Stewardship Theory and Information on Family Firm Performance in Vietnam

Thi Thanh Binh DAO(Thi Thanh Binh DAO ),Linh Chi HOANG(Linh Chi HOANG ) 한국유통과학회 2022 유통과학연구 Vol.20 No.12

Purpose: The paper contributes to the existing literature on Vietnamese corporate governance and firm performance with a focus on listed family firms and the use of a more suitable econometric framework to analyze firm performance. The study investigates how family firm performance is affected by corporate governance under the standpoint of stewardship theory in Vietnam. Research design, data and methodology: With the use of different measures for firm performance (Tobin’s Q, ROA, and ROE), regression models were estimated using Generalized Least Square (GLS) method on a panel data of a total of 113 listed companies during the five-year period from 2015 to 2019. Results: We found that family ownership as the main characteristic of the stewardship theory affects family firms positively. In addition, several other characteristics in corporate governance as board composition (board independence, board audits, and board committees), CEO (age and tenure) and firm characteristics (size, age, expansion, and annual sales) showed significant impacts on firm performance. Our findings also suggest that family firm performance can be either positively or negatively affected based on the characteristics of corporate governance. The findings can help companies evaluate the significance of corporate governance through deciding board structure and the selection of CEOs to match family firm characteristics. It also gives insights for investors, rating agencies, and policymakers for relevant purposes.

Bank Capital Adequacy Ratio and Bank Performance in Vietnam: A Simultaneous Equations Framework

DAO, Binh Thi Thanh,NGUYEN, Kieu Anh Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.6

Playing an important role in developing the economy and overall developments of the country, commercial banks have to be aware of their crucial presence in order to perform well and contribute significantly. At the same time, as a place to receive deposits, banks are required to be in safe situations to avoid bankruptcy or deal with financial crises. This research seeks to identify the determinants of Capital Adequacy Ratio and Banks' performance as well as the relationship between these two dependent variables. The paper uses 128 observations of 16 Vietnamese commercial banks during the period from 2010 to 2017, with two simultaneous dependent variables CAR and ROE, and independent variables including Return on Assets, Tobin Q, Credit growth, GDP growth, Equity to Deposits, Loans to Deposits, Bank size, Cost to Income, Liquidity risk, Provision for Loan loss ratio, Non-performing loans and Inflation. The results reveal that Capital Adequacy Ratio and Banks' Performance have statistically significant relationship and Credit growth, GDP growth, Equity-to-Deposit ratio and Cost-to-Income ratio all have significant effects on two dependent variables. The findings of this study suggest that commercial banks should control the respective elements in order to maintain adequate level of capital and also create effective performance.

Determinants of Profitability in Commercial Banks in Vietnam, Malaysia and Thailand

DAO, Binh Thi Thanh,NGUYEN, Dung Phuong Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.4

The paper investigates the factors affecting the profitability of commercial banks in Asian developing countries, including Vietnam, Malaysia and Thailand. We use panel data of four entities; ten banks in Vietnam, eight banks in Malaysia, nine banks in Thailand and all 27 commercial banks from the period 2012 to 2016. Particularly, Return on Asset, Return on Equity and TOBINQ are defined as profitability indicators, which are impacted by three main types of independent variables, namely bank-specifics, which include CAR, NPL, Cost to income, Liquidity ratio and Bank size, industry-specific variable-concentration HHI and macroeconomic-specific variables, which consist of GDP growth and Inflation. Using panel data regressions, the paper identifies several similarities and differences among empirical results on the models of four entities, each of three countries and the overall sample. The most outstanding similarity is that all entities record the significantly negative relationship between operational risk and banking profitability. Likewise, the significantly negative influence of bank size to profitability is found on models of Vietnam and Thailand and no significant effect on the model of Malaysia. Meanwhile, the most controversial result comes up with the negative relationship between CAR and profitability indicators as well as the positive association between credit risk and banking profitability.

Critical Factors Affecting the Innovation Activities of Businesses: Evidence from Binh Dinh Province, Vietnam

NGUYEN, Thi Le Hang,PHAM, Ngoc Toan,DAO, Vu Phuong Linh,NGO, Thi Thanh Thuy,LE, Thi Thanh Binh Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.7

The study investigates the factors influencing the innovation activities in the enterprises in the Binh Dinh Province, Vietnam. By employing the dataset from a survey in 200 typical enterprises in Binh Dinh and using the Exploratory Factor Analysis and regression analysis, we found that there are eight factor groups affecting the innovation activities of enterprises. They include management of innovation promotion; market research capacity; leadership inspiring innovation; culture of innovation; human resources for implementing innovation; network connection; disseminating/sharing knowledge; and impact of producing/serving technology. All these factors strongly affect the innovation activities, which plays an important role in promoting the sustainable development of the Vietnamese enterprises, with the statistical significance level at 1%. Moreover, findings also show that, among these factors, the market research capacity is the strongest determinant of the innovation activity in the enterprise. An increase of 1 point of capacity of market research will increase the innovation activities in the enterprise by 0.114 point. It is followed by the management of promoting innovation, leadership inspiring innovation, and disseminating and sharing knowledge, with 0.104, 0.103 and 0.102 score, respectively. On the other hand, network connection is the weakest factor, with the score of 0.07 point.

Optimal Capital Structure of Listed Firms: A Structural Approach: Evidence from Vietnam

Anh Thi Van NGUYEN,Binh Thi Thanh DAO 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.11

The paper attempts to investigate the optimal capital structure of Vietnamese listed firms based on a structural approach. Using the data from around 70 companies in the Consumer Staples sector listed on the Vietnamese Stock Exchange during the period 2018–2020, this study finds that the optimal capital structure of examined companies has a wide range of diversification. This can be explained by the various types of actual products for each typical firm within the chosen sector. The result also confirms that a large proportion of researched firms were actually overleveraged, which is consistent with the trade-off hypothesis that firms wish to take tax advantages while using more debt, which creates the benefits from tax-shield. Furthermore, the research highlights the reversed correlation, which suggests that the lower the company’s risk (the lower the sigma of the assets), the greater the optimal capital structure is suggested. Another interesting finding is that almost all consumer staples companies have a better optimal capital structure under the Leland and Toft (1996) model than under the Leland (1994) model. Furthermore, there is a strong correlation of optimal financial leverage ratio between years. In other words, the optimal debt levels of the latter year are strongly dependent on the gearing levels of the previous years.

Impact of long COVID-19 on posttraumatic stress disorder as modified by health literacy: an observational study in Vietnam

Han Thi Vo,Tien Duc Dao,Tuyen Van Duong,Tan Thanh Nguyen,Binh Nhu Do,Tinh Xuan Do,Khue Minh Pham,Vinh Hai Vu,Linh Van Pham,Lien Thi Hong Nguyen,Lan Thi Huong Le,Hoang Cong Nguyen,Nga Hoang Dang,Trung 질병관리청 2024 Osong Public Health and Research Persptectives Vol.15 No.1

Objectives: The incidence of posttraumatic stress disorder (PTSD) has increased, particularly among individuals who have recovered from coronavirus disease 2019 (COVID-19) infection. Health literacy is considered a “social vaccine” that helps people respond effectively to the pandemic. We aimed to investigate the association between long COVID-19 and PTSD, and to examine the modifying role of health literacy in this association.Methods: A cross-sectional study was conducted at 18 hospitals and health centers in Vietnam from December 2021 to October 2022. We recruited 4,463 individuals who had recovered from COVID-19 infection for at least 4 weeks. Participants provided information about their sociodemographics, clinical parameters, health-related behaviors, health literacy (using the 12-item short-form health literacy scale), long COVID-19 symptoms and PTSD (Impact Event Scale-Revised score of 33 or higher). Logistic regression models were used to examine associations and interactions.Results: Out of the study sample, 55.9% had long COVID-19 symptoms, and 49.6% had PTSD. Individuals with long COVID-19 symptoms had a higher likelihood of PTSD (odds ratio [OR], 1.68; 95% confidence interval [CI], 1.63–2.12; p<0.001). Higher health literacy was associated with a lower likelihood of PTSD (OR, 0.98; 95% CI, 0.97–0.99; p=0.001). Compared to those with long COVID-19 symptoms and the lowest health literacy score, those with long COVID-19 symptoms and a 1-point health literacy increment had a 3% lower likelihood of PTSD (OR, 0.97; 95% CI, 0.96–0.99; p=0.001).Conclusion: Health literacy was found to be a protective factor against PTSD and modified the negative impact of long COVID-19 symptoms on PTSD.

Inhibitory Effects of Novel Diarylheptanoids and Other Constituents of the Rhizomes of Curcuma singularis on the Catalytic Activity of Soluble Epoxide Hydrolase

Nguyen Manh Cuong,Doan Thi Van,Ninh The Son,To Dao Cuong,Pham Ngoc Khanh,Nguyen Quoc Binh,Tran Thi Viet Thanh,이지선,조아름,김영호 대한화학회 2017 Bulletin of the Korean Chemical Society Vol.38 No.1

Clinical and Laboratory Characteristics of Kawasaki Disease and COVID-19-Related Multisystem Inflammatory Syndrome in Children

Phi Duc Long,Dao Thi Loi,To Minh Manh,Nguyen Thanh Binh,Nguyen Duy Cuong,Gautret Philippe,Hoang Van Thuan 대한의학회 2023 Journal of Korean medical science Vol.38 No.49

Geographical and racial factors constitute important distinctions between Kawasaki disease (KD) and multisystem inflammatory syndrome in children (MIS-C), but no study has been conducted in Vietnam. Forty-one children with KD from January 2018 to July 2020 and 42 with KD/MIS-C from August 2020 to December 2022 were included in this study. Of the patients, 52.3% were aged between 12 and 35 months. Only two were aged over 5 years, and both were belong to the KD/MIS-C group. A 59.5% of the patients were male. Apart from fever, all symptoms tended to be more frequent in patients with KD/MIS-C. The prevalence of diffuse skin rash, hand and foot edema or erythema and gastrointestinal signs was significantly higher in patients hospitalized with KD/MIS-C. There was no significant difference in laboratory findings between the two groups. Coronary artery dilation was more frequently observed in patients with KD/MIS-C compared to those with KD (40.5% vs. 14.6%, P = 0.009).