This paper examines the relation among corporate governance practices, pyramid ownership structure, and firm value by using a sample of Vietnamese listed firms. Using a sample of 103 non-financial firms listed on HOSE for the period from 2012 to 2014, and employing two-stage least square regression (2SLS) to deal with potential endogeneity, we find that some indicators, commonly adopted as a key components of corporate governance, such as size or independence of board of directors, are imperfect proxies for corporate governance practices. Our results indicate that it is better to employ a corporate governance index (CGI), including 117 criteria developed by Connelly, Limpaphayom, and Nagarajan (2012) since it allows for more comprehensive estimation of corporate governance. More interestingly, our results show that the pyramid ownership plays an important role in the effect of corporate governance on firm value. The results are consistent regardless of whether companies have high or low family ownership.

This study investigates the impact of monetary policy on liquidity of Vietnam’s stock market from September 2007 to November 2014. Time series of liquidity are determined by monthly liquidity data for 643 enterprises in the surveyed period. Two variables of the monetary policy, including growth in money supply and interbank rate, are employed in VAR model along with four different measures of market liquidity. The results show that unexpected variance in the two monetary policy variables has no significant impact on the market liquidity, which, in turn, may be improved by the positive shocks of market returns, inflation, and growth in industrial production. Market variance does produce certain effects, but discrepancies occur in the signs of various liquidity measures.

Bài viết này phân tích ảnh hưởng của tăng trưởng dịch vụ ngân hàng điện tử đến hiệu quả hoạt động của các ngân hàng thương mại (NHTM) Việt Nam. Dữ liệu về số lượng máy thanh toán ATM và máy POS/EFTPOS/EDC, số lượng thẻ thanh toán, số dư tài khoản thẻ thanh toán và giá trị thanh toán qua thẻ được sử dụng để đo lường chỉ tiêu dịch vụ ngân hàng điện tử. Sử dụng kỹ thuật ước lượng mô hình phân phối trễ ARDL (autoregressive distributive lag) hiệu ứng cố định với dữ liệu bảng cân xứng của 10 NHTM cổ phần nội địa ở Việt Nam giai đoạn quý 1/2013 - quý 1/2021, chúng tôi tìm thấy dịch vụ ngân hàng điện tử có mối quan hệ ngược chiều với hiệu quả hoạt động của các NHTM trong mẫu quan sát. Phát hiện này khá ngạc nhiên và dường như ngược lại với kỳ vọng thông thường.

This study was conducted to find evidence of short-term underpricing of initial public offerings (IPOs) and factors that explain the level of underpricing based on IPO samples in the period between January 2005 and July 2012 in Vietnam. The authors found certain evidence to support the underpricing, with the underpricing rate set at 38% and 49%. Having bootstrapping regression model employed, the results showed that the two factors ? the exceeding purchase ratio and the starting price of the auctions ? negatively correlated as expected with underpricing rate while impact of market conditions appeared relatively weak. Other factors such as size, listing lateness, company age, state ownership after IPOs did not correlate with the underpricing levels in Vietnam

This paper aims to investigate whether or not the disposition effect exists in the Vietnam?s stock market, and if so, which factors influence that effect. The authors employ the transaction data, which is from June 1, 2010 through June 30, 2012, of 100 customers of a securities company. Within this period, there are 27,591 transactions which are worth VND2,204 billion. The results reveal that the willingness to sell bullish stocks is 8.5% higher than the willingness to sell bearish ones. Male investors are less affected by the disposition effect than females. Accounts with huge transaction values rarely face this effect; meanwhile, the higher the number of transactions, the stronger the disposition effect.