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Abstract
This study examines the impact of technology investment on the market value of Vietnamese commercial banks and investigates the moderating role of bank size in this relationship. Using panel data from 26 Vietnamese commercial banks over the period 2015-2024, the study estimates a fixed-effects model with Driscoll-Kraay robust standard errors to control for the effects of heteroskedasticity, autocorrelation, and cross-sectional dependence. The findings indicate that technology investment has a positive effect on bank market value, as measured by Tobin’s q. However, bank size negatively moderates this relationship, implying that the marginal benefit of technology investment for market value tends to decline as bank size increases. These findings suggest that commercial banks should adopt technology investment strategies that are aligned with their scale, organizational capabilities, and readiness to absorb technology in order to optimize market value.
Keywords: Bank size; Commercial banks; Market value; Technology investment.