Factors affecting the stock prices of real estate enterprises listed on the Vietnamese stock market

Abstract

This study analyzes the factors affecting the stock prices of real estate enterprises listed on the Vietnamese stock market from 2019 to 2023. To achieve this objective, the study used the stationary regression method (FEM) with the data set collected from reliable sources such as World Bank, IMF. Internal company data such as profitability, business size, earnings per share, and corporate structure are disclosed in real estate companies' annual audited financial statements. The research sample is based on data collected from 32 companies in the real estate and service investment industry group listed on HOSE in 2019 - 2023, with 160 observations. Research data includes variables belonging to macro factors such as Vietnam's economic growth (GDP), interest rate (ITR), inflation (INF), USD/VND exchange rate (EXR), gold price (DGP) and internal variables of real estate enterprises such as lagged variables of stock price (SP_1), profitability (ROA, ROE), enterprise size (SIZE), earnings per share (EPS), and enterprise financial structure (CAP). The research results show that the internal factors of the company, such as the previous year's stock price (SP_1), financial structure (CAP), and return on total assets (ROA), have a positive impact on the market price of the stock. On the macro side, the inflation rate (INF), and economic growth (GDP) have positive effects on the stock prices of real estate companies, while exchange rate (USD/VND) has negative consequences.