Welfare consequences of inconsistent monetary policy implementation in Vietnam

We develop a New Keynesian model featuring Calvo price setting and Calvo wage setting to quantify the welfare consequences of shifting trend inflation in Vietnam. To capture the characteristics of the Vietnamese economy, we use the Simulated Method of Moment and calibrate parameters jointly to match the important selected moments of Vietnamese data. The results show a severe consequence of a constant positive trend inflation and an exogenous shock to trend inflation, especially when a central bank sets a high level of inflation target. Among staggered price and wage contracts, the latter play a vital role in transmitting the adverse impacts of constant and shifting trend inflation into the economy. Based on our analyses, raising inflation targets would seem to be a bad policy prescription in Vietnam

Effects of R&D, networking and leadership roles on environmental innovation adoption in Vietnam’s SMEs

Although small and medium-sized enterprises (SMEs) constitute a majority of firms, they still have little knowledge about environmental issues and generally encounter difficulties when integrating environmental aspects into their activities. Similar arguments are also highlighted by Ha et al. in the case of Vietnam. This paper, therefore, builds a guideline for promoting SMEs’ organisational environmental innovation adoption based on Environmental Standard Certification (ESC) by investigating the effects of R&D, networking, and leadership roles in Vietnam. By using SME survey data in Vietnam from 2011 to 2015, the empirical results show that R&D spending and organisational capabilities proxied by already owning ESC are positively associated with green innovation implementation. We also find that either collaboration with different partners, including competitors, banks, and public agents or communication networks, affects firms’ decisions on green innovations. The demographic characteristics of managers such as gender, educational level, and knowledge about the environmental laws play determining roles in these decisions. Finally, we advanced the literature by indicating the moderating effects of men in leadership roles and leaders with better related knowledge on the impacts of firms’ internal resources (R&D) and firms’ international orientation (export)

Effects of bribery on natural resource efficiency in Vietnam: moderating effects of market competition and credit constraints

This article uses small and medium-sized enterprises’ (SMEs) survey data in Vietnam from 2007 to 2015 to examine the effects of bribery on the natural resource efficiency of firms facing credit constraints and market competition. We also employ the disaggregated resource intensity by water, fuel, and electricity. Creditconstrained firms are broken down into those who have had formal loan applications denied (credit rationed) and those who do not apply for formal loans due to either the process being too difficult or the interest rate being too high (discouraged borrowers). Applying instrumental variable method to take into account the endogeneity problem, the empirical results provide evidence to support the ‘sanding-the-wheels of resource efficiency’ hypothesis. Among the three natural resources, inefficiency is most evident in water consumption. Furthermore, the effects become more sizable for micro-sized and informally registered firms since they have a lower bargaining power vis-a-vis public officials. Credit constraints and market competition pressure can reduce a firm’s ability to use natural resources efficientl

The dynamics of investor sentiment impacts in equity crowdfunding : unveiling the when

Expanding upon the known impact of investor sentiment on crowdfunding contributions, we delve deeper to pinpoint specific conditions under which sentiment influences investor choices. Grounded in psychological theory, we assert that sentiment's influence thrives at the peak of investor attention, primarily on a campaign's first day and among projects with greater uncertainty. Our empirical study, based on 447 campaigns with 17,244 daily observations from the United Kingdom's Crowdcube platform, substantiates our claim. Our research enhances the comprehension of equity crowdfunding investors and provides practical insights for its proponents