Phuong Lan Le

The development of the real estate market always goes hand in hand with the fluctuation of the economy. In recent years, this market has experienced many recessions and «freezes» associated with the appearance of a real estate bubble. To approach this issue, this paper studies and gives an overview of the real estate bubble and the impact of monetary policies on the real estate bubble in Vietnam. This paper’s purpose is to identify and measure the influence of monetary policies, including interest rates, credit and money supply, on the real estate bubble in Ha Noi. The vector autoregression model (VAR) is used to test the interaction of the variables in the model. Dickey-Fuller test (DF) is applied to determine the stationarity of the variables, while the Akaike information criterion (AIC), Likelihood Ratio (LR), Final prediction error (FPE), Hannan-Quinn information criterion (HQ) and Schwarz criterion (SC) are used to find optimal lag of the model; then Granger causality test is utilized to determine the two-way correlation between variables. The results showed that the real estate bubble reacted quickly to shocks from macroeconomic factors representing the monetary policy, consisting of interbank interest rates, credit growth, and money supply growth. Thus, it is concluded that monetary policy is not only the cause of formation, but also one of the effective solutions to deflate the real estate bubble.

Acknowledgment
This research is funded by Vietnam Ministry of Education and Training (MOET) under grant number [B2022-NTH-03].

This study presents the effect of employee stock ownership plans on the firm performance of joint stock commercial banks in Vietnam. By using the Cobb-Douglas production function model and regression analysis model, combined with the use of financial statement data and Employee Stock Ownership Plan (ESOP) issuance reports of 18 banks listed on Ho Chi Minh and Hanoi stock exchanges from 2015 to 2019, it is found that ESOP had a positive impact on the performance of banks, but there was a lag of about two years. It can be seen that ESOP issuance has a positive effect on the financial ratios of joint stock commercial banks. Especially, the higher the issuance ratio in accordance to the size of a bank, the better the influence on the indices. Though there are many advantages of ESOP compared to traditional bonus programs, only eight joint stock commercial banks in Vietnam have applied ESOP. Banks in particular and businesses in Vietnam in general need to prepare knowledge and resources to expand and promote the true effectiveness of ESOP. From there, some suggestions and recommendations to make the ESOP program really effective for both employees, banks and shareholders will be given.

It is meaningful to identify and quantify the impact of business microeconomic factors on firm value, not only for enterprises, but also for the industry, which contributes to the economic growth of the whole country. This paper aims to find evidence of how microeconomic factors relate to the value of manufacturing firms, helping businesses behave and adjust towards the goal of value maximization. This study applies three commonly used estimators with panel data, namely OLS, FEM and REM, using data obtained from FiinPro (a data providing company) and Vietstock on 691 companies listed on Vietnam’s two stock exchanges from 2008 to 2015; This was a sensitive period of world financial crisis, and Vietnamese manufacturing firms had a really hard time to overcome the difficulty in a global economy downturn. This paper found that (1) firm size, growth opportunities and financial leverage negatively affect firm value; (2) there is no evidence that operating cash flow, cash liquidity and intellectual capital affect firm value; (3) the estimation results confirm the non-linear relationship (order 3) between the directors’ share ownership ratio and corporate value; (4) state ownership and foreign ownership ratios have a negative effect on Vietnamese listed manufacturing firms during the period, but (5) there is no optimal number of BOD members. The findings help to measure the extent of the positive and negative impact of various factors, making it easier to find solutions to improve business value by promoting positive factors and preventing negative factors.