The impact of opportunity factors on fraudulent behavior in the Vietnamese stock market

Nguyen, Thi Thu Cuc and Nguyen, Thi Hoai Phuong and Nguyen, Thi Bich Thuy and Selvarajan, Sonia Kumari and Baskaran, Angathevar (2022) The impact of opportunity factors on fraudulent behavior in the Vietnamese stock market. Journal of Asian Economics, 79. ISSN 1049-0078, DOI

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This study examines the opportunity factors on fraudulent behavior in Vietnam's stock market by employing mixed methodology. In this regard, data were obtained from 20 in-depth interviews and 568 questionnaire survey responses of securities companies, fund management companies, stock exchanges and the State Securities Commission in Vietnam. Using the exploratory factor analysis, the study discovered that the following groups of opportunity factors result in fraudulent behavior: (i) influences of the internal person and issuer, which include (person whose internal information has not been published by the company), collusion of the issuer and securities company, abuse of power by influential person in the company, complex organizational structure of the issuer (one person handling multiple positions) and failure of an issuer to properly control internal information; (ii) investors' factors, which include investors' trade of securities based on the insider's suggestion, framework of foreign investors, brokerage company recommendations, and advisory information on securities forums; and (iii) factors associated with market management and supervision, such as use of lenient penalty with no deterrent effect, untimely market management and limited authority of the securities committee. Using regression analysis, the order of the impact of each group of factors was found as follows: factors due to internal person and the issuing organization, the market management and supervision, and investors.

Item Type: Article
Funders: None
Uncontrolled Keywords: Fraudulent behavior; Price manipulation; Insider trading; Opportunity factors; Vietnam stock market
Subjects: H Social Sciences > HF Commerce > Business
Divisions: Faculty of Economics & Administration
Depositing User: Ms. Juhaida Abd Rahim
Date Deposited: 12 Oct 2023 07:09
Last Modified: 20 Oct 2023 01:21

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