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Factors Affecting Stock Price Volatility in Vietnam’s Oil and Gas Industry in the Period of Pre-COVID-19 and COVID-19

In: Contemporary Economic Issues in Asian Countries: Proceeding of CEIAC 2022, Volume 2

Author

Listed:
  • Lai Cao Mai Phuong

    (Industrial University of Ho Chi Minh City)

Abstract

This article studies the factors affecting the stock price volatility of the oil and gas industry in Vietnam during the period of Pre-COVID-19 and COVID-19. The dataset is collected quarterly, from 2018Q1 to 2021Q4 separated into two equal periods, including crude oil price, financial factors, and macro-factors. The period Pre-COVID-19 (the disease has not yet appeared) and the period of COVID-19 start from the time when the first COVID-19 case is detected in Vietnam until the end of 2021. The results from the GMM method show that the factors affecting the stock price volatility of the oil and gas industry are different between the two periods, in which, stock price volatility in the period of Pre-COVID-19 was affected by crude oil prices, economic growth, and stock price fluctuations in the previous period. Company size and inflation rate affect the stock price volatility of the oil and gas industry during the COVID-19 period. Unlike previous studies, this study shows that a higher inflation rate during the COVID-19 period resulted in lower volatility in oil and gas stock prices. It implies that people have confidence in the Vietnamese government’s strategy to combat the COVID-19 pandemic. Therefore, an increase in inflation during the COVID-19 period based on lower inflation than in the pre-pandemic period will reduce the risk of stock prices.

Suggested Citation

  • Lai Cao Mai Phuong, 2023. "Factors Affecting Stock Price Volatility in Vietnam’s Oil and Gas Industry in the Period of Pre-COVID-19 and COVID-19," Springer Books, in: An Thinh Nguyen & Thu Thuy Pham & Joon Song & Yen-Ling Lin & Manh Cuong Dong (ed.), Contemporary Economic Issues in Asian Countries: Proceeding of CEIAC 2022, Volume 2, pages 63-78, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-0490-7_6
    DOI: 10.1007/978-981-99-0490-7_6
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