This paper studies the determinants of foreign investors’ home bias in the Vietnamese stock market. The research used a database on foreign ownership and the characteristics of 4698 enterprises listed on the Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) over a 10-year period. A multivariate regression model was constructed using two methods: (i) cross-sectional regressions by year, and (ii) panel data regressions to evaluate the relationship between firm characteristics representing barriers to foreign portfolio investment (FPI) and foreign investors’ home bias in the Vietnamese stock market. The results revealed the impact of firm characteristics representing FPI barriers on the home bias of foreign investors in the Vietnamese stock market – i.e., which business characteristics are preferred by foreign investors when choosing investment portfolios – as well as the impact of FPI barriers on the portfolio selection of foreign investors on the Vietnamese stock market. The research results can be used to identify why foreign investors prefer certain firms in their investment portfolios in order to enhance the attraction of FPI capital, for which the most radical solution is to solve the problem of the investment barriers hidden behind firm characteristics.
The recent increase in the number of business studies lends us a better understanding of the multi-faceted behaviors of artisans whose product innovation is made to strategically respond to different logics. The purpose of this study is to develop an analytical framework for artisan product innovation based on the interplay between institutional logics, counter-institutional identities, and product innovation. We argue that craft product innovation results from the comparative power between oppositional identity (artisan identity) and relational identity (entrepreneurial identity) when coping with multiple logics. A qualitative methodology that incorporates in-depth interviews and field observations is applied to offer insights into product innovation among Vietnamese artisan businesses. Our research discovers a new strategy, “Core-Satellite,” that is a tactic in reconciling competing logics. When oppositional identity is strong and relational identity is either strong or moderate at the same time, artisan business owners will create a “core” that provides a strong foundation for innovated products (satellite).
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