Abstract
In Vietnam, we find strong evidence that foreign investors hold higher percentage stakes in firms located in the south of Vietnam, firms listed on the Hochiminh stock exchange, firms with low past returns and firms that are listed longer on the exchanges. The coefficients on firm size and firm age since IPO are consistently positive and robust. Although average firm size is higher for state owned enterprises (SOEs) and foreign investors strongly prefer investing in large firms, they show strong preference for investing in non-SOEs. Risk factors such as government ownership stakes, systematic risk and price volatility negatively influence foreign ownership %. Their effects are less pronounced on the stocks that trade on the more developed stock exchange market, Hochiminh.
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