Determinants of Share Prices of Listed Companies Operating in the Steel Industry: An Empirical Case from Vietnam

• 발행기관: 한국유통과학회
• 저자명: Phu Ha NGUYEN Phi-Hung NGUYEN Jung-Fa TSAI Thanh Tam NGUYEN Van Nguyen HO Trong- Khoi DAO
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.12, 131~138쪽, 전체 8쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.12.30

영문 초록

In accordance with huge demand for capital to meet the expansion of steel production, there are more and more steel companies who have officially listed their stocks in HOSE and HNX. One of the key issues in successful initial public offerings and seasonal offerings for these companies is how to make stocks of steel companies become more attractive in the eyes of investors. The purpose of this research is to analyze the determinants of share prices of listed steel companies in Vietnam. This study utilized macro-economic variables, ratios and indicators representing characteristics of steel industry collected from Quarter 1/2006 to Quarter 4/2019 in association with the panel data and the feasible generalized least square (FGLS) model to evaluate the degree of these factors on the share prices. The results of the research show that ROE, Cons_rate, and CO2_rate are three main factors affecting the share prices of listed steel companies. Among which, ROE and Cons_rate have a positive effect, while CO2_rate has a negative effect on the share prices of listed steel companies. It also confirms the relationship between the environmental factor, construction industry factor and the stock prices. This lays foundations for recommendations for the future policies towards environmental protection and sustainable development.

목차

1. Introduction

2. Literature Review

3. Methodology

4. Results and Discussion

5. Conclusions and Recommendations

References

키워드

Stock Prices Macroeconomic Variables CO2 Rate FGLS Steel Companies Vietnam