https://jiem.ftu.edu.vn/index.php/jiem en-US jiem@ftu.edu.vn (Journal of International Economics and Management) jiem@ftu.edu.vn (Journal of International Economics and Management) Wed, 31 Jul 2024 03:20:25 +0000 OJS 3.2.1.1 http://blogs.law.harvard.edu/tech/rss 60 https://jiem.ftu.edu.vn/index.php/jiem/article/view/403 This paper aims to examine the complex relationship between digital financial inclusion, monetary policy transmission, and economic development in 18 Sub-Saharan African countries from 2004 to 2021. The study utilizes panel data and employs a digital financial inclusion index, broad money growth, and real gross domestic product per capita as proxies for digital financial inclusion, monetary policy transmission, and economic development, respectively. The panel autoregressive distributed lag model results uncover a bi-directional causality between economic development and digital financial inclusion, emphasizing the pivotal role of digital financial inclusion in fostering economic development. Additionally, another bi-directional causality between digital financial inclusion and monetary policy transmission highlights their interdependence. Unidirectional causality from monetary policy transmission to economic development is also established. This study emphasizes the crucial role of robust measures in enhancing digital financial inclusion to avert adverse consequences, offers nuanced insights into policy dynamics, particularly regarding inflation mitigation, and enhances monetary policy effectiveness. These findings underscore the importance of policy reform, legislation, and regulatory improvements to promote digital financial inclusion by Sub-Saharan African central banks. Strengthening rural financial infrastructure is crucial for driving digital financial inclusion, sustainable economic development, and reducing regional inequalities. Ntebogang Esely, Lovemore Taonezvi Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/403 Wed, 31 Jul 2024 00:00:00 +0000 https://jiem.ftu.edu.vn/index.php/jiem/article/view/390 The impact of tourism on exchange rates, and vice versa, varies from country to country. This study empirically explores the causal relationship between exchange rates and international tourism in Vietnam. To examine this relationship, data on real exchange rates, foreign tourist arrivals, and real tourism revenue were extracted from the general statistical yearbook from 2000 to 2019. This paper explicitly highlights how exchange rates impact tourism under a government-controlled exchange rate regime. The results indicate a weak unidirectional causal relationship between foreign tourist arrival and real exchange rates. An increase in the real exchange rate increases short-term income but has a negative impact on long-term tourism revenue, while an increase in real tourism revenue reduces the real exchange rate in the short run but is stable in the long run. The research supports the perspective that maintaining a stable exchange rate attracts international tourists in the long term. Based on these findings, the Vietnamese government should adopt a cautious approach to price stabilization policies and encourage export-oriented industries to attract international tourists and promote tourism. Le Nu Minh Phuong, Tran Doan Thanh Thanh Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/390 Wed, 31 Jul 2024 00:00:00 +0000 https://jiem.ftu.edu.vn/index.php/jiem/article/view/328 The debate on the impact of state ownership on firm performance has drawn considerable interest from both scholars and professionals in the field of corporate finance. However, prior research has primarily focused on listed firms, whose characteristics differ from those of small- and medium-sized enterprises (SMEs). Hence, this paper investigates how state ownership influences SMEs’ performance. The sample includes 5,092 firm-years from over 2,000 SMEs with state ownership in Vietnam from 2013 to 2019. The model was estimated using three regression methods, including fixed effects, random effects, and pooled ordinary least squares. The results show that state ownership is positively associated with SMEs’ performance. This finding implies that state ownership creates competitive advantages for SMEs rather than reducing their performance. Therefore, policymakers should consider the advantages and disadvantages of privatizing state-owned SMEs or reducing state ownership in these enterprises. Moreover, investors should divert their capital to state-owned SMEs and increase their value. Thi Mai Nguyen, Quoc Trung Tran, Tran Sy Nguyen, Thi Huong Dao, Quang Tam Nguyen Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/328 Wed, 31 Jul 2024 00:00:00 +0000 https://jiem.ftu.edu.vn/index.php/jiem/article/view/353 The study examines the impact of financial distress on earnings management for Vietnamese non-financial companies. The System Generalized Method of Moments was employed to estimate a dynamic panel data model. Data were collected from non-financial companies listed on the Ho Chi Minh Stock Exchange from 2011 to 2020. The results show that financial distress has a positive impact on earnings management. Specifically, enterprises with good financial health and low risk of bankruptcy tend to make upward profit adjustments, while financially distressed enterprises tend to make downward profit adjustments. This may be due to the supervisory pressure of auditors and creditors, which makes the most affected enterprises no longer have the opportunity to undertake profit manipulation. At the same time, a company with high operating performance tends to maintain profit growth to impress investors in the market. The study results warn policymakers, enterprises, and investors when even financially sound enterprises are incentivized to undertake earnings management. This paper provides additional evidence that financial distress is positively associated with earnings management, which contradicts the findings of some prior studies. Nguyen Viet Dzung, Hoang Thi Ngoc, Mai Truong Khanh Linh, Nguyen Van Cuong Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/353 Wed, 31 Jul 2024 00:00:00 +0000 https://jiem.ftu.edu.vn/index.php/jiem/article/view/399 This study investigates the relationship between knowledge sharing and high-performance work systems (HPWS) using the ability, motivation, and opportunity (AMO) framework. It is presumed that AMO-enhancing practices encourage knowledge sharing among staff members. Additionally, this research focuses on the impact of knowledge sharing on employee performance. The data were obtained from 260 employees and 79 line managers in 26 private Vietnamese companies. Exploratory and confirmatory factor analyses were conducted to verify the data, and structural equation modeling was used to evaluate the hypotheses. The results show that the HPWS is positively related to knowledge sharing. Opportunity-enhancing practices have the greatest impact on employees’ knowledge sharing, whereas motivation-enhancing practices have the least effect. These findings provide a strong basis for improving employee performance by stimulating knowledge sharing among organizational employees. This study also contributes to the literature by employing knowledge sharing to explore the connection between HPWS and employee performance in the private sector. Duong Thi Hoai Nhung, Le Thai Phong, Le Ba Phong, Benedicta Lusk Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/399 Wed, 31 Jul 2024 00:00:00 +0000 https://jiem.ftu.edu.vn/index.php/jiem/article/view/323 This study examines the correlations between brand personality, identity, perceived quality, and loyalty, as well as the moderating effect of age. The paper uses structural equation modeling and survey methodologies to present the findings. The data were collected from 228 Vietnamese respondents for the primary analysis. The research results show that brand personality, identification, and perceived quality positively affect brand loyalty. Age also negatively moderates the relationship between brand personality and brand loyalty, and positively moderates the relationship between perceived quality and brand loyalty; however, it does not moderate brand identification-loyalty connections. Additionally, brand loyalty is influenced by brand personality, identification, and perceived quality. Age moderates these relationships. The findings on the moderating effects of age are pioneering academically, especially in Vietnam. This study offers practical recommendations to address branding and marketing issues in business management. Based on moderating effects, managers and businesspeople can create marketing and branding campaigns that target the right age groups for each antecedent. Manh Phan Dinh, Le Tran Thi Huynh Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/323 Wed, 31 Jul 2024 00:00:00 +0000 https://jiem.ftu.edu.vn/index.php/jiem/article/view/385 The role of women has been increasingly affirmed as gender equality has become the norm, particularly when it comes to how firms should be managed. In addition, education instills knowledge that could change managerial perspectives, thus affecting the ways they manage firms. This study uses a dataset covering 617 non-financial firms listed on the Vietnamese stock market from 2010 to 2021 to examine the impact of managerial gender and education on firm performance, measured in accounting- and market-based values. The System Generalized Method of Moments was employed to address endogeneity and other defects normally associated with panel data. The results reveal that having female chief executive officers (CEOs) positively affects firms. Additionally, a CEO’s educational background positively affects both accounting- and market-based measures. The study provides new evidence of the positive effects of female CEOs and highly educated CEOs on firm performance compared with some extant studies in Vietnam. Based on the research findings, relevant suggestions are proposed regarding the welcoming features of CEOs in managing firms in Vietnam. Liem Nguyen, Diem Vo, Hien Pham, Van Nguyen, Yen Than, Ha Le Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/385 Wed, 31 Jul 2024 00:00:00 +0000 https://jiem.ftu.edu.vn/index.php/jiem/article/view/298 During the COVID-19 pandemic, countries have faced various economic repercussions, including high inflation rates. By employing the autoregressive distributed lag approach and autoregressive distributed lag bounds test, this study aims to estimate the impact of macroeconomic factors and the factors related to COVID-19 on inflation in Vietnam from 2020 to 2022. The results show that both in the short and long term, factors such as FDI, short-term interbank interest rates, oil price index, real exchange rate, and import prices increase the inflation rate. By contrast, freight and carriage reduce inflation. Although the industrial production index has a negative impact in the short run, this impact is insignificant in the long term. The number of deaths, on the other hand, only has a positive impact on inflation in the long run. The findings of this study provide a foundation for future research seeking to expand the scope of factors influencing inflation. Additionally, this paper proposes recommendations to control inflation in Vietnam in the context of resuming economic activities after the pandemic. Mai Thu Hien, Le Thuy Linh Copyright (c) 2024 Journal of International Economics and Management https://creativecommons.org/licenses/by-nc/4.0 https://jiem.ftu.edu.vn/index.php/jiem/article/view/298 Wed, 31 Jul 2024 00:00:00 +0000