Journal Articles - Business and Management - 2022
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PublicationA Truck Scheduling Problem for Multi-Crossdocking System with Metaheuristics( 2022)
;Phan Nguyen Ky Phuc ;Nguyen Van ThanhDuong Bao TramThe 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. -
PublicationAn Integrated and Comprehensive Fuzzy Multi-Criteria Model for Electronic Wallet Selection( 2023)Phuoc Van NguyenElectronic 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.
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PublicationAnomalies in Asia Pacific Stock Markets: A Re-Examination of the Turn-of-the-Year Effect( 2022)
;Quang Thien TranThanh Nhan HuynhThis 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. -
PublicationAssessing 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 XuyenLuc Phan TanThis 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. -
PublicationBeing an emerging economy: To what extent do geopolitical risks hamper technology and FDI inflows?( 2022)
;Trang Thi Thuy Nguyen ;Binh Thai PhamHector SalaThis 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. -
PublicationEvaluation of Digital Marketing Technologies with Fuzzy Linguistic MCDM Methods( 2022)
;Ngo Quang TrungNguyen Van ThanhTechnology 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. -
PublicationExplaining gender differences in entrepreneurship: the impact of motivations, success factors and business training on the performance of microenterprises in central Vietnam( 2022)
;Quan V. LeMai Nguyen LisovichThe 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. -
PublicationFactors Affecting Loan Loss Provisions during the Covid-19 Pandemic – The Case of Commercial Banks in Vietnam( 2022)Dung Thi Thuy NguyenCredit 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.
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PublicationFinancial 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 AnhAhmad Romadhoni Surya PutraFinancial 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. -
PublicationFlow-Shop Scheduling with Transportation Capacity and Time Consideration( 2022)
;Chia-Nan Wang ;Glen Andrew Porter ;Ching-Chien Huang ;Viet Tinh NguyenSyed Tam HusainPlanning 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. -
PublicationFuzzy MCDM for Improving the Performance of Agricultural Supply Chain( 2022)
;Le Thi Diem My ;Chia-Nan WangNguyen Van ThanhFertilizer 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. -
PublicationHow 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 MutiraHieu Minh VuThis 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. -
PublicationImpact of corporate social responsibility on social and economic sustainability( 2022)Tran Duc TaiRecently, 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.
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PublicationImproving Supply Chain Performance Through Supplier Selection and Order Allocation Problem( 2022)
;Chia-Nan Wang ;Ming-Cheng Tsou ;Chih-Hung Wang ;Viet Tinh NguyenPham Ngo Thi PhuongSuppliers play the vital role of ensuring the continuous supply of goods to themarket for businesses. If businesses do not maintain a strong bond with their suppliers, they may not be able to secure a steady supply of goods and products for their customers. As a result of failure to deliver products, the production and business activities of the business can be delayed which leads to the loss of customers. Normally, each trading enterprise will have a variety of commodity supply chains withmultiple suppliers. Suppliers play an important role and contribute to the value of the entire supply chain. Should any supplier encounters a problem, the whole supply chain of businesses will be affected and could lead to not guaranteeing the stable supply to the market. Thus, suppliers can be seen as a threat to businesses where they have the ability to increase input prices or decrease the quality of the required products and services they provide. The quantity of the business, and the supply lead time directly affect the operations and reduce the profitability of the business. The paper mainly focuses on the supplier selection problemunder a variety of price level and product families when using a two-phase fuzzy multi-objective linear programming. The objectives of the proposed model are to minimize the total purchasing and ordering cost in order to reduce the quantity of defective materials and the late-delivery components from suppliers. Moreover, the piecewise linear membership function is applied in themodel to determine an optimal solution which is based on the requirement of decision makers under their fuzzy environment. The results of this study can be applied in various business environment and provide a reliable decision tool for choosing potential suppliers relating to these objectives. Based on the results, the company canmake a good decision on supplier selection; therefore, the company can improve the quality and quantity of their final product -
PublicationLogistics Service Provider Evaluation and Selection: Hybrid SERVQUAL–FAHP–TOPSIS Model( 2022)
;Le Anh LuyenNguyen Van ThanhProduction and business enterprises are aiming to improve their logistics activities in order to increase competitiveness. Therefore, the criteria and decision support models for selecting logistics service providers are significant to businesses. Fuzzy theory has been applied to almost all industrial engineering fields, such as decision making, operations research, quality control, project scheduling and many more. In this research, the authors combined fuzzy theory and a Multicriteria Decision Making (MCDM) model for the evaluation and selection of potential third-party logistics (3PL) providers. The goal is to take the advantages of these approaches and allow for more accurate and balanced (symmetric) decision making through their integration. The main contribution of this study is that it develops a complete approach to assessing the quality of the logistics service industry. The combined method of the SERVQUAL and FAHP–TOPSIS models not only provides reasonable results, but it also allows decision makers to visualize the impact of different criteria on the final outcome. Furthermore, this integrated model can provide valuable insights and methods for other areas to define service quality. -
PublicationMarketing Strategies Evaluation and Selection for Supply Chain Management Under Uncertainty( 2022)
;Ngo Quang TrungNguyen Van ThanhSustainable marketing, often known as green marketing, has grown in popularity over the last two decades. Government is currently putting pressure to encourage firms to become environmentally aware in multiple aspects like human and financial utilization, advertisement, and product movement. Different types of companies are including many environmental campaigns into their own products to take advantage of the problem. Although many scholars have addressed the relevance of green marketing as well as theory development, this study is unique in that it examines both techniques in a fuzzy context. The integrated Fuzzy Multicriteria Decision Making Model (MCDM) of the analytical hierarchy process (AHP) and a Portuguese-acronymous MCDM method (TODIM) are used to select the best marketing strategy from five alternatives: (i) Green Design, (ii) Green Positioning, (iii) Green Pricing, (v)Green Packaging, and (iv)Green Disposal. based on criteria such as the scale of the green market, price parity, and the commitment of top management.AfuzzyMCDMmodel for evaluating green marketing strategies was established in the study as contributions for decisionmakers in this field under unclarified circumstances.This research also a useful guideline for ranking alternatives in others industry. -
PublicationNatural resources commodity prices volatility and economic performance: Evaluating the role of green finance( 2022)
;Asma Arif ;Hieu Minh Vu ;Ma Cong ;Leow Hon Wei ;Md. Monirul IslamGniewko NiedbałaCOVID-19 has been one of the biggest sources of economic downfall around the globe. During this period, global economic activities are badly affected. The role of natural resources commodity prices is equally important to determine the economic performance of an economy. Therefore, this study aims to evaluate the importance of natural resources volatility, green finance, investment in energy resources, and innovation on the economic performance of the provincial data of China. This study uses novel panel data approaches, i.e., Pesaran unit root test, Westerlund cointegration approach, augmented mean group, and Dumitrescu-Hurlin causality test. The study found that natural resources are of great importance to uplift the economic performance of an economy as its effect is found positive. Moreover, the effect of green finance, investment in energy resources, and innovation is equally important for improved economic performance. This study recommends stability in natural resources prices volatility, promotion of green finances and more investment towards energy resources. The empirical outcomes from this study provide a novel path for achieving high economic performance. -
PublicationNatural resources rents and economic performance: Post-COVID-19 era for G7 countries( 2022)
;Tolassa Temesgen Hordofa ;Song Liying ;Nafeesa Mughal ;Asma Arif ;Hieu Minh VuPrabjot KaurThe study found that during the COVID-19 and post pandemic, economic performance has been declined. This study found that natural resources rent, including oil and gas, help to improve the economic performance. Further, structural break for the year 2019 caused by COVID-19 also slowed down the economic performance of G7 economies. This study suggests more stabilization policies towards natural resources commodity prices and encouragement of active role from the G7 countries. This study further provides relevant policy implications in the concluding section for the selected group of countries. -
PublicationOptimization Model for Selecting Temporary Hospital Locations During COVID-19 Pandemic( 2022)
;Chia-Nan Wang ;Chien-Chang Chou ;Hsien-Pin Hsu ;Van Thanh NguyenViet Tinh NguyenThe two main approaches that countries are using to ease the strain on healthcare infrastructure is building temporary hospitals that are specialized in treating COVID-19 patients and promoting preventive measures. As such, the selection of the optimal location for a temporary hospital and the calculation of the prioritization of preventive measures are two of the most critical decisions during the pandemic, especially in densely populated areas where the risk of transmission of the virus is highest. If the location selection process or the prioritization of measures is poor, healthcare workers and patients can be harmed, and unnecessary costs may come into play. In this study, a decision support framework using a fuzzy analytic hierarchy process (FAHP) and a weighted aggregated sum product assessment model are proposed for selecting the location of a temporary hospital, and a FAHP model is proposed for calculating the prioritization of preventive measures against COVID-19. A case study is performed for Ho Chi Minh City using the proposed decision-making framework. The contribution of this work is to propose a multiple criteria decision-making model in a fuzzy environment for ranking potential locations for building temporary hospitals during the COVID-19 pandemic. The results of the study can be used to assist decisionmakers, such as government authorities and infectious disease experts, in dealing with the current pandemic as well as other diseases in the future.With the entire world facing the global pandemic of COVID-19, many scientists have applied research achievements in practice to help decision-makers make accurate decisions to prevent the pandemic. As the number of cases increases exponentially, it is crucial that government authorities and infectious disease experts make optimal decisions while considering multiple quantitative and qualitative criteria. As such, the proposed approach can also be applied to support complex decision-making processes in a fuzzy environment in different countries -
PublicationOptimization of Cold Chain Logistics with Fuzzy MCDM Model( 2022)
;Do Ngoc HienNguyen Van ThanhVaccines are biological products containing a weakened, inactivated part of bacteria or viruses that are not harmful to the human body. Vaccine manufacturers and distributors should always store vaccines at the right temperature. To do this task, manufacturers and distributors need to manage cold supply chains to the required standards. Cold chain management helps manufacturers control and keep vaccines at the right temperature while ensuring quality and extending their expiration date. That will help businesses in the medical industry reduce economic losses, avoid waste, and bring more significant benefits to patients. The selection and evaluation process for logistics suppliers, especially those who deal with low-temperature storage, considers many factors to reduce the potential waste of products from poor storage strategies. The author introduces an integrated approach to solve such a fuzzy multiple criteria decision-making (MCDM) problem based on the Fuzzy Analytical Hierarchy Process (FAHP) model and an Interactive and Multi-criteria Decision-Making in Portuguese Model (TODIM) model methods under the fuzzy linguistic environment. In this work, the SF-AHP method derives criteria weights in the first stage, and then a TODIM method is presented to identify the ranking of logistics providers. Finally, the authors present a case study on the evaluation and selection of cold chain logistics suppliers to demonstrate the applicability of the proposed fuzzy MCDM model.