financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-1-42-53finance-1986Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEВлияние юридических скандалов бывших топ-менеджеров на цены акций компанийThe Impact of Former Top Managers Legal Scandals on Stock Prices of Companieshttps://orcid.org/0000-0002-2947-2488ПхуонгЛ.К.М.PhuongL.C.M.

Лай Као Май Пхуонг - доктор экономических наук, преподаватель, факультет финан- сов и банковского дела

Хошимин

Lai Cao Mai Phuong - Dr. Sci. (Econ.), Lecturer, Faculty of Finance and Banking

Ho Chi Minh

laicaomaiphuong@iuh.edu.vnПромышленный университет ХошиминаВьетнамIndustrial University of Ho Chi Minh CityViet Nam2023100320232714253Copyright © Пхуонг Л., 20232023Пхуонг Л.Phuong L.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1986

Основной целью данной статьи является изучение влияния скандала с участием заместителя председателя совета учредителей — VCFB (бывшего члена совета директоров — BoD) и бывшего генерального директора Asia Commercial Bank (ACB) на дневную доходность акций девяти отраслей вьетнамского фондового рынка. Использован метод исследования для каждой отрасли с множеством различных окон событий. Результаты исследования показывают, что предъявление ордера на арест топ-менеджера было совершенно неожиданным для фондового рынка, поскольку за несколько дней до этого события ни одна отрасль не проявила никакой реакции. Только спустя 2 дня после этого отреагировали нефинансовые отрасли и через 5 дней — банковская и финансовая отрасли. Вывод исследования показывает, что, хотя информация напрямую связана с одним банком — ACB, ее побочный эффект охватил все девять отраслей, включая финансовые и нефинансовые, на фондовом рынке Вьетнама (VST). Характер перекрестного владения коммерческими банками во Вьетнаме (CB Vietnam) объясняет, что негативная информация создает эффект перелива только внутри отрасли, но не оказывает конкурентного эффекта в этой отрасли. Социальные сети усиливают стадное чувство и эффект перелива, негативно влияя на финансовую и нефинансовую отрасли фондового рынка.

The main objective of this article is to study the impact of a scandal with the Vice Chairman of the Founding Board - VCFB (former member of the Board of Directors - BoD) and the former General Manager of Asia Commercial Bank (ACB) on the daily returns of shares of 9 sectors of the Vietnam’s stock market. The event study method is used for each industry with many different event windows. Research results show that the announcement of an arrest warrant is an entirely unexpected event for the stock market because no industry reacts significantly in the days before the event. The reaction of industries was strongest 5 days after the event for the Banking and Finance industries and 2 days after the event for non-financial industries. The conclusion of the study shows that although the information is directly related to one bank - ACB, its spillover effects have covered all nine industries including the financial and non-financial industries on the Vietnam stock market (VST). The nature of cross-ownership among commercial banks in Vietnam (CB Vietnam) explains that negative information only creates a spillover effect within the industry but does not have a competitive effect in this industry. Social networks amplify herd mentality and spillover effects, negatively impacting the financial and non-financial industries in the stock market.

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The authors declare that there are no conflicts of interest present.