Abstract
From an investor’s perspective, this study examines the impact of geopolitical risk (GPR) on stock returns in Vietnam, an emerging market characterized by high sensitivity to global shocks. Using monthly data for all listed companies between January 2010 and December 2023, we employ a panel fixed effects model as the primary specification to control for unobserved firm heterogeneity. The results reveal a statistically significant negative relationship between GPR and stock returns, indicating that geopolitical uncertainty erodes investor confidence and market performance. Consistent with the risk–return trade-off, firms more sensitive to GPR (higher GPR
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