University of Economics Ho Chi Minh City
Recent publications
Many previous studies identify the contagion effect among various types of assets, defined as the increase in correlation of these assets during a financial or economic crisis. During the COVID-19 outbreak, a historic fall in global fuel demand and oil prices has been witnessed. Because crude oil has a strategic position among the export products of the Southeast Asian economies, even a tiny global oil price change leads to a plunge in these stock markets. This study addresses the spillovers of the volatility between the West Texas Intermediate crude oil prices and stock indices across six ASEAN emerging economies. Besides, the study examines whether a contagion connecting the global energy prices and these stock markets exists during the coronavirus pandemic. The empirical results are acquired by applying the Bayesian test for equality of means on the dynamic conditional correlations computed from DCC-GARCH models. The findings present positive volatility transmission from crude oil prices toward these emerging equity markets. During the health crisis, co-movements intensify, indicating the occurrence of contagion effects. The empirical results provide valid implications for policymakers and international investors because a precise volatility forecast is vital for managing portfolio risk. AcknowledgmentThis research is funded by University of Economics Ho Chi Minh City, Vietnam.
Sustainable development goals (SDGs) are the foremost requirement of the entire world, and a sharing economy is potentially the best way to achieve them, a phenomenon which needs to be emphasized. This study empirically investigates the impact of the environmental, social and economic benefits of a sharing economy on SDG achievement, along with the mediating impact of innovative culture on the association between these benefits of a sharing economy and SDG achievement. This study gathered primary data from sample of employees of transportation industry of Vietnam. The study employs PLS-SEM using Smart-PLS to analyse the association among the constructs. The findings show that the social and economic benefits positively and significantly relate to SDGs achievement. Additionally, the findings also indicate that in the presence of innovative culture as a mediator, the determinants of sharing economy benefits are significantly correlated with sustainable development goals. This study provides guidelines for regulators formulating regulations related to SDG achievement through a sharing economy.
This study examines the influences of institutions, the Internet and mobile usage on the trade balance of African countries between 2003 and 2017. Our empirical results have been estimated with a panel‐corrected standard error method (PSCE) and they have been confirmed by several alternative techniques. First, the increase of internet usage and mobile usage has a significant negative effect on total and inter‐continental trade balances while these factors improve the intra‐African trade balances. Second, better institutions appear to have a negative impact on the total‐, inter‐, and intra‐African trade balances – in other words, better institutions appear to stimulate imports rather than exports. This observation explains the decreasing trends in the current account balances of African countries. Third, the combined effect of the three factors (institutions, internet, and mobile use together) has a significant positive impact on all trade balances: total‐, inter‐, and intra‐continental. Our study shows that an improvement in institutional quality acts as a mitigating factor for any negative impact internet\mobile development might cause on the trade balances of African countries. Further, our analysis examines the influence of institutions, internet usage, and mobile usage on the two parts of the trade: exports and imports. We observe that internet and mobile can influence negatively and differently impact the two wings of the balance trade. However, all improvements in institutions and their associations with internet usage and mobile usage have a significant positive impact on the trade balance especially on exporting activities of African countries.
This paper explores the current obstacles, contemporary practices, and potential solutions for recovery in Vietnam tourism, based on the views of tour operators after the COVID-19 pandemic. This research utilizes twenty-three semi-structured interviews with senior managers and business leaders from five leading tour operators in Vietnam. The findings of this research highlight that, given the current difficulties in operation, Vietnam tourism enterprises developed various response strategies to help their tourism businesses to survive during the pandemic. This research is among the first attempts aims to extend the literature on the implications of COVID-19 to the tourism industry by reflecting the perceptions of tour operators. Furthermore, findings from this study can assist the tourism businesses by highlighting potential solutions and proposing recommendations for the recovery of tourism after the COVID-19 pandemic.
This article examines the influence of corporate social responsibility (CSR) legitimacy on responsible entrepreneurship. It also analyses the contingent factors that influence the relationship between CSR legitimacy and responsible entrepreneurship. While studies on CSR legitimacy are burgeoning, studies analyzing contingent factors and boundary conditions surrounding CSR legitimacy theory are sparse. We extend legitimacy theory by estimating a contingent model that examines the effect of local embeddedness and CSR commitment on the relationship between CSR legitimacy and responsible entrepreneurship. Utilizing time-lagged data collected from 282 entrepreneurs in Vietnam, we demonstrate that CSR legitimacy positively influences responsible entrepreneurship. Further, we find that local embeddedness exacerbates the potency of CSR legitimacy as a driver of responsible entrepreneurship. Additionally, our results show that this moderation is conditioned by CSR commitment. Specifically, the moderating effect of local embeddedness on the linkage between CSR legitimacy and responsible entrepreneurship is stronger when CSR commitment is high. These findings improve the conceptual scope and generalisability of CSR legitimacy as a driver of responsible entrepreneurship in non-Western contexts.
Together with the development of knowledge-based economy, investment in intangibles has been dramatically increasing. Although intangibles are widely recognized as primary value drivers for more firms, as evidence of many studies related to the value relevance or the market valuation of intangible investments, little is known in the literature about the cost of equity capital for financing intangible investments, especially in Vietnamese literature extent. This paper’s aim is therefore to empirically investigate the association between a firm’s cost of equity capital and intangible investments detailed by research and development investment, business combination investment and organizational capital investment. We investigate the above relationship through the sample of 120 Vietnamese-listed firms from 2013–2017. Regression result confirmed that both higher level of research and development investment and larger amount of accounting goodwill raise the firm’s overall cost of equity capital since their characteristics of these investments are riskier and less liquid and has a higher level of information asymmetry. Our findings could suggest several implications for managers and shareholders in making their investment decisions. Once again, this study adds to the existing business valuation literature by providing additional evidence of the impact of research and development investment as well goodwill on accounting for equity capital valuation.
Achieving sustainable development goals (SDGs) through a sharing economy is a global concern which requires policymakers and researchers' attention. The improvement of sharing economy activities may increase sustainable development in developing economies. Thus, this study empirically examines the impact of sharing economy activities such as corporate social responsibilities (CSR), eco-design, supplier green management (SGM), internal green management (IGM), and customer green management (CGM) in achieving SDGs using data from the Emerging Seven (E7) countries. This study uses a questionnaire method to gather data from respondents and Amos software to test the validity and reliability of the data, and the relationships among the variables. The results show that SGM, eco-design, CSR, CGM, and IGM play positive roles in achieving SDGs in E7 economies. The present research provides guidelines for regulators and policymakers devising rules associated with SDGs attainment using sharing economy platforms.
Consumers are becoming increasingly aware of the environmental and social consequences of their purchases. Research on the green promotion mix, green brand equity, and green purchase intentions has been fragmented. This study used the stimulus–organism–response framework to test the direct influence of green promotion tools on green brand equity dimensions and green purchase intention. A survey-based questionnaire was utilized to gather the data from participants who purchased milk products in Vietnam (n = 780). We analyzed the data using the partial least squares (PLS) method, a structural equation modeling (SEM) technique, with the assistance of SmartPLS computer program 3.0. The results reveal that green promotion tools have a significantly positive influence on green brand equity dimensions as well as green purchase intention. The results also reveal a relationship between green brand equity components, which is important for understanding corporate branding. The findings of this study provide valuable insights into how attitudes toward green advertising and sponsorship affect various elements of green brand equity, green purchase intention to generate and manage green brand equity, and green purchase intention.
This paper analyses the effects of the shadow economy on the total tourism spending of citizens for 84 countries from 1995 to 2017. The empirical framework is that of panel quantile regression with fixed effects. We also analyse the simultaneous effects of the shadow economy on domestic and outbound tourism spending using seemingly unrelated regressions. We first show that increases in the shadow economy appear to reduce total tourism spending: the increases are less dominant in countries with higher levels of travel activities. Moreover, the shadow economy negatively affects domestic and outbound tourism spending in the global sample, while different effects exist in subsamples. Lastly, we show that for the two sub-periods (1995–2007 and 2008–2017), the effects of the shadow economy on total tourism spending are mostly consistent in both periods except for statistically insignificant effects in the case of low- and lower-middle-income countries. The effects of the shadow economy on domestic and outbound tourism are also consistent in the two periods. However, the shadow economy exerted a significant positive impact on outbound tourism for upper-middle-income countries after the 2008 global financial crisis.
Dataless text classification, i.e., a new paradigm of weakly supervised learning, refers to the task of learning with unlabeled documents and a few predefined representative words of categories, known as seed words. The recent generative dataless methods construct document-specific category priors by using seed word occurrences only; however, such category priors often contain very limited and even noisy supervised signals. To remedy this problem, in this paper, we propose a novel formulation of category prior. First, for each document, we consider its label membership degree by not only counting seed word occurrences, but also using a novel prototype scheme, which captures pseudo-nearest neighboring categories. Second, for each label, we consider its frequency prior knowledge of the corpus, which is also a discriminative knowledge for classification. By incorporating the proposed category prior into the previous generative dataless method, we suggest a novel generative dataless method, namely Weakly Supervised Prototype Topic Model. The experimental results on real-world datasets demonstrate that Wsptm outperforms the existing baseline methods.
In this article, we investigate the effect of green creativity on green product innovation performance through the mediating mechanism of responsible innovation. Further, we explore the moderating impact of resource commitment on the relationship between green creativity and responsible innovation. Utilizing a sample of 273 entrepreneurial firms in Vietnam, we find that green creativity positively influences responsible innovation. In addition, the results demonstrate that the effect of green creativity on responsible innovation is moderated by a firm's level of resource commitment to environmental innovation, such that the effect is more pronounced when a firm commits more resources to environmental innovation. Finally, we find the effect of green creativity on product innovation performance is mediated by responsible innovation. The theoretical, as well as, practical implications of the findings are discussed.
This study aims to explore the determinants of farmers' participation in contract farming by using a qualitative approach and empirically assess the impact of the factors withdrawn from the qualitative analysis and previous studies by employing the probit model in Vietnam. The qualitative analysis illustrates 10 original factors that affect farmers' participation in contract farming, including cooperative membership, quality certifications, sale preferences, farming difficulties, technology, supporting policy and program, estimation of oversupply, market information flow, association membership, and experience of contract farming failure. The quantitative analysis provides empirical evidence that female heads, firm consulting activities, firm scales, cooperative membership, quality certifications, and good‐road locations can significantly and positively influence farmers' participation in contract farming. Cooperative membership and quality certifications are the most important factors. Contrary to the expectation, head education and good soil negatively impact farmers' participation in contract farming. Besides, bad soil can hinder farmers from participating in contract farming. [EconLit Citations: C12, L24, O13, O14, Q12, Q18].
During the COVID-19 pandemic, the news of clinical trials for vaccines and mass vaccinations have brought renewed optimism for stabilizing the economy and financial markets. However, the mental stress of investors or doubt about the effectiveness of government policies to cope with economic disruptions has caused stock market volatility. We investigate the significance of the vaccination rate in alleviating the global stock market volatility which is measured by the GJR–GARCH model. We discover that a higher vaccine initiation rate has a positive effect on global stock markets, especially in developed countries and areas with higher rates than their average. Our findings remain reliable even when using different projected volatility models and other estimates of the main independent variables. Mass immunization also implies that governments will not have to take extreme measures to handle the pandemic, which alleviates investor worries about compliance and the prolonged effects of COVID-19. Our research indicates that global stock markets are providing insight into the economic value of the development of COVID-19 vaccines, even before public vaccinations start.
This paper examines spillover effects of foreign direct investment (FDI) through horizontal, backward, and forward linkages, and how these spillovers are driven by the exporting ability for Vietnamese manufacturing enterprises. Those participating in export activity can increase the spillover absorption from FDI through the horizontal and backward linkages although local firms are less likely to take advantage of productivity spillovers during this period. In addition, these exporting firms confront the productivity protection of the FDI firms in the same industries. In contrast, the higher their exportability is, the better their learning from the foreign firms in the same downstream sectors becomes. The findings of this paper provide valuable evidence and implications for policymakers in managing and enhancing export ability for firms in the emerging market.
Poor household dietary diversity has been linked to malnutrition in individuals, households, and cumulatively in populations. High rates of malnutrition among Khmer ethnic children aged five years and younger have been reported in Tri Ton district, Vietnam. This paper aims to further investigate household dietary diversity and associated factors among Khmer ethnic minority populations in Vietnam. A cross sectional study was conducted from October 2018 to April 2019 in Tri Ton District, An Giang Province. By employing a multistage sampling technique, a total of 402 (99.8% response rate) participants were interviewed to measure household dietary diversity using a structured and validated questionnaire developed by FAO. Both bivariate and multivariate logistic regression analyses were carried out to identify factors associated with household dietary diversity. The results showed that the prevalence of low, medium and high dietary diversity scores were 21.4%, 70.4% and 8.2%, respectively. Male-headed households, literacy level, household income, exposure to mass media on nutrition and health information, and frequency of eating were positively associated with household dietary diversity (p < 0.05). However, owning a vegetable and rice farm was not statistically related to households’ dietary diversification. The paper concludes that the magnitude of household diversified dietary intakes was essentially low to medium in participants’ households. These findings have provided evidence to inform the development of the National Nutrition Strategy—2021–2030 in Vietnam, to be revised in 2045. This national strategy proposes appropriate interventions, programs and policies to improve socioeconomic status in ethnic groups and in mountainous areas to enhance populations’ health and well-being including controlling childhood malnutrition. In order to improve population health and wellbeing in Tri Ton District, further actions to address effective dietary practices including strengthening nutrition and health communication about the need to improve household dietary diversity to high levels are recommended.
Climate complexities and global warming have made sustainable development a customary topic in environmental literature. Since then, various diggings have been happening in academia. Amongst them tourism and eco-innovation receives the heap due to its contribution to economic development. The study, thereby, examines the impact of tourism, economic growth and eco-innovation on environmental degradation in China. The secondary data has been extracted from World Development Indicators (WDI) database from 1988 to 2020. The nexus among the variables have been examined using Nonlinear Autoregressive Distributed Lagged (NARDL) model. Findings reveal that international tourism receipts, expenditures and number of tourist arrival, GDP, national income and inflation are positively correlated with environmental degradation, while sustainability-oriented eco-innovation is related negatively in case of China. This study has provided help to the regulators while developing new policies regarding environmental degradation by controlling emissions from economic and tourism development and using sustainability-oriented eco-innovation.
This paper examines the frequency dynamic co-movements between crude oil prices and stock market returns of three developed economies (Canada, Japan, and the USA) and the emerging BRICS (Brazil, Russia, India, China, and South Africa) economies by considering four global factors (U.S. treasury bills, S&P volatility index, gold price, and U.S. EPU index). Using bivariate and multivariate wavelet approaches, the results show evidence of time-frequency co-movements between the considered markets at medium and low frequencies. Besides, the results reveal that the co-movement is intensified during global financial crisis and COVID-19 pandemic periods, confirming recoupling hypothesis. The risk analysis reveals dependence and persistence of co-movements, and aggravation of portfolio risk in the BRICS economies and across markets during bouts of afflictions. These findings should encourage the relevant national and transnational policy makers to consider these co-movements which vary over time and in duration when setting up regulations that deem to enhance the market efficiency.
This research explored important questions concerning how top-performing African B2B service brands position their brands in this increasingly globalised, technology-driven and competitive digital ecosystem. In Study 1, we performed a content analysis of the homepages of the websites of 140 top-performing African B2B service brands to explore the most frequently used positioning signals. In Study 2, we conducted semi-structured interviews with 32 managers to understand the processes, challenges and, ultimately, the tension involved in managing their brands. Our analysis revealed tensions around curating a sense of professionalism, building a sense of trustworthiness and being proud of African roots. The research contributes to the literature on B2B brand positioning to show how the alignment between the signal on delivered positioning on brand websites and managers' perception in developing brand positioning may shape different positioning strategies. In addition, the study offers practical implications for managers of B2B service brands in Africa on how to develop their brands, decide the possible signals to include in their websites and manage the branding tension within their business operations in the best way.
We empirically examine the influences of the digital business and digital public services on environmental innovation (EI) performance in the European region during the 2011-2019 period. We use four diverse measures to capture the performance of EIs of 24 European countries, including the percentage of enterprises implementing EI investment (% of surveyed firms); the percentage of enterprises implementing EI activities (e.g., implementation of resource efficiency actions, sustainable products, or ISO 14001 certificates) measured, a number of enterprises having new ISO 14001 registration and a number of EI related patents. There are four measures of e-Commerce, including online selling, e-Commerce sales, e-Commerce web sales, e-Commerce turnover, and two measures of e-Business, including CRM usage and cloud usage. Digital public service performance is captured by three indicators, including user centricity, business mobility and key enabler. Our study provides the theoretical framework to explain the link between digitalization and environmental performance. The nexus between digitalization and environmental innovations is empirically analyzed by using the panel corrected standard error (PCSE) model and the feasible generalized least squares (FGLS) model for the panel data featuring the cross-sectional dependency. Our estimation results highlight the importance of digital businesses, including e-commerce sales, e-commerce turnover, e-business (including CRP and cloud usage), in improving the EI investments, EI activities, EI related patents, and the number of enterprises with new ISO 14001 registration during the 2011-2019 period in the European region. Digital public services are less crucial in promoting EI performance as compared to digital businesses as these variables are not statistically significant in some cases. We also provide empirical evidence on the mechanism to explain the improvements in EI. Digitalization appears to have favorable impacts on EI investments of firms and government's financial support, and the public's awareness regarding the importance of EI.
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Canh Phuc Nguyen
  • School of Public Finance and HAPRI
Trang Huynh Nguyen
  • Department of Foreign Languages
Viet Hoang
  • School of Economics
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