Table 1 Descriptive statistics N Mean...

Table 1

Descriptive statistics

	N	Mean	Median	STD
Panel A. Panel variables
FO	14,417	10.97	4.42	14.22
AFI	14,158	0.00	−0.13	2.41
Tobin’s Q	14,409	109.68	97.41	51.31
MTBV	14,410	112.06	89.00	82.22
ROA	14,226	7.91	6.36	9.42
r	13,510	1.43	2.42	44.46
lnTA	14,417	20.45	20.39	1.50
Leverage	14,417	0.23	0.22	0.19
IDVOL	14,417	0.03	0.02	0.01
lnAge	14,417	3.96	4.19	0.85
Amihud	14,417	0.01	0.00	0.01
CAPEX	14,417	0.05	0.02	0.07
SGA	14,417	0.91	0.31	19.42
Cash	14,417	0.09	0.05	0.11
MV	14,410	1.71	0.25	6.29
ln_sale	14,417	18.76	18.78	1.62

	N	Mean	Median	STD
Panel A. Panel variables
FO	14,417	10.97	4.42	14.22
AFI	14,158	0.00	−0.13	2.41
Tobin’s Q	14,409	109.68	97.41	51.31
MTBV	14,410	112.06	89.00	82.22
ROA	14,226	7.91	6.36	9.42
r	13,510	1.43	2.42	44.46
lnTA	14,417	20.45	20.39	1.50
Leverage	14,417	0.23	0.22	0.19
IDVOL	14,417	0.03	0.02	0.01
lnAge	14,417	3.96	4.19	0.85
Amihud	14,417	0.01	0.00	0.01
CAPEX	14,417	0.05	0.02	0.07
SGA	14,417	0.91	0.31	19.42
Cash	14,417	0.09	0.05	0.11
MV	14,410	1.71	0.25	6.29
ln_sale	14,417	18.76	18.78	1.62

	Number of		Number of
Year	Inclusion	Exclusion	Institutions
	(During the year)		(Year end)
Panel B. FTSE Vietnam index inclusion-
2009	2	5	27
2010	17	10	35
2011	3	10	28
2012	3	5	23
2013	3	4	22
2014	4	4	22
2015	5	7	20
2016	11	1	30
2017	7	12	25
2018	6	6	25

	Number of		Number of
Year	Inclusion	Exclusion	Institutions
	(During the year)		(Year end)
Panel B. FTSE Vietnam index inclusion-
2009	2	5	27
2010	17	10	35
2011	3	10	28
2012	3	5	23
2013	3	4	22
2014	4	4	22
2015	5	7	20
2016	11	1	30
2017	7	12	25
2018	6	6	25

Note(s): This table reports the descriptive statistics for variables used in the paper. Data were collected quarterly in 2009–2018 for all firms listed in HOSE and HNX. Foreign ownership FO is the shareholding of all foreign investors in a firm, displayed in percentages. AFI is the residuals from Equation (1), named as abnormal foreign investment. Tobin’s Q, MTBV and ROA are displayed in percentages. Market value of equity MV, displayed in 10¹² of VND, is the share price multiplied by the number of ordinary shares in issue. r is the average of daily stock returns (%). ln sale is the logarithm of net sales. The other variables are explained in Section 2. All (except the dummy) variables are winsorized at 1.99%

Source(s): Authors' own work

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