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NĂM 2015


Nguyen Thanh Cuong and Nguyen Hong Thang (2015) "Firm Characteristics and Capital Structure Decision: Evidence from Seafood Processing Enterprises in the South Central Region of Vietnam", Research Journal of Finance and Accounting, Vol 6, No 8 (2015), pp. 69-84.


Purpose: The aim of this study is to investigate the firm characteristics that affect capital structure of seafood processing companies in South Central Coast of Vietnam. In addition, this study also explores the differences in capital structure among companies with different types of ownership in various regions as well as those with debt ratio greater than and less than the optimal debt threshold (57.39 per cent, see Nguyen Thanh Cuong (2014) for details). 

Design/methodology/approach: The investigation has been performed using panel data procedure for a sample of 90 unlisted seafood processing enterprises in the South Central region (SEASCRs) and 22 listed seafood processing enterprises in the other region of Vietnam (SEALISTs) during 2005–2011. The firm characteristics are analyzed as determinants of capital structure according to different explanatory theories. The hypothesis that is tested in this paper is that the debt ratio at time t depends on the size of the firm at time t, tangible fixed assets of the firm at time t, the growth opportunities of the firm at time t, the profitability of the firm at time t, the business risk of the firm at time t, its liquidity ratio at time t, its interest expense ratio at time t and its income tax ratio at time t. The SEASCRs that maintain a debt ratio above 57.39 per cent using a dummy variable are also distinguished. We also using a dummy variable to evaluate the differences about the capital structure of SEASCRs with regard to firm ownership. In addition, with regard to evaluate the differences about the capital structure of seafood processing enterprises in different regions, we also using a dummy variable.

Findings: The findings of this study justify the hypothesis that there is a negative relation between the debt ratio of the firms and their tangible fixed assets, their growth opportunities, their profitability, their liquidity ratio and their business risks. Size and interest expense ratio appears to maintain a positive relation. According to the dummy variable there is a differentiation in the capital structure among the SEASCRs with a debt ratio greater than 57.39 per cent and those with a debt ratio lower than 57.39 per cent. In addition, this study also findings the differences in capital structure among SEASCRs with different types of ownership and the differences about the capital structure of seafood processing enterprises in various regions. Our findings are consistent with the Trade off theory and Pecking order theory. 

Originality/value: The findings suggest implications for SEASCRs on flexible usage of financial leverage to increasing firm value and lowering cost of capital.

Vo Van Can (2015). “Effects of economic and non-economic factors on domestic tourism demand – A general-to-specific approach”. Asean journal on Hospitality and Tourism, Volume 12, Number 2, pp 163-179.


The purpose of this paper is to investigate the effects of both economic and non-economic factors on the domestic tourist flow to Khanh Hoa province in the long run and the short run by using the general-to-specific approach. The findings reveal that weather variables have a significant effect on the tourism demand in the short run and long run. Furthermore, a positive effect from the lagged dependent variable suggests that word-of-mouth recommendation to potential tourists provides good signs in term of the Khanh Hoa tourism industry. Also, the demand for Vietnamese tourists seems to be highly sensitive to tourism costs. Therefore, a small increase in consumer prices or transportation prices will result in a strong decline in the domestic tourism demand. Knowledge of effects of these variables on the domestic tourism demand is valuable to tourism operators in Khanh Hoa province.

Aisha ismail, Nguyen Thanh Cuong, Nisar Ahmad, Rahila Hanif (2014), “Threshold-effect of leverage on firm-value: Evidence from textile sector of Pakistan”, International Journal of Multidisciplinary Consortium, Vol 1, Issue 3, 2014, pp. 1-21.


Capital structure decisions play key role in determining the performance of the companies; an appropriate mix of financing sources is required to enhance shareholder’s wealth and long term sustainability of the companies. This study investigates the threshold effects of leverage on firm-value and the optimal debt ratio for the textile sector of Pakistan. Panel- threshold regression is used to determine the optimal debt level for the period of 2007-2012, taking growth rate of operating sales, firm size and MVBV as control variables. Findings of the study indicates the existence of triple threshold-effect of leverage (Debt ratio) on firm-value (Tobin’s Q), indicating an optimal debt ratio between 29.72% -31.25%. Firm size (control variable) is negatively affecting the value whereas MVBV has positive impact on the value of firms. The findings of study suggest that the firms of Pakistan’s textile sector can maximize their value by using debt below 31.25%; the presence of optimal debt ratio is supported by trade-off theory. Moreover, the low target debt ratio of 31.25% indicates the heavily reliance of textile sector on short term loans because optimal debt ratio for short term debt is considerably low as compare to long term loans. Firms in textile sector are suggested to keep their debt ratio within target debt ratio to get the benefits of interest tax shield.

Yung-Chang Wang and Tu Mai Hoang Phi (2015). Dynamic Causality among Economic Growth, Inflation and Demand Management Policies in Vietnam. Empirical Economics Letters, A Monthly International Journal of Economics, Indexed in EconLit and included in Cabell's Directory, 14(1).

Abstract: This study explores the influences of demand management policies involving exchange rate policy, interest rate policy, monetary policy on economic growth and inflation for Vietnam not only endogenously but also exogenously. Theoretically, total production and the price level in the aggregate demand and aggregate supply model will be changed due to the shift of aggregate demand made by the endogenous impacts of these policies which are externally determined by LM-IS-BOP model as well as exogenously affected by other macroeconomic factors.

     The data in terms of gross domestic product, consumer price index, money supply, interest rate, exchange rate between VND and USD, import, export, crude oil price are quarterly collected from International Monetary Fund (IMF) from 1996.I to 2012.IV. The Augmented Dickey Fuller (ADF), Phillips and Perron (PP) and Kwiatkowski Phillips Schmidt Shin (KPSS) within The Unit root tests are employed to find all the eight variables to be non-stationary with one unit root or I(1). The number of integration equations is specified when the Johansen method is employed before the vector error correction (VEC) model is conducted.

     Results from Granger causality tests reveal that real GDP growth was bidirectionally Granger caused by money supply growth, inflation, and export growth while it was unidirectionally Granger caused by exchange rate depreciation of VND against USD andoil price growth. Results from the block exogeneity Wald tests disclose that exchange rate depreciation and the world oil price growth are relatively exogenouswhile money market rate is endogenous. These results explain that Vietnamese government did not let exchange rate to be mobilized by other factors or the government used exchange rate depreciation as one of its economic management policies to interfere the economy and that the world oil price is a factor is determined from outside of the economy, the government as well as other economic factors cannot afford to cause change in the world oil price. The finding suggests that Vietnamese government had used managed exchange rate as it demand management policy in managing the economy under the investigated time.


Đặng Thị Tâm Ngọc (2015), “Chi phí mục tiêu - Công cụ quản lý chi phí hiện đại”, Tạp chí Kế toán & Kiểm toán, Số 12 (135), tr 42-43.

Tóm tắt: Trình bày đặc điểm của chi phí mục tiêu, các bước chính trong quá trình thực hiện chi phí mục tiêu, ưu nhược điểu của chi phí mục tiêu và chi phí mục tiêu phù hợp với những mục tiêu nào.

Phan Thị Dung (2015). “Kế toán chi phí nguyên liệu trong các doanh nghiệp chế biến thủy sản ở Khánh Hòa”, Tạp chí kế toán và Kiểm toán.

Tóm tắt: Nguyên liệu trong chế biến thủy sản chiếm tỷ trọng từ 80-90% tổng chi phí sản phẩm. Hạch toán đúng và đủ chi phí nguyên vật liệu góp phần tính đúng giá thành và làm cơ sở để quản trị chi phí. Mục đích của bài viết này nhằm làm rõ phương thức hạch toán chi phí nguyên liệu trong các doanh nghiệp chế biến thủy sản. Trên cơ sở đó đề xuất các giải pháp nhằm hoàn thiện công tác.