Companies In Vietnam Research Articles

Ứng dụng phương pháp học máy dự báo mức độ căng thẳng tài chính của doanh nghiệp niêm yết tại Việt Nam

This study utilizes the traditional statistical method and machine learning methods to forecast the level of financial distress of listed companies in Vietnam. The data used in the study was collected from 646 listed companies on the HOSE and HNX exchanges during the period from 2012 to 2022. The study experiments with the dataset on 6 machine learning models: Multiple Regression Model (MRL), LASSO, Generalized Additive Model (GAM), Random Forests (RF), Gradient Boosting Regression Trees (GBRT), and a single layer, feed forward neural network (NN), as well as the traditional statistical method. The research results demonstrate a congruence between the outcomes of the traditional method and modern machine learning models. Among these, the model with the highest accuracy is Random Forest (RF) with an accuracy rate of 98.8%. The variables that most influence the financial distress status of companies are TANG, ROA, LTD, NPM. Based on these results, our study proposes recommendations to support informed and effective financial decisions for stakeholders (companies, regulatory agencies, shareholders, creditors, investors).

The impact of environmental, social and governance disclosure on stock prices: Empirical research in Vietnam

The aims of this research is to evaluate the impact of Environmental, Social and Governance (ESG) information disclosure (using both financial and non-financial information) on stock prices of businesses in Vietnam; From there, propose recommendations to promote transparent practices and information disclosure about ESG of businesses related activities; Contribute to developing sustainable investment goals in businesses, and the financial market in general. Based on the (Ohlson, 1995) [40] valuation model, and developed by Barth and Clinch (2009) [41] the research was conducted empirically in 30 listed companies in Vietnam in the period 2019–2022. Research results based on the GLS method show that ESG positively impacts stock prices. Additionally, this paper conducted an in-depth analysis of each individual pillar and found that the environmental pillar was considered the most meaningful to market participants. However, the correlation between ESG and stock prices is weakened for environmentally sensitive businesses. This study also makes a valuable contribution to the current literature on non-financial information reporting by using manually collected data and investigating the effects of ESG reporting on market participants in the public system voluntary information disclosure system of an emerging market like Vietnam.

Studying the Impact of Selected Listing on NASDAQ Stock Exchange on Enterprise Profits: Forecasting the Case of VinFast Manufacturing and Trading Company Limited

Initial Public Offering (IPO) is considered a strategic decision of utmost importance for every business, especially companies that wish to list on the stock exchange. international. Using the Wilcoxon non-parametric test method, the study shows that IPO activities have a positive impact on the profits of businesses listed on the NASDAQ Global Select Market stock exchange in general and of VinFast in particular. At the same time, the author had proposed a number of solutions to increase the number of companies in Vietnam conducting IPOs on the international stock market as well as policies to help increase the profits enterprises listed on the international stock market of listed businesses.

How organizational citizenship behaviors promote job performance: evidence from the aviation industry

In the 21st century, the working environment is changing rapidly, and competition is fierce. In industries such as airlines, it is crucial to identify the factors that drive employee performance. This study aims to determine the elements of organizational citizenship behaviors (OCBs) that have an impact on work performance. A mixed research method was employed for the study, which collected survey data from 195 employees of ground service companies in Vietnam, including Saigon Ground Service Company (Sags), Vietnam Airport Ground Service Company (Viags), and Hanoi Ground Service Joint Stock Company (Hgs). The results revealed that five factors of OCBs affect job performance, ranked in descending order: (1) Voice-speaking up about concerns, (2) civic virtue, (3) conscientiousness, (4) courtesy, and (5) altruism. The study also proposed some implications for managers of ground service companies to enhance their employees’ job performance.

INNOVATION LEADERSHIP AND WORKPLACE INNOVATIVE BEHAVIOUR: AN EXPERIMENTAL INVESTIGATION OF LEADERSHIP DYNAMICS AMONG IT ENGINEERS IN VIETNAM

In recent decades, the economic context and competitiveness have required the development of new competencies and skills at all levels of management. The purpose of this study was to determine the level of development of engagement and knowledge sharing perceived by a group of employees and to assess their relationship to leadership and innovative behaviour. This was an experimental-type, intergroup comparison study that described how work engagement, knowledge sharing, leadership, and innovation behaviour of a group of 395 engineers at an IT company in Vietnam were manifested. The Innovation Leadership Scale (ILS-16) and the Workplace Innovation Behaviour Scale (WIB) were used to design this study. The results of this study could be an important contribution to the development of leadership empowerment programs and innovative work behaviour. Prospects for future research are to analyse other variables related to leadership and innovation behaviour, such as, for example, communication, to stimulate innovative behaviour of IT engineers, and to build a multiple regression model of such a relationship.

Female directors and cash holdings: The case of Vietnam

This study investigates the impact of gender equality on corporate cash reserves, focusing on the roles women occupy on corporate boards. Using data from 325 publicly listed companies in Vietnam between 2020 and 2022, the research employs various statistical models, including ordinary least squares (OLS), fixed-effect model (FEM), random-effect model (REM), and Feasible Generalized Least Squares (FGLS), to address heteroscedasticity. The findings reveal that the presence of female directors on corporate boards is significantly associated with lower cash reserves, suggesting that gender diversity influences cash management practices. This study contributes to the literature by highlighting the role of female directors in enhancing a firm's financial flexibility. It underscores the importance of creating an equitable workplace for female employees and provides insights into the benefits of gender diversity in corporate governance. The research specifically examines the Vietnamese context, reflecting the global trend towards gender diversity in corporate leadership. Regression analysis shows a significant negative relationship between the proportion of female CFOs and cash holdings, indicating that firms with more female CFOs tend to hold less cash. These findings have important implications for policymakers, investors, and corporate leaders by demonstrating the potential of female directors to shape financial policies and reduce risks associated with representative issues.

Determinants of business performance of listed information technology companies in Vietnam

The information technology (IT) industry is rapidly growing and playing a significant role in modern society, impacting almost every aspect of life. The operations of IT businesses have been increasing and developing rapidly in recent years. For a business to achieve sustainable development, its production and business activities must be as efficient as possible. This paper aims to determine the impact of various factors on business performance based on data collected from the financial reports of 14 listed IT companies on the Vietnamese stock market from 2019 to 2023. The paper employs a regression model using Stata17 software, and the results show that two factors, Capital structure and Age of the company, have a significant impact on business performance; while two other factors, Fixed asset investment and Liquidity, have no significant impact on business performance. Based on the research findings, the authors provide several recommendations to help IT companies improve their business performance.

Corporate financial distress prediction in a transition economy

AbstractForecasting financial distress of corporations is a difficult task in economies undergoing transition, as data are scarce and are highly imbalanced. This research tackles these difficulties by gathering reliable financial distress data in the context of a transition economy and employing the synthetic minority oversampling technique (SMOTE). The study employs seven different models, including linear discriminant analysis (LDA), logistic regression (LR), support vector machines (SVMs), neural networks (NNs), decision trees (DTs), random forests (RFs), and the Merton model, to predict financial distress among publicly traded companies in Vietnam between 2011 and 2021. The first six models use accounting‐based variables, while the Merton model utilizes market‐based variables. The findings indicate that while all models perform fairly well in predicting results for nondelisted firms, they perform somewhat poorly in predicting results for delisted firms in terms of various measures including balanced accuracy, Matthews correlation coefficient (MCC), precision, recall, and score. The study shows that the models that incorporate both Altman's and Ohlson's variables consistently outperform those that only use Altman's or Ohlson's variables in terms of balanced accuracy. Additionally, the study finds that NNs are generally the most effective models in terms of both balanced accuracy and MCC. The most important variable in Altman's variables as well as the combination of Altman's and Ohlson's variables is “reat” (retained earnings on total assets), whereas “ltat” (total liabilities on total assets) and “wcapat” (working capital on total assets) are the most important variables in Ohlson's variables. The study also reveals that in most cases, the models perform better in predicting results for big firms than for small firms and typically better than in good years than for bad years.

Study of factors influencing the organizational commitment of Generation Z working in the IT sector of Vietnam

This study aims to advance understanding of the factors affecting Generation Z employee commitment in the workplace of the information and technology (IT) companies in Vietnam. A survey of 450 Generation Z employees in IT companies shows that company remuneration, reward and welfare, work environment, colleagues, direct manager, promotion, job characteristics, green initiatives are positively related to Generation Z organizational commitment. More specifically, work environment and direct manager have the highest effect on Generation Z employee commitment to organization while promotion and colleagues have the lowest effect on Generation Z employee commitment to organization. Research results also revealed that green initiatives of the organization have significant effect on Generation Z employee commitment in companies. This finding suggests that including green initiatives in corporate strategy is a valuable approach for improving Generation Z employee commitment to organization. We discuss the implications for theory, practice, limitations, and directions for future research.

The impact of board size, ownership structure and characteristics of the supervisory board on the financial performance of listed companies in Vietnam

This study focuses on examining the influence of board size, ownership structure and characteristics of the supervisory board on the financial performance of companies listed on the Vietnam stock market. Using the fixed-effects regression model (FEM) and the random-effects model (REM) with panel data from 2017 to 2021, the research results have shown: (i) ownership (share ownership ratio of major shareholders are state, foreign investors, domestic private investors, members of the board of directors) have a positive influence on financial performance, (ii) board size has a negative effect on the financial performance, and (iii) characteristics of the supervisory board has a positive effect on the financial performance of companies listed on the Vietnam stock market. Based on the research results, the authors propose several key policy recommendations to enhance the financial performance of listed companies on the Vietnam stock market.

Improving processing efficiency through workflow process reengineering, simulation and value stream mapping: a case study of business process reengineering

PurposeBusiness Process Reengineering (BPR) eliminates non-value-added (NVA) and essential non-value-added (ENVA) waste through radical process redesign to improve organizational operations. Comprehensive research integrating BPR tools is needed to understand their benefits for manufacturing firms. This research presents an integrated BPR-simulation framework tailored to the manufacturing sector to maximize process improvements and operational excellence.Design/methodology/approachThe BPR design methodology adopts a systematic, multi-stage approach. The first phase involves identifying a specific improvement process aligned with BPR's core objectives. This phase analyses and redesigns workflows to optimize task sequences, roles, and stakeholder interactions while eliminating redundancies and inefficiencies via Workflow Process Reengineering. Visual process mapping tools, including VSM and simulation, pinpoint areas of waste, delay, and potential enhancement. The second phase follows the workflow analysis and aims to improve efficiency and effectiveness by redefining roles, rearranging tasks, and integrating automation and technology solutions. The redesigned process undergoes evaluation against key performance indicators to ensure measurable improvements are achieved. The final phase validates the proposed changes through simulation models, assesses the impact on key performance metrics, and establishes the necessary infrastructure for successful implementation. The proposed model is empirically validated through a case study of a leading apparel company in Vietnam, confirming its effectiveness.FindingsThe findings reveal that NVA activities are being eliminated, and ENVA activities in key departments are significantly reduced. This yielded a substantial improvement, reducing 25 out of 186 combined ENVA and NVA operations in the sewing facility, involving a decrease of 15 ENVA operations and the removal of 10 NVA operations. Consequently, this led to an 8.5% reduction in the proportion of ENVA operations, accompanied by a complete 100% elimination of NVA activities.Research limitations/implicationsThe single case study limits generalizability; thus, expanded implementation across diverse manufacturing sub-sectors is required to establish validity and broader applicability of the integrated framework.Originality/valueThe experimental results highlight the proposed model's effectiveness in optimizing resource utilization and its practical implementation potential. This structured BPR methodology enables organizations to validate, evaluate, and establish proposed process changes to enhance operational performance and productivity.

Tác động của Fintech đến hiệu quả hoạt động kinh doanh của các công ty chứng khoán tại Việt Nam

In recent years, securities companies in Vietnam have gradually applied Fintech to business activities to diversify products and services provided, enhance customer access with the goal of improving business performance. This study focuses on evaluating the impact of Fintech on the business performance of 76 securities companies operating in the Vietnamese market in the period 2015- 2022. Research results show that Fintech application has a positive impact on the business performance of securities companies in Vietnam. From these results, the author proposes a number of solutions and recommendations for securities companies to improve business performance in the current context of digital transformation such as focusing on investing in research activities, applying Fintech in accordance with trends, developing high-tech human resources

Stimulation of Purchase Behavior Toward Biodegradable Bags: The Role of Green Skepticism

Today, the habit of using light, durable, and disposable plastics that are poorly managed is one of the main reasons for environmental pollution, biodiversity loss, and climate change in Vietnam. Besides, due to the lack of consumption, most plastic companies in Vietnam refuse to switch their production to biodegradable plastic bags. The study is conducted to promote the purchase behavior of biodegradable plastic bags, which can reduce the consumption of non-degradable plastic in Vietnam. A non-probability sampling method was applied, with a sample size of 828 consumers who lived in Southeast Vietnam. SmartPLS software was applied to examine the hypotheses. The results show that attitudes, coping appraisal, and threat positively influence the purchase behavior of biodegradable plastic bags. Green skepticism negatively moderates the relationship between attitudes, coping appraisal, threat appraisal, and purchase intention toward biodegradable plastic bags. This study also added psychological factors, such as green skepticism, to fill the perception-behavior gap from previous studies and extend the protection-motivation theory. Some managerial implications will be proposed for plastic companies in Vietnam to switch their production toward biodegradable plastic bags. Besides, consumers will also be given guidance and encouragement to use these products through integrated marketing communication strategies. Doi: 10.28991/ESJ-2024-08-03-04 Full Text: PDF

Impact of covered warrant issuance on underlying stocks of listed companies in Vietnam

Nowadays, covered warrants (CWs) have emerged as a popular financial instrument in the Vietnamese stock market, offering investors promising opportunities for profitable returns. However, these instruments also carry inherent risks, necessitating a thorough understanding of their characteristics. This research aims to evaluate the impact of CW issuance on the price and liquidity (measured by trading volume and bid-ask spread) of underlying stocks on the Vietnamese stock market. The study employs the event study methodology and Wilcoxon test to examine whether abnormal returns, trading volume, and bid-ask spreads change after CW issuance. The research uses secondary data of 113 active CWs, based on 20 underlying stocks listed on HNX and HOSE and are issued from April 2023 to January 2024. The findings reveal no significant change in abnormal returns; however, trading volume and bid-ask spreads exhibit noticeable alterations following CW issuance. These results provide valuable insights for investors to consider relevant factors when making informed investment decisions.

Sustainable Evaluation of E-Commerce Companies in Vietnam: A Multi-Criteria Decision-Making Framework Based on MCDM

This study aims to effectively support decision-makers in evaluating leading e-commerce companies in Vietnam from a sustainability perspective. In addition, this study evaluates and analyzes criteria that affect the performance of e-commerce companies in Vietnam to find the best practices for e-commerce implementation of managers. In this way, companies can save costs and increase marketing and promotion efficiency, helping to reach more customers. In doing so, an integrated framework based on MCDM is proposed for the first time in e-commerce industry assessment. In the first stage, the fuzzy decision making trial and evaluation Laboratory method is applied to determine the weights of 9 criteria based on collected data. This study lists prominent quantitative evaluation criteria, taking into account the sustainability aspect. In the second phase, ranking the top 12 e-commerce companies in Vietnam according to their performance based on these nine criteria was done by applying the neutrosophic fuzzy axiomatic design method. According to an analysis of the data, the external financial assistance coefficient (12.7%) is the most crucial factor determining how competitive international e-commerce businesses are. The results of this study can help underperforming companies make strategic decisions to improve their performance. Integrating these two techniques provides a new method for evaluating global trading companies that have hitherto remained unaddressed in the trading industry and, therefore, leave a gap that needs to be investigated.

Research on the impact of management control on corporate social responsibility and business performance—The case of listed companies in Vietnam

Purpose: There have been many studies on corporate social responsibility. Still, research on the dual relationship showing the impact of management control on corporate social responsibility and business performance has not been exciting researchers. The article also identifies and measures the elements of management control that affect compliance with corporate social responsibility and business performance. At the same time, the paper also analyzes the influence of compliance with corporate social responsibility on business performance. From the research results, listed companies will see the importance of designing management control and complying with corporate social responsibility to maximize the business’s profits. Findings: The article demonstrates the practicality of institutional theory in the relationship between management control, corporate social responsibility, and business performance. Institutional theory influences the relationship between management control, CSR, and business performance by highlighting the role of external institutional pressures, legitimacy, and conformity to societal norms. Companies that strategically integrate institutional expectations into their management control systems can enhance their CSR efforts, improve their reputation, and contribute to better business performance. Methodology: We collect data on 195 manufacturing enterprises listed on the Vietnam stock market in 6 sectors. This study’s main data analysis method is the structural equation modeling method (SEM). The article used AMOS software to evaluate and measure the influence of each factor. Practical implications: The article has analyzed five aspects of management control to corporate social responsibility and business performance: Size of the Board of Directors (BOD), percentage of independent members in the BOD, and concurrence. CEO and Chairman of the Board of Directors, state ownership ratio and foreign shareholder ownership rate. The results show that a company with a CEO who is not the Chairman of the BOD will have a higher level of CSR compliance than a company with a CEO who is also the Chairman of the BOD. The larger the Board size, the higher the level of CSR, but This has not been verified for the company’s business performance. The higher the foreign ownership ratio, the better the CSR compliance; however, this has the opposite direction for the state ownership rate. The higher the percentage of independent members on the Board of Directors, the lower the level of CSR compliance. In terms of impact on business performance in the enterprise: The higher the company’s compliance with corporate social responsibility, the better it’s business performance. A company with a CEO who holds the position of BOD will have lower business performance than companies with a CEO who does not hold the position of Chairman of the Board of Directors. Companies with a high percentage of state ownership will have lower business performance. The higher the percentage of independent members on the Board of Directors, the lower the business performance. Originality: This attests that the research paper I submitted is the result of my original and independent work. I have duly acknowledged all sources from which the ideas and quotations have been obtained. The project does not contain any plagiarism and has not been sent elsewhere for publication.

Identifying Fraud Financial Reports Based on Signs of Income Management Using Machine Learning Technology: The Case of Listed Companies in Vietnam

This study aims to use a measure of earnings management to predict companies whose financial statements have problems. This is an identification measure other than common measures to predict financial statement fraud such as measuring by the M-Score or the Z-score model that many previous studies have applied. In the income management measure, the author uses a measure of abnormal cash flow and abnormal expense flow to consider whether the corporate financial statements have problems or not. To do this, the author uses data from listed non-financial enterprises in the period from 2018 to 2022, with machine learning and deep learning algorithms, of which we focus on three main algorithms: ANN, SVM and RF. The results show that identifying problematic financial statements based on abnormal cash flows is quite effective with an accuracy of over 78% for the SVM method, while if using the RF method, the accuracy reaches over 82% but it is required to accept an increased processing time.

Online knowledge sharing and employee innovation: the role of job self-efficacy and innovative climate

PurposeThis study aims to investigate how job self-efficacy mediates the relationship between online knowledge sharing and employee innovation. To fully understand this relationship, this study also tests the moderating role of an innovative climate.Design/methodology/approachThis study gathered data from 353 full-time employees working at information technology companies in Vietnam. This study used structural equation modeling to test hypotheses.FindingsThe results showed that online knowledge sharing positively influenced employee innovation directly and indirectly through job self-efficacy. Moreover, innovative climate positively affected employee innovation as well as moderated the nexus between online knowledge sharing and employee innovation.Originality/valueFirst, this study provides further evidence that job self-efficacy plays a mediator linking online knowledge sharing with employee innovation. Second, this paper confirms that an innovative climate can play a mixed moderator that not only influences employee innovation but also moderates the association between online knowledge sharing and employee innovation.

Consumer ethnocentrism, cosmopolitanism, product judgment, and foreign product purchase intention: An empirical study in Vietnam

This study aims to determine the relationship between consumer ethnocentrism, consumer cosmopolitanism, imported product judgment, and foreign product purchase intention in Vietnam. This paper tries to present its results empirically, which might be helpful in preparing a strategy for Vietnamese customers’ international purchasing behavior to increase competition at retail companies in Vietnam. It uses a questionnaire with a purposive random sampling of 311 customers in Vietnam. Analysis was conducted through a quantitative descriptive analysis, measurement of variable dimensions on the questionnaire using a seven-point Likert scale, and partial least squares structural equation modeling (PLS-SEM) to test the hypotheses. This study found that imported product judgment, consumer cosmopolitanism, social influence, and perceived behavioral control positively influence foreign product purchase intention, whereas customer ethnocentrism has a negative impact on that intention. The association between consumer cosmopolitanism and foreign product purchase intention is mediated by imported product evaluation and consumer ethnocentrism. At the same time, national identity does not affect consumer ethnocentrism and foreign product purchase intentions. Besides, this study offers some managerial implications for marketers in decisions linked to Vietnamese customers’ international purchasing behavior to increase competition in the domestic market. AcknowledgmentThe authors express a sincere gratitude to all the participants who generously took part in this research study.

Material flow cost accounting in Vietnam: a multi-level exploration

PurposeOf critical concern to the world is the need to reduce consumption and waste of natural resources. This study provides a multi-level exploration of the ways situational and transformational links between levels and challenges are related to the adoption and utilization of material flow cost accounting in Vietnam, to encourage green productivity.Design/methodology/approachBased on triangulation of public documents at different institutional levels and a set of semi-structured interviews, situational and transformational links and challenges for material flow cost accounting in Vietnam are examined using purposive and snowball sampling of key actors.FindingsUsing a multi-level framework the research identifies six situational and transformational barriers to implementation of material flow cost accounting and suggests opportunities to overcome these. The weakest links identified involve macro-to meso-situational and micro-to macro-transformational links. The paper highlights the dominance of meso-level institutions and lack of focus on micro transformation to cut waste and enable improvements in green productivity.Practical implicationsThe paper identifies ways for companies in Vietnam to reduce unsustainability and enable transformation towards sustainable management and waste reduction.Originality/valueThe paper is the first to develop and use a multi-level/multi-time period framework to examine the take-up of material flow cost accounting to encourage transformation towards green productivity. Consideration of the Vietnamese case builds understanding of the challenges for achieving United Nations Sustainable Development Goal number 12, to help enable sustainable production and consumption patterns.