Nguyen Tuan Anh, Christopher Gan and Dao Le Trang Anh
This study simultaneously explores the nexus among formal, semiformal and informal credit markets and farm households' credit demand determinants in Vietnam.
Abstract
Purpose
This study simultaneously explores the nexus among formal, semiformal and informal credit markets and farm households' credit demand determinants in Vietnam.
Design/methodology/approach
This study uses a multistage stratified random sampling process for a survey of 648 smallholder farmers in the Red River Delta (RRD), Vietnam. The trivariate probit model (TVPM) is used to address the interdependence of farm households' credit demands in different credit markets.
Findings
The results reveal complementary relationships among two pairs of credit markets (formal versus informal and semiformal versus informal). There are dissimilarities among the determinants (household characteristics, household head's characteristics, credit history and geographic factors) of farm households' credit demands in different markets, reflecting segmentation of Vietnam credit markets.
Practical implications
The study's empirical findings are important for policymakers and credit providers to enhance farm households' access to credit for agriculture and to improve the operations of the three credit markets.
Originality/value
This is the first empirical study in Vietnam and one of few in other developing countries simultaneously exploring the determinants of credit demand in and interrelationships among all three credit markets to provide more comprehensive and accurate results.
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Dao Le Trang Anh and Christopher Gan
This study explores the effects of the COVID-19 outbreak and its following lockdown on daily stock returns in Vietnam, a fast-growing emerging market that successfully revived…
Abstract
Purpose
This study explores the effects of the COVID-19 outbreak and its following lockdown on daily stock returns in Vietnam, a fast-growing emerging market that successfully revived after the pandemic lockdown.
Design/methodology/approach
This study uses panel-data regression models to evaluate the influence of the daily increase in the number of COVID-19 confirmed cases during pre-lockdown and lockdown on daily stock returns of 723 listed firms in Vietnam from 30 January to 30 May 2020.
Findings
The study confirms the adverse impact of the daily increasing number of COVID-19 cases on stock returns in Vietnam. The study also discloses that the Vietnam stock market before and during the nationwide lockdown performed in opposing ways. Though COVID-19 pre-lockdown had a significant, negative impact on Vietnam's stock returns, the lockdown period had a significant, positive influence on stock performance of the entire market and the different business sectors in Vietnam. The financial sector was hardest hit on the Vietnam stock market during the COVID-19 outbreak.
Research limitations/implications
The study indicates investors' confidence and trust in the Vietnam government's decisions to combat COVID-19 and favorable stocks prices were the main reasons that the Vietnam stock market rebounded during and after lockdown.
Originality/value
This is the first study to examine the impact of COVID-19 during the pre-lockdown and lockdown periods on stock performance in Vietnam, a rapidly developing economy that was successful in controlling the pandemic with a rejuvenated stock market after lockdown.
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Dao Le Trang Anh and Christopher Gan
The purpose of this paper is to measure profitability and marketability efficiencies as well as examine the efficiencies’ determinants of listed manufacturing firms in Vietnam.
Abstract
Purpose
The purpose of this paper is to measure profitability and marketability efficiencies as well as examine the efficiencies’ determinants of listed manufacturing firms in Vietnam.
Design/methodology/approach
This study employs a bootstrap two-stage data envelopment analysis (DEA) approach to investigate the profitability and marketability efficiencies of 102 listed manufacturing firms on Vietnam stock market from 2007 to 2018. The study also applies fractional regression models (FRM) to identify the determinants of Vietnam manufacturing firms’ efficiencies.
Findings
The results reveal that Vietnam manufacturing firms obtain higher average profitability efficiency scores (0.888) than marketability efficiency scores (0.527) from 2007 to 2018. The high-tech firms achieve better profitability and marketability efficiencies than the traditional (resource-intensive and labour-intensive) Vietnam manufacturing firms in recent years (2016–2018). Further, the financial and non-financial factors have heterogeneous impacts on Vietnam manufacturing enterprises’ profit and market valuation efficiencies.
Research limitations/implications
Due to the nature of DEA technique that requires every decision-making unit to have available data of all inputs and outputs, the listed Vietnam manufacturing firms that have incomplete data or go public after 2007 are not included in the data set.
Practical implications
This study provides a reference for Vietnam manufacturing managers to position their firms competitively in the market as well as make wise operating, financing and management decisions.
Originality/value
This is the first study that attempts to combine bootstrap two-stage DEA and FRM, which are considered advantageous methods for DEA scores’ measurements and determinant evaluations in the current literature.
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Christopher Gan, Dao Le Trang Anh and Quang Thi Thieu Nguyen
This study investigates the psychological impact of the COVID-19 lockdown on Vietnamese people and examines the factors affecting their psychological well-being during and after…
Abstract
Purpose
This study investigates the psychological impact of the COVID-19 lockdown on Vietnamese people and examines the factors affecting their psychological well-being during and after the lockdown period.
Design/methodology/approach
Based on the survey answers of 701 Vietnamese respondents, this study explores the psychological impact associated with COVID-19 lockdown in Vietnam. Using a newly developed “mvord” package in R that controls the heterogeneity in error structure of the sample units (Hirk et al., 2020), the study runs multivariate ordinal logistic regression models to examine the determinants of the emotional outcomes.
Findings
The study discloses negative psychological states among the Vietnamese community during and after the lockdown, including boredom, anxiety, sadness, stress, anger, precautionary measures and post-traumatic stress symptoms. Demographic characteristics (male gender, young age, poor-health condition, high educational level, small family size, officers or professionals, using public transport, quarantine experience before the lockdown, non-extended lockdown period and living in rural areas) and various difficulties during lockdown (insufficient information about COVID-19, income loss, having daily-life difficulties and unhappy experiences during lockdown) are related to higher degrees of different psychological symptoms during and after lockdown in Vietnam.
Originality/value
This study identifies the importance of mitigating the detrimental effects of the COVID-19 lockdown on Vietnamese well-being and prepares the Vietnamese government better to handle the public mental issues during future lockdowns.
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Dao Le Trang Anh, Quang Thi Thieu Nguyen, Christopher Gan, Tung Duy Thai and Tu-Anh Nguyen
This study explores the impacts of COVID-19's strictest lockdown on Vietnamese citizens' living habits, wellbeing and work-from-home effectiveness.
Abstract
Purpose
This study explores the impacts of COVID-19's strictest lockdown on Vietnamese citizens' living habits, wellbeing and work-from-home effectiveness.
Design/methodology/approach
The study uses a survey questionnaire to gather relevant data from Vietnamese adults during the most recent, strictest lockdown in their cities/provinces since July 2021. The study employs ordinal regression and mediation models to examine the effects of the strict lockdown difficulties on the changes in living habits, wellbeing and work effectiveness of Vietnamese respondents.
Findings
The empirical result demonstrates that the strictest lockdown adversely affected the living habits of Vietnamese citizens, thus impacting people's wellbeing. Work-from-home lockdown difficulties led to unexpected health issues that bring produce lower working effectiveness.
Originality/value
This is the first study to investigate the changes in citizens' living habits, health and working conditions in adherence to Vietnam's strictest COVID-19 lockdown. This is also the first study to examine the impacts of lockdown difficulties on human wellbeing with the mediating effect of changes in living habits, and the influence of work-from-home lockdown difficulties on work effectiveness, with the mediating effect of lower wellbeing based on the literature. Our study suggests solutions to improve Vietnamese people's health and working productivity during and after a strict lockdown.
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Nguyen Tuan Anh, Christopher Gan and Dao Le Trang Anh
This study investigates the short-run and long-run impacts of agricultural credit on Vietnam's agricultural GDP over the period 2004:Q4–2016:Q4, with the incorporation of…
Abstract
Purpose
This study investigates the short-run and long-run impacts of agricultural credit on Vietnam's agricultural GDP over the period 2004:Q4–2016:Q4, with the incorporation of agricultural labor, public investment and rainfall as important determinants of agricultural GDP.
Design/methodology/approach
This study applies the indicator saturation (IS) break tests and the autoregressive distributed lag (ARDL) bounds test with structural breaks to examine the credit–agricultural performance nexus. The causal relationships among variables are explored through the Toda–Yamamoto Granger causality test.
Findings
The results indicate that agricultural credit positively influences agricultural GDP in both the short-run and long-run. A unidirectional causal relationship running from credit to agricultural GDP is confirmed. The results also discover the positive and significant effects of labor and rainfall on agricultural GDP in the long-run.
Practical implications
The results imply that the government should focus on expanding agricultural credit as well as enhancing the efficiency of agricultural credit. Furthermore, formal credit institutions should be encouraged to work closely with farmers and agricultural enterprises to offer flexible lending periods and amounts to meet the real situation of agricultural production.
Originality/value
This study is the first to examine the credit–agricultural performance relationship at the macro-level in Vietnam. Based on the empirical results, the study provides crucial implications for policymakers to optimize the effectiveness of agricultural credit and enhance nationwide agricultural performance.
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Shan Jin, Christopher Gan and Dao Le Trang Anh
Focusing on micro-level indicators, we investigate financial inclusion levels in rural China, examining its determinants and impact on household welfare. We construct a financial…
Abstract
Purpose
Focusing on micro-level indicators, we investigate financial inclusion levels in rural China, examining its determinants and impact on household welfare. We construct a financial inclusion index of four essential financial services: savings, digital payments, credit and insurance. We identify factors influencing financial inclusion among Chinese rural households and assess the effects of financial inclusion on household welfare.
Design/methodology/approach
With the entropy method, we use data from the 2019 China Household Finance Survey to assess financial inclusion levels in rural China. Determinants and their impact on welfare are analyzed through probit and ordinary least squares models, respectively. Propensity scoring matching is applied to address potential endogeneity.
Findings
We reveal that rural households exhibit limited usage of formal financial services, with notable regional disparities. The eastern region enjoys the highest financial inclusion and the central region lags behind. Household characteristics such as family size, education level of the household head, income, employment status and financial literacy significantly influence financial inclusion. Financial inclusion positively impacts household welfare as indicated by household consumption expenditure. The use of different types of financial services is crucial with varying but significant effects on household welfare.
Originality/value
This study offers valuable insights into China’s rural financial inclusion progress, highlighting potential barriers and guiding government actions.
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Quang Thi Thieu Nguyen, Dao Le Trang Anh and Christopher Gan
This study investigates the Chinese stocks' returns during different epidemic periods to assess their effects on firms' market performance.
Abstract
Purpose
This study investigates the Chinese stocks' returns during different epidemic periods to assess their effects on firms' market performance.
Design/methodology/approach
The study employs an event study method on more than 3,000 firms listed on Shanghai and Shenzhen stock exchanges during periods of SARS, H5N1, H7N9 and COVID-19
Findings
Epidemics' effect on firms' stock returns is persistent up to 10 days after the event dates. Although the impact varies with types and development of the disease, most firms experience a negative impact of the epidemics. Among the epidemics, COVID-19 has the greatest impact, especially when it grows into a pandemic. The epidemics' impact is uneven across industries. In addition, B-shares and stocks listed on Shanghai Stock Exchange are more negatively influenced by the epidemic than A-shares and those listed on Shenzhen Stock Exchange.
Research limitations/implications
The results of the study contribute to the limited literature on the effects of disease outbreaks as an economic shock on firm market performance. Given the possibility of other epidemics in the future, the study provides guidance for investors in designing an appropriate investing strategy to cope with the epidemic shocks to the market.
Originality/value
The research is novel in the way it compares and assesses the economic impact of different epidemics on firms and considers their impact at different development stages.
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Dao Le Trang Anh and Christopher Gan
The study aims to investigate the profitability and marketability efficiency scores and determinants of 899 listed manufacturers in six Southeast Asian countries: Indonesia…
Abstract
Purpose
The study aims to investigate the profitability and marketability efficiency scores and determinants of 899 listed manufacturers in six Southeast Asian countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
Design/methodology/approach
The study employs the bootstrap two-stage data envelopment analysis (DEA) to measure profitability and marketability efficiencies of Southeast Asian manufacturers. The study uses the panel-data fractional regression model (FRM), which is an advantageous method that is suitable for the fractional response variables and applicable to time-differing heterogeneity, to investigate the determinants of Southeast Asian manufacturers' efficiencies.
Findings
The study demonstrates that listed manufacturers in Indonesia and Singapore achieve the highest average profitability and marketability efficiencies among the six Southeast Asian countries. The study also shows that the cash ratio, institutional ownership, headcount and technology-application positively affect Southeast Asian-listed manufacturers' profitability and marketability efficiencies at different levels of significance.
Originality/value
The current study is the first assessment of the listed manufacturers' profitability and marketability efficiencies in Southeast Asian countries, which consist of different market levels (developed, emerging and frontier markets). The study is a reference source for regional investors, manufacturers' managers and governments to make appropriate decisions in investing, managing and enhancing the development of the Southeast Asian manufacturing sector.
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Tidarat Kumkit, Dao Le Trang Anh, Christopher Gan and Baiding Hu
This study explores the awareness (AWN) levels of good governance amongst Thai credit union cooperatives' (CUCs) members and the factors hindering good governance practice in Thai…
Abstract
Purpose
This study explores the awareness (AWN) levels of good governance amongst Thai credit union cooperatives' (CUCs) members and the factors hindering good governance practice in Thai CUCs.
Design/methodology/approach
This study used a survey questionnaire from 629 members of 36 selected CUCs in Thailand. This study analysed the determinants of governance AWN levels of Thai CUCs' members using the ordered probit model. The study also employs OLS estimation to investigate the factors hindering good governance practices.
Findings
The study shows that members of different CUC types and sizes have different levels of governance AWN. Members' characteristics, experiences, and perceptions significantly influence CUC members' AWN of governance issues. The findings also suggest that a lack of morality, transparency, participation, responsibility and accountability are key obstacles that hinder good governance practices of Thai CUCs.
Originality/value
This is the first study that attempts to assess the level of AWN amongst Thai CUCs' members in different CUC sizes and types. This is also the first research that identifies the factors that hinder good governance practice in Thai CUCs based on members' evaluations. The study's findings provide important reference and implications for Thai policy makers and CUCs' board of managers to enhance members' AWN and CUCs' governance performance, and thus increase income and living standard of CUCs' members in the long term.