Export performance and stock returns - a case study on fishery firms listed in Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX)
Abstract
This research aims to study the relationship between export performance and stock return.
The study conducted with a case of fishery industry that has comparative advantages and a
key export sector in Vietnam economic. To conduct this study, Quarterly data was collected
for period from 2010-2015 of 13 fishery companies which listed in HOSE and HNX. The
export performance was measured by three indicators that are export intensity, export growth
and export market coverage. In addition, other variables including interest rate, exchange rate,
GDP, firm size, profitability and financial leverage also were selected as the control variable
in the model. This study employed the panel data analysis by applying Pooled OLS model to
estimate the predictive regression. The finding indicated that export intensity has a high
significance and positive relationship with stock returns. Increasing export intensity level lead
to increasing stock returns. However, export growth and export market coverage have not
significantly at the 0.05 levels which mean that each of them did not affect the stock returns.
The finding also showed the profitability and exchange rate have positive relationship, while
interest rate and financial leverage has negative relationship with stock return. GDP has no
significantly at the 0.05 levels.
Key world: export performance, stock returns, fishery industry, HOSE and HNX