Economic development
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- Ấn phẩmThe impacts of financial development, trade openness, natural resources rent, and government expenditure on economic growth: Evidence in Northeast Asia(2023) Nguyen, Anh TruThe association among financial development, trade openness, natural resources rent, government expenditure, and economic growth has been investigated by scholars, but the results have been controversial. This study attempts to examine the relationship among financial development, trade openness, natural resources rent, government expenditure, and economic growth in three Northeast Asian countries, namely China, Japan, and the Republic of Korea, between 1981 and 2020 using the fixed effect and random effect models. The results of the feasible generalized least squares model stated that economic growth of these countries can be fostered by financial development and trade openness. However, surprisingly, natural resources rent had a negative effect on the economic growth of the three countries in the region, while the relationship between government expenditure and economic growth was not statistically significant. Finally, policies are recommended to accelerate economic growth and achieve sustainable development for the region. First, financial development should be encouraged by improving domestic credit to the private sector. Second, trade openness should be facilitated to exploit competitive advantages in export-led growth, and science and technology. Finally, the countries should implement sustainable growth models to their reduce dependence on natural resources and achieve sustainable development for the region.
- Ấn phẩmDeterminants of liquidity risk in Vietnamese commercial banks(2024) Nguyen, Thi Huong; Dang, Thi Hai YenLiquidity risk, which tends to compound other risks such as credit and market risks, has become one of the principal risks in banks. Thus, this study examined the determinants of liquidity risk measured by the loan deposit ratio (LDR). The sample included 30 commercial banks in Vietnam based on secondary data coverage from 2017-2021. Descriptive statistics were used to determine the general situation of the banks' assets, liabilities, and business performance. The random effects model (REM) was chosen to determine factors affecting liquidity risk. The results show the huge gap in the business performance of the four state-owned banks and the rest of the joint-stock commercial banks, and the state-owned banks always accounted for over 50% of the total credit, assets, and deposits of the whole banking system. The average banks’ credit and profit growth rates were around 17% and 30%, respectively, and the bad debt ratio was about 2%. Increasing a bank’s credit growth rate and profitability would push up its liquidity risk. On the other hand, holding several liquid securities that banks could sell immediately to meet solvency requirements and maintaining a high capital adequacy ratio (CAR) would reduce their liquidity risk. These findings are valuable to the banksin understanding how to minimize liquidity risk, such as controlling the credit growth rate and CAR, setting appropriate profit targets, and investing in liquid securities. Additionally, by conducting monetary policies, the State Bank should regulate market liquidity and bank liquidity for the safe operation of the financial system.
- Ấn phẩmThe effect of credit risk on the financial performance of commercial banks in Vietnam(2024) Dang, Thi Hai YenCreating credit is the main income-generating activity forbanks. However, granting credit always comes with risks. Credit risk is the risk of losing part or all of a debt due to failure to pay on time or default. Credit risk is considered the most important risk affecting banking performance. Therefore, this study measuredthe effect of credit risk on the financial performance of Vietnamese commercial banks.The research sample was made up of30 commercial banks in Vietnam during the period from 2017to 2022. There were a total of 180 observations in the balanceddata panel. To control for unobserved individual effects, this study used a fixed effects model (FEM) with adjusted standard errors. Return on equity (ROE), return on asset (ROA), and net interest margin (NIM) were the indicators for bank financial performance. The non-performing loan (NPL) rate variable represented credit risk. The control variables were cost to income ratio (CIR), equity to asset (ETA), total loans to total assets (LTA), GDP growth (GDP), and Covid. The research results showed that credit risk had a negative and statistically significant effect on the banks' financial performance. This can be explained by the increase in the NPL ratio, causing banks to increase provisions for loan losses, thereby reducing profits. Reduced profits were also because of poor risk management, information asymmetry, and moral hazards. The study also provideda number of solutions and recommendations to improve bank financial performance.
- Ấn phẩmFactors affecting the labor productivity of garment firms in Nam Dinh Province, Vietnam(2024) Nguyen, Mau Dung; Phan, Thi Minh PhuongUnder the impacts of the 4thIndustrial Revolution, garment firms in Vietnam are facing various challenges, and improvement in their labor productivity is one of the important measures to overcome these challenges. This study, therefore, investigated the determinants of the labor productivity of garment firms in Nam Dinh province. The data used for this study were extracted from the Enterprise Survey Dataset in 2021, and descriptive statistics, comparative analysis, and the Cobb-Douglas function in logarithm form were the major methods employed for the study.The study findings underscored the positive impacts of fixed assets and business management costs, average payments to employees, exporting activities, and the utilization of internet resources on labor productivity. The study revealed that firm size, gender composition, and age of firm leaders do not significantly influence labor productivity, emphasizing the complexity and industry-specific nuances of these relationships. Based on the insights gained from the study, several strategic suggestions were proposed to improve the labor productivity of garment firms in Nam Dinh province in the future.
- Ấn phẩmInternal control system in cooperatives: A systematic review(2024) Vu, Thi Hai; Tran, Quang Trung; Bui, Thi Mai LinhInternal control plays an essential role in improving the efficiency of resourcesandensuring the achievement of organizational goals. This study aimedto systematically synthesize articles published in Vietnam and abroad on the topic of “internal control”and“internal control system” in cooperatives during the period of 2012-2023. The conceptual framework of internal control, research methods, and main results of publications were summarized. The findings showed that empirical studies on internal control havefrequentlybeen conducted in financial and credit organizations, however, there arelimitedstudiesin the cooperative model. The publications focused on three main contents, namelythe statusandstructure of internal control in organizations; the roles and impacts of internal control on performanceandcorporative governance; and the factors affecting the effectiveness and efficiency of internal control. The COSO framework has been applied by most authors in analyzing the current situation of internal controlandinternal control systems. The positive impacts of internal control on efficiency (ROAandROE) andthesustainability of cooperatives were confirmed by the authors. Limitations in human resources, scale, technology, and staff awareness of internal control were considered as barriers to implementation ofinternal control in organizations.
- Ấn phẩmEffects of market risk on the financial performance of food and beverage companies listed on the Vietnam stock exchange(2024) Dao, Thi Hoang Anh; Nguyen, Thi Huong; Dang, Thi Hai YenThis study investigated the effects of market risk on the financial performance of 47 food and beverage companies listed on the Vietnam Stock Exchange, including the Ho Chi Minh City Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX), over the period of 2008-2022. Forty-seven companies were selected based on industry classification criteria and relevance inthe research period. The return on assets, return on equity, and net profit margin were used to represent the financial performance, and the gearing ratio, book-to-market ratio, and financial leverage as the market risk factors. This research used the OLS model, fixed effect model (FEM), and random effect model (REM) for the panel data. The results showed that the impact of the variables was different in thedifferentmodels. The book to market ratio and gearing ratio had significant negative influences on the companies’ financial performance while the degree of financial leverage and inflation rate showed positive consequences due to the moderate level of inflation in Vietnam over the period of 2008-2022. Usually, the cash ratio and company size showed a proportional relationship to financial performance, while the ratio of debt to revenue and debt to assets had an inverse relationship, meaning an increase will make the business efficiency decrease. Based on the research results, this study provided some recommendations to improve food and beverage companies’ financial performance, and also providedsome information for broader research for non-financial companies listed on the Vietnam Stock Exchange.