Search results

The purpose of this paper is to investigate the effects of macroeconomic indicators (the interest rate and the industrial production) on Vietnamese stock prices. The paper examines how US macroeconomic indicators affect Vietnamese stock prices.

The authors use monthly time series data covering the period from January 2001 to April 2008. The methodology introduced by Nasseh and Strauss and Canova and de Nicolo to investigate the linkage between stock prices and macroeconomic indicators.

This paper provides the first empirical evidence that there are statistically significant associations among the domestic production sector, money markets, and stock prices in Viet Nam. Another novel finding is that the US macroeconomic fundamentals significantly affect Vietnamese stock prices. Finally, the results show that the influence of the US real sector is stronger than that of the money market.

Since prior research has focused on developed economies, the authors strongly believe that this paper provides a novel contribution to the existing literature as the authors are the first to examine this issue in Viet Nam.

The purpose of this paper is to test the effects of financial regulatory announcements on risk and return in the Vietnamese equity market.

The event study methodology is used for the return analysis, and asset pricing models are adjusted for the risk analysis. Various robustness tests are used, including the Corrado non-parametric ranking test and the Chesney et al. non-parametric conditional distribution test, as well as GARCH, TARCH, EGARCH and PARCH specifications for the risk models.

The authors find evidence for both negative and positive reactions as well as risk shifting behaviour in the form of a diamond risk structure.

This paper fills a major gap in the literature by investigating the market’s reaction to bank regulatory announcements across financial and non-financial sectors in the Vietnamese equity market.

Vietnam has for a long time been ignored by researchers due to the closed nature of the country. Little management research, especially in the marketing field, has been done in this emerging country. Aims, therefore, to describe Vietnamese wholesaling and retailing for consumer products. Distribution channels in Vietnam could be characterized as primitive structures, owing to their level of economic development. The example of Vietnam is interesting because its situation is classical for a less developed country: inadequate transport means; inadequate banking; smuggling; counterfeiting; import restrictions; import taxes; the need to pass through importation companies with little added value to enter the market; the passiveness, even incompetence, of intermediaries; the low income of the population. Therefore, despite huge opportunities in Vietnam, investors should be aware of the unexpected and unstable situations they will have to face, especially in the distribution field. Bases its findings on desk research and face‐to‐face interviews done by the author during a position as an expatriate in Vietnam, from 1993 to 1994.

The purpose of this paper is to measure the contribution of capital formation, labor, and technological progress to the growth of the Vietnamese economy, the impact of economic reforms (doi moi) since the end of 1986, and the rates of returns to capital and labor.

Cobb‐Douglas production functions are built for Vietnam's economy and then estimated using annual data for 1975‐2005.

The two major findings are that: technological progress was statistically absent in the growth of the Vietnamese economy throughout the period studied; and the most important source of economic growth is capital accumulation, accounting for between 84 percent and 89 percent of Vietnamese economic growth throughout the period 1975‐2005, and between 85 percent and 90 percent in the reform period (1986‐2005).

This paper is the first of its kind in the Vietnamese literature that successfully sheds light on, among other things, the roles of capital and technological progress in the Vietnamese economy during the period 1975‐2005. It also makes clear that Vietnam's economic growth has been fueled mainly by foreign funds and, thus, the continued heavy reliance of the economy on this financial source will make its growth unsustainable. In order to achieve sustainable growth in the coming decades, Vietnam must shift to rely more on productivity growth, which has been absent so far, and less on factor accumulation growth.

This research identifies the level of misallocation in Vietnamese manufacturing sector for the period 2000–2015. Meltiz and Polanec dynamic productivity decomposition is used to compare the relative productivity contributions from surviving, entering and exiting firms to aggregate productivity change by the type of ownership. Heckman's two-step model is used to examine the effect of misallocation and industry- and firm-level factors on entry or exit decision and market share of firms in Vietnamese manufacturing sector.

The level of misallocation and efficiency gains in total factor productivity (TFP) are assessed using Hsieh and Klenow (2009) productivity decomposition framework for the period 2000–2015. The dynamic productivity decomposition of Meltiz and Polanec (2015) is used to compare the relative contributions from surviving, entering and exiting firms to aggregate productivity change. The effects of misallocation and other factors on entry or exit decisions and market share of firms are determined by using Heckman choice model.

The results indicate three main points. Firstly, resource misallocation is found to be highest among state-owned enterprise (SOEs) and low technology industries. TFP is found to 81.2% greater if there is no resource misallocation among firms. Secondly, the aggregate productivity change for the entering, exiting and surviving firms is 35% due to productivity reallocation among three groups. Finally, the decision of entry or exit as well as the market share of firms are influenced by misallocation and industry- and firm-level factors such as Vietnam's WTO entry, tax policy, financial frictions, industrial concentration, technology gap, capital intensity, human capital, scale of firm, time entry and FDI spillovers. The result finds the higher misallocation level is, the lower the probability and market share for a new firm to enter in the industry is.

The main limitation of the study is that the market is assumed perfectly competitive and the method has only decomposed misallocation of resources to those arising from output and capital distortions. The results of Heckman choice model only clarify on the sub-sample of state-owned enterprises and low technology firms.

The focus of many previous research papers on resource misallocation was generally to look at the level of misallocation in developed countries. However, knowledge about the effect of misallocation and other factors on entry or exit decisions and market share of firms is limited, particularly in the context of developing countries. This paper clarifies the level of misallocation in Vietnamese manufacturing sector and the effect of misallocation and other factors on entry or exit decisions and market share of firms.

By extending Edmans et al.’s (2021) music sentiment measures to the Vietnam market, the authors aim to investigate the impacts of music sentiment on stock market returns and volatility.

The authors adopted Edmans et al.’s (2021) music-based sentiment to proxy for investor mood. The current study uses linear regression analysis.

The authors find that music sentiment is significantly and positively related to both stock returns and stock market volatility. The authors also show that music sentiment has a contagious effect: Global music sentiment and those in the United States, France and Hong Kong are significant drivers of the Vietnamese stock market. The authors also examine the effect on different industry returns and find that returns on stocks of firms in the communication services, consumer discretionary, consumer staples, energy, financials, healthcare, real-estate, information technology and utility sectors are significantly related to music sentiment. In addition to valence, the authors find that other Spotify audio features can be used to quantify music sentiment.

This study contributes to the behavioral finance literature that focuses on investor sentiment. The authors address this topic in Vietnam using high-frequency data.

This research identifies the level of labor misallocation in Vietnamese manufacturing sector for the period 2005–2019. The paper also examines the effects of labor misallocation on productivity in Vietnamese manufacturing firms controlled by industry- and firm-level factors.

The level of labor misallocation and efficiency gains in total factor productivity (TFP) are assessed using Vietnam's annual enterprise survey data for the period 2005–2019 and Hsieh and Klenow (2009) productivity decomposition framework.

The results indicate four main points. Firstly, labor misallocation tends to increase from 2005 to 2019. Secondly, labor misallocation by firm ownership and technology level is found to be highest in state-owned enterprise and low-tech industries, whereas foreign direct investment and high-tech firms have lowest labor misallocation. Labor misallocation in small- and medium-sized enterprises is higher than in large-sized enterprises and is equivalent to overall sample. Thirdly, labor misallocation decreases productivity in manufacturing firms. The firm-level factors such as bigger technology gap, external capital, firm scale and poor liquidity ratio decrease productivity in manufacturing firms. Whereas firm-level factors such as Vietnam's accession to the WTO, reasonable corporate tax structure, capital intensity, human capital and firm age increase productivity of manufacturing firms. The industry-level factors such as FDI horizontal, forward and supply backward spillovers promote productivity from foreign firms to domestic ones. Meanwhile, only backward linkages reduce productivity of firms. Finally, by difference-in-differences (DID) method, the result indicates foreign firms have higher average labor productivity than domestic firms before or after Vietnam's accession to the WTO. After joining WTO, the average labor productivity of foreign firms is increased by 854 million VND while the average labor productivity of domestic firms is increased by 895 million VND. The DID between the two groups (domestic firms and foreign firms) before and after Vietnam's accession to WTO is 41 million dong.

The main limitation of the study is that the market is assumed perfectly competitive. The model focuses on selective factors affecting labor productivity.

The focus of many previous international research papers was generally to look at the level of labor misallocation in developed countries. However, knowledge about labor misallocation is limited, particularly in the context of developing countries. This paper examines the level of labor misallocation by region, ownership, level of technology and firm size on productivity and the effect of misallocation on productivity in Vietnamese manufacturing firms.

The peer-review history for this article is available at: https://publons.com/publon/10.1108/IJSE-09-2021-0552.

The purpose of this paper is to examine the degree of concentration and efficiency in the Vietnamese banking system using the structural model.

The authors apply the concentration ratio (CR), Herfindahl‐Hirschman Index (HHI) and concentration‐profitability model based upon the Structure‐Conduct‐Performance (SCP) and Efficiency Hypothesis (EH) approaches to examine 48 Vietnamese commercial banks over the period 1999‐2009.

The authors' empirical results show that the Vietnamese banking industry has become substantially less concentrated; however, large commercial banks still dominate the whole banking system. Further, their results do not support either the traditional Structure‐Conduct‐Performance or the Efficiency Hypothesis.

The State Bank of Vietnam needs to have policies for restructuring the system and promoting competition in the banking sector of Vietnam.

This is the first such study of the Vietnamese banking system.

This paper aims to examine the market structure of Vietnam’s banking sector during 1999-2009, which is after the introduction of the two-tier banking system, using the non-structural (Panzar–Rosse) model.

The authors consider a more comprehensive range of specifications, in terms of a greater number of environmental covariates and different dependent variables, than in the previous applications of this model. Further, this is the first study that uses lagged input prices (to avoid endogeneity), excludes assets (to avoid specification bias) and includes a lagged dependent variable (to avoid dynamic panel bias) in such a study of the Vietnamese banking system.

The authors find that the Vietnamese banking system operates in monopoly.

The main contribution of this paper is to determine the market structure in the recent period after the Vietnamese banking system was transformed into a less centralised, two-tier system. This study is the first to uniquely identify the market structure of this developing economy’s banking system (using data only for Vietnam and not observations from other countries) in a post-transition period.

The authors provide a comprehensive study on systemic risk of the banking sectors in the ASEAN-6 countries. In particular, they investigate the systemic risk dynamics and determinants of 49 listed banks in the region over the 2000–2018 period.

The authors employ the market-based SRISK measure of Brownlees and Engle (2017) to investigate the systemic risk of the ASEAN-6's banking sectors.

The authors find that the regional systemic risk fluctuates significantly and currently at par or higher level than that of the recent global financial crisis. Systemic risk is generally associated with banks that have bigger size, more traditional business models, lower quality in their loan portfolios, less profitable and with lower market-to-book values. However, these relationships vary significantly between ASEAN countries.

The research focuses on the systemic risk of ASEAN-6 countries. Therefore, the research results may lack generalizability to other countries.

The authors’ empirical evidence advocates the use of capital surcharges on the systemically important financial institutions. Although the region has been pushing to higher financial integration in recent years, the authors encourage the regional regulators to account for the idiosyncratic characteristics of their banking sectors in designing effective macroprudential policy to contain systemic risk.

This paper provides the first study on the systemic risk of the ASEAN-6 region. The empirical evidence on the drivers of systemic risk would be of interest to the regional regulators.