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Manufacturers' efficiency disparity: a comparative analysis in the Southeast Asian region

Dao Le Trang Anh (Faculty of Business and Economics, Phenikaa University, Hanoi, Vietnam)
Christopher Gan (Faculty of Agribusiness and Commerce, Lincoln University, Lincoln, New Zealand)

Asia-Pacific Journal of Business Administration

ISSN: 1757-4323

Article publication date: 21 February 2022

Issue publication date: 2 January 2023




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.


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.


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.


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.



Anh, D.L.T. and Gan, C. (2023), "Manufacturers' efficiency disparity: a comparative analysis in the Southeast Asian region", Asia-Pacific Journal of Business Administration, Vol. 15 No. 1, pp. 25-45.



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