Purpose This paper provides an alternative view of central bank digital currency (CBDC) adoption by addressing the critical gap between intention and implementation behavior. Moving beyond the standard focus on predicting user intention, we theorize and test two novel moderators, namely dispositional resistance to change (RTC) and socio-political perceptions of Global Brand Presence (GBP), as key factors explaining the transition from a general intention to the formulation of implementation plans in Vietnam. Design/methodology/approach Following an initial instrument development stage involving focus groups and expert validation, a large-scale survey was administered to consumers in Vietnam, yielding 1,547 valid responses after a rigorous data cleaning process. The conceptual model, grounded in an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework, was analyzed using partial least squares structural equation modeling (PLS-SEM). Findings We find that: (1) GBP acts as a significant negative moderator, weakening the link between a consumer’s adoption intention and their subsequent implementation behavior; (2) RTC, in contrast, was not a significant moderator in this context, a finding likely attributable to the young, digitally-native sample; (3) These moderating effects were tested within a robust foundational model where consumer trust and perceived benefits were confirmed as strong predictors of behavioral intention. Practical implications The findings provide actionable guidance for central banks. Beyond building foundational trust and articulating clear user benefits, monetary authorities must manage the communication around international partnerships to mitigate socio-political risks and sovereignty concerns. A targeted, phased rollout may also be more effective than a universal launch. Originality/value This study’s novelty is threefold: (1) it introduces a more precise “intention-implementation” gap to the pre-adoption CBDC context; (2) it is the first to empirically validate the negative moderating role of GBP, challenging conventional branding theory in a sovereign context and (3) it offers a data-driven explanation for the contextual nature of RTC.

Purpose This study examines and explains the two-phase mechanisms through which investor negativity derived from news affects firm distress, drawing on prospect theory, bounded rationality and regret theory. Design/methodology/approach We apply prompt-based large language models (LLMs) to over 80,000 Vietnamese-language news articles to measure firm-level negativity sentiment. To test the proposed inverted U-shaped effect, we used ordered probit and logit regressions, which not only match the ordinal structure of distress levels but also enable the identification of threshold turning points in the sentiment–distress relationship. The sample included 80 listed Vietnamese firms that experienced and recovered from at least one distress episode between 2010 and 2022, ensuring sensitivity across distress intensities. Findings The results provide reliable empirical evidence for our proposed hypothesis: negative sentiment independently and nonlinearly influences distress outcomes. This is an inverted U-shaped relationship between negativity and firm distress. Research limitations/implications This study focused only on a tight, specific sample, which included only Vietnamese-listed non-financial firms that have operated continuously from 2008 until now and have experienced at least one instance of distress. Future research can be extended to a larger number of firms in other emerging economies. Practical implications Risk management should take into account the investor sentiment derived from news in their risk analysis and distress prediction models to enhance predictive accuracy. Originality/value This study integrates loss aversion and regret theories to demonstrate novel nonlinear dynamics linking negativity sentiment to firm distress, advancing our understanding of how behavioral responses evolve across different sentiment intensities.

Purpose This study examines whether and how having government connections is associated with small businesses' innovation. In addition, the authors attempt to explore the moderating impacts of country-level corruption and bank market power on the association between government connections and innovation. Design/methodology/approach Throughout the study, we employ the probit regression technique with industry and time fixed effects on a sample of 103,883 observations from 122 countries between 2011 and 2022. Findings On average, firms with government connections are more likely to introduce innovative activities, whereby this positive association is robust to various tests using alternative estimation methods, different indicators and sample selection criteria. Furthermore, firms with government connections tend to invest more in R&D and have greater financial access than those without such connections. Importantly, the impact of government connections on innovative activities tends to be stronger in countries with higher bank market power. Originality/value This study is the first that hypothesizes and tests the potential moderating effects of country corruption and bank market power on the government connections–innovation nexus. Thus, we contribute to the literature by specifying when government connections may lead to innovation. Moreover, this study enhances the existing literature by utilizing a large, cross-country sample including small businesses, which are often overlooked. In addition, we validate the channels linking government connections and innovative activities.

Purpose This paper aims to quantify the impact of the COVID-19 pandemic on bilateral trade flows among 10 ASEAN countries from January 2020 to December 2022. It also evaluates the effectiveness of government policy responses and the moderating role of regional trade agreements (RTAs) in alleviating trade disruption. Design/methodology/approach Using monthly bilateral trade panel data, we employ the pseudo-Poisson maximum likelihood (PPML) estimator to estimate a gravity model of trade. The analysis incorporates COVID-19 severity, four distinct government response indices and interaction terms with RTAs to identify their effects on trade flows. Findings The results indicate that the COVID-19 pandemic significantly reduced trade flows among ASEAN nations. However, economic support measures exhibited a positive and significant moderating effect on trade, in contrast to other more restrictive responses. Furthermore, regional trade agreements were found to consistently enhance trade value and to strengthen the positive effects of economic support while mitigating the adverse impacts of containment policies. This suggests that RTAs not only promote trade but also serve as institutional buffers during global crises. Research limitations/implications The analysis focuses on bilateral trade flows, potentially overlooking broader multilateral dynamics. Additionally, variations in the scope and enforcement of government policies across countries may not be fully captured due to data constraints. Originality/value This study provides empirical evidence on how targeted economic support and regional integration via RTAs can sustain trade during global shocks like COVID-19. It contributes to the literature by demonstrating the synergistic role of RTAs in amplifying the effectiveness of national policy responses and offering practical insights for enhancing economic resilience in emerging economies.

Purpose This study explores the impact of financial inclusion and globalization on renewable energy consumption in Sub-Saharan Africa (SSA). Given the urgent need for sustainable energy solutions in the face of climate change, the research investigates how economic integration, social exchanges, political cooperation and improved financial services contribute to the adoption of renewable energy sources in the region. Design/methodology/approach The study utilizes a comprehensive dataset spanning from 1995 to 2022, employing a two-step system GMM to rigorously analyze the relationships. Both aggregated measures (overall financial inclusion and globalization indices) and disaggregated components (economic, social and political globalization; financial access, usage and quality) are examined to provide a nuanced understanding of the factors driving renewable energy consumption. Findings The analysis reveals a robust and significant positive relationship between renewable energy consumption and the indices of financial inclusion and globalization. Economic globalization enhances renewable energy adoption by facilitating trade and investment flows. Social globalization promotes knowledge transfer and cultural exchanges that support renewable energy technologies. Political globalization fosters international cooperation and policy alignment, which are crucial for renewable energy initiatives. Financial inclusion, through improved access, usage and quality of financial services, directly supports investments in renewable energy infrastructure and projects. Practical implications The findings underscore the need for Sub-Saharan African governments to implement policies that reduce trade barriers to facilitate the import of renewable energy technologies and attract foreign direct investment. Encouraging technology transfer and educational exchanges will build local expertise and capacity in renewable energy. Enhancing the accessibility, usage and quality of financial services through regulatory reforms and digital financial innovations will enable greater investment in renewable energy projects. Originality/value This study contributes to the existing literature by integrating Sustainable Development Theory and Diffusion of Innovation Theory to explain renewable energy adoption in SSA. It is among the first to empirically examine the combined and disaggregated effects of financial inclusion and globalization. The findings provide new theoretical insights and fill a significant empirical gap by demonstrating how local financial systems and global flows of technology and information can together foster a transition toward renewable energy in developing economies.

Purpose This research was conducted to investigate the financial restructuring decisions of firms in an emerging country when encountering distress in different corporate life cycles. Design/methodology/approach Logistic regression and the KMV Merton model on STATA17 are employed on 645 listed firms on the Ho Chi Minh (HoSE) and Hanoi Stock Exchange (HNX) collected from FiinProX. Findings Firms in an emerging country, when encountering financial distress, are more likely to use dividend restructuring rather than the debt and equity strategies. However, at the birth stage, when encountering the distress, they were found to resort to lower dividend payouts to keep business in operation. Practical implications The findings suggest that managers should consider the impact of the business lifecycle in making decisions for any scenario, while authorities are encouraged to upgrade legal corridors for dissolution procedures, creating opportunities for firms in some specific life stages. Originality/value The study contributes to firm restructuring and corporate-life-cycle theory in emerging markets. Different from previous research, this study theorized and found evidence that firms might follow different rather than common restructuring strategies at different stages of their life cycles when faced with financial distress.

Purpose Our study aims to provide insights into the potential effect of investor protection on stock performance in terms of stock returns and volatility. Design/methodology/approach Based on a sample of 38,916 firms across 39 countries for the period from 2010 to 2019, the Antidirector Right Index (i.e. ADRI) – a proxy for investor protection that rates the degree of legal protection offered to minority shareholders from insiders’ expropriation – is regressed on the two stock performance measures, including stock returns and volatility. Findings This paper demonstrates that a higher level of investor protection minimizes stock return fluctuations and lowers the return rate. Besides, this negative association is less pronounced for firms located in countries with better institutional environment and for firms with better information environment. Research limitations/implications The outcomes imply that greater investor rights protection prevents managers and controlling stockholders from covering up bad company performance, thus reducing the problems of information asymmetry and expropriation. Firms in well-protected environment are more likely to focus on stability, long-term growth and efficient capital allocation rather than taking risks. It enriches the agency theory by implying that less agency conflict results in less risk-taking but might also diminish the expected returns as a trade-off. Originality/value The study expands agency theory by highlighting a risk–return trade-off induced by stronger investor protection. Besides, it contributes to institutional theory by showing how institutional and informational environment condition the effects of investor protection on stock performance.

PurposeThis study examines the impact of the national innovation system (NIS) on corporate investment efficiency in Vietnam, an emerging socialist country where innovation is central to the national development plan.Design/methodology/approachThe study employs a sample of Vietnamese listed firms on the Ho Chi Minh Stock Exchange and Hanoi Stock Exchange from 2012 to 2022. The research models are estimated by fixed-effect estimators, while two-stage least-squares with instrumental variables and entropy balancing methods are used to address the endogeneity issues in the research design.FindingsWe find that firms’ investment efficiency increases with the advancement of the NIS, and this impact is attributed to the input measures of national innovation. This finding is robust to different model specifications and endogeneity tests. Additional analysis shows that the private sector improves investment efficiency to a greater extent than state-owned firms.Research limitations/implicationsThe findings from this research imply a successful approach to corporate development executed by the government and encourage the continuation of the current plan with strategic modifications to further promote Vietnamese firms’ corporate investment efficiency and nurture the growth of the private sector, the engine of the Vietnam economy.Originality/valueThis is the first study to examine the impact of the NIS on corporate investment efficiency, particularly in Vietnam. Secondly, this study delves into a unique structure of the Vietnamese economy through the state ownership lens and points out the heterogeneous impact of NIS on investment efficiency between firms in the private and public sectors.

PurposeThis study examines how financial leverage and cash flow influence the relationship between audit quality and real earnings management.Design/methodology/approachWe analyze data from 499 non-financial firms listed on the Vietnam stock market between 2008 and 2023. The study uses the Roychowdhury (2006) model to assess real earnings management and applies OLS, FEM, and GLS regressions.FindingsThe results indicate that audit quality influences real earnings management differently depending on a firm’s financial condition. Specifically, higher audit quality is associated with lower levels of real earnings management in firms with sufficiently low financial leverage and sufficiently high operating cash flows. However, audit quality is positively related to real earnings management for firms with sufficiently high leverage and sufficiently low or negative cash flows.Originality/valueThis study offers a new insight into the impact of audit quality on real earnings management. Contributing to the agency theory, this study emphasizes the critical role of the firm’s financial condition in shaping the relationship. This study argues that a firm’s internal financial condition may affect its outside monitoring effectiveness, such as audit quality, in limiting the inherent conflicts of interest between managers and shareholders.

PurposeThis paper investigates the influence of geopolitical risks on the dynamic spillover of monetary policies among the United States, Canada, Australia, New Zealand, Japan and Switzerland from 1995 to 2023.Design/methodology/approachThe time-varying parameter vector autoregressive (TVP-VAR) method is used to investigate the dynamic interconnectedness of monetary policy across the six countries. In addition, ordinary least squares (OLS) regression is applied to assess the influence of geopolitical risk on the transmission of international monetary policies, particularly before and after the COVID-19 pandemic.FindingsOur study shows a moderate interdependence between the monetary policies of the examined countries. In the network, the monetary policies of the United States, Japan and Australia are transmitters, while Canada, New Zealand and Switzerland are receivers. In addition, geopolitical risks positively impact monetary policy. However, these impacts have turned negative in the post-COVID-19 period.Research limitations/implicationsThese results suggest that policymakers should account for the spillover of monetary policies from other economies during the policy implementation process.Practical implicationsThese findings may guide monetary policymakers in considering rising geopolitical risks.Originality/valueThis study enhances the theoretical understanding of monetary policy spillovers by illustrating the transmitting roles of major economies within a global network. Moreover, while existing research often examines monetary policy as an isolated phenomenon, this study demonstrates how such risks influence cross-country monetary policy spillovers differently between the pre- and post-COVID-19 periods. Thus, this study improves our understanding of monetary policy adaptability in a globalized world.