This research examines the impact of the ownership structure on corporate diversification decision of listed firms in Vietnam over the period of 2007 and 2012. The empirical results from logit model show that while state ownership has positive impact on corporate diversification decisions of the firms, foreign ownership has negative impact on corporate diversification decision of the firms. This implies that government ownership tends to encourage corporate diversification strategy, while foreign ownership may plays monitoring role and discourage corporate diversification strategy in emerging market context.

This paper investigates the nonlinear relationship between firm value and corporate cash holdings in a sample of non‐financial Vietnamese firms from 2008 to 2013. We focus on both static and dynamic regressions to test for a nonlinear relationship. Our results reveal an ‘inverse U‐shape’ relationship between firm value and cash holdings, which is in line with trade‐off theory. Specially, we further test whether the optimal cash level changes under different financial conditions. In turn, this paper shows evidence of a nonlinear relationship between firm value and cash holdings under different financial circumstances and that each type of firm will adjust its optimal cash level based on business conditions.

In this paper, we investigate whether external shocks originating from the global economy as well as from the U.S. played an important role in macroeconomic fluctuations of East Asian countries during the period 2001-2012. We further check if these shocks lead to asymmetric or symmetric reactions between the considered countries. Using a structural VAR model for 7 East Asian countries, we find that oil prices and U.S. monetary shocks are more important to the variance of domestic variables than U.S. output shocks. Additionally, impulse responses of domestic variables are highly symmetric when these external shocks occur.