Tài liệu nổi bật
Ấn phẩm
State ownership and costs of debt financing in SMEs: evidence of the agency mechanism
(Học viện Tài chính, 2026) Le Hang My Hanh PhD.; Le Son Dai PhD.; Nguyen Thi Minh Ha PhD.; Dao Thi Huong Assoc. Prof. PhD.; Nguyen Ngoc Huan PhD.
This paper examines how state ownership influences SMEs' costs of debt financing in Vietnam. Data is collected from the National Statistics Office's database. The research sample contains 5,450 observations. Using both fixed and random effect regression techniques, we find that state ownership positively affects SMEs' costs of debt. This effect is stronger in smaller firms. These can be explained that SMEs are less effective in helping the government conduct socio-economic policies due their limited resources. Moreover, in Vietnam, state ownership in most SMEs belong to the local government which has limited capability to support them. These characteristics make SMEs receive less soft budget constraint. Consequently, the agency problem arising from state ownership may make SMEs face high costs of debt financing. Our paper has two major contributions to the literature are as follows. First, while prior studies support the soft budget constraint for listed firms, we find supporting evidence for the agency problem mechanism in the context of SMEs. Second, the favorable treatment that the government provides firms with state ownership is determined by firm size.
Ấn phẩm
How can internal control systems mediate the relationship between digital transformation and accountability? The moderating role of innovative leadership
(Học viện Tài chính, 2026) Tu Thanh Hoai PhD.; Bui Quang Hung Assoc. Prof. PhD.
Grounded on the COSO framework and stewardship theory, this study proposes and examines a moderated mediation model that elucidates how digital transformation enhances accountability through the mediating role of internal control systems. Additionally, the study examines the moderating effect of innovative leadership on the relationship between digital transformation and internal control systems within the context of Vietnamese public sector organizations. Using partial least squares structural equation modeling (PLS-SEM), the research assesses the validity of the proposed model and hypotheses based on survey data collected from 91 public sector organizations in Vietnam. The findings are expected to enrich the limited body of intersectional literature on the positive impact of digital transformation on internal control systems and, in turn, the enhancement of accountability in the public sector. Moreover, the study confirms that the beneficial effect of digital transformation on internal control systems is amplified under the moderating influence of innovative leadership.
Ấn phẩm
The impact of capital structure on profitability of listed firms in Vietnam: linear or non-linear relationships?
(Học viện Tài chính, 2026) Tran Tat Thanh PhD.; Nguyen Thi Thanh Vinh PhD.
This paper contributes to the existing literature by developing a model examining both linear and nonlinear relationships while simultaneously evaluating the impact of short-term and long-term debt on firm profitability. To the best of our knowledge, this study is the first of its kind. Using data from 438 non-financial firms listed on the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange from 2010 to 2018, our findings reveal that the impact of short-term debt and long-term debt ratios on Return on Assets (ROA) is linear and negative. Short-term debt's impact on Return on Equity (ROE) is nonlinear, displaying an inverted U-shape, while long-term debt's impact on ROE follows a nonlinear U-shape. These results enable a comprehensive analysis of the trade-off between these two types of debt. Furthermore, to highlight our contribution, we compare models that jointly and separately examine short-term and long-term debt, showing that omitting a debt component may bias the estimates and undermine the economic validity of the results.
Ấn phẩm
Cultural factors affecting the ethical decisions of accounting - auditing students
(Học viện Tài chính, 2026) Nguyen Thi Thanh Hai PhD.
This research study was conducted to determine the influence level of cultural factors including education, gender, power distance, and risk-taking propensity on the ethical decisions of economics students in the accounting and auditing field in Vietnam. Data were collected from 194 valid observations through an online questionnaire with four specific ethical scenarios, targeting students from universities in Hanoi and several practicing auditors. Quantitative methods were applied with structural equation modeling (SEM) analysis, path analysis, and linear regression techniques. Research results show that cultural factors all have significant impacts on the ethical awareness and intention of learners and practitioners. Specifically, risk-taking propensity has an inverse effect on ethical awareness; females demonstrate higher levels of ethical sensitivity than males. Notably, power distance is the strongest influencing factor, clearly reflecting the vertical organizational cultural characteristics in Vietnam. Regarding the education factor: final-year students have higher ethical awareness than first-year students; major students are more cautious with risks. An important finding contrary to initial expectations was that auditors actually had higher ethical awareness scores than students (on an inverse scale). This indicates that auditors' actual ethical awareness is lower than that of students, reflecting a gap between academic ethics and practice ethics. This issue is discussed in depth in the paper. The research model achieved good fit and explained 53.8% of the dependent variable's variance. Based on these findings, the research confirms the central role of cultural factors, while providing empirical basis for recommendations on innovating ethics training programs, human resource management strategies, and building transparent corporate culture in the auditing industry.
Ấn phẩm
Effects of network centrality on stock returns: a literature review
(Học viện Tài chính, 2026) Le To Minh Tan PhD.; Le Thi Thuy Van PhD.; Hoang Hanh Nguyen MSc.; Phan Nhat Quang MSc.
This literature review examines the evolving paradigm of asset pricing by synthesizing recent research on the impact of network centrality on stock returns. Moving beyond traditional models, this review explores how the topology of production, informational, and financial networks endogenously determines risk premiums. Methodologically, the reviewed literature covers nonlinear general equilibrium models, variance decomposition frameworks, and network centrality measures applied to several markets including the United States, China, Australia, and Turkey. The findings reveal a complex, context-dependent relationship between network position and performance. In economies like the U.S., centrality in production networks functions as a chanel for spilling shocks, resulting in a significant return premium for central industries. Conversely, evidence from other markets suggests a "diversification hypothesis" where centrality offers a buffer against localized risks, leading to lower expected returns. Within informational networks, centrality facilitates superior news diffusion and alpha generation. Alhough these human-led advantages are increasingly substituted by FinTech and quantitative automation. Finally, financial sector connectedness is identified as a distinct pricing factor which captures both systemic vulnerability and credit intermediation dependence in non-financial firms.
Ấn phẩm
Antecedents of green repurchase intention in the Vietnamese cosmetics industry: the role of green authenticity perception
(Học viện Tài chính, 2026) Nguyen Thuy Van MSc.
This study analyzes the impact of five factors on Vietnamese consumers' green repurchase intention in the cosmetics industry within the context of the increasingly prevalent greenwashing phenomenon, including: green authenticity perception, green trust, environmental concern, health consciousness, and perceived green value. Data were collected from 180 Vietnamese consumers with experience in using green cosmetics products through an online survey and analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method with SmartPLS 4.0 software. The results show that all five factors have significant positive effects on green repurchase intention, with green trust having the strongest impact (β = 0.352), followed by perceived green value (β = 0.260), green authenticity perception (β = 0.250), health consciousness (β = 0.216), and environmental concern (β = 0.141). The model explains 69.5% of the variance in green repurchase intention. The study provides important implications for green cosmetics businesses in developing authentic and sustainable marketing strategies in the Vietnamese market.
