The study aims to investigate the impact level of earnings quality on firm value. The study has used data with 3,910 observations at listed firms on Vietnam Stock Exchange for the period from 2010 to 2018, and GLS regression analysis is employed in this research. Earnings quality is measured in the aspects of earnings management, earnings persistence, and timeliness of profitability. This study also considers a number of controlled variables that positively influence the firm's value such as firm size, fixed asset investment rate and dividend payout ratio. The results show that earnings quality is positively associated with firm value with having statistical significance. In contrast, some determinants negatively influence firm value such as financial leverage, ratio of market value to book value, and revenue growth. Determinants of firm size, the rate of investment in fixed assets, the rate of dividend payment positively affect the firm value. In contrast, determinants of financial leverage, revenue growth rate and market value to book value ratio are inversely related to firm value according to economic value, Tobin’s Q or Price. Based on the findings, some recommendations are proposed for investors, management and policy makers as well in the context of emerging countries including Vietnam.

The research aims to investigate the impact levels of determinants on the conversion of financial statements from Vietnamese accounting standards (VAS) to International financial reporting standards (IFRS) in the multinational firms in Vietnam. The method of data collection was done through the survey and subjects are accountants in Multinational Firms doing business in Hanoi and ten neighboring provinces. After checking the information on the votes, there are 170 questionnaires with full information for data entry and analysis. We use Cronbach’s Alpha, EFA analysis and run regression model to investigate the impact levels of each independent variable on dependent variable of the conversion of VAS financial statements to IFRS. The results show that five determinants including Economic, Politics, Law, Culture, and Conditions for implementation have positive relationships with the conversion of VAS financial statements to IFRS. In particular, Economic determinant is the most strongest. Based on the findings, some recommendations are given for improving the conversion of VAS financial statements to IFRS of multinational firms doing business in the context of Vietnam. The results are considered a useful reference for firms when making financial statements to transparently change the financial statement information and improve the quality of financial statement information.

The study aims to provide some evidence of the effects of CSR practices on financial-based brand equity in Malaysia. Nowadays, many companies have embraced corporate social responsibility (CSR) practices because CSR is a vital component of the current competitive and complex business arena. It contributes greatly to social, environmental, and economic condition. With CSR practices, companies are able to achieve many benefits and there is evidence that CSR practices predict higher brand equity. However, little evidence has been produced concerning the effects of CSR practices on financial aspects of brand equity in developing countries such as Malaysia. Therefore, this paper aims to investigate the effects of CSR practices on financial based brand equity among Malaysia Top 100 brand. A CSR checklist instrument was used in the current study to examine the extent of CSR practiced. The results indicated that PLCs that were actively involved in CSR practices such as environmental, community, workplace and marketplace, found that this involvement enhanced their brand equity. The findings provide useful support and evidence for the management of PLCs in Malaysia, as well as companies in other developing countries, to engage more in CSR practices as a core element of their strategic and brand management.

CEOs Overconfidence can bring potentially risky early decisions to businesses, along with large enterprise free cash flow that can bring different investment decisions with CEOs Overconfidence. Especially in the context of Vietnamese enterprises, CEOs are often influenced by behavioral psychology about overconfidence in investment decisions (due to individual cultural characteristics as well as operating financial markets also depend on many factors outside the market). Therefore, the authors study the impact of overconfidence and cash flow on investment in Vietnamese to find the internal relationship between these three factors in the financial environment in Vietnam. With 480 companies listed on the Vietnam Stock Exchange from 2014 to 2018 (companies have continuous reports), the regression analysis results with panel data (FEM, GLS models, correction of robust and GMM dealing with endogenous problems) have shown Overconfidence has a positive impact on investment. At the same time, the results also indicated that enterprises with overconfident CEOs and large cash flows tend to invest less than enterprises with low cash flow. The results of this study have shown the behavioral behavior of CEOs in Vietnamese enterprises that exist under both prospect theory and effective market theory.

The purpose of this paper is to ascertain the key factors affecting tax compliance among Vietnamese firms in Vietnam. We employ both qualitative and quantitative research methods. Qualitative research has been carried out through focus group discussions with ten chief accountants and tax officers. Quantitative research has been conducted through interviews with 200 firms (chief accountants or financial directors) in Vietnam. Analysis of the model includes the following stages: (i) Cronbach’s test for reliability of the scale, (ii) exploratory factor analysis (EFA), (iii) confirmatory factor analysis (CFA), and (iv) structural equation model (SEM). The results of the research show that voluntary tax compliance is directly affected by the three factors of audit probability, corporate reputation and business ownership. The probability of audit and severity of sanctions have the strongest impact on tax compliance. Therefore, the tax authorities need to strengthen the inspection of tax declarations, tax payments and tax refunds of firms. The paper confirms that enforced tax compliance is directly affected by the three factors of audit probability, sanction severity and social norms. Voluntary compliance and compulsory compliance have an effect on tax compliance, though voluntary compliance has a more powerful impact.

This research is conducted to investigate the impact of provincial governance quality on earnings management in the context of Vietnam. The sample of this study was 52 construction materials companies listed on Vietnamese stock market for the period of 2015 - 2017. Consistent with previous research, this paper used discretionary accruals to obtain the discretionary abnormal accruals for measuring earnings management. We employ the data from nationwide surveys of provincial governance quality measured by the provincial competitiveness index. The multiple regression models were estimated to test the impact of the both provincial competitiveness index and ten sub-indices on earnings management of listed companies. This study provided the first empirical evidence for the impact of provincial institution quality and earnings management in Vietnam. The results showed that in the companies with loss, provincial competitiveness index has a negative effect on earnings management. The results also indicated that informal charges index; transparency index and proactivity index have statistical significant negative effect on earnings management. By unfolding the relation between aggregated index and several sub-indicators institution factors and earnings management our findings shed lights on how provincial governance environment can influence on firms level earnings management behavior in the case of Vietnam.

The study aims to verify the relationship between leaders’ personality traits in leader - member exchange (LMX), and job performance. Hierarchical Regression Analysis was used to examines (a) how leaders’ personality traits and LMX affect the influence of social capital on job performance and organizational citizenship behavior; (b) how perceived organization support (POS) can moderate the influences of LMX on social capital, in turn impacting job performance and OCB. Responses are employees in the service industry in Thailand, which consisted of 236 independent samples in 77 groups. Each group included at least one leader and 1-5 followers. The results show that there is a significant relationship between leader’s personality traits, LMX and social capital. Leader with the higher level of conscientious, and agreeableness can always create good relations with their followers. The level of LMX are also related to social capital and both of these influence OCB and job performance. The moderating effect of perceived organizational support is also significant that POS can amplify the influence of LMX on social capital. Finally, the research findings show that perceived organizational support is one of the moderating factors in LMX exchanges. Followers perceived organizational support can amplify the influence of LMX on social capital.

This study presents a more comprehensive approach to investigate how Emotional Intelligence (EI) is associated with performance. Previous research has revealed that EI is related to positive outcomes such as better performance, life satisfaction and career success. However, in most research of EI, this factor has been investigated independently from the effect of contextual factors and other individual characteristics. This study extended the research on the impact of EI on student performance by simultaneously examining the impact of EI, individual factors - (1) Perseverance of Effort, (2) Goal Consistency and (3) Goal Clarity and learning environment factors - Program Fit in one study. The results based on the data collected from 1,117 students in Vietnam largely support the hypothesis that that EI was an important but not the only factor affecting the student performance. MANOVA and post-hoc analysis indicated that both individual and environmental factors better predicted performance than EI could. These results suggest that the impact of EI on individual performance is more complicated than what we have already known. Future study is encouraged to investigate both the mechanism through which EI impact individual performance and the interaction between EI and other factors that moderate the EI – performance relationship.

The study attempts to examine the effect of the capabilities of banking companies, namely the dynamic and unique capabilities, on the implementation of GCG in Indonesia. The effect of organization capabilities on the implementation of GCG is essential since both of them can demonstrate the quality of the company's ability to compete and innovate. This study will also examine the influence of moderating variables, namely the fit and proper test. The methodology used in this study is the structural equation methods and using primary data with board of directors of commercial bank in Indonesia. The test results suggest the positive direct effect of unique capabilities on GCG. The findings show that the capabilities of the top management, both unique and dynamic capabilities, influence the implementation of GCG. Then, the variable of fit and proper test can also strengthen the relationship between them. Both unique capabilities and fit and proper test have a strong and positive impact on GCG. Meanwhile, dynamic capabilities have a negative impact on GCG even though it’s not significant and contradictive with earlier studies. In the context of the banking industry growth and sustainability, this matter is important to examine. Top management behavior in operating their organization is important to be investigated.

This paper aims to discover factors and their influences degree to repurchase organic cosmetic in Vietnam. In addition, this research also discloses the main segments that have high demand re-buying intention based on demographic groups of gender, age, income, educational level, job, type of products, and place of production. Twenty-eight scale was designed based on previous studies and adjusted to match the 5-point Likert scale to conduct measurement. By using survey method to test hypotheses and set up conceptual models to collect 295 Vietnamese consumers who have experience in consuming organic cosmetic by explain the results through Smart PLS software. The findings show that there is positive attitude of customers to the intention of acquiring organic cosmetics, green perceived and customer satisfaction. In addition, customer satisfaction, knowledge of products, safety values, and environmental protection consciousness also play important roles to form a positive attitude of customers for products. Moreover, the consciousness of green living of consumers accounts for a high proportion in creating customer satisfaction for organic products. The results show useful information for current premises to determine the factors that influence the decision to repurchase organic cosmetic product, that provide business strategies.

The paper aims to investigate whether foreign direct investment (FDI) has positive effect on the labour productivity in Vietnam. Labour productivity is the elemental determinant of a country’s development level in long-term. In recent years, although increasing consistently, labour productivity of Vietnam remains low in comparison to other South East Asian countries. To identify the direction of effect and the level of effect of FDI and human capital on the labour productivity of Vietnam, Autoregressive Distributed Lag (ARDL) model was used to examine the effect of FDI and human capital on labour productivity in Vietnam from 1986 to 2014. The results of bounds test confirm the existence of cointegration among the variables. Further, the Toda and Yamamoto Granger causality test affirms that there is unidirectional causality running from foreign direct investment and human capital index to labour productivity. The empirical results provide strong statistical evidence that foreign direct investment and human capital has a positive impact on labour productivity in Vietnam in long-term. These findings imply that workers are expected to further improve their knowledge, skills and that policy-maker should establish concrete plans to increase human capital. Results from this study provide suggestion necessary for Vietnam to achieve sustainable development.

The paper aims to investigate the factors of brand equity affecting the purchase intention of car buyers in Ho Chi Minh City. The authors use qualitative method and quantitative research to study the matters, specifically using scales and data collected for Cronbach alpha reliability testing, analysizing the discovery factor of EFA, CFA and verifying the regression models through AMOS software with SEM linear modeling. The study proposes four factors: (1) brand awareness, (2) self-expression value, (3) perceived quality, (4) brand psychology impacting on the brand loyalty and intention to buy cars of customers. The results show that all four factors are statistically significant for positive brand loyalty and purchase willing. The results showed that brand loyalty positively affects consumers' intention to buy cars. Among the factors included in the study, the brand psychology is a new factor which developed by experts in the context of Vietnam. This is the first study in Vietnam to quantify clearly the element of "crowd psychology" affecting the interests and habits of Vietnamese consumers. This explains why Vietnamese consumers prefer brands that are familiar in the market and some new cars with nice models and colors suitable for Vietnamese psychology.

Seaports play a vital role in the economic development of countries, especially for countries having long coastlines such as Vietnam .Seaport industry in Vietnam has witnessed an impressive development in recent years. The national cargo throughput in the period 2013-2017 achieved a compounded annual growth rate (CAGR) of 11.8%/year, higher than that of the world (5.1%). However, the differences in planning policies and infrastructure systems has led to the differences in port performance efficiency of regional ports. Therefore, it is necessary to have a general and accurate view of the picture of Vietnam’s seaport. The objective of this study was to analyze the relative efficiencies of 26 Vietnam container terminals using traditional output-oriented CCR and BCC DEA model. Malmquist Productivity Index (MPI) was also applied to evaluate changes in container terminals productivity over time.

The objective of the study is to examine the impact of financial development and foreign remittances on poverty and income inequality in the context of Pakistan. The study used ARDL-Bounds testing approach for robust inferences. The results show that in the short-run, remittances increases poverty and income inequality, which further translated into its long-run impact. The result confirmed the inverted Ushaped relationship between per capita income and income inequality, while the second order coefficient of per capita income substantially decline poverty incidence in a country. In the long-run, the results disappeared and it’s turned into U-shaped relationship between income inequality and country’s per capita income. Education largely decreases income inequality both in the short and long-run, however, it increases poverty in the long-run. Unemployment rate substantially damaged the pro-poor growth scenario, as high unemployment rate increases both the poverty rates and income inequality, which suffered poor more than non-poor in a country. Financial development has a positive impact on poverty reduction and income inequality in the short-run. The impact of income inequality on poverty incidence is positive both in the short- and long-run, which need pro-poor growth policies and rationale income distribution in a country.

The paper aims to examine relationships between search-based sentiment and stock market reactions in Vietnam. This study constructs an internet search-based measure of sentiment and examines its relationship with Vietnamese stock market returns. The sentiment index is derived from Google Trends’ Search Volume Index of financial and economic terms that Vietnamese searched from January 2011 to June 2018. Consistent with prediction from sentiment theories, the study documents significant short-term reversals across three major stock indices. The difference from previous literature is that Vietnam stock market absorbs the contemporaneous decline slower while the subsequent rebound happens within a day. The results of the study suggest that the sentiment-induced effect is mainly driven by pessimism. On the other hand, optimistic investors seem to delay in taking their investment action until the market corrects. The study proposes a unified explanation for our findings based on the overreaction hypothesis of the bearish group and the strategic delay of the optimistic group. The findings of the study contribute to the behavioral finance strand that studies the role of sentiment in emerging financial markets, where noise traders and limits to arbitrage are more obvious. They also encourage the continuous application of search data to explore other investor behaviors in securities markets.

본 연구에서는 미강을 다양한 가공식품소재로 활용하기 위해 추출용매와 북경, 한아름 및 자스민 3품종에 따른 미강추출물의 품질특성 및 항산화 활성을 확인하였다. 미강 3종 분말의 이화학적 특성에서 수분함량은 8.19-9.00%로 모두 유사하게 나타났으며, 색도 또한 L 값(50.06-55.18), a 값(2.35-2.97) 및 b 값(11.65-13.88)이 미강 품종에 따른 차이는 크게 나타나지 않았다. 미강 추출물의 수율은 4.67-9.60%로 나타났으며, 총 폴리페놀, 총 플라보노이드 및 총 단백질 함량은 각각 2.08-6.75 g/100 g, 4.08-5.18 g/100 g 및 12.57-18.46 g/100 g으로 나타났으며, 모두 북경 추출물에서 높게 나타났으나, 총 폴리페놀 및 총 플라보노이드 함량은 80% 에탄올 추출물에서, 총 단백질 함량은 열수 추출물에서 높게 나타났다. 항산화 활성을 확인하기 위해 진행한 DPPH, ABTS radical 소거활성, FRAP 활성 및 환원력은 0.5-5.0 mg/mL 농도로 진행하였으며, 모두 총 폴리페놀 및 총 플라보노이드 함량이 높게 나타난 북경, 한아름 및 자스민 추출물 순으로 높은 항산화 활성을 나타내었다. 이러한 결과는 북경 80% 에탄올 추출물에 항산화 물질이 많이 함유되어 있는 것으로 판단되며, 미강을 이용한 기능성 소재 및 생리활성 자원으로서의 활용 가능성을 확인하였다.

Background: The objective of this study was to make colloidal dispersions of the active compounds of radix of Angelica gigas Nakai that could be charaterized as nano-composites using hot melt extrusion (HME). Food grade hydrophilic polymer matrices were used to disperse these compound in aqueous media. Methods and Results: Extrudate solid formulations (ESFs) mediated by various HPMCs (hydroxypropyl methylcelluloses) and Na-Alg polymers made from ultrafine powder of the radix of Angelica gigas Nakai were developed through a physical crosslink method (HME) using an ionization agent (treatment with acetic acid) and different food grade polymers [HPMCs, such as HP55, CN40H, AN6 and sodium alignate (Na-Alg)]. X-ray powder diffraction (XRD) analysis confirmed the amorphization of crystal compounds in the HP55-mediated extrudate solid formulation (HP55-ESF). Differential scanning calorimetry (DSC) analysis indicated a lower enthalpy (ΔH = 10.62 J/g) of glass transition temperature (Tg) in the HP55-ESF than in the other formulations. Infrared fourier transform spectroscopy (FT-IR) revealed that new functional groups were produced in the HP55-ESF. The content of phenolic compounds, flavonoid (including decursin and decursinol angelate) content, and antioxidant activity increased by 5, 10, and 2 times in the HP55-ESF, respectively. The production of water soluble (61.5%) nano-sized (323 ㎚) particles was achieved in the HP55-ESF. Conclusions: Nano-composites were developed herein utilizing melt-extruded solid dispersion technology, including food grade polymer enhanced nano dispersion (< 500 ㎚) of active compounds from the radix of Angelica gigas Nakai with enhanced solubility and bioavailability. These nano-composites of the radix of Angelica gigas Nakai can be developed and marketed as products with high therapeutic performance.

Background : The Kenaf (Hibiscus cannabinus L.) is an annual plant rich in phenolics compound and antioxidant activity. Particle size has an enormous effect on extraction of plant bioactive compound. Therefore, to evaluate the optimum particle size on extraction of bioactive compound from Kenaf was investigated. Methods and Results : Three kind of kenaf leaves; EF-1 and G-1 from Israel and Korea were collected in 2016 and the collected leaves were dried and pulverized are sorted by particle size. After adding 50 ㎖ of 100% ethanol per 0.5 ㎎ of the powder, the powder is extracted in an ultrasonic bath at 30℃ for 1 hour and then stirred for 1 hour at 250 rpm in the wise stirring. After extraction, the extract was filtered using filter paper. In the total polyphenol, flavonoid and antioxidant activity were higher in 100 to 200 ㎛ particle size of Gandae. On the other hand, phenolic compound, falvonoud and antioxidant were higher in 45 to 100 ㎛ particle size of EF-1 and G-1 Kenaf. Conclusion : Based on the results, the Israel varieties showed the best results compared to the Kenaf varieties of Korea. Among them, EF-1 had a particle size of 45 – 100 ㎛ Showed the higher antioxidant activity. It is believed that the smaller the particle size, the larger the specific surface area, which leads to an increase in the extraction efficiency of kenaf.

Background : The Kenaf (Hibiscus cannabinus L.) is an annual plant of African and Indian origin. and there are a lot of flavonoids in the leaves. To determine the most suitable method for extracting of Kenaf cosmetic ingredients, the data of changes in polyphenol, flavonoid contents and DPPH radical scavenging activities were analyzed, based on concentration of Extraction Methods. Methods and Results : 200 ㎖ of distilled water (100% ethanol in the case of ethanol extraction) was added to 20 g of the leaves of Kenaf; G-1 from Israel were collected in 2016 and the collected leaves were dried and pulverized, and five extraction methods were performed. The extraction method and conditions are as follows: pressurized high temperature extraction (AE: autoclave, 121 degrees, 15 minutes), ultrasonic extraction (UE: ultrasonic bath, 60 degree hot water, 1 hour), Hot water extraction (SE: spidulina mayina. 100 degrees 6 hours), Ethanol Extraction (EE: ethanol, spidulina mayina, 80 degrees 6 hours), room temperature stirring extraction (WSE: wise stirring, room temperature 250rpm 24 hours). After extraction, the mixture was filtered using a filter paper, and concentrated under reduced pressure at 40℃ for lyophilization. And diluted to 1,000 ppm with 80% ethanol. Conclusion : Based on the test results, EE method showed the highest results. In the case of using water as the solvent, the SE method showed the highest result. However, the results of the SE and AE methods are not significantly different from each other. Therefore, it is expected that if the extraction conditions of AE method are adjusted, the result of AE method will be higher than that of the SE method.

Background : The objective of this study was to make colloidal dispersion of the active compound was characterized nano-composite from radix of Angelica gigas Nakai using hot melt extrusion (HME). Therefore, food grade hydrophilic polymer matrices was used to disperse compound in aqueous media. Methods and Results : Extrudate solid formulations (ESFs) mediated various HPMCs (hydroxypropyl methylcellulose) and Na-Alg polymer from ultrafine powder of radix of Angelica gigas Nakai was developed through physical crosslink method (HME) with ionization agent (treatment of acetic acid) and food grade polymer [HPMCs such as HP55, CN40H, AN6 and sodium alignate (Na-Alg)]. X-ray powder diffraction (XRD) analysis confirmed the amorphization of crystal compounds in extrudate solid formulations mediated HP55 (HP55-ESF). Differential scanning calorimetry (DSC) analysis indicated a lower enthalpy (ΔH = 10.62 J/g) of glass transition temperature (Tg) in HP55-ESF. Infrared fourier transform spectroscopy (FT-IR) reveled new functional groups produced in HP55-ESF. Phenolic compound, flavonoid (including decursin and decursinol angelate) and antioxidant activity increased at 5, 10 and 2 times in HP55-ESF. Water solubility (61.5%) nano size (323 ㎚) particle was achieved in the HP55-ESF. Conclusion : Nano-composites have been developed utilizing melt-extruded solid dispersions technology by food grade polymer enhanced nano dispersion (< 500 ㎚) of active compound from radix of Angelica gigas Nakai with enhanced solubility and bioavailability. This nano-composites of radix of Angelica gigas Nakai developmental and marketed products to enable therapeutic performance.