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1. |
Dividend policy and share price volatility: empirical evidence from Vietnam
, Pages: 67-78 Thanh Hieu Nguyen, Huu Anh Nguyen, Quang Chung Tran and Quynh Lien Le PDF (650K) |
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Abstract: This paper was conducted to examine the relationship between dividend policy and share price volatility of companies listed on Hochiminh Stock Exchange (HOSE) in Vietnam. Data set used in this research was compiled from financial statements of 260 listed firms on HOSE from 2009 to 2018. Three statistical approaches employed to address econometrics issues as well as to improve the accuracy of the regression coefficients like fixed effects model (FEM), random effects model (REM) and general method of movement (GMM). Based on the results from GMM, the association between share price volatility and dividend yield, dividend payout ratio has been explored. The findings show a positive relationship between dividend yield and stock price volatilities and a negative relationship between dividend payout ratio and stock price volatility. In addition, it is found that a firm’s growth rate, leverage and earnings volatility had positive influences on share price volatility while firm’s size had negative effect on share price volatility. DOI: 10.5267/j.ac.2019.12.006 Keywords: Dividend, Firm, Growth rate, Investor, Manager, Volatility
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2. |
The interactive relationship between credit growth and profitability of people's credit funds in Vietnam
, Pages: 79-88 Van Duong Ha PDF (650K) |
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Abstract: This study purposes to discover the interactive relationship between credit growth and profitability and to examine factors that affect the credit growth and profitability of people's credit funds (PCFs). After regression analysis on a set of panel data from 2013 to 2018 on 24 selected PCFs, it appeared that deposit growth and loan-to-deposit ratio had positive relationships with credit growth, and capital adequacy ratio and profitability had negative relationships with credit growth of PCFs. The age of PCFs has a positive relationship with profitability, while the credit growth, debt-to-equity ratio, non-performing loan ratio, economic growth and inflation have negative relationships with profitability of PCFs. The study found the credit growth and profitability have relationships with each other in a contrary trend. Based on the findings the study proposes policy measures that could be implemented by the managers to increase PCFs’ credit growth rate and profitability. DOI: 10.5267/j.ac.2019.12.005 Keywords: Capital adequacy ratio, Credit growth, Debt-to-equity ratio, Loan-to-deposit ratio, People's credit fund, Profitability
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3. |
The effects of taxpayer knowledge and taxation socialization on taxpayer compliance: The role of taxpayer awareness in developing Indonesian economy
, Pages: 89-96 Rachmawati Meita Oktaviani, Hanif Kurnia, Sunarto and Udin PDF (650K) |
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Abstract: The purpose of this study is to analyze the effects of taxpayer knowledge and taxation socialization on taxpayer compliance mediated by taxpayer awareness. This study uses purposive sampling for determining respondents from taxpayers of free workers registered in the west Semarang, Indonesia. Data is analyzed using regression and path analysis. The results of the study reveal that taxpayer knowledge and taxation socialization had a significant effect on taxpayer compliance and awareness. Taxpayer awareness further partially mediates the relationships between taxpayer knowledge and taxation socialization on taxpayer compliance. Therefore, for developing Indonesian economy, the government should provide an understanding that people are required to pay taxes voluntarily and with full awareness as good citizens. DOI: 10.5267/j.ac.2019.12.004 Keywords: Taxpayer knowledge, Taxation socialization, Taxpayer awareness, Taxpayer compliance
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4. |
Factors affecting the non-performing loans in Indonesia
, Pages: 97-106 Metya Kartikasary, Frihardina Marsintauli, Erla Serlawati and Sebastianus Laurens PDF (650K) |
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Abstract: The purpose of this study is to analyze the factors influencing non-performing loans in companies listed on the Indonesian Stock Exchange Banking sector. All banks in Indonesia carefully review their Non-Performing Loans. According to the Central Bank regulations, the non-performing loan is at a maximum of 5%. Exceed the percentage; there will be one of the indications that the bank is experiencing difficulties and could potentially endanger business continuity. The researchers use the micro-economic and several macro-economic variables to predict the influencing factors toward the non-performing loan. Microeconomic variables studied are the ratio of bank capital to assets (CAP), the loans to deposits (LTD) ratio, the return to assets (ROA) ratio and the ratio of return to equity (ROE). Macroeconomic variables are the ratio of public sector debt to gross domestic product (DEBT), the surplus or deficit of the government budget to gross domestic product (FISCAL) ratio, the percentage increase in gross domestic product (GDP), annual inflation rate (INFL), and percentage of job seeker level (UNEMP). Researchers used some regression methods to analyze the results and the samples taken by researchers were companies listed in the banking sector during the period 2014-2017, and macroeconomic data in Indonesia during that year. DOI: 10.5267/j.ac.2019.12.003 Keywords: Non Performing Loan, Financial Ratio, Macroeconomic Variables, Microeconomic Variables
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5. |
Determining criteria and weights for evaluating the socio-economic efficiency of scientific and technological topics/projects after acceptance
, Pages: 107-116 Ngoc Tien Nguyen, Quyet Thang Dao, Le Dieu Linh Tran, Dinh Chuong Tran and Vu Nguyen Dao PDF (650K) |
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Abstract: Evaluating the socio-economic efficiency of scientific and technological topics/projects after acceptance is very difficult because it is not easy to find common ground on the criteria for evaluating the socio-economic efficiency of topics/ projects of different research fields. Hence, depending on researchers’ views, the evaluation criteria or the weight of evaluating the socio-economic efficiency of each topic/project should be different. This study uses the expert method and the Analytic Hierarchy Process (AHP) method to determine the criteria and to calculate weights for criteria on five scientific fields according to scientific sub-disciplines in Binh Dinh province, including agricultural science, natural science, social sciences and humanities, medical science, engineering and technological sciences. Our research shows that the evaluation of the socio-economic efficiency of the provincial topics/projects should be based on eight aspects, including science, technology, economics, environment, culture - society, information - management, and education. At the same time, the results also identified a set of common criteria for evaluating the socio-economic efficiency of topics/projects and suggested how to calculate points and to rank the effectiveness of topics/projects. However, the weight of the criteria and the composition of each criterion is different. DOI: 10.5267/j.ac.2019.12.002 Keywords: Socio-economic efficiency, Scientific and technological, Topics/projects, Binh Dinh
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6. |
The effect of corporate governance characteristics on the performance of Jordanian banks
, Pages: 117-126 Lina Warrad and Laith Khaddam PDF (650K) |
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Abstract: Corporate governance has become a common discussion issue in developed and developing countries. Therefore, the intensive interest that the corporate governance determines firm performance and protects the interests of shareholders has result in increasing global concern about the corporate governance concept and determinants. There is an increasing forms of corporate finance literature which build a correlation between corporate governance techniques and financial performance. This study represents a new attempt to show the role of corporate governance characteristics on the performance of Jordanian Banks expressed by return on equity ROE during the period from 2014 to 2017. The investigation employed statistics measurements and tools to state the relationships between ROE and different variables. The study indicates a significant effects of different corporate governance characteristics on the performance of banks. In other words, the study reports significant effects of the board size, board diligence, audit committee size and audit committee diligence separately on ROE by considering two controlling variables; namely, firm size and return on assets. DOI: 10.5267/j.ac.2019.12.001 Keywords: Corporate governance, Return on Equity, Amman Stock Exchange (ASE)
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7. |
Human capital, capital structure choice and firm profitability in developing countries: An empirical study in Vietnam
, Pages: 127-136 Van Chien Nguyen PDF (650K) |
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Abstract: The paper aims to examine the impact of human capital, capital structure choice and firm profitability of 48,673 Vietnamese construction firms in 2016. Measuring firm profitability by return on assets (ROA) or return on equity (ROE), the results demonstrated that using more debt in capital structure would positively increase the performance of the firm but this positive effect was increasingly declining. Moreover, evidence showed that human capital had a positive impact on the result of business activities. A larger size of a firm could positively boost firm performance. Regarding firm location, a firm locating in the metropolitan of Ho Chi Minh City had a higher level of performance than a firm locating in the metropolitan of Hanoi capital. Finally, operating status of the firm as well as the establishment of industrial park had insignificant impacts on firm profitability. DOI: 10.5267/j.ac.2019.11.003 Keywords: Construction sector, Firm profitability, Human capital, Debt, Capital structure choice
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8. |
Capital structure and firm performance of non-financial listed companies: Cross-sector empirical evidences from Vietnam
, Pages: 137-150 Thanh Hieu Nguyen and Huu Anh Nguyen PDF (650K) |
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Abstract: This paper examines the relationship between capital structure and profitability of non-financial companies listed on Vietnam's stock market. The panel data is extracted from financial statements of 488 listed companies between 2013 and 2018. Capital structure discussed is represented by the ratios of short-term liabilities, long-term liabilities and total liabilities to total assets, and profitability is measured by Return on Equity (ROE), Return on Assets (ROA) and Earnings per share (EPS). Firm size, growth rate, liquidity, ratio of fixed assets to total assets are control variables in the study. The Generalized Least Square (GLS) is applied to different models, including ROE, ROA and EPS Model, and tests of autocorrelation, multicollinearity and heteroskedasticity are run to confirm the relationship between capital structure and business performance. The results show that the capital structure of Vietnamese listed non-financial companies is negatively related to their performance. Taking industrial product sectors as the preference sectors, the results show that pharmaceutical and medical, the consumer goods and the public utility industries had a higher relationship between capital structure and firm’s performance (via ROE, ROA, EPS) than industrial product sectors. These evidences are useful new insights to investors, business managers and governmental authorities. DOI: 10.5267/j.ac.2019.11.002 Keywords: Assets, Debt, Generalized least square, Profitability, Return on asset
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9. |
The effects of attitude, trust and switching cost on loyalty in commercial banks in Ho Minh City
, Pages: 151-160 Van Dung Ha PDF (650K) |
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Abstract: This paper focuses on identifying the effects of attitude, trust, switching cost on loyalty of individual customers in commercial banks in Ho Chi Minh City. Based on a sample of 282 customers, the paper employs Frequencies, Cronbach's Alpha test, Exploratory Factor Analysis (EFA), Affirmative Factor Analysis (CFA) and Structural Equation Model (SEM) for analysis. The results show that the Attitude had a positive impact on Trust, Loyalty; Trust and Switching cost positively affects Loyalty. DOI: 10.5267/j.ac.2019.11.001 Keywords: Attitude, Trust, Switching cost, Loyalty, Bank
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10. |
Concentration and performance in Vietnamese commercial banks
, Pages: 161-168 Hung Cuong Le and Tien Loc Vo PDF (650K) |
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Abstract: The paper examines the effect of concentration on performance in the Vietnamese commercial banks during the period 2005-2012, using the concentration ratio and the Herfindahl-Hirschman index to measure the level of concentration in the banking sector. We find a clear trend of decreasing concentration of the Vietnamese banking sector over the analyzed period, along with an increase in competition. The results of the competitive analysis based on The Panzar-Rosse model show a status of monopoly competition market has formed in the banking sector. With respect to the effects of concentration on banks’ performance, the study finds a negative relationship between the concentration of the market and operational performance of the commercial banks in the context of monopoly competition. We conclude that high competition and less concentration stimulate the banking sector to achieve a more balanced allocation of credits and promoting sustainable economic growth. DOI: 10.5267/j.ac.2019.10.007 Keywords: Vietnamese banking sector, Concentration ratio, Herfindahl-Hirschman index, Panzar-Rosse model
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11. |
The impact of capital structure on the performance of construction companies: A study from Vietnam stock exchanges
, Pages: 169-176 Thi Thanh Thuy Vu, Thi Tu Oanh Le and Thi Huyen Trang Nguyen PDF (650K) |
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Abstract: This paper studies the impact of the factors reflecting the capital structure on the performance of construction companies listed on the Vietnam Stock Exchange by using a sample of 59 listed construction companies in three years (177 observations). This research is accomplished by applying a linear regression model and correlation analysis. The results show that: (1) factors such as number of years of operation, asset size, debt/equity do not affect return on assets (ROA) and return on equities (ROE); (2) the factor of total fixed assets / total assets yields a positive and significant impact on ROA and ROE; (3) the ratios of total debt / total equity and long term debt / total equity maintain negative impacts on ROA; and (4) debt / equity has a strong positive effect on ROE. DOI: 10.5267/j.ac.2019.10.006 Keywords: Capital structure, Construction companies, Performance, Vietnam Stock Exchanges
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12. |
The linkages between growth, poverty and inequality in Vietnam: An empirical analysis
, Pages: 177-184 Hoai Nam Nguyen, Quoc Hoi Le and Thi Thu Cuc Nguyen PDF (650K) |
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Abstract: This paper examines how initial inequality and poverty rate are related to subsequent economic growth in the provincial level of Vietnam. The results show a robust negative relationship between initial poverty rate and subsequent economic growth. However, there is no link between initial inequality and subsequent economic growth. The results also show that lower inequality leads to lower poverty rate and poverty reduction could help to reduce inequality. Other determinants of inequality and poverty reduction include human capital, investment, gross domestic product (GDP) growth rate and trade openness. The main policy implication that emerges from this paper is that concentrating on poverty elimination will help us build a more equitable society without sacrificing economic growth. DOI: 10.5267/j.ac.2019.10.005 Keywords: Poverty, Inequality, Economic growth, Vietnam
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13. |
Determinants of accounting information systems quality: Empirical evidence from Vietnam
, Pages: 185-198 Hieu Thanh Nguyen and Anh Huu Nguyen PDF (650K) |
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Abstract: This research is conducted to investigate the factors affecting the accounting information systems quality. Data was collected by using questionnaire delivered to 347 participants who are board of director’s members and managers. The statistical methods approaches are employed to address the research issues including Explanatory Factor Analysis (EFA) and Ordinary Least Squares (OLS). The findings showed that various factors had significant impacts on the accounting information systems quality including (i) organization culture, (ii) manager participation, (iii) information technology, (iv) information technology knowledge of managers, (v) accounting knowledge of managers, (vi) accounting information applications, (vii) consultation of external experts and (viii) training activities for users in accounting information systems. Based on the research results, some key intuitive recommendations were proposed aiming to improve the accounting information systems quality of Vietnamese Enterprises DOI: 10.5267/j.ac.2019.10.004 Keywords: Accounting information systems, Quality, Explanatory factor analysis, Vietnamese enterprises
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14. |
Crypto-currency: Empirical evidence from GSADF and wavelet coherence techniques
, Pages: 199-208 Dervis Kırıkkaleli, Ersin Cağlar and Kelvin Onyibor PDF (650K) |
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Abstract: This study is targeted towards the explosive behavior of crypto-currencies, namely Bitcoin, Etherium, Litecoin and Ripple by investigating the crypto-currencies bubbles and the causal link between Bitcoin and other three crypto-currencies prices, using GSADF and wavelet coherence tests. The study aims to answer the following questions which have not been investigated in the literature to our best knowledge (i) Was there any bubble in the prices of Bitcoin, Etherium, Litecoin and Ripple and between 01.09.2016 and 01.04.2019? If yes, why (ii) was there any linkage between Bitcoin and Etherium, Litecoin and Ripple? Our findings reveal that (a) there were some bubbles in the crypto-currencies for the periods investigated; (b) there was a positive correlation between Bitcoin and Etherium, Litecoin and Ripple in the short-run; (c) changes in Bitcoin prices lead changes Etherium, Litecoin and Ripple prices in the long run at different periods. DOI: 10.5267/j.ac.2019.10.003 Keywords: Crypto-currency, Multiple Bubble, GSADF, Wavelet Coherence
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15. |
Solutions to attract investment capital for tourism development: Evidence from Vietnam economy
, Pages: 209-214 Huyen Le Hoang Ba, Phuong Nguyen Thi Thu, Thanh Ngo Chi, Hanh Hoang Thanh and Chinh Le Huy PDF (650K) |
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Abstract: The objective of this study is to propose solutions to attract investment capital for tourism development in Thanh Hoa province, Vietnam. Based on the theoretical framework following eclectic or “OLI model” developed by Dunning and Narula (1996) [Dunning, J., & Narula, R. (2003). Foreign direct investment and governments: catalysts for economic restructuring. Routledge.] and data of 660 questionnaires collected from a survey of tourism investors in Thanh Hoa provinces, we found some important influential factors affecting the attraction of investment for tourism development in Thanh Hoa province. In particular, the local government’s policy of attracting capital appears to have the highest level of importance. The study has some policy implications to increase the attractiveness of investment capital in tourism development in the area. DOI: 10.5267/j.ac.2019.10.002 Keywords: investment attraction, tourism development, Thanh Hoa
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16. |
The impact of equity in FDI firms on accountants' loyalty: Application of equity theory and creative application in economics sociological knowledge
, Pages: 215-220 Dang Huy Nguyen and Duc Tai Do PDF (650K) |
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Abstract: This research was conducted to investigate the impact of equity in foreign direct investment (FDI) firms on accountants' loyalty in Thanglong industrial park, Hanoi, Vietnam based on Equity theory. Data were collected through a survey with 150 accountants from Thanglong industrial park. With this data, we have used Cronbach's Alpha, Exploratory Factor Analysis (EFA) and correlation analysis to determine the effects of the independent variables on the dependent variable, i.e. the loyalty of accountants. The results show that the equity in FDI firms had positive relationships with the loyalty of accountants in Thanglong industrial park. Based on this finding, this paper gives several recommendations for improvement the loyalty of accountants in Thanglong industrial park. DOI: 10.5267/j.ac.2019.10.001 Keywords: Equity, Loyalty, Accountants, FDI firms
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