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The Impact of Market Liquidity on Stock Returns: Empirical Evidence from the Vietnamese Stock Market 市场流动性对股票收益的影响:来自越南股票市场的经验证据
Pub Date : 2022-10-25 DOI: 10.57110/2588-1108/vnujeb.4789
Luong Tram Anh, N. Hoai, Nguyen Thi Mai Trang, Dau Thao Vy, Le Ha Vi, Le Thi Phuong Uyen
The stock market plays an increasingly important role in restructuring the economy in Vietnam. Among many evaluation criteria, market liquidity is one of the essential factors showing the development of the stock market. This study aims to understand the influence of market liquidity on the performance of the Vietnamese stock market from 2011 to 2020. The research results show that market liquidity positively affects the Vietnamese market's excess return, and this result is unchanged with control variables. This finding contrasts with the liquidity risk premium theory, but it contributes to the debate over the role of investor sentiment in the markets.
股票市场在越南经济结构调整中发挥着越来越重要的作用。在众多评价标准中,市场流动性是反映股票市场发展状况的重要因素之一。本研究旨在了解2011年至2020年市场流动性对越南股票市场表现的影响。研究结果表明,市场流动性正向影响越南市场的超额收益,并且这一结果在控制变量下不变。这一发现与流动性风险溢价理论形成了对比,但它有助于围绕投资者情绪在市场中的作用展开辩论。
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引用次数: 0
Sensory Marketing and Tourism Behavior: Empirical Study in Hanoi City 感官营销与旅游行为:河内市的实证研究
Pub Date : 2022-10-25 DOI: 10.57110/jeb.v2i5.4762
N. Hà, Phan Anh
As the COVID-19 epidemic has been basically controlled, provinces and cities in Vietnam are actively planning to accelerate tourism recovery, ensure safety, and adapt to the new normal. The study analyzes the influence of sensory marketing on customer retention at tourist places in Hanoi. Through data obtained from 410 tourists who have experienced tourism in Hanoi, the analysis results show that marketing activities through the senses including sight, taste and touch have a positive influence on tourist satisfaction and promotion of tourist retention. Thereby, the authors also propose some solutions for managers to deploy towards maintaining satisfaction and increasing the return rate of tourists in the near future.
随着新冠肺炎疫情得到基本控制,越南各省市正在积极规划加快旅游恢复,确保安全,适应新常态。本研究分析了感官营销对河内市旅游场所顾客留存率的影响。通过410名在河内体验过旅游的游客的数据,分析结果表明,通过视觉、味觉和触觉等感官进行的营销活动对游客满意度和游客留存率的提升有积极的影响。因此,作者也提出了一些解决方案,以供管理者在不久的将来保持游客的满意度,提高游客的回头率。
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引用次数: 0
Gender income inequality among Vietnamese informal workers in the context of Covid-19 新冠肺炎背景下越南非正规劳动者的性别收入不平等
Pub Date : 2022-10-25 DOI: 10.57110/jeb.v2i5.4783
Doan Vu Anh, H. Hue, Nguyen Quang Huy, P. Hiền, Nguyen Thi Hoa Huyen, Pham Ngoc Anh
The paper examines gender income inequality of informal workers in the context of Covid-19 pandemic in Vietnam through the Theil’s L index, using The Labor Force Survey by the General Statistics Office for the first three quarters of 2021. The results indicate that gender income inequality triggers informal workers' income inequality. Furthermore, males are proved to contribute more to income inequality among informal workers. In addition, results after utilizing the Blinder-Oaxaca decomposition method show that personal, labor-employment and geographical characteristics are factors breeding informal workers’ gender income inequality. Based on the findings, the authors propose several suggestions to equilibrate their income distribution and lessen the gender income inequality of informal workers.
本文利用越南统计局2021年前三个季度的劳动力调查数据,通过泰尔L指数,研究了在2019冠状病毒病大流行背景下,越南非正规工人的性别收入不平等问题。结果表明,性别收入不平等引发了非正式工人的收入不平等。此外,男性被证明对非正式工人的收入不平等贡献更大。此外,运用Blinder-Oaxaca分解方法后的结果表明,个人特征、劳动就业特征和地域特征是导致非正式工人性别收入不平等的因素。在此基础上,作者提出了一些建议,以平衡其收入分配,减少非正式工人的性别收入不平等。
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引用次数: 0
The Impact of Formalization on Firm Productivity: An Application of the Fa ̈re-Primont Index 正规化对企业生产率的影响:基于Fa - re-Primont指数的应用
Pub Date : 2022-10-25 DOI: 10.57110/jeb.v2i5.4855
Vu Van Huong, T. Q. Tuyến, Le Van Dao, Dam Quang Trung
The study uses panel data and a two-step GMM estimation to figure out how formalization of firms affects Vietnam's total factor productivity (TFP) and its decompositions. TFP is broken down into output-oriented technical efficiency (OTE), (ii) output-oriented scale efficiency (OSE), and (iii) residual mixed efficiency based on the Faure-Primont (FP) index (RME). So, the mechanism of the formalization process can be thought of in different ways to improve corporate performance. The results show that formalization played a important role in the rise of TFP, OSE, and RME of SMEs in Vietnam. The findings imply that it is important to improve the business environment and formalization, which in turn promote productivity.
该研究使用面板数据和两步GMM估计来找出企业正规化如何影响越南的全要素生产率(TFP)及其分解。基于fure - primont (FP)指数(RME), TFP被分解为产出导向的技术效率(OTE)、产出导向的规模效率(OSE)和剩余混合效率(iii)。因此,正规化过程的机制可以从不同的角度来考虑,以提高公司绩效。结果表明,正规化在越南中小企业TFP、OSE和RME的上升中发挥了重要作用。研究结果表明,改善商业环境和正规化是很重要的,这反过来又能提高生产率。
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引用次数: 0
Forecasting economic growth at provincial level in Vietnam: A systematic dynamics modeling approach 越南省级经济增长预测:系统动力学建模方法
Pub Date : 2022-10-25 DOI: 10.57110/jeb.v2i5.4756
Manh Cuong Dong
Forecasting annual economic growth is an important task to help local governments set goals and policies for socio-economic development. This study proposes and develops the forecasting method for economic growth at the provincial level in Vietnam named Dynamic Systems Modeling. It is an effective method to analyze the dynamic interactions between economic growth and related factors, which is useful for forecasting economic growth. This method is a combination of traditional statistics and machine learning that brings many advantages in forecasting. Specifically, (1) This method is used to forecast panel data, which helps to control both temporal and spatial problems of the forecast object; (2) This forecasting method bases on the comparison and selection of many different models; (3) Forecast results are verified, ensuring reliable forecast results. Through the data set collected from the Vietnam General Statistics Office from 2016 to 2020, we apply the Dynamic Systems Modeling method to forecast two important economic growth indicators at the provincial level, which are GRDP and GRDP per capita. The analysis and forecasting evaluation results show that the Dynamic Systems Modeling is an effective tool for forecasting economic growth at the provincial level in Vietnam.
预测年经济增长是帮助地方政府制定经济社会发展目标和政策的重要任务。本文提出并发展了越南省级经济增长的预测方法——动态系统模型。它是分析经济增长与相关因素之间动态相互作用的有效方法,有助于预测经济增长。这种方法结合了传统统计学和机器学习,在预测方面有很多优势。具体而言,(1)该方法用于预测面板数据,有助于控制预测对象的时间和空间问题;(2)该预测方法基于多种不同模型的比较和选择;(3)对预报结果进行验证,保证预报结果可靠。本文利用越南统计局2016 - 2020年的数据集,运用动态系统建模方法对越南省级经济增长指标GRDP和人均GRDP进行了预测。分析和预测评价结果表明,动态系统模型是预测越南省级经济增长的有效工具。
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引用次数: 0
Fast and Sustainable Development Space in Vietnam by a Multi-Dimension Approach 多维视角下的越南快速可持续发展空间
Pub Date : 2022-10-25 DOI: 10.57110/jeb.v2i5.4856
L. Hung
The paper accesses the fast and sustainable development of the Vietnam economy in the 1990-2020 period. The content of fast and sustainable development is approached by multidimensions with the decomposition of fast development analyzed by two dimensions - time-series and spatial. The decomposition of sustainable development is approached by two notions including weak and strong sustainability. Qualitative and quantitative analysis is employed, based on a vector auto-regression model and cross-section regression, with the dataset reflecting Vietnam and the world economy. The evidence records that Vietnam has achieved the time-series-dimension fast development combined with weak sustainability as well as spatial-dimension fast development combined with weak sustainability, but not the time-series-dimension fast development combined with strong sustainability as well as spatial-dimension fast development combined with strong sustainability.
本文对1990-2020年越南经济的快速可持续发展进行了分析。从多个维度探讨快速可持续发展的内涵,从时间序列和空间两个维度分析快速发展的分解。通过弱可持续性和强可持续性两个概念对可持续发展进行分解。采用基于向量自回归模型和横截面回归的定性和定量分析,数据集反映了越南和世界经济。有证据表明,越南实现了时间维度快速发展与弱可持续性相结合、空间维度快速发展与弱可持续性相结合,但没有实现时间维度快速发展与强可持续性相结合、空间维度快速发展与强可持续性相结合。
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引用次数: 0
The Impact of ICT on Financial Development: Evidence from Southeast Asian Countries 信息通信技术对金融发展的影响:来自东南亚国家的证据
Pub Date : 2022-10-25 DOI: 10.57110/jeb.v2i5.4838
Nguyen-Hoang Minh
This article aims to analyze the impact of Information & Communication Technologies (ICT) on financial development in several Southeast Asian countries (Vietnam, Singapore, Thailand, Indonesia, Malaysia, Brunei, and the Philippines) from 1996 to 2019. Data in this study are collected from the World Bank (World Bank), the International Monetary Fund (IMF), and the Pooled-OLS, random-effects, fixed-effects, and Driscoll-Kraay estimation methods are used. The research results show that ICT has a positive impact on the financial development of some Southeast Asian countries. Based on the research results, some Southeast Asian countries need to have appropriate policies for increasing financial development through ICT.
本文旨在分析1996年至2019年信息通信技术(ICT)对几个东南亚国家(越南、新加坡、泰国、印度尼西亚、马来西亚、文莱和菲律宾)金融发展的影响。本研究的数据来自世界银行(World Bank)、国际货币基金组织(IMF),使用了Pooled-OLS、随机效应、固定效应和Driscoll-Kraay估计方法。研究结果表明,信息通信技术对部分东南亚国家的金融发展具有积极影响。根据研究结果,一些东南亚国家需要制定适当的政策,通过ICT促进金融发展。
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引用次数: 1
Loan Loss Provisioning and Efficiency: A Study of Frontier Market Banks 贷款损失准备与效率:前沿市场银行的研究
Pub Date : 2022-08-25 DOI: 10.57110/jeb.v2i4.4830
Wilfred Martens, C. Bui
This paper investigates frontier market bank managers’ use of the discretionary component of loan loss provisions to manage earnings and its association with efficiency. Studies have documented that bank managers use loan loss provisions to smooth earnings, yet the association of provisioning with efficiency in frontier markets has not been empirically examined. Employing stochastic frontier analysis as a method of efficiency assessments in 22 frontier market countries, results show bank efficiency declined steadily from 2001 to 2018. This finding is contrary to economic efficiency theory and suggests that loan quality difficulties have persisted despite nations enjoying increasing economic development. Regression analysis results further reveal that earnings management (EM) via loan loss provisioning is inversely related to efficiency. Study findings support prospect theory, indicating that managers engage in risk-seeking behavior while making risk-averse judgments. Overall, the study results imply that banks should expand loan provisioning strategies to optimize resource allocation and business performance.
本文研究了前沿市场银行经理使用贷款损失准备的可自由支配成分来管理盈余及其与效率的关系。研究表明,银行经理使用贷款损失准备金来平滑收益,但在前沿市场,准备金与效率之间的关系尚未得到实证检验。采用随机前沿分析方法对22个前沿市场国家进行效率评估,结果显示2001年至2018年银行效率稳步下降。这一发现与经济效率理论相反,并表明尽管各国经济不断发展,但贷款质量问题仍然存在。回归分析结果进一步表明,通过贷款损失准备进行盈余管理与效率呈负相关。研究结果支持前景理论,表明管理者在做出风险规避判断的同时,会从事风险寻求行为。总体而言,研究结果表明,银行应扩大贷款准备策略,以优化资源配置和经营绩效。
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引用次数: 0
Is Population Growth a Requisite for National Economic Growth? A Revisit of the Debate Using Panel Data Analysis 人口增长是国民经济增长的必要条件吗?使用小组数据分析对辩论的回顾
Pub Date : 2022-08-25 DOI: 10.57110/jeb.v2i4.4854
Osobase Anthony Onogiese, Ohioze Wilson Friday, S. Musa, T. Ojo, Charles Ayobola Olufolake
This current paper reassesses the controversial discourse regarding the impact of population growth on national economies using data from 66 countries that constitute 85 per cent of the global population. The panel data spans through the periods 2001-2019. The variables include GDP per capita (regressand), aggregate population, fertility rate, life expectancy, crude death rate and gross fixed capital formation. The fixed effects estimator and panel causality tests were utilized to estimate the data. Findings from the fixed effects model suggests that GDP per capita is adversely and significantly predicted by the aggregate population and fertility rate whereas, gross fixed capital formation and crude death rate exert a positive significant effect on the regressand. Surprisingly, the panel causality result advances that there is a two-way causality between the regressand and the regressors. Following the findings, it is recommended that pragmatic policy measures that will control the rising fertility rate, encourage skill acquisition programs and raise employment generation for the rising population will be a welcome development.
本文利用占全球人口85%的66个国家的数据,重新评估了有关人口增长对国民经济影响的有争议的论述。面板数据涵盖2001年至2019年期间。变量包括人均国内生产总值(回归)、总人口、生育率、预期寿命、粗死亡率和固定资本形成总额。采用固定效应估计量和面板因果检验对数据进行估计。固定效应模型的结果表明,人口总量和生育率对人均GDP具有显著的负向预测作用,而固定资本形成总额和粗死亡率对回归具有显著的正向影响。令人惊讶的是,面板因果关系结果表明回归量和回归量之间存在双向因果关系。根据调查结果,建议采取务实的政策措施,控制不断上升的生育率,鼓励技能获取计划,并为不断增长的人口增加就业机会,这将是一个受欢迎的发展。
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引用次数: 0
Negative Customer Engagement Behavior Intention in Higher Education Under the Lens of Theory of Planned Behavior: A Structural Equation Model 计划行为理论视角下的高等教育负性顾客参与行为意向:一个结构方程模型
Pub Date : 2022-08-25 DOI: 10.57110/jeb.v2i4.4860
Pham Thi Hong Thanh, Vu Tri Dung, Dinh Viet Hung
The current literature focuses mainly on the positive valence of customer engagement (CE), hence it still lacks studies on negative CE. Studies from a marketing perspective in higher education also pay attention to promoting students’ satisfaction and keeping them positively engaged with their higher education institute (HEI). This study aims to examine the negative CE behavior intention of students within the HEI community under the impact of academic aspect quality, which is one of the core elements in HE service quality. The theory of planned behavior (TPB) is used as a new lens to measure the effects of the attitudinal components of negative CE behavior. The empirical results confirm the negative impact of academic aspect quality on student intention to negatively engage with school. It also reveals the positive impact of dissatisfaction on negative CE behavior intention within HEIs. It suggests that dissatisfaction derived from perceived academic aspect quality is a remarkable predictor of student negative engagement behavior intention within HEIs. Some practical implications for practitioners are also presented in this paper.
目前的文献主要关注顾客参与的正效价,缺乏对负效价的研究。高等教育市场营销研究也注重提高学生满意度,保持他们与高等教育机构(HEI)的积极互动。本研究旨在探讨高等学校社区内学生负性自我教育行为意向在学术品质影响下的表现,学术品质是高等学校服务品质的核心要素之一。计划行为理论(TPB)作为一个新的视角来衡量负性自我认知行为的态度成分的影响。实证结果证实了学业方面素质对学生消极参与学校意向的负向影响。研究还揭示了不满情绪对高校学生负性行为意愿的正向影响。研究表明,对学业质量的不满意是高校学生负性投入行为意向的显著预测因子。本文还提出了对实践者的一些实际意义。
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引用次数: 0
期刊
VNU JOURNAL OF ECONOMICS AND BUSINESS
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