CC BY
17Economics, Management and Sustainability
journal home page: https://jems.sciview.net
Huy, Dinh T. N. (2018). Tax rates effects on the risk level of listed Viet Nam real estate firms during global economic crisis 2007-2009. Economics, Management and Sustainability, 3(2), 29-41. doi:10.14254/jems.2018.3-2.3.
ISSN 2520-6303
Tax rates effects on the risk level of listed Viet Nam real estate firms during global economic crisis 2007-2009
Dinh Tran Ngoc Huy
Banking University, HCMC- GS1M, International University of Japan, Japan MBA, PhD candidate
Article history:
Received: March 25, 2018 1st Revision: May 9, 2018 Accepted: May 20, 2018
JEL classification:
G01 G10 G39
DOI:
10.14254/jems.2018.3-2.3
Abstract: The emerging stock market in Viet Nam has been developed since 2006 and affected by the financial crisis 2007-2009. This study analyzes the impacts of tax policy on market risk for the listed firms in the real estate industry as it becomes necessary. First, by using quantitative and analytical methods to estimate asset and equity beta of total 45 listed companies in Viet Nam real estate industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 0.750, 0.762 and 0.769. Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized both equity and asset beta mean values have positive relationship with the increasing levels of tax rate. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.
Keywords: beta, capital structure, economic crisis, risk, tax rate, real estate industry.
1. Introduction
Together with the development of the whole economy and the growth of FDI, throughout many recent years, Viet Nam real estate industry is considered as one of active economic sectors, which has some positive effects for the economy.
This paper is organized as follow. The research issues and literature review will be covered in next sessions 2 and 3, for a short summary. Then, methodology and conceptual theories are introduced in session 4 and 5. Session 6 describes the data in empirical analysis. Session 7 presents empirical results and findings. Next, session 8 covers the analytical results. Then, session 9 presents analysis of risk. Lastly, session 10 will conclude with some policy suggestions. This paper also supports readers with references, exhibits and relevant web sources.
Corresponding author: Dinh Tran Ngoc Huy E-mail: [email protected]
This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.
2. Research Issues
We mention some issues on the estimating of impacts of tax rates on beta for listed real estate companies in Viet Nam stock exchange as following:
Issue 1: Whether the risk level of real estate firms under the different changing scenarios of tax rates increase or decrease so much.
Issue 2: Whether the disperse distribution of beta values become large in the different changing scenarios of tax rates estimated in the real estate industry.
Beside, we also propose some hypotheses for the above issues:
Hypothesis 1: because tax may strongly affect business returns, changing tax scenarios could strongly affect firm risk.
Hypothesis 2: as tax policy is vital for the business development, there will be large disperse in beta or risk values estimated.
3. Literature review
Smith (2004) mentions in Chicago, properties located in a designated TIF (tax increment financing) district will exhibit higher rates of appreciation after the area is designated a qualifying TIF district when compared to those properties selling outside TIF districts, and when compared to properties that sell within TIF district boundaries prior to designation.
David (2009) stated the U.S states can increase the likelihood of using tax rate adjustments to cope with fiscal volatility rather than (more harmful) spending fluctuations. Robert et all (2011) recognized a significant positive relation between changes in intercorporate investment and changes in corporate marginal tax rates on ordinary income.
George and Jot Yau (2012) found that there is a positive relationship between transaction cost and price volatility, suggesting that the imposition of a transaction tax could increase financial market fragility, increasing the likelihood of a financial crisis rather than reducing it. Mark (2012) found in some European countries during the crisis raising taxe rates and tax burdens, the trend in which overall revenue levels were broadly stable while marginal rates in corporate and top personal income declined has stopped. Then, Filip (2012) believed low levels of taxation, esp. low levels of taxation on the income or wealth of the so-called productive segments of society are beneficial for economic growth.
Finally, tax rate can be considered as one among many factors that affect business risk of real estate firms.
4. Conceptual theories
The impact of fiscal policy on the economy
Tax policy is one among major fiscal policies. When the government decides to change the tax policy or tax rates, the mobility of capital in the markets will be affected.
In a specific industry such as real estate industry, on the one hand, using tax policy with a decrease or increase in tax rate could affect tax revenues, profit after tax and financial results and compensation and jobs of the industry. And it also shows the purpose of fiscal policy: following either contractionary or expansionary directions.
During and after financial crises such as the 2007-2009 crisis, there raises concerns about fiscal policies or public policies of many countries, in both developed and developing markets. The government might choose either lowering the tax rates or cutting the public expenditures while increasing demand stimulating programs to resolve difficulties from the crisis.
5. Methodology
In this study, we use the live data during the crisis period 2007-2011 from the stock exchange market in Viet Nam (HOSE and HNX) to estimate systemic risk results and tax impacts.
In this research, analytical research method is used, philosophical method is used and specially, tax rate scenario analysis method is used. Analytical data is from the situation of listed insurance firms in VN stock exchange and current tax rate is 25%.
Finally, we use the results to suggest policy for both these enterprises, relevant organizations and government.
6. General Data Analysis
The research sample has total 45 listed firms in the real estate market with the live data from the stock exchange.
Firstly, we estimate equity beta values of these firms and use financial leverage to estimate asset beta values of them. Secondly, we change the tax rate from 25% to 28% and 20% to see the sensitivity of beta values. We found out that in 3 cases (rate = 20%, 25%, and 28%), asset beta mean is estimated at 0.362, 0.367 and 0.370 which are negatively correlated with tax rate. Also in 3 scenarios, we find out var of asset beta estimated at 0.750, 0.762 and 0.769 (almost the same) which shows acceptable risk dispersion. Tax rate changes almost has no effect on asset beta var under financial leverage.
7. Empirical Research Findings and Discussion
In the below section, data used are from total 45 listed insurance companies on VN stock exchange (HOSE and HNX mainly). In the scenario 1, current tax rate is 25% which is used to calculate market risk (beta). Then, two (2) tax rate scenarios are changed up to 28% and down to 20%, compared to the current corporate tax rate.
Market risk (beta) under the impact of tax rate, includes: 1) equity beta; and 2) asset beta.
7.1 Scenario 1: Current tax rate is 25%
In the case of tax rate of 25%, all beta values of 45 listed firms on VN real estate market as following:
Table 1: Market risk of listed companies on VN real estate market (t = 25%)
Order No. Company stock code Equitty beta Asset beta (assume debt beta = 0) Note Financial leverage
1 API 1.686 1.580 RCL as comparable 6.3%
2 ASM 0.495 0.173 HDC as comparable 65.0%
3 BCI 1.161 0.523 55.0%
4 CCI 0.476 0.145 UIC as comparable 69.4%
5 CLG 0.383 0.092 UIC as comparable 75.9%
6 D2D 1.446 0.533 63.2%
8 DLG 0.596 0.198 SC5 as comparable 66.9%
9 DTA 0.974 0.466 RCL as comparable 52.2%
10 DXG 0.145 0.046 LGL as comparable 68.4%
11 HAG 0.632 0.295 53.3%
12 HDC 1.185 0.425 64.2%
13 HDG 0.253 0.099 LHG as comparable 61.0%
14 IDJ 1.198 0.776 API as comparable 35.2%
15 IDV 0.428 0.082 RCL as comparable 80.7%
16 IJC 0.411 0.120 BCI as comparable 70.9%
17 ITA 1.121 0.749 33.2%
18 ITC 0.591 0.338 NBB as comparable 42.8%
19 KBC 0.945 0.371 60.7%
20 KDH 1.071 0.670 LCG as comparable 37.5%
21 LCG 1.552 0.923 40.5%
22 LGL 0.381 0.168 PPI as comparable 56.1%
23 LHG 0.548 0.215 DLG as rnmnaralil p 60.8%
ISSN 2520-6303 Economics, Management and Sustainability, 3 (2), 2018
24 NBB 0.923 0.317 65.6%
25 NHA 1.399 1.034 RCL as comparable 26.1%
26 NTL 1.557 0.701 55.0%
27 NVN 0.167 0.061 CLG as comparable 63.3%
28 OGC 0.593 0.271 ITA as comparable 54.3%
29 PDR 0.194 0.078 IJC as comparable 59.9%
30 PPI 0.746 0.332 D2D as comparable 55.5%
31 PVL 0.110 0.078 DXG as comparable 29.6%
32 QCG 0.718 0.290 SJS as comparable 59.5%
33 RCL 1.770 0.991 44.0%
34 SC5 1.497 0.240 84.0%
35 SDU 0.128 0.053 VCR as comparable 58.5%
36 SJS 1.509 0.799 47.1%
37 SZL 0.425 0.258 39.3%
38 TDH 1.103 0.722 34.5%
39 TIX 0.202 0.082 SZL as comparable 59.6%
40 UDC 0.216 0.071 LHG as comparable 67.2%
41 UIC 1.286 0.357 72.2%
42 VCR 0.263 0.165 LGL as comparable 37.4%
43 VIC 0.755 0.186 75.4%
44 VPH 0.070 0.019 UDC as comparable 73.5%
45 VRC 0.203 0.073 CCI as comparable 64.1%
7.2. Scenario 2: Tax rate increases up to 28%
If corporate tax rates increases up to 28%, all beta values of total 45 listed firms on VN real
estate market as below:
Table 2: Market risks of listed real estate firms (t = 28%)
Order No. Company stock code Equitty beta Asset beta (assume debt beta = 0) Note Financial leverage
1 API 1.6891 1.5835 RCL as comparable 6.3%
2 ASM 0.5066 0.1772 HDC as comparable 65.0%
3 BCI 1.1606 0.5225 55.0%
4 CCI 0.4880 0.1491 UIC as comparable 69.4%
5 CLG 0.3938 0.0950 UIC as comparable 75.9%
6 D2D 1.4459 0.5326 63.2%
8 DLG 0.6107 0.2024 SC5 as comparable 66.9%
9 DTA 0.9915 0.4742 RCL as comparable 52.2%
10 DXG 0.1548 0.0489 LGL as comparable 68.4%
11 HAG 0.6324 0.2955 53.3%
12 HDC 1.1847 0.4247 64.2%
13 HDG 0.2637 0.1030 LHG as comparable 61.0%
14 IDJ 1.2141 0.7866 API as comparable 35.2%
15 IDV 0.4409 0.0850 RCL as comparable 80.7%
ISSN 2520-6303 Economics, Management and Sustainability, 3 (2), 2018
16 IJC 0.4218 0.1229 BCI as comparable 70.9%
17 ITA 1.1212 0.7488 33.2%
18 ITC 0.5999 0.3432 NBB as comparable 42.8%
19 KBC 0.9455 0.3713 60.7%
20 KDH 1.0841 0.6780 LCG as comparable 37.5%
21 LCG 1.5516 0.9225 40.5%
22 LGL 0.3967 0.1743 PPI as comparable 56.1%
23 LHG 0.5602 0.2199 DLG as comparable 60.8%
24 NBB 0.9232 0.3171 65.6%
25 NHA 1.4110 1.0424 RCL as comparable 26.1%
26 NTL 1.5570 0.7011 55.0%
27 NVN 0.1756 0.0644 CLG as comparable 63.3%
28 OGC 0.6041 0.2760 ITA as comparable 54.3%
29 PDR 0.2032 0.0815 IJC as comparable 59.9%
30 PPI 0.7611 0.3383 D2D as comparable 55.5%
31 PVL 0.1188 0.0836 DXG as comparable 29.6%
32 QCG 0.7331 0.2967 SJS as comparable 59.5%
33 RCL 1.7702 0.9910 44.0%
34 SC5 1.4974 0.2396 84.0%
35 SDU 0.1377 0.0571 VCR as comparable 58.5%
36 SJS 1.5094 0.7989 47.1%
37 SZL 0.4252 0.2579 39.3%
38 TDH 1.1026 0.7220 34.5%
39 TIX 0.2062 0.0833 SZL as comparable 59.6%
40 UDC 0.2261 0.0741 LHG as comparable 67.2%
41 UIC 1.2863 0.3573 72.2%
42 VCR 0.2775 0.1738 LGL as comparable 37.4%
43 VIC 0.7551 0.1860 75.4%
44 VPH 0.0753 0.0199 UDC as comparable 73.5%
45 VRC 0.2133 0.0765 CCI as comparable 64.1%
7.3. Scenario 3: Tax rate decreases down to 20%
If corporate tax rate decreases down to 20%, all beta values of total 45 listed firms on the
real estate market in VN as following:
Table 3: Market risk of listed real estate firms ft = 20%)
r> J »I Company stock Order No. J; Equity beta code Asset beta (assume debt beta = 0) Note Financial leverage
1 API 1.6805 1.5754 RCL as comparable 6.3%
2 ASM 0.4763 0.1666 HDC as comparable 65.0%
3 BCI 1.1606 0.5225 55.0%
4 CCI 0.4565 0.1395 UIC as comparable 69.4%
5 CLG 0.3657 0.0882 UIC as comparable 75.9%
6 D2D 1.4459 0.5326 63.2%
8 DLG 0.5730 0.1899 SC5 as 66.9%
9
10
11 12
13
14
15
16
17
18
19
20 21 22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
DTA DXG
HAG HDC
HDG IDJ IDV
IJC
ITA
ITC
KBC
KDH
LCG
LGL
LHG
NBB
NHA
NTL
NVN
OGC
PDR
PPI
PVL QCG RCL SC5
SDU
SJS SZL TDH
TIX UDC UIC VCR VIC VPH VRC
0.9453 0.1308
0.6324 1.1847
0.2353 1.1713 0.4069
0.3940 1.1212 0.5775 0.9455 1.0490 1.5516 0.3578 0.5292 0.9232 1.3799 1.5570 0.1535 0.5746 0.1795 0.7230
0.0978 0.6934 1.7702 1.4974
0.1138
1.5094 0.4252 1.1026
0.1950 0.2003 1.2863 0.2422 0.7551 0.0621 0.1878
0.4521 0.0413
0.2955 0.4247
0.0919 0.7589 0.0784
0.1148 0.7488 0.3303 0.3713 0.6560 0.9225 0.1572 0.2077 0.3171 1.0194 0.7011 0.0563 0.2625 0.0719 0.3214
0.0688 0.2806 0.9910 0.2396
0.0472
0.7989 0.2579 0.7220
0.0788 0.0656 0.3573 0.1517 0.1860 0.0164 0.0673
comparable
RCL as comparable
LGL as comparable
LHG as comparable
API as comparable
RCL as comparable
BCI as comparable
NBB as comparable
LCG as comparable
PPI as comparable
DLG as comparable
RCL as comparable
CLG as comparable
ITA as comparable IJC as comparable D2D as comparable
DXG as comparable SJS as comparable
VCR as comparable
SZL as comparable
LHG as comparable
LGL as comparable
UDC as comparable
CCI as comparable
52.2% 68.4%
53.3% 64.2%
61.0% 35.2% 80.7%
70.9% 33.2% 42.8% 60.7% 37.5% 40.5% 56.1% 60.8% 65.6% 26.1% 55.0% 63.3% 54.3% 59.9% 55.5%
29.6% 59.5% 44.0% 84.0%
58.5%
47.1% 39.3% 34.5%
59.6% 67.2% 72.2% 37.4% 75.4% 73.5% 64.1%
All three above tables increasing tax rate up to 28%
and data show that values of equity and asset beta in the case of or decreasing rate down to 20% have small fluctuation.
8. Comparing statistical results in 3 scenarios of changing tax rate:
Table 4: Statistical results (tax rate = 25%)
Statistic results Equity beta Asset beta (assume debt beta = 0) Difference
MAX 1.770 1.580 0.190
MIN 0.070 0.019 0.051
MEAN 0.762 0.367 0.394
VAR 0.2577 0.1149 0.143
Note: Sample size : 45
Table 5: Statistical results (tax rate = 28%)
Statistic results Equity beta Asset beta (assume debt beta = 0) Difference
MAX 1.770 1.583 0.187
MIN 0.075 0.020 0.055
MEAN 0.769 0.370 0.398
VAR 0.2546 0.1148 0.140
Note: Sample size : 45
Table 6: Statistical results (tax rate = 20%)
Statistic results Equity beta Asset beta (assume debt beta = 0) Difference
MAX 1.770 1.575 0.195
MIN 0.062 0.016 0.046
MEAN 0.750 0.362 0.388
VAR 0.2624 0.1151 0.147
Note: Sample size : 45
Based on the above results, we find out:
Equity beta mean values in all 3 scenarios are low (< 0,8) and asset beta mean values are also small (<0,4) although max equity beta values in some cases might be higher than (>) 1. In the case of current tax rate of 25%, equity beta value fluctuates in an acceptable range from 0.07 (min) up to 1.77 (max) and asset beta fluctuates from 0,019 (min) up to 1.58 (max). If corporate tax rate increases to 28%, equity beta changes from 0.075 to 1.77 and asset beta move in a range from 0.02 to 1.583. When tax rate decreases down to 20%, equity beta value changes from 0.062 to 1.77 and asset beta fluctuates in a range from 0.016 to 1.575.
Beside, Exhibit 6 informs us that in the case 28% tax rate, average equity beta value of 45 listed firms increases to 0.007 while average asset beta value of these 45 firms increase slightly up to 0.003. Then, when tax rate reduces to 20%, average equity beta value of 45 listed firms goes down to -0.01 and average asset beta value of 45 firms down to -0.005.
The below chart 1 shows us : when tax rate decreases down to 20%, average equity and asset beta values increase slightly (0.750 and 0.362) compared to those at the initial rate of 25% (0.762 and 0.367), which shows opposite movement compared to the market index. At the same time, when tax rate increases up to 28%, average equity beta decreases slightly whereas average asset beta value remains unchanged (to 0.769 and 0.370). However, the fluctuation of equity beta value (0.262) in the case of 20% tax rate is higher than (>) the results in the rest 2 tax rate cases.
Chart 1: Comparing statistical results of three (3) scenarios of changing tax rate (2007-2009)
Asset beta var
Equity beta var
Asset beta mean
Equity beta mean
i
15 15 15
0,25 0,25
0,262
0,370 0,367 0,362
0
□ t = 28%
□ t = 25%
□ t = 20%
0,769 0,762 750
0,000 0,200 0,400 0,600 0,800 1,000
Chart 2 - Comparing statistical results of three (3) scenarios of changing tax rate (20072011)
1,000 n0 908920 934
0,900 0,800 0,700 0,600 0,500 0,400 0,300 0,200 0,100 0,000
□ t = 20%
□ t = 25%
□ t = 28%
0,1J10,111
Equity beta Asset beta Equity beta Asset beta mean mean var var
9. Risk analysis
On the one hand, in the case of decreasing tax rate, (20%), the market and companies can receive more benefits such as generating more jobs, output and compensation, but the government budget can have deficit and the government has to cut expenditures. Hence, changes in tax rates can have both positive and negative impacts on the local market.
On the other hand, in the case of increasing tax rate (28%), the government will have budget to finance public expenditures but the income tax burden could reduce both demand and supply, as well as the output, jobs and compensation.
10. Conclusion and Policy suggestion
In summary, the government has to consider the impacts on the mobility of capital in the markets when it changes the tax policy or tax rates. Beside, it continues to increase the effectiveness of building the legal system and regulation and macro policies supporting the plan of developing real estate market. The Ministry of Finance Continue to increase the effectiveness of fiscal policies and tax policies which are needed to combine with other macro policies at the same time, although we could note that in this study when tax rate is going to increase up to 28%, the risk level does not increase so much, compared to the case it is going to decrease down to 20%. And the risk dispersion during 2007-2009 (asset beta var of 0.115) is higher than that during 2007-2011 (0.111) in case tax 25%.
The State Bank of Viet Nam continues to increase the effectiveness of capital providing channels for real estate companies. Furthermore, the entire efforts among many different government bodies need to be coordinated.
Finally, this paper suggests implications for further research and policy suggestion for the Viet Nam government and relevant organizations, economists and investors from current market conditions.
Appendix A. Supplementary material
Supplementary data associated with this article can be found, in the online version, at https://doi.org/10.14254/jems.2018.3-2.3
Funding
The authors received no direct funding for this research. Citation information
Huy, Dinh T. N. (2018). Tax rates effects on the risk level of listed Viet Nam real estate firms during global economic crisis 2007-2009. Economics, Management and Sustainability, 3(2), 34-41. doi:10.14254/jems.2018.3-2.3
References
ADB and Viet Nam Fact Sheet. (2010).
Al Mamun, M. A. (2013). Performance evaluation of prime bank limited in terms of capital adequacy. Global Journal of Management and Business Research, 13(9), 26-29.
Baker, H. K., Singleton, J. C., & Veit, E. T. (2011). Survey research in corporate finance: bridging the gap between theory and practice. Oxford University Press.
Beenish, A. & Moazzam, J. (2013). A Test of Fama and French Three Factor Model in Pakistan Equity Market, Global Journal of Management and Business Research, 13(7), 24-28.
Flifel, K. (2012). Financial Markets between Efficiency and Persistence: Empirical Evidence on Daily Data. Asian Journal of Finance & Accounting, 4(2), 379-400.
Huy, Dinh T.N. (2013). Beta of Viet Nam Listed Computer and Electrical Company Groups During and After The Financial Crisis 2007-2011. Asian Journal of Finance & Accounting, 5(1), 127139.
Huy, Dinh T.N. (2013). Estimating beta of Viet Nam listed public utilities, natural gas and oil company groups during and after the financial crisis 2007-2011. Economic and Business Review, 15(1), 57-71.
Ovat, O. O. (2013). Liquidity Constraints and Entrepreneurial Financing in Nigeria: The Fate of Fresh Graduate Entrepreneurs. Global Journal of Management and Business Research, 13(9), 49-57.
Raj, Bhavana., & Sindhu, Dr. (2013). Skill Level in Risk Management: Training in Credit Risk - A Comparative Study of Indian Banks and Foreign Banks. Global Journal of Management and Business Research, 13, 7, 56-62.
Rehman, S. S. F. U. (2013). Relationship between financial leverage and financial performance: Empirical evidence of listed sugar companies of Pakistan. Global Journal of Management and Business Research, 13(8), 45-53.
Appendix B
Exhibit
Exhibit 1: Interest rates in banking industry during crisis
Year Borrowing Interest rates Deposit Rates Note
2011 2010 2009 2008 2007 18%-22% 19%-20% 9%-12% 19%-21% 12%-15% 13%-14% 13%-14% 9%-10% 15%-16,5% 9%-11% Approximately (2007: required reserves ratio at SBV is changed from 5% to 10%) (2009: special supporting interest rate is 4%)
(Source: Viet Nam commercial banks)
Exhibit 2: Basic interest rate changes in Viet Nam
Year_Basic rate_Note_
2011 9%
2010 8%
2009 7%
2008 8.75%-14% Approximately, fluctuated
2007 8.25%
2006 8.25%
2005 7.8%
2004 7.5%
2003 7.5%
2002 7.44%
2001 7.2%-8.7% Approximately, fluctuated
2000 9%
(Source: State Bank of Viet Nam and Viet Nam economy)
Exhibit 3: Inflation, GDP growth and macroeconomics factors
Year
Inflation
GDP
USD/VND rate
2011
2010
2009 2008 2007 2006 2005
18%
11.75% (Estimated at Dec 2010) 6.88% 22% 12.63% 6.6% 8.4%
5.89% 6.5% (expected) 5.2% 6.23% 8.44% 8.17%
20.670
19.495
17.000 17.700 16.132
Note approximately
(Source: Viet Nam commercial banks and economic statistical bureau)
Exhibit 4: GDP growth Viet Nam 2006-2010 (source: Bureau Statistic
Exhibit 5: Risk and financial leverage of 9 listed banking firms on VN stock exchange period 2007-2011
Order No. Company stock code Equity beta Asset beta (assume debt beta = 0) Financial leverage
1 ACB 0.7874 0.0378 95.2%
2 CTG 0.5540 0.0312 94.4%
3 EIB 0.3847 0.0365 90.5%
4 HBB 0.1335 0.0138 89.7%
5 MBB 0.0722 0.0054 92.5%
6 NVB 0.0211 0.0026 87.7%
7 SHB 1.0038 0.0824 91.8%
8 STB 0.7395 0.0721 90.3%
9 VCB 0.4083 0.0299 92.7%
Exhibit 6: Increase/decrease risk level of listed real estate firms under changing scenarios of tax rates : 25%, 28%, 20% period 2007 - 2009
t = 25% t = 28% t = 20%
Orde r No. Company stock code Equit y beta Asset beta Increase /Decrease (equity beta) Increase /Decrease (asset beta) Increase /Decrease (equity beta) Increase /Decrease (asset beta)
1 API 1.686 1.580 0.0032 0,0030 -0.0053 -0.0050
2 ASM 0.495 0.173 0.0118 0,0041 -0.0185 -0.0065
3 BCI 1.161 0.523 0.0000 0,0000 0.0000 0.0000
4 CCI 0.476 0.145 0.0123 0,0038 -0.0192 -0.0059
5 CLG 0.383 0.092 0.0111 0,0027 -0.0171 -0.0041
6 D2D 1.446 0.533 0.0000 0,0000 0.0000 0.0000
8 DLG 0.596 0.198 0.0147 0,0049 -0.0230 -0.0076
9 DTA 0.974 0.466 0.0178 0,0085 -0.0284 -0.0136
10 DXG 0.145 0.046 0.0097 0,0030 -0.0144 -0.0045
11 HAG 0.632 0.295 0.0000 0,0000 0.0000 0.0000
12 HDC 1.185 0.425 0.0000 0,0000 0.0000 0.0000
13 HDG 0.253 0.099 0.0112 0,0044 -0.0172 -0.0067
14 IDJ 1.198 0.776 0.0163 0,0106 -0.0264 -0.0171
15 IDV 0.428 0.082 0.0134 0,0026 -0.0206 -0.0040
16 IJC 0.411 0.120 0.0109 0,0032 -0.0170 -0.0049
17 ITA 1.121 0.749 0.0000 0,0000 0.0000 0.0000
18 ITC 0.591 0.338 0.0086 0,0049 -0.0138 -0.0079
19 KBC 0.945 0.371 0.0000 0,0000 0.0000 0.0000
20 KDH 1.071 0.670 0.0134 0,0084 -0.0217 -0.0136
21 LCG 1.552 0.923 0.0000 0,0000 0.0000 0.0000
22 LGL 0.381 0.168 0.0153 0,0067 -0.0236 -0.0104
23 LHG 0.548 0.215 0.0120 0,0047 -0.0190 -0.0074
24 NBB 0.923 0.317 0.0000 0,0000 0.0000 0.0000
25 NHA 1.399 1.034 0.0118 0,0087 -0.0193 -0.0142
26 NTL 1.557 0.701 0.0000 0,0000 0.0000 0.0000
27 NVN 0.167 0.061 0.0088 0,0032 -0.0132 -0.0049
28 OGC 0.593 0.271 0.0114 0,0052 -0.0181 -0.0082
29 PDR 0.194 0.078 0.0094 0,0038 -0.0143 -0.0057
30 PPI 0.746 0.332 0.0147 0,0065 -0.0233 -0.0104
31 PVL 0.110 0.078 0.0085 0,0060 -0.0125 -0.0088
32 QCG 0.718 0.290 0.0154 0,0062 -0.0242 -0.0098
33 RCL 1.770 0.991 0.0000 0,0000 0.0000 0.0000
34 SC5 1.497 0.240 0.0000 0,0000 0.0000 0.0000
35 SDU 0.128 0.053 0.0096 0,0040 -0.0142 -0.0059
36 SJS 1.509 0.799 0.0000 0,0000 0.0000 0.0000
37 SZL 0.425 0.258 0.0000 0,0000 0.0000 0.0000
38 TDH 1.103 0.722 0.0000 0,0000 0.0000 0.0000
39 TIX 0.202 0.082 0.0043 0,0017 -0.0068 -0.0028
40 UDC 0.216 0.071 0.0102 0,0033 -0.0156 -0.0051
41 UIC 1.286 0.357 0.0000 0,0000 0.0000 0.0000
42 VCR 0.263 0.165 0.0140 0,0088 -0.0213 -0.0133
43 VIC 0.755 0.186 0.0000 0,0000 0.0000 0.0000
44 VPH 0.070 0.019 0.0054 0,0014 -0.0078 -0.0021
45 VRC 0.203 0.073 0.0101 0,0036 -0.0154 -0.0055
Average 0,0072 0.0031 -0.0112 -0.0049
Exhibit 7- VNI Index and other stock market index during crisis 2006-2010
0
—i-1-1-1-1—
VN Index -•- S&P 500 SSE index NIKKEI 225 (/0') TSEC (/0') KOSPI CNT (/00')
A -> A .O' A M A A V A .G' A M A A -V A
© 2016-2018, Economics, Management and Sustainability. All rights reserved.
This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.
You are free to:
Share - copy and redistribute the material in any medium or format Adapt - remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms. Under the following terms:
Attribution - You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. No additional restrictions
You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Economics, Management and Sustainability (ISSN: 2520-6303) is published by Scientific Publishing House "CSR", Poland, EU and Scientific Publishing House "SciView", Poland
Publishing with JEMS ensures:
• Immediate, universal access to your article on publication
• High visibility and discoverability via the JEMS website
• Rapid publication
• Guaranteed legacy preservation of your article
• Discounts and waivers for authors in developing regions
Submit your manuscript to a JEMS at http://jems.sciview.net or [email protected]
7000
6000
5000
4000
3000
2000
1000
