• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.373-383
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• 2021

This article aims to examine the one-way relationship between corporate social responsibility (CSR) and the financial performance of Vietnamese commercial banks, mainly focusing on the moderating role of ownership structure. Net interest margin (NIM), return on assets (ROA), and return on equity (ROE) are selected to represent the financial performance of the bank. CSR was measured using a multi-method approach that included both quantitative and qualitative methods. Corporate Social Responsibility Expenditure (CSRE) was estimated using financial data. The Corporate Social Responsibility Disclosure (CSRD) index was created using the content analysis method. Using a sample of Vietnamese commercial banks from 2012 to 2019 to perform regressions in the dynamic panel models with the two-step system generalized method of moments (GMM) estimator, the results show a positive effect of both CSRE and CSRD on the financial performance of the bank. Empirical evidence shows that the positive relationship between CSRE and financial performance is more robust in statecontrolled banks than non-state-controlled banks. In contrast, the positive impact of CSRD on the financial performance of state-owned commercial banks is weaker than that of private banks. Finally, the paper points out the limitations and proposes future research directions.

• International journal of advanced smart convergence
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• v.8 no.2
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• pp.132-139
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• 2019

We address the problem about forecasting the direction of stock price movement in the Korea market. Recently, the deep neural network is popularly applied in this area of research. In deep neural network systems, proper parameter initialization reduces training time and improves the performance of the model. Therefore, in our study, we propose a novel parameter initialization technique and apply this technique for the stock price movement prediction model. Specifically, we design a framework which consists of two models: a base model and a main prediction model. The base model constructed with LSTM is trained by using the large data which is generated by a large amount of the stock data to achieve optimal parameters. The main prediction model with the same architecture as the base model uses the optimal parameter initialization. Thus, the main prediction model is trained by only using the data of the given stock. Moreover, the stock price movements can be affected by other related information in the stock market. For this reason, we conducted our research with two types of inputs. The first type is the stock features, and the second type is a combination of the stock features and the Korea Composite Stock Price Index (KOSPI) features. Empirical results conducted on the top five stocks in the KOSPI list in terms of market capitalization indicate that our approaches achieve better predictive accuracy and F1-score comparing to other baseline models.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.675-684
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• 2021

This paper aims to analyze factors influencing earnings of workers in Vietnam using provincial-level data from 2016 to 2018. We show the important determinants of earnings of workers of more than 15 years old including working hour, labor force, life expectancy, education, regulation measured by Provincial Competitiveness Index (PCI) and especially Industry 4.0, our major depart from literature proxies by government expenditure on science and technology, number of phone lines, and number of internet users. Working hours are a typical measurement of quantity of labor supplied. Labor force represents market size from the supply side. Life expectancy measures the health of laborers, a physical quality measure of workers. PCI stands for institutional status of the locality. Two most important factors of our interest are education, representing qualification of workers, and Industry 4.0, reflecting the new working environment of workers. By estimating a robust standard error fixed-effect model, we have evidence that all factors are significant in explaining earnings of Vietnamese workers. Education and IR4.0 play an important role in earnings of workers of Vietnam. Results also provide an estimation of Vietnam's labor supply in the context of Industry 4.0. In addition, findings contribute to explain the income discrepancy among Vietnamese provinces.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.759-770
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• 2021

Using a DCC - GARCH model analysis, this paper examines the existence of financial contagion from the U.S. stock market to the Vietnamese and the Philippine stock markets during the global financial crisis and the COVID-19 pandemic crisis. We use daily data from the S&P 500 (U.S.), VN-Index (Vietnam), and the PSEi (the Philippines). As a result, there is no evidence of contagion from the U.S stock market to the Philippine stock market that can be found during global financial crisis, while the Vietnamese market is influenced by this effect. Besides, both these developing stock markets (the Vietnamese and Philippine stock markets) are influenced by the contagion effect in COVID-19 pandemic crisis. Another finding is that the contagion effect during the coronavirus pandemic crisis in Vietnam is smaller than that during the global financial crisis, however, the opposite is the case for the Philippines. It is noticed that the Philippines seems to be more affected by the contagion effect from the COVID-19 pandemic than Vietnam at the time of this study. Because financial contagion is important for monetary policy, asset pricing, risk measurement, and portfolio allocation, the findings in this paper may give some useful information for policymakers and investors.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.111-118
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• 2022

The purpose of this research is to evaluate the quality of non-financial information disclosure by companies listed on the Vietnamese stock exchange. In 2019, 140 annual reports from 140 companies listed on the Vietnam Stock Exchange were included in the research sample. The remaining 134 reports were eligible study after removing those that lacked essential data. Using the statistical software SPSS version 25 and Excel office software, the study has selected the data processing method and the disproportionate disclosure index method to evaluate the quality of non-financial information disclosure of companies. The findings of the study demonstrate that companies listed on the Vietnam stock exchange are particularly interested in giving non-financial information to financial statement consumers as required by law, although the level of disclosure is still inadequate. The findings also illustrate the varying levels of non-financial information disclosure by category of information, as well as substantial disparities between them (general information about the company, environmental and social information, corporate governance information, etc.). The findings of the study show that the majority of Vietnam's publicly traded enterprises are less interested in reporting environmental information.

• Proceedings of the Korea Water Resources Association Conference
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• 2021.06a
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• pp.96-96
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• 2021

수문기상인자 중 하나인 증발산량은 수자원 계획 및 관리 시 고려되며, 특히 물수지 모형 등의 입력자료로 활용된다. 우리나라를 포함한 각국 기상청 및 국제기구에서는 직접 관측이 아닌 FAO56 Penman-Monteith(PM)을 통해 증발산량을 산출하고 있다. FAO56 PM 방법은 복사(radiation), 대기온도(air temperature), 습도(humidity), 풍속(wind speed) 등의 기상인자로부터 기준증발산량(reference evapotransipiration)을 추정하며, 상대적으로 높은 정확성을 보여준다. 그러나 FAO56 PM 방법은 많은 기상인자를 요구하므로 미계측 유역을 포함한 일부지역에 대한 증발산량 자료 구축이 어려운 실정이다. 또한, 기준증발산량의 특성이 시간에 따라 변화하므로 비정상성(nonstationary)을 고려한 분석이 요구된다. 본 연구에서는 온도인자 기반의 대체모형(surrogate model)을 개발하여 기준증발산량의 비정상성을 고려하고자 한다. 한강유역에 위치한 관측소를 대상으로 모형을 개발하였으며, 시간에 따라 변동하는 기준증발산량의 특성을 고려하기 위해 Bayesian 추론기법을 통해 매개변수를 시간에 따라 추정하였다. 또한, 본 연구에서는 대체모형으로 산정된 증발산량을 활용해 가뭄지수인 EDDI(evaporative demand drought index)를 제시하였다. 가뭄 모니터링 및 조기 경보 안내를 위해 개발된 EDDI를 활용하여 기존 가뭄보다 빠르게 진행되는 초단기 가뭄(flash drought)를 평가하였다. 본 연구에서 개발된 모형은 미계측 지역에서도 적용이 가능하므로 수자원분야에서 활용성이 높을 것으로 사료된다.

• Proceedings of the Korea Water Resources Association Conference
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• 2021.06a
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• pp.127-127
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• 2021

In order to estimate parameter uncertainty of hydrological models, the consideration of the likelihood functions which provide reliable parameters of model is necessary. In this study, the Bayesian Markov Chain Monte Carlo (MCMC) method with informal likelihood functions is used to analyze the uncertainty of parameters of the SURR model for estimating the hourly streamflow of Gunnam station of Imjin basin, Korea. Three events were used to calibrate and one event was used to validate the posterior distributions of parameters. Moreover, the performance of four informal likelihood functions (Nash-Sutcliffe efficiency, Normalized absolute error, Index of agreement, and Chiew-McMahon efficiency) on uncertainty of parameter is assessed. The indicators used to assess the uncertainty of the streamflow simulation were P-factor (percentage of observed streamflow included in the uncertainty interval) and R-factor (the average width of the uncertainty interval). The results showed that the sensitivities of parameters strongly depend on the likelihood functions and vary for different likelihood functions. The uncertainty bounds illustrated the slight differences from various likelihood functions. This study confirms the importance of the likelihood function selection in the application of Bayesian MCMC to the uncertainty assessment of the SURR model.

• Mycobiology
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• v.51 no.4
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• pp.239-245
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• 2023

Xylanase has been applied in various sectors, such as biomass conversion, paper, pulp, textiles, and pharmaceutical industries. This study aimed to isolate and screen potential xylanase-producing fungi from the soil of Suphan Buri Province, Thailand. Fifteen fungi were isolated, and their xylanase activities were tested by the qualitative method. The result showed that isolate SP3, SP10 and SP15 gave high xylanase activity with potency index (PI) of 2.32, 2.01 and 1.82, respectively. These fungi were selected for the xylanase quantitative test, isolate SP10 performed the highest xylanase activity with 0.535 U/mL. Through molecular methods using the 𝛽-tubulin gene, isolate SP10 was identified as Penicillium menonorum. The xylanase characteristics from P. menonorum SP10 were determined, including the xylanase isoforms and the optimum pH and temperature. The xylanase isoforms on SDS-PAGE indicated that P. menonorum SP10 produced two xylanases (45 and 54 kDa). Moreover, its xylanase worked optimally at pH 6 and 55 ℃ while reaching 61% activity at 65 ℃. These results proposed P. menonorum SP10 as a good candidate for industrial uses, especially in poultry feed and pulp industries, to improve yield and economic efficiency under slightly acidic and high-temperature conditions.

• Journal of Animal Reproduction and Biotechnology
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• v.34 no.3
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• pp.173-182
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• 2019

This study was performed to evaluate the effect of heat stress on the status of physiological responses, blood parameter, serum T3 and cortisol, and heat shock proteins (HSP 27, 70, and 90) of Hanwoo cattle. Six Hanwoo steers (242.8 ± 7.2 kg of BW) were housed in the climate-controlled respiration chambers. The experiment consisted of 7 days (control; 0 day) at thermoneutral (air temperature (Ta) of 15℃ and relative humidity (RH) of 60%; temperature-humidity index (THI) = 64), and by 3 and 6 days (treatment groups) at heat stress (Ta of 35℃ and RH of 60%; THI = 87). Body temperature of each parts (frank, rump, perineum and foot) and rectal temperature elevated in heat stress groups (3 days and 6 days) than the control group (0 day). Respiration rates increased in 3 days and 6 days (88.5 ± 0.96 bpm and 86.3 ± 0.63 bpm, respectively) from 0 days (39.5 ± 0.65 bpm). Feed intake significantly decreased in heat stress groups (3 days and 6 days, 3.7 ± 0.14 kg and 4.0 ± 0.15 kg, respectively) than the control group (0 day, 5.0 ± 0.00 kg). In addition, final BW significantly decreased in heat stress groups (3 days and 6 days, 211.8 ± 4.75 kg and 215.5 ± 3.50 kg, respectively) than the control group (0 day, 240.0 ± 25.00 kg). However, heat stress has no significant effect on blood parameter, serum T3 and cortisol. Nevertheless, heat stress increased HSPs mRNA expression in liver tissue, and serum concentration of HSPs. Despite Hanwoo cattle may have high adaptive ability to heat stress, our results suggested that heat stress directly effect on body temperature and respiration rate as well as serum and tissue HSPs. Therefore, we are recommended that HSPs could be the most appropriate indicators of Hanwoo cattle response to heat stress.

• Asian-Australasian Journal of Animal Sciences
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• v.25 no.3
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• pp.361-368
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• 2012

Effect of vitamin C (VC) on biochemical, hematological and cortisol profile of growing Holstein calves during summer was investigated. Eighteen calves between 14 and 16 weeks of age were divided equally into two groups. One group received a diet supplemented with VC (20 g/d) for 60 days, while other non-supplemented diet fed group served as a control (CON). The temperature humidity index (THI) was recorded and computed during the experiment. From days 0 to 60, the THI exceeded 70. Blood samples were collected from the jugular vein of each calf at days 0, 15, 30, 45 and 60. Serum albumin and total protein decreased (p<0.05) in CON and VC calves with age. Serum glutamic-oxaloacetic transaminase concentrations were not affected by treatments. Serum creatinine, albumin and glutamic-pyruvic transaminase concentrations were higher in calves in the VC group than the CON group. While red blood cells, hemoglobin and hematocrit were lower (p<0.05) in VC calves, mean corpuscular volume, mean corpuscular hemoglobin, red blood cell distribution width and mean platelet volume were higher (p<0.05) in these VC supplemented calves. Leukocyte parameters including white blood cells and full term for lymphocytes were not affected by the treatments. Also, serum cortisol was not affected by treatments. At day 15, 30 and 45, the total VC in plasma was higher (p<0.05) in calves fed with VC. In conclusion, serum cortisols were not affected by plasma VC concentration, while some blood parameters were positively influenced in calves fed with VC.