Journal of International Economics and Management



  Việt Nam

Cơ quản chủ quản:  Trường Đại học Ngoại thương

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Các bài báo tiêu biểu

Impact of transport costs on Vietnam’s textile exports
- 2016
Pham Thanh Ha, Nguyen Ngoc Lan, Trinh Thi Thu Huong
Transport cost is a critical component that structure price of goods at destination points in international trade. This research explored and analyzed transport cost and its impact on export by gravity model. The two stage least squares (2 SLS) model in the estimation was used, in which for the first stage, the transport cost is regressed on a set of exogenous variables including five instrumental variables that affect transport cost, but do not affect exports. In the second stage, the forecasted of transport cost enters as one of the regressors of the exports. A survey was conducted for data collection purposes. Results from the paper show that higher distance and poor partner port infrastructure leads to a notable increase in transport costs. Besides, higher importer income, depreciating real exchange rate and better logistics condition facilitate trade growth. In contrast, greater transport costs, distance and tariff significantly deter trade. Based on the research results, the paper provides recommendations and solutions that encompass a series of policies to effectively reduce the transport cost in textile export in Vietnam.
#transport cost #textile export #Vietnam #international trade #distance #infrastructure #tariff
The impact of financial leverage on firm performance: A case of construction firms in Vietnam
- 2016
Le Thai Phong
The debt situation of Vietnam construction sector is analyzed by the study. Construction firms in Vietnam are very familiar with using debt. They diversify their capital structure by 7:3 or 70% of leverage and 30% of owners’ equity.In spite of the high financial leverage rate, the increase in sales revenue and the ability to liquidate current debts, the profitability, return on equity rate and book value decreased considerably. With the sample of 45 listed construction companies in Vietnam, this paper analyzes the effects of financial leverage on financial performance of construction industry in Vietnam from 2007 to 2011. GLS estimation has been carried out to analyze the relationship between financial leverage and financial performance in Vietnam construction industry during five years from 2007 to 2011. From the results, the financial leverage is positively correlated to return on equity, earnings per share, and negatively related to return on asset and quick ratio...
#financial leverage #financial performance #construction industry
Participation of non-state actors in formulation of trade policy in Vietnam
- 2014
Nguyen Thu Hang, Ngo Chi Le, Dao Ngoc Tien, Nguyen Quynh Huong
The trade policy making process in Vietnam is recently more open for non-state players to participate in and influence on the policy formulation. This research aims at analyzing and evaluating the participation of Vietnamese non-state actors in the formulation of trade policies through a survey with enterprises and associations. The survey results show that the grass-root enterprises (prefer to) contact policy making office indirectly via business associations, especially VCCI since they still expect the more prompt and detailed feedback from these authorities. In addition, the methods of consultation for business community (information from the competent authorities websites, email to the authorities, conferences held by the authorities, contact with VCCI or business/industry associations) are not efficient enough to assure two-way communication.
#trade policy formulation #multi-stakeholders consultation #non-state actor
Corporate social responsibility and financial performance in the banking industry: a comparative study of Australia and Vietnam
Tập 23 Số 1 - 2023
Le Gia Khanh, Phan Thi Huong Giang, Vu Thi Diem Phuc, Pham Huong Giang, Nguyen Van Ha
While investigating the financial implications of corporate social responsibility (CSR) is important for all kinds of enterprises, such an examination is crucial for firms operating in the banking industry given their essential role in boosting economic development in any nation. Therefore, this study aims to examine the relationship between CSR and financial performance in a sample of banks in Australia and Vietnam. Content analysis was employed to evaluate CSR information and multivariate regressions were used to assess the financial effects of CSR practices. The research findings show a significantly positive association between CSR and financial performance. Moreover, this positive relationship is more pronounced among Vietnamese banks than among their Australian counterparts. Our empirical evidence remains unchanged in a battery of robustness tests. Consequently, these findings have practical implications for commercial bank managers, policymakers, and investors.
State ownership and corporate investment: evidence from Vietnamese stock market
Tập 23 Số 1 - 2023
Xuan Minh Nguyen, Quang Tam Nguyen, Tuan Duong Nguyen, Quoc Trung Tran, Thi Trung Nguyen, Thi Huong Dao
The literature shows that the relationship between state ownership and corporate investment is debatable. This study examines this relationship in Vietnam as a transitional economy. Our sample consists of 4,680 observations from 2009 to 2020. Using fixed effects and random effects for panel data, random effects Tobit, and pooled OLS, we find that state ownership decreases investment expenditures. Moreover, this negative impact is stronger if the firms are financially unconstrained. Our results indicate that weak corporate governance and soft budget constraints arising from state ownership may fail to determine investment decisions. A government’s negative attitude toward risk and conservatism may effectively affect corporate investment.
#State ownership #Investment #Vietnam
The effect of disease outbreaks on shrimp aquaculture and the role of cooperatives in the Mekong Delta
Tập 21 Số 2 - 2021
Suzuki Aya, Nguyen Thi Thanh Huyen
Disease outbreaks are considered the root of drug overuse and the main reason for crop failure in the Mekong Delta. Shrimp cooperatives appear to be a promising solution to struggle with the problem because the cooperative model has been proven to be successful in many sectors such as agriculture, industry, and services. This study examines the effectiveness of a shrimp cooperative in terms of information sharing and price reduction. We employ the propensity score matching method (PSM) to do the analysis, based on the data collected from 256 households in nine communes in the Phu Tan district, Ca Mau province for 2016 and 2017. The study finds limited benefits for farmers who participate in shrimp cooperatives. It further explains why many farmers withdrew after a time. Although shrimp cooperatives have a significant effect on exchanging information related to prohibited substances, shrimp cooperative participants withhold shrimp prices. In addition, we find that the probability of participating in a shrimp cooperative is higher in households with older age or more educated household heads. Moreover, if the farmer has undergone training, the probability of participating in a shrimp cooperative increases.
#Shrimp aquaculture #Disease #Cooperative #Propensity score matching (PSM)
Volatility Timing in the Vietnamese Stock Market
- 2016
Nguyen Thi Hoang Anh
In this paper, we evaluate the economic value that arise from incorporating conditional volatility when forecasting the covariance matrix of returns for both short and long horizons in the Vietnamese stock market, using the volatility timing framework of Fleming et al. (2001). We report three main findings. First, investors are willing to pay to switch from the static to a dynamic volatility timing strategy. Second, there is negligible difference in forecast performance among short and memory volatility models. However, the more parsimonious EWMA family models tend to produce better forecasts of the covariance matrix than those produced by the GARCH family volatility models at all investment horizons. Third, when transaction costs are taken into account, the gains from daily rebalanced dynamic portfolios deteriorate. However, it is still worth implementing the dynamic strategies at lower rebalancing frequencies. Our results are robust to estimation error in expected returns, the choice of risk aversion coefficient and estimation windows.       
#Conditional variance-covariance matrix #Volatility timing #Asset allocation #Economic value #Vietnamese stock markets
Challenges facing women entrepreneurs in Vietnam
- 2018
Hoang Thi Thuy Duong, Nguyen Thuy Anh
Although Vietnamese society is above average level of masculinity orientation, number of womenled enterprises in the country is still now increasing. This has been the result of many changes related to gender and other supporting activities from the community. The main objective of the research was to unravel the challenges faced by female entrepreneurs in some main cities and provinces in Vietnam. Results were derived through a survey with 171 respondents and qualitative in-depth interview based study of a sample of 15 women entrepreneurs operating in different districts in Ha Noi, Ho Chi Minh City. These women are doing business in different fields and most of them are in sectors that are suitable with women such as hair and beauty, food, textile, education,… The research concluded that Vietnam women entrepreneurs face constraints mostly in matters related to access to finance, lack of information on market data, lack of access to resources and lack of digital distribution channels. Besides, nearly 30 percentages of them are still unable to control their income from the business which is one of the result of family’s influences to the business decision. 
#women #Vietnam #entrepreneur
The impact of capital structure on firm value of Vietnamese listed companies - a quantile regression approach
- 2019
Tran Thi Phuong Thao
Although there are many studies proving the close relationship between capital structure and firm value, contradicting results show that this relationship depends on research methods or characteristics of businesses. Does the decision on capital structure in low-value firms have different influence compared to high-value firms? This paper overviews literature on the effect of capital structure on firm value, and provides an empirical study on non-financial listed companies on Vietnam’s Stock market in the period from 2011 to 2017. By using quantile regression method based on the panel data from 446 companies with 3122 observations, the results show that leverage has a positive impact on firm value when it is low and a opposite effect when it is high. These findings suggest that low-value firms should raise capital by taking more debt, whereas high-value firms should raise capital by issuing more shares.
#Capital structure #Firm value #Quantile regression
On the relationship between human capital and firm performance
- 2013
Nguyen Viet Duong, Tran Duy Hung, Nguyen Huu Thinh, Dinh Thi Thanh Binh, Le Minh Ngoc, Le Thi Huyen Trang, Bui Cao Khai
This paper applies the ordinary least square regression model to estimate the effects of the human capital on the business performance of small and medium enterprises (SMEs) in Vietnam, emphasizing on the human capital of the firm owner. We exploit the cross-sectional data of SMEs for the year 2009. The estimated results show that basic and professional education of the firm owner are important factors affecting the success of the firm. Further, experience in owning a business can help the firm owners enhance their performance. Finally, knowledge from learning is seen to have a strong effect on entrepreneurial performance.
#Human capital #firm performance #SMEs #Vietnam