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Article
Publication date: 24 October 2023

Le Quy Duong

Although the value effect is comprehensively investigated in developed markets, the number of studies examining the Vietnamese stock market is limited. Hence, the first aim of…

156

Abstract

Purpose

Although the value effect is comprehensively investigated in developed markets, the number of studies examining the Vietnamese stock market is limited. Hence, the first aim of this research is to provide empirical evidence regarding returns on value and growth stocks in Vietnam. The second aim is to explain abnormal returns on Vietnamese growth and value stocks using both risk-based and behavioral points of view.

Design/methodology/approach

From the risk-based explanation, the Capital Asset Pricing Model (CAPM), Fama–French three- and five-factor models are estimated. From the behavioral explanation, to construct the mispricing factor, this paper relies on the method of Rhodes-Kropf et al. (2005), one of the most popular mispricing estimations in the financial literature with numerous citations (Jaffe et al., 2020).

Findings

While the CAPM and Fama–French multifactor models cannot capture returns on growth and value stocks, a three-factor model with the mispricing factor has done an excellent job in explaining their returns. Three out of four Fama–French mimic factors do not contain additional information on expected returns. Their risk premiums are also statistically insignificant according to the Fama–MacBeth second-stage regression. By contrast, both robustness tests prove the explanatory power of a three-factor model with mispricing. Taken together, mispricing plays an essential role in explaining returns on Vietnamese growth and value stocks, consistent with the behavioral point of view.

Originality/value

There are several value-enhancing aspects in the field of market finance. First, this paper contributes to the literature of value effect in emerging markets. While the evidence of value effect is obvious in numerous developed as well as international markets, both growth and value effects are discovered in Vietnam. Second, the explanatory power of Fama–French multifactor models is evaluated in the Vietnamese context. Finally, to the best of the author's knowledge, this is the first paper that incorporates the mispricing estimation of Rhodes-Kropf et al. (2005) into the asset pricing model in Vietnam.

Details

Review of Behavioral Finance, vol. 16 no. 3
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 9 January 2025

Le Quy Duong

The exclusion of financial stocks in well-known asset pricing models is problematic because they play an essential role not only in capital markets but also in the entire economy…

11

Abstract

Purpose

The exclusion of financial stocks in well-known asset pricing models is problematic because they play an essential role not only in capital markets but also in the entire economy. This study aims to present evidence on risk factors affecting the expected returns of financial stocks in the context of a frontier emerging market such as Vietnam.

Design/methodology/approach

Based on data of 81 Vietnamese financial firms from 2011 to 2023, the authors perform the CAPM, three-factor, five-factor, and six-factor models of Fama and French (1993, 2015, 2018). Because provision could be an essential implication of default risk level, the authors build the provision factor by creating a zero-investment strategy that is long on financial stocks with low provision rates and short on high provision rate stocks. The effectiveness of asset pricing models is evaluated using regression analysis, the GRS test of Gibbons et al. (1989), the redundancy test of Fama and French (2018) and the cross-sectional test of Fama and MacBeth (1973).

Findings

Although size and value risk premiums are prevalent in Vietnamese financial stocks, other firm-specific factors such as profitability, investment and momentum are not priced in financial stock returns. Empirical results document that provision is a relevant risk factor to financial stock returns. The three-factor model of Fama and French (1993) augmented with provision and turnover factors outperforms other models in explaining financial stock returns. Robustness tests lend further credibility to the findings.

Originality/value

This paper makes three key contributions. First, to the best of the authors’ knowledge, this is the first study to examine risk factors that are priced in Vietnamese financial stocks. Second, the authors highlight the relevance of provision in financial stock pricing. Finally, it is not only an out-of-sample test for the prominent Fama-French asset pricing models but also contributes to investment strategies in Vietnamese financial stocks.

Details

Pacific Accounting Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 9 August 2022

Le Quy Duong and Philippe Bertrand

Although the solid empirical proof of momentum is documented in various stock markets, there are many debates among academics with respect to the source of momentum profit. The…

275

Abstract

Purpose

Although the solid empirical proof of momentum is documented in various stock markets, there are many debates among academics with respect to the source of momentum profit. The first aim of this paper is intensively re-examine the momentum profit in Vietnam, an important emerging market. Secondly, the authors study the return predictability of a measure of investors’ overreaction, then examine whether the momentum effect in Vietnam is explained by overreaction.

Design/methodology/approach

Using the weekly data of more than 300 non-financial Vietnamese stocks during 2009–2019, the authors build a measure of investors’ overreaction, which is based on trading volume and the sign of stock returns. Consequently, to investigate whether momentum exits after controlling for overreaction, the authors carefully compare trading strategies based on overreaction with price momentum strategies using adjusted returns and double sorts on past returns and levels of overreaction.

Findings

The article makes three main findings. Firstly, the authors discover the empirical evidence of momentum in the Vietnamese equity market. Secondly, the measure of overreaction could be a predictor of Vietnamese stock returns. Stocks that have experienced a stronger upward overreaction provide a higher average return. Finally, returns on trading strategies based on overreaction are robust after adjusting for momentum, while returns on momentum portfolios become insignificant after adjusting for overreaction. By double-sorting, the authors document that holding past returns constant, the average returns of portfolios rise monotonically with their measure of overreaction. Hence, the momentum profit in Vietnam arises from investors’ overreaction.

Originality/value

The paper extends previous research on the behavioral explanation of momentum in emerging stock markets, which has not been fully exploited in the literature.

Details

Managerial Finance, vol. 49 no. 1
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 1 September 2022

Thiện Nguyễn Hoàng

This chapter provides information on the development of Vietnamese education under the influence of global forces based on the analysis of relevant education research and policies

Abstract

This chapter provides information on the development of Vietnamese education under the influence of global forces based on the analysis of relevant education research and policies using Wolhuter’s frameworks. In the process of coming up with ways to develop education in the face of different influences of globalization, besides having reactions with patterns commonly found in countries around the world, Vietnam also has responses that reflect its own political, sociocultural and economic characteristics. The state still plays a controlling role in education at all levels and many culture-related features that have existed throughout the country’s history have hardly changed, namely aspects related to teachers, learners and teaching and learning methods. To sustain its education in the globalized era, Vietnam must make more efforts in various aspects such as the link between education and employment, the logic of education objectives, the feasibility and appropriateness of curricula, quality of education, especially of higher education and equality in education for underprivileged groups.

Details

World Education Patterns in the Global South: The Ebb of Global Forces and the Flow of Contextual Imperatives
Type: Book
ISBN: 978-1-80382-681-3

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Article
Publication date: 6 June 2022

Diep Ngoc Su, Duy Quy Nguyen-Phuoc, Tien Hanh Duong, My Than Tran Dinh, Tuan Trong Luu and Lester Johnson

The aims of this study are twofold: to examine mobile food delivery service (MFDS) from the perspectives of functional and technical quality, and to empirically evaluate the…

4694

Abstract

Purpose

The aims of this study are twofold: to examine mobile food delivery service (MFDS) from the perspectives of functional and technical quality, and to empirically evaluate the influences of functional and technical quality on customer loyalty toward MFDS.

Design/methodology/approach

A conceptual framework of customer loyalty toward MFDSs was developed based on Gronroos’s service quality model. By using the PLS-SEM approach, the proposed model was empirically tested with a sample of 494 MFDS users through a survey via online social groups of food delivery service review.

Findings

The study validated the multi-dimensionality of MFDS functional quality including six dimensions (e.g. ease of use, app design, responsiveness, privacy and security, information quality, and personalization) and MFDS technical quality including two dimensions (e.g. safety and quality of delivered food, and quality of delivery service). The results indicated a significant direct link between functional quality and loyalty toward MFDS, while the effect of technical quality on loyalty was not found. Both functional quality and technical quality of MFDS demonstrated positive associations with customer perceived value of MFDS, which had a positive linkage with customer loyalty toward MFDS.

Research limitations/implications

The findings of the study advances Gronroos’ (1990) service quality perspective to m-commerce contexts, therefore and also offers MFDS providers effective strategies to launch a successful food delivery service.

Originality/value

The current study provides a first theoretical perspective on mobile service quality based on Gronroos’s model, which has not yet been examined. This study broadens the understanding of the loyalty toward a mobile-based service, particularly MFDS from the influences of two perspectives of service quality, namely, functional and technical quality.

Details

International Journal of Contemporary Hospitality Management, vol. 34 no. 11
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 31 May 2022

Ky Nam Nguyen, Quang Anh Phan and Ngoc Minh Nguyen

This paper aims to examine the management status quo of archaeological heritage in Vietnam seen in the case of Vuon Chuoi, a complex of Bronze Age sites located in Central Hanoi…

215

Abstract

Purpose

This paper aims to examine the management status quo of archaeological heritage in Vietnam seen in the case of Vuon Chuoi, a complex of Bronze Age sites located in Central Hanoi, which has been believed to be Hanoi’s first human settlement. Like other archaeological sites located in urban areas, this site has been under threat of destruction caused by land encroachment pressure. Although researchers have long waged a campaign for preservation, the dissensus among key stakeholders and the dispute over responsibility have left this site at the heart of an interminable polemic over legislation.

Design/methodology/approach

This research utilises a qualitative approach, and the primary data were collected throughout multiple field trips in 2019 and 2020. Several open-ended interviews were conducted with various state and nonstate actors involved in the Vuon Chuoi Complex’s management process. The discussion was also supported by analysing related legal documents retrieved from national archives and official online directories.

Findings

This paper dissects the current legislative and administrative framework applied in governing heritage in general and archaeological sites in Vietnam, in particular. The results indicate that existing flaws in Vietnam’s legal system are detectable, and the unsystematic organisation has led to deferment of the decision-making processes. Also, there is an apparent difference found in the attitude of the bodies in charge toward the treatment of listed and unlisted sites.

Originality/value

This research outlines that in the wake of urbanisation and industrialisation in Vietnam, a consensus among key stakeholders and an inclusive legal system are required to help preserve archaeological sites in urgent need of attention. Although several Vietnamese laws and regulations have been put into practice, they have shown critical barriers and gaps in conserving Vietnamese cultural heritage.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 14 no. 6
Type: Research Article
ISSN: 2044-1266

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Case study
Publication date: 1 May 2008

Cedric Dawkins

This case examines the ethical issues raised when businesses contract for the military during time of war. Dow Chemical Company was a military contractor during the Vietnam War…

Abstract

This case examines the ethical issues raised when businesses contract for the military during time of war. Dow Chemical Company was a military contractor during the Vietnam War and the primary producer of Agent Orange - a defoliant used to clear vegetation. Agent Orange has been linked to a number of serious medical conditions in war veterans and Vietnamese civilians. In 2004, Vietnamese citizens filed suit against Dow for illnesses they believe were caused by exposure to Agent Orange. Dow thought the issue should have been addressed through political and social policy, while Vietnamese citizens and U.S. Vietnam war veterans believed Dow was ethically responsible. As the case moved through the U.S. judicial system, some of Dow's investors grew uncomfortable with how it was handled. Dow CEO Andrew Liveris was left to wonder what his company could have done differently and what they could learn from the Agent Orange episode that might prevent similar problems in the future. This incident appeared to be a relatively distinct case, but in July of 2007 it was reported that the number of private contract employees in Iraq exceeded that of U.S. military personnel. Consequently, it is likely that companies and their stakeholders will have to address similar issues.

Details

The CASE Journal, vol. 4 no. 2
Type: Case Study
ISSN: 1544-9106

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Article
Publication date: 11 August 2022

Anh Thi Phuong Le, Puvaneswaran Kunasekaran, Neethiahnanthan Ari Ravagan, Hung Ngoc Le, Tuan Thanh Nguyen and Thang Vu Luong

One Commune One Product (OCOP) program, a rural economic development program in Vietnam, aims to empower local communities for sustainable social and economic welfare development…

294

Abstract

Purpose

One Commune One Product (OCOP) program, a rural economic development program in Vietnam, aims to empower local communities for sustainable social and economic welfare development, protect the environment and preserve tradition. This study aims to employ this program associated with tourism to support small family businesses in rural areas cost-effectively.

Design/methodology/approach

This study used the geographic location mapping method to design tourist routes that connect tourism resources with OCOP producers. A stakeholder approach was employed to identify suggested practical works that need to be implemented while developing this tourism initiative.

Findings

Four rural districts of Bac Giang Province, a northern province in Vietnam known as the place of various indigenous people live and traditional craft villages. Many cultural and historical tourist sites have been chosen as sample areas for this study. By using Google map, based on the Bac Giang Tourist Map and a list of recognized OCOP products in Bac Giang Province, main tourist sites (16 locations) and small family businesses (known as cooperatives and households) that have OCOP products (17 places) in the four districts have been identified. Four notable tourist routes have been formed to propose four thematic tours (two 1-day tours and two 2 days-1 night homestay tours). Suggestions for related stakeholders to ensure the sustainability of this initiative are provided.

Research limitations/implications

This study is supposed to be a model of promoting small family businesses through OCOP programs and tourism activities in a sustainable way in Vietnam. The outcome of this study is in line with the stakeholder theory emphasizing the systematic connection of various stakeholders such as employees, suppliers, local communities, government agencies and others towards complex business sustainability. The results of the study cannot conclude the small family businesses in Vietnam because it adopts geographic location mapping alone. Moreover, this study focused on OCOP programs only. Future research can use other methods of primary data collection, especially from tourists' perspectives. Data triangulation can be done to explore and verify the tourist routes that have been formed according to the four thematic tours proposed. Future research could also compare hotels managed by family businesses with non-family businesses.

Originality/value

This study is supposed to be a model of promoting small family businesses through OCOP programs and tourism activities in a sustainable way in Vietnam.

Details

Journal of Family Business Management, vol. 12 no. 3
Type: Research Article
ISSN: 2043-6238

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Article
Publication date: 12 October 2021

Cong Doanh Duong

The purpose of this research is to integrate the prediction from entrepreneurship education with the theory of planned behaviors (TPB) to build a conceptual framework and estimate…

2121

Abstract

Purpose

The purpose of this research is to integrate the prediction from entrepreneurship education with the theory of planned behaviors (TPB) to build a conceptual framework and estimate the effect of entrepreneurship education on entrepreneurial intention over and above key predictors from an extended TPB model. Also, the moderating impacts of educational fields in the paths from entrepreneurial education, attitude toward entrepreneurship, subjective norms and perceived behavioral control to entrepreneurial intention are tested in this study.

Design/methodology/approach

The study used a sample of 559 university students who received entrepreneurship education at 12 universities from Vietnam. Confirmatory factor analysis was utilized to test the validity and reliability of all variables and regression analyses were used to estimate coefficient paths. Then, bootstrapping method with the PROCESS approach was utilized to test the indirect correlations.

Findings

The study reveals that attitude toward entrepreneurship and perceived behavioral control were positively and strongly associated with entrepreneurial intention, while the linkage between subjective norms and entrepreneurial intention was not significant. Also, the findings show that even though entrepreneurship education did not have a direct effect on entrepreneurial intention, it increased entrepreneurial intention via attitude toward entrepreneurship and perceived behavioral control. In addition, this study finds that educational fields moderate the associations between predictors and entrepreneurial intention.

Practical implications

This study offers both universities and policymakers options to foster youths' entrepreneurial activities.

Originality/value

This study is expected to significantly contribute to entrepreneurship literature by enriching our understanding of the interesting and crucial linkages between entrepreneurship education, attitude toward entrepreneurship, subjective norms, perceived behavioral control and entrepreneurial intention. Additionally, the current research reveals that for economic and business management students, the paths are driven from entrepreneurial education, attitude toward entrepreneurship, subjective norms and perceived behavioral control to intention to engage in entrepreneurial activities has become stronger when compared to students of majors in engineering and others.

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Article
Publication date: 28 August 2024

Ioannis Christodoulou, Moustafa Haj Youssef, Jahangir Wasim, Tam Thi Thanh Phan, Robert Reinhardt and Bao Ngoc Nguyen

This study aims to explore the impact of social, financial and institutional factors on women’s entrepreneurship in Vietnam, emphasizing motivation’s role in addressing…

143

Abstract

Purpose

This study aims to explore the impact of social, financial and institutional factors on women’s entrepreneurship in Vietnam, emphasizing motivation’s role in addressing challenges. Women’s entrepreneurship holds economic significance, driving local economies and creating opportunities. Government efforts to support women entrepreneurs have increased, but research on this in developing economies, especially in Vietnam, is limited.

Design/methodology/approach

The paper investigates women’s entrepreneurship in Vietnam, examining social, financial and institutional influences and emphasizing motivation in overcoming challenges. Using a qualitative approach, it conducts in-depth interviews with 28 female entrepreneurs, analyzing data thematically. Methodologically, the study uses purposive sampling, triangulation and member checking to enhance credibility.

Findings

Findings reveal key motivations like financial incentives, self-achievement and social impact. These motivations empower women to overcome financial constraints, skill gaps, limited support and societal perceptions. This research guides women entrepreneurs to enhance success through learning, persistence, skill development and self-awareness.

Originality/value

This paper presents a novel exploration into women’s entrepreneurship in Vietnam, offering original insights into the interplay of social, financial and institutional factors, with a spotlight on motivational drivers. It provides unique perspectives on their motivations, challenges and support mechanisms. The study’s contribution lies in its comprehensive understanding of women’s entrepreneurship dynamics in a developing economy like Vietnam, offering valuable insights for policymakers, practitioners and academics alike. Its originality lies in its holistic approach and nuanced examination, enriching the discourse on women’s entrepreneurship in emerging

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