Journal Articles - Business and Management - 2021

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  • Publication
    Modeling Cascading Failures in Stock Markets by a Pretopological Framework
    ( 2020)
    Ngoc Kim Khanh Nguyen
    ;
    Marc Bui
    We introduce a computational framework, namely, a pretopological construct, for mining stock prices’ time series in order to expand a set of stocks by adding other stocks whose average correlations with the set are above a threshold. We increase the threshold with the set’s size to verify group impact in financial crises. This approach is tested by a consecutive expansion process started from a stock of Merrill Lynch & Co., and a consecutive contraction process of the rest. The test’s results and the comparison to graph theory show that our model and pretopology theory are helpful to study stock markets.
  • Publication
    The Optimization of Transportation Costs in Logistics Enterprises during the Covid-19 Pandemic
    ( 2021)
    Thai Thanh Sang
    ;
    Nguyen Minh Thu
    ;
    Truong Hoang Khoi
    ;
    Nguyen Thi Kim Huong
    ;
    Le Thi Ngoc Lan
    ;
    Nguyen Van Thanh
    The Covid-19 pandemic has had a significant impact on every industry globally, especially the transportation industry being severely disrupted. With people's travel demand at an all-time low, maintaining the country's transportation infrastructure is crucial to ensure the movement of essential goods. However, the Vietnamese government’s decision to apply social distancing measures to limit and prevent the spread of the disease has generated extreme challenges in the freight transport industry, which have harmed the Vietnamese economy by restricting levels of business activity, causing the movement and distribution of essential commodities to be halted. Based on the practical needs of transportation enterprises, this study proposes a low-cost freight allocation strategy using mix-integer linear programming approaches to ensure an efficient operation for businesses in order to resume normal operations in the context of the Covid-19 epidemic's complex development. The research focuses on developing a mathematical model with an objective function that minimizes total cost and associated constraints. The findings of the study point to the development of a solution that solves businesses problems in determining the optimal transportation plan and assist in making decisions on allocating goods to suitable locations, ensuring the quantity of serving the needs of each district in Ho Chi Minh City, minimizing transportation time while still saving costs. Furthermore, the article aids a decision-making process for other transportation industries.
  • Publication
    An Application of the Boyer Model in Developing Business Faculty in Accreditation Council for Business Schools and Programs (ACBSP) Accreditation in Vietnamese Membership Institutes
    ( 2021)
    Hieu Minh Vo
    ;
    Anh Bao The Luu
    ;
    Nhung Hong Nguyen
    The Council for Business Schools and Programs (ACBSP) is an accrediting body that assesses the quality and integrity of business-related training programs at educational institutions. As ACBSP applied the Boyer model in evaluating, categorising the business faculty, forcing the faculties to develop the quality of their human resources indirectly, improved education quality. This paper was written to reflect how the Boyer model was applied in business faculties in Vietnamese member institutes and how the institutes are changing to fulfill the standards. The methodology that would be used to analyze the secondary data is descriptive analysis. The data is collected under the acceptance of those institutes. The primary data could be deep interviews with faculty managers, faculty members, board of management of the institutes. In order to be more convincing, the research would also pick some ACBSP members as empirical studies. The findings of the research are the trends of the faculties and the lesson withdrawn from their changing experience.
  • Publication
    Impact of Industrial Revolution 4.0 on the Labor Market in Vietnam
    ( 2021)
    Nguyen Minh Tri
    ;
    Doan Thi Nhe
    Industrial Revolution 4.0 is taking shape and has a strong impact on the global labor market. The strength of the system connecting everything and artificial intelligence as well as automation technology is changing the labor market structure of countries in the world in general and of Vietnam in particular. For the labor market, the Industrial Revolution 4.0 has created many opportunities and challenges that require managers to catch up in time to have appropriate directions and solutions to develop the labor market, and meet the requirements of the current national development career.
  • Publication
    An Empirical Study on Consumer Behavior towards Food and Beverage Services in Vietnam
    ( 2021)
    Dương Nam Tiến
    ;
    Phạm Thị Thùy Dung
    Vietnam is an ideal place in Southeast Asia to expand the food and beverage (F&B) business thanks to stable politics, favorable economic conditions, a young population, and an increasing middle class. Yet Vietnam still poses challenges for the F&B industry wanting to invest in the country. The study aims to identify and evaluate the factors impacting consumer behavior towards F&B services in Vietnam, particularly emerging F&B services. Based on previous studies, we proposed six factors (social influence, service, price, food, atmosphere, and location with 26 observed items) in F&B services that may have a big impact on consumer behavior. The data is collected from 300 consumers who used to use local F&B services. The findings show that socialinfluence, service, price, and food are the four most influential factors. The other two factors such as atmosphere and location have no significant impact on consumer behavior. Besides, there is no difference between consumer groups in terms of income and age. Hence, the current study offers practical insights into the factors that have a significant impact on consumer behavior in F&B services. As such, the findings of this study could assist practitioners in developing a strategic business plan for sustainable development in the F&B industry.
  • Publication
    Can Customer Relationship Management Create Customer Agility and Superior Firms’ Performance?
    ( 2021)
    The growing importance of Customer relationship management (CRM) and agility in any business are universally accepted and extensively investigated in different disciplines. However, lacking empirical evidence for the suggested theoretical framework of agility and their interrelationships with CRM and superior’s financial performance hinders its application in the practices. Thus, this study attempted to address this issue by drawing on the Resource-Advantage theory of sustainable competitive advantages to examine a mechanism through which CRM implementation can generate sustainable competitive and achieve superior financial performance using the Vietnamese tourism industry context. The framework was tested on data collected from 231 Small and Medium Enterprises (SMEs) using Partial Least Square Structural Equation Modeling (PLS-SEM). Findings suggested that different types of CRM processes do not equally influence customer agility, and not all attributes of customer agility exert positive impacts on firms’ performance as well. Also, CRM performance measurement systems were found to moderate these effects positively and substantially. Several practical implications were also derived from the research findings.
  • Publication
    Firm’s Innovation Ecosystem: Barriers, Key Success Factors and Strategies
    ( 2021)
    Vu Minh Hieu
    ;
    . .
    Strategic positioning fosters the firm performance in an ecosystem. Companies in an innovation ecosystem use strategic tools to connect different business units. The systematic literature review was used to search for the articles used in this review. Google Scholar search engine was employed to filter the references of each selected paper. In total, 41 papers published in journal and conference proceedings have been used for the review. The review shows that companies challenges as shortage of willingness to share insights and intellectual property, confusion over management methods need to create sustainable value, lack of coordination within the ecosystem, lack of an innovation plan, failure to pay attention to a new set of risks and costs associated with network-types of practices when innovating through an ecosystem. The review highlights specific key success factors such as management commitment, consumer value, and value chains linked to customers’ expectations, and organisational culture that supports change processes, well-articulated goals, timelines and milestones, and embracing risk-taking and understanding the nature of risks in collaborative networks. Furthermore, the review also identified the balanced scorecard multiplying risks and value blueprint as strategic tools used to evaluate the performance of companies within an ecosystem. The study concludes that managers should evaluate the ecosystems’ ability and the potential of their firms to survive.
  • Publication
    The Relationship between Foreign Direct Investment and Local Economic Growth: A Case Study of Binh Dinh Province, Vietnam
    ( 2021)
    Nguyễn Duy Thục
    This study aims to investigate the relationship between foreign direct investment (FDI) and economic growth at the provincial level by using time-series data in Binh Dinh from 1997 to 2019. We applied the quantitative approaches Vector Autoregression (VAR) and Autoregressive Distributed Lags (ARDL) in the model, which includes economic growth, real foreign direct investment capital, ratio of trained workers, and infrastructure. The results show that all these variables are stationary at the first difference. In ARDL analysis, we found that the economic growth positively affects FDI attraction. However, there is no evidence of the effect of FDI on economic growth in the condition of low capital implemented. Moreover, findings also show that the impact of FDI on economic growth is influenced by two factors: infrastructure and human capital. The lack of human capital, which is trained personnel and infrastructure, is the main barrier hindering and inhibiting FDI’s contribution to local economic growth. In order to improve the efficiency of FDI on economic growth in the future, it is suggested that the Binh Dinh government should have proper policies in terms of the infrastructure, the human capital investment. They would allow Binh Dinh to enhance the capital absorptive capacity and capital efficiency.
  • Publication
    The relationships between foreign direct investment, export and economic growth
    ( 2021)
    Duy Thuc Nguyen
    ;
    Luu Cuong Tran
    ;
    Thi Ngoc Han Bui
    ;
    Thi Thanh Thuy Ngo
    ;
    Thi Le Hang Nguyen
    This study aims to examine the causal relationship between foreign direct investment, exports and economic growth in Dong Nai province, Vietnam from 1999 to 2019. The study uses several economic models such as Vector Auto Regression - VAR (p), Vector Error Correction Model (VECM) and Granger causality tests to evaluate relationships between research model variables. The results show that foreign direct investment and exports have the positive effects on Gross Regional Domestic Product (GRDP). Therefore, this study recommends some policy implementation to simulate the foreign direct investment. Particularly, the policy makers in Dong Nai province should be aware of the role of foreign direct investment and export incentive policies, which is an important driving force for the socio-economic development of Dong Nai province, Vietnam.
  • Publication
    A Model for Selecting a Biomass Furnace Supplier Based on Qualitative and Quantitative Factors
    ( 2021)
    Chia-Nan Wang
    ;
    Hsin-Pin Fu
    ;
    Hsien-Pin Hsu
    ;
    Van Thanh Nguyen
    ;
    Viet Tinh Nguyen
    ;
    Ansari Saleh Ahmar
    In developing countries, solar energy is the largest source of energy, accounting for 35%–45% of the total energy supply. This energy resource plays a vital role in meeting the energy needs of the world, especially in Vietnam.Vietnam has favorable natural conditions for this energy production. Because it is hot and humid, and it has much rainfall and fertile soil, biomass develops very quickly. Therefore, byproducts from agriculture and forestry are abundant and continuously increasing. However, byproducts that are considered natural waste have become the cause of environmental pollution; these include burning forests, straw, and sawdust in the North; and rice husks dumped into rivers and canals in the Mekong Delta region. Biomass energy is provided in a short cycle, is environmentally safe to use and is encouraged by organizations that support sustainable development. Taking advantage of this energy source provides energy for economic development and ensures environmental protection. Due to the abovementioned favorable conditions, many biomass energy plants are being built in Vietnam. Like other renewable energy investment projects, the selection of the construction contractor, the selection of equipment for the installation of the power plant, and the choice of construction site are complexmulti-criteria decisions. In this case, decisionmakers must evaluate many qualitative and quantitative factors. These factors interact with each other and it is difficult to use personal experience to choose the optimal solution for such complex decision-making problems, especially in a fuzzy decision-making environment. Therefore, in this study, the authors use a Multi-Criteria Decision-Making (MCDM) model that uses a Fuzzy Analytic Hierarchy Process (FAHP) model and the Combined Compromise Solution (CoCoSo) algorithm to select biomass furnace suppliers utilizing both qualitative and quantitative factors. Furthermore, the results of this work will provide the first look at a hybrid CoCoSo/FAHP method that decision-makers in other fields can use to find the best supplier
  • Publication
    Financial performances, entrepreneurial factors and coping strategy to survive in the COVID-19 pandemic: case of Vietnam
    ( 2021)
    Huan Huu Nguyen
    ;
    Vu Minh Ngo
    ;
    Anh Nguyen Tram Tran
    Vietnam has been one of a few countries that successfully contained the COVID-19 pandemic. However, aggressive measurements against the pandemic were at the expense of economic activities and companies’ financial performances. This cross-sectional study uses a survey of 672 companies in Vietnam and the logistic regression model to explore companies’ coping strategy choices based on their degree of financial distress, companies’ profiles, entrepreneurial factors, and the interactions between them. The results suggest that companies predominantly selected cost-cutting strategies to deal with the economic shutdown. However, the interactions between financial and entrepreneurial factors could significantly increase the likelihood of selecting growth-focused strategies. Besides, when facing a global pandemic such as COVID-19, managers’ perceptions about the spillover effects of global risks were much more impactful than local risks on companies’ coping strategy selections. This paper can help to inform managers to better deal with the aftermath of the COVID-19 outbreak.
  • Publication
    Determinants of Firm Value: An Empirical Study in Listed Trading Companies in Vietnam
    ( 2021)
    Nguyen Thi Ngoc Lan
    This study aims to investigate the importance of firm value and the factors that affect the firm value of trading companies listed on the Vietnamese stock exchange, thereby enhancing the current literature related to this topic in our country. The factors that affect firm value include firm size, capital structure, profitability, sales, and liquidity whereas firm value is represented by the value of equity. This work employed a data set with 925 observations, which are trading firms listed on the Vietnam Stock Exchange over a nine-year period from 2011 to 2019 with the support of STATA version 2016. Applying the quantitative method, we first find that firm size is of the greatest importance to firm value. It refers that the value of a large company is of a higher rank than a small company. On the other hand, capital structure is found to have a negative impact on firm value. Furthermore, we find that the other independent variables (profitability, sales, and liquidity) are statistically insignificant in the regression model. This means that those mentioned factors do not affect firm value. More importantly, the research also suggests that both firm size and capital structure are crucial for firm value in the trading industry in Vietnam.
  • Publication
    Public Art with Ho Chi Minh Cultural Space: Impact Factors, Relationships and Recommendations for Development Solutions
    ( 2021)
    Hoàng Thuỳ Linh
    ;
    Vũ Tuất Tuấn Khải
    ;
    Trần Đặng Kha Đăng
    ;
    Trần Anh Tuấn
    ;
    Lê Nhật Nam
    Ho Chi Minh City is not only known as the economic locomotive of Vietnam but also a city with diverse cultures. Public art and Ho Chi Minh Cultural Space play an important role in the strategy of sustainable development and improving the human development index. The research is carried out for the purpose of providing an overview of the formation and development of public art in Ho Chi Minh City. Ho Chi Minh City and find out the influencing factors, the relationship between public art and cultural space; thereby building some solutions to connect the public art and cultural space of Ho Chi Minh to keep the soul and promote cultural values in the economic locomotive city in Vietnam. With the methods of document research, analysis, synthesis, and field survey, the study assessed the current state of public art in Ho Chi Minh City and point out its role with Ho Chi Minh Cultural Space in the current context.
  • Publication
    The Effect of Ownership Structure on Transfer Pricing Decisions: Evidence from Foreign Direct Investments in Vietnam
    ( 2021)
    Tran Quoc Thinh
    ;
    Tran Mai Uoc
    ;
    Lưu Chi Danh
    Transfer pricing is a matter of concern for countries. It affects the interests of the parties involved in the commercial transaction. Through manipulation of prices in transactions, businesses take advantage of tax rates in a country to adjust profits for economic gain. This affects the fairness and rationality of economic transactions between related parties. The article uses a two-year time series from 2018 to 2019 of 50 foreign direct investment enterprises in Vietnam. The article uses ordinary least squares to test the hypotheses of the research model. The article uses four independent variables related to ownership structure affecting transfer pricing decisions including total ownership, organization ownership, concentration ownership, and area ownership. Research results show that two variables have a positive influence on transfer pricing decisions including total ownership and organization ownership. Organization ownership has a higher degree of influence than total ownership. To be able to control transaction activities related to transfer pricing, Vietnam’s state management agencies need to pay attention to perfecting the legal framework based on supplementing and amending regulations related to transfer pricing. Legal regulations need to be regulated based on international common practices to ensure uniformity on a global scale.
  • Publication
    SMALL BUSINESS ENTREPRENEURSHIP IN VIETNAM: THE CASE OF THE PUBLIC RELATIONS INDUSTRY [USAHA KECIL DI VIETNAM: KASUS PUBLIC RELATIONS INDUSTRI]
    ( 2021)
    Tuong-Minh Ly-Le
    A better understanding of entrepreneurship in different sectors and its motivations, roles, and challenges offer new opportunities for entrepreneurs to start their business and participate in the national and global economy. This research studied the different entrepreneurial factors that influence the growth stage of public relations companies in Vietnam. In particular, the research examined how the founder's role shifted during the growth stage, and the motivations behind the founder's decision to retain or release their control in this stage. Using the inductive, grounded theory approach to explore the decision of a founder in Vietnam’s public relations industry during a company’s growth stage, this study found that public relations founders in Vietnam are generally driven by the accomplishments and challenges picked up from their entrepreneurial journey. Their journey mainly revolves around managerial experience, as the managerial tasks would be more complicated and require better managerial skills to address the challenges. They are also open to delegating their role to a professional manager, who already possesses the required management skills, to support the business.</p><p><em><strong>Abstrak dalam Bahasa Indonesia.</strong> Pemahaman yang lebih baik tentang kewirausahaan di berbagai sektor dan motivasi, peran, dan tantangannya menawarkan peluang baru bagi pengusaha untuk memulai bisnis mereka dan berpartisipasi dalam pembangunan ekonomi nasional dan global. Penelitian ini mempelajari faktor-faktor kewirausahaan yang mempengaruhi tahap pertumbuhan perusahaan Public Relation di Vietnam. Secara khusus, penelitian ini meneliti bagaimana bergesernya peran pendiri dalam beberapa tahap pertumbuhan, dan motivasi di balik keputusan pendiri untuk mempertahankan atau melepaskan pengaruh mereka pada tahap tertentu. Penelitian ini menggunakan pendekatan induktif, </em>grounded theory<em> untuk mengeksplorasi keputusan seorang pendiri pada industri </em>Public Relation<em> di Vietnam selama tahap pertumbuhan perusahaan, penelitian ini menemukan bahwa pendiri umumnya didorong oleh pencapaian dan tantangan yang diambil dari perjalanan kewirausahaan mereka. Perjalanan mereka terutama berkisar pada pengalaman manajerial,Tugas manajerial akan lebih rumit dan membutuhkan keterampilan manajerial yang lebih baik untuk mengatasi tantangan. Mereka juga terbuka untuk mendelegasikan peran mereka kepada manajer profesional, yang telah memiliki keterampilan manajemen yang dibutuhkan, untuk mendukung bisnis.
  • Publication
    Effect of Encouragement-based Management Mechanism on Construction Firms’ Manpower Development: An Empirical Study from Vietnam
    ( 2021)
    Chau Ngoc Dang
    ;
    Long Le-Hoai
    ;
    Vachara Peansupap
    The construction industry should seek to enrich its workforces due to the increasing lack of trained and skilled employees. This study attempts to investigate the relationship between encouragement-based management mechanism (EMM) and manpower development (MD) in construction firms and examine the moderating effect of firm size on this relationship by conducting bivariate Pearson correlation and hierarchical multiple regression analyses to analyse empirical data collected from 79 construction firms in Vietnam. The results show that EMM positively affected MD, and this positive effect was stronger in small/medium-sized construction firms than in large firms. The findings could provide construction firms in Vietnam, as well as other developing countries, with a better understanding of the effect of EMM on MD. Hence, they could establish appropriate and wise encouragement-based strategies to enhance their manpower. This study could contribute to the extant literature on construction manpower development by providing empirical evidence of the EMM−MD relationship in the context of construction firms.
  • Publication
    The Impact of Product Consumption Strategy and Financial Autonomy on Competitiveness of Vietnam Technology Firms
    ( 2021)
    Phạm Thị Hồng Vân
    This study aims to determine the impact of product consumption strategy and financial autonomy on the competitiveness of technology firms in Vietnam. This study employs panel data of 27 technology firms collected from listed financial statements of the business for the period (2010–2019). The study also uses some indicators reflecting the macroeconomic situation of the economy collected from the World Bank. Instead of Exploratory Factor Analysis which has been used before, the study uses the feasible generalized least squares (FGLS) estimation as the main method. The FGLS corrects the variance changes and autocorrelation on the dataset of these Vietnamese technology firms. The results reveal that the strategy of product consumption and financial autonomy positively affect the competitiveness of technology firms. These are also two core factors of the technology industry, which have a strong impact on the increase in the competitiveness of firms. The findings of this study suggest that technology firms do not need to invest in many long-term assets, but mainly in short-term assets in order to quickly respond to the strategies for consuming new technology products of the business. In addition, the increase in Gross Domestic Product per capita also positively affects the increase in the competitiveness of technology firms.
  • Publication
    A Multicriteria Decision-Making Model for the Selection of Suitable Renewable Energy Sources
    ( 2021)
    Chia-Nan Wang
    ;
    Jui-Chung Kao
    ;
    Yen-Hui Wang
    ;
    Van Thanh Nguyen
    ;
    Viet Tinh Nguyen
    ;
    Syed Tam Husain
    With the expansion of its industrial and manufacturing sectors, with the goal of positioning Vietnam as the world’s new production hub, Vietnam is forecast to face a surge in energy demand. Today, the main source of energy of Vietnam is fossil fuels, which are not environmentally friendly and are rapidly depleting. The speed of extraction and consumption of fossil fuels is too fast, causing them to become increasingly scarce and gradually depleted. Renewable energy options, such as solar, wind, hydro electrical, and biomass, can be considered as sustainable alternatives to fossil fuels. However, to ensure the effectiveness of renewable energy development initiatives, technological, economic, and environmental must be taken in consideration when choosing a suitable renewable energy resource. In this research, the authors present a multi-criteria decision-making model (MCDM) implementing the grey analytic hierarchy process (G-AHP) method and the weighted aggregates sum product assessment (WASPAS) method for the selection of optimal renewable energy sources for the energy sector of Vietnam. The results of the proposed model have determined that solar energy is the optimal source of renewable energy with a performance score of 0.8822, followed by wind (0.8766), biomass (0.8488), and solid waste energy (0.8135) based on the calculations of the aforementioned methods.
  • Publication
    A Spherical Fuzzy Analytic Hierarchy Process (SF-AHP) and Combined Compromise Solution (CoCoSo) Algorithm in Distribution Center Location Selection: A Case Study in Agricultural Supply Chain
    ( 2021)
    Phan Thuy Kieu
    ;
    Van Thanh Nguyen
    ;
    Viet Tinh Nguyen
    ;
    Thanh Phong Ho
    Logistics is an important service sector, contributing to improving the competitiveness of the economy. Therefore, along with increasing the application of technology and effective business models, it is necessary to increase the connectivity of the infrastructure systems of industrial parks, roads, and seaports of regions and the country. Over the past decades, Vietnamese businesses have been step-by-step going through many stages from production, packaging, quality, hygiene, and safety to grasping new stages in the domestic and global value chain. In many industries, businesses are increasing the content of their own designs, exploiting brands, and approaching consumption networks in the target market. The role of the distribution center is becoming more and more important in ensuring a seamless and flawless supply chain. In particular, the distribution center is the most sensitive contact point between supply and demand in each enterprise. Therefore, the key mission of a distribution center is to reconcile supply and demand requirements. Distribution center location selection problems usually involve multiple quantitative and qualitative criteria that the decision maker must take into account for assessing the symmetrical impact of the criteria to reach the most accurate result. In this study, the authors propose a hybrid MCDM model based on Spherical Fuzzy Analytic Hierarchy Process (SF-AHP) and Combined Compromise Solution (CoCoSo) Algorithm to support the distribution location selection problem of perishable agricultural products. The proposed model is then applied to the numerical case study of the sweet potato product of the Mekong Delta region of Vietnam to demonstrate the feasibility of the model. The contribution of this research is to propose an MCDM model for improving the efficiency of the agricultural supply chain through selecting a location distribution center. This proposed model can be applied to the agricultural supply chain around the world.
  • Publication
    Analysing Liquidity, Credit Risk and Deposit Money Banks Profitability in Nigeria
    ( 2021)
    Hieu Minh
    This study examined the impact of liquidity and credit risk on profitability of selected deposit money banks(DMBs) in Nigeria. The study adopts an empirical longitudinal research design and used data set covering 7-year period from 2012 to 2018 from the annual reports of five DMBs. Pearson Correlation and multiple regression techniques were used in empirical analysis and testing of hypotheses. The result shows that there is a significant relationship between liquidity and profitability measured as return on equity (ROE). There is an insignificant relationship between credit risk variables and profitability (ROE). The paper recommends that optimal level of liquidity should be maintained to reduce cash sterility in the assets of banks. Though credit risk is not a main determinant of bank profitability; effective strategies should be put in place to monitor, control and manage credit risk.