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Uncertainty spillovers from advanced, emerging, and low-income economies and firm-level stock returns in Vietnam: Does state ownership matter?

Year: 2025

Type: article

Abstract: This study analyzes the spillover effects of economic and political uncertainty from advanced, emerging and low-income economies on stock returns in Vietnam based on a firm-level approach. After controlling for firm-level and country-level factors and addressing potential endogeneity issues, we find positive associations between uncertainties in advanced, emerging and low-income markets and stock returns in Vietnam. However, the positive spillover effects from advanced and emerging markets become weaker for state-owned organizations. The findings remain robust across different econometric specifications. The study, therefore, offers novel empirical evidence from an emerging market together with several practical implications for policymakers and investors.

Source: Journal of Open Innovation Technology Market and Complexity

DOI: 10.1016/j.joitmc.2025.100509

Authors: Thanh Huu Phu Nguyen, Ho Hoang Gia Bao, Hoang Phong Le, Ba Hoang Nguyen

Institution: Ho Chi Minh City University of Law

Language: English

Topic: Market Dynamics and Volatility

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDGs: Decent work and economic growth, Industry, innovation and infrastructure

Open Access status: gold

Estimated APC paid: $1,250