The Impact of Working Capital Management on the Performance of Manufacturing Firms: Empirical Evidence from Vietnam Original Research Article Country Vietnam
Pages 01-09
Thi Hoai Tho Truong || Thi Van Thanh Nguyen || Le Quynh Anh Nguyen || Thi My Tam Nguyen || Minh Thu Thao Phan || Ngoc Huyen Trang Tran || Bao Yen Nguyen
This study evaluates the impact of working capital management (WCM) on the return on assets (ROA) of 154 listed manufacturing firms in Vietnam during the 2019–2024 period. By employing the System Generalized Method of Moments (System GMM) estimator to robustly address endogeneity issues, the results indicate that the cash conversion cycle and the average collection period negatively impact ROA, whereas the average payment period exerts a positive effect. The inventory conversion period is found to be statistically insignificant. The novelty of this research lies in the independent disaggregation of individual WCM components and the application of SGMM within the volatile post-COVID-19 macroeconomic environment. These findings provide an empirical basis for managers to optimize capital strategies and simultaneously enhance corporate competitiveness.
The Impact of Pop Mart’s Blind Box Marketing Strategy on Chinese Consumers Psychology and Behavior Original Research Article Country Thailand
This study explores the impact of Pop Mart’s blind box marketing strategy on Chinese consumers' psychology and behavior, focusing on the role of anticipated emotion as a mediator between various marketing stimuli and impulse buying behavior. The research integrates several key factors, including hedonic shopping value, product novelty, limited edition perception, and social media influence, examining how these elements trigger emotional arousal that drives impulsive purchase decisions. The study uses a quantitative research approach, employing structural equation modeling to test the relationships among these variables. Results show that hedonic shopping value, perceived scarcity, novelty, and social media influence all positively affect anticipated emotion, which in turn significantly increases impulse buying behavior. The study provides valuable insights for marketers on how to structure blind box campaigns that effectively engage consumers by leveraging emotional anticipation and reinforcing consumer behavior through social proof and novelty. These findings contribute to the broader understanding of emotional dynamics in experiential marketing, offering a clearer view of how emotions mediate consumer decisions in the context of novelty-based retail experiences.
Factors Driving Green Logistics Adoption Intention Among Smes in an Emerging Economy: an Extended Technology-Organization-Environment (Toe) Framework. Original Research Article Country Vietnam
This study investigates the determinants of green logistics adoption intentions among small and medium
enterprises (SMEs) in Vietnam by extending the traditional Technology-Organization-Environment (TOE) framework.
While conventional models often assume a deterministic path, this research introduces Perceived Economic and
Environmental Usefulness (PEEU) as a vital cognitive mediator to explain how contextual pressures are translated into
strategic intentions. Data were collected via a survey of SME decision-makers in Vietnam and analyzed using Partial Least
Squares Structural Equation Modeling (PLS-SEM) through SmartPLS 4. The empirical results robustly validate all eight
hypothesized relationships, accounting for 31.7% of the variance in Perceived Economic and Environmental Usefulness
(PEEU) and 36.0% of the variance in Green Logistics Adoption Intention (GLAI). Technological readiness, top
management commitment, and stakeholder pressure exert significant direct positive effects on both PEEU and GLAI.
Crucially, mediation analysis confirms that PEEU acts as a robust partial mediator across all three dimensions,
demonstrating that contextual factors achieve maximum efficacy when filtered through a positive managerial evaluation
of dual economic-ecological utility. These findings enrich the green supply chain literature by shifting the analytical
boundary toward a cognitive-contextual integration within transition economies. Practically, the study provides a
strategic blueprint for SME owners to leverage green logistics for sustainable competitive advantage, while offering
actionable insights for policymakers to design market-based incentives that enhance the perceived economic viability of
eco-innovations, thereby converting mandatory compliance into proactive corporate adoption.
Credit Risk, Capital Adequacy, Institutional Quality, and Bank Profitability: Evidence from Vietnamese Joint-Stock Commercial Banks Original Research Article Country Vietnam
Pages 35-43
Nguyen Thi Thanh Tam || Tran Ngoc Nhu Y || Le Thi Kieu Vy || Nguyen Ngoc Bao Vy || Cao Thi Yen || Nguyen Ngoc Kieu Duyen
This article aims to identify and analyze the factors influencing the profitability of Vietnamese joint-stock commercial banks in the context of deepening financial integration and digital transformation. Data were collected from 28 joint-stock commercial banks over the 2018–2023 period. The study employs quantitative models to identify the true pillars of the system's profit. The model includes the following independent variables: Expected Credit Loss (ECL); Total Assets (TA); Bad Debt (BD); Non-Performing Loan ratio (NPLs); Capital Adequacy Ratio (CAR); Loan-to-Deposit Ratio (LDR); Loan Growth (LG); Bank Size (SIZE) and Institutional Quality (INS). The results indicate that the capital adequacy ratio, bank size, loan-to-deposit ratio, institutional quality, and expected credit loss have positive impacts, while the non-performing loan ratio has a negative impact on the Return on Assets (ROA); the remaining factors do not have a significant impact.
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