamese overseas-educated returnees in response to the challenges they encountered.

The results show that the returnees' motivations to conduct research varied, fuelled by passion, but constrained by multiple factors. Time constraints, heavy teaching loads, familial roles and lack of specialized equipment are key inhibiting factors in re-engaging in research for these returnees. Addressing them necessitated a great deal of readaptation, renegotiation and agentive resilience on the part of the returnees in employing different coping strategies to pursue research.

The paper argues for a subtle understanding of the returnees' experience of re-engaging in research that is both complex and contextual. Implications are drawn for research development in the regional Vietnamese HE context and perhaps in other similar settings.

There is little empirical knowledge about how Vietnamese returned graduates – university lecturers – continue doing research after their return. Also underexplored in global discourse is research on foreign-educated returnees doing research, while they are an important source of human resources. The present study, therefore, fills these research gaps.