Journal Articles - Business and Management - 2022

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  • Publication
    A Truck Scheduling Problem for Multi-Crossdocking System with Metaheuristics
    ( 2022)
    Phan Nguyen Ky Phuc
    ;
    Nguyen Van Thanh
    ;
    Duong Bao Tram
    The cross-docking is a very important subject in logistics and supply chain managements. According to the definition, cross-docking is a process dealing with transhipping inventory, in which goods and products are unloaded from an inbound truck and process through a flow-center to be directly loaded onto an outbound truck. Cross-docking is favored due to its advantages in reducing the material handing cost, the needs to store the product in warehouse, as well decreasing the labor cost by eliminating packaging, storing, pick-location and order picking. In cross-docking, products can be consolidated and transported as a full load, reducing overall distribution costs. In this paper, we focus on a truck scheduling at the multidoor, multi-crossdocking network with inventory constraints and process capability constraints. In this model, a truck can visit severals docks for loading or unloading many types products. This situation is very common in reality. This study also developed an exact mathematical model using mixedinteger linear programming (MILP) with the objective of minimizing the makespan to obtaint the benchmark in small scale problems. Large scale problems are solved through Simulated Annealing (SA) algorithm and Tabu Search (TS) algorithm. Performance of these algorithms will be compared to benchmarks obtained from solver as well as to each other.
  • Publication
    An Integrated and Comprehensive Fuzzy Multi-Criteria Model for Electronic Wallet Selection
    ( 2023)
    Phuoc Van Nguyen
    Electronic wallet (E-wallet), which combines software, hardware, and human interaction, is a modern platform for electronic payment. Financial services managers can create more effective strategies for advancing existing positions by evaluating the success of e-wallet services. The objective of this research is to create an integrated model for assessing E-wallet services using the Fuzzy Analytic Hierarchy Process (FAHP) in conjunction with a technique for extent analysis and the ARAS approach (Additive Ratio Assessment). In this study, E-wallet service providers are ranked and evaluated using the ARAS approach and the FAHP priority weights. In addition, a case study from Vietnam illustrates how the methodology is used. The data shows that perceived usefulness, perceived usability, perceived simplicity of use, and perceived threat have the least impact on how acceptable an Ewallet is. As a result, the suggested model improves the efficiency of E-wallet service operations and assists in overcoming the challenges associated with the evaluation of E-wallet services. The case finding demonstrates that the suggested model is a reliable and useful tool for making decisions when assessing E-wallet service providers functioning in a complex and changing environment.
  • Publication
    Anomalies in Asia Pacific Stock Markets: A Re-Examination of the Turn-of-the-Year Effect
    ( 2022)
    Quang Thien Tran
    ;
    Thanh Nhan Huynh
    This paper examines the turn-of-the-year (TOY) effect in fifteen Asia Pacific stock indices by using an updated dataset. The analysis utilizes the daily datasets spanning from 2000 to 2018. Applying the Ordinary Least Square (OLS) and the Exponential Generalized Autoregressive Conditional Heteroskedastic (EGARCH) approach, the results of this paper suggest that the TOY effect becomes detectable again after the Global Financial Crisis (GFC) in developed markets with the tax year not ending in December. Furthermore, the magnitude of this anomaly diminishes in emerging markets after the GFC, which is consistent with the Efficient Market Hypothesis (EMH). The evidence of the leverage effect in the market volatility shows in negative shocks that it is considerably higher than that of positive shocks for all markets. This phenomenon is more evident in mature markets compared to emerging markets. The positive connection between the leverage effect and stock market volatility is seen with diminishing magnitude during the stable market condition after the GFC.
  • Publication
    Arbitrage Constraints and Idiosyncratic Volatility in Taiwan Stock Exchange
    ( 2022)
    Lê Phan Thanh Hòa
    This paper conducts a comprehensive examination of the sources of economic growth and catch-up of ASEAN countries since the Asian financial crisis, with comparative views of China and India. The study employs different decomposition frameworks to gain insights into the drivers of ASEAN economic performance over 1997-2017. Three findings are most notable. First, ASEAN countries, except for Brunei, recorded a strong catch-up performance, with labour productivity being the leading driver in most countries. Second, the drivers of labour productivity catch-up exhibit some distinctive patterns among countries, which depend on the level of income and economic structure. Third, in all decomposition analyses, ASEAN countries are well below China and India across sources of growth, which tends to suggest that ASEAN countries could improve their performance by enhancing market integration and policy coordination. Although the long-term prospect of ASEAN is bright, the COVID-19 pandemic and the recent military coup in Myanmar have indicated that the road to future prosperity of the region is expected to unexpectedly face formidable challenges.
  • Publication
    Assessing Financial Risk Spillover and Panic Impact of Covid-19 on European and Vietnam Stock market
    ( 2022)
    Massoud Moslehpour
    ;
    Ahmad Al-Fadly
    ;
    Syed Ehsanullah
    ;
    Kwong Wing Chong
    ;
    Nguyen Thi My Xuyen
    ;
    Luc Phan Tan
    This study examined the influence of tail risks on global financial markets, which aids in better understanding of the emergence of COVID-19. This study looks at the global and Vietnamese stock markets impacted by the COVID-19 pandemic to identify systemic emergencies. Risk dependent value (CoVaR) and Delta link VaR are two important tail-related risk indicators used in Conditional Bivariate Dynamic Correlation (DCC) (CoVaR). The empirical findings demonstrate that when COVID-19's worldwide spread widens, the volatility transmission of systemic risks across the global stock market and multiple exchanges shifts and becomes more relevant over time. At the time of COVID-19, the world industrial market was larger than the Vietnamese stock market, and the Vietnamese stock market posed a lesser danger to the global market. A closer examination of the link between the Vietnam value-at-risk (VaR) range index sample and the world stock index indicates a significant degree of downside risk integration in key monetary systems, particularly during the COVID-19 era. Our study findings may help regulators, politicians, and portfolio risk managers in Vietnam and worldwide during the unique moment of uncertainty created by the COVID-19 epidemic.
  • Publication
    Being an emerging economy: To what extent do geopolitical risks hamper technology and FDI inflows?
    ( 2022)
    Trang Thi Thuy Nguyen
    ;
    Binh Thai Pham
    ;
    Hector Sala
    This paper evaluates the impact of geopolitical risk (GPR) on total factor productivity (TFP) and the inflows of foreign direct investment (FDI) for a group of 18 emerging economies between 1985 and 2019. Based on Granger causality panel data tests, we show that the trajectories of these variables cannot be neglected to explain one another. To account for cross-equation influence, we estimate seemingly unrelated regression (SUR) models and uncover a significant and robust negative impact of GPR on TFP and FDI. Counterfactual simulations provide a quantitative approximation of GPR’s impact in 2015–2019, which is substantial in terms of TFP growth but small in terms of FDI. For the emerging economies to consolidate their economic progress, geopolitical stability is essential.
  • Publication
    Commodity dynamism in the COVID-19 crisis: Are gold, oil, and stock commodity prices, symmetrical?
    ( 2022)
    Muhammad Sadiq, Chia-Yang Lin, Kuan-Ting Wang, Lam Minh Trung, Khoa Dang Duong, Thanh Quang Ngo
    The current research intends to examine the commodities’ dynamism connection with stock prices under the COVID-19 crisis. DCC-GARCH modeling was applied to the data of Asian economies, including China, India, Sri Lanka, Bangladesh, and Pakistan to achieve the study objectives. The study’s results indicated a significant connection between gold prices with stock prices and oil prices for all Asian stock markets. The results of the study constructs were symmetrical. In general, the connection grows with the frequency. The lowest frequency months contributed the most to the total relationship, followed by more than 12 months. Overall, gold and oil prices influence the Asian stock markets. These research findings can avoid contagion in times of economic uncertainty. This study also suggested policy implications for better decision-making of key stakeholders. Dynamic coefficient values were about 0.8 of β2 because nations’ internal markets were more closely linked. There are also dynamic relationship factors between crude oil and foreign currency markets, where the correlations in India and China have always been around 0.
  • Publication
    Drivers of Economic Catch up in Asia: A Study of ASEAN Countries with Comparative Views of China and India
    ( 2022)
    Khuong Vu
    ;
    Hieu Nguyen
    This paper conducts a comprehensive examination of the sources of economic growth and catch-up of ASEAN countries since the Asian financial crisis, with comparative views of China and India. The study employs different decomposition frameworks to gain insights into the drivers of ASEAN economic performance over 1997-2017. Three findings are most notable. First, ASEAN countries, except for Brunei, recorded a strong catch-up performance, with labour productivity being the leading driver in most countries. Second, the drivers of labour productivity catch-up exhibit some distinctive patterns among countries, which depend on the level of income and economic structure. Third, in all decomposition analyses, ASEAN countries are well below China and India across sources of growth, which tends to suggest that ASEAN countries could improve their performance by enhancing market integration and policy coordination. Although the long-term prospect of ASEAN is bright, the COVID-19 pandemic and the recent military coup in Myanmar have indicated that the road to future prosperity of the region is expected to unexpectedly face formidable challenges.
  • Publication
    Evaluation of Digital Marketing Technologies with Fuzzy Linguistic MCDM Methods
    ( 2022)
    Ngo Quang Trung
    ;
    Nguyen Van Thanh
    Technology is becoming the tool that changes how people live every day, and the marketing strategies of businesses are also gradually shifting to the industry 4.0 mindset of constant growth and development. Digital marketing has changed human habits of information accessibility, determined their interactions, and witnessed the birth of a variety of new marketing technologies. Marketers are creating digital marketing products and services that enhance the experience for consumers, products, and services that are also delivered through high digital marketing networks. As a result, data sources become more abundant and allow consumers to have more choices. All products, services, technologies, and data are increasingly meeting the needs of consumers, thereby confirming the effectiveness of digital marketing in today’s market. However, the evaluation and selection of digital marketing technology is very complex since it has many conflicting criteria and goals. The multi-criteria decision-making model (MCDM) is a powerful technique widely used for solving this type of problem. Thus, the author proposed a fuzzy linguistic MCDM method for evaluation of digital marketing technologies. After determining the evaluation criteria and alternatives, two MCDM methods, including Spherical Fuzzy Analytic Hierarchy Process (SF-AHP) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), are used in the evaluation and selection of digital marketing technologies procedure. Finally, an application is present to demonstrate the potential use of the proposed methodology. The main contribution of this study is to propose a Spherical fuzzy MCDM model to support planners and decision makers in the digital marketing technology evaluation and selection processes. A case study is also performed to showcase the feasibility of the proposed approach.
  • Publication
    Explaining gender differences in entrepreneurship: the impact of motivations, success factors and business training on the performance of microenterprises in central Vietnam
    ( 2022)
    Quan V. Le
    ;
    Mai Nguyen Lisovich
    The objective of this study is to analyse and explain gender differences in entrepreneurship in Vietnam by measuring the impacts of motivations, success factors, and business training programs for entrepreneurs on the performance of their microenterprises. A questionnaire was administered to 110 female and 110 male business owners in Vietnam in 2016 and data were collected in the central region of the country with a very high ratio of female entrepreneurs. This study confirms that there are gender differences with respect to the entrepreneurial motivations, perceived success factors, and the types of business training received by the entrepreneurs. The study also reveals evidence that business training provided to male and female entrepreneurs has different impacts on the performance of microenterprises owned by them. As a result, a 'one size fits all' approach to training entrepreneurs may not be appropriate since not all types of training programs lead to the improvements of the performance of microenterprises.
  • Publication
    Factors Affecting Loan Loss Provisions during the Covid-19 Pandemic – The Case of Commercial Banks in Vietnam
    ( 2022)
    Dung Thi Thuy Nguyen
    Credit is considered a crucial activity of commercial banks; it accounts for the most significant proportion of the bank's total assets and is also an activity that carries great risks. The study uses OLS, FEM, REM, and FGLS to assess the factors affecting loan loss provisions (LLPs) of 20 Vietnamese commercial banks during the Covid-19 pandemic from Q1/2020 to Q4/2021. The result of the model is based on FGLS to overcome the phenomenon of heteroscedasticity after using estimation by OLS, FEM, REM, showing that the factors affecting LLP of Vietnamese commercial banks during the Covid pandemic include: bank size (SIZE), non-performing loans ratio (NPL), a ratio of pre-tax profit and provision to total assets (CROA), loans to total assets ratio (LOAN), and credit growth (ΔCREDIT). Research results using the FGLS method show that bank size, bad debt ratio, pre-tax profit ratio and provision to total assets and credit growth positively impact the LLP of the Vietnamese commercial banks in the Covid pandemic. However, interestingly, the percentage of loans to total assets can decrease the provision for loan losses. Thereby, the study proposes some policy implications as follows: The SBV needs to have the policy to limit credit growth and bad debt ratio for commercial banks to control the competition for a market share of loans without ensuring the quality of loans, leading to an increase in credit risk and LLP. Furthermore, each Vietnamese commercial bank needs to develop and apply a practical and comprehensive credit process to ensure debt recovery to avoid a lot of bad debts. For new customers, banks need to fully assess all aspects to predict the level of risk before deciding to provide loans. Additionally, the long-term effects of Covid-19 cause difficulties for commercial banks' activities, SBV needs to consider supportive policies through interest rate reduction, grace period, and debt extension to increase financial performance and maintain market share and profits of commercial banks.
  • Publication
    Factors Affecting Training Quality and Student Satisfaction: An Empirical Study in Vietnam
    ( 2022)
    Lê Thị Hải Đường
    ;
    Nguyễn Đức Bảo Long
    ;
    Phan Lê Ngọc Châu
    ;
    Vũ Minh Tuấn
    ;
    Phan Thu Hiền
    The purpose of this study was to determine the factors that influence the training quality of Van Lang University’s Finance Banking faculty (VLU). Another goal was to discover a way to increase training quality and give students the greatest experience possible. To achieve the following goals, qualitative research was used in combination with questionnaires and document reviews. A total of 700 surveys were sent out, with 624 responses. In-depth interviews with 12 graduates were conducted during the qualitative stage to obtain their perspectives on their time at VLU. The impact of five factors (instructor qualification, facility, education program, accessibility, and student interaction) was investigated in this study, and the findings revealed that all of them significantly mediated the relationship with the training quality of VLU’s Finance Banking faculty. The findings show that it is vital to improve the training quality to increase student satisfaction and boost their academic abilities. With the framework from this study, policymakers, researchers, and institutes can cooperate in developing and upgrading the general training quality at higher education institutions in Vietnam. Improving the training quality of a faculty will continue to be a challenge. Therefore, this is a topic that requires continuous research.
  • Publication
    Financial inclusion and green economic performance for energy efficiency finance
    ( 2022)
    Zhen Liu
    ;
    Trong Lam Vu
    ;
    Thi Thu Hien Phan
    ;
    Thanh Quang Ngo
    ;
    Nguyen Ho Viet Anh
    ;
    Ahmad Romadhoni Surya Putra
    Financial inclusion is fundamental for increasing the nation’s performance and green economy has emerged as one of the dominant factors to ecological sustainability, but how will these two factors connect? This research analyzes the correlation between the two in the case of China, which is undergoing a transformation to a green economy, using state-level statistics from 2008 to 2020 to evaluate the connection between financial inclusion and the green economy. By taking into account the fast-expanding technology banking system, as well as the application of the minimum distance to the weak efficient frontier framework (MinDw), a comprehensive assessment of financial inclusion is created, as is an assessment of green economic productivity. The findings show that the expansion of financial inclusion may contribute to increased green economic proficiency, which is primarily achieved via the tightening of credit restrictions on carbon emitting companies. The results have more consequences for the implementation of a financial development strategy and the maintenance of healthy associations between the state, banking institutions, and businesses.
  • Publication
    Flow-Shop Scheduling with Transportation Capacity and Time Consideration
    ( 2022)
    Chia-Nan Wang
    ;
    Glen Andrew Porter
    ;
    Ching-Chien Huang
    ;
    Viet Tinh Nguyen
    ;
    Syed Tam Husain
    Planning and scheduling is one of the most important activity in supply chain operation management. Over the years, there have been multiple researches regarding planning and scheduling which are applied to improve a variety of supply chains. This includes two commonly used methods which are mathematical programming models and heuristics algorithms. Flowshop manufacturing systems are seen normally in industrial environments but few have considered certain constraints such as transportation capacity and transportation time within their supply chain. A two-stage flowshop of a single processing machine and a batch processing machine are considered with their capacity and transportation time between twomachines. The objectives of this research are to build a suitable mathematical model capable of minimizing the maximum completion time, to propose a heuristic optimization algorithm to solve the problem, and to develop an applicable program of the heuristics algorithm. AMixed Integer Programming (MIP) model and a heuristics optimization algorithmwas developed and tested using a randomly generated data set for feasibility. The overall results and performance of each approach was compared between the two methods that would assist the decision maker in choosing a suitable solution for their manufacturing line.
  • Publication
    Fuzzy MCDM for Improving the Performance of Agricultural Supply Chain
    ( 2022)
    Le Thi Diem My
    ;
    Chia-Nan Wang
    ;
    Nguyen Van Thanh
    Fertilizer industry in Vietnam and globally have entered the saturation phase. With the growth rate slowing down, this poses challenges for the development impetus of the fertilizer industry in the next period. In fact, over the past few decades, Vietnam’s crop industry has abused excessive investment in chemical fertilizers, with organic fertilizers are rarely used or not at all, limiting crop productivity, increasing pests and diseases. To develop sustainable agriculture, Vietnam’s crop industry must limit the use of chemical fertilizers, increase the use of environmentally friendly organic and naturalmineral fertilizers to produce clean agricultural products which is safe. Therefore, it is necessary to consider and choose the right supplier to ensure the goal of sustainable development. Spherical Fuzzy Analytic Hierarchy Process (SF-AHP), and the combinative distance-based assessment (CODAS) are new Multicriteria Decision Making (MCDM) method which can be used to solve supplier selection problem. This paper uses an effective solution based on a combined the concept of triple bottom line (TBL), SF-AHP and CODAS approach to help agriculture companies that need to select the best fertilizer supplier. This research can support supply chain managers to achieve supply chain systems that reduce not only sourcing costs, but also develop sustainable agriculture.
  • Publication
    How COVID-19 induced panic on stock price and green finance markets: global economic recovery nexus from volatility dynamics
    ( 2021)
    Luc Phan Tan
    ;
    Muhammad Sadiq
    ;
    Talla M. Aldeehani
    ;
    Syed Ehsanullah
    ;
    Putri Mutira
    ;
    Hieu Minh Vu
    This paper investigates the effect of different categories of essential COVID-19 data from 2020 to 2021 towards stock price dynamics and options markets. It applied the hypothetical method in which investors develop depression based on the understanding suggested by various green finance divisions. Furthermore, additional elements like panic, sentiment, and social networking sites may impact the attitude, size, and direction of green finance, subsequently impacting the security prices. We created new emotion proxies based on five groups of information, namely COVID-19, marketplace, lockdown, banking sector, and government relief using Google search data. The results show that (1) if the proportional number of traders’ conduct exceeds the stock market, the effect of sentimentality indexes on jump volatility is expected to change; (2) the volatility index component jump radically increases with the COVID-19 index, city and market lockdown index, and banking index; and (3) expanding the COVID-19 index gives rise to the stock market index. Moreover, all indexes decreased in jump volatility but only after 5 days. These findings comply with the hypotheses proposed by our model.
  • Publication
    How Social Commerce Characteristics Influence Consumers' Online Impulsive Buying Behavior in Emerging Markets
    ( 2022)
    Quyen Phu Thi Phan
    ;
    Vu Minh Ngo
    ;
    Nguyen Cao Lien Phuoc
    With the rapid development of social commerce, consumers may easily purchase products they did not plan to purchase or do not really need when they surf social networking websites and browse posts. However, the literature on social commerce pays little attention to the extant knowledge of online impulse buying behavior (OIBB), especially in emerging markets. This study investigates the role of social commerce characteristics in shaping consumers' online impulsive buying behavior. Data was collected from 240 Vietnamese consumers with experience in online shopping. Using a Partial Least Square 3.0 analysis, the results indicated that socialization and availability of information significantly influence the urge to buy impulsively, but do not influence impulsive behavior. In contrast, personalization and product selection influence both the urge to buy impulsively and impulsive behavior. The findings also indicated that gender and age do not impact online impulsive buying behavior. Study outcomes offer useful insights to both academicians and practitioners.
  • Publication
    Impact of Brand Identity Components on University Brand Image in Ho Chi Minh City
    ( 2022)
    Ai Huu Tran
    ;
    Tuan Tran Duc
    We all see that newly established schools, the building of identity and brand image becomes more urgent and needs more attention than schools that have existed for many years. However, HUTECH University established in 1995, has undergone certain changes that require repositioning with the brand image. Therefore, the choice of educational institutions for this case study becomes more significant. The results of the study show that the factors that make up brand identity, which affect the brand image of HUTECH University from high to low, are: Brand Relevance (BRL) β= 0.357; Teaching Staff (TS) β=0.287; Brand Reputation (BRP) β= 0.200; Brand Personality (BPS) β=0.182; Brand Relationship (BRT) β=0.073; Brand Performance (BPF) β= 0.044; and Educational Opportunity (EF) β= 0.039.
  • Publication
    Impact of coal rents, transportation, electricity consumption, and economic globalization on ecological footprint in the USA
    ( 2022)
    Zheng Wenlong, Muhammad Atif Nawaz, Amena Sibghatullah, Syed Ehsan Ullah, Supat Chupradit, Vu Minh Hieu
    Over the last three decades, the world has been facing the phenomenon of the ecological deficit as the ecological footprint is continuously rising due to the persistent decline of the per-capita bio-capacity. Moreover, there is a substantial increase in globalization and electricity consumption for the same period, and transportation is contributing to economic prosperity at the cost of environmental sustainability. Understanding the determinants of ecological footprint is thus critical for suggesting appropriate policies for environmental sustainability. As a result, this study analyzes the impacts of economic globalization, transportation, coal rents, and electricity consumption in ecological footprint in the context of the USA over the period 1995 to 2018. The data have been extracted from “Global Footprint Network,” “Swiss Economic Institute,” and “World Development Indicators.” The current study has also applied the flexible Fourier form nonlinear unit root test to examine the stationarity among variables. For the empirical estimation, a novel technique, the “quantile auto-regressive distributive lag model,” is applied in the study to deal with the nonlinear associations of the variables and to evaluate the long-term stability of variables across quantiles. The study’s findings indicate that coal rents, transportation, and globalization significantly and positively contribute to the deterioration of ecological footprints at different quantile ranges in the short and long run. Electricity consumption is found to have a positive and significant impact at lower quantile ranges in the long run but not have a significant impact in the short run. The study suggested that lowering the dependence of the transport sector on fossil fuels, more use of hydroelectricity, and stringent strategies to curb coal consumption would be helpful to reduce the positive influence of these variables on ecological footprints in the USA.
  • Publication
    Impact of corporate social responsibility on social and economic sustainability
    ( 2022)
    Tran Duc Tai
    Recently, corporate social responsibility (CSR) and social and economic sustainability are the foremost factors that improve trust and commitment of the institution and have gained the attention of recent researchers and policymakers. Thus, this research aims to examine the impact of CSR on social and economic sustainability. Questionnaires were used to gather the data from selected respondents, and smart-PLS was used to test the validity and reliability of the constructs and hypotheses of the study. The results showed that all the responsibilities such as economic responsibility, legal responsibility, ethical responsibility, philanthropic responsibility, and economic and social sustainability have a positive effect on organizational trust.