Liquidity management has become a pressing concern for real estate firms in Vietnam, especially amid recent challenges such as credit tightening, rising interest rates, and macroeconomic uncertainty. The real estate sector, being highly capital-intensive and exposed to long project cycles, is particularly vulnerable to liquidity risk. While previous studies have extensively examined financial and macroeconomic factors affecting liquidity, little attention has been paid to the role of corporate culture - an intangible yet critical determinant of financial behavior and sustainability. Grounded in corporate governance and behavioral finance theories, this study investigates the impact of corporate culture on the liquidity of listed real estate enterprises in Vietnam. The Board Ownership (BO) ratio is employed as a proxy for corporate culture, while the Cash Flow ratio (LC) is used to measure liquidity. The research analyzes panel data from 49 listed real estate firms between 2014 and 2023 using a multivariate regression model. The empirical findings show that BO has a statistically significant positive effect on liquidity, suggesting that firms with stronger ownership alignment adopt more cautious and effective liquidity strategies. In addition, profitability (ROE) and economic growth (GDP) enhance liquidity, whereas a longer average collection period (RE) weakens it. These insights contribute to the understanding of non-financial determinants of liquidity and offer practical implications for corporate managers, investors, and policymakers.
| Published in | Journal of Public Policy and Administration (Volume 9, Issue 2) |
| DOI | 10.11648/j.jppa.20250902.15 |
| Page(s) | 100-110 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2025. Published by Science Publishing Group |
Liquidity, Corporate Culture, Listed Real Estate Enterprises
| [1] | Altaf, N. & Shah, F. (2017), “Working capital management, firm performance and financial constraints: Empirical evidence from India”, Asia-Pacific Journal of Business Administration, 9(3), pp. 206-219, |
| [2] | Baum, C. F., Schäfer, D., & Talavera, O. (2011), “The impact of the financial system's structure on firms' financial constraints”, Journal of International Money and Finance, 30(4), 678-691. |
| [3] | Beck, T., Demirgüç-Kunt, A., & Levine, R. (2000), “A new database on financial development and structure”, World Bank Economic Review, 14(3), 597-605. |
| [4] | Bekaert, G., & Harvey, C. R. (1997), “Emerging equity market volatility”, Journal of Financial Economics, 43(1), 29-77. |
| [5] | Boyd, J. H., Levine, R., & Smith, B. D. (2001), “The impact of inflation on financial sector performance”, Journal of Monetary Economics, 47(2), 221-248. |
| [6] | Dechow, P. M., & Dichev, I. D. (2002), “The quality of accruals and earnings: The role of accrual estimation errors”, The Accounting Review, 77(s-1), 35-59. |
| [7] | Demirgüç-Kunt, A., & Maksimovic, V. (1998), Law, finance, and firm growth. Available at SSRN: |
| [8] | Deloof, M. (2003), “Does working capital management affect profitability of Belgian firms?”, Journal of Business Finance & Accounting, 30(3-4), 573-588. |
| [9] | Fahlenbrach, R., & Stulz, R. M. (2009), “Managerial ownership dynamics and firm value”, Journal of Financial Economics, 92(3), 342-361. |
| [10] | Ferreira, M. A., & Vilela, A. S. (2004), “Why do firms hold cash? Evidence from EMU countries”, European Financial Management, 10(2), 295-319. |
| [11] | Fisher, I. (1930), The theory of interest: As determined by impatience to spend income and opportunity to invest it, New York: Macmillan. |
| [12] | Gill, A., Biger, N., & Mathur, N. (2010), “The relationship between working capital management and profitability: Evidence from the United States”, Business and Economics Journal, 2010, 1-9. |
| [13] | Gill, A., & Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70-79. |
| [14] | Guiso, L., Sapienza, P., & Zingales, L. (2015). The value of corporate culture. Journal of Financial Economics, 117(1), 60-76. |
| [15] | Jensen, M. C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers”, The American Economic Review, 76(2), 323-329. |
| [16] | Jensen, M. C., & Meckling, W. H. (1976), “Theory of the firm: Managerial behavior, agency costs, and ownership structure”, Journal of Financial Economics, 3(4), 305-360. |
| [17] | Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis, 33(3), 335-359. |
| [18] | Lazaridis, I., & Tryfonidis, D. (2006), “Relationship between working capital management and profitability of listed companies in the Athens Stock Exchange”, Journal of Financial Management and Analysis, 19(1), 26-35. |
| [19] | Levine, R., & Zervos, S. (1998), “Stock markets, banks, and economic growth”, American Economic Review, 88(3), 537-558. |
| [20] | Lins, K. V., Servaes, H., & Tamayo, A. (2017), “Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis”, The Journal of Finance, 72(4), 1785-1824. |
| [21] | Modigliani, F., & Miller, M. H. (1958), “The cost of capital, corporation finance and the theory of investment”, The American Economic Review, 48(3), 261-297. |
| [22] | Myers, S. C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, 5(2), 147-175. |
| [23] | Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999), “The determinants and implications of corporate cash holdings”, Journal of Financial Economics, 52(1), 3-46. |
| [24] | Rajan, R. G., & Zingales, L. (1995), “What do we know about capital structure? Some evidence from international data”, The Journal of Finance, 50(5), 1421-1460. |
| [25] | Thái Văn Đại & Trần Việt Thanh Trúc (2018), “An Evaluation of Factors Affecting the Liquidity Ratio of Vietnamese Commercial Banks”, Journal of Economics & Development, 249, 20–29. |
| [26] | Trần Mạnh Dũng & Nguyễn Nam Tài (2018), “Factors Affecting the Solvency of Listed Food Processing Companies on the Vietnamese Stock Market”, Journal of Banking Science and Training, Issue 196, September 2018. |
| [27] | Trần Thị Thu Huyền & Đào Thị Thu Hà (2024), “Study on Factors Affecting the Solvency of Listed Real Estate Enterprises on the Vietnamese Stock Market”, Journal of Science and Technology, Vol. 60, No. 2 (02/2024) |
APA Style
Thai, H. T., Nguyen, D. D., Bach, H. T., Nguyen, H. T., Vo, A. D. (2025). Corporate Culture - The Key to Liquidity of Listed Real Estate Enterprises in Vietnam. Journal of Public Policy and Administration, 9(2), 100-110. https://doi.org/10.11648/j.jppa.20250902.15
ACS Style
Thai, H. T.; Nguyen, D. D.; Bach, H. T.; Nguyen, H. T.; Vo, A. D. Corporate Culture - The Key to Liquidity of Listed Real Estate Enterprises in Vietnam. J. Public Policy Adm. 2025, 9(2), 100-110. doi: 10.11648/j.jppa.20250902.15
Share This Article
Twitter
Linked In
Facebook
Copy
Download@article{10.11648/j.jppa.20250902.15,
author = {Huyen Thi Thai and Duc Danh Nguyen and Hang Thi Bach and Hieu Trong Nguyen and Anh Duy Vo},
title = {Corporate Culture - The Key to Liquidity of Listed Real Estate Enterprises in Vietnam
},
journal = {Journal of Public Policy and Administration},
volume = {9},
number = {2},
pages = {100-110},
doi = {10.11648/j.jppa.20250902.15},
url = {https://doi.org/10.11648/j.jppa.20250902.15},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jppa.20250902.15},
abstract = {Liquidity management has become a pressing concern for real estate firms in Vietnam, especially amid recent challenges such as credit tightening, rising interest rates, and macroeconomic uncertainty. The real estate sector, being highly capital-intensive and exposed to long project cycles, is particularly vulnerable to liquidity risk. While previous studies have extensively examined financial and macroeconomic factors affecting liquidity, little attention has been paid to the role of corporate culture - an intangible yet critical determinant of financial behavior and sustainability. Grounded in corporate governance and behavioral finance theories, this study investigates the impact of corporate culture on the liquidity of listed real estate enterprises in Vietnam. The Board Ownership (BO) ratio is employed as a proxy for corporate culture, while the Cash Flow ratio (LC) is used to measure liquidity. The research analyzes panel data from 49 listed real estate firms between 2014 and 2023 using a multivariate regression model. The empirical findings show that BO has a statistically significant positive effect on liquidity, suggesting that firms with stronger ownership alignment adopt more cautious and effective liquidity strategies. In addition, profitability (ROE) and economic growth (GDP) enhance liquidity, whereas a longer average collection period (RE) weakens it. These insights contribute to the understanding of non-financial determinants of liquidity and offer practical implications for corporate managers, investors, and policymakers.
},
year = {2025}
}
TY - JOUR T1 - Corporate Culture - The Key to Liquidity of Listed Real Estate Enterprises in Vietnam AU - Huyen Thi Thai AU - Duc Danh Nguyen AU - Hang Thi Bach AU - Hieu Trong Nguyen AU - Anh Duy Vo Y1 - 2025/05/19 PY - 2025 N1 - https://doi.org/10.11648/j.jppa.20250902.15 DO - 10.11648/j.jppa.20250902.15 T2 - Journal of Public Policy and Administration JF - Journal of Public Policy and Administration JO - Journal of Public Policy and Administration SP - 100 EP - 110 PB - Science Publishing Group SN - 2640-2696 UR - https://doi.org/10.11648/j.jppa.20250902.15 AB - Liquidity management has become a pressing concern for real estate firms in Vietnam, especially amid recent challenges such as credit tightening, rising interest rates, and macroeconomic uncertainty. The real estate sector, being highly capital-intensive and exposed to long project cycles, is particularly vulnerable to liquidity risk. While previous studies have extensively examined financial and macroeconomic factors affecting liquidity, little attention has been paid to the role of corporate culture - an intangible yet critical determinant of financial behavior and sustainability. Grounded in corporate governance and behavioral finance theories, this study investigates the impact of corporate culture on the liquidity of listed real estate enterprises in Vietnam. The Board Ownership (BO) ratio is employed as a proxy for corporate culture, while the Cash Flow ratio (LC) is used to measure liquidity. The research analyzes panel data from 49 listed real estate firms between 2014 and 2023 using a multivariate regression model. The empirical findings show that BO has a statistically significant positive effect on liquidity, suggesting that firms with stronger ownership alignment adopt more cautious and effective liquidity strategies. In addition, profitability (ROE) and economic growth (GDP) enhance liquidity, whereas a longer average collection period (RE) weakens it. These insights contribute to the understanding of non-financial determinants of liquidity and offer practical implications for corporate managers, investors, and policymakers. VL - 9 IS - 2 ER -
Faculty of Finance and Banking, Vinh University, Vinh City, Vietnam
Faculty of Finance and Banking, Vinh University, Vinh City, Vietnam
Faculty of Finance and Banking, Vinh University, Vinh City, Vietnam
Faculty of Finance and Banking, Vinh University, Vinh City, Vietnam
Faculty of Finance and Banking, Vinh University, Vinh City, Vietnam
Information