• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2007.11a
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• pp.482-487
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• 2007

As the importance of logistics is increasing, Enterprises design the supply chain(SC) network to minimize the total costs considering inventory holding cost, transportation cost and apply the efficient strategies of supply chain based on SC network Calculating the logistics costs without reflecting the logistics components like the packaging cost, transportation related cost, storage cost, loading & unloading cost, and distribution costs, the companies should have many limitation to calculate the logistics cost of real enterprise and install the SC network reducing them. Therefore, this research is aimed at establishing SC strategies which can be an efficient alternative for a decision making on supply chain, based on existing reference and current logistics networks of 'L' company in Korea and analyzing interaction effects between strategies and influence on logistics cost by these strategies. As the method of analysis, we analyze the interaction effects between strategies as well as install the optimal SC network reflecting concrete logistics components from the viewpoint of total logistics costs. we expect that analysis method of this paper would be applied various industries and used the efficient tools for the decision mating by planing and execution of the logistics budget from enterprises.

• Korean Management Science Review
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• v.25 no.2
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• pp.89-109
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• 2008

As the importance of logistics is increasing, Enterprises try to design the supply chain(SC) network to minimize the total costs considering inventory holding cost, transportation cost and apply the efficient strategies of supply chain based on SC network. Despite of this efforts, Calculating the logistics costs without reflecting the real components of logistics like the packaging cost, transportation related cost, storage cost, loading & unloading cost, and distribution costs, the companies has many limitation to calculate the logistics cost of real enterprise. For overcoming such problem, this paper is aimed at establishing SC strategies which can be an efficient alternative for a decision making on supply chain, based on existing reference and current logistics networks of 'L' company in Korea. Also, we analyze the interaction effects between strategies as well as install the optimal SC network reflecting concrete logistics components from the viewpoint of total logistics costs using the simulation and statistic methods. we expect that analysis results of this paper would be applied various industries and be utilized to the efficient tools for the decision making by planing and execution of the logistics budget from enterprises.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.253-263
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• 2020

This study aims to analyze of existing concepts of female entrepreneurship, evaluation of women's entrepreneurship in Kazakhstan and development of recommendations for its development in the country. This paper begins by reviewing research on female entrepreneurship. In this research, authors proposed the methodological tools based on systematic approach using economic and statistic methods and 5Ms concept. Analysis algorithm consists of four stages: evaluation of women entrepreneurship scale and business directions, analysis of employment in women's enterprises and business environment in Kazakhstan. The main limitation of this study was the lack of some gender-related indicators on the development of entrepreneurship. Further, the obtained results showed strong and weak points of female entrepreneurship in Kazakhstan. According to the results, there has observed increase in contribution of women in social-economic development of the republic, women's entrepreneurial activity is increasing, and the number of enterprises headed by them is growing. However, the growth of female entrepreneurship occurs while maintaining their insignificance in terms of turnover and number of employees. There is a pronounced industry specificity of female entrepreneurship: the service sector. In accordance with this, there were identified priority areas and there were developed recommendations for the development of female entrepreneurship in Kazakhstan.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.289-294
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• 2020

The study of environmental pollution plays an important role in controlling emissions in the production activities of FDI enterprises as well as export goods. Vietnam is a country with a large proportion of FDI contribution and high export value. Therefore, there should be studies to assess the actual effects of FDI and the openness of the economy (trade) on the environment. Therefore, the authors conduct research on the role of FDI and trade on environmental quality in Vietnam. With data collected from 1990 to 2018 (from the period of Vietnam's economy opening up) through the ARDL (Autoregressive Distributed Lag) model, the results show that FDI has a positive impact on CO2 emissions in the short term but has no impact on the long-term (In this study, CO2 is considered to represent environmental quality). The trade has a positive impact on CO2 emissions in both the short term and long term. The results of the study show the actual shortcomings of FDI as well as production activities in the export enterprises in Vietnam. From the results of this research, the author also provides the causes and remedies to control of CO2 emissions from two activities of foreign direct investment and trade.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.137-148
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• 2020

The purpose of this study is to investigate factors influencing risk assessment of material misstatement in Vietnamese enterprises listed on stock market. Expert interview method was conducted to discover the scales for three variables including information system, trademark, and risk assessment of material misstatement. Survey method was used to examine the impacts of eight factors on risk assessment of material misstatement. Data is collected from 317 auditors who have excellent experience in auditing financial statements of companies listed on stock market. Then, data is processed by descriptive statistics, reliability analysis, factor extracted analysis, correlative regression analysis, and analysis variance of residual change. The research findings showed that business characteristic, stakeholder pressure, and economic environment have positive relationships with risk assessment of material misstatement. Three variables including operation control and monitor, control environment, and information system negatively affect to risk assessment. Specially, business characteristic and information system, which are elements in internal control, have strongest impact on risk assessment. One the other hand, assessment of internal control plays an important role not only in the audit plan stage but also throughout the stages of the audit implementation and ending. Therefore, appropriate solutions are proposed to carry out all audit stages.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.47-58
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• 2020

The research aims to investigate the determinants of the financial performance of 1343 Vietnamese companies categorized into six different industries listed on the Vietnamese Stock Exchange over a four-year period from 2014 to 2017 using STATA software. Those determinants include firm size, liquidity, solvency, financial leverage, and financial adequacy while the financial performance is evaluated by three different ratios: return on assets (ROA), return on equity (ROE), and return on sales (ROS). The research results from these companies during the given period indicate that: (1) Firm size has a positive impact on both ROA and ROS, especially ROA but it has the opposite effect on ROE, (2) Adequacy ratio impacts positively on ROA and ROS but negatively on ROE, (3) Financial leverage considerably negative influences on ROE and ROS but positively impacts on ROA, (4) Liquidity has a positive effect on both ROA and ROE but a negative one on ROS and (5) Solvency has a positive impact on ROA and ROS but the negative impact on ROE. Furthermore, agriculture accounted for the highest percentage of profitability at the beginning, which was replaced by service for ROA but manufacture for ROE from 2016 to 2017 as opposed to the least in transportation.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.2
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• pp.73-79
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• 2018

The purpose of this study is to explore how small and medium enterprises in India has identified the opportunities and challenges in adopting the Web 3.0 technologies to improve their productivity and efficiency. After an in-depth literature review, researchers framed a semi-structured questionnaire with open-ended questions for collecting responses from managers working in 40 Indian SME's representing five key economic sectors. The collected data was analyzed, and themes were encoded using the NVivo 11 computer-assisted qualitative data analysis software. Content analysis was used to analyze the data collected with the semi-structured interviews. This study identified five key themes and 12 subthemes illustrating the key advantages and challenges as perceived by the managerial leadership of SMEs. The five key themes identified in this study include integration of data and services, the creation of new functionalities, privacy and security, financial and technological challenges, and organizational challenges. The results of this study will benefit the organizational leadership of SMEs in planning and developing their short-term and long-term information systems strategies and will enable SME leaders to make optimal use of their information technology assets, improving the productivity and competitiveness of the firms. Web 3.0 technologies are considered as emerging technologies, so the advantages and challenges of using these technologies for SMEs have not been explored in the context of emerging economies, such as India.

• International Journal of Advanced Culture Technology
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• v.8 no.3
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• pp.1-9
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• 2020

According to the 2012 social blue book released by the Chinese Academy of Social Sciences, China's urban population reached 50% in 2011. With the migration from marriage and new household registration, many urban collective assets have been formed in cities. Due to the unclear property rights and the emptiness of the main body, the distribution of collective assets mostly depends on the village cadres. The central government is preparing relevant laws and regulations to fill this legal gap, while the scheme of restructuring is decided by the villagers' vote, the local government coordinate the land acquisition and management. With the process of urbanization, a large number of second-generation of demolition studied abroad, which has attracted worldwide attention. In addition to the huge amount of compensation, due to the continuous rising of the land price, the value of the collective property and enterprises on the land also keep rising, the management agency of these assets is named village economic cooperative. This paper seeks to analyze the current status and future direction of these wealthy organizations, propose solutions to some existing problems.

• The Journal of Asian Finance, Economics and Business
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• v.4 no.4
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• pp.67-77
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• 2017

The purpose of this research is to explore the factors affecting on Supply chain (SC). In fact, the collaborative supply chain (CSC) concept in Vietnam is quite new. Apart from obvious differences of doing business between Western versus and most of developing countries such as Vietnam, the literature suggests that collaboration in the supply chain (SC) of the furniture industry are quite low. The primary reason for such low adoption rates is low awareness of enterprises. In order to achieve the purpose of this study, a literature survey related to SC, CSC was carried out, and an empirical analysis was conducted among 276 manufacturers in this industry with the results analyzed. Using Cronbach's alpha analysis, Explore Factor Analysis (EFA) and Regression Analysis (RA) with primary data collected 276 valid samples from 393 samples in Vietnam, this paper explores and confirms that there are existed six basic factors affecting the collaboration in supply chain including: (i) Trust; (ii) Power; (iii) Maturity; (iv) Strategy; (v) Culture; and (vi) Frequency. Results of the research show strong evidences for policy makers and enterprises for management the supply chain collaboration in furniture industry as well as its contribution to literature review of supply chain management.