Special Issue "Contemporary Issues in Business and Economics"

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Applied Economics and Finance".

Deadline for manuscript submissions: 31 December 2019.

Special Issue Editors

Prof. Dr. Chia-Lin Chang
E-Mail Website
Guest Editor
Department of Applied Economics and Department of Finance, National Chung Hsing University, 250 Kuo Kuang Road, Taichung 402, Taiwan
Interests: applied econometrics; financial econometrics; energy finance; time series analysis; forecasting; empirical industrial organisation; risk management
Special Issues and Collections in MDPI journals
Dr. Duc Hong Vo
E-Mail Website
Guest Editor
Business and Economics Research Group, Ho Chi Minh City Open Unviersity, 97 Vo Van Tan Street, District 3, Ho Chi Minh City 7000, Vietnam
Interests: applied financial economics; energy economics and finance; inequality; industrial organisation; risk management; fiscal federalism and economic growth

Special Issue Information

Dear Colleagues,

This Special Issue is devoted to selected papers accepted and presented at the 2019 Vietnam’s Business and Economics Research Conference (VBER2019), organised by Ho Chi Minh City Open University, in 18–20 July 2019. The Issue is associated with the broad coverage of the contemporary issues in business and economics, reflecting a key them of VBER2019—Vietnam’s Place in the Asia Pacific Region.

Contributions to the Special Issue should be theoretical and empirical studies including risk management and firms’ practice, energy economics and finance, inequality and growth, wages and job satisfaction, firms and banks performance, systemic and exchange rate risk.

Prof. Dr. Chia-Lin Chang
Dr. Duc Hong Vo
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1000 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • theoretical and applied economics
  • theoretical and applied financial econometrics
  • quantitative finance
  • financial management
  • time series analysis
  • energy economics
  • energy finance
  • agricultural economics
  • taxation and expenditure
  • minimum wage, job satisfactions and unemployment
  • firms’ practice and corporate social responsibility
  • international rankings of journals and academics
  • risk

Published Papers (7 papers)

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Research

Open AccessArticle
Corporate Financial Distress of Industry Level Listings in Vietnam
J. Risk Financial Manag. 2019, 12(4), 155; https://doi.org/10.3390/jrfm12040155 - 22 Sep 2019
Abstract
Any critical analysis of the corporate financial distress of listed firms in international exchange would be incomplete without a serious dissection at the industry level, because of the different levels of risks concerned. This paper considers the financial distress of listed firms at [...] Read more.
Any critical analysis of the corporate financial distress of listed firms in international exchange would be incomplete without a serious dissection at the industry level, because of the different levels of risks concerned. This paper considers the financial distress of listed firms at the industry level in Vietnam over the last decade. Two periods are considered, namely during the Global Financial Crisis (GFC) (2007–2009) and post-GFC (2010–2017). The logit regression technique is used to estimate alternative models based on accounting and market factors. The paper also extends the analysis to include selected macroeconomic factors that are expected to affect the corporate financial distress of listed firms at the industry level in Vietnam. The empirical findings confirm that the corporate financial distress prediction model, which includes accounting factors with macroeconomic indicators, performs much better than alternative models. In addition, the evidence confirms that the GFC had a damaging impact on each sector, with the Health & Education sector demonstrating the most impressive recovery post-GFC, and the Utilities sector recording a dramatic increase in bankruptcies post-GFC. Full article
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
Open AccessArticle
An Empirical Test of Capital Structure Theories for the Vietnamese Listed Firms
J. Risk Financial Manag. 2019, 12(3), 148; https://doi.org/10.3390/jrfm12030148 - 10 Sep 2019
Abstract
Raising capital efficiently for the operations is considered a fundamental decision for any firms. Since the 1960s, various theories on capital structure have been developed. Various empirical studies had also been conducted to examine the appropriateness of these theories in different markets. Unfortunately, [...] Read more.
Raising capital efficiently for the operations is considered a fundamental decision for any firms. Since the 1960s, various theories on capital structure have been developed. Various empirical studies had also been conducted to examine the appropriateness of these theories in different markets. Unfortunately, evidence is mixed. In the context of Vietnam, a rising powerful economy in the Asia Pacific region, this important issue has been largely ignored. This paper is conducted to provide additional evidence on this important issue. In addition, different factors affecting the capital structure decisions from the Vietnamese listed firms are examined. The Generalized Method of Moment approach is employed on the sample of 227 listed firms in Ho Chi Minh City stock exchange over the period from 2008 to 2017. Findings from this study suggest that the Vietnamese listed firms follow the trade-off theory to determine their capital structure (i.e., to determine the optimal debt level). In contrast, no evidence has been found to confirm that the pecking order theory can explain the financing decisions of the Vietnamese listed firms, as previously expected. In addition, findings from this study also indicate that ‘Fund flow deficit’ and ‘Change in sales’ are the most two important factors that affect the amount of debt issued for the Vietnamese listed firms. Implications for academics, practitioners, and the Vietnamese government have also been emerged from the findings of this paper. Full article
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
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Open AccessArticle
Modeling the Impact of Agricultural Shocks on Oil Price in the US: A New Approach
J. Risk Financial Manag. 2019, 12(3), 147; https://doi.org/10.3390/jrfm12030147 - 10 Sep 2019
Abstract
The current literature has generally considered prices of the agricultural commodity as an endogenous factor to crude oil price. As such, the role of the agricultural market in the energy sector has been largely ignored. We argue that the expansion of agricultural production [...] Read more.
The current literature has generally considered prices of the agricultural commodity as an endogenous factor to crude oil price. As such, the role of the agricultural market in the energy sector has been largely ignored. We argue that the expansion of agricultural production may trigger a significant increase in oil price. In addition, the world has recently witnessed a growth in biofuel production, leading to an increase in the size of the agricultural sector. This study is conducted to examine the impact of different agricultural shocks on the oil and agricultural markets in the US for the period from 1986 to 2018. The study utilizes the Structural Vector Autoregressive (SVAR) model to estimate the relationship between the agricultural market and the crude oil market. Moreover, the variance decomposition is also used to quantify the contribution of agricultural demand shocks on oil price variations. Findings from this paper indicate that different agricultural shocks can have different effects on oil price and that corn use in ethanol plays an important role in the impact of corn demand shocks on oil price. We find evidence that the agricultural market can have an impact on oil prices through two main channels: indirect cost push effect and direct biofuel effect. Of these, the biofuel channel unexpectedly suggests that the expansion of bioethanol may in fact foster the dependency of the economy on fossil fuel use and prices. Full article
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
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Open AccessArticle
The Impact of Urbanization on Income Inequality: A Study in Vietnam
J. Risk Financial Manag. 2019, 12(3), 146; https://doi.org/10.3390/jrfm12030146 - 10 Sep 2019
Abstract
This paper explores the impact of urbanization on income inequality in Vietnam, using the regression estimation method with panel data including Driscoll and Kraay, and Pooled Mean Group. The research data cover 63 provinces in Vietnam from 2006 to 2016. The results show [...] Read more.
This paper explores the impact of urbanization on income inequality in Vietnam, using the regression estimation method with panel data including Driscoll and Kraay, and Pooled Mean Group. The research data cover 63 provinces in Vietnam from 2006 to 2016. The results show that in the long term, urbanization has an impact on reducing income inequality. In the short term, urbanization has a negligible impact on income inequality. The hypothesis of an inverted-U-shaped relationship between urbanization and income inequality is confirmed. The high school enrollment rate and the proportion of agriculture have an effect on reducing income inequality. Full article
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
Open AccessArticle
CO2 Emissions, Energy Consumption, and Economic Growth: New Evidence in the ASEAN Countries
J. Risk Financial Manag. 2019, 12(3), 145; https://doi.org/10.3390/jrfm12030145 - 10 Sep 2019
Abstract
The members of the Association of Southeast Asian Nations (ASEAN) have made several attempts to adopt renewable energy targets given the economic, energy-related, environmental challenges faced by the governments, policy makers, and stakeholders. However, previous studies have focused limited attention on the role [...] Read more.
The members of the Association of Southeast Asian Nations (ASEAN) have made several attempts to adopt renewable energy targets given the economic, energy-related, environmental challenges faced by the governments, policy makers, and stakeholders. However, previous studies have focused limited attention on the role of renewable energy when testing the dynamic link between CO2 emissions, energy consumption and renewable energy consumption. As such, this study is conducted to test a common hypothesis regarding a long-run environmental Kuznets curve (EKC). The paper also investigates the causal link between carbon dioxide (CO2) emissions, energy consumption, renewable energy, population growth, and economic growth for countries in the region. Using various time-series econometrics approaches, our analysis covers five ASEAN members (including Indonesia, Myanmar, Malaysia, the Philippines, and Thailand) for the 1971–2014 period where required data are available. Our results reveal no long-run relationship among the variables of interest in the Philippines and Thailand, but a relationship does exist in Indonesia, Myanmar, and Malaysia. The EKC hypothesis is observed in Myanmar but not in Indonesia and Malaysia. Also, Granger causality among these important variables varies considerably across the selected countries. No Granger causality among carbon emissions, energy consumption, and renewable energy consumption is reported in Malaysia, the Philippines, and Thailand. Indonesia experiences a unidirectional causal effect from economic growth to renewable energy consumption in both short and long run and from economic growth to CO2 emissions and energy consumption. Interestingly, only Myanmar has a unidirectional effect from GDP growth, energy consumption, and population to the adoption of renewable energy. Policy implications have emerged based on the findings achieved from this study for each country in the ASEAN region. Full article
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
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Open AccessArticle
Internationalization, Strategic Slack Resources, and Firm Performance: The Case Study of Vietnamese Enterprises
J. Risk Financial Manag. 2019, 12(3), 144; https://doi.org/10.3390/jrfm12030144 - 10 Sep 2019
Abstract
The study attempted to fill a gap in the research on international business by providing fresh evidence of the effect of the degree of internationalization on firm performance and the influence of organizational slack on this relationship. By applying a fixed-effects model to [...] Read more.
The study attempted to fill a gap in the research on international business by providing fresh evidence of the effect of the degree of internationalization on firm performance and the influence of organizational slack on this relationship. By applying a fixed-effects model to data from 569,767 Vietnamese enterprises from 2007 to 2015, a significant W-shaped linkage between internationalization and firm performance was revealed. Importantly, the results also emphasized the importance of three types of slack in the first stage of the internationalization process: absorbed slack human resources, other absorbed slack resources, and unabsorbed slack resources. Full article
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
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Open AccessArticle
Fiscal Decentralisation and Economic Growth across Provinces: New Evidence from Vietnam Using a Novel Measurement and Approach
J. Risk Financial Manag. 2019, 12(3), 143; https://doi.org/10.3390/jrfm12030143 - 10 Sep 2019
Abstract
Fiscal decentralisation has attracted great attention from governments, practitioners, and international institutions with the aims of enhancing economic growth in the last 5 decades. However, satisfactorily measuring the degree of fiscal decentralisation across countries has appeared to be problematic. In addition, the link [...] Read more.
Fiscal decentralisation has attracted great attention from governments, practitioners, and international institutions with the aims of enhancing economic growth in the last 5 decades. However, satisfactorily measuring the degree of fiscal decentralisation across countries has appeared to be problematic. In addition, the link between fiscal decentralisation and economic growth across provinces has largely been ignored, in particular for emerging markets such as Vietnam. As such, this study is conducted to determine the extent of fiscal decentralisation and to assess its impact on economic growth based on data from all 63 provinces of Vietnam in the period after the 2008 financial crisis. Instead of using traditional measures of fiscal decentralisation, the study uses the Fiscal Decentralisation Index (FDI) together with the two most important and inseparable components of the index, those being (i) the Fiscal Importance (FI) and (ii) the Fiscal Autonomy (FA). The Difference Generalised Method of Moments (DGMM) is utilised to correct for the potential problem of endogeneity between fiscal decentralisation and economic growth. Results show that the two indicators (FI and FDI) have a negative impact while FA has a positive impact on economic growth across provinces. On the ground of these empirical findings, implications for specific policies have emerged for Vietnam and other emerging markets on the extent of fiscal decentralisation, and its major determinants, which positively support economic growth in the future. Full article
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
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