Macroeconomic Uncertainty and Cash Holdings of Top 50 Listed Firms in Vietnam Stock Exchange
Bibliographic record
Abstract
This study investigates the impact of macroeconomic uncertainty on cash holdings of top 50 listed firms in Vietnam Stock Exchange.The average of natural logarithm of inflation rate, change in exchange rate, deficit to GNP, and external debt to GNP ratio is used for macroeconomic uncertainty while the ratio of cash and cash equivalent to total assets measures firm cash holdings.Using a dataset of 300 observations from top 50 listed firms in both Ho Chi Minh City Stock Exchange and Hanoi stock Exchange from 2013-2018, the paper employs the basic quantitative methods of Pooled Ordinary Least Squared, Fxed effects model, and Random effects model for analysis.The results indicate that higher macroeconomic uncertainty may lead to higher cash holdings of listed firms in Vietnam Stock Exchange.Some other determinants of firm cash holdings can be named as firm size, the ratio of market and booked value of firm, cash flow, net working capital, firm investment, leverage, and firm dividend.One macroeconomic indicator (the growth rate of money supply) is also found to have positive impacts of cash holdings of firms in Vietnam Stock Exchange.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.002 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".