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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Applied Economics and Finance".

Deadline for manuscript submissions: closed (31 December 2019) | Viewed by 125478

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Special Issue Editors

Prof. Dr. Chia-Lin Chang

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Guest Editor

1. Department of Applied Economics and Department of Finance, National Chung Hsing University, Taichung 402, Taiwan
2. Department of Finance, College of Management, Asia University, Taichung 41354, Taiwan
Interests: economics; econometrics; financial econometrics; statistics; quantitative finance; risk and financial management; energy economics and finance; time series analysis; forecasting; technology and innovation; industrial organization; health and medical economics; tourism research and management
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Dr. Duc Hong Vo

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Guest Editor

Business and Economics Research Group, Ho Chi Minh City Open Unviersity, 97 Vo Van Tan Street, District 3, Ho Chi Minh City 7000, Vietnam
Interests: applied financial economics; energy economics and finance; inequality; industrial organisation; risk management; fiscal federalism and economic growth

Special Issue Information

Dear Colleagues,

This Special Issue is devoted to selected papers accepted and presented at the 2019 Vietnam’s Business and Economics Research Conference (VBER2019), organised by Ho Chi Minh City Open University, in 18–20 July 2019. The Issue is associated with the broad coverage of the contemporary issues in business and economics, reflecting a key them of VBER2019—Vietnam’s Place in the Asia Pacific Region.

Contributions to the Special Issue should be theoretical and empirical studies including risk management and firms’ practice, energy economics and finance, inequality and growth, wages and job satisfaction, firms and banks performance, systemic and exchange rate risk.

Prof. Dr. Chia-Lin Chang
Dr. Duc Hong Vo
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

theoretical and applied economics
theoretical and applied financial econometrics
quantitative finance
financial management
time series analysis
energy economics
energy finance
agricultural economics
taxation and expenditure
minimum wage, job satisfactions and unemployment
firms’ practice and corporate social responsibility
international rankings of journals and academics
risk

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Published Papers (13 papers)

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Editorial

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4 pages, 174 KiB

Open AccessEditorial

Contemporary Issues in Business and Economics in Vietnam and Other Asian Emerging Markets

by Chia-Lin Chang and Duc Hong Vo

J. Risk Financial Manag. 2020, 13(6), 109; https://doi.org/10.3390/jrfm13060109 - 30 May 2020

Cited by 1 | Viewed by 3278

Abstract

This Special Issue publishes high quality papers on contemporary issues in business and economics in Vietnam and other Asian emerging markets. These papers were accepted and presented at the 2019 Vietnam’s Business and Economics Research Conference (VBER2019) organized by Ho Chi Minh City Open University, Vietnam in July 2019. Emerging issues in business and economics from Vietnam and other emerging markets in the Asian region have been addressed from various angles, from economics, finance, and statistics to management science. Five out of the 14 studies in this book were conducted to investigate various issues in relation to the Asian region such as the exchange rate regime in Asia, financial inclusion, and financial development and income inequality in Asian emerging markets. Seven studies were conducted in response to emerging business and economic issues in Vietnam such as fiscal decentralization, urbanization, foreign direct investment, and corporate financial distress. Other papers even considered various relevant aspects from the United States and Europe to the Asian region including double taxation treaties and agricultural shocks to the oil price. The findings from these papers are useful for practitioners, policymakers, and academics. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

Research

Jump to: Editorial

11 pages, 231 KiB

Open AccessArticle

Cultural Distance and Entry Modes in Emerging Markets: Empirical Evidence in Vietnam

by Nguyen Minh Ha, Quan Minh Quoc Binh and Pham Phi Dang

J. Risk Financial Manag. 2020, 13(1), 14; https://doi.org/10.3390/jrfm13010014 - 10 Jan 2020

Cited by 7 | Viewed by 7451

Abstract

Cultural distance is acknowledged as a crucial factor that significantly affects the entry mode selection of multinational enterprises. The purpose of this article is to analyze the relationship between cultural distance and entry mode choice by exploring a novel dataset of 5236 firms in Vietnam with foreign investment during the period 2005–2016. Although many studies were conducted about the cultural distance and entry mode nexus, most of the research mainly focuses on developed and developing countries, where a market economy is already established. It is important to expand the research to a transition economy such as Vietnam, where the government is committed to attracting foreign investment. The results indicate that, when the cultural difference between Vietnam and their home country is high, foreign-invested firms prefer wholly-owned subsidiaries (WOS) over equity joint ventures (EJV). The study contributes to the general understanding about cultural distance and entry mode decision of foreign-invested firms in emerging markets. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

15 pages, 506 KiB

Open AccessArticle

Exchange Rate Regime and Economic Growth in Asia: Convergence or Divergence

by Dao Thi-Thieu Ha and Nga Thi Hoang

J. Risk Financial Manag. 2020, 13(1), 9; https://doi.org/10.3390/jrfm13010009 - 3 Jan 2020

Cited by 11 | Viewed by 8870

Abstract

Exchange rates and exchange rate regimes in a constantly changing economy have always attracted much attention from scholars. However, there has not been a consensus on the effect of exchange rate on economic growth. To determine the direction and magnitude of the impact of an exchange rate regime on economic growth, this study uses the exchange rate database constructed by Reinhart and Rogoff. This study also employs the GMM (Generalized Method of Moments) technique on unbalanced panel data to analyze the effect of the exchange rate regime on economic growth in Asian countries from 1994 to 2016. Empirical results suggest that a fixed exchange rate regime (weak flexibility) will affect economic growth in the same direction. As such, results from the study will serve as quantitative evidence for countries in the Asian region to consider when selecting a suitable policy and an exchange rate regime to attain high economic growth. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

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21 pages, 460 KiB

Open AccessArticle

Enhancing Financial Inclusion in ASEAN: Identifying the Best Growth Markets for Fintech

by Mark Kam Loon Loo

J. Risk Financial Manag. 2019, 12(4), 181; https://doi.org/10.3390/jrfm12040181 - 4 Dec 2019

Cited by 25 | Viewed by 11705

Abstract

While most of the advanced economies are facing saturated markets, the Association of Southeast Asian Nations (ASEAN) has been touted a stable and attractive investment region averaging 5.4% growth since 1980. In 2013, ASEAN overtook China as the top foreign direct investment destination. Boasting the world’s fifth largest economy with over 650 million people and 400 million reaching middle class, ASEAN has commendably transitioned from a subsistence economy to product and service industries. Despite the success, many live in marginalized areas without access to banking facilities. Advancing internet capability and availability present investors an opportunity to offer financial technology, or Fintech, to meet the need for financial services in this digital era. The aim of this research is to identify the countries with the highest need for financial inclusion and, hence, the best potential for Fintech growth. The results may help governments formulate policy that improves investment competitiveness. The methodology includes identifying relevant criteria and allocating weight to each criterion to evaluate the best international markets. The findings show Vietnam, Laos, and Cambodia as the countries with the highest potential. The associated risks and opportunities are discussed, followed by managerial implications, limitations, and recommendations for future research. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

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11 pages, 247 KiB

Open AccessArticle

Foreign Direct Investment and Economic Growth in the Short Run and Long Run: Empirical Evidence from Developing Countries

by Trang Thi-Huyen Dinh, Duc Hong Vo, Anh The Vo and Thang Cong Nguyen

J. Risk Financial Manag. 2019, 12(4), 176; https://doi.org/10.3390/jrfm12040176 - 25 Nov 2019

Cited by 142 | Viewed by 22233

Abstract

A contribution of foreign direct investment to economic growth is possibly one of the widely examined topics in academic research in the last five decades. However, few studies have examined both the short run and long run impacts of this effect concurrently for developing and emerging markets, in particular during the period of economic turmoil that includes the global financial crisis. As such, this paper examines and provides additional and relevant quantitative evidence on the impact of foreign direct investment (FDI) on economic growth, both in the short run and the long run in developing countries of the lower-middle-income group in 2000–2014. Various econometric methods are employed such as the panel-based unit root test, Johansen cointegration test, Vector Error Correction Model (VECM), and Fully Modified OLS (FMOLS) to ensure the robustness of the findings. The results of this study show that FDI helps stimulate economic growth in the long run, although it has a negative impact in the short run for the countries in this study. Other macroeconomic factors also play an important role in explaining economic growth in these countries. Money supply has a positive effect on growth in the short run while total credit for private sector has a negative effect. In addition, long-run economic growth is driven by money supply, human capital, total domestic investment, and domestic credit for the private sector. Based on these results, recommendations for the governments of these countries have been developed. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

14 pages, 346 KiB

Open AccessArticle

Corporate Social Responsibility and SMEs in Vietnam: A Study in the Textile and Garment Industry

by Loan Thi-Hong Van and Phuong Anh Nguyen

J. Risk Financial Manag. 2019, 12(4), 174; https://doi.org/10.3390/jrfm12040174 - 23 Nov 2019

Cited by 14 | Viewed by 8671

Abstract

This study explored the influence of factors on the implementation of corporate social responsibility (CSR) in companies. The study used a quantitative approach in which a survey was conducted. The final 250 among various respondents in the textile and garment industry were used. The final respondents were top-, middle-, and low-level managers in 250 small and medium enterprises (SMEs) in Vietnam. The results indicate that competitive context, social influences, the understanding of managers about CSR, and the internal environment of companies are the four drivers of CSR. In the four drivers, competitive context has the strongest impact on adopting CSR. The finding implies that stakeholders’ pressure influences SMEs in this industry because of the high expectations from international stakeholders. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

14 pages, 258 KiB

Open AccessArticle

Financial Development and Income Inequality in Emerging Markets: A New Approach

by Thang Cong Nguyen, Tan Ngoc Vu, Duc Hong Vo and Dao Thi-Thieu Ha

J. Risk Financial Manag. 2019, 12(4), 173; https://doi.org/10.3390/jrfm12040173 - 23 Nov 2019

Cited by 30 | Viewed by 6106

Abstract

Financial development has been considered an efficient and effective mechanism for the sustainable economic growth and development of emerging markets in past decades. However, various concerns have emerged in relation to the influences of financial sector development on income inequality. It is the claim of this paper that findings from the current literature are incomplete. This is because various proxies have been utilized inconsistently for both financial development and income inequality in previous empirical studies. This study extends the current literature on this important finance–inequality nexus by examining a sample of 21 emerging countries for the period of 1961–2017. Various estimation techniques were employed with the aim of ensuring robust findings. Findings from this paper confirm the existence of an inverted U-curve relationship between financial development and income inequality, implying that income inequality may rise at the early stage of financial development and fall after a certain level is achieved. Policy implications have emerged from the findings of this study. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

16 pages, 1325 KiB

Open AccessArticle

Double Taxation Treaties as a Catalyst for Trade Developments: A Comparative Study of Vietnam’s Relations with ASEAN and EU Member States

by Anh D. Pham, Ha Pham and Kim Cuong Ly

J. Risk Financial Manag. 2019, 12(4), 172; https://doi.org/10.3390/jrfm12040172 - 23 Nov 2019

Cited by 10 | Viewed by 7739

Abstract

Employing a panel gravity model and Generalized Least Squares (GLS) estimation technique, this study documents the effect of double taxation treaties on the bilateral trade of Vietnam with ASEAN member states, thereby making an extensive comparison with its EU partner countries. Our findings indicate the significant contributions of the tax treaties to Vietnam’s trade performance, not exclusively with ASEAN but also with EU partner countries. Nevertheless, under some circumstances, the conclusion of tax treaties seems ineffective in strengthening export capacity or narrowing trade deficits for Vietnam. This is primarily due to the unidirectional movement of trade associated with tax treaty conditions, viz., imports from the advanced economies into Vietnam. Besides, the role of tax treaties as a dynamism of Vietnam’s export growth remains opaque during recent years. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

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17 pages, 254 KiB

Open AccessArticle

Corporate Financial Distress of Industry Level Listings in Vietnam

by Duc Hong Vo, Binh Ninh Vo Pham, Chi Minh Ho and Michael McAleer

J. Risk Financial Manag. 2019, 12(4), 155; https://doi.org/10.3390/jrfm12040155 - 22 Sep 2019

Cited by 17 | Viewed by 5555

Abstract

Any critical analysis of the corporate financial distress of listed firms in international exchange would be incomplete without a serious dissection at the industry level, because of the different levels of risks concerned. This paper considers the financial distress of listed firms at the industry level in Vietnam over the last decade. Two periods are considered, namely during the Global Financial Crisis (GFC) (2007–2009) and post-GFC (2010–2017). The logit regression technique is used to estimate alternative models based on accounting and market factors. The paper also extends the analysis to include selected macroeconomic factors that are expected to affect the corporate financial distress of listed firms at the industry level in Vietnam. The empirical findings confirm that the corporate financial distress prediction model, which includes accounting factors with macroeconomic indicators, performs much better than alternative models. In addition, the evidence confirms that the GFC had a damaging impact on each sector, with the Health & Education sector demonstrating the most impressive recovery post-GFC, and the Utilities sector recording a dramatic increase in bankruptcies post-GFC. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

11 pages, 504 KiB

Open AccessArticle

An Empirical Test of Capital Structure Theories for the Vietnamese Listed Firms

by Hoang Huy Nguyen, Chi Minh Ho and Duc Hong Vo

J. Risk Financial Manag. 2019, 12(3), 148; https://doi.org/10.3390/jrfm12030148 - 10 Sep 2019

Cited by 11 | Viewed by 4548

Abstract

Raising capital efficiently for the operations is considered a fundamental decision for any firms. Since the 1960s, various theories on capital structure have been developed. Various empirical studies had also been conducted to examine the appropriateness of these theories in different markets. Unfortunately, evidence is mixed. In the context of Vietnam, a rising powerful economy in the Asia Pacific region, this important issue has been largely ignored. This paper is conducted to provide additional evidence on this important issue. In addition, different factors affecting the capital structure decisions from the Vietnamese listed firms are examined. The Generalized Method of Moment approach is employed on the sample of 227 listed firms in Ho Chi Minh City stock exchange over the period from 2008 to 2017. Findings from this study suggest that the Vietnamese listed firms follow the trade-off theory to determine their capital structure (i.e., to determine the optimal debt level). In contrast, no evidence has been found to confirm that the pecking order theory can explain the financing decisions of the Vietnamese listed firms, as previously expected. In addition, findings from this study also indicate that ‘Fund flow deficit’ and ‘Change in sales’ are the most two important factors that affect the amount of debt issued for the Vietnamese listed firms. Implications for academics, practitioners, and the Vietnamese government have also been emerged from the findings of this paper. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

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14 pages, 282 KiB

Open AccessArticle

The Impact of Urbanization on Income Inequality: A Study in Vietnam

by Nguyen Minh Ha, Nguyen Dang Le and Pham Trung-Kien

J. Risk Financial Manag. 2019, 12(3), 146; https://doi.org/10.3390/jrfm12030146 - 10 Sep 2019

Cited by 61 | Viewed by 24719

Abstract

This paper explores the impact of urbanization on income inequality in Vietnam, using the regression estimation method with panel data including Driscoll and Kraay, and Pooled Mean Group. The research data cover 63 provinces in Vietnam from 2006 to 2016. The results show that in the long term, urbanization has an impact on reducing income inequality. In the short term, urbanization has a negligible impact on income inequality. The hypothesis of an inverted-U-shaped relationship between urbanization and income inequality is confirmed. The high school enrollment rate and the proportion of agriculture have an effect on reducing income inequality. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

24 pages, 540 KiB

Open AccessArticle

Internationalization, Strategic Slack Resources, and Firm Performance: The Case Study of Vietnamese Enterprises

by Phuong V. Nguyen, Hien Thi Ngoc Huynh, Hoa Doan Xuan Trieu and Khoa T. Tran

J. Risk Financial Manag. 2019, 12(3), 144; https://doi.org/10.3390/jrfm12030144 - 10 Sep 2019

Cited by 14 | Viewed by 6921

Abstract

The study attempted to fill a gap in the research on international business by providing fresh evidence of the effect of the degree of internationalization on firm performance and the influence of organizational slack on this relationship. By applying a fixed-effects model to data from 569,767 Vietnamese enterprises from 2007 to 2015, a significant W-shaped linkage between internationalization and firm performance was revealed. Importantly, the results also emphasized the importance of three types of slack in the first stage of the internationalization process: absorbed slack human resources, other absorbed slack resources, and unabsorbed slack resources. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

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13 pages, 545 KiB

Open AccessArticle

Fiscal Decentralisation and Economic Growth across Provinces: New Evidence from Vietnam Using a Novel Measurement and Approach

by Phuong Duy Nguyen, Duc Hong Vo, Chi Minh Ho and Anh The Vo

J. Risk Financial Manag. 2019, 12(3), 143; https://doi.org/10.3390/jrfm12030143 - 10 Sep 2019

Cited by 12 | Viewed by 4816

Abstract

Fiscal decentralisation has attracted great attention from governments, practitioners, and international institutions with the aims of enhancing economic growth in the last 5 decades. However, satisfactorily measuring the degree of fiscal decentralisation across countries has appeared to be problematic. In addition, the link between fiscal decentralisation and economic growth across provinces has largely been ignored, in particular for emerging markets such as Vietnam. As such, this study is conducted to determine the extent of fiscal decentralisation and to assess its impact on economic growth based on data from all 63 provinces of Vietnam in the period after the 2008 financial crisis. Instead of using traditional measures of fiscal decentralisation, the study uses the Fiscal Decentralisation Index (FDI) together with the two most important and inseparable components of the index, those being (i) the Fiscal Importance (FI) and (ii) the Fiscal Autonomy (FA). The Difference Generalised Method of Moments (DGMM) is utilised to correct for the potential problem of endogeneity between fiscal decentralisation and economic growth. Results show that the two indicators (FI and FDI) have a negative impact while FA has a positive impact on economic growth across provinces. On the ground of these empirical findings, implications for specific policies have emerged for Vietnam and other emerging markets on the extent of fiscal decentralisation, and its major determinants, which positively support economic growth in the future. Full article

(This article belongs to the Special Issue Contemporary Issues in Business and Economics)

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