Is Hydrogen a diversifier? Insights from Wavelet Quantile Correlation
Multinational Finance Journal, 2026, vol. 30, no. 1/2, pp. 1-24| https://doi.org/10.5281/zenodo.19108100

Georgios Angelopoulos, Department of Accounting and Finance, University of West Attica, Athens and Bank of Greece, Greece

Dimitrios Dimitriou, Department of Accounting and Finance, University of West Attica, Athens, Greece

Dimitris Kenourgios, Department of Economics and UoA Center for Financial Studies, National and Kapodistrian University of Athens, Athens, Greece

Alexandros Tsioutsios, Department of Economics and UoA Center for Financial Studies, National and Kapodistrian University of Athens, Athens, Greece

Abstract:
This study explores the time and distribution-dependent co-movements between the Global X Hydrogen ETF (i.e., HYDR.O) and a range of traditional market assets, including metals (gold, aluminum, and steel), energy commodities (Brent crude oil and natural gas), and equity benchmarks (S&P 500 and Nasdaq 100). Using the Wavelet Quantile Correlation (WQC), we empirically investigate the dynamic dependence structure between HYDR.O and traditional assets in both the time and frequency domains. Our results reveal that HYDR.O exhibits weak or near-zero correlation (i.e., dependence) on fossil fuel-linked markets, especially natural gas and oil, across all quantiles and wavelet scales. This highlights the distinct behavior of clean energy assets, particularly in periods of market stress or extreme returns, such as Russo-Ukrainian War. In contrast, we observe moderate and stable positive correlation with major equity indices such as the S&P 500 and Nasdaq 100, suggesting that HYDR.O partially inherits the growth characteristics of broader stock markets. ETF’s correlation with steel is weak, and its relationship with gold is stable but mild, highlighting further diversification from industrial or defensive commodities. These findings highlight the unique diversification role of hydrogen-focused ESG investments.

Keywords: Wavelet Quantile Correlation, Hydrogen ETF, Green Investing, Commodity Markets, Time-Frequency Analysis, Portfolio Diversification Theory

Citation (Format 1)
Angelopoulos, Georgios, Dimitrios Dimitriou, Dimitris Kenourgios, and Alexandros Tsioutsios, 2026, Is Hydrogen a diversifier? Insights from Wavelet Quantile Correlation, Multinational Finance Journal, 30 (1/2), 1-24.
Citation (Format 2)
Angelopoulos, G., Dimitriou, D., Kenourgios, D., Tsioutsios, A., 2026. Is Hydrogen a diversifier? Insights from Wavelet Quantile Correlation. Multinational Finance Journal, 30 (1/2), 1-24.

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Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context
Multinational Finance Journal, 2026, vol. 30, no. 1/2, pp. 25–56| https://doi.org/10.5281/zenodo.19574208

Thuy Thanh Nguyen, Academy of Finance, Hanoi, Vietnam

Anh Thi Kieu Phi, Academy of Finance, Hanoi, Vietnam

Abstract:
This study examines the effect of ownership structure on firm value in Vietnam, focusing on CEO ownership, chairman ownership, foreign ownership, and institutional ownership. Using an unbalanced panel of 280 non-financial listed firms with 1,965 firm-year observations from 2017 to 2024, the results show that chairman ownership and institutional ownership exert positive and statistically significant impacts on firm value. CEO ownership has a positive but economically modest effect. Foreign ownership displays an inverted U-shaped relationship with firm value, indicating that its benefits are strongest at low to moderate levels and decline beyond an optimal threshold. The study makes several contributions. First, it simultaneously evaluates four ownership components within a unified empirical framework, whereas prior research typically investigates them separately. Second, it adds to the literature by documenting a nonlinear effect of foreign ownership on firm value, an underexplored dimension in emerging markets. Overall, the findings offer relevant implications for policymakers, firms, and investors.

Keywords: Ownership structure, CEO ownership, Chairman ownership, Foreign ownership, Institutional ownership, Firm value

Citation (Format 1)
Nguyen, Thuy Thanh, and Anh Thi Kieu Phi, 2026, Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context, Multinational Finance Journal, 30 (1/2), 25–56.
Citation (Format 2)
Nguyen, T. T., Phi, A. T. K., 2026. Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context. Multinational Finance Journal, 30 (1/2), 25–56.