• Journal of the Korean Society of Clothing and Textiles
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• v.46 no.5
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• pp.848-867
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• 2022

As an emerging market with rapid economic growth, while being a key region of the K-culture expansion, Vietnam draws increasing scientific attention. This study focuses on the MZ generation, Vietnam's leading consumer group, revealing their consumption value structure. An online survey was used for data collection purposes, investigating 368 Vietnamese consumers between 18-37 years of age. Six value dimensions were derived as results of the present analysis: functional, emotional, social, ethical, self-expression, and autonomy-oriented value. Among them, functional value includes two sub-dimensions of utility and price, while emotional value entails three sub-dimensions, namely hedonism, novelty, and aesthetics. 'Self-expression value' and 'autonomy-oriented value', reflecting the characteristics of the MZ generation, who actively express themselves and respect proactive decision-making, are becoming important standards of the consumption attitude of young Vietnamese. Moreover, the pursuit of 'novelty' was derived as a factor reflecting emotional values, revealing an association between hedonic consumption, and seeking for newness and difference. Furthermore, the relationships between each consumption value dimension, respective demographic characteristics, and global consumption propensity were investigated. The present findings aim to provide insights into young Vietnamese consumers' attitudes and intend to serve as a foundation for future research.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.137-148
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• 2020

The purpose of this study is to investigate factors influencing risk assessment of material misstatement in Vietnamese enterprises listed on stock market. Expert interview method was conducted to discover the scales for three variables including information system, trademark, and risk assessment of material misstatement. Survey method was used to examine the impacts of eight factors on risk assessment of material misstatement. Data is collected from 317 auditors who have excellent experience in auditing financial statements of companies listed on stock market. Then, data is processed by descriptive statistics, reliability analysis, factor extracted analysis, correlative regression analysis, and analysis variance of residual change. The research findings showed that business characteristic, stakeholder pressure, and economic environment have positive relationships with risk assessment of material misstatement. Three variables including operation control and monitor, control environment, and information system negatively affect to risk assessment. Specially, business characteristic and information system, which are elements in internal control, have strongest impact on risk assessment. One the other hand, assessment of internal control plays an important role not only in the audit plan stage but also throughout the stages of the audit implementation and ending. Therefore, appropriate solutions are proposed to carry out all audit stages.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.329-340
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• 2020

This study investigates the effect of capital structure on the financial performance of pharmaceutical enterprises which are listing on Vietnam's stock market. The study builds the regression using ROE as dependent variable and four independent variables, including self-financing, financial leverage, long-term asset and debt to assets ratios. In addition, we use other variables as controlling ones, such as firm size, fixed asset rate and growth. We collect data for the period from 2015 to 2019 of all 30 pharmaceutical enterprises which are currently listing on Vietnam's stock market. The least square regression (OLS) is used to test the effect of capital structure to the firms' financial performance. The analysis results show that the financial leverage ratio (LR), long-term asset ratio (LAR) and debt-to-assets ratio (DR) have positive relationship with firm performance, meanwhile the self-financing (E/C) affects negatively to the return on equity (ROE). Upon the findings we suggest that the Vietnamese government should focus on stabilizing macro environment to create favorable environment for enterprises. And the pharmaceutical enterprises should build more reasonable capital structure with higher debt proportion than equity, diversifying loan mobilization channels such as issuing long-term bonds. Additionally, the firms should expand the scale appropriately to maintain development and ability to pay debts.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.761-768
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• 2020

This paper explores the barriers to derivative accounting disclosures in Vietnamese companies and ranks their relative importance for effective and efficient remedies. The Delphi technique was applied to get agreement of panel of experts on the measurement of factors hindering disclosure. Unstructured questionnaires were first sent to twelve experts who had both practical experience and academic knowledge in the field to get ideas on the obstructions to derivatives disclosure. The structured questionnaire was designed to get their agreement on barriers to derivative accounting disclosures. The data analysis with mean, median, mode, standard deviation, and quartile has been implemented to ensure the unanimity. Market-related factors, legislation, accountants' attributes, managers' attributes, information technology and communication, and on-site training were the six major obstacles agreed upon by the experts during their in-depth interviews. Then, these factors were ranked by applying the analytical hierarchy process (AHP). The findings confirmed the priority of information technology and communication, which held the greatest weight. Legislation ranked second, followed by market-related factors and on-site training, which explained the impediments to derivatives disclosure. Managers' and accountants' attributes had the least contribution to the barriers to derivative disclosures. The results have important implications for actions to enhance corporate derivative disclosures in Vietnam.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.131-141
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• 2021

With the rapid development of the Internet, online shopping has grown so fast that almost any good or service can be sold online today. The popularity and rapid growth of e-commerce signal a huge market opportunity for e-retailers. From the organizational perspective, it is necessary to evaluate and explore what drives customers to buy their products or to use their services. This study, therefore, aims to explain the online purchase intention and its determinants of Vietnamese customers for cosmetics and personal care products. Quantitative data was collected from an online survey conducted among university students, then was put into SPSS and AMOS for further analysis. Descriptive statistics, Cronbach's alpha test, exploratory factor analysis (EFA), regression analysis, and SEM were used to examine data from 434 valid answers. The research findings reveal that four factors positively affect purchase intention: Shopping enjoyment has the most significant impact, followed by trust, benefit, and website quality. On the other hand, perceived risk negatively influences purchase intention. While the cosmetics and personal care industry is thriving with a huge number of producers and consumers throughout the world, this study contributes to the existing literature in terms of capturing customers' needs and developing effective strategies to attract more online users.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.91-101
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• 2021

The paper examines the impact of the COVID-19 pandemic on the stock market prices. The vector autoregression model (VAR) has been used in this analysis to survey 341 stocks on the Ho Chi Minh City Stock Exchange (HOSE) for the period from January 23, 2020 to December 31, 2020. The empirical results obtained from the analysis of 11 economic sectors suggest that there is a statistically significant impact relationship between COVID-19 and the healthcare and utility industries. Additional findings show a statistically significant negative impact of COVID-19 on the utility share price at lag 1. Analysis of impulse response function (IRF) and forecast error variance decomposition (FEVD) show an inverse reaction of utility stock prices to the impact of COVID-19 and a gradual disappearing shock after two steps. Major findings show that there is a clear negative effect of the COVID-19 pandemic on share prices, and the daily increase in the number of confirmed cases, indicate that, in future disease outbreaks, early containment measures and positive responses are necessary conditions for governments and nations to protect stock markets from excessive depreciation. Utility stocks are among the most severely impacted shares on financial exchanges during a pandemic due to the high risk of immediate or irreversible closure of manufacturing lines and poor demand for basic amenities.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.75-83
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• 2021

For many years, many academics and practitioners have paid attention to the increasing popularity of corporate social responsibility (CSR) and its relationship with financial performance. They have shown that creating social and sustainable responsibility can strengthen the organization's financial performance as the organization can achieve its current needs without compromising the ability to meet future needs. While much theoretical and empirical evidence has been provided to support this argument in developed countries, this topic is under-researched, and the outcomes are controversial in developing countries. Therefore, this paper aims to examine and investigate the relationship between corporate social responsibility and financial performance in Vietnamese organizations. The dataset includes 27 firms listed on the stock market exchanges in Ho Chi Minh city (HOSE) and Hanoi (HNX) from 2015 to 2019. The disclosure approach is adopted to measure corporate social activities; four areas were developed: environment, community, employee and product, customer, and supplier practices. Return on average equity (ROE) and return on average assets (ROA) are two proxies for measuring financial performance. The research results confirm the existing literature with a strong correlation between employees and returns on average assets.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.895-907
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• 2020

Information transparency ensures that market players all have the opportunity to access the same information to come up with their assessment of the banks' financial situation, performance and risks to reach effective investment decisions. This research is conducted to investigate the levels of impact of determinants on information transparency by examining the case studies of Vietnamese commercial banks. This study combines both qualitative and quantitative research methods, based on interviews of 32 specialists in banking, accounting and auditing fields, which were conducted to explore determinants influencing information transparency and to develop measurement scales. Then, a survey of 160 managers of commercial banks, audit firms, and accounting managers of firms who frequently had transactions with banks was carried out to investigate the statistical significance of these determinants. The results show that, out of seven determinants that have significant impacts on the banks' information transparency, commitment from banks' senior management regarding transparency in information disclosure has the highest impact, followed by state governance, auditing, information infrastructure, credit rating agencies, personnel and bank performance. Accordingly, we provide some recommendations for improving information transparency in the Vietnamese banking industry context as a case study and in emerging countries context in general.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.135-145
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• 2019

The paper aims to investigate the factors of brand equity affecting the purchase intention of car buyers in Ho Chi Minh City. The authors use qualitative method and quantitative research to study the matters, specifically using scales and data collected for Cronbach alpha reliability testing, analysizing the discovery factor of EFA, CFA and verifying the regression models through AMOS software with SEM linear modeling. The study proposes four factors: (1) brand awareness, (2) self-expression value, (3) perceived quality, (4) brand psychology impacting on the brand loyalty and intention to buy cars of customers. The results show that all four factors are statistically significant for positive brand loyalty and purchase willing. The results showed that brand loyalty positively affects consumers' intention to buy cars. Among the factors included in the study, the brand psychology is a new factor which developed by experts in the context of Vietnam. This is the first study in Vietnam to quantify clearly the element of "crowd psychology" affecting the interests and habits of Vietnamese consumers. This explains why Vietnamese consumers prefer brands that are familiar in the market and some new cars with nice models and colors suitable for Vietnamese psychology.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.137-148
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• 2021

The study investigates the existence of an optimal level of cash and the firm characteristics influencing the decision to hold cash, and the adjusting speed of the cash holdings to the target level. It highlights the heterogeneity of cash adjustment speed in the Vietnam market. The research employs the 417 samples of Vietnamese non - financial listed firms in the period of 2010 to 2019. The study uses the Pool OLS model, Fixed effect model (FEM), Random effect model (REM), and GMM model. According to the research findings, there is an optimal amount of cash at which the firm's value is maximized in Vietnamese listed firms, and the majority of the firms in the sample retain cash over the target level. Furthermore, the study demonstrates that firms actively modify their cash holdings to the optimal level with an adjustment speed of less than one owing to adjustment cost constraints. This speed varies between groupings of enterprises with different characteristics, underlining the heterogeneity of the adjustment speed even more. Small deviation firms adjust more rapidly than large deviation firms. Large free cash flow (FCF) firms adjust more readily than small FCF firms, and fiscal deficit firms modify more rapidly than firms with a financial surplus.