Export performance and stock return: a case of fisheries firms listing in Vietnam stock markets

Abstract

This research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2015 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability and financial leverage were considered as the control variables in the research model. Panel data analysis with Pooled OLS model was employed to estimate the predictive regression. The findings indicated that export intensity has a significant and positive relationship with stock returns. However, export growth and export market coverage have no a significant relationship with stock return at the 0.05 level. The findings also showed the profitability and exchange rate has a positive relationship, while interest rate and financial leverage has a negative relationship with stock return. GDP has no relation to stock return at the 0.05 significance level.