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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

This study aims to examine the relationship between audit partner tenure and earnings management of companies listed on Vietnamese stock exchanges.

This study uses a sample of 1,363 observations from 2016 to 2019. This study manually collects data on audit partner tenure. Using Datastream financial data, this study calculates abnormal accruals using the modified-Jones models (Jones, 1991; Dechow et al., 1995; Kothari et al., 2005), which are used as the proxy for earnings management. This study runs Ordinary Least Squares regressions to test this study’s hypothesis.

The results show that audit partner tenure is positively related to abnormal accruals. Cross-sectional analyses indicate that the relationship between audit partner tenure and abnormal accruals is more pronounced for firms that are audited by non-Big Four auditors and for firms that have chief executive officer-chairperson duality, suggesting that weak corporate governance is a channel for the established relationship. The evidence also shows that audit partner tenure is negatively associated with the magnitude of income-decreasing accruals but has no relationship with income-increasing accruals. This study’s findings are robust for several tests, including using the propensity score matching approach.

To the best of the authors’ knowledge, this study is the first to provide evidence of the relationship between audit partner tenure and earnings management in Vietnam.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

This study aims to propose a research model that emphasizes the moderating influence of ethical leadership (ELS) and the link between socially responsible human resource management (SRHRM) and leaders’ eco-helping behavior (LEH) in the aviation industry.

The authors used a time-lag research design. Data were gathered from 397 respondents working for aviation companies in Vietnam and analyzed using SmartPLS 4.0.

The findings show that SRHRM has a beneficial effect on LEH through employees’ voluntary workplace green behavior (EVB). Based on social cognitive theory, this study developed a theoretical model of how SRHRM influences LEH through EVB. The authors discovered that SRHRM increased LEH and that EVB mediated this favorable relationship. Furthermore, the results demonstrate that ELS mitigates the indirect impact of SRHRM on LEH via EVB.

Future studies should assess constructs with numerous observations across time, with a larger sample size and in different industrial settings.

Volunteerism is one of the most important values in the aviation industry given that it is vulnerable to practices such as overbooking, delaying, postponing flights and pressure weather.

This study emphasized the impact of SRHRM and ELS on LEH while fulfilling their professional obligations. EVB may be best positioned to mediate the relationship between SRHRM and LEH.