VNU JOURNAL OF ECONOMICS AND BUSINESS

Abstract. The problem faced by many of the economies making up the Association of Southeast Asian Nations (ASEAN) is whether they can avoid the middle-income trap and advance to the high-income level. What is needed for them to avoid such trap? This paper attempts to answer this question by building an analytical framework based on the factors that determine each development stage of an economy, and by comparing the current situation of four ASEAN middle-income countries with the experience of the Republic of Korea, a country that managed to overcome the middle-income trap and reach the high-income level in the late 1990s. The paper concludes that for ASEAN middle-income countries (Indonesia,Malaysia, thePhilippines, andThailand) to avoid the trap, they should strengthen research and development capability, emphasize the quality and appropriateness of human resources, and improve the institutional system for nourishing a dynamic private sector. These efforts can be expected to result in dynamic changes in the structure of comparative advantage toward higher skill and more innovation-intensive contents of products. For a low middle-income country such asVietnam, reforms and policies to increase the productivity of capital, land, and other resources are essential to avoid the early appearance of the trap.Keywords: Economic development, growth, middle-income trap.

AbstractEarnings management is considered to be one of the most important issues related to financial statements, which has been well-documented in accounting theory and practice for a long time. Earnings management has become a critical topic in accounting, but few researchers have addressed this issue in the Vietnamese context. This paper examines earnings management detection among Vietnamese companies listed on the Hochiminh Stock Exchange (HOSE) by using the Beneish M-score model for a sample of 229 non-financial Vietnamese companies listed on the HOSE during 2013-2014. The results showed that 48.4% non-financial Vietnamese companies listed on the HOSE were involved in earnings management and the sample observations fit the Beneish M-score model. In conclusion, this study suggests that the M-score model is one of the useful techniques in detecting earnings manipulation behaviors of the companies and it could be applied for an improvement in financial reporting quality and a better protection for investors.Received 15 July 2015, revised 9 June 2016, accepted 28 June 2016Keywords: Earnings management, detecting, M-score model, non-financial Vietnamese listed companies.

The analysis of a data set of observations for Vietnamese banks in the period 2011-2015 shows how the Capital Adequacy Ratio (CAR) is influenced by selected factors, namely: asset of the bank SIZE, loans in total assets LOA, leverage LEV, net interest margin NIM, loans lost reserve LLR, Cash and Precious Metals in total assets LIQ. Results indicate, based on data, that NIM and LIQ have significant effect on CAR. On the other hand, SIZE and LEV do not appear to have significant effect on CAR. Variables NIM, LIQ have positive effect on CAR, while variables LLR and LOA are negatively related with CAR. Keywords Capital adequacy ratio (CAR), Vietnamese banks, Basel, NIM, LIQ References [1] Abusharba, M. T., Triyuwono, I., Ismail, M., & Rahman, A. F., “Determinants of capital adequacy ratio (CAR) in Indonesian Islamic commercial banks”, Global Review of Accounting and Finance, 4 (2013) 1, 139-170.[2] Ahmad, R., Ariff, M., & Skully, M. J., “The determinants of bank capital ratios in a developing economy”, Asia-Pacific Financial Markets, 15 (2008) 3-4, 255-272. [3] Allen, D. E., Nilapornkul, N., & Powell, R., “The Determinants of Capital Structure: Evidence from Thai Banks”, Journal of Monetary Economics, 32 (2013) 1, 513-542. [4] Al-Sabbagh, N., “Determinants of capital adequacy ratio in Jordanian and Evidence”, Journal of Monetary Economics, 32 (2004) 1, 513-542.[5] Aremu, M. A., Ekpo, I. C., Mustapha, A. M., & Adedoyin, S. I., “Determinants of Capital Structure in Nigerian Banking Sector”, International Journal of Academic Research in Economics and Management Sciences, 2 (2013) 4, 27-43. [6] Arua, N., “Risk- Based Capital Standards for Banks: A critique”, Central Bank of Nigeria’ Economic and Financial Review, 44 (2006) 3, 201-216. [7] Aspal, P. K., & Nazneen, A., “An empirical analysis of capital adequacy in the Indian private sector banks”, American Journal of Research Communication, 2 (2014) 11, 28-42.[8] Baltagi, Badi, Econometric analysis of panel data, John Wiley & Sons, 2008.[9] Basel, I. I., “International Convergence of Capital Measurement and Capital Standards: A Revised Framework Basle Committee on Banking Supervision”, 2004.[10] Benston, G. J., & Kaufman, G. G., “The appropriate role of bank regulation”, Economic Journal, 106 (1996) 1, 688-697. [11] Berger, A. N., “The relationship between capital and earnings in banking”, Journal of Money, Credit and Banking, 27 (1995) 2, 432-456. [12] Berger, A. N., & Di Patti, E., “Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry”, Journal of Banking and Finance, 30 (2006) 4, 1065-1102. [13] Berger, A. N., Herring, R. J., & Szegö, G. P., “The role of capital in financial institutions”, Journal of Banking & Finance, 19 (1995) 3, 393-430. [14] Bokhari, I. H., Ali, S. M., & Sultan, K., “Determinants of Capital Adequacy Ratio in Banking Sector: An Empirical Analysis from Pakistan”, Academy of Contemporary Research Journal, 2 (2012) 1, 1-9. [15] Büyüksalvarci, A., & Abdioglu, H., “Determinants of capital adequacy ratio in Turkish Banks: A panel data analysis”, African Journal of Business Management, 5 (2011) 27, 11199-11209. [16] Dreca, N., “Determinants of Capital Adequacy Ratio in Selected Bosnian Banks”, Dumlupınar ÜniversitesiSosyal Bilimler Dergisi EYİ, 12 (2013) 1, 149-162. [17] Ebhodaghe, J. U., “The impact of failed banks on the Nigerian economy”, NDIC Quarterly Reports, 6 (1996) 1&2.[18] Gropp, R., & Heider, F., “The determinants of bank capital structure”, Review of Finance, 30 (2010) 1, 1-17. [19] Ikpefan, O. A., “Capital adequacy, management and performance in the Nigerian commercial bank (1986-2006)”, African Journal of Business Management, 7 (2013) 30, 2938-2950. [20] Kishore, R. M., Taxmann financial management, New Dehli: Taxmann Allied services Ltd., 2007.[21] Kleff, V., & Weber, M., “How do banks determine capital? Evidence from Germany”, German Economic Review, 9 (2008) 3, 354-372. [22] Hausman, Jerry A., ed., Contingent valuation: A critical assessment. Vol. 220. Elsevier, 2012.[23] Mbizi, R., “An analysis of the impact of minimum capital requirements on commercial bank performance in Zimbabwe”, International Journal of Independent Research and Studies, 1 (2012) 4, 124-134. [24] Pandey, A., “Volatility models and their performance in Indian capital markets”, Vikalpa, 30 (2005) 2, 27-38. [25] Reserve Bank of New Zealand, “Capital adequacy ratios for banks-simplified explanation & examples for calculation”, 2004. [26] Teryima, S. J., Victor, U., & Isaac, K., “Achieving organizational goals through successful strategic change implementation in business organizations: A survey of selected banking firms in Nigeria, West Africa”, The Business & Management Review, 4 (2014) 4, 66-79.[27] Wall, L. D., “Regulation of bank’s equity capital”, Economic Review-Federal Reserve Bank of Atlanta, 1985. [28] Williams, H. T., “Determinants of capital adequacy in the Banking Sub-Sector of the Nigeria Economy: Efficacy of CAMELS”, International Journal of Academic Research in Business and Social Sciences, 1 (2011) 3, 233-248.

Abstract. Along with a variety of actions to protect the environment, environmentally preferable purchasing (EPP), often referred to as “green purchasing”, has been an emerging trend over recent decades all over the world. This trend is considered as a strategic alternative for all stakeholders in society to promote the sustainable development of the global production chain with the active involvement of consumers. Research in many countries reveals the fact that although consumers today are more frequently encouraged to behave in a friendly manner towards the environment through making home improvements, saving energy, or purchasing environmentally friendly products, many consumers have not been sufficiently aware of the significance of those behaviors, especially green purchasing. InVietnam, there has been very little evidence of the awareness of consumers of environmental issues and of friendly behavior towards the environment. This paper explores the environmental awareness of Vietnamese consumers, their understanding of eco-products and attitude towards green purchasing through a questionnaire survey in three big cities ofVietnam -Hanoi,Ho Chi Minh City andDa Nang. Findings from the survey reveal that consumers with a high level of education are more concerned about environmental issues and have a sufficient knowledge of eco-products and green purchasing. Furthermore, the study also indicates that those highly environmentally conscious consumers have positive attitudes toward green purchasing and are extremely willing to practice it in the future. Therefore, some recommendations are proposed to foster green purchasing inVietnam for the sustainable development of the country.Keywords: Attitude towards green purchasing, environmental awareness, eco-products, consumers, Vietnam.

Hợp tác giữa đại học - doanh nghiệp là xu hướng phổ biến trên thế giới. Nó có tác động tích cực tới hoạt động đào tạo, nghiên cứu và phát triển trong đại học và khai thác tối ưu nguồn lực của các bên. Dựa trên các luận chứng lý thuyết, tổng hợp kinh nghiệm quốc tế và phân tích thực tế một số trường hợp trong nước, bài viết chỉ ra các hạn chế, nguyên nhân chủ quan từ hai phía, các rào cản từ cơ chế quản lý và chính sách của Nhà nước. Đồng thời, bài viết đưa ra gợi ý về những giải pháp và kiến nghị tháo gỡ các rào cản nhằm thúc đẩy hợp tác, tăng hiệu quả hoạt động của các đại học ở Việt Nam, đóng góp vào sự phát triển kinh tế - xã hội.Nhận ngày 16 tháng 8 năm 2016, Chỉnh sửa ngày 3 tháng 12 năm 2016, Chấp nhận đăng ngày 26 tháng 12 năm 2016Từ khóa: Hợp tác đại học - doanh nghiệp, Việt Nam.

This paper investigates the impact of capital structure on firm performance using a sample of 3,122 observations of 446 non-financial listed companies on the Vietnam stock market during 2011-2017. Using firm performance measures, namely ROE and Tobin Q, we examined if higher leveraged firms are more efficient or less in their performance. We employed the fixed effect model to prove that there is an inverse U-shaped relationship between leverage and ROE, and then we can find a preferred capital structure for Vietnamese non-financial firms. To deal with endogeneity problem of the leverage variable, we employ two stage least squares (2SLS) regression with instrument variable estimators, which helps us strengthen the above results.

Nghiên cứu thảo luận các yếu tố ảnh hưởng đến ý định mua trực tuyến của người tiêu dùng ViệtNamdựa trên lý thuyết hành vi có hoạch định. Phiếu câu hỏi được gửi trực tiếp đến các đối tượng điều tra và thông qua mạng Internet. Sau 5 tháng thu thập, có 423 phiếu trả lời hợp lệ được đưa vào phân tích. Dữ liệu được phân tích theo quy trình từ phân tích nhân tố đến kiểm định độ tin cậy và phân tích hồi quy. Kết quả cho thấy, thái độ và nhận thức kiểm soát hành vi của người tiêu dùng có ảnh hưởng tích cực đến ý định mua trực tuyến. Trong khi đó, rủi ro cảm nhận có ảnh hưởng tiêu cực đến ý định mua trực tuyến của người tiêu dùng.Nhận ngày 30 tháng 5 năm 2016, Chỉnh sửa ngày 3 tháng 12 năm 2016, Chấp nhận đăng ngày 26 tháng 12 năm 2016Từ khóa: Nhận thức kiểm soát hành vi, rủi ro cảm nhận, lý thuyết hành vi có hoạch định, ý định mua sắm trực tuyến.

In recent years, electric two-wheeled vehicles (E2Ws) including electric bicycles and electric motorcycles have been used widely in Vietnam. Currently, the total number of E2Ws used is 3 million and with an average growth rate of 13.33% an estimated 6 million E2Ws will be used in 2024. E2Ws have been used widely among Vietnam’s youth. Based on the Theory of Planned Behavior (TPB) of Ajzen (2005, 2016) [1, 2], the main purpose of this research is to identify factors affecting the attitude to and intention of high school students in Hanoi city towards E2W usage and their affected level. The analytical results show that the attitude towards E2W usage is influenced respectively in descending order by (i) perceptions of economic benefit, (ii) usage convenience, (iii) friendly environmental awareness, (iv) stylish design. Usage intention towards E2Ws is determined respectively in descending order by (i) subjective norm, (ii) attitude toward E2W usage, (iii) the attraction of motorcycles. Based on the research results, some proposals for producers, authorities and policy-makers have been recommended.

AbstractThis research studies the relationships between dividend payment and the market value of listed firms in the food and drink industry in the period 2010 to 2014 inVietnam. The research finds empirically applicable factors in corporate finance and the management of stock listings in the stock exchange. The research develops an exploratory model reflecting the market value of the firms in the food and drink industry in the Vietnamese stock market in relation to their financial performance and dividend payments. The research also finds that in the food and drink industry inVietnam, firms will be more attractive in the stock exchange if they pay dividends in cash, achieve high gross margins, and mobilize a low debt ratio at a low mobilization cost.Received 16 February 2016, revised 9 June 2016, accepted 28 June 2016Keywords: Financial performance, dividend payment, market value, listed firm, beverage and food industry, Vietnamese stock exchange.

Abstract: This research aims to examine the determinants of dividend payments of non-financial listed companies in the Hồ Chí Minh Stock Exchange (HOSE) in the period 2007 to 2012. Using thePooled Ordinary Least Square and the Fixed effect model (FEM) for panel data, the authors found that in HOSE, the profitability of firms is statistically significant and negatively related to payout ratio (DPR). In other words, companies tend to plow back more earnings when profitability increases. Moreover, leverage has a positive and statistically significant relationship with DPR. There are no statistically significant differences in DPRs among accommodation services, mineral ore exploitation, investment consulting services and related services, supporting services, scientific and technical services and the other services industry. Meanwhile, DPRs in the remaining industries are statistically lower than those of the above-mentioned industries.Keywords: Dividend policy, listed companies, HOSE.