The spillover effects of target interest rate news from the U.S. Fed and the European Central Bank on the Asia-Pacific stock markets

This paper provides comprehensive evidence on the spillover effects of the U.S. Fed’s and the European Central Bank (ECB)’s target interest rate news on the market returns and return volatilities of 12 stock markets in the Asia-Pacific over the period 1999–2006. The news spillover effects on the returns are generally consistent with the literature where amajority of stock markets shows significant negative returns in response to unexpected rate rises. While the results of the speed of adjustment for the Fed’s news are mixed across the markets, the ECB news was absorbed slowly, in general. The return volatilities were higher in response to the interest rate news from both sources. In addition, both the Fed and the ECB news elicited tardy or persisting volatility responses. These findings have important implications for all levels of market participants in the Asia-Pacific stock markets.Target interest rate news; Spillover effects; U.S. Fed; ECB

Factors of Value Chain Affect Bank Efficiency

This paper aims to determine and estimate the factors in the value chain that affect the efficiency of state-owned commercial banks in Vietnam. The study employs a combination of qualitative techniques, such as conducting interviews with top executives, financial managers, chief accountants, and employee surveys, along with quantitative methods like ordinary least squares analysis. The outcomes reveal four critical segments within the value chain – the retail department, operation department, back office, and call center – all of which significantly influence the efficiency of the banks. Additionally, drawing upon value chain theory and Porter's model (1985), the author underscores the significance of implementing a robust value chain strategy. This strategic approach has the potential to substantially enhance the competitive advantages of state-owned commercial banks in Vietnam. Doi: 10.28991/ESJ-2023-07-06-010 Full Text: PD

Corporate Social Responsibility and Bank’s Performance under the Mediating Role of Customer Satisfaction and Bank Reputation

This paper aims to examine the indirect linkage between corporate social responsibility (CSR) and firm performance via the effects of customer satisfaction and bank reputation. The study applies Structural Equation Modelling (SEM) to a sample of top managers, finance managers, chief accountants, and employees in Vietnamese state-owned commercial banks. The findings explore the statistically significant effect of CSR on bank performance under the mediating role of customer satisfaction and bank reputation, which are not concerned by previous studies. Because CSR activities assist banks in maintaining their reputation by complying with a long-term commitment to stakeholders' interests and providing valuable customer benefits to increase their satisfaction. So, the research results show that customer satisfaction and the bank's reputation promote a positive relationship between CSR and bank performance. Doi: 10.28991/ESJ-2022-06-06-012 Full Text: PD

Does National Governance Affect the Capital Structure of Listed Firms during the COVID-19 Pandemic?

This study estimates the macro-economic factors affecting the listed small and medium enterprises' capital structures in Vietnam from 2010 to 2020. The author conducts the quantitative method (generalized method of moments—GMM) with valid instrument variables to solve the endogeneity in regression models, which refers to the determinants of capital structures. Based on the trade-off theory and the pecking order theory, the author provides evidence of macro-economic factors and firm-specific factors in explanations for the capital choices of the Vietnamese firms, including national governance, inflation, COVID-19, firm age, and asset structure. In particular, this study highlights how national governance and COVID-19 influence the capital structure of small and medium enterprises in Vietnam. Doi: 10.28991/ESJ-2023-SPER-04 Full Text: PD

Determinants of stock market modern development: Evidence from Vietnam

The paper estimates the macroeconomic variables affecting the stock price in Vietnam from 2009 to 2019. Based on the used autoregressive distributed lag (ARDL) model, the test shows a co-integration between stock prices and macroeconomic factors. The findings explore the optimal delay in the ARDL model as (1, 2, 1, 2, 0, 0, 2). Concretely, statistically significant evidence proves that the consumer price index, gross domestic product, interest rate, money supply, and oil price are the determinants of the stock price in Vietnam. In particular, the consumer price index and GDP have a direct relationship with the stock market, while interest rate, money supply, and oil price have opposite effects

Corporate Social Responsibility, Board of Directors’ Affect Financial Performance: Evidence in Vietnam

ABSTRACT Purpose: The study aims to explore corporate social responsibility and corporate governance issues such as the board of directors’ characteristics that affect the financial performance of the manufacturing listed companies on the Ho Chi Minh Stock Exchange in Vietnam.   Theoretical framework: The study is based on the agency theory, stakeholder theory and the fundamental corporate social responsibility to clarify its role and the importance of information disclosure to interested parties when making economic decisions.   Methodology: Using pooled Ordinary least squares causes biased results because of autocorrelation and heteroscedasticity, thus the authors conduct Feasible Generalized Least Squares to increase the reliability of findings.   Findings: The research results show that there are four statistically significant factors that affect financial performance: corporate social responsibility, board gender diversity, ownership concentration, and government ownership.   Research, Practical & Social implications: The obtained results highlight the direct relationship between corporate social responisibility and financial performance, implying that these listed companies can improve their firm value based on the mentioned factors.   Originality/value: by examing the significant relationship between CSR and performance, the author emphasizes the role of managers in disclosing information relevant to their responsibilies to the environment and community. The problem is still a limited concern by corporates in the emerging market as Vietnam

The study of convex-dual-layer remote phosphor geometry in upgrading WLEDs color rendering index

The white-light light-emitting diode (LED) is a semiconductor light source that usually has one chip and one phosphor layer. Because of that simple structure, the color rendering index (CRI) is really poor. Therefore, structure with double layer of phosphor and multiple chips has been studied with the phosphorus proportions and densities in the silicone are constantly changed to find the best option to improve optical properties. In research, we use red phosphor Ca5B2SiO10:Eu3+ layer to place above the yellow phosphor one, and both of them have a convex design. Then, the experiments and measurements are carried out to figure out the effects of this red phosphor as well as the convex-double-layer remote phosphor design on the LED’s performances. The measured results reveal that the light output is enhanced significantly when using convex-dual-layer structure instead of the single-layer design. Additionally, the Ca5B2SiO10:Eu3+ concentration benefits CRI and CQS at around 6600 K and 7700 K correlated color temperature (CCT). Yet, the lumen output shows a slight decline as this red phosphor concentration surpass 26% wt. Through the experiments, it is found that a double layer of chip and double phosphorus is the best structure which could support the quality of CRI and luminous flux

A data-driven approach for Network Intrusion Detection and Monitoring based on Kernel Null Space

International audienceIn this study, we propose a new approach to determine intrusions of network in real-time based on statistical process control technique and kernel null space method. The training samples in a class are mapped to a single point using the Kernel Null Foley-Sammon Transform. The Novelty Score are computed from testing samples in order to determine the threshold for the real-time detection of anomaly. The efficiency of the proposed method is illustrated over the KDD99 data set. The experimental results show that our new method outperforms the OCSVM and the original Kernel Null Space method by 1.53% and 3.86% respectively in terms of accuracy