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All Journal Emerging Science Journal
Anh Tho To
University of Finance - Marketing, Ho Chi Minh,
Environmental Science

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The Local Impact on the Concurrent Sentiment-Return Nexus: Asian versus European Markets Ngoc Bao Vuong; Yoshihisa Suzuki; Anh Tho To
Emerging Science Journal Vol 5, No 6 (2021): December
Publisher : Ital Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/esj-2021-01318

Abstract

We examine the relationship between investor sentiment and contemporaneous returns in sixteen Asian and European stock markets between 2004 and 2016. To identify the sentiment-return nexus, we use the OLS models with Newey-West standard errors as well as the panel regressions with cross-country fixed effects and time dummies. We report the regional outcomes for Asia, Europe, and the individual markets. Our empirical results reveal a significant effect of sentiment on stock returns, although those effects are nonidentical across markets. We find the dissimilarities in the sentiment-return relationship among the sample markets are driven negatively by almost all national factors, with the strongest determinants being the development of financial institutions and the quality of regulation. The impact of cultural dimensions among the sample markets, on the contrary, is relatively weak and mixed. Our research is the first to compare Asian and European outcomes and reveal which region is more vulnerable to the influence of the local components. We detect that, except cultural aspects, European markets are more sensitive to country-specific characteristics than Asian ones. Doi: 10.28991/esj-2021-01318 Full Text: PDF
Ownership Concentration and Accounting Conservatism: The Moderating Role of Board Independence Thi Minh Hang Nguyen; Anh Tho To; Thi Huyen Phan; Nhat Phuong Diem Ngo; Thi Thu Hong Ho
Emerging Science Journal Vol 7, No 1 (2023): February
Publisher : Ital Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/ESJ-2023-07-01-07

Abstract

The purpose of this study is to examine the moderating effect of board independence on the relationship between ownership concentration and accounting conservatism. Using fixed-effect regressions for a sample of 165 Vietnamese listed companies from 2007 to 2017, the results revealed that the proportion of outstanding shares owned by the largest shareholder is negatively associated with accounting conservatism and board independence plays a moderating role in this relationship. Our results are robust after applying alternative measures of the largest ownership and correcting for potential endogeneity using fixed-effects regression with instrumental variables. Overall, our evidence shows that firms with concentrated ownership should keep a high non-executive ratio to maintain accounting conservatism. In other words, increasing the number of non-executive directors on boards in firms with a substantial proportion of shares held by the largest shareholder is likely to strengthen the information environment, giving financial reporting more credibility.JEL Classification: G30; G32. Doi: 10.28991/ESJ-2023-07-01-07 Full Text: PDF
Co-Authors Ngoc Bao Vuong Nhat Phuong Diem Ngo Thi Huyen Phan Thi Minh Hang Nguyen Thi Thu Hong Ho Yoshihisa Suzuki