Does foreign ownership decrease bank risk? Evidence from Vietnam
Date Published:
25/07/2025
Online Published:
25/07/2025
Section:
Finance, Banking, Accounting, and Auditing
Main Article Content
Abstract
Based on data from 23 Vietnamese commercial banks in the period 2012-2022, the study used the Bayesian method to provide evidence of the positive impact of the foreign investment capital ratio on bank stability. Specifically, increasing the foreign capital ratio enhances risk resilience and strengthens the banks' overall financial stability. This is significant for policymakers, who should consider relaxing regulations on the ceiling for foreign capital ratios. By attracting more foreign investment, banks can leverage strong financial resources and advanced management expertise from international investors. However, to achieve these benefits, flexible and appropriate policies are needed to facilitate the attraction of foreign investment. Policymakers must carefully consider the risks and benefits, ensuring that new regulations do not cause unintended instability in the banking system. In summary, increasing the foreign capital ratio is a crucial step towards enhancing Vietnamese commercial banks' stability and sustainable development.
Keywords
Bank risk; Bayes; Foreign ownership; Vietnam commercial bank
Article Details
Field of Economic (JEL Codes)
C11 - Bayesian Analysis: General - Econometric and Statistical Methods and Methodology: General, F65 - Finance - Economic Impacts of Globalization, G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages - Financial Institutions and Services
References
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Albertazzi, U., & Bottero, M. (2014). Foreign bank lending: evidence from the global financial crisis. Journal of International Economics, 92(1), S22-S35. https://doi.org/10.1016/j.jinteco.2014.01.002
Allen, F., Jackowicz, K., Kowalewski, O., & Kozłowski, Ł. (2017). Bank lending, crises, and changing ownership structure in Central and Eastern European countries. Journal of Corporate Finance, 42, 494-515. https://doi.org/10.1016/j.jcorpfin.2015.05.001
Anginer, D., & Demirgüç-Kunt, A. (2014). Bank Capital and Systemic Stability. World Bank Policy Research Working Paper No. 6948. Available at SSRN: https://ssrn.com/abstract=2459698
Angkinand, A., & Wihlborg, C. (2010). Deposit insurance coverage, ownership, and banks' risk-taking in emerging markets. Journal of International Money and Finance, 29(2), 252-274. https://doi.org/10.1016/j.jimonfin.2009.08.001
Balov, N. (2017). Bayesian logistic regression with Cauchy priors using the bayes prefix. The Stata Blog: Not Elsewhere Classified. https://blog.stata.com/2017/09/08/bayesian-logistic-regression-with-cauchy-priors-using-the-bayes-prefix/
Bakkar, Y., & Nyola, A. P. (2021). Internationalization, foreign complexity and systemic risk: Evidence from European banks. Journal of Financial Stability, 55. https://doi.org/10.1016/j.jfs.2021.100892
Balov, N. (2020). Bayesian inference using multiple Markov chains. The Stata Blog: Not Elsewhere Classified. https://blog.stata.com/2020/02/24/bayesian-inference-using-multiple-markov-chains/
Barajas, A., Steiner, R., & Salazar, N. (2000). The impact of liberalization and foreign investment in Colombia’s financial sector. Journal of Development Economics, 63(1), 157-196. doi:10.1016/s0304-3878(00)00104-8
Beck, T., De Jonghe, O., & Schepens, G. (2013). Bank competition and stability: Cross-country heterogeneity. Journal of Financial Intermediation, 22(2), 218-244.
Berger, A. N., & Bouwman, C. H. S. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146–176. https://doi.org/10.1016/j.jfineco.2013.02.008
Berger, A. N., & DeYoung, R. (2001). The effects of geographic expansion on bank efficiency. Journal of Financial Services Research, 19, 163-184. https://doi.org/10.1023/A:1011159405433
BIS (2019). Basel III: international regulatory framework for banks. https://www.bis.org/bcbs/basel3.htm
BIS (2013). Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools. https://www.bis.org/publ/bcbs238.pdf
Boulanouar, Z., Alqahtani, F., & Hamdi, B. (2021). Bank ownership, institutional quality and financial stability: Evidence from the GCC region. Pacific-Basin Finance Journal, 66. https://doi.org/10.1016/j.pacfin.2021.101510
Briggs, W. M., & Nguyen, H. T. (2019). Clarifying ASA’s view on P-values in hypothesis testing. Asian Journal of Economics and Banking, 3(2), 1-16. http://ajeb.buh.edu.vn/Home
Cetorelli, N., & Goldberg, L. S. (2011). Global banks and international shock transmission: Evidence from the crisis. IMF Economic Review, 59(1), 41-76. https://doi.org/10.1057/imfer.2010.9
Choi, S., & Hasan, I. (2005). Ownership, governance, and bank performance: Korean experience. Financial Markets, Institutions and Instruments, 14(4), 215–242. https://doi.org/10.1111/j.0963-8008.2005.00104.x
Chou, S., & Lin, F. (2011). Bank’s risk-taking and ownership structure – Evidence for economics in transition stage. Applied Economics, 43(12), 1551–1564. https://doi.org/10.1080/00036840903018791
Claessens, S., Demirgüç-Kunt, A., & Huizinga, H. (2001). How does foreign entry affect domestic banking markets? Journal of Banking & Finance, 25(5), 891–911. https://doi.org/10.1016/S0378-4266(00)00102-3
Dell'Ariccia, G., & Marquez, R. (2004). Information and bank credit allocation. Journal of Financial Economics, 72(1), 185-214. https://doi.org/10.1016/S0304-405X(03)00210-1
Foos, D., Norden, L., & Weber, M. (2010). Loan growth and riskiness of banks. Journal of Banking & Finance, 34(12), 2929-2940. https://doi.org/10.1016/j.jbankfin.2010.06.007
Gelman, A., & Rubin, D. B. (1992). Inference from Iterative Simulation Using Multiple Sequences. Statistical Science, 7(4), 457-472. https://doi.org/10.1214/ss/1177011136
Giannetti, M., & Laeven, L. (2012). The flight home effect: Evidence from the syndicated loan market during financial crises. Journal of Financial Economics, 104(1), 23-43. https://doi.org/10.1016/j.jfineco.2011.12.006
Ghosh, A. (2015). Banking-industry specific and regional economic determinants of Non-Performing Loans: Evidence from US States. Journal of Financial Stability. Advance online publication. https://doi.org/10.1016/j.jfs.2015.08.004
Giannetti, M., & Ongena, S. (2009). Financial integration and firm performance: Evidence from foreign bank entry in emerging markets. Review of Finance, 13(2), 181-223. https://doi.org/10.1093/rof/rfm019
Goetz, M. R. (2018). Competition and bank stability. Journal of Financial Intermediation, 35, 57-69. https://doi.org/10.1016/j.jfi.2017.06.001
Goetz, M. R., Laeven, L., & Levine, R. (2013). Identifying the valuation effects and agency costs of corporate diversification: Evidence from the geographic diversification of U.S. banks. The Review of Financial Studies, 26(7), 1787-1823. https://doi.org/10.1093/rfs/hht021
Gorton, G., & Rosen, R. (1995). Corporate control, portfolio choice, and the decline of banking. The Journal of Finance, 50(5), 1377-1420. https://doi.org/10.1111/j.1540-6261.1995.tb05183.x
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate governance (pp. 77-132). Gower.
Jiménez, G., Lopez, J. A., & Saurina, J. (2013). How does competition affect bank risk-taking? Journal of Financial Stability, 9(2), 185-195. https://doi.org/10.1016/j.jfs.2013.02.004
Khemiri, M. A. (2023). Searching for a threshold effect in the diversification-profitability relationship. Evidence from the MENA Banks. International Journal of Economics and Financial Issues, 13(6), 85-90. https://doi.org/10.32479/ijefi.15004
Kjosevski, J., Petkovski, M., & Naumovska, E. (2019). Bank-specific and macroeconomic determinants of non-performing loans in the Republic of Macedonia: Comparative analysis of enterprise and household NPLs. Economic Research - Ekonomska Istraživanja, 32(1), 1185–1203. https://doi.org/10.1080/1331677X.2019.1627894
Koehn, M., & Santomero, A. M. (1980). Regulation of bank capital and portfolio risk. The Journal of Finance, 35(5), 1235-1244. https://doi.org/10.2307/2327096
Laeven, L. (1999). Risk and efficiency in East Asian banks. SSRN. https://ssrn.com/abstract=629192
Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259-275. https://doi.org/10.1016/j.jfineco.2008.09.003
Lee, S. W. (2008). Ownership structure, regulation, and bank risk-taking: evidence from Korean banking industry. Investment Management and Financial Innovations, 5(4), 70-74.
Louzis, D. P., Vouldis, A. T., & Metaxas, V. L. (2012). Macroeconomic and bank-specific determinants of non-performing loans in Greece: A comparative study of mortgage, business and consumer loan portfolios. Journal of Banking & Finance, 36(4), 1012-1027. https://doi.org/10.1016/j.jbankfin.2011.10.012
Mateev, M., Sahyouni, A., & Tariq, M. U. (2023). Bank regulation, ownership and risk taking behavior in the MENA region: policy implications for banks in emerging economies. Review of Managerial Science, 17, 287-338. https://doi.org/10.1007/s11846-022-00529-5
Micco, A., Panizza, U., & Yanez, M. (2007). Bank ownership and performance. Does politics matter? Journal of Banking & Finance, 31(1), 219-241. https://doi.org/10.1016/j.jbankfin.2006.02.007
Odesanmi, S., & Wolfe, S. (2007). Revenue diversification and insolvency risk: Evidence from banks in emerging economies. Social Science Research Network, 34(2).
Octavianus, H., & Fachrudin, K. A. (2022). Income diversification on stability in banking industry: A systematic literature review. International Journal of Environmental, Sustainability, and Social Science, 3(2), 276-287. https://doi.org/10.38142/ijesss.v3i2.212
Raddatz, C., Seneviratne, D., Vandenbussche, J., Xie, P., & Xu, Y. (2024). The riskiness of credit origins and downside risks to economic activity (No. 2024/072). International Monetary Fund.
Roy, A. D. (1952). Safety first and the holding of assets. Econometrica, 20(3), 431-449. https://doi.org/10.2307/1907413
Saunders, A., Strock, E., & Travlos, N. G. (1990). Ownership structure, deregulation, and bank risk taking. The Journal of Finance, 45(2), 643-654. https://doi.org/10.1111/j.1540-6261.1990.tb03709.x
Setyawati, I., Widyastuti, T., Suryati, A. & Hartani, N. H. (2019). Intellectual capital performance of Islamic banks in Indonesia: Towards competitive advantages. Management Science Letters, 9(12), 1999-2008. https://doi.org/10.5267/j.msl.2019.7.006
Sibindi (2018), Determinants of bank capital structure: Evidence from South Africa. Acta Universitatis Danubius. Œconomica, 14(5), 108-126. https://www.ceeol.com/search/article-detail?id=734094
Tacneng, R. (2015). The impact of minority foreign ownership and controlling shareholder on bank risk and performance: Evidence from an emerging economy. Managerial Finance, 41(5), 526-546. https://doi.org/10.1108/MF-06-2013-0137
Thach, N. N., Tuan, T. A., Linh, N. T. X., & Ngan, H. T. T. (2022). Economic growth in EAGLE emerging economies: Exogenous or endogenous? In N. N. Thach, N., D. T. Ha, N. D. Trung, V. Kreinovich (Eds.), Prediction and Causality in Econometrics and Related Topics (pp. 293-310). Spinger. https://doi.org/10.1007/978-3-030-77094-5_24
Unite, A. A., & Sullivan, M. J. (2003). The effect of foreign entry and ownership structure on the Philippine domestic banking market. Journal of Banking & Finance, 27(12), 2323–2345. https://doi.org/10.1016/S0378-4266(02)00330-8
Van, T. (2023). Tỷ lệ sở hữu của nhà đầu tư nước ngoài tại nhiều ngân hàng đã chạm trần [Foreign ownership ratio in numerous banks has hit the regulatory ceiling]. Tạp chí Kinh tế và Dự báo. https://kinhtevadubao.vn/ty-le-so-huu-cua-nha-dau-tu-nuoc-ngoai-tai-nhieu-ngan-hang-da-cham-tran-25283.html
Vazquez, F., & Federico, P. (2015). Bank funding structures and risk: Evidence from the global financial crisis. Journal of Banking & Finance, 61, 1-14. https://doi.org/10.1016/j.jbankfin.2015.08.023
Vogel, U., & Winkler, A. (2010). Foreign banks and financial stability in emerging markets: Evidence from the global financial crisis (No. 149). Frankfurt School-Working Paper Series. https://hdl.handle.net/10419/39661
Yeyati, E. L., & Micco, A. (2007). Concentration and foreign penetration in Latin American banking sectors: Impact on competition and risk. Journal of Banking & Finance, 31(6), 1633-1647. https://doi.org/10.1016/j.jbankfin.2006.11.003
Adem, M. (2023). Impact of income diversification on bank stability: a cross-country analysis. Asian Journal of Accounting Research, 8(2), 133-144. https://doi.org/10.1108/AJAR-03-2022-0093
Albertazzi, U., & Bottero, M. (2014). Foreign bank lending: evidence from the global financial crisis. Journal of International Economics, 92(1), S22-S35. https://doi.org/10.1016/j.jinteco.2014.01.002
Allen, F., Jackowicz, K., Kowalewski, O., & Kozłowski, Ł. (2017). Bank lending, crises, and changing ownership structure in Central and Eastern European countries. Journal of Corporate Finance, 42, 494-515. https://doi.org/10.1016/j.jcorpfin.2015.05.001
Anginer, D., & Demirgüç-Kunt, A. (2014). Bank Capital and Systemic Stability. World Bank Policy Research Working Paper No. 6948. Available at SSRN: https://ssrn.com/abstract=2459698
Angkinand, A., & Wihlborg, C. (2010). Deposit insurance coverage, ownership, and banks' risk-taking in emerging markets. Journal of International Money and Finance, 29(2), 252-274. https://doi.org/10.1016/j.jimonfin.2009.08.001
Balov, N. (2017). Bayesian logistic regression with Cauchy priors using the bayes prefix. The Stata Blog: Not Elsewhere Classified. https://blog.stata.com/2017/09/08/bayesian-logistic-regression-with-cauchy-priors-using-the-bayes-prefix/
Bakkar, Y., & Nyola, A. P. (2021). Internationalization, foreign complexity and systemic risk: Evidence from European banks. Journal of Financial Stability, 55. https://doi.org/10.1016/j.jfs.2021.100892
Balov, N. (2020). Bayesian inference using multiple Markov chains. The Stata Blog: Not Elsewhere Classified. https://blog.stata.com/2020/02/24/bayesian-inference-using-multiple-markov-chains/
Barajas, A., Steiner, R., & Salazar, N. (2000). The impact of liberalization and foreign investment in Colombia’s financial sector. Journal of Development Economics, 63(1), 157-196. doi:10.1016/s0304-3878(00)00104-8
Beck, T., De Jonghe, O., & Schepens, G. (2013). Bank competition and stability: Cross-country heterogeneity. Journal of Financial Intermediation, 22(2), 218-244.
Berger, A. N., & Bouwman, C. H. S. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146–176. https://doi.org/10.1016/j.jfineco.2013.02.008
Berger, A. N., & DeYoung, R. (2001). The effects of geographic expansion on bank efficiency. Journal of Financial Services Research, 19, 163-184. https://doi.org/10.1023/A:1011159405433
BIS (2019). Basel III: international regulatory framework for banks. https://www.bis.org/bcbs/basel3.htm
BIS (2013). Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools. https://www.bis.org/publ/bcbs238.pdf
Boulanouar, Z., Alqahtani, F., & Hamdi, B. (2021). Bank ownership, institutional quality and financial stability: Evidence from the GCC region. Pacific-Basin Finance Journal, 66. https://doi.org/10.1016/j.pacfin.2021.101510
Briggs, W. M., & Nguyen, H. T. (2019). Clarifying ASA’s view on P-values in hypothesis testing. Asian Journal of Economics and Banking, 3(2), 1-16. http://ajeb.buh.edu.vn/Home
Cetorelli, N., & Goldberg, L. S. (2011). Global banks and international shock transmission: Evidence from the crisis. IMF Economic Review, 59(1), 41-76. https://doi.org/10.1057/imfer.2010.9
Choi, S., & Hasan, I. (2005). Ownership, governance, and bank performance: Korean experience. Financial Markets, Institutions and Instruments, 14(4), 215–242. https://doi.org/10.1111/j.0963-8008.2005.00104.x
Chou, S., & Lin, F. (2011). Bank’s risk-taking and ownership structure – Evidence for economics in transition stage. Applied Economics, 43(12), 1551–1564. https://doi.org/10.1080/00036840903018791
Claessens, S., Demirgüç-Kunt, A., & Huizinga, H. (2001). How does foreign entry affect domestic banking markets? Journal of Banking & Finance, 25(5), 891–911. https://doi.org/10.1016/S0378-4266(00)00102-3
Dell'Ariccia, G., & Marquez, R. (2004). Information and bank credit allocation. Journal of Financial Economics, 72(1), 185-214. https://doi.org/10.1016/S0304-405X(03)00210-1
Foos, D., Norden, L., & Weber, M. (2010). Loan growth and riskiness of banks. Journal of Banking & Finance, 34(12), 2929-2940. https://doi.org/10.1016/j.jbankfin.2010.06.007
Gelman, A., & Rubin, D. B. (1992). Inference from Iterative Simulation Using Multiple Sequences. Statistical Science, 7(4), 457-472. https://doi.org/10.1214/ss/1177011136
Giannetti, M., & Laeven, L. (2012). The flight home effect: Evidence from the syndicated loan market during financial crises. Journal of Financial Economics, 104(1), 23-43. https://doi.org/10.1016/j.jfineco.2011.12.006
Ghosh, A. (2015). Banking-industry specific and regional economic determinants of Non-Performing Loans: Evidence from US States. Journal of Financial Stability. Advance online publication. https://doi.org/10.1016/j.jfs.2015.08.004
Giannetti, M., & Ongena, S. (2009). Financial integration and firm performance: Evidence from foreign bank entry in emerging markets. Review of Finance, 13(2), 181-223. https://doi.org/10.1093/rof/rfm019
Goetz, M. R. (2018). Competition and bank stability. Journal of Financial Intermediation, 35, 57-69. https://doi.org/10.1016/j.jfi.2017.06.001
Goetz, M. R., Laeven, L., & Levine, R. (2013). Identifying the valuation effects and agency costs of corporate diversification: Evidence from the geographic diversification of U.S. banks. The Review of Financial Studies, 26(7), 1787-1823. https://doi.org/10.1093/rfs/hht021
Gorton, G., & Rosen, R. (1995). Corporate control, portfolio choice, and the decline of banking. The Journal of Finance, 50(5), 1377-1420. https://doi.org/10.1111/j.1540-6261.1995.tb05183.x
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate governance (pp. 77-132). Gower.
Jiménez, G., Lopez, J. A., & Saurina, J. (2013). How does competition affect bank risk-taking? Journal of Financial Stability, 9(2), 185-195. https://doi.org/10.1016/j.jfs.2013.02.004
Khemiri, M. A. (2023). Searching for a threshold effect in the diversification-profitability relationship. Evidence from the MENA Banks. International Journal of Economics and Financial Issues, 13(6), 85-90. https://doi.org/10.32479/ijefi.15004
Kjosevski, J., Petkovski, M., & Naumovska, E. (2019). Bank-specific and macroeconomic determinants of non-performing loans in the Republic of Macedonia: Comparative analysis of enterprise and household NPLs. Economic Research - Ekonomska Istraživanja, 32(1), 1185–1203. https://doi.org/10.1080/1331677X.2019.1627894
Koehn, M., & Santomero, A. M. (1980). Regulation of bank capital and portfolio risk. The Journal of Finance, 35(5), 1235-1244. https://doi.org/10.2307/2327096
Laeven, L. (1999). Risk and efficiency in East Asian banks. SSRN. https://ssrn.com/abstract=629192
Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259-275. https://doi.org/10.1016/j.jfineco.2008.09.003
Lee, S. W. (2008). Ownership structure, regulation, and bank risk-taking: evidence from Korean banking industry. Investment Management and Financial Innovations, 5(4), 70-74.
Louzis, D. P., Vouldis, A. T., & Metaxas, V. L. (2012). Macroeconomic and bank-specific determinants of non-performing loans in Greece: A comparative study of mortgage, business and consumer loan portfolios. Journal of Banking & Finance, 36(4), 1012-1027. https://doi.org/10.1016/j.jbankfin.2011.10.012
Mateev, M., Sahyouni, A., & Tariq, M. U. (2023). Bank regulation, ownership and risk taking behavior in the MENA region: policy implications for banks in emerging economies. Review of Managerial Science, 17, 287-338. https://doi.org/10.1007/s11846-022-00529-5
Micco, A., Panizza, U., & Yanez, M. (2007). Bank ownership and performance. Does politics matter? Journal of Banking & Finance, 31(1), 219-241. https://doi.org/10.1016/j.jbankfin.2006.02.007
Odesanmi, S., & Wolfe, S. (2007). Revenue diversification and insolvency risk: Evidence from banks in emerging economies. Social Science Research Network, 34(2).
Octavianus, H., & Fachrudin, K. A. (2022). Income diversification on stability in banking industry: A systematic literature review. International Journal of Environmental, Sustainability, and Social Science, 3(2), 276-287. https://doi.org/10.38142/ijesss.v3i2.212
Raddatz, C., Seneviratne, D., Vandenbussche, J., Xie, P., & Xu, Y. (2024). The riskiness of credit origins and downside risks to economic activity (No. 2024/072). International Monetary Fund.
Roy, A. D. (1952). Safety first and the holding of assets. Econometrica, 20(3), 431-449. https://doi.org/10.2307/1907413
Saunders, A., Strock, E., & Travlos, N. G. (1990). Ownership structure, deregulation, and bank risk taking. The Journal of Finance, 45(2), 643-654. https://doi.org/10.1111/j.1540-6261.1990.tb03709.x
Setyawati, I., Widyastuti, T., Suryati, A. & Hartani, N. H. (2019). Intellectual capital performance of Islamic banks in Indonesia: Towards competitive advantages. Management Science Letters, 9(12), 1999-2008. https://doi.org/10.5267/j.msl.2019.7.006
Sibindi (2018), Determinants of bank capital structure: Evidence from South Africa. Acta Universitatis Danubius. Œconomica, 14(5), 108-126. https://www.ceeol.com/search/article-detail?id=734094
Tacneng, R. (2015). The impact of minority foreign ownership and controlling shareholder on bank risk and performance: Evidence from an emerging economy. Managerial Finance, 41(5), 526-546. https://doi.org/10.1108/MF-06-2013-0137
Thach, N. N., Tuan, T. A., Linh, N. T. X., & Ngan, H. T. T. (2022). Economic growth in EAGLE emerging economies: Exogenous or endogenous? In N. N. Thach, N., D. T. Ha, N. D. Trung, V. Kreinovich (Eds.), Prediction and Causality in Econometrics and Related Topics (pp. 293-310). Spinger. https://doi.org/10.1007/978-3-030-77094-5_24
Unite, A. A., & Sullivan, M. J. (2003). The effect of foreign entry and ownership structure on the Philippine domestic banking market. Journal of Banking & Finance, 27(12), 2323–2345. https://doi.org/10.1016/S0378-4266(02)00330-8
Van, T. (2023). Tỷ lệ sở hữu của nhà đầu tư nước ngoài tại nhiều ngân hàng đã chạm trần [Foreign ownership ratio in numerous banks has hit the regulatory ceiling]. Tạp chí Kinh tế và Dự báo. https://kinhtevadubao.vn/ty-le-so-huu-cua-nha-dau-tu-nuoc-ngoai-tai-nhieu-ngan-hang-da-cham-tran-25283.html
Vazquez, F., & Federico, P. (2015). Bank funding structures and risk: Evidence from the global financial crisis. Journal of Banking & Finance, 61, 1-14. https://doi.org/10.1016/j.jbankfin.2015.08.023
Vogel, U., & Winkler, A. (2010). Foreign banks and financial stability in emerging markets: Evidence from the global financial crisis (No. 149). Frankfurt School-Working Paper Series. https://hdl.handle.net/10419/39661
Yeyati, E. L., & Micco, A. (2007). Concentration and foreign penetration in Latin American banking sectors: Impact on competition and risk. Journal of Banking & Finance, 31(6), 1633-1647. https://doi.org/10.1016/j.jbankfin.2006.11.003
How to Cite
Nguyen , T. X. L., & Le , T. L. (2025). Does foreign ownership decrease bank risk? Evidence from Vietnam. Journal of Finance - Marketing Research, 3(2), 33-49. https://doi.org/10.52932/jfmr.v3i2e.563