Determination of Corporate Credit Ratings: Vietnamese Evidence

The global economies have been experiencing a process of rapid financial integration and globalization since the 1980s. Consequently, individual economies are increasingly under the influences of a wide range of factors at home and abroad, which generate not only more opportunities for trade and investment but also more risks for domestic firms. The twentieth century witnessed numerous, and in many cases, spectacular corporate default and insolvency cases in both the developed and emerging economies. The credit rating agencies have been playing an increasingly important role in the risk monitoring and risk management system, but recently, they were under criticism for failures in various aspects. In the case of Vietnam, the transformation into an open economy since the 1990s has enhanced the development of the credit market and the commercial banking system. Credit-related activities are one of the most profitable and fastest-growing areas, but such activities face a rising level of challenges due to the increasingly open and competitive business and economic environment. Consequently, Vietnamese commercial banks invest an enormous amount of financial resources in improving credit quality measurement and risk management procedures. Although the State Bank of Vietnam, since 2002, has developed the Credit Information Centre (CIC) providing corporate credit ratings and financial information to support banking systems and other enterprise investors, the rating procedures of both Vietnamese commercial banks and the CIC are still at the early developmental stage. Moreover, there is little practical research concerning how and to what extent the corporate credit ratings of Vietnamese firms are affected by corporate, market, and macroeconomic conditions. Despite reservations about the quality of the credit ratings, the ratings by the CIC and the commercial banks in Vietnam are the only comprehensive measures of corporate credit ratings in Vietnam. Keeping this caveat in mind, the primary purpose of this study is to examine the impact that various organizational, financial, and macroeconomic variables have on credit ratings for Vietnamese corporations. By working closely with the CIC, a comprehensive dataset is constructed that contains the credit ratings for 500 Vietnamese firms and a wide range of potential determinants of corporate credit ratings over four years from 2011 to 2014. Considering the potential limitations in the dataset and given the general lack of relevant research in the Vietnamese context, a triangulation approach to the determination of credit ratings of Vietnamese firms is undertaken. The main task is to identify the main determinants of corporate credit ratings and estimate their impacts. The specification of the model is based on a comprehensive review of relevant literature and considers the credit rating determinants in four aspects, including firm-specific financial ratios, macroeconomic factors, earnings management practice, and capital structure. Following a series of tests, the model is estimated using GMM for an Arellano-Bond dynamic panel (or GMM-IV) model. The GMM-IV model is further complemented by other models that focus on how earnings management affects the impacts of financial ratios on credit ratings using the ordered-probit model and how macroeconomic and firm-specific factors determine credit rating transition into a financial distress status using the Cox hazard model. The key findings confirm the significance of a wide range of financial ratios for the determination of corporate credit ratings. However, the current financial ratios are limited for identifying those firms that are in financial distress, and various macroeconomic variables are additionally useful for examining the deterioration in corporate financial status. Earnings management practices break the link between key financial ratios and credit ratings and thus makes credit rating baseless. The research has contributed to the academic literature and rating practice in Vietnam. It provides a close analysis of several determinants that have significant impacts on Vietnamese corporations’ credit ratings but have not been explicitly explored in the rating process of the CIC. The research also proposes to Vietnamese commercial banks enhanced procedures for improving their credit analysis which is currently mainly based on qualitative methods

ON THE STATE-OPTIMIZATION APPROACH TO SYSTEM PROBLEMS: OPENED LOOP THINKING SOLUTIONS

State-optimization approach has been proposed to treating various different system problems in optimal projection equations (OPEQ). While the OPEQ for problems of open-loop thinking is found consisting of two modified Lyapunov equations, excepting the rank conditions whereas required in system identification and its related robust problems, the one for closed-loop thinking consists of two modified either Reccatti or Lyapunov equations, excepting conditions for compensating system happened to be in a problem like that of order reduction for controller. Apart from addditonally constrained-conditions and simplicity in the solution form have been obtainable for each problem, it has been found the system identification problem switching over to computing the solution of OPEQ and the physical nature of medeled states possibly retaining in optimal order reduction problem

ON THE STATE-OPTIMIZATION APPROACH TO SYSTEM PROBLEMS: CLOSED-LOOP THINKING SOLUTIONS

State-optimization approach has been proposed to treating various different system problems in optimal projection equations (OPEQ). While the OPEQ for problems of open-loop thinking is found consisting of two modified Lyapunov equations, excepting the rank conditions whereas required in system identification and its related robust problems, the one for closed-loop thinking consists of two modified either Reccatti or Lyapunov equations, excepting conditions for compensating system happened to be in a problem like that of order reduction for controller. Apart from addditonally constrained-conditions and simplicity in the solution form have been obtainable for each problem, it has been found the system identification problem switching over to computing the solution of OPEQ and the physical nature of medeled states possibly retaining in optimal order reduction problem

The Relation Between Peer Victimization and Changes in Trauma Symptoms in Adolescents

Peer victimization has been shown to negatively impact youth functioning and may be especially damaging during adolescence, given the increased importance of peers. However, there is a dearth of longitudinal research examining trauma symptomatology as an outcome of peer victimization with low-income, ethnic minority adolescents. The present study investigated this relation in a predominantly African American sample of 684 students assessed at five time points between the fall of their sixth grade and seventh grade school years. Growth mixture models grouped participants with similar victimization trajectories, and latent growth models related growth trajectories of physical and relational victimization to changes in trauma symptoms. Although initial levels of victimization were unrelated to changes in trauma symptoms over time, increasing victimization was associated with increasing trauma symptoms. These findings provide insight into the relation between peer victimization and trauma in an underserved sample of adolescents, with important implications for prevention efforts

Acquisition of request modifiers in Vietnamese as a second language

This study examines the acquisition of request modifiers by learners of L2 Vietnamese, with a view to expanding the range of target languages under inquiry and contributing to the field of L2 pragmatics acquisition. Data were collected from nine Vietnamese native speakers and 18 learners from various language backgrounds, using open role-plays in six scenarios with differing social power and imposition levels. An analysis was made of the learners' use of request modifiers in relation to their proficiency levels in Vietnamese and their lengths of residency in the target language environment. Findings supported claims in the literature that learning pragmatics is particularly challenging for low-proficiency learners, and provided some evidence of pragmatic development in the case of highproficiency learners who had stayed in the target language culture for an extended period

AN INVESTIGATION INTO QUANG TRI PRIMARY SCHOOL ENGLISH LANGUAGE TEACHER’S PERSPECTIVE OF ICT INTEGRATION DURING THE COVID-19 PANDEMIC

With the transition from face-to-face classes to online classes during Covid-19 epidemic, teachers in Quang Tri have no choice but to integrate ICT into their teaching. At this time ICT has become the most essential tool in educational settings and the subject of many researchers. This study aims to investigate how English teachers perceived ICT integration in terms of the benefits, difficulties as well as challenges of incorporating ICT. The study adopted both quantitative and qualitative methods of data collection, i.e., questionnaires and interviews. The findings revealed that the majority of English teachers had a positive perception of integrating ICT due to its effectiveness. However, it was also reported that lack of technical support from schools, and limited knowledge and training in ICT discouraged teachers from using ICT. The study offers useful implications for teachers to integrate ICT in teaching English during the pandemic time.  Article visualizations

BUILDING TEAM OF EMPLOYEES OF ETHNIC MINORITIES IN THE MOUNTAIN DISTRICTS OF THANH HOA TODAY

During the development period, training and human resource development in general, building a contingent of ethnic minority cadres in particular in mountainous districts has been identified by the Party and State as a special feature. enmity in the overall policy towards ethnic regions. The article, based on clarifying the position, role and current problems in building a contingent of ethnic minority cadres in mountainous districts of Thanh Hoa province, has proposed some solutions. improve the quality of building a contingent of ethnic minority cadres in the mountainous districts of Thanh Hoa

Cyberbullying among adolescents: Measures in search of a construct

Objective: This review focuses on the literature on cyberbullying among adolescents. Currently, there is no unified theoretical framework to move the field of cyberbullying forward. Due to some unique features of cyberbullying, researchers have generally assumed that it is distinct from aggression perpetrated in person. Many measures of cyberbullying have been developed based on this assumption rather than to test competing models and inform a theoretical framework for cyberbullying. Approach: We review current theory and research on cyberbullying within the context of the broader literature on aggression to explore the usefulness of the assumption that cyberbullying represents a distinct form of aggression. Associations between cyberbullying and general forms of aggression and psychosocial predictors of cyberbullying are discussed. Conclusions: Based on the empirical research, we suggest that the media through which aggression is perpetrated may be best conceptualized as a new dimension on which aggression can be classified, rather than cyberbullying as a distinct counterpart to existing forms of aggression. Research on cyberbullying should be considered within the context of theoretical and empirical knowledge of aggression in adolescence. Using this approach will create a theoretical framework for understanding cyberbullying, focus future research, and guide prevention efforts

FACTORS ASSOCIATED WITH HEPATITIS B AND C CO-INFECTION AMONG PEOPLE LIVING WITH HUMAN IMMUNODEFICIENCY VIRUS IN VIETNAM

Background: Human immunodeficiency virus (HIV), hepatitis B virus (HBV) and hepatitis C virus (HCV) are the leading causes of death from infectious diseases. Because of sharing same transmission routes, the co-infection of HIV with HBV or HCV is common. And the co-infections make HIV infected persons have higher morbidity and mortality than those who infected only with HIV. This study aims to investigate factors that may have influence on the co-infections of HBV or HCV among HIV positive individuals. Objective: The goals of this study were to identify factors associated with the co-infection of HBV or HCV among people living with HIV. Methods: Quantitative research method was applied in this study to examine factors associated with HBV or HCV co-infection among HIV infected people. A total of 250 HIV infected individuals in Khanh Hoa province, Vietnam were the sample of this study. It employed the Social Ecological Model (SEM) as a theoretical perspective that focused on multiple levels of factors. Descriptive statistic was used to describe the general characteristics of the respondents. And Binary logistic regression was carried out to measure the influence of factors on the co-infection. Results: The multivariate analysis of this study showed that HIV-HBV co-infection was associated significantly with residents of Nha Trang (OR= 7.179). Regarding HIV-HCV co-infection, being men (OR= 7.617), unemployed (OR= 4.013), a resident of Nha Trang (OR=10.894) and an injecting drug user (OR= 16.688) were risk factors of the co-infection. Conclusions: This study recommended that intervention strategies to prevent HIV-positive individuals from co-infection with either HBV or HCV should focuses on altering individuals’ risk behaviors and their socio-economic environments. Also, specific preventing programs should be implemented and focus on unemployed populations, injecting drug users, men in general, as well as people living in particular areas, especially cities having a large number of people living with HIV