Anti-Corruption Campaign and Firm Financial Performance: Evidence From Vietnam Firms

2022 ◽  
pp. 0193841X2110727
Author(s):  
Khanh Hoang ◽  
Hieu T. Doan ◽  
Thanh T. Tran ◽  
Thang X. Nguyen ◽  
Anh Q. Le
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Steering Committee ◽  
State Ownership ◽  
Private Firms ◽  
Online Newspapers ◽  
Firm Financial Performance ◽  
Business Operations ◽  
Corruption Index ◽  
The Impact

Background Corruption affects businesses in various ways. Anti-corruption, on the other hand, can improve the institutions of the country as well as business operations. Vietnam, as a socialist-oriented country with an ongoing high-profile anti-corruption campaign, provides us a unique setting to evaluate the impacts of anti-corruption on corporate performance. Objectives We address two questions: (1) what is the effect of anti-corruption on the performance of private-owned firms in Vietnam? and (2) how does anti-corruption influence the performance of firms with state ownership (FSOs) in Vietnam? Research design To investigate the impact of anti-corruption on performance of firms with different ownership settings, we use the establishment of the Central Anti-Corruption Steering Committee of Vietnam as a quasi-natural experiment for difference-in-differences analysis. We generate treatment effects of private holding and the state block ownership. To validate the findings, we construct a novel news-based anti-corruption index from Vietnamese online newspapers and use it in a robustness test to evaluate anti-corruption’s impacts on firm performance. Results and Conclusions We find a positive impact of the anti-corruption campaign on private firms’ performance, supporting the social norm perspective of how corruption affects businesses. The empirical results indicate a negative impact of the campaign on FSOs’ performance. The findings suggest that anti-corruption benefits private firms via improving the institutional quality of the country while improving the financial transparency of FSOs. Our study provides a method for measuring anti-corruption which is virtually unobservable and absent in the literature. The findings have implications for policymaking in contemporary Vietnam.

scholarly journals Ownership structure and corporate diversification decision: a study of Vietnamese listed firms

2016 ◽  
Vol 13 (3) ◽  
pp. 226-233 ◽  
Author(s):  
Duc Nam Phung ◽  
Thi Bich Nguyet Phan ◽  
Thi Lien Hoa Nguyen ◽  
Thi Phuong Vy Le
Keyword(s):  
Ownership Structure ◽  
Negative Impact ◽  
Positive Impact ◽  
Emerging Market ◽  
Foreign Ownership ◽  
State Ownership ◽  
Corporate Diversification ◽  
Diversification Strategy ◽  
Listed Firms ◽  
The Impact

This research examines the impact of the ownership structure on corporate diversification decision of listed firms in Vietnam over the period of 2007 and 2012. The empirical results from logit model show that while state ownership has positive impact on corporate diversification decisions of the firms, foreign ownership has negative impact on corporate diversification decision of the firms. This implies that government ownership tends to encourage corporate diversification strategy, while foreign ownership may plays monitoring role and discourage corporate diversification strategy in emerging market context.

scholarly journals Working Capital, Financing Constraints and Firm Financial Performance in GCC Countries

2015 ◽  
Vol 7 (3) ◽  
pp. 59-64
Author(s):  
Sree Rama Murthy
Keyword(s):  
Financial Performance ◽  
Negative Impact ◽  
Positive Impact ◽  
Corporate Financial Performance ◽  
Working Capital ◽  
Return On Assets ◽  
Firm Financial Performance ◽  
Capital Financing ◽  
Gross Margins ◽  
The Impact

This paper looks at the impact of level of working capital on a firm’s financial performance of 153 large manufacturing firms operating in the six Gulf Cooperation Council Countries (GCC).Three hypotheses being tested in the paper are that working capital levels and inventory levels have a negative impact on corporate financial performance, have a positive impact on corporate financial performance, or that there is no empirically provable relationship between working capital and inventory and financial performance. A number of control variables including firm size, gross margins, and age of the firm are used in the regression analysis, as financial performance is not purely dependent on working capital and inventory levels. Pre-tax return on assets (ROA-profit before tax divided by total assets) is used to measure corporate financial performance. Performance is strongly influenced by levels of accounts receivables; however inventory levels and payables have no impact on performance.

scholarly journals Impact factors of intention to use paid online newspapers in Vietnam

2015 ◽  
Vol 18 (4) ◽  
pp. 34-44
Author(s):  
Duyet The Mai ◽  
Trung Quoc Pham
Keyword(s):  
Service Providers ◽  
Negative Impact ◽  
Positive Impact ◽  
Measurement Model ◽  
Impact Factors ◽  
Intention To Use ◽  
Newspaper Industry ◽  
Online Newspapers ◽  
Attitude Factor ◽  
The Impact

The explosive growth of the Internet in recent years has led to the development of online newspapers. To survive in the context of printed newspaper sales declining, the global newspaper industry is starting to collect fee from online newspapers’ readers. In Vietnam, the ability to attract readers of online newspapers is still low. In fact, paid online newspapers in Vietnam are still at the trial stage. Therefore, studies to find out the impact factors of intention to use paid online newspapers are very necessary in Vietnam. The proposed research model is built from TPB and other previous researches. Quantitative data were collected through a questionnaire survey with 359 valid participants. By adopting SEM, results showed that the measurement model fitted data well and all hypotheses were acceptable. The study showed that the attitude factor had the largest impact on readers’ intention to pay. For these factors influencing the attitude factor, the perceived benefit factor had the most significantly positive impact and the free mentality factor had the most significantly negative impact. Through this results, some implications to increase the readers’ intention to use paid online newspaper are proposed for service providers and government agencies concerned.

scholarly journals On the performance of state capital and investment corporation

2020 ◽  
Vol 4 (2) ◽  
pp. First
Author(s):  
Nguyen Thanh Doan
Keyword(s):  
Financial Performance ◽  
Negative Impact ◽  
Positive Impact ◽  
State Ownership ◽  
The State ◽  
Sovereign Wealth Fund ◽  
Thomson Reuters ◽  
Target Firms ◽  
State Capital ◽  
The Impact

State Capital and Investment Corporation (SCIC) is a sovereign wealth fund (SWF) operating as a governmental specialized economic entity. SCIC serves two main functions: first, manage and represent the equity share of state at public companies, limited companies, and second, invest state capital into strategic industries and fields of the economy. This study compares the impacts of the ownership of SCIC and the state on the performance of target firms in Vietnam. In addition, the current study aims to extend the extant literature by examining the impact of sovereign wealth fund (SWF, in this case, SCIC in Vietnam) on the performance of target firms in Vietnam. Previous studies only consider the influence of SWF on target firms’ operating performance without considering the country where the target firms reside. Finally, the research investigates the influence of the ownership of SCIC and the state not only on financial but also on the non-financial performance of target firms, whereas previous research chiefly discusses the financial impact of SWFs. The author uses the Generalized System Method of Moments for a sample of listed firms collected from Thomson Reuters for the period of 2008-2017 to deal with the potential endogeneity issue as well as other defects such as heteroskedasticity and autocorrelation. The results show that SCIC ownership has a positive impact on target firms’ financial performance, compared to state ownership. However, SCIC ownership exerts a more negative impact on target firms’ non-financial performance, compared to state one. This finding implies that SCIC may prioritize financial indicators over non-financial (or social) ones. This could justify the reason why SCIC ownership has a better financial but lower non-financial performance compared with state ownership.

THE IMPACT OF CAPITAL STRUCTURE AND OWNERSHIP ON THE PERFORMANCE OF STATE ENTERPRISES AFTER EQUITIZATION: EVIDENCE FROM VIETNAM

2021 ◽  
pp. 2150007
Author(s):  
NGUYEN DUY SUU ◽  
HO THUY TIEN ◽  
WING-KEUNG WONG
Keyword(s):  
Capital Structure ◽  
Negative Impact ◽  
Positive Impact ◽  
State Ownership ◽  
Stock Exchanges ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Equity Ratio ◽  
Capital Ownership ◽  
The Impact

The main objective of this paper is to study the impact of capital structure and capital ownership form of SOEs after equitization. We have considered all 137 state-owned companies after equitization for which data can be collected during the period from 2007 to 2017. These encompass companies in different industries listed on the HOSE (Ho Chi Minh City) and HNX (Hanoi) stock exchanges. To this end, we have applied REM and FEM models and corrected for variance with the GLS and FEM models. Our findings reveal that the variable leverage (LEV) has a negative impact on ROA, but, interestingly, has a positive impact on ROE and Tobin’s Q. Growth rate (GROWTH) have a positive effect on both ROA and Tobin’s Q. State ownership (SO) has only positive impact on ROA. Meanwhile, the company size variable (SIZE) has a positive impact on Tobin’s Q. In addition, in relation to our examination of how the domestic and foreign resources might impact on the profitability ratio, we have observed that the domestic equity ratio has a positive impact on both ROA and ROE whereas the foreign ownership ratio has a negative impact on both ROA and ROE.

043 Sleep Restriction Affects Memory in Healthy Adults: Preliminary Findings

SLEEP ◽  
2021 ◽  
Vol 44 (Supplement_2) ◽  
pp. A18-A19
Author(s):  
Molly Zimmerman ◽  
Christiane Hale ◽  
Adam Brickman ◽  
Lok-Kin Yeung ◽  
Justin Cochran ◽  
...  
Keyword(s):  
Working Memory ◽  
Negative Impact ◽  
Positive Impact ◽  
Healthy Adults ◽  
Task Demands ◽  
Sleep Restriction ◽  
Neuropsychological Function ◽  
Wake Time ◽  
Sleep Condition ◽  
The Impact

Abstract Introduction Sleep loss has a range of detrimental effects on cognitive ability. However, few studies have examined the impact of sleep restriction on neuropsychological function using an experimental design. The goal of this study was to examine the extent to which maintained insufficient sleep affects cognition in healthy adults compared to habitual adequate sleep. Methods This study used a randomized, crossover, outpatient sleep restriction design. Adults who regularly slept at least 7 h/night, verified by 2 weeks of screening with actigraphy, completed 2 phases of 6 weeks each: habitual sleep (>7 h of sleep/night) or sleep restriction (habitual sleep minus 1.5 h) separated by a 6-week washout period. During the sleep restriction phase, participants were asked to delay their bedtime by 1.5 hours/night while maintaining their habitual wake time. Neuropsychological function was evaluated with the NIH Toolbox Cognition Battery at baseline (week 0) and endpoint (week 6) of each intervention phase. The NIH Toolbox evaluates a range of cognitive abilities, including attention, executive functioning, and working memory. General linear models with post hoc paired t-tests were used to assess demographically-adjusted test scores prior to and following each sleep condition. Results At the time of analyses, 16 participants were enrolled (age 34.5□14.5 years, 9 women), 10 of whom had completed study procedures. An interaction between sleep condition and testing session revealed that individuals performed worse on List Sorting, a working memory test, after sleep restriction but improved slightly after habitual sleep (p<0.001). While not statistically reliable, the pattern of test results was similar on the other tests of processing speed, executive function, and attention. Conclusion In these preliminary results from this randomized experimental study, we demonstrated that sleep restriction has a negative impact while stable habitual adequate sleep has a positive impact on working memory, or the ability to temporarily hold information in mind while executing task demands. This finding contributes to our understanding of the complex interplay between different aspects of sleep quality (i.e., both sleep restriction as well as the maintenance of stable sleep patterns) on cognition and underscores the importance of routine sleep screening as part of medical evaluations. Support (if any):

scholarly journals Exploring the Relationship between Communication and Success of Construction Projects: The Mediating Role of Conflict

2021 ◽  
Vol 13 (8) ◽  
pp. 4513
Author(s):  
Summaira Malik ◽  
Muhammad Taqi ◽  
José Moleiro Martins ◽  
Mário Nuno Mata ◽  
João Manuel Pereira ◽  
...  
Keyword(s):  
Project Success ◽  
Negative Impact ◽  
Positive Impact ◽  
Construction Project ◽  
Project Team ◽  
Relationship Conflict ◽  
Team Members ◽  
Mediating Role ◽  
The Impact

The success of a construction project is a widely discussed topic, even today, and there exists a difference of opinion. The impact of communication and conflict on project success is an important, but least addressed, issue in literature, especially in the case of underdeveloped countries. Miscommunication and conflict not only hinder the success of a project but also may lead to conflicts. The focus of this paper was to examine the impact of communication on project success with the mediating role of conflict. By using SPSS, demographics, descriptive statistics and correlation were determined. Smart PLS version 3.0 was used for confirmatory factor analysis (CFA), internal accuracy and validity estimates, hypothesis checking and mediation testing. The results showed that formal communication has a negative impact on the success of a construction project, resulting in conflicts among project team members, whereas informal communication and communication willingness have a positive impact on project success because people tend to know each other, and trust is developed. Task, process and relationship conflicts were used as mediating variables. It was found that task conflict effects the relations positively because project team members suggest different ways to do a certain task, and, hence, project success is achieved. On the contrary, process conflict and relationship conflict have a negative impact on communication and project success. Both of these conflicts lead to miscommunication, and project success is compromised. Hence, it is the responsibility of the project manager to enhance communication among project team members and to reduce the detrimental effects of process and relationship conflict on project success.

scholarly journals Environmental Regulation, Environmental Awareness and Environmental Governance Satisfaction

2021 ◽  
Vol 13 (7) ◽  
pp. 3960
Author(s):  
Meng-Meng Geng ◽  
Ling-Yun He
Keyword(s):  
Environmental Regulation ◽  
Environmental Governance ◽  
Negative Impact ◽  
Positive Impact ◽  
Subjective Evaluation ◽  
Environmental Awareness ◽  
General Social Survey ◽  
Probit Model ◽  
The People ◽  
The Impact

It is a problem worth thinking about whether the government’s environmental regulation policies can meet the residents’ requirements for environmental quality, and benefit the people. The study of the public’s subjective evaluation can more intuitively judge whether the government’s environmental regulation has realized “ecological benefits for the people”. Based on the data of the Chinese General Social Survey (CGSS) in 2013, this paper studied the impact of environmental regulation and environmental awareness on environmental governance satisfaction by an ordered probit model. The study found that environmental regulation has a significant positive impact on environmental governance satisfaction, while environmental awareness has a significant negative impact on environmental governance satisfaction. We also found that when public environmental awareness is taken into account, the positive relationship between environmental regulation and environmental governance satisfaction is affected. The robustness test proved this conclusion.

The Impact of the Business Environment on the Formalization of Informal Firms. The Case of Kosovo

Südosteuropa ◽  
2020 ◽  
Vol 68 (4) ◽  
pp. 505-529
Author(s):  
Kujtim Zylfijaj ◽  
Dimitar Nikoloski ◽  
Nadine Tournois
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Business Environment ◽  
Positive Influence ◽  
Policy Implications ◽  
Tax Reforms ◽  
Firm Level ◽  
Characteristics Analysis ◽  
Significant Negative Impact ◽  
The Impact

AbstractThe research presented here investigates the impact of the business environment on the formalization of informal firms, using firm-level data for 243 informal firms in Kosovo. The findings indicate that business-environment variables such as limited access to financing, the cost of financing, the unavailability of subsidies, tax rates, and corruption have a significant negative impact on the formalization of informal firms. In addition, firm-level characteristics analysis suggests that the age of the firm also exercises a significant negative impact, whereas sales volume exerts a significant positive impact on the formalization of informal firms. These findings have important policy implications and suggest that the abolition of barriers preventing access to financing, as well as tax reforms and a consistent struggle against corruption may have a positive influence on the formalization of informal firms. On the other hand, firm owners should consider formalization to be a means to help them have greater opportunities for survival and growth.

scholarly journals Modeling the Impact of Climate Changes on Crop Yield: Irrigated vs. Non-Irrigated Zones in Mississippi

2021 ◽  
Vol 13 (12) ◽  
pp. 2249
Author(s):  
Sadia Alam Shammi ◽  
Qingmin Meng
Keyword(s):  
Climate Change ◽  
Crop Yield ◽  
Crop Yields ◽  
Negative Impact ◽  
Positive Impact ◽  
Information Criterion ◽  
Growing Season ◽  
Maximum Temperature ◽  
Linear Regression Models ◽  
The Impact

Climate change and its impact on agriculture are challenging issues regarding food production and food security. Many researchers have been trying to show the direct and indirect impacts of climate change on agriculture using different methods. In this study, we used linear regression models to assess the impact of climate on crop yield spatially and temporally by managing irrigated and non-irrigated crop fields. The climate data used in this study are Tmax (maximum temperature), Tmean (mean temperature), Tmin (minimum temperature), precipitation, and soybean annual yields, at county scale for Mississippi, USA, from 1980 to 2019. We fit a series of linear models that were evaluated based on statistical measurements of adjusted R-square, Akaike Information Criterion (AIC), and Bayesian Information Criterion (BIC). According to the statistical model evaluation, the 1980–1992 model Y[Tmax,Tmin,Precipitation]92i (BIC = 120.2) for irrigated zones and the 1993–2002 model Y[Tmax,Tmean,Precipitation]02ni (BIC = 1128.9) for non-irrigated zones showed the best fit for the 10-year period of climatic impacts on crop yields. These models showed about 2 to 7% significant negative impact of Tmax increase on the crop yield for irrigated and non-irrigated regions. Besides, the models for different agricultural districts also explained the changes of Tmax, Tmean, Tmin, and precipitation in the irrigated (adjusted R-square: 13–28%) and non-irrigated zones (adjusted R-square: 8–73%). About 2–10% negative impact of Tmax was estimated across different agricultural districts, whereas about −2 to +17% impacts of precipitation were observed for different districts. The modeling of 40-year periods of the whole state of Mississippi estimated a negative impact of Tmax (about 2.7 to 8.34%) but a positive impact of Tmean (+8.9%) on crop yield during the crop growing season, for both irrigated and non-irrigated regions. Overall, we assessed that crop yields were negatively affected (about 2–8%) by the increase of Tmax during the growing season, for both irrigated and non-irrigated zones. Both positive and negative impacts on crop yields were observed for the increases of Tmean, Tmin, and precipitation, respectively, for irrigated and non-irrigated zones. This study showed the pattern and extent of Tmax, Tmean, Tmin, and precipitation and their impacts on soybean yield at local and regional scales. The methods and the models proposed in this study could be helpful to quantify the climate change impacts on crop yields by considering irrigation conditions for different regions and periods.

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