CORPORATE FINANCIALIZATION: EVIDENCE FROM LISTED REAL ESTATE COMPANIES IN VIETNAM

Abstract

The This study examines determinants of corporate financial characteristics on financialization decisions, aiming to clarify their impact on toward financial
assets investment. The analysis employs OLS, FEM, REM, and GMM regression methods on panel data from 50 listed real estate firms in the Vietnam stock market
during the 2014 - 2023 period. The findings reveal the persistence of financialization decisions, highlighting the significant roles of return on asset and cash flow
volatility in increasing financial asset holdings, as well as the influence of firm size, with smaller firms exhibiting higher levels of financial investment. In the
context of the COVID-19 pandemic, the effect of cash flow volatility becomes even more pronounced.