Factors Affecting Financial Leverage: The Case of Vietnam Firms

Chi Dieu Thi NGUYEN,Hong Thuy Thi DANG,Nghi Huu PHAN,Trang Thuy Thi NGUYEN 한국유통과학회 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.11

The purpose of the study is to find the factors that influence the financial leverage of Vietnam firms. The dependent variable is the financial leverage and the independent variables are firm size, asset structure, liquidity, growth opportunities, profitability, and firm age. The data are collected from Vietnam firms’ annual financial reports in the period from 2010 to 2019. The study uses a sample of 448 Vietnam listed firms in the period. We also employ a panel regression model with pooled OLS and fixed effect to analyze the firms’ financial data. The results of the model showed that financial leverage (FL) has a negative relationship with some factors such as asset structure (AS), liquidity (LQ), growth opportunities (GRW), profitability (ROA), and firm age (AGE) in the fixed effect regression. It means that when liquidity, profitability, and firm age increase, firms’ financial leverage will decrease. While firms’ financial leverage has still a positive relationship with the firm size (SIZE) in the model. As a result, when firm size increases, financial leverage will increase, too. The results showed that models are fit for the research and can be used to predict future findings. It is also useful for enterprises, financial advisors, investors, as well as the financial managers.

A Laboratory-Scale Study of the Applicability of a Halophilic Sediment Bioelectrochemical System for in situ Reclamation of Water and Sediment in Brackish Aquaculture Ponds: Establishment, Bacterial Community and Performance Evaluation

( Hai The Pham ),( Hien Thi Tran ),( Linh Thuy Vu ),( Hien The Dang ),( Thuy Thu Thi Nguyen ),( Thu Ha Thi Dang ),( Mai Thanh Thi Nguyen ),( Huy Quang Nguyen ),( Byung Hong Kim ) 한국미생물·생명공학회 2019 Journal of microbiology and biotechnology Vol.29 No.7

In this study, we investigated the potential of using sediment bioelectrochemical systems (SBESs) for in situ treatment of the water and sediment in brackish aquaculture ponds polluted with uneaten feed. An SBES integrated into a laboratory-scale tank simulating a brackish aquaculture pond was established. This test tank and the control (not containing the SBES) were fed with shrimp feed in a scheme that mimics a situation where 50% of feed is uneaten. After the SBES was inoculated with microbial sources from actual shrimp pond sediments, electricity generation was well observed from the first experimental week, indicating successful enrichment of electrochemically active bacteria in the test tank sediment. The electricity generation became steady after 3 weeks of operation, with an average current density of 2.3 mA/㎡ anode surface and an average power density of 0.05 mW/㎡ anode surface. The SBES removed 20-30% more COD of the tank water, compared to the control. After 1 year, the SBES also reduced the amount of sediment in the tank by 40% and thus could remove approximately 40% more COD and approximately 52% more nitrogen from the sediment, compared to the control. Insignificant amounts of nitrite and nitrate were detected, suggesting complete removal of nitrogen by the system. PCR-DGGE-based analyses revealed the dominant presence of Methylophilus rhizosphaerae, Desulfatitalea tepidiphila and Thiothrix eikelboomii, which have not been found in bioelectrochemical systems before, in the bacterial community in the sediment of the SBES-containing tank. The results of this research demonstrate the potential application of SBESs in helping to reduce water pollution threats, fish and shrimp disease risks, and thus farmers’ losses.

Factors Affecting Financial Risk: Evidence from Listed Enterprises in Vietnam

DANG, Hang Thu,PHAN, Duong Thuy,NGUYEN, Ha Thi,HOANG, Le Hong Thi Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.9

This paper analyzes factors affecting enterprise's financial risk listed on the Vietnam stock market. The panel data of research sample includes 524 non-financial listed enterprises on the Vietnam stock market for a period of eleven years, from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, financial risk is measured by the Alexander Bathory model. Debt structure, Solvency, Profitability, Operational ability, Capital structure are independent variables in the study. Firm Size, firm age, growth rate are control variables. The model results show that in order to prevent and limit financial risk for enterprises listed on the Vietnam Stock Market, attention should be paid to variables reflecting Liability structure ratio, Quick Ratio, Return on Assets, Total asset turnover, Accounts receivable turnover, Net assets ratio and Fixed assets ratio. The empirical results show that there are differences in the impact of these factors on the financial risk in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to improve the efficiency of financial risk management in enterprises.

Profitability and the Distance to Default: Evidence from Vietnam Securities Market

Van Thuy Thi VU,Nhung Hong DO,Hung Ngoc DANG,Tram Ngoc NGUYEN 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.4

The paper examines the influence of profitability on distance to default (DD) in Vietnam securities market. The investigated sampl e consists of 211 companies listed on HOSE during 18 years from 2010 to 2017. We apply KMV model to calculate distance to d efault and use both macroeconomics factors and firm specific factors as independent variables. Using General Least Squared (GL S) method, we find evidence to confirm the positive relationship between profitability and distance to default. This result showed t hat, although profitability did not directly reflect the cash flow generated, a good profitable enterprise would be an important facto r to help facilitate and generate cash flow and at the same time debt was guaranteed when it was due. Besides, the test results rev ealed that the financial structure and sales on assets have the inverse effect on the distance to default at the significance level o f 5%. The results also revealed that a group of macro factors had an influence on the distance to default of businesses, including spre ad, GDP and trade balance (via exchange rates). Gross domestic income had certain impacts on the distance to default of businesse s. This was also a basic indicator measuring the national economic cycle.

Factors Affecting Logistics Capabilities for Logistics Service Providers: A Case Study in Vietnam

Dinh Dao DANG,Dieu Linh HA,Van Bao TRAN,Van Tuan NGUYEN,Thi Lien Huong NGUYEN,Thuy Hong DANG,Thi Thai Ha LE 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.5

This study aimed to investigate the factors affecting Logistics capabilities for Logistics Service Providers in Vietnam. Researchers inherited and developed based on previous research to focus on analyzing and evaluating dynamics, measuring Logistics capabilities, and the factors affecting Logistics capabilities for Logistics Service Providers. The logistics capabilities Model is used based on three factors: customer demand management capability, innovation capability, and information management capability. The empirical analysis used data from the survey data of l90 managers of Logistics Service Providers in Hai Phong, Ho Chi Minh City, Da Nang, Hue, Hanoi with reliable tools (SPSS 26.0 software). The data were analyzed by frequencies, percentages, means, Pearson’s Linear Correlation Coefficient, exploratory factor analysis, and multi-linear regression model based on the survey data. The research results identified the following factors affecting Logistics capabilities for Logistics Service Providers: innovation capability has the strongest impact on Logistics capabilities; customer demand management capability has the following strong effects on Logistics capabilities; and finally, information management capability that affects Logistics capabilities. There is also a positive relationship between all factors and Logistics capabilities. Several recommendations are further suggested to enhance to improve Logistics capabilities for Logistics Service Providers in Vietnam.

Study on the Characteristics of X-ray Spectra in Imaging Diagnosis Using Monte Carlo Simulations

Khanh Ai Tran,Loan Thi Hong Truong,Nhon Van Mai,Phuong Nguyen Dang,Dung Thi Thuy Vo 한국물리학회 2016 THE JOURNAL OF THE KOREAN PHYSICAL SOCIETY Vol.69 No.7

X-rays are widely used in diagnostic imaging such as radiography and computed tomography. An understanding of the X-ray spectrum is essential for estimating the dose absorbed by the patient and for improving image quality. In this research, X-ray emission spectra were investigated by using two different approaches: a Monte Carlo method using the MCNP5 code and a semi-empirical calculation with SpekCalc software. The results were compared with each other to validate the Monte Carlo simulation of the X-ray spectra, so that the simulation model can be applied to estimating the dose rate distribution in X-ray imaging. The obtained results show good agreement between the two approaches, but some divergence is still observed in the characteristic X-ray peaks. In addition, the influence of X-ray tube parameters such as the peak voltage, filter, anode angle and target material on of the beam quality was investigated.

Management of Antibiotic-Resistant Helicobacter pylori Infection: Perspectives from Vietnam

Vu Van Khien,Duong Minh Thang,Tran Manh Hai,Nguyen Quang Duat,Pham Hong Khanh,Dang Thuy Ha,Tran Thanh Binh,Ho Dang Quy Dung,Tran Thi Huyen Trang,Yoshio Yamaoka 거트앤리버 소화기연관학회협의회 2019 Gut and Liver Vol.13 No.5

Antibiotic resistance is the most important factor leading to the failure of eradication regimens. This review focuses on the prevalence of Helicobacter pylori primary and secondary resistance to clarithromycin, metronidazole, amoxicillin, levofloxacin, tetracycline, and multidrug in Vietnam. We searched the PubMed, EMBASE, Vietnamese National Knowledge Infrastructure, and Vietnamese Biomedical databases from January 2000 to December 2016. The search terms included the following: H. pylori infection, antibiotic (including clarithromycin, metronidazole, amoxicillin, levofloxacin, tetracycline, and multidrug) resistance in Vietnam. The data were summarized in an extraction table and analyzed manually. Finally, Excel 2007 software was used to create charts. Ten studies (three studies in English and seven in Vietnamese) were included in this review. A total of 308, 412, 523, 408, 399, and 268 H. pylori strains were included in this review to evaluate the prevalence of H. pylori primary resistance to amoxicillin, clarithromycin, metronidazole, levofloxacin, tetracycline, and multidrug resistance, respectively. Overall, the primary resistance rates of amoxicillin, clarithromycin, metronidazole, levofloxacin, tetracycline, and multidrug resistance were 15.0%, 34.1%, 69.4%, 27.9%, 17.9% and 48.8%, respectively. Secondary resistance rates of amoxicillin, clarithromycin, metronidazole, levofloxacin, tetracycline, and multidrug resistance were 9.5%, 74.9%, 61.5%, 45.7%, 23.5% and 62.3%, respectively. In Vietnam, primary and secondary resistance to H. pylori is increasing over time and affects the effectiveness of H. pylori eradication.