The Impact of Earnings Quality on Firm Value: The Case of Vietnam

DANG, Hung Ngoc,NGUYEN, Thi Thu Cuc,TRAN, Dung Manh Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.3

The study aims to investigate the impact level of earnings quality on firm value. The study has used data with 3,910 observations at listed firms on Vietnam Stock Exchange for the period from 2010 to 2018, and GLS regression analysis is employed in this research. Earnings quality is measured in the aspects of earnings management, earnings persistence, and timeliness of profitability. This study also considers a number of controlled variables that positively influence the firm's value such as firm size, fixed asset investment rate and dividend payout ratio. The results show that earnings quality is positively associated with firm value with having statistical significance. In contrast, some determinants negatively influence firm value such as financial leverage, ratio of market value to book value, and revenue growth. Determinants of firm size, the rate of investment in fixed assets, the rate of dividend payment positively affect the firm value. In contrast, determinants of financial leverage, revenue growth rate and market value to book value ratio are inversely related to firm value according to economic value, Tobin's Q or Price. Based on the findings, some recommendations are proposed for investors, management and policy makers as well in the context of emerging countries including Vietnam.

Effects of Corporate Governance and Earning Quality on Listed Vietnamese Firm Value

DANG, Hung Ngoc,PHAM, Cuong Duc,NGUYEN, Thang Xuan,NGUYEN, Hoa Thi Thanh Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.4

The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008-2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.

Relationship between Accrual Anomaly and Stock Return: The Case of Vietnam

Hung Ngoc DANG,Dung Manh TRAN 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.4

The study investigates the impact of accrual anomaly on stock return ratio of listed firms in Vietnam. Data were collected from listed firms for the period from 2008 to 2018. To learn about the causes of accrual anomaly in returns and future rate of returns on the Vietnamese stock market, this research is based on accrual analysis of Richardson, Sloan, Soliman, and Tuna (2006) on growth and effective components. We employ GLS regression model for examining the impact of accrual anomaly on stock return ratio and T-test for checking the difference between the lowest and the highest portfolio. The results show that accounting distortion is the main factor impacting the stock return, not growth determinant. Both two determinants of accounting distortion and growth contribute the explanation of the impact of accrual anomaly on profit and future stock return ratio. Experimental evidence confirms an abnormal existence of accrual in the ̣ Vietnam stock market. Aggregate accrual is negatively correlated with future operating profit and future stock return. However, after considering the factors contributing to the impact of future profitability and return on stock returns, the study results show that accounting distortion can account for low sustainability of income that is not growth.

Connection stiffness reduction analysis in steel bridge via deep CNN and modal experimental data

Hung V. Dang,Mohsin Raza,H. Tran-Ngoc,T. Bui-Tien,Huan X. Nguyen 국제구조공학회 2021 Structural Engineering and Mechanics, An Int'l Jou Vol.77 No.4

This study devises a novel approach, namely quadruple 1D convolutional neural network, for detecting connection stiffness reduction in steel truss bridge structure using experimental and numerical modal data. The method is developed based on expertise in two domains: firstly, in Structural Health Monitoring, the mode shapes and its high-order derivatives, including second, third, and fourth derivatives, are accurate indicators in assessing damages. Secondly, in the Machine Learning literature, the deep convolutional neural networks are able to extract relevant features from input data, then perform classification tasks with high accuracy and reduced time complexity. The efficacy and effectiveness of the present method are supported through an extensive case study with the railway Nam O bridge. It delivers highly accurate results in assessing damage localization and damage severity for single as well as multiple damage scenarios. In addition, the robustness of this method is tested with the presence of white noise reflecting unavoidable uncertainties in signal processing and modeling in reality. The proposed approach is able to provide stable results with data corrupted by noise up to 10%.

Preliminary results of laparoscopic management of chronic pancreatitis

Thanh DANG NHU,Thai LE TRONG,Phong TRAN AN,Hung DANG NGOC 한국간담췌외과학회 2022 Annals of hepato-biliary-pancreatic surgery Vol.26 No.-

The Growing Problem of Radiologist Shortage: Vietnam’s Perspectives

Vu Luu Dang,Nguyen Hang Thi Thu,Nguyen Trang Ngoc,Pham Thong Minh 대한영상의학회 2023 Korean Journal of Radiology Vol.24 No.11

Influence of Corporate Governance on Dividend Policy in Vietnam

NGUYEN, Ha Viet,DANG, Hung Ngoc,DAU, Hung Hoang Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.2

The paper examines the impact of corporate governance (CG), on dividend policy (DP) of enterprises in Vietnam. The paper studies the impact of CG on DP of businesses listed on Vietnam's stock exchange in the period 2008-2018 with 2,937 observations. The data of these companies is collected from the financial statements of businesses and Vietstock data sets, as well as aggregated from the data published on some reputable securities websites. The study used GLS regression method for data collected at listed companies in Vietnam in the period of 2008-2018. The research results have found that CG, the chairman of the board of directors (BOD), and the managing director have a negative effect on the DP. Specifically, companies with strong BODs tend to pay low dividends. At the same time, research shows that factors such as profitability, financial leverage, firm size, and investment opportunities affect DP. This result underscores the importance of corporate governance (both internal and external) to the income distribution decision and provides policy implications for investors and company executives. The study finds solid evidence that alternative theory explains better the relationship between corporate governance and dividend policy. Accordingly, companies with weak corporate governance will pay more dividends.

Factors of Being a Good Leader: A Case of University of Finance-Marketing in Vietnam

Dinh Thi Thanh Hien,Dang Thuy Ngoc Quynh,Chu Nhat Vinh Hung 한국유통과학회 2017 KODISA ICBE (International Conference on Business Vol.2017 No.-

This research attempted to determine the important factors influencing on effective leadership. To understand the vital role of leadership in business for improving performance and productivity in business, the aim of this article was to investigate some critical factors to become a good leader in terms of students. This research applied quantitative approach to validate the hypothesis. I gather information from 200 students range from 18-22 years old by questionnaire in the University of Finance - Marketing on Pho Quang Street, Tan Binh District. It was concluded the factors that strongly affected on the successes of a good leader. Not only factors that we can see obviously, besides that, through some main factors directly affected on the features of a good leader like trust, motivation, learning and learning, organizational culture, teamwork and communicational skills. The limitation of this research relates to the small size of sampling, inadequate literature review and lack of considering environmental impact on individuals. The future research will attempt to gather more literature review and enlarge the sample size, while trying to analyze based on practical evidence.

Injectable hyaluronic acid–cyclodextrin-based hydrogels for localized and sustained release of anticancer drugs

Dinh Trung Nguyen,Le Hang Dang,Hai Khoa Le,Lien Tuyet Ngan,Ngoc Quyen Tran,박기동,Phuong Le Thi 한국고분자학회 2024 Macromolecular Research Vol.32 No.8

Chemotherapy is the most popular anti-cancer therapy; however, it usually leads to severe side effects to healthy organs because of its high cytotoxicity and poor lesion selectivity. Although various smart carriers have been developed to provide beneficial properties for the local delivery of chemotherapy, it remains challenges in the efficiency and sustained release of drugs. Injectable hydrogels are more advantageous over other drug delivery systems owing to their unique properties, such as non-invasive administration, easy drug loading and locally controlled release at the target sites. Herein, “click” reaction between thiolated hyaluronic (HA–SH) and cyclodextrin–vinyl sulfone (CD–VS) has been used to formulate an injectable hydrogel system for the local delivery of an anticancer drug (Doxorubicin) to cancer cells. This strategy can rapidly induce hydrogelation, while increasing the loading, retention, and sustained release of DOX at the tumor sites through the formation of inclusion complexes between drugs and cyclodextrin. The physico-chemical features of hydrogels, such as gelation time, swelling ratio, porosity, and degradation rate were investigated by varying the concentrations of CD–VS crosslinker. The sustained and pH-sensitive release of DOX from hydrogels were also examined. Finally, the cell viability of the blank hydrogel, free DOX, and DOX-loaded hydrogel was studied by WST-1 and live/dead assay on HELA cells, which exhibited excellent biocompatibility of blank hydrogel and a dose-dependent cytotoxicity of DOX-loaded hydrogels. Therefore, this HA-based hydrogel will be a potential injectable carrier for the targeted and sustained delivery of chemotherapy drugs in cancer treatment.

Bipolar Electric Field Induced Strain in Li Substituted Lead-Free Bi_0.5(Na_0.82K_0.18)_0.5Ti_0.95Sn_0.05O₃ Piezoelectric Ceramics

Quan, Ngo Duc,Hung, Vu Ngoc,Kim, Ill Won,Dung, Dang Duc American Scientific Publishers 2016 Journal of Nanoscience and Nanotechnology Vol.16 No.8

<P>We have fabricated environmental friendly lead-free Bi-0.5(Na0.82K0.18)(0.5)TiO3 (BNKT) and Bi-0.5(Na(0.82-x)LixK0.18)(0.5)(Ti0(.95)Sn(0.05))O-3 piezoelectric ceramics (BNKTS-xLi) with x ranging from 0 to 0.05 by the conventional solid state reaction method. The effects of Li substitution were studied through the crystal structures and the piezoelectric properties. The X-ray diffraction data showed that BNKTS-xLi ceramics experienced a phase transition from the pseudocubic phase to the rhombohedral and tetragonal symmetry when the Li doping content increased. The typical butterflyshaped bipolar S-E loops of piezoelectric materials were observed in all compositions. The small amount of Li substitution for BNKTS-xLi ceramics led to a marked enhancement in piezoelectric properties, with the electric field-induced strain (S-max/E-max) reaching the highest value of 590 pm/V at x = 0.04. The BNKTS-xLi ceramics will be excellent candidates for applications in lead-free ferroelectric and piezoelectric devices.</P>