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Article
Publication date: 27 September 2019

Pascal Nguyen, Younes Ben Zaied and Thu Phuong Pham

This paper aims to investigate whether idiosyncratic volatility is a priced risk factor in the Australian stock market.

Abstract

Purpose

This paper aims to investigate whether idiosyncratic volatility is a priced risk factor in the Australian stock market.

Design/methodology/approach

The authors use the change in idiosyncratic volatility around acquisition announcements and the related stock price revaluation to test whether the idiosyncratic risk is priced. If the idiosyncratic risk is priced, increases (decreases) in idiosyncratic volatility should be associated with decreases (increases) in the acquirer’s stock price, as the latter’s future cash flows are discounted at a higher (lower) rate. The sample consists of 2,656 completed acquisitions by Australian listed firms over the period January 1990 to October 2014 for which deal value represents more than 5 per cent of the acquirer’s market value.

Findings

Increases (decreases) in idiosyncratic risk are associated with significant decreases (increases) in firm value. This negative relationship is robust to the presence of outliers; is unaffected by the incidence of the 2007-2008 financial crisis; holds using alternative measures of idiosyncratic risk; and is more significant after excluding the resources sector. Firms with a higher idiosyncratic risk prior to the acquisition, and firms avoiding stock to pay for the acquisition, experience a more significant stock price increase in relation to a decrease in idiosyncratic risk.

Research limitations/implications

Considering the small size of the Australian economy, investors may have less scope to mitigate idiosyncratic risk. As a consequence, idiosyncratic risk is associated with the positive excess return, contrary to what standard asset pricing theory assumes. The results support Merton’s (1987) hypothesis that investors are exposed to idiosyncratic risk due to imperfect portfolio diversification and receive compensation for bearing that risk.

Practical implications

The pricing of idiosyncratic risk may also explain why the Australian stock market has historically offered a high equity risk premium. A practical implication would be for international investors to take advantage of the diversification constraints of local investors to capture higher risk premiums and achieve superior returns.

Originality/value

While prior studies demonstrate that stocks with higher idiosyncratic risk are associated with higher subsequent returns, the authors show that an increase in idiosyncratic risk is associated with a decrease in stock prices using acquisition announcements as shocks to a firm’s idiosyncratic risk. In other words, the results arise from within-firm variations rather than from cross-sectional differences in stock returns.

Details

The Journal of Risk Finance, vol. 20 no. 4
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 2 February 2015

Thu Phuong Pham

The purpose of this paper is to examine the changes in the price impact of trades in the major Korean stock market following the introduction of disclosure to all traders of the…

Abstract

Purpose

The purpose of this paper is to examine the changes in the price impact of trades in the major Korean stock market following the introduction of disclosure to all traders of the top five brokers on the buy-side and the top five brokers on the sell-side of trades in real time for each stock in the KOSDAQ market.

Design/methodology/approach

The paper uses several alternative metrics for the price impact of trades. The study applies estimation methodology that accounts for the potential endogeneity of other market quality proxies, which are used as control variables in price impact regressions, by utilizing two-stage-least-square methods with fixed effect specification.

Findings

This study finds that the permanent price impact (information effect) of both buyer- and seller-initiated trades increases, which indicates that information is disseminated quicker in a transparent market. Uninformed trades have a larger permanent price impact than informed trades on both the buy and sell sides. The liquidity price effects are found to be mixed for buys and sells.

Research limitations/implications

The study supports the current policy of the Korean Exchange to publicly display the five most active broker IDs on both the buy and sell sides, as it attracts both informed and liquidity traders, leading to faster price discovery in a more transparent market. However, a future study which analyzes the change in the market quality in both local markets would provide a complete picture of the effects of the policy.

Originality/value

Earlier studies documenting the effect of broker ID disclosure on market quality used effective spreads, market depth or order book imbalance as market quality measures. This study contributes to the existing literature by examining the changes in direct measures of the private information effect and liquidity effect of trades in a stock market – the Korean Stock Exchange – when the other part of the exchange (the KOSDAQ stock market) shifts to public broker ID transparency at the same transparency level.

Details

International Journal of Managerial Finance, vol. 11 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 15 May 2021

Hao Thi Kim Do, Dung Phuong Hoang and Thuy Thu Pham

This paper aims to examine the factors affecting travelers’ decision to select more than one destination in their trips. Drawn from the rational choice theory, this study posits…

Abstract

Purpose

This paper aims to examine the factors affecting travelers’ decision to select more than one destination in their trips. Drawn from the rational choice theory, this study posits that the selection of multi-destination tours, as a rational choice, is determined by the travelers’ perception of costs and benefits associated with that choice.

Design/methodology/approach

The conceptual model was developed from both an exploratory research with in-depth interview and the literature. A logistic regression model linking four explanatory variables representing perceived benefits and costs of multi-destination option with travelers’ choice of multi-destination trips. The conceptual model is controlled for diversity of travel purposes; tour group size; type of travel arrangement and travelers’ demographic characteristics while the research context of multi-destination travel within Phu Yen – Dak Lak – Gia Lai – Binh Dinh helps control for the characteristics of the destination set (spatial proximity and traffic convenience). The conceptual model was tested based on data collected from 1,361 Vietnamese travelers who have ever visited at least one of the four provinces.

Findings

This study finds that perceived benefits in terms of diversifying tourism experiences and perceived costs of traveling in multiple places compared to taking single trips represent the most significant drivers for tourists’ selection of multi-destination tours. In addition, the diversity of travel purposes and tour group size have a positive and significant impact on the demand for traveling more than one destination in a trip. Moreover, the richer, older and married travelers have a significantly higher tendency to select multi-destination packages.

Practical implications

The research findings provide important strategic implications for promoting multi-destination trips, thereby, maximizing economic benefits from tourism.

Originality/value

While multi-destination travel patterns have been examined empirically in individual studies sporadically without a common theoretical background, this research makes some progress on this front by using the rational choice theory to connect the relative contributions of those factors to the travelers’ choice of multi-destination trips. Specifically, this study provides a new perspective in explaining the selection of multi-destination trips – from tourists’ perceptions about costs and benefits associated with that choice.

Details

International Journal of Tourism Cities, vol. 8 no. 2
Type: Research Article
ISSN: 2056-5607

Keywords

Article
Publication date: 22 May 2023

Van Hau Nguyen, Thi Hao Nguyen, Lan Huong Mai, Thi Thu Phuong Nguyen, Thi Mai Lan Nguyen and Thi Phuong Linh Nguyen

The purpose of this paper is to investigate factors affecting Vietnamese people’s sustainable tourism intention (IN) with extended the theory of planned behavior (TPB).

Abstract

Purpose

The purpose of this paper is to investigate factors affecting Vietnamese people’s sustainable tourism intention (IN) with extended the theory of planned behavior (TPB).

Design/methodology/approach

Preliminary quantitative research was carried out before large-scale formal quantitative research with a sample size of 628 Vietnamese people. Using the partial least squares structural equation modeling method with the SmartPLS tool, measurement and structural models 3.0 were evaluated before testing the research hypotheses about the influence of factors on the IN of sustainable tourism.

Findings

This study uses the extended TPB model with original constructs and two additional constructs, travel motivation (TM) and moral reflectiveness (MR), to find out the factors affecting the sustainable tourism IN of Vietnamese people. All hypotheses are accepted, except for the hypothesis about the relationship between TM and attitude toward sustainable tourism. MR has been shown to have a more positive and stronger (insignificant) effect than other factors of the proposed research model on sustainable tourism IN. Thereby, this study contributes both theoretically and practically to policymakers, researchers and tourism enterprises in promoting sustainable tourism IN.

Research limitations/implications

The main limitation of this paper is the deliberate sampling method and targeting the demographic proportion corresponding to the population has lost the randomness of the survey sample.

Practical implications

The findings indicate that state management agencies and tourism enterprises in Vietnam need to pay attention to communication to raise awareness of environmentally oriented tourism and promote the ability to participate in sustainable tourism at a reasonable price as well as the opportunity for easy access and, at the same time, take measures to influence TM and have communication strategies that address the ethical value of participating in sustainable tourism.

Originality/value

To the best of the authors’ knowledge, this paper is the first empirical study to contribute to the existing literature on tourism by integrating TPB constructs with TM and MR to predict sustainable tourism IN.

Details

foresight, vol. 25 no. 6
Type: Research Article
ISSN: 1463-6689

Keywords

Article
Publication date: 27 November 2023

Van Hoa Tran, Trong Nghia Vu, Huong Thao Pham, Thi Phuong Thu Nguyen and Cong Doanh Duong

The purpose of this paper is to adopt the theory of planned behavior to close the entrepreneurial attitude–intention–behavior gap in the entrepreneurship field as well as test the…

Abstract

Purpose

The purpose of this paper is to adopt the theory of planned behavior to close the entrepreneurial attitude–intention–behavior gap in the entrepreneurship field as well as test the key moderators of the entrepreneurial process, starting from entrepreneurial attitude and intention to behavior to engage in entrepreneurial activities – namely, entrepreneurship education.

Design/methodology/approach

The research used a sample of 2,566 students from 16 universities in Vietnam. First, Cronbach’s alpha and confirmatory factor analysis have been used to test the reliability and validity of scales. Then the coefficient paths in the conceptual framework were tested through structural equation modeling, and indirect associations were estimated via the PROCESS bootstrapping approach.

Findings

The research illustrated that both attitudes toward entrepreneurship and entrepreneurial intention serve as the central antecedents in the formation of entrepreneurial behavior. Also, when students are more entrepreneurially educated, the linkage between attitude toward entrepreneurship and entrepreneurial behavior was hypothesized to become stronger, yet the relation between entrepreneurial intention and behavior was weakened.

Practical implications

This research suggests useful recommendations for educators and policymakers to encourage university students’ favorable attitudes toward entrepreneurial activities, their intention to engage in them and their subsequent entrepreneurial behavior.

Originality/value

This research is expected to make a significant contribution to the entrepreneurship literature by closing the entrepreneurial attitude–intention–behavior gap as well as enriching our understanding of the influence of entrepreneurship education on the entrepreneurial process. Importantly, this research reveals that entrepreneurial education significantly moderates the effects of attitude toward entrepreneurship and entrepreneurial intention on entrepreneurial behavior.

Details

Journal of International Education in Business, vol. 17 no. 1
Type: Research Article
ISSN: 2046-469X

Keywords

Article
Publication date: 28 May 2021

Ying Yang, Mai Ha Pham, Biao Yang, Jun Wei Sun and Phuong Nguyen Thu Tran

While various aspects of the vegetable supply chain (SC) have been increasingly studied, most studies tend to investigate the downstream part of the SC in terms of customer demand…

Abstract

Purpose

While various aspects of the vegetable supply chain (SC) have been increasingly studied, most studies tend to investigate the downstream part of the SC in terms of customer demand and product quality. Relatively fewer studies have focused on upstream suppliers/farmers. This study aims to understand upstream farmers’ positions in different types of vegetable SCs and identify ways of enhancing sustainable vegetable SC collaboration.

Design/methodology/approach

This study is based on an in-depth case study of a cooperative SC in Vietnam from the perspectives of both the cooperative and its farmers.

Findings

The study found that cooperative SCs are the most appropriate for Vietnamese farmers. It also identified the key activities needed to engage farmers with cooperative SCs and the mechanisms that the cooperative needs to develop. Cooperative SCs can be enhanced only when farmers are motivated to engage in SC activities and when the cooperative implements a robust management mechanism.

Originality/value

This study provides new, insightful results on how to engage with small fragmented farmers for SC collaboration and how to enhance the roles of cooperative SCs in the vegetable industry in Vietnam. It also provides information for policymakers to support sustainable vegetable SC development and maintain its sustainability.

Details

Supply Chain Management: An International Journal, vol. 27 no. 1
Type: Research Article
ISSN: 1359-8546

Keywords

Article
Publication date: 17 December 2021

Dat Tien Le, Selvarajah Christopher, Thuy Thi Thu Nguyen, Hong Thi Thanh Pham and Phuong Thi Lan Nguyen

The purpose of this paper is to investigate the impact of leadership styles on different organizational outcomes and value structure such as: overall business performance, working…

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Abstract

Purpose

The purpose of this paper is to investigate the impact of leadership styles on different organizational outcomes and value structure such as: overall business performance, working style, motivation and trust of employees, management efficiency and corporate culture in the context of Vietnamese small and medium enterprises (SMEs).

Design/methodology/approach

The authors perform a qualitative analysis and gather data by conducting conversational semi-structured interviews with 51 SME managers from different industries. Data were analyzed using a step-by-step approach following Creswell.

Findings

The study explores the effects of leadership styles on various organizational outcomes. Given the features of SMEs, it sheds light on the significance of leadership styles in changing work environment, increasing staff retention, and promoting the viability of SMEs. It also discusses the selection of leadership styles in accordance with Vietnamese culture.

Practical implications

This study has practical implications on human resource management in the context of SMEs. SME managers, training providers and support agencies may utilize the research outcomes to raise the awareness of SMEs leaders. Based on the research findings, appropriate training programs should be developed to assist managers in tackling major problems.

Originality/value

Although several previous studies have tried to investigate the influence of leadership styles on organizational outcomes, this is the first research to explore the topic in the context of SMEs and in conjunction with the Vietnamese culture.

Details

International Journal of Emerging Markets, vol. 18 no. 10
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 29 April 2021

Chuong Hong Pham, Hung Vu Nguyen, Mai Thi Thu Le, Long Thanh Do and Phuong Thi Tung Nguyen

This paper employed the self-determination theory (SDT) to examine the synergistic impacts of intrinsic, extrinsic and prosocial motivations in promoting sustained…

Abstract

Purpose

This paper employed the self-determination theory (SDT) to examine the synergistic impacts of intrinsic, extrinsic and prosocial motivations in promoting sustained pro-environmental consumption behaviors (PECB). To provide evidence for the study’s theoretical framework, the authors focus on the behavior of reducing single-use plastics.

Design/methodology/approach

A mall-intercept survey for consumption of single-use plastic products in three big cities of Vietnam (Hanoi, Da Nang and Ho Chi Minh city) was conducted to test the theoretical framework. In total, 468 consumers completed the questionnaires. Data were analyzed with SPSS and AMOS.

Findings

Intrinsic and prosocial motivations are found to be significant predictors of sustained PECB. More importantly, beyond the direct effects of intrinsic and prosocial motivations, the authors also found positive interaction effects between intrinsic and extrinsic motivation and between intrinsic and prosocial motivation on encouraging sustained PECB.

Originality/value

This research offers a new insight for encouraging sustained PECB. Different from the extant perspectives which usually deal with initiating PECB, the authors emphasize sustaining the behavior. Moreover, this research examines the interaction effects between intrinsic and extrinsic motivations and between intrinsic and prosocial motivations in sustaining PECB.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 34 no. 2
Type: Research Article
ISSN: 1355-5855

Keywords

Open Access
Article
Publication date: 29 January 2024

Nguyen Minh Quang, Nozomi Kawarazuka, Thien Ngoc Nguyen-Pham, Thu Hoai Nguyen, Hieu Minh Le, Tho Thi Minh Tran and Thoa Thi Ngoc Huynh

Recognition that not every climate adaptation policy is a good one has shifted attention to new tools and methods to measure the adequacy and effectiveness of adaptation policies…

Abstract

Purpose

Recognition that not every climate adaptation policy is a good one has shifted attention to new tools and methods to measure the adequacy and effectiveness of adaptation policies. This study aims to propose and apply and applies an innovative adaptation policy assessment framework to identify the extent to which climate adaptation policies in Vietnam exhibit conditions that are likely to ensure a sufficient, credible and effective adaptation.

Design/methodology/approach

In total, 21 conditions, categorized under five normative principles and covering critical issue areas in adaptation domain, form the climate adaptation policy assessment framework. The principles were double-checked and tested in case studies through observations and analyses of policy documents to ensure that each condition should be distinct and not overlapping across principles. To see if the principles and attendant conditions were able to capture all relevant aspects of adaptation, the authors used structured expert judgment. In total, 39 policy documents pertaining to climate change adaptation were selected for qualitative document analysis. In-depth interviews with local officials and experts were conducted to address data gaps.

Findings

The study reveals major weaknesses constituting a reasonably worrisome picture of the adaptation policies in Vietnam since several critical conditions were underrepresented. These results shed new light on why some adaptation policies falter or are posing adverse impacts. The findings suggest that a sound policy assessment framework can provide evidence on what effective adaptation policy looks like and how it can be enabled. The framework for climate adaptation policy assessment in this study can be easily adjusted and used for different socio-environmental contexts in which new conditions for policy assessment might emerge.

Social implications

The findings show underlying weaknesses constituting a reasonably worrisome picture of the adaptation regime in Vietnam. In the absence of mechanisms and measures for accountability and transparency in policy processes, adaptation in Vietnam appears more likely to be prone to maladaptation and corruption. While solving these problems will not be easy for Vietnam, the government needs to evaluate whether the short-term gains in sustaining the existing adaptation policies really make progress and serve its long-term climate-adaptive development goals.

Originality/value

Although interpretations of adaptation effectiveness may be very divergent in different normative views on adaptation outcomes, the authors argue that a common, agreed-upon effectiveness can be reached if it is clearly defined and measurable in adaptation policies. Thus, the climate adaptation policy assessment framework proposed in this study is critical for policymakers, practitioners, donors and stakeholders dealing with adaptation to better understand the weaknesses in policymaking processes, pinpoint priority areas of action and timely prevent or prepare for possible adverse impacts of policies.

Details

International Journal of Climate Change Strategies and Management, vol. 16 no. 1
Type: Research Article
ISSN: 1756-8692

Keywords

Article
Publication date: 15 August 2022

Quan Thuong Pham, Hung Quang Le, Khuong Ngoc Mai and Anh Trieu Phan

Drawing on scholarships of workplace romance, LGBT at work and sexual fluidity, this present research aims to investigate the effect of female sexually fluid romantic…

Abstract

Purpose

Drawing on scholarships of workplace romance, LGBT at work and sexual fluidity, this present research aims to investigate the effect of female sexually fluid romantic relationships at work on their work and life.

Design/methodology/approach

The authors used qualitative approach and interviewed 30 female workers who experienced sexual fluidity at work.

Findings

From interviews with 30 female employees in Vietnam who experience fluidity in their romance, the authors find out positive and negatives effects on their psychology at work (affective/behavioral/cognitive change and mental health), work outcome (job attitudes and performance/productivity) and relations with coworkers.

Originality/value

This research discovers common and distinct features in the workplace romance of female sexually fluid employees. The research finding supports queer perspective which is exerting more salient impacts on our contemporary society and workplace.

Details

Equality, Diversity and Inclusion: An International Journal, vol. 42 no. 1
Type: Research Article
ISSN: 2040-7149

Keywords

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