• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.327-337
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• 2022

The purpose of this study is to determine the direction and significance of variables influencing small and medium enterprises (SMEs) decisions regarding accounting policy in Vietnam. Research data was collected through a survey of 296 subjects, including chief accountants, accountants, managers, and lecturers with practical experience in accounting work at enterprises. With the help of specialized software SPSS, determining the impact of factors on the choice of accounting policy of enterprises is done through a multivariate regression model with control tools Cronbach's alpha determination, EFA factor analysis, and Pearson correlation analysis. Research results show that there are seven factors affecting the choice of accounting policy in Vietnamese SMEs; in which, the factors information technology, legal environment, information demand, manager's awareness, and accounting qualification have a positive impact; and two factors are tax pressure, and financial leverage have a negative impact on accounting policy choice. These results are consistent with most of the previously published studies. However, in contrast to many previous studies, our research shows that accounting's psychological factor does not affect the accounting policy choice. This is consistent with the characteristics of SMEs in Vietnam because the role of accountants is not appreciated in the business.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.177-183
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• 2022

The COVID-19 pandemic has hurt the economy and negatively impacted all enterprises' financial performance. The COVID-19 pandemic has put a strain on global manufacturing capacity and supply chains, and it is also the pandemic that has given up new opportunities for the logistics industry to develop as e-commerce has developed. By analyzing the financial performance of logistic firms listed on the Vietnam Stock Exchange, this study tries to quantify those consequences. A total of 114 logistic companies were included in the study's sample. The Wilcoxon Signed Rank Test was performed to test the difference between some ratios in 2019 and 2020. This study found that the financial performance of 114 logistic firms listed on the Vietnam stock exchange has not improved. The data show that during the COVID-19 pandemic, the leverage ratio increased while the profitability and efficiency ratios decreased. The liquidity ratio did not show any significant differences. On the contrary, these businesses' performance, such as returns on assets, receivable turnover, and leverage, has decreased. The COVID-19 had a global impact on supply chains, therefore export activity and international transportation were badly hampered, with only a few domestic logistic enterprises growing.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.269-280
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• 2020

The study investigates Environmental Accounting Information (EAI) as well as factors affecting the environmental accounting implementation by the construction firms listed on the Ho Chi Minh Stock Exchange (HOSE), Vietnam. After eliminating seven enterprises that lacked data, the authors selected a sample of 112 observations from 28 construction businesses listed on the Ho Chi Minh Stock Exchange in the period 2015-2018. This study uses research data extracted from the companies' annual reports. Then, the data are analyzed by Stata 13 software, including descriptive statistics, correlation coefficient analysis, regression analysis of table data using estimation methods (Pooled OLS, REM, FEM), and testing of model defects (heteroskedasticity test, multicollinearity test, autocorrelation test). The results show that construction companies listed on the Ho Chi Minh Stock Exchange have out factors affecting the environmental accounting implementation by these enterprises, including independent audit firm and listed time. While the independent auditor firm has a positive and significant impact, the listed time has a negative influence. In addition, our study has confirmed the role of institutional factors affecting the disclosure level of EAI on the implementation of environmental accounting by construction enterprises listed on the Ho Chi Minh Stock Exchange.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.101-108
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• 2022

The outbreak of Coronavirus disease 2019 (COVID-19) has caused serious impacts not only on human health but also on the economies around the world. Enterprises play an important role in the development of every country but it is also one of the most affected sectors during the pandemic. Drawing on panel data of 131 enterprises listed on the Vietnamese stock exchange from 2016Q1 to 2021Q3, this study aims to investigate the impact of the COVID-19 pandemic on firm performance. Enterprises are classified into seven industries including Agriculture, Material, Industry, Real estate and Construction, Energy, Consumer, and Service. The paper also analyzes the variation of the effects among companies, focusing on differences in revenue and capital structure. The results show that the COVID-19 pandemic negatively affects business performance. In addition, the empirical findings indicate that revenue and debt decreasing can cause deterioration of firm performance during the pandemic period. The decrease in revenue has a direct impact on firm profitability. The reduction of debt levels affects the corporate leverage leading to adverse effects on firm performance. The negative effect is more pronounced for companies in some specific sectors including industry, real estate, construction, consumption, and services.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.71-80
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• 2020

The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008-2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.195-204
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• 2020

The aim of this study is to estimate the impact of ownership structure on the performance of listed firms in transition economy. Buiding upon agency theory, hypotheses on such relationship are proposed. A detailed panel data of 502 non-financial companies listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange over the period from 2013 to 2018, and the system generalized method of moment estimation are employed to test the proposed hypotheses. To ensure the reliability of data, this study excludes companies that violate information disclosure regulations or that are subject to special supervision by the State Securities Commission of Vietnam. Some firms with inadequate information, firms that lack the financial data required for creating variable or firms that have inconsistent construction are also re-screened. We only collect the data of enterprises that have ownership structure of two or more components. Estimation results reveal that state ownership has an U-shaped relationship with the performance of Vietnamese listed firms, while foreign ownership and the degree of ownership concentration have an inverted U-shaped relationship with listed firms' performance. The article provides governance implications that Vietnamese listed firms should decrease state ownership and foreign ownership to improve firm performance in order to boost investors' confidence.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.285-295
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• 2021

This study estimates the influence of organizational-level factors on work motivation and job performance of middle managers of small and medium enterprises (SMEs) in Vietnam. A 5-point-Likert-scale structural questionnaire consisting of 36 observation variables was used to survey middle managers of Vietnamese SMEs. 425 out of 500 responses collected were valid for multivariate data analysis. The results of confirmatory factor analysis and structural equation modeling reveal three main findings. First, philosophy and policy, compensation and benefits, goal system, and leadership have positively significant impacts on the work motivation of middle managers under investigation. Second, there is a significantly positive influence of work motivation on job performance. However, there is no indication that growth opportunities, work environment, evaluation system have significant impacts on the work motivation of respondents. Based on the findings, the study suggests four recommendations for Vietnamese SMEs to improve motivation and job performance of middle managers, which are (1) ensuring the clarity and soundness of the organizational policies and philosophies, especially human resources policy that boosts employees' work motivation; (2) building a comprehensive compensation and benefit system to attract and retain talented employees; (3) developing a clear and adequate goal system; (4) enhancing top-level managers' leadership abilities.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.425-438
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• 2020

The study investigates the factors influencing the innovation activities in the enterprises in the Binh Dinh Province, Vietnam. By employing the dataset from a survey in 200 typical enterprises in Binh Dinh and using the Exploratory Factor Analysis and regression analysis, we found that there are eight factor groups affecting the innovation activities of enterprises. They include management of innovation promotion; market research capacity; leadership inspiring innovation; culture of innovation; human resources for implementing innovation; network connection; disseminating/sharing knowledge; and impact of producing/serving technology. All these factors strongly affect the innovation activities, which plays an important role in promoting the sustainable development of the Vietnamese enterprises, with the statistical significance level at 1%. Moreover, findings also show that, among these factors, the market research capacity is the strongest determinant of the innovation activity in the enterprise. An increase of 1 point of capacity of market research will increase the innovation activities in the enterprise by 0.114 point. It is followed by the management of promoting innovation, leadership inspiring innovation, and disseminating and sharing knowledge, with 0.104, 0.103 and 0.102 score, respectively. On the other hand, network connection is the weakest factor, with the score of 0.07 point.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.311-321
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• 2020

This paper aims to investigate the effect of the factors on the e-invoice at its infant stage of adoption in the context of Vietnam. Data were collected by using a questionnaire delivered to 318 participants who are managers and accountants of companies in Vietnam from June to September 2019. The statistical methods approaches are employed to address the research issues including Cronbach's Alpha testing, Explanatory Factor Analysis (EFA), and Confirmation Factor Analysis (CFA). Then, Structural Equation Modeling (SEM) is employed to assess the proposed hypotheses model of e-invoice adoption in Vietnam. The research findings showed that direct factors have a statistically significant impact on the e-invoice adoption towards behavior, and perceived behavioral control. Perceived usefulness and perceived ease-of-use positively affect attitude towards the behavior. These factors, in turn, are impacted by perceived compatibility. Based on the research results, some practicable suggestions are proposed in order to boost the number of Vietnamese enterprises voluntarily adopting e-invoice. This study indicates the important impacts of the user's attitude and perception about control ability on intention to use. In addition, some key intuitive recommendations were proposed aiming to improve the success of the e-invoice adoption of enterprises in the context of Vietnam.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.209-217
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• 2020

Taxes are levied in almost every country, primarily to raise revenue for government expenditures. This study explores factors influencing tax compliance of small- and medium-sized enterprises (SMEs) in Vietnam. Data from 376 SMEs, who are business taxpayers, were collected through a researcher-administered questionnaire survey method. The results indicate that six groups of factors have significant impacts on tax compliance among Vietnamese SMEs. These groups include: Business characteristics (BC), Characteristics of accounting practices within organization (AP), Awareness of tax obligations (TO), Tax policy (TP), View on tax compliance (TC), and Probability of tax examination on taxpayer compliance (TE). Multivariate analysis was adopted; Cronbach's alpha coefficients were calculated, then, Exploratory Factor Analysis (EFA) was used. The findings show that, among these six factors, the most influential is Characteristics of accounting practices (AP). Thus, it is recommended that tax agencies should help SMEs improve their accounting skills and increase their knowledge by organizing training workshops and short courses on taxation. SMEs also need to have an adequate accounting system in accordance with principles and standards prescribed by the Tax Law. It is expected that this study can provide important insights and understandings to policy-makers, practitioners, academicians and other regulatory authorities in tax policy formulations.