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Article
Publication date: 4 March 2021

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.

Details

International Journal of Social Economics, vol. 48 no. 5
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 8 May 2018

Fei Liu, Chao Bian and Christopher Gan

This paper aims to examine whether government intervention acts as a substitution mechanism for laws and institutions in affecting firms’ long-term debt financing decision…

Abstract

Purpose

This paper aims to examine whether government intervention acts as a substitution mechanism for laws and institutions in affecting firms’ long-term debt financing decision and the moderating effect of firm ownership on the relationship between law and finance in Chinese capital market.

Design/methodology/approach

This study uses ordinary least squares with standard errors clustered at the firm level in the regressions. To address the potential endogeneity problem, the authors also use the system generalized method of moments in their estimation.

Findings

The results show that both long-term bank debt and long-term bank debt maturity structure ratios are positively related to government intervention. The results also reveal that with improvement in the legal environment, public non-state-owned firms have more access to long-term bank debt in the regions where the level of government intervention is low.

Research limitations/implications

Government intervention appears to replace laws and institutions in influencing the allocation of financial resources in China.

Originality/value

The finding suggests the necessity of increasing the protection of both creditors and investors, and shows the importance of a free and independent judiciary system in allocating funds to private firms. The results also imply that the non-state-owned Chinese firms also benefit from the improved laws and institutions.

Details

Journal of Asia Business Studies, vol. 12 no. 2
Type: Research Article
ISSN: 1558-7894

Keywords

Article
Publication date: 14 January 2020

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.

Details

International Journal of Social Economics, vol. 47 no. 1
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 22 April 2022

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.

Details

International Journal of Social Economics, vol. 49 no. 8
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 11 June 2021

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…

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.

Details

International Journal of Social Economics, vol. 48 no. 9
Type: Research Article
ISSN: 0306-8293

Keywords

Content available
Article
Publication date: 31 August 2020

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…

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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.

Details

Journal of Economic Studies, vol. 48 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 28 February 2019

Liqiong Lin, Mohamad Dian Revindo, Christopher Gan and David A. Cohen

The rapid growth of credit card use in China poses the potential for card overuse and the accumulation of increased debt. The purpose of this paper is to report on an…

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Abstract

Purpose

The rapid growth of credit card use in China poses the potential for card overuse and the accumulation of increased debt. The purpose of this paper is to report on an investigation into the determinants of overall credit card spending and card-financed debt by Chinese consumers.

Design/methodology/approach

This study focusses on two dependent variables: credit card monthly spending and card debt. The spending measure is based on consumer outlay for the month preceding the survey. Card debt is the consumers’ outstanding credit card debt when the survey was conducted. Three groups of independent measures are used: socio-demographic characteristics, card features and consumer attitude towards money. Both card spending and card debt are estimated with OLS methods. Data was obtained from the 2013 China Household Finance Survey of 1,920 households in 29 provinces and 262 counties across China that used credit cards over the survey period.

Findings

The empirical findings suggest consumers’ attitude towards money is more important in explaining card spending and debt variation than socio-demographic characteristics and card features. The credit limit set for a card, obligations to other loans and the method of paying for ordinary shopping exhibit positive effects on both card spending and card debt, while age exhibits a negative effect. Further, card spending is positively correlated with card debts, but the factors that determine card spending do not necessarily affect card debt and vice versa. Minimum card debt payments, cash advances, card tenure and interest-bearing debt have no effect on card spending but have positive effects on card debt. In addition, gender and income have opposite effects on card spending and debt.

Practical implications

The relationships we have documented suggest several actions the Chinese Government could consider dealing with credit card debt risk. Controlling the aggressive promotional campaigns that card issuers use to attract consumers and aggressive credit policies should be a focus of attention. The Chinese Government might, for example, impose minimum age and income requirements for granting credit cards and prohibit issuance of new cards to applicants who are already in debt with other types of credit. In addition, more stringent criteria to curb increases in card limits and tighter control over cash advances made on cards should be applied. Minimum payment amounts can also be increased in order to reduce credit card debt risk.

Originality/value

Despite ample documentation of consumers’ credit card behaviour, the literature is deficient in at least two areas of enquiry. First, most previous research has investigated either credit card spending behaviour or card debt, but not both. Second, with few exceptions, most research has investigated a range of specific factors that affect credit card use. In contrast, this study investigates card spending as well as card debt behaviour using a wide variety of consumer dimensions particularly relevant to credit card use and resulting debt. In addition, this study focusses on Chinese consumers, who traditionally prefer to save first and delay spending. The impact of the rapid growth of credit card use on this traditional Chinese orientation towards spending is dynamic. Documenting the influence of the individual factors examined in this study is likely to be of value to both policy makers and institutions that offer and manage credit in this changing environment.

Details

International Journal of Bank Marketing, vol. 37 no. 2
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 6 August 2018

Weizhuo Wang, Christopher Gan, Zhiyou Chang, David A. Cohen and Zhaohua Li

This paper aims to develop and estimate a logit model of whether homeownership could be promoted by participation in and use of the Housing Provident Fund (HPF) program…

Abstract

Purpose

This paper aims to develop and estimate a logit model of whether homeownership could be promoted by participation in and use of the Housing Provident Fund (HPF) program, with a focus on factors that influence the use of HPF loans.

Design/methodology/approach

This paper develops and estimates a logit model of whether homeownership could be promoted by participation in and use of the HPF program, with a focus on factors that influence the use of HPF loans.

Findings

The results show that coefficients of marital status, educational level, age, duration of employment and employer are significantly related to the use of HPF loan for homeownership.

Research limitations/implications

Because of the chosen research approach, the research results may lack generalizability.

Practical implications

The research findings provide a better understanding of homeowners’ characteristics.

Originality/value

To manage the HPF program effectively, it is important for government to have a better understanding of the underlying demand for homeownership, especially with respect to the different demographic variables and accessibility to HPF loans and the HPF.

Details

Journal of Asia Business Studies, vol. 12 no. 3
Type: Research Article
ISSN: 1558-7894

Keywords

Article
Publication date: 21 February 2022

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…

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.

Details

Asia-Pacific Journal of Business Administration, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-4323

Keywords

Article
Publication date: 1 September 2022

Thi Ha Thu Dinh, Cuong Cao Nguyen and Christopher Gan

The purpose of this study is to investigate the relationships among financial reporting quality (FRQ), ownership concentration and investment efficiency (IE) of listed…

Abstract

Purpose

The purpose of this study is to investigate the relationships among financial reporting quality (FRQ), ownership concentration and investment efficiency (IE) of listed firms in Vietnam, an emerging market in Southeast Asia.

Design/methodology/approach

Multivariate regression models are estimated to test the impacts of FRQ, ownership concentration and the interaction effect of FRQ and ownership concentration on IE. Two-step system generalized method of moments (GMM) estimators are used to control for endogeneity.

Findings

The results show that ownership concentration is positively associated with the IE of Vietnamese listed firms. The results also reveal that overinvestment decreases when there is an increase in ownership concentration. In addition, the authors find that FRQ is positively associated with IE and negatively associated with overinvestment and underinvestment. Moreover, the impact of FRQ on overinvestment is weaker in firms with concentrated ownership.

Originality/value

To the best of the authors’ knowledge, this is the first study that attempts to investigate the influence of ownership concentration and the interaction effect of ownership concentration and FRQ on the IE of Vietnamese listed firms. The results provide some managerial implications for Vietnamese listed firms and policymakers on how to mitigate firm-level investment inefficiency.

Details

International Journal of Social Economics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0306-8293

Keywords

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