Trade credit (TR) plays an important role in financial structure and impacts on company performance. The issues related to TR have long been researched, with the first studies conducted by Nadiri (1969);Schwartz (1974); Lewellen, McConnell, and Scott (1980);Ferris (1981);Emery (1984). This study applies panel regression models, such as Pooled OLS, Fixed Effects, Random Effects, and FGLS, to evaluate the impact of TR on the performance of Food Production Companies in Vietnam. Company performance is measured by the Data Envelopment Analysis model (DEA). In addition, the Bayesian analysis method is used to test the robustness of the estimators from the models evaluating the effect of TR on company performance. Using annual data from the financial statements of 35 Vietnamese Food Production companies in the period 2008-2020, provided by Thomson Reuters, the results reveal a non-linear relationship between TR and company performance with an inverted U shape. Specifically, when TR, or accounts receivable on total assets, increases, company performance will also increase. However, when the increase in accounts receivable on total assets exceeds a certain limit, company performance will decrease. Based on the results, some policy implications are suggested to manage the accounts receivables effectively in Vietnamese Food Production Companies. Contribution/Originality:This study contributes to the existing literature by analyzing the nonlinear effects of TR on company performance. Further, this study uses the Bayesian inference method instead of the frequency inference method to assess influencing factors.From the seller's point of view, an increase in receivables helps the company improve its competitiveness and consume more products, thereby increasing revenue and profitability. However, this does not mean that maintaining a large quantity of receivables is better for a company, because credit activities can expose the company to the risk of losing capital when customers do not fulfill their debt repayment obligations. Therefore, the provision of TR can lead to problems of liquidity and opportunity, which can negatively affect the company's profitability if
For decades, although the world has made significant progress in the fight against hunger, food insecurity has been considered as the top concern of countries, especially developing countries. In this study, we use panel data of 10 Southeast Asian countries for the period from 2000-2015 to evaluate the effect of international trade on food security. Applying panel data regression methods such as fixed effects model (FE), random effects model (RE), and feasible generalized least squares model (FGLS), the results show the positive impact of international trade on food security on all three aspects of food availability, stability, and access at each country. Besides, other factors such as agricultural productivity, the share of agricultural land over the total land area, percentage of farmers in total population, and inflation also affect to food security of Southeast Asian countries on several aspects. Based on the results, we propose some policy implications for Southeast Asian countries to deal with food insecurity problems.
Using a quantitative regression of table data through FEM and REM models, the study has measured the extent and direction of exchange rate impacts on the economic growth of five ASEAN countries namely, Vietnam, Indonesia, Singapore, Philippines, Malaysia, in the period of 1985-2015. The estimation results show that for every 1% rise in the real exchange rate, the multilateral force will have a positive impact, since the speed of economic growth of five countries increased by 2.09%. This result is consistent with some previous studies, especially in some developing countries. Further, the thesis has assessed the exchange rate policy in Vietnam and analyzed the situation. As a result, the authors have made some recommendations for exchange rate policy. The recommendations focus on the State’s intervention in adjusting the exchange rate and pay attention to the real exchange rate for policy evaluation. The recommendations of the thesis are consistent with the actual situation in the five ASEAN countries in order to stabilize economic growth.
Study and examines the impact of monetary policy transmission through credit channels in Vietnam based on the research model of Sun et al. (2010).To estimate this model system, the author uses VECM method with secondary data taken from reliable sources on the situation of Vietnam consumer price index, credit growth of the economy, deposits of customers, industrial production in Vietnam, growth of M2 money supply, rediscount interest rate; VN Index from January 2008 to December 2017. The research results show that both in the short and long-term, the rediscount rate has a negative impact on the credit growth of the economy. When the State Bank of Vietnam implements an expansionary monetary policy with a discounted interest rate tool, it will have an impact on increasing the total credit supply of the economy. However, an increase in economic credit will increase economic output (represented by Vietnam's industrial production value) in the short term; or the impact of monetary policy transmission via credit channel in Vietnam shows that there exists a short-term credit channel but does not exist in the long term.
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