Private manufacturing SMEs survival and growth in Vietnam: The role of export participation

This study investigates for the first time a linkage between export participation and firm performance in terms of survival and profit growth in Vietnam. Using an unbalanced panel dataset from 2005 to 2009, our study shows no difference in the survival probability between exporters and non-exporters. By digging deeper to export status at different stages, the results indicate that continuous exporters have a positive association with probability of survival whereas export stoppers indicate a negative relationship. In terms of the relationship between firm growth and export activity, using Average Treatment Effects (OLS), export status is not related to firm profit growth. However, the Quantile Treatment Effects estimates reveal that export participation is positively and statistically significant associated with firms having profit growth above the median. The above findings might imply that exporting promoting policies, coupled with policies maintaining positions of firms in export market could be helpful since this may help firms improve their survival probability and profit growth

First-mover disadvantage: The sovereign ratings mousetrap. CEPS Working Document No 2020/02, February 2020

Using 102 sovereigns rated by the three largest credit rating agencies (CRA), S&P, Moody’s and Fitch between January 2000 and January 2019, we are the first to document that the first mover CRA (S&P) in downgrades falls into a commercial trap. Namely, each first-mover downgrade by one notch by S&P results in a 2.4% increase in the probability of a rating contract being cancelled by the sovereign client, and a 1.2% decrease in the ratio of S&P’s sovereign rating coverage relative to Moody’s. The more first-mover downgrades S&P makes, the more their sovereign rating coverage declines relative to Moody’s. This paper interrelates three themes of the literature: herding behaviour amongst CRAs, issues of conflict of interest and ratings quality

Export participation, employee benefits, and firm performance: The evidence from Vietnam’s manufacturing SMEs

Vietnam has seen a significant rise in the number of SMEs since introducing the Enterprise Law in 2000. Non-state SMEs are playing a key role in economic growth, creating jobs, and reducing poverty. However, these non-state SMEs participate only modestly in export activity despite the high export performance of the economy. What are the factors impeding export participation? And how does the role of export performance affect employee benefits (e.g. higher wages) and firm performance? This thesis is the first study to provide empirical evidence for answering these research questions. Chapter 3 investigates the causal relationship between export participation and productivity by examining two popular hypotheses, self-selection and learning by exporting. Using a balanced panel dataset from 2005-2009 for Vietnamese private manufacturing SMEs, the results show strong statistical evidence for the self-selection of more productive firms into the export market. The alternative hypothesis, learning by exporting, is shown to be invalid by employing a fixed-effect panel data estimation and a fixed-effect instrumental variable regression. This study also reveals that export participation has no impact on technical efficiency, technical progress, and scale change. Chapter 4 explores the role of export participation in increasing employee benefits in terms of wages and employment quality. First, based on a unique, matched firm-worker panel dataset between 2007 and 2009, the study shows that export participation has a positive impact on wages when taking into account only firm characteristics. However, the exporter wage premium falls and dissipates when both firm and worker characteristics are controlled for. In addition, the effect decreases further and becomes less significant when controlling for time-invariant, unobservable factors by a spell fixed-effect estimation. Second, using a firm level balanced panel dataset in the same period, the results show that there is a positive linkage between export participation and the share of casual workers. However, the effect of export participation on wages and employment quality varies greatly across sectors. Chapter 5 investigates linkages between export participation, firm survival and profitability in Vietnam. Using an unbalanced panel dataset from 2005 to 2009, the study shows no difference in survival probability between exporters and non-exporters. However, the probability of a firm’s survival is greater for those who engage continuously in export but is lower for firms which have ceased export activity, as indicated by their export status at different stages. Using ordinary least squares (OLS) to consider the relationship between firm profitability and export activity, the results indicate that export status is not related to firm profit growth. However, a quantile regression approach shows that export participation is positively related to profitability for firms with high profit growth but negatively related for those firms with low profit growth. This might suggest that the productivity advantages of exporters with low profit growth are absorbed by costs relating to trading activities in overseas markets. This thesis may have several potential policy implications. First, export promotion policies may not be effective if they are not accompanied by strategies to help SMEs become more productive. In addition, policies encouraging and supporting exports should focus not only on the number of employment created but also on the quality of employment, especially for low-technology industries. Finally, export-promoting policies (e.g. improvement in firms’ innovative activities) coupled with policies maintaining firms’ positions in export markets could be helpful since these measures in turn may help firms improve their survival probability and profit growth. However, the policy issues are very complicated and these suggestions should therefore be considered an initial foundation for further study

Removal of Carbon Dioxide from Natural Gas by Using Gas Hydration

Natural Gas is a vital component of the world's supply of energy. It is one of the cleanest, safest, and most useful of all energy sources. Natural gas has many uses, residentially, commercially and industrially. Carbon dioxide is a corrosive and non-combustible gas present in natural gas. This undesired gas must be removed from natural gas to a permissible level. Typical pipeline quality states that the composition of carbon dioxide in the treated gas stream must not be more than 2%. In Malaysia, Gas Malaysia set an even more stringent limit where the level of carbon dioxide is further reduced to 1.83% maximum. A typical content of 0-8% carbon dioxide can be removed by using commercially available absorption or membrane method. However, with carbon dioxide content increased to 50-80% in natural gas produced, the current equipments cannot purify this much of carbon dioxide effectively. Therefore gas hydration is being studied by mathematical method and simulation to see the possibility of applying this property of gases to purify natural gas. Hydrates are ice-like solids that form when a sufficient amount ofwater and a hydrate former is present, and there is a right combination of temperature and pressure (hydrate formation is favored by low temperature and high pressure). Hydrates are notorious for forming at conditions where a solid would no otherwise be expected. Methane and carbon dioxide clathrates occur naturally at temperature above freezing point ofwater (up to 30°C) under pressure of0.1 MPa (~latm) to 100 MPa (~1000atm). Different types of gases form hydrate at different ranges of temperature and pressure. Gas hydrate can be converted back to gas and water easily by applying heat to the hydrate solid. This property can be employed to the separation of carbon dioxide from natural gas by either capturing carbon dioxide or methane in hydrate form if applicable. The main objective of this study is to predict the separation of carbon dioxide from methane using hydration method. The effect of associated parameters such as temperature and pressure are also included. PetronasSim 2.55.2, Excel and K-factor methods were used in this work to obtain hydrate formation temperature and pressure, and phase equilibrium composition. The results show that: As temperature increases, formation pressure increases; as carbon content of gas mixture increase, formation pressure decreases; as water/gas ratio increases, formation pressure increases; At low temperature more carbon dioxide form hydrate as compared to methane; At low pressure region (associated with low temperature) the higher the pressure the lower the concentration of carbon dioxide in vapor phase or the more carbon dioxide form hydrate Temperature, pressure and gas composition are main parameters governing the formation of gas hydrate; The lower is the temperature the larger is the difference of concentration of carbon dioxide in hydrate phase andin vapor phasewhich indicates a better separation; The study shows that gas hydration has a bright future to be explored further to transform the theory into designing equipments to separate carbon dioxide from natural gas

Childhood Obesity: Epidemiology - A Social and Cultural Perspective

Purpose: The purpose of this study was to explore the social and cultural aspects of the epidemiology of childhood obesity among local populations in Houston, TX. Methods: Review of recent journal articles, studies, and surveys regarding the relationship between childhood obesity and other social factors, including race, ethnicity, culture, socioeconomic status, and parental behaviors. Literatures should contain not just quantitative data or listing of social and cultural factors affecting childhood obesity, but also discuss how these factors accomplish that. Literatures are analyzed and compared for consistencies and inconsistencies. Results: The findings are divided into three sections: socioeconomic factors, ethno-cultural factors, and familial and parental influences. Socioeconomic factors include living environment and financial limitations of low-income neighborhoods. Ethno-cultural factors include cultural context of food and eating habits, as well as traditional uses and meanings of food within ethnic groups and society and differences in body image perspectives. Familial and parental influences include how parental beliefs and perception of obesity affect feeding behaviors, diet, and physical activity level of children. Conclusions: Childhood obesity goes beyond the genetic and environmental implications. The socioeconomic and ethno-cultural factors, along with familial influences are also important determinants involved in this complicated relationship surrounding childhood obesity. Research into attitudes and behaviors of minority populations, from the community to the family level, is an important and needed area of research. Understanding the interaction and interdependence of genetic, environmental, and social influences would provide a strong base for educating and addressing misconceptions and unhealthy beliefs among health care providers, educators, and parents regarding childhood obesity

Objectivity and Balance in Conflict Reporting: Imperatives for the Media Amid the Tensions in the South China Sea Dispute

This cross-cultural study explores practice of journalists during June and July of 2011, the most recent peak period of the multi-national conflict in South China Sea. It examines factors that influence journalists and news media outlets when reporting a conflict in which their country is a party, using the theory of news framing process and war journalism

Firm exporting and employee benefits: first evidence from Vietnam manufacturing SMEs

This study examines linkages between the export participation of firms and employee benefits in terms of wages and employment quality. Based on a uniquely matched firmworker panel dataset for 2007 and 2009, we find evidence that export participation by firms in Vietnam has a positive impact on wages when taking into account firm characteristics alone. However, the exporter wage premium falls when both firm and worker characteristics are controlled for, and it decreases further when controlling for time-invariant unobservable factors by spell fixed effect estimation. While there are many studies on the export wage premium, the role of export participation on the quality of employment remains largely unexplored. By using a firm-level balanced panel dataset for the same period, our results suggest that export participation has a negative effect on employment quality. Nevertheless, the impact of export participation on both wages and employment quality vary greatly with respect to levels of technology