
Khoa Dang DuongTon Duc Thang University | TDT · Faculty of Finance and Banking
Khoa Dang Duong
Associate Professor
About
54
Publications
22,669
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
288
Citations
Introduction
Education
September 2015 - July 2019
January 2010 - August 2011
Publications
Publications (54)
This study examines the influence of investor attention and Chief Executive Officers (CEOs) power on Corporate Social Responsibility (CSR) within Vietnamese family businesses. Unlike most of the past literature, this study further investigates the potential moderating effects of CEOs’ power on the relationship between investor attention and CSR. Ut...
We are the first to determine the effect of intangible intensity (INTANG) on cross-sectional stock returns after controlling financial constraints in the Vietnam stock market. Our sample includes 37,938 firm-month observations from 488 non-financial firms from October 2008 to February 2021. We employ Fama and MacBeth regressions and portfolio analy...
This study analyzes how employee stock ownership plans (ESOPs) and ownership structure affect bank performance. The study employs the generalized method of moments to examine data from 39 Vietnamese commercial banks from 2009 to 2020. The findings indicate that banks with ESOP improve ROA by 57% more than banks without ESOP. However, a percentage i...
We are the first ever to examine the financial constraints and distress risk puzzle of listed manufacturing firms in Vietnam. We employ different estimation methods such as portfolio sorting, Fama Macbeth regression, and asset pricing models to analyse a sample containing 27 300 firm-month observations from 2008 to 2021. Our empirical evidence figu...
This study analyses the MAX anomaly in a frontier market before and during the Covid19 pandemic. Our sample has 39,673 firm-month observations of non-financial firms in Vietnam from 2008 to 2021. Using the Carhart four-factor model augmented with MAX anomaly, Fama-Macbeth two-step estimations, and portfolio analyses, we report the persistence of th...
This study examines how financial constraints and total assets affect the corporate bankruptcy risk of listed firms in Vietnam. Specifically, we test whether larger firms are less financially constrained and have lower distress risk subsequently. This study employs the dynamic system Generalized Method of Moments to analyze an unbalanced sample of...
This study uniquely estimates how foreign direct investment (FDI) and oil prices influence both short-term and long-term tourism developments using a panel Autoregressive Distributed Lag (ARDL) model. Analyzing a sample of 575 annual observations from 24 Asia-Pacific countries between 1997 and 2020, the study finds that a 1% increase in FDI growth...
Our research addresses the gap in investigating how political connections and financial constraints affect asset growth anomalies before and during the Covid-19 pandemic. Our sample includes listed non-financial firms in the Vietnam stock market from 2008 to December 2020. We employ Fama and MacBeth regressions and portfolio sorting methodology to...
This study delves into the impact of reversals and investor attention on cryptocurrency returns before and during the COVID-19 pandemic. We employ the Two Stages Least Squares to analyze a sample of the top 20 cryptocurrencies from January 2016 to April 2021. Our results reveal that investor attention positively influences bitcoin returns in both p...
The main objective of this study is to examine the effects of government expenditure and trade openness on foreign direct investments. Our sample includes 992 annual observations from 32 high and middle-income countries from 1990 to 2020. We employ the dynamic system Generalized Method of Moments to overcome heteroskedasticity and endogeneity issue...
This study examines the relationship between foreign direct investment and total factor productivity on economic growth in 90 middle-income countries. Because middle-income countries often face particular challenges in achieving sustainable economic development. Investigating how FDI and TFP contribute to or hinder economic growth in these countrie...
This study is unique because it analyzes the herding behaviors by gambling preference in the Chinese stock market from 1991 to 2021, especially during the Covid-19 pandemic. The sample includes 5,163,421 firm-month observations from 1,638 listed companies in China. We employ cross-data absolute deviation to examine herding behaviors in uptrend and...
This study extends the growing literature on the 4th and 9th Sustainable Development Goals by examining whether tertiary education moderates the relationship between government spending on education and high-technology exports. We employ Robust Least Squares Estimation to analyze an unbalanced panel of 24 Asia-Pacific countries and 37 European nati...
This study examines the effect of diversification on commercial banks’ performance in Vietnam, a transitional economy. The diversification of commercial banks in Vietnam has problems due to the size of the economy and the macro-strategies that focus on state-owner involvement in business. By employing data from 37 Vietnamese commercial banks, the e...
The number of smartphone users in Vietnam ranked 10th globally in 2020, and Vietnam is considered a high-growth digital economy market in Southeast Asia. Thus, this study examines the impacts of innovations in mobile banking applications (MBA) and research and development (R&D) costs on bank performance. We employ the dynamic system Generalized Met...
Our study is the first to analyze the influence of CEO power and ownership structures on earning manipulation. This study also clarifies whether different ownership structures discourage powerful CEOs from manipulating earnings in family businesses. The sample data is a balanced panel with 985 observations of 116 family businesses in Vietnam from 2...
This study explores the influence of innovation and market competition on stock returns in Taiwan before and after the 2008 financial crisis. This study offers marginal contributions to the important topic of innovation investment which is a vital driver of competitiveness and growth. The study employs Fama Macbeth regression and a sorting portfoli...
Do ảnh hưởng sâu rộng của kinh tế bóng tối đến nỗ lực phát triển của các quốc gia, nên việc tìm hiểu các yếu tố quyết định đến nền kinh tế bóng tối là một vấn đề quan trọng. Bài viết này phân tích tác động của ổn định chính trị và chi tiêu quân sự với quy mô nền kinh tế bóng tối của 15 nền kinh tế thuộc nhóm EAGLEs trong giai đoạn 2002–2018. Phân t...
Nghiên cứu này là nỗ lực đầu tiên đánh giá vai trò của xu hướng
cờ bạc đến hành vi bầy đàn (HVBĐ) trên thị trường chứng khoán (TTCK) Việt Nam. Nhóm tác giả sử dụng tỷ suất sinh lời trung bình của năm phiên giao dịch hàng ngày nhằm xác định các cổ phiếu có tính chất như vé số và điều tra xem liệu các nhà đầu tư có bị thúc đẩy bởi sở thích cờ bạc hay...
This study delves into the effects of market competition and financial constraints on innovation within a transitional market. We implemented the Two Stage Least Squares regression to analyze a sample comprising 492 listed firms in Vietnam from 2008 to 2020. Our findings unveil an inverse U-shaped relationship between market competition and R&D int...
This study is the first to examine how limit-to-arbitrage factors impact the distress risk puzzle in Vietnam before and after implementing bankruptcy regulations. Our research utilizes asset pricing models, portfolio sorting methodologies, and the Fama and French four-factor model to analyze an unbalanced panel with 35,255 firm-month observations f...
Nghiên cứu này xem xét tác động của hợp đồng phái sinh (HĐPS) và sức mạnh thị trường (SMTT) đến hiệu quả hoạt động (HQHĐ) ngân hàng tại Việt Nam. Nhóm tác giả phân tích mẫu 25 ngân hàng thương mại (NHTM) Việt Nam giai đoạn 2010–2020 bằng mô hình tuyến tính tổng quát. Bài viết phát hiện ra rằng HQHĐ được cải thiện bằng cách sử dụng HĐPS. Hơn nữa, SM...
This study analyzes the impact of Foreign Direct Investment and labor quality on employment in 29 Asia-Pacific nations from 1990 to 2020. We employ the Dynamic System Generalized Method of Moments to estimate the results. This study finds that a ten percent increase in Foreign Direct Investment creates an additional 0.890 % in employment, and a per...
Nghiên cứu xác định và đo lường các nhân tố ảnh hưởng tới quyết định mua sắm trực tuyến của sinh viên đại học Văn Lang. Kết quả nghiên cứu đã xác định có năm nhân tố ảnh hưởng tích cực đến quyết định mua sắm trực tuyến của sinh viên đại học Văn Lang gồm: giá thành sản phẩm, an toàn, sự hài lòng, đa dạng hóa sản phẩm, tiện dụng. Biến kịp thời có mối...
Plain Language Summary
This paper investigates how bank funding diversity and lending affect bank performance, especially during the Covid-19 pandemic. We employ the Generalized Method of Moments to analyze unbalanced panels of commercial banks in China, Taiwan, and Vietnam. The empirical results show that a percentage increase in bank funding dive...
This study enriches the current literature because it is the first to examine how foreign ownership and Investor attention affect the risk-taking behaviors of property and casualty insurance companies in Vietnam. This study is unique because it tests whether foreign ownership moderates the relationship between investor attention and the risk-taking...
Stock price manipulation is a widespread issue globally, but it becomes particularly acute in emerging markets due to severe information asymmetry. This harmful practice has significant adverse effects on society, the economy, and investors, driven primarily by the pursuit of economic gain. Stocks of small companies with limited liquidity and trans...
This paper investigates the interconnection between Chief Executive Officer (CEO) power, green credit, and core competence of commercial banks in Vietnam. Our data sample consists of 373 annual observations from 2010 to 2021. We employ a dynamic system Generalized Method of Moments to analyze an unbalanced panel comprised of 373 annual observations...
This article analyzes how trade openness and political stability affect foreign direct investment (FDI) in 25 Asia-Pacific countries from 1990 to 2020. This study employs the dynamic system Generalized Method of Moments to mitigate the heteroskedasticity and auto-correlation issues. We also perform the Johnson-Neyman test to examine whether trade o...
This article analyzes the impact of capital structure and bank liquidity on the performance of commercial banks in Vietnam, a transition market in Asia. This research is unique because it is the first study to employ the Bayesian Estimation methods in banking studies. The data includes 463 annual bank-year observations from 37 commercial banks in V...
This study examines the relationship between foreign ownership and market competition, proxied by bank market power, affecting the credit growth of 32 commercial banks in Vietnam from 2010 to 2020. The Random Effects Model and the Dynamic System Generalized Method of Moments were used to analyze an unbalanced panel of 278 annual observations. The f...
This study analyzes the impacts of ownership structure and business diversifications on the risk-taking behaviors of insurance companies in Vietnam. Foreign ownership and institutional ownership in the insurance sector are increasing significantly due to the privatization trend in Vietnam. Besides, business diversification allows insurance firms to...
This study contributes to the banking literature by examining the effect of bank liquidity creation on bank risk-taking behaviors in Vietnam - a transition economy. Our data sample comprises 367 observations of 33 Vietnamese commercial banks from 2009 to 2020. We employ the Bias-corrected Least-Squares with Dummy Variables (LSDVC) estimation, which...
This article estimates how economic growth and foreign direct investment affect environmental pollution. Our motivation is that less developed nations must make trade-off decisions between economic growth and environmental pollution. Thus, we employ the Autoregressive Distributed Lag Model (ARDL) to analyze a sample of 47 middle-income countries fr...
Our study is the first to examine the nonlinearity between innovations and the deposit growth of commercial banks in Vietnam, a transition market in Asia. We manually collect data from financial statements from 31 commercial banks in Vietnam from 2010 to 2020. We employ the Random Effect Models and the Generalized Method of Moments steps to analyze...
This study examines how powerful CEOs affect stock price crash risk in Vietnamese family businesses. It focuses on family businesses in Vietnam because the country is actively transforming from a centralized economy into a market economy, which emphasizes the role of private businesses. This study employs Random Effect Models (REM) and dynamic syst...
This paper aims to study the impacts of bank funding diversity, non-performing loans (NPLs), and business cycles on bank performance. We employ Fixed Effect Models and the two-step system Generalized Method of Moments to examine a sample of 37 Vietnamese banks from 2005 to 2020. Our findings report that a one percentage point increase in the fundin...
This study is the first to examine the impacts of working capital (WC) and financial constraints on cross-sectional stock returns in Taiwan. The findings indicate a non-linear relationship between WC and stock returns. Moreover, the nonlinearity between WC and cross-sectional stock returns is robust after controlling for financial constraints, risk...
Using behavioral factors (mood, overconfidence, underreaction, overreaction, and herding behavior) as proxy variables in the Vietnamese stock market, this article tries to explore the link between investor demographics (gender, age, experience, and educational ability) and their investment decisions. This study compiles information from a structure...
This study examines the impacts of powerful CEOs and state ownership on commercial banks’ corporate social responsibility (CSR) in Vietnam, a transitional market in Asia. Given the differences between emerging and developed markets in terms of their institutions and governance, it is essential to explore the impact of CEO power on CSR disclosure in...
This paper examines the relationship between total factor productivity, trade openness, and foreign direct investment to economic growth in 90 middle-income countries from 1990 to 2020. We employ the Generalized Method of Moments with country and period fixed effects to overcome heteroscedasticity and endogeneity issues. The findings indicate a per...
Our study estimates how capital structure and debt maturity affect the profitability of enterprises listed on the Vietnamese stock exchange. Prior studies have not included the state ownership and debt maturity variables in estimating corporate profitability in Vietnam. We collect data from 631 non-financial companies in Vietnam from 2016 to 2020....
The present study is the first to estimate the impacts of market concentration and liquidity on the non-performing loans in Vietnam, a transitional economy in Asia. This research is unique because government-owned banks secure unprecedented market power against private banks in Vietnam. The data is collected from 33 Vietnamese banks from 2009 to 20...
This study examines the impacts of investor sentiment and liquidity on the idiosyncratic volatility (IVOL) anomaly returns in Vietnam before and during the COVID-19. We construct an internet search-based measure of sentiment (FEARS) from the Google Trends Search Volume Index of Vietnam’s financial and economic search terms from December 2010 to Dec...
The energy sector in Vietnam has developed rapidly as the country is transitioning to renewable energy. Moreover, the Vietnamese government also motivates the engagement of private investors in the energy sector to enhance the competitiveness of the energy market. Therefore, this paper investigates how innovation investments and ownership concentra...
Our study examines the relationship between innovations and liquidity risk of 37 commercial banks in Vietnam over 2010 – 2020. We employ the Ordinary Least Squares and dynamic system Generalized Method Moments to analyze a sample of 349 annual observations. Our findings show that innovations help commercial banks to reduce liquidity risk. For insta...
This paper aims to analyze the impact of credit growth rate and political connection on commercial banks’ net interest return (NIM) in Vietnam in 2003–2020. We employ the Bayesian linear regression method through the Gibbs sampling algorithm to overcome the asymptotic, a property that can hinder when using frequentist methods in small-sample contex...
We use excess return, risks, MB ratios, and cumulative abnormal return as proxies to examine the CEO's market timing. The empirical results indicate that CEOs have been exactly in timing the market for Seasonal equity offering (SEO) events. CEOs have more incentives to execute seasonal equity offering when CAR reach peak and market risk drop to the...
The study provides the forecasts of expected returns based on cross-sectional estimates from the Fama-Macbeth regressions in the United Kingdom. We collected the data of listed firms on the London Stock Exchange on the DataStream from January 1980 to December 2020. We analyze the data sample by employing three cross-sectional models' ten-year rolli...
This paper examines the impacts of limit-to-arbitrage factors on the returns of the idiosyncratic volatility (IVOL) puzzle in Taiwan before and during the Covid-19 pandemic. Although various studies explore the relationship between stock returns and IVOL, the empirical findings are mixed. We are motivated by unique market microstructures in Taiwan,...
This study investigates empirically how net-working-capital (NWC) affects firm value, using a sample of the Vietnamese stock market. Our empirical results indicate an optimal NWC level that maximizes firm value. Our research also shows empirical evidence that deviations from actual and estimated NWC levels (above and below optimal level) can reduce...