Luận văn Nghiên cứu ảnh hưởng của môi trường thông tin và cơ chế quản trị công ty đến hoạt động sáp nhập và mua bán tại Việt Nam tiếng anh.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại teamluanvan.com
How does capital structure affect firm s market competitiveness.pdfNghiên Cứu Định Lượng
Các quyết định về vốn hiệu quả không chỉ làm tăng hiệu quả hoạt động của doanh nghiệp mà còn mang tính chiến lược để mang lại lợi thế cạnh tranh của doanh nghiệp trên thị trường. Sử dụng một tỷ lệ nợ phù hợp giúp doanh nghiệp cân bằng giữa nguồn lực bên trong và bên ngoài để cạnh tranh với các doanh nghiệp trong ngành. Nghiên cứu này nhằm tìm ra ảnh hưởng của cấu trúc vốn thông qua hệ số nợ (DR) đến năng lực cạnh tranh của doanh nghiệp (HHI) ở Việt Nam. Một mẫu gồm 574 công ty niêm yết trên sàn giao dịch chứng khoán của Việt Nam từ năm 2010–2018 được nghiên cứu bằng phần mềm STATA. Kết quả cho thấy cấu trúc vốn ảnh hưởng đến năng lực cạnh tranh của doanh nghiệp hình chữ U ngược. Đồng thời, DR ảnh hưởng đến HHI dưới dạng hàm hình chữ U trong các sản phẩm công nghiệp, thông tin và viễn thông và hàng tiêu dùng. Trong khi đó, DR ảnh hưởng đến HHI theo hình chữ U ngược trong các lĩnh vực dịch vụ tiêu dùng, nguyên vật liệu và tiện ích cộng đồng. Với kết quả của phân tích này, nghiên cứu cũng cung cấp các thảo luận cũng như các hàm ý chính sách đối với doanh nghiệp sử dụng tối ưu cơ cấu vốn để tạo lợi thế cạnh tranh trên thị trường.
Earnings Management In Mergers And Acquisitions Evidence From Listed Companie...sividocz
Luận văn Earnings Management In Mergers And Acquisitions Evidence From Listed Companies In Vietnam.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại luanvanmaster.com
Effects of Supply Chain Management Practices On The Performance Of Banks In K...Editor IJCATR
The paper examines the adoption of the Supply Chain Management practices on the performance
of Banks in Kenya. This research conceptualizes and develops four dimensions of SCM practice
(outsourcing of goods & services, information & communication technology, strategic supplier
partnership, and globalization) and tests the relationships between SCM practices, and
organizational performance. The study employed descriptive design. Data for the study was
collected using a self-administered questionnaire procedure, where the questionnaires were
administered to the selected respondents through drop and pick later technique. A sample size of
33 respondents was drawn from the sample frame using simple stratified random sampling
technique to promote the needs for efficiency and representativeness from various branches and
outlets of Postbank as an organization in Nairobi County and the relationships proposed in the
framework was tested using Chi-square, T-test among other statistical tools. Data was analyzed
by aid of Statistical Package for Social Sciences (SPSS). The study will be useful in the academic
circles as it will contribute immensely towards filling the gaps in knowledge in the area of service
industry. The study found that outsourcing was important to the banks only when the appropriate
methods are employed. It also found that ICT had a major role in determining the performance of
banks as it dictated the mode of transaction and data they displayed to clients. Strategic
partnership was also important based on what it intended to achieve in enhancing the performance
of banks. Lastly, globalization is equally vital as it increases competition and exposes local banks
to global scene to experience how performance of banks can be improved. The study recommends
that correct ICT methods should be applied to promote the competitiveness of banks and improve
performance. Also it recommends that outsourcing be done only if they promote the objectives and
goals of the banking institute.
Effects of Supply Chain Management Practices On The Performance Of Banks In K...Editor IJCATR
The paper examines the adoption of the Supply Chain Management practices on the performance
of Banks in Kenya. This research conceptualizes and develops four dimensions of SCM practice
(outsourcing of goods & services, information & communication technology, strategic supplier
partnership, and globalization) and tests the relationships between SCM practices, and
organizational performance. The study employed descriptive design. Data for the study was
collected using a self-administered questionnaire procedure, where the questionnaires were
administered to the selected respondents through drop and pick later technique. A sample size of
33 respondents was drawn from the sample frame using simple stratified random sampling
technique to promote the needs for efficiency and representativeness from various branches and
outlets of Postbank as an organization in Nairobi County and the relationships proposed in the
framework was tested using Chi-square, T-test among other statistical tools. Data was analyzed
by aid of Statistical Package for Social Sciences (SPSS). The study will be useful in the academic
circles as it will contribute immensely towards filling the gaps in knowledge in the area of service
industry. The study found that outsourcing was important to the banks only when the appropriate
methods are employed. It also found that ICT had a major role in determining the performance of
banks as it dictated the mode of transaction and data they displayed to clients. Strategic
partnership was also important based on what it intended to achieve in enhancing the performance
of banks. Lastly, globalization is equally vital as it increases competition and exposes local banks
to global scene to experience how performance of banks can be improved. The study recommends
that correct ICT methods should be applied to promote the competitiveness of banks and improve
performance. Also it recommends that outsourcing be done only if they promote the objectives and
goals of the banking institute.
Luận văn Influence Of Relationship Marketing On Customer Loyalty The Case Of Commercial Banks In Quang Ngai Province.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại teamluanvan.com
How does capital structure affect firm s market competitiveness.pdfNghiên Cứu Định Lượng
Các quyết định về vốn hiệu quả không chỉ làm tăng hiệu quả hoạt động của doanh nghiệp mà còn mang tính chiến lược để mang lại lợi thế cạnh tranh của doanh nghiệp trên thị trường. Sử dụng một tỷ lệ nợ phù hợp giúp doanh nghiệp cân bằng giữa nguồn lực bên trong và bên ngoài để cạnh tranh với các doanh nghiệp trong ngành. Nghiên cứu này nhằm tìm ra ảnh hưởng của cấu trúc vốn thông qua hệ số nợ (DR) đến năng lực cạnh tranh của doanh nghiệp (HHI) ở Việt Nam. Một mẫu gồm 574 công ty niêm yết trên sàn giao dịch chứng khoán của Việt Nam từ năm 2010–2018 được nghiên cứu bằng phần mềm STATA. Kết quả cho thấy cấu trúc vốn ảnh hưởng đến năng lực cạnh tranh của doanh nghiệp hình chữ U ngược. Đồng thời, DR ảnh hưởng đến HHI dưới dạng hàm hình chữ U trong các sản phẩm công nghiệp, thông tin và viễn thông và hàng tiêu dùng. Trong khi đó, DR ảnh hưởng đến HHI theo hình chữ U ngược trong các lĩnh vực dịch vụ tiêu dùng, nguyên vật liệu và tiện ích cộng đồng. Với kết quả của phân tích này, nghiên cứu cũng cung cấp các thảo luận cũng như các hàm ý chính sách đối với doanh nghiệp sử dụng tối ưu cơ cấu vốn để tạo lợi thế cạnh tranh trên thị trường.
Earnings Management In Mergers And Acquisitions Evidence From Listed Companie...sividocz
Luận văn Earnings Management In Mergers And Acquisitions Evidence From Listed Companies In Vietnam.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại luanvanmaster.com
Effects of Supply Chain Management Practices On The Performance Of Banks In K...Editor IJCATR
The paper examines the adoption of the Supply Chain Management practices on the performance
of Banks in Kenya. This research conceptualizes and develops four dimensions of SCM practice
(outsourcing of goods & services, information & communication technology, strategic supplier
partnership, and globalization) and tests the relationships between SCM practices, and
organizational performance. The study employed descriptive design. Data for the study was
collected using a self-administered questionnaire procedure, where the questionnaires were
administered to the selected respondents through drop and pick later technique. A sample size of
33 respondents was drawn from the sample frame using simple stratified random sampling
technique to promote the needs for efficiency and representativeness from various branches and
outlets of Postbank as an organization in Nairobi County and the relationships proposed in the
framework was tested using Chi-square, T-test among other statistical tools. Data was analyzed
by aid of Statistical Package for Social Sciences (SPSS). The study will be useful in the academic
circles as it will contribute immensely towards filling the gaps in knowledge in the area of service
industry. The study found that outsourcing was important to the banks only when the appropriate
methods are employed. It also found that ICT had a major role in determining the performance of
banks as it dictated the mode of transaction and data they displayed to clients. Strategic
partnership was also important based on what it intended to achieve in enhancing the performance
of banks. Lastly, globalization is equally vital as it increases competition and exposes local banks
to global scene to experience how performance of banks can be improved. The study recommends
that correct ICT methods should be applied to promote the competitiveness of banks and improve
performance. Also it recommends that outsourcing be done only if they promote the objectives and
goals of the banking institute.
Effects of Supply Chain Management Practices On The Performance Of Banks In K...Editor IJCATR
The paper examines the adoption of the Supply Chain Management practices on the performance
of Banks in Kenya. This research conceptualizes and develops four dimensions of SCM practice
(outsourcing of goods & services, information & communication technology, strategic supplier
partnership, and globalization) and tests the relationships between SCM practices, and
organizational performance. The study employed descriptive design. Data for the study was
collected using a self-administered questionnaire procedure, where the questionnaires were
administered to the selected respondents through drop and pick later technique. A sample size of
33 respondents was drawn from the sample frame using simple stratified random sampling
technique to promote the needs for efficiency and representativeness from various branches and
outlets of Postbank as an organization in Nairobi County and the relationships proposed in the
framework was tested using Chi-square, T-test among other statistical tools. Data was analyzed
by aid of Statistical Package for Social Sciences (SPSS). The study will be useful in the academic
circles as it will contribute immensely towards filling the gaps in knowledge in the area of service
industry. The study found that outsourcing was important to the banks only when the appropriate
methods are employed. It also found that ICT had a major role in determining the performance of
banks as it dictated the mode of transaction and data they displayed to clients. Strategic
partnership was also important based on what it intended to achieve in enhancing the performance
of banks. Lastly, globalization is equally vital as it increases competition and exposes local banks
to global scene to experience how performance of banks can be improved. The study recommends
that correct ICT methods should be applied to promote the competitiveness of banks and improve
performance. Also it recommends that outsourcing be done only if they promote the objectives and
goals of the banking institute.
Luận văn Influence Of Relationship Marketing On Customer Loyalty The Case Of Commercial Banks In Quang Ngai Province.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại teamluanvan.com
Effect of pricing strategies on customer retention among small scale metal me...AI Publications
Consumer buying behavior has become polarized phenomenon and this impact their on price decisions as well as well as performance of the metal fabricators or sellers. Thispapersought to investigate the effect of pricing strategies on customer retention among small Scale Metals mechanics and Fabricators in Mwanza City, Tanzania. This was guided by three specific objectives which were to: examine the effects of value-based pricing strategy on customer retention among small scale metal mechanics and fabricators, determine the effects of competition-based pricing strategy on customer retention among small scale metal mechanics and fabricator and determine the effects of cost-based pricing strategy on customers’ retention among small scale metal mechanics and fabricator. It adopted a mixed approach method .With a target population of 570 small scale metalwork operators, 228 responded to the questionnaire and interviewed seven owners/operators. A multiple regression analysis was utilized to test the relationship between independent and dependent variables. The study found that the adoption of a value-based pricing practice, competition-based pricing practice, and cost -based pricing practice by management has significant impact to small scale metalwork operators. In particular, the study revealed that the use of value-based pricing, competition-based pricing and cost-based pricing strategies has enormous contribution on customer retention among small scale metal mechanics and fabricators in Mwanza City. It was found that the small scale mechanics and fabricators use these pricing strategies interchangeably depending on the market situation.
Stock investment: Factors influencing stock exchange in banking sectorIJAEMSJORNAL
Mainly, the purpose of this research is to investigate the factors that influence stock market investment in Kurdistan, specifically in Erbil. Emerging markets can also benefit from these marketplaces in order to improve their economies; however, certain emerging countries may be inexperienced with the procedure at this point in time. If you are a business searching for profitable investment options, the stock exchange is an excellent choice. Because these markets are where monetary transactions take place, investors often take their chances in these markets based on research into projected earnings and risks associated with those investments. Due to the enormous risks involved with high-revenue investments, most investors prefer low-risk, low-revenue enterprises instead of high-revenue ones. The current research was conducted in a quantitative manner, which was then examined. The research was carried out in the Iraqi city of Erbil. Following the distribution of 95 surveys, only 82 questionnaires were received and properly completed by the researcher. An investigation into the elements that influence stock market investing was carried out by the researcher using single regression analysis. Following that, there is a strong relationship between supply and demand, which is represented by the economy factor, which is represented by a third component called competition, and finally the political aspect, which is represented by the lowest value. According to the data, supply and demand appear to have a significant impact on the amount of money invested in Kurdistan's stock exchange.
First we recognize we need to have consistent overall planning of clusters. The planning and development of industrial zones has not been determined on a balanced basis by industry and region. This is the main cause of the weakness in the development of social infrastructure for the development of industrial zones. Second, we need suitable training programs qualified for laborers and select professional advisers for proper projects. Last but not least, we need adding "product" in the concept of "goods and services" (to "products, goods and services” to ensure adequate adjustment of all stages of the business process - consumption as well as not omitted for new objects arising in business processes such as digital services and digital products. Also, Adding new regulations on international cooperation in dispute settlement disputes between consumers and foreign organizations and individuals, in which, principles of cooperation, scope of cooperation between consumer protection agencies used in countries.
Technological innovation is reshaping markets and creating new opportunities for businesses at a faster rate than at any other time in living memory. But to realise the promise of greater economic growth, incumbent businesses, challengers and the policymakers who regulate them need to find a balance that encourages fairness without either stifling entrepreneurialism or compromising the public interest.
Finding this balance has proven difficult for businesses and industry regulators alike.
In order to build greater understanding of the trade-offs at play in ensuring a level playing field, this report explores the specific challenges that regulators face when it comes to disruptors, and explores workable models for increased collaboration between the public and private sectors.
Prediction of Corporate Bankruptcy using Machine Learning Techniques Shantanu Deshpande
Aim is to build a classification model to predict whether company will become bankrupt or not using financial ratios of Polish companies. Applied various machine learning models like Random Forest, KNN, AdaBoost & Decision Tree with pre-processing techniques like SMOTE-ENN (to deal with class imbalance) & feature selection (for identifying ) and trained on Polish Bankruptcy dataset with prediction accuracy of 89%.
The Relationship between Foreign Trade and Financial Performance of the Liste...IOSRJBM
The main objective of this study was to determine the relationship between foreign trade and financial performance of the listed manufacturing companies in Nigeria. The study focused on the 32 listed companies randomly drawn from the 74 listed manufacturing companies in Nigeria. The secondary data extracted from the financial statement of these companies were subjected to both descriptive and inferential statistics. The result shows a significant positive relationship between the two variables. It was therefore recommended that the management and the board of directors of the listed manufacturing companies should intensify efforts on how the locally produced products will be able to penetrate into the foreign countries as it was discovered that majority of the goods produced by the manufacturing companies in Nigeria are consumed locally
Business Environmental AnalysisPart III4. Give your team’s recVannaSchrader3
Business Environmental Analysis
Part III
4. Give your team’s recommendation on how to respond to the opportunities and threats (no response may be valid if you can justify it)
In section entails external forces that affect the operations of the company by providing opportunities and threats. Opportunities are positive chances created by external factors that a company can utilize and earn a competitive advantage while threats are negative conditions created by external forces that can affect the companies operation. For Nike Company, there are several environmental forces that will affect the company either positively or negatively. In order to analyze the macro-environmental factors that will affect Nike Company, PESTEL analysis will be used; thus the factors to be analyzed will be; political factors, economic factors, social factors, technological factors, environmental factors, legal factors and ethical factors (Okoye 2017).
9.Make a go/no go decision if the firm should pursue this international opportunity and why
Political factors involves the degree to which a government intervenes in the economy and this can include; government policies, political stability or instability in foreign markets, tax policy, foreign trade policy environmental laws, labor laws and trade restrictions among others. Secondly, economic Factors are factors have a significant impact on how a firm does business and also determines the profitability and includes; economic growth, exchange rates, inflation and interest rates among others. Thirdly are social factors which involve beliefs and attitudes of population and includes population growth, age distribution, career attitudes among others. The fourth aspect is Technological factors which affect marketing and management by deriving new ways of production and distribution of goods and services and also new ways of accessing and communicating with target markets. Environmental factors are also important due to factors such as carbon footprint targets set by governments, scarcity of raw materials and operating business as an ethical and Sustainale Company. Also, there are legal issues which include advertising standards, product labeling and product safety, consumes rights and laws among others. Finally, ethical factors which involves issues such as fair trade, slavery acts and child labor among others
Opportunities
· Opportunities that exist for Nice Company includes;
· Political stability in most countries they perat in
· Lack of trade restrictions
· Many people believes that they are among the top in the market hence people have positive attitude towards their products
· Many football cubs are continuously being formed hence providing continuous market expansion.
· Many young people are currently opting to shift their careers to sports.
· Increased advancement in digital marketing technologies
· Advancement in online purchases
Threats
· Political instability in other countries
· Broad economic uncertainty.
· High ...
Luận văn Hoàn thiện hoạt động kiểm tra của Chi nhánh Bảo hiểm tiền gửi Việt Nam tại Thành phố Đà Nẵng đối với quỹ tín dụng nhân dân.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại luanvanmaster.com
Luận Văn Phát triển cây cao su trên địa bàn huyện Bố Trạch, tỉnh Quảng Bình.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại luanvanmaster.com
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Effect of pricing strategies on customer retention among small scale metal me...AI Publications
Consumer buying behavior has become polarized phenomenon and this impact their on price decisions as well as well as performance of the metal fabricators or sellers. Thispapersought to investigate the effect of pricing strategies on customer retention among small Scale Metals mechanics and Fabricators in Mwanza City, Tanzania. This was guided by three specific objectives which were to: examine the effects of value-based pricing strategy on customer retention among small scale metal mechanics and fabricators, determine the effects of competition-based pricing strategy on customer retention among small scale metal mechanics and fabricator and determine the effects of cost-based pricing strategy on customers’ retention among small scale metal mechanics and fabricator. It adopted a mixed approach method .With a target population of 570 small scale metalwork operators, 228 responded to the questionnaire and interviewed seven owners/operators. A multiple regression analysis was utilized to test the relationship between independent and dependent variables. The study found that the adoption of a value-based pricing practice, competition-based pricing practice, and cost -based pricing practice by management has significant impact to small scale metalwork operators. In particular, the study revealed that the use of value-based pricing, competition-based pricing and cost-based pricing strategies has enormous contribution on customer retention among small scale metal mechanics and fabricators in Mwanza City. It was found that the small scale mechanics and fabricators use these pricing strategies interchangeably depending on the market situation.
Stock investment: Factors influencing stock exchange in banking sectorIJAEMSJORNAL
Mainly, the purpose of this research is to investigate the factors that influence stock market investment in Kurdistan, specifically in Erbil. Emerging markets can also benefit from these marketplaces in order to improve their economies; however, certain emerging countries may be inexperienced with the procedure at this point in time. If you are a business searching for profitable investment options, the stock exchange is an excellent choice. Because these markets are where monetary transactions take place, investors often take their chances in these markets based on research into projected earnings and risks associated with those investments. Due to the enormous risks involved with high-revenue investments, most investors prefer low-risk, low-revenue enterprises instead of high-revenue ones. The current research was conducted in a quantitative manner, which was then examined. The research was carried out in the Iraqi city of Erbil. Following the distribution of 95 surveys, only 82 questionnaires were received and properly completed by the researcher. An investigation into the elements that influence stock market investing was carried out by the researcher using single regression analysis. Following that, there is a strong relationship between supply and demand, which is represented by the economy factor, which is represented by a third component called competition, and finally the political aspect, which is represented by the lowest value. According to the data, supply and demand appear to have a significant impact on the amount of money invested in Kurdistan's stock exchange.
First we recognize we need to have consistent overall planning of clusters. The planning and development of industrial zones has not been determined on a balanced basis by industry and region. This is the main cause of the weakness in the development of social infrastructure for the development of industrial zones. Second, we need suitable training programs qualified for laborers and select professional advisers for proper projects. Last but not least, we need adding "product" in the concept of "goods and services" (to "products, goods and services” to ensure adequate adjustment of all stages of the business process - consumption as well as not omitted for new objects arising in business processes such as digital services and digital products. Also, Adding new regulations on international cooperation in dispute settlement disputes between consumers and foreign organizations and individuals, in which, principles of cooperation, scope of cooperation between consumer protection agencies used in countries.
Technological innovation is reshaping markets and creating new opportunities for businesses at a faster rate than at any other time in living memory. But to realise the promise of greater economic growth, incumbent businesses, challengers and the policymakers who regulate them need to find a balance that encourages fairness without either stifling entrepreneurialism or compromising the public interest.
Finding this balance has proven difficult for businesses and industry regulators alike.
In order to build greater understanding of the trade-offs at play in ensuring a level playing field, this report explores the specific challenges that regulators face when it comes to disruptors, and explores workable models for increased collaboration between the public and private sectors.
Prediction of Corporate Bankruptcy using Machine Learning Techniques Shantanu Deshpande
Aim is to build a classification model to predict whether company will become bankrupt or not using financial ratios of Polish companies. Applied various machine learning models like Random Forest, KNN, AdaBoost & Decision Tree with pre-processing techniques like SMOTE-ENN (to deal with class imbalance) & feature selection (for identifying ) and trained on Polish Bankruptcy dataset with prediction accuracy of 89%.
The Relationship between Foreign Trade and Financial Performance of the Liste...IOSRJBM
The main objective of this study was to determine the relationship between foreign trade and financial performance of the listed manufacturing companies in Nigeria. The study focused on the 32 listed companies randomly drawn from the 74 listed manufacturing companies in Nigeria. The secondary data extracted from the financial statement of these companies were subjected to both descriptive and inferential statistics. The result shows a significant positive relationship between the two variables. It was therefore recommended that the management and the board of directors of the listed manufacturing companies should intensify efforts on how the locally produced products will be able to penetrate into the foreign countries as it was discovered that majority of the goods produced by the manufacturing companies in Nigeria are consumed locally
Business Environmental AnalysisPart III4. Give your team’s recVannaSchrader3
Business Environmental Analysis
Part III
4. Give your team’s recommendation on how to respond to the opportunities and threats (no response may be valid if you can justify it)
In section entails external forces that affect the operations of the company by providing opportunities and threats. Opportunities are positive chances created by external factors that a company can utilize and earn a competitive advantage while threats are negative conditions created by external forces that can affect the companies operation. For Nike Company, there are several environmental forces that will affect the company either positively or negatively. In order to analyze the macro-environmental factors that will affect Nike Company, PESTEL analysis will be used; thus the factors to be analyzed will be; political factors, economic factors, social factors, technological factors, environmental factors, legal factors and ethical factors (Okoye 2017).
9.Make a go/no go decision if the firm should pursue this international opportunity and why
Political factors involves the degree to which a government intervenes in the economy and this can include; government policies, political stability or instability in foreign markets, tax policy, foreign trade policy environmental laws, labor laws and trade restrictions among others. Secondly, economic Factors are factors have a significant impact on how a firm does business and also determines the profitability and includes; economic growth, exchange rates, inflation and interest rates among others. Thirdly are social factors which involve beliefs and attitudes of population and includes population growth, age distribution, career attitudes among others. The fourth aspect is Technological factors which affect marketing and management by deriving new ways of production and distribution of goods and services and also new ways of accessing and communicating with target markets. Environmental factors are also important due to factors such as carbon footprint targets set by governments, scarcity of raw materials and operating business as an ethical and Sustainale Company. Also, there are legal issues which include advertising standards, product labeling and product safety, consumes rights and laws among others. Finally, ethical factors which involves issues such as fair trade, slavery acts and child labor among others
Opportunities
· Opportunities that exist for Nice Company includes;
· Political stability in most countries they perat in
· Lack of trade restrictions
· Many people believes that they are among the top in the market hence people have positive attitude towards their products
· Many football cubs are continuously being formed hence providing continuous market expansion.
· Many young people are currently opting to shift their careers to sports.
· Increased advancement in digital marketing technologies
· Advancement in online purchases
Threats
· Political instability in other countries
· Broad economic uncertainty.
· High ...
Luận văn Hoàn thiện hoạt động kiểm tra của Chi nhánh Bảo hiểm tiền gửi Việt Nam tại Thành phố Đà Nẵng đối với quỹ tín dụng nhân dân.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại luanvanmaster.com
Luận Văn Phát triển cây cao su trên địa bàn huyện Bố Trạch, tỉnh Quảng Bình.các bạn có thể tham khảo thêm nhiều tài liệu và luận văn ,bài mẫu điểm cao tại luanvanmaster.com
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THE UNIVERSITY OF DANANG
UNIVERSITY OF ECONOMICS
LE THUY DUNG
RESEARCH ON THE IMPACTS OF INFORMATION
ENVIRONMENT AND CORPORATE
GOVERNANCE MECHANISMS ON MERGERS AND
ACQUISITIONS ACTIVITIES IN VIETNAM
Major: Finance and Banking
Code: 62.34.02.01
SUMMARY OF DISSERTATION
(DOCTORAL THESIS)
DaNang – 2022
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The thesis was completed at
UNIVERSITY OF ECONOMICS, THE UNIVERSITY OF DANANG
Supervisors:
1. Assoc.Prof. Nguyen Hoa Nhan, Ph.D
2. Assoc.Prof. Dang Huu Man, Ph.D
Reviewer 1: Assoc.Prof. Nguyen Thi Minh Hue, Ph.D
Reviewer 2: Assoc.Prof. Nguyen Thi My Linh, Ph.D
Reviewer 3: Assoc.Prof. Pham Thi Hoang Anh, Ph.D
The dissertation defended at the doctoral examination council
from University of Economics, The University of Danang On
July 29th, 2022
The thesis can be found at:
-National Library of Vietnam
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-The University of Da Nang - The Center for Learning Information Resources
and Communication.
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CHAPTER 1: INTRODUCTION
1.1. The importance and necessity of the study
“Information asymmetry” is not a strange concept for investors. This is when one of
the transaction parties doesn’t know all and exactly what information needs to be known
about the other party to make the right decision in the transaction. Therefore, information
transparency in the stock market is always concerned by investors. In the context that
individual investors are increasingly participating and playing a key role in Vietnam’s stock
market, ensuring the transparency of the market with deterrent and punitive sanctions pays
more attention.1
In light of Vietnam’s miracle growth, it is of high urgency to study the
effects of information asymmetry, focusing on the corporate information environment and
corporate governance mechanism, on the merger & acquisition (M&A) market in Vietnam.
Some of the main reasons are as follows:
Firstly, Vietnam’s M&A market has continuously set new milestones, becoming a
large capital attraction channel and an attractive market for domestic and foreign investors.
Despite the negative impact of the COVID-19 pandemic, foreign investment flows into
Vietnam, including capital flows through M&A activities, still grew by 9.2% compared to
2020, reaching US$31,15 billion. In the first 10 months of 2021, it attracted more than
US$8,8 billion, an increase of 17,9% compared to 2020 and an increase of 13,7% compared
to the time before the COVID-19 pandemic.2
It is the huge potential of this market that
makes it very important to study the typical motives and factors affecting the M&A market.
Secondly, foreign investment activities in Vietnam through capital joint-venture and
share purchase have been simplified since the application of the 2014 Investment Law and
the new 2020 Investment Law. In Vietnam, regulations on M&A have not been developed
in a synchronous manner, but are distributed in different laws such as the Law on
Enterprises, the Law on Investment, and the Competition Law (Ta Thi Bich Thuy, 2020).
Also, anti-takeover regulations have not been established in the market (Pham et al., 2015;
Dang Huu Man et al., 2019). In addition, most domestic companies still have limited
management capacity, are not properly aware of creating a transparent information
environment, which reduces investor confidence (Dang Huu Man and Hoang Duong Viet
1
One of the shocking “scandals” in early 2022 on the Vietnamese stock market was the decision by the authorities to
criminally prosecute and arrest Mr. Trinh Van Quyet, Chairman of the Board of Directors of the FLC Group Joint Stock
Company for the act of “Manipulating the stock market”, “Hiding information in securities activities”. This is
considered as a warning bell for non-transparent and disturbing acts in the stock market.
2
https://nhandan.vn/kinhte/xu-huong-moi-tren-thi-truong-mua-ban-sap-nhap-doanh-nghiep-681708/
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2
Anh, 2019; Dang Huu Man et al., 2019). The legal regulations related to M&A activities are
not synchronized, the information system on M&A activities is still weak, which has
directly affected the M&A decision making of the acquiring companies, especially the
foreign companies.
Thirdly, a necessary condition for a successful M&A deal is transparency in the
value of both the acquiring company and the target company. However, once there is
information asymmetry in 1 or both partners in the deal, it will lead to a situation where the
company’s value is blown up too high or pushed down too low, affecting the sustainability
of the deal and both partners involved. Identifying the mechanisms or channels through
which information asymmetries influence the success or failure of deals as well as strategic
decision-making in deals becomes essential in Vietnam. The Government and the State
Securities Commission are attempting to control the market in the spirit of the rule of law,
ensuring discipline and transparency of the market.
This thesis focuses on the internal information environment and corporate
governance mechanism of the company in order to identify the mechanism and direction of
their influence on the establishment of M&A decisions. Existing empirical studies have
shown that the information environment and corporate governance structure is one of the
important keys that are particularly interested in the M&A strategy of the acquiring
companies (Zhu et al., 2011; Liao, 2014; Jenter and Lewellen, 2015; Dang and Henry, 2016;
Hu and Yang, 2016; Dang et al., 2017; Field and Mkrtchyan, 2017; Dang et al., 2019; Dang
et al., 2021; Dang et al., 2022). For example, the study by Dang and Henry (2016) found
that the quality of corporate governance affects the decision-making process of parties in
M&A deals, and thereby affects the success or failure of the deals. In fact, the difference in
information environment and governance mechanism at national- and company- level leads
to diverse research results on the impact of information environment and internal
governance quality on strategic M&A decisions.
Under imperfect market conditions in developing countries, target companies with
large levels of asymmetric information are more likely to leak or distort information prior to
the M&A announcement event (Huddart and Ke, 2007; Dasgupta et al., 2010), and lower
financial statement quality compared to companies with better financial transparency,
leading to bias in M&A valuation (Lim and Chang, 2017).
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These are also barriers and challenges posed in the coming years for the merger and
acquisition market in Vietnam, especially related to cross-border M&A deals. In general, the
success or failure of an M&A transaction is directly influenced by different motivations.
Therefore, understanding the motivation for participating in the M&A process, especially
the role of the company’s information environment and governance mechanism, is expected
to help target companies in Vietnam change their governance mechanism, proactively
creating a transparent information environment, thereby helping to select friendly
investment partners, increasing the ability to withstand risks during negotiations.
This study provides valuable empirical evidence to confirm the influence of the
target company’s internal information environment and corporate governance mechanism
on strategic M&A decision making in Vietnam. The research results add to the evidence on
the relationship between the information environment, the corporate governance mechanism
considered from the perspective of the target company and the strategic decisions of the
acquiring company in developing countries. In addition, based on the findings, this study
provides some recommendations for investors, companies, to ensure transparency and
competition in the Vietnamese M&A market.
1.2. Research objective
The general objective of this thesis is to assess the impact of the internal information
environment and governance mechanism of the target company on the strategic decision
making of the acquiring companies in the Vietnam M&A market. The study focuses on 02
main decision groups including equity ownership and acquisition location decisions. The
thesis then provides some recommendations for stakeholders when participating in
Vietnam’s M&A market, as well as state regulatory agencies.
1.3. The objects and scopes of research
1.3.1. Research objects
1.3.1.1. The analytical objects
The object of analysis in this study is the internal information environment and
management mechanism (in lenses of the target company) and their impacts on the strategic
decisions of the acquiring company in the Vietnam M&A market. The M&A decisions
studied in this thesis include the equity ownership (before, during, and after the deal is
completed) and acquisition location (domestic and cross-border acquisitions).
1.3.1.2. The surveyed objects
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Surveyed objects in this study are all target companies participating in M&A deals in
Vietnam market. These companies must be listed on the Vietnamese stock market and the
data are available for research.
1.3.2. The scope of the study
The thesis focuses on studying M&A deals completed in the Vietnam market over
the period of 2005 – 2020. The study limits the impact of the internal information
environment, corporate governance mechanism, only from the lens of the target company,
on the strategic decisions of the acquirers, including the decision on share ownership ratio
and domestic/cross-border acquisition decisions. In which, the internal information
environment is represented by earnings management and stock illiquidity. The corporate
governance mechanism mentioned in this study is represented by three proxies, including
the independence of the board of directors, the power of the chief executive officer, and the
role of blockholders.
In addition, within the scope of this thesis, the author also divides the research
sample into various subsample groups, including (i) Group classification by equity
ownership. Current studies have divided into 2 groups of deals according to different equity
ownership: Minority and Majority shareholding deals, in which minority is defined as deals
in which the acquirer holds less than 50% of the shares of the target company, and majority
means that the acquiring company holds more than 50%. The 50% threshold is generally
uniform in Corporate Law in most countries. (ii) Group classification by corporate profit
management. In this study, the author based on existing studies to divide the whole sample
into groups of deals in which the target company with high profit management and the
target with low profit management. The author uses the median value for each year of the
deal, then if the target company’s earnings management in year t is higher than the median
of the entire sample in that year, the target belongs to the group with high profit
management, on the contrary, belongs to the group with low profit management. (iii) Group
classification by stock liquidity. Group of deals in which the target company has low
liquidity and the target group with high liquidity. Similar to the earnings management
group, for the group classification by stock liquidity, the author uses the median value for
each year of the deal, then if the stock liquidity of the target company taking place in year t
is higher than the median value of the entire sample in that year, then it belongs to the group
with high stock liquidity, otherwise, it belongs to the group with low stock liquidity.
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1.4. Methodology
1.4.1. Research approach
To solve the above research objectives, the thesis uses a deductive approach,
specifically:
Based on the existing literature to formulate hypotheses, collect data, select and
apply appropriate econometric techniques and empirical models to address the research
problems. The research results are then employed for responding to the research hypotheses
and making recommendations and empirical conclusions.
1.4.2. Methodology
The thesis uses quantitative research methods to address the research problems.
Specifically, the study uses the least squares method for cross-sectional data to estimate the
coefficients of the multivariable regression models. In addition, this thesis also employs
Probit regression model for binary variables and Multinomial logistic regression model for
polynomial variables.
1.5. Research contributions
1.5.1. Theoretical contribution
First, the research findings of this thesis have confirmed the importance of the
corporate information environment from the target firms’ perspective in the implementation
of strategic decisions of acquiring firms. To the best of our knowledge, the current literature
provides very little evidence on examining the influence of information environment on
equity ownership decision of acquiring firms from the lenses of the target companies’
information environment. Therefore, the results from this study add to the empirical
evidence on the association between corporate information environment and corporate
restructuring decision-making process, and confirm the role of information transparency for
the implementation of strategic M&A decisions in an emerging and dynamic M&A market.
Second, although the content of M&A has been regulated and adjusted in different
laws, there is still no complete legal framework to help orient, regulate and supervise M&A
activities in Vietnam. In that context, weak corporate governance capacity is one of the
reasons why companies have been taken over via M&A deals. This study provides new
evidence confirming the importance of corporate governance in the strategic decisions of
acquiring companies during the formulation and implementation of M&A plans in a typical
emerging market without any anti-takeover regulations. The research results of the thesis
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add new knowledge about the behavior of the parties involved in the M&A deal.
Specifically, the acquiring companies are likely to consider the governance mechanism of
the target company as one of the motives for planning M&A decisions; meanwhile, the
target companies focus their efforts on perfecting the independence and supervisory
capacity of the board of directors, management team and large shareholders to be able to
find friendly investment partners, and improve defense capabilities and minimize the
situation of being taken over.
1.5.2. Practical contribution
Based on investigating a comprehensive sample of all M&A deals in Vietnam up to
2020, the thesis examines the impacts of the internal information environment and corporate
governance mechanism on equity ownership and cross-border acquisition decisions in
Vietnam’s M&A market. The findings from the study have important practical implications
for acquiring companies and target companies participating in the M&A process.
For acquiring companies, our findings help identify specific motivations for pursuing
M&A deals, and categorize strategic investment partners. Acquiring companies should pay
much attention to board structure, CEO duality, and large shareholder ownership before
negotiating agreements, because internal factors directly affect the decision to enter the deal
of the target companies. In addition, acquiring companies should have a professional
valuation team to assist in determining the intrinsic value of potential target companies. This
is one of the measures to help them assess the information transparency of target companies,
thereby saving costs in M&A transactions, and properly assessing the growth potential of
target company’s shares on the stock market.
Regarding target companies, the results of the thesis indicate that it is necessary to
make specific decisions in the search and selection of members, the number of independent
members on the board of directors. Also, the companies need to establish internal
regulations that control the maximum equity ownership for major shareholders and
determine the limit of the CEO’s power in the company. Further, the target firms need to
detail the responsibilities and obligations of the individuals and organizations involved with
the internal members of the company to reduce non-transparent shares transferring
activities. In addition, the target companies need to take measures to strengthen the
supervisory ability of the board of directors through the establishment of supervisory
subcommittees, setting the ratio of the number of independent external members to
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participate in the board of directors and strengthen efforts to make transparent information
disclosed to the market. The research results of the thesis also suggest that the target
companies should soon come up with appropriate policies and actions to increase the ability
to control the earnings management behavior of the management team, improving the
quality of information disclosed to the outside, contributing to attracting investment through
a public offer to buy shares from potential partners. In cases of receiving hostile takeovers,
the target firms need to put in place some measures to limit the increase in the percentage of
shares owned by large shareholders, increase the level of oversight by the board of directors,
and develop appropriate defense mechanisms.
1.6. Thesis structure
In addition to the conclusion, this thesis is structured into 5 Chapters, including:
Chapter 1: Introduction
Chapter 2: Theoretical background and research overview
Chapter 3: Research designs
Chapter 4: Research results
Chapter 5: Conclusions and recommendations
CHAPTER 2: THEORETICAL BASIS AND RESEARCH OVERVIEW
2.1. Concepts of mergers and acquisitions, internal information environment,
corporate governance mechanism
This section introduces the concepts of mergers and acquisitions, information
environment and corporate governance mechanism.
2.1.1. Mergers and Acquisitions
A merger is the combination of two or more companies into one company in which
the merged company ceases to exist (Aswath, 1997; DePamphilis, 2003; Gaughan, 2007).
According to Agarwal and Mittal (2014), acquisition is the process by which one
acquiring company takes over another, but the target company still exists independently and
is under the control of the acquirer.
2.1.2. Internal information environment
The internal information environment is a set of factors within a company that reflect
information that affects a company’s operations.
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2.1.3. Internal corporate governance mechanism
In this study, the internal governance mechanism, reflected through the corporate
governance structure, is understood as the regulation of key members including the board of
directors and management groups operating the company's operations company.
2.2. Theories of mergers and acquisitions, information environment, corporate
governance related to mergers and acquisitions activities
2.2.1. Theories of mergers and acquisitions
The fundamental theories of mergers and acquisitions mentioned in the thesis
include: Theory of efficiency, Theory of corporate control, Hubris theory of corporate
takeovers, Theory of moral hazard and self-interest.
2.2.2. Theories of the information environment
The theories related to the information environment used in the thesis include:
Asymmetric information theory, Cost of ownership theory, Signalling theory.
2.2.3. Theories of corporate governance
The thesis mentions some fundamental theories related to corporate governance,
including agency theory, management theory, and stakeholder theory.
2.3. Research overview
This section reviews relevant empirical studies on the influence of internal
information environment and corporate governance on strategic decisions of the acquiring
firms.
Betton et al. (2008) found a positive relationship between deal premium and price
raising behavior, and confirmed that the acquiring company adjusted the bid price after the
announcement of the deal. Brigida and Madura (2012) find that acquirers do not reduce
their bid prices to compensate for the cost of raising the target's stock price. Doukas and
Zhang (2020) find that acquiring companies tend to do more profit management before
announcing M&A than target companies.
The implication from the study of Graham et al. (2008) indicates that the higher the
stock liquidity, the higher the probability of cross-border acquisitions of the acquiring
companies. The research results of Yang et al. (2017) also show that acquiring companies
have more acquisition efforts when the company’s liquidity is high, which reflects the
higher the liquidity of the target company, the more likely it is increasing majority share
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repurchase deals. Dang Huu Man (2019) found that companies from other countries tend to
choose domestic targets with high stock liquidity to minimize risks when entering new
markets.
Dang and Henry (2016) find that acquiring companies often look for target
companies with a large number of independent directors in minority acquisitions compared
to majority acquisitions, the probability of partial acquisitions is higher when the target
companies have greater CEO power. Miletkov et al. (2014) examined the impact of board
independence on foreign ownership decisions based on a sample of more than 45,000
companies from 130 countries and found that foreign ownership higher when the company's
board of directors is more independent. Dang Huu Man et al. (2017) provide evidence
confirming that foreign companies tend to acquire banks with poor governance.
2.3.4. Research gaps
On the basis of investigating and analyzing existing studies in the current literature,
we find that the association between the information environment, corporate governance
mechanism and strategic decisions of the acquiring companies in M&A deals has received
much attention from Vietnamese and international researchers. However, the approach of
each study, the scope of the study, and the method of sample selection are different, leading
to inconsistent research results.
First, current studies have examined the relationship between corporate governance
mechanism and strategic decisions of acquiring companies in developed countries. In
Vietnam, the governance capacity of domestic companies is still limited, regulations on
M&A are inconsistent among legal documents, cumbersome administrative procedures, and
lack of clear regulations on M&A transactions are barriers and limitations for companies
when entering the Vietnam M&A market. The difference in the legal environment can
influence the behavior of the acquiring company and the target company when participating
in an M&A deal. The results from the study are expected to provide stronger confirmation
of the influence of the target company’s corporate governance mechanism on the strategic
decision of the acquiring company.
Second, existing studies are still very limited in clarifying the impact of the
information environment, characterized by stock liquidity and earnings management from
the perspective of the target company, on acquisition decisions of companies in M&A deals.
To the best of the author’s knowledge, there is still no research that examines the impact of
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the information environment reflected through the impact of earnings management and
stock liquidity on the equity ownership choice, particularly in the Vietnam M&A market.
Third, the current literature provides very little evidence on the influence of corporate
governance mechanism on cross-border acquisition decisions in the Vietnam M&A market.
Fourth, there are no studies showing the influence of the information environment on
the acquisition location decision from the perspective of the target company, in the Vietnam
M&A market.
CHAPTER 3: RESEARCH DESIGN
3.1. Research hypotheses
Existing studies have identified the existence of stock price appreciation, and the
impact of bullish behavior on transaction costs (Erickson and Wang, 1999; Louis, 2004). In
addition, the quality of information published in the market will directly affect the stock
liquidity, the success of the acquisition (Buehlmaier, 2015; Mazboudi and Khalil, 2017).
Yang et al. (2017) found that the probability of a majority share acquisition increases in
companies with high stock liquidity. The first hypothesis proposes:
Hypothesis H1: There is a positive relationship between the target firm’s internal
information environment quality and the equity ownership choice of acquiring companies.
The study by Barth et al. (2013) found that companies with less earnings
management behavior will have lower capital costs and more accurately reflect firm value.
Graham et al. (2008) show that the probability of cross-border transactions is higher when
firms that acquire are highly liquid. In addition, stemming from information asymmetry,
acquiring companies often look for well-run foreign target companies to easily value,
calculate synergies, and propose a price rational acquisition (Ye, 2014). The second
hypothesis is defined as follows:
Hypothesis H2: Acquiring firms tend to acquire target companies with more
transparent internal information environment.
The issue of conflicts of interest between shareholders and managers of the target
companies is likely to arise in an M&A deal. As a result, the role of independent members
of the board of directors, major shareholders becomes more important and provides an
effective monitoring mechanism (Jensen and Meckling, 1976; Quan and Zhang, 2021;
James et al., 2021). Some previous research results have shown that minority acquisition
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increases if the target company has a larger number of independent members, the CEO is
concurrently the chairman of the board of directors (Dang and Henry, 2016). The following
hypothesis is proposed:
Hypothesis H3: The target firm’s strong internal governance mechanism reduces the
acquiring firm’s share ownership.
Some studies have found that foreign acquirers tend to look for target companies
with independent boards of directors, CEO is not the chairman of the board (Miletkov et al.,
2014; Kling and Weitzel , 2014). Focusing on the target company, Leuz et al. (2009), Dang
et al. (2017), Dang Huu Man et al. (2017) pointed out that the target partners have good
governance mechanisms. The stronger a company is, the more likely it is to be a target in
cross-border acquisitions. The final hypothesis is proposed:
Hypothesis H4: Acquirers tend to seek acquisitions of target companies with strong
governance mechanisms.
3.2. Measurement of research variables
3.2.1. Dependent variable
3.2.1.1. Equity ownership proxies
- SHARE SOUGHT: The percentage of shares in the target firm that the acquiring firm seeks
to acquire in the transaction (Nguyen and Le, 2018).
- SHARE ACQUIRED: The percentage of shares purchased by the acquiring firm in the deal
(Nguyen and Le, 2018).
- SHARE OWNED: The percentage of share ownership in the target firm that the acquiring
firm holds after the acquisition is completed (Nguyen and Le, 2018).
3.2.1.2. Acquisition location proxy
- CROSS-BORDER: A binary variable taking the value of 1 if the foreign acquiring firm
acquires a Vietnamese target firm and of 0 if the acquiring firm and the target firm are
domestically Vietnamese firms.
3.2.2. Independent variables
3.2.2.1. Corporate information environment (CIE)
CIE is reflected through illiquidity (ILLIQUID) and earnings management (EM).
- Earnings management (EM):
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EM is the difference between expected accruals and actual accruals.
3
+ Expected accruals:
Ai,t-1: Total assets at the end of year t-1 of company i
ΔREVi,t: The difference in net sales between year t and year t-1
GPPEi,t: Fixed assets at the end of year t
α1, α2, α3: Parameter of each company
The parameters of the model α1, α2, α3 are estimated from the OLS regression
model:
: Actual accruals of company i in year t
: Estimation results of α1, α2, α3 using OLS regression
+ Actual accruals (ACCi,t): is estimated based on the adjusted
Jones model Actual accruals = Net profit – Net cash flows from
operating activities
- Stock liquidity (ILLIQUID)
Based on Amihud (2002), the ILLIQUID variable is defined:
| |
∑ )
: Trading return of stock i per day d in each year t;
: Number of trading days that stock i trades in each year t;
: Volume of stock i traded per day d in each year t
3.2.2.2. Internal governance mechanism (GOVERNANCE)
- The number of independent directors (IND.DIRECTORSi,t-1) : The more
independent members on board, the higher its independence (Bange and Mazzeo, 2004;
Dang and Henry, 2016), implying a stronger corporate governance mechanism.
- CEO duality (CEODualityi, t-1): The binary variable takes the value of one if the
CEO has just held the position of chairman of the board, and zero otherwise. The CEO has
greater power when the CEO is concurrently the Chairman of the Board (Pathan, 2009;
Dang and Henry, 2016; Nguyen and Le, 2018; Dang Huu Man et al., 2019).
3
Accruals reflect the difference between income and cash flow.
- ACCi,
t
- a1, a2,
a3
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- Blockholder shareholdings (BLOCKHOLDERi,t-1): This variable is a continuous
variable, determined by the percentage of shares owned by large shareholders whose
shareholdings are more than or equal to 5% (Masulis et al., 2007; Nguyen and Le, 2018;
Dang Huu Man et al., 2019). The higher the ownership of large shareholders, the higher the
degree of control over the board’s activities, leading to stronger corporate governance
quality.
3.1. Summary of variables and expected signs
Expected sign
No. Variables Acronym Influence Influence Reference sources
on equity on
ownership acquisition
location
Independent variables
1 The number IND.DIRECTORS - + Dang and Henry
of (2016), Miletkov et
independent al. (2014)
directors
2 CEO duality CEO Duality - + Pham et al. (2015)
3 Blockholder BLOCKHOLDER + + Dang and Henry
shareholdings (2016)
4 Stock ILLIQUID - - Dang Huu Man
liquidity (2019), Yang et al.
(2017)
Control variables
5 Payment CASH - + Dang and Henry
methods (2016), Bae et al.
(2013), Dang Huu
Man et al. (2018)
6 Related RELATEDNESS - + Dang and Henry
acquisitions (2016),
Dang Huu Man
(2019)
7 Shareholding TOEHOLD - - Hamberg et al. (2013)
stake by the
acquirer in
the target
firm before
the deal
8 Firm size SIZE - + Pham et al. (2015),
Zhou et al. (2019),
Xie (2014)
9 Return on ROA - - Dang and Henry
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assets (2016), Zhou et al.
(2019), Bauguess et
al. (2009)
10 Loan ratio LEVERAGE + - Huang and Ho
(2020), Dang Huu
Man (2019)
11 Sale growth SALES GROWTH - - Zhou et al. (2019),
Basuil and Datta
(2017)
12 Market-to- M/B + + Miletkov et al.
book ratio (2014), Huang and
Ho (2020),
3.3. Estimation method
The thesis uses a multivariable regression model with cross-sectional data and OLS
estimation technique to test the relationship between the dependent variable and
independent variables. In addition, this study uses Probit and Multinomial logistic
regression to test the association between corporate governance, information environment
and the acquiring firms’ local decisions.
3.4. Research models
3.4.1. The influence of the internal information environment on the acquiring firm’s
equity ownership decisions
SHARE SOUGHTi,t = + CIEi,t-1 + CONTROLSi,t-1 + γj + δt (1)
SHARE ACQUIREDi,t = + CIEi,t-1 + CONTROLSi,t-1 + γj + δt (2)
SHARE OWNEDi,t = + CIEi,t-1 + CONTROLSi,t-1 + γj + δt (3)
3.4.2. The influence of internal information environment on cross-border acquisition
decisions
Prob (CROSS-BORDERi,t =1) = + CIEi,t-1 + CONTROLSi,t-1 + γj + δt (4)
3.4.3. The influence of the internal corporate governance on the acquiring firm’s equity
ownership decisions
SHARE_SOUGHTi,t = β0 + β1GOVERNANCEi,t-1 + β2CONTROLSi,t-1 + γs + δt (5)
SHARE_ACQUIREDi,t = β0 + β1GOVERNANCEi,t-1 + β2CONTROLSi,t-1 + γs + δt (6)
SHARE_OWNEDi,t = β0 + β1GOVERNANCEi,t -1+ β2CONTROLSi,t-1 + γs + δt (7)
3.4.2. The influence of internal corporate governance on cross-border acquisition
decisions
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Prob (CROSS-BORDERi,t = 1) = β0 + β1GOVERNANCEi,t-1 + β2CONTROLSi,t-1 + γs + δt
(8)
3.5. Data
This study examines a comprehensive sample of 674 completed M&A deals in
Vietnam in the period 2005-2020. Data is collected from reliable sources: (1) Thomson
Reuters SDC Platinum. (2) Mint Global - Bureau Van Dijk and FiinPro - Stoxplus; (3)
annual report and management report at the financial year-end prior to acquisition
announcement.
CHAPTER 4: RESEARCH RESULTS
4.1 Descriptive statistics of the deal characteristics and the target firm’s financial
characteristics
This section presents descriptive statistics of the characteristics of the deal and the
target firm’s financial characteristics according to equity share ownership, and the
acquisition locations.
4.2. Internal information environment and equity ownership decision
4.2.1. Characteristics of the internal information environment in the acquisition
announcement year between forms of holding shares
4.2.2. Characteristics of the information environment in the year prior and after
acquisition announcement
4.2.3. Deal characteristics and financial characteristics according to the criteria of the
information environment
4.2.4. The target firms’ internal information environment and the acquiring firms’ share
ownership desire
Table 4.6. Target company’s internal information environment and acquiring firms’
share ownership desire
Variables 1 2 3 4 5 6
ILLIQUID 0,001 0,002 -0,001
(0,37) (0,67) (-0,94)
EM -0,023 -0,039 -0,047*
(-0,94) (-1,53) (-1,68)
CROSS-BORDER 0,004 0,012 -0,010 0,005
(0,13) (0,48) (-0,35) (0,16)
RELATEDNESS 0,104* 0,106* 0,096* 0,109**
(1,76) (1,77) (1,88) (2,06)
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CASH 0,035 0,034 0,027 0,028
(1,63) (1,55) (1,06) (0,03)
FRIENDLY 0,096*** 0,095*** 0,104*** 0,100***
(4,74) (4,70) (4,59) (4,39)
TOEHOLD -0,062*** -0,062*** -0,073*** -0,073***
(-3,63) (-3,47) (-3,55) (-3,50)
SIZE -0,012 -0,013
(-1,26) (-1,52)
LEVERAGE 0,001 0,014
(0,03) (0,29)
ROA -0,121 -0,101
(-1,48) (-0,87)
M/B 0,007 0,003
(0,63) (0,24)
SALES GROWTH -0,012** -0,013**
(-2,07) (-2,09)
INTERCEPT 0,206** 0,129 0,166** 0,227*** 0,148* 0,213**
(2,23) (1,39) (2,64) (2,64) (1,68) (2,14)
Year effects Yes Yes Yes Yes Yes Yes
Industry effects Yes Yes Yes Yes Yes Yes
N 294 294 292 232 232 230
R-squared 0,07 0,18 0,20 0,10 0,22 0,24
F ratio 1,05 2,38 2,15 1,56 2,85 2,43
t-ratios are shown in parentheses.
***, ** and * indicate significance at the 1%, 5% and 10% levels
Source: Author's calculations
4.2.5. The target firms’ internal information environment and the share ownership degree
achieved during and after the completed transaction
Table 4.7. Target firms’ internal information environment and share
ownership acquired and owned after the deals
Variables
Shares acquired Shares owned
1 2 3 4
ILLIQUID 0,001 0,008*
EM
(0,24)
-0,050**
(1,75)
-0,036
(-1,99) (-0,75)
CROSS-BORDER 0,005 -0,001 0,003 0,005
(0,19) (-0,02) (0,10) (0,15)
RELATEDNESS 0,111* 0,110 0,053 0,051
(1,95) (1,32) (1,10) (0,83)
CASH 0,029 0,027 0,035 0,021
(1,37) (1,15) (1,50) (0,73)
FRIENDLY 0,095*** 0,098*** 0,129*** 0,134***
(4,81) (4,26) (5,29) (4,77)
TOEHOLD -0,061*** -0,066*** 0,125*** 0,125***
(-3,44) (-3,04) (5,37) (4,70)
SIZE -0,009 -0,014* 0,005 -0,005
(-0,93) (-1,68) (0,50) (-0,54)
LEVERAGE 0,004 0,016 -0,034 -0,022
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Variables
Shares acquired Shares owned
1 2 3 4
(0,12) (0,34) (-0,73) (-0,40)
ROA -0,113 -0,096 -0,024 0,032
(-1,38) (-0,86) (-0,23) 0,24)
M/B 0,011 0,011 0,002 -0,014
(0,97) (0,82) (0,18) (-0,86)
SALES GROWTH -0,009* -0,011 -0,007 -0,008
(-1,68) (-1,11) (-0,67) (-0,64)
INTERCEPT 0,165 0,193* 0,091 0,127
(1,54) (1,74) (1,10) (0,12)
Year effects Yes Yes Yes Yes
Industry effects Yes Yes Yes Yes
N 292 230 292 230
R-squared 0,23 0,27 0,30 0,32
F ratio 2,87*** 2,83*** 4,22*** 3,65***
t-ratios are shown in parentheses.
***, ** and * indicate significance at the 1%, 5% and 10% levels
Source: Author's calculations
4.2.6. The target firms’ internal information environment and equity ownership decision
(using the lagged independent variable method)
The author re-estimated the above regression in which independent variables
ILLIQUIDt-1, EMt-1 are the stock illiquidity and earnings management with 1-year lag. The
use of lagged values of the independent variables aims to limit the influence of
autocorrelation.
4.3. The target firms’ internal information environment and cross-border acquisition
decisions
4.3.1. Characteristics of the information environment in the year deal announcement
4.3.2. Characteristics of the internal information environment in the year prior and post
acquisition announcement
4.3.3. The influence of internal information environment on the location decisions Table
4.11. Influence of internal information environment on the location decisions
Variables (1) (2) (3) (4) (5) (6)
ILLIQUID -0,069** -0,060* 0,013
EM
(-2,10) (-1,73) (0,28)
-0,912** -1,118*** -0,720**
(-2,31) (-2,79) (-1,98)
RELATEDNESS 1,189*** 0,961*** 0,697 0,396
(3,19) (2,62) (1,35) (0,71)
CASH 0,192 0,343 0,575** 0,787**
(0,78) (1,39) (1,98) (2,52)
FRIENDLY -0,071 0,050 0,325 0,606*
(-0,28) (0,18) (1,08) (1,84)
TOEHOLD -0,290 -0,387 -0,429 -0,427
(-1,17) (-1,48) (-1,63) (-1,54)
SIZE 0,325*** 0,365***
(3,07) (3,01)
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LEVERAGE -0,304 -1,16
(-0,74) (0,51)
ROA 0,940 1,635
(1,08) (1,34)
M/B 0,140 0,100
(1,10) (0,62)
SALES GROWTH -0,031 0,028
(-0,43) (0,33)
INTERCEPT -0,612 -0,455 -1,002 0,015 -0,266 -1,088
(-0,72) (-0,50) (-1,09) (0,02) (0,79) ( -1,32)
Year effects Yes Yes Yes Yes Yes Yes
Industry effects Yes Yes Yes Yes Yes Yes
N 252 252 250 195 195 193
Pseudo R2
0,14 0,19 0,25 0,14 0,18 0,26
Wald χ2
34,90 44,56 57,75 26,95 31,56 48,97
t-ratios are shown in parentheses.
***, ** and * indicate significance at the 1%, 5% and 10% levels
Source: Author's calculations
4.3.4. Influence of internal information environment on the location decisions (using
lagged independent variable method)
4.4. The target firm’s internal governance mechanism and the bidders’ stake
ownership decisions
4.4.1. Characteristics of the target corporate governance mechanism
4.4.2. The target corporate governance mechanism and the bidders’ sought equity
ownership decision
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Table 4.14. The target corporate governance mechanism and the bidders’ sought
equity ownership decision
Variables 1 2 3 4
IND. DIRECTORS -0,015** -0,016**
(0,01) (0,01)
CEO DUALITY -0,036* -0,022
(0,02) (0,02)
BLOCKHOLDERS 0,161*** 0,162***
(0,04) (0,04)
RELATEDNESS -0,024 -0,017 -0,015 -0,012
(0,02) (0,02) (0,02) (0,02)
CASH -0,063*** -0,061*** -0,051*** -0,053***
(0,02) (0,02) (0,02) (0,02)
CROSS-BORDER 0,028 0,030 0,019 0,022
(0,03) (0,03) (0,03) (0,03)
TOEHOLD 0,018 0,031 0,013 -0,014
(0,07) (0,07) (0,08) (0,08)
SIZE 0,018*** 0,011* 0,009 0,010
(0,01) (0,01) (0,01) (0,01)
LEVERAGE -0,021 -0,005 0,006 -0,002
(0,05) (0,05) (0,05) (0,05)
ROA -0,341** -0,367*** -0,343** -0,309**
(0,13) (0,13) (0,14) (0,14)
M/B 0,031** 0,036*** 0,037*** 0,035**
(0,01) (0,01) (0,01) (0,01)
SALES GROWTH 0,013 0,012 0,013 0,014
(0,02) (0,02) (0,02) (0,02)
INTERCEPT 0,159* 0,151* 0,051 0,116
(0,09) (0,09) (0,08) (0,09)
N 522 530 505 495
R-squared 0,116 0,115 0,138 0,152
Year effects Yes Yes Yes Yes
Industry effects Yes Yes Yes Yes
F-ratio 2,82*** 2,87*** 3,55*** 3,37***
Robust standard errors are shown in parentheses
***, ** and * indicate significance at the 1%, 5% and 10% levels
Source: Author's calculations
4.4.3. Corporate governance mechanism and the acquired share ownership degree in
the acquisitions
Table 4. 15. The influence of corporate governance mechanism on the acquired
share ownership degree in the acquisitions
Variables 1 2 3 4
IND. DIRECTORS -0,017*** -0,020***
(0,01) (0,01)
CEO DUALITY -0,040** -0,026
(0,02) (0,02
BLOCKHOLDERS 0,151*** 0,149***
(0,04) (0,04)
RELATEDNESS -0,035** -0,029* -0,029* -0,025
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Variables 1 2 3 4
(0,02) (0,02) (0,02) (0,02)
CASH -0,054*** -0,051*** -0,043** -0,048***
(0,02) (0,02) (0,02) (0,02)
CROSS-BORDER 0,037 0,039 0,036 0,039
(0,03) (0,03) (0,03) (0,03)
TOEHOLD 0,012 0,026 0,012 -0,017
(0,07) (0,07) (0,08) (0,08)
SIZE 0,023*** 0,016** 0,015** 0,017**
(0,01) (0,01) (0,01) (0,01)
LEVERAGE -0,031 -0,015 -0,009 -0,015
(0,04) (0,04) (0,04) (0,04)
ROA -0,271** -0,291** -0,267** -0,233*
(0,13) (0,12) (0,13) (0,13)
M/B 0,020* 0,026** 0,025** 0,023*
(0,01) (0,01) (0,01) (0,013)
SALES GROWTH 0,010 0,009 0,010 0,010
(0,01) (0,02) (0,02) (0,02)
INTERCEPT 0,132 0,121 0,021 0,099
(0,08) (0,08) (0,08) (0,09)
N 522 530 505 495
R-squared 0,108 0,100 0,123 0,145
Year effects Yes Yes Yes Yes
Industry effects Yes Yes Yes Yes
F-ratio 2,45** 2,47** 3,05*** 2,91***
Robust standard errors are shown in parentheses
***, ** and * indicate significance at the 1%, 5% and 10% levels
Source: Author's calculations
4.4.4. The corporate governance mechanism and the acquiring firms’ shareholding
degree after the completed deal
Table 4. 16. The influence of corporate governance mechanism on the acquiring firms’
shareholding ratio after the completed deal
Variables 1 2 3 4
IND. DIRECTORS -0,012** -0,014**
(0,01) (0,01)
CEO DUALITY -0,032* -0,019
(0,02) (0,02)
BLOCKHOLDERS 0,170*** 0,170***
(0,04) (0,040)
RELATEDNESS -0,023 -0,017 -0,013 -0,010
(0,02) (0,02) (0,02) (0,02)
CASH -0,045*** -0,042** -0,034** -0,037**
(0,02) (0,02) (0,02) (0,02)
CROSS-BORDER 0,022 0,025 0,020 0,022
(0,03) (0,03) (0,03) (0,03)
TOEHOLD 0,841*** 0,849*** 0,818*** 0,796***
(0,04) (0,03) (0,04) (0,04)
SIZE 0,015** 0,009 0,007 0,008
(0,01) (0,01) (0,01) (0,01)
LEVERAGE -0,030 -0,017 -0,011 -0,016
(0,04) (0,04) (0,04) (0,04)
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Variables 1 2 3 4
ROA -0,267** -0,280** -0,245** -0,221*
(0,12) (0,12) (0,12) (0,12)
M/B 0,008 0,013 0,011 0,009
(0,01) (0,01) (0,01) (0,01)
SALES GROWTH -0,005 -0,005 -0,004 -0,004
(0,01) (0,01) (0,01) (0,01)
INTERCEPT 0,209*** 0,204** 0,108 0,165**
(0,08) (0,08) (0,08) (0,08)
N 522 530 505 495
R-squared 0,447 0,443 0,456 0,463
Year effects Yes Yes Yes Yes
Industry effects Yes Yes Yes Yes
F-ratio 52,72*** 54,84*** 51,50*** 42,92***
Robust standard errors are shown in parentheses
***, ** and * indicate significance at the 1%, 5% and 10% levels
Source: Author's calculations
4.4.5. Robustness tests on the influence of corporate governance on the acquiring
firms’ equity shareholding
4.5. The target firms’ corporate governance mechanism and acquisition location
decision of the acquiring firms
4.5.1. Characteristics of the target corporate governance mechanism in the M&As
according to domestic and cross-border deals
4.5.2. The influence of corporate governance mechanism on cross-border decisions
Table 4.22. The influence of corporate governance on cross-border M&A decisions
Variables (1) (2) (3) (4)
IND. DIRECTORS 0,093 0,076
(0,11) (0,116)
CEO DUALITY 0,548* 0,609*
(0,30) (0,32)
BLOCKHOLDERS 0,570 0,776
(0,72) (0,75)
RELATEDNESS -0,227 -0,276 -0,116 -0,143
(0,34) (0,34) (0,34) (0,34)
CASH 0,338 0,350 0,438 0,450
(0,28) (0,28) (0,28) (0,29)
SHARE SOUGHT 0,687 0,736 0,438 0,548
(0,62) (0,59) (0,64) (0,65)
TOEHOLD -1,597 -1,718 -1,908* -1,689
(1,02) (1,05) (1,15) (1,15)
SIZE 0,329*** 0,387*** 0,312*** 0,336***
(0,11) (0,11) (0,12) (0,12)
LEVERAGE -1,975*** -2,160*** -1,883*** -1,866***
(0,58) (0,58) (0,59) (0,58)
ROA 0,260 -0,074 0,130 -0,062
(2,13) (2,16) (2,29) (2,24)
M/B -0,009 0,010 0,015 0,014
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Variables (1) (2) (3) (4)
(0,15) (0,16) (0,18) (0,18)
SALES GROWTH -0,274 -0,270 -0,231 -0,198
(0,23) (0,25) (0,23) (0,226)
INTERCEPT -2,899* -3,215** -2,875* -3,544**
N
(1,68) (1,49) (1,69) (1,62)
INTERCEPT 509 517 492 482
Year effects Yes Yes Yes Yes
Industry effects Yes Yes Yes Yes
Pseudo R2
0,081 0,087 0,075 0,087
Wald χ2
36,09*** 38,77*** 30,89** 36,19**
Robust standard errors are shown in parentheses
***, ** and * indicate significance at the 1%, 5% and 10% levels
Source: Author's calculations
4.5.3. Another robustness test using the alternative independent variable approach
CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS
5.1. General conclusions from experimental research results
In this thesis, the author has used different empirical models to test the influence of
internal corporate governance mechanism and information environment on M&A decision-
making of share ownership and cross-border M&A. Performing regressions with cross-
sectional data covering all M&A deals completed in the period 2005-2020 in Vietnam, in
which all the target companies are listed on stock exchanges in Vietnam. The study
indicates the importance of corporate governance mechanism and information environment
for strategic decisions in the process of implementing M&A plans. These research results
imply that the degree of success of a deal in Vietnam’s M&A market, in addition to the
intrinsic factors of the deal itself and the financial characteristics of the parties involved, is
influenced by the internal information environment and corporate governance mechanism of
the target company.
The results from this study have provided important evidence, adding to the
theoretical and empirical framework on the factors affecting the M&A market in developing
and emerging markets in general and the Vietnamese M&A market in particular.
Accordingly, this study confirms that companies with a small number of independent
members on the board of directors, less powerful CEOs, and high percentage of shares held
by major shareholders, are more likely to become targets sought in majority share
acquisitions. On the other hand, foreign acquiring companies tend to pursue Vietnamese
target companies with strong governance mechanisms and information environment,
ensuring risk reduction in international investment activities. These results support the
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Strategic Market Entry Hypothesis and Signals Theory and are also in line with the previous
findings of Massa and Xu (2013), Yang et al (2017). Expanding research in Vietnam, one of
the emerging countries with unclear regulations on M&A, information transparency and
governance mechanisms have not been paid enough attention by companies and state
agencies. These results once again confirm the importance of improving the internal
information environment and corporate governance mechanism in the context that
Vietnam’s M&A market is becoming more attractive due to its potential for growth.
5.2. New contributions of the thesis
The research provides important scholarly contributions in financial economics and
practice for the M&A market in Vietnam. Specifically:
Firstly, this study contributes to expand the theoretical framework of corporate
governance, strategic decisions related to M&A activities and the influence of corporate
governance mechanism on the M&A decision-making process in a typical emerging market.
Secondly, through assessing the characteristics of the information environment
characterized by the target firms’ earnings management and stock liquidity, the study has
added new empirical evidence on the relationship between the information environment and
the corporate restructuring process through M&As.
Regarding practical implications, the findings from the study have important
practical implications for acquiring companies and target companies participating in the
M&A process.
5.3. Some recommendations to stakeholders
5.3.1. For target firms
The results of the thesis indicate that it is necessary to make specific decisions in the
search and selection of members, the number of independent members on the board of
directors. Also, the companies need to establish internal regulations that control the
maximum equity ownership for major shareholders and determine the limit of the CEO’s
power in the company. Further, the target firms need to detail the responsibilities and
obligations of the individuals and organizations involved with the internal members of the
company to reduce non-transparent shares transferring activities. In addition, the target
companies need to take measures to strengthen the supervisory ability of the board of
directors through the establishment of supervisory subcommittees, setting the ratio of the
number of independent external members to participate in the board of directors and
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strengthen efforts to make transparent information disclosed to the market. The research
results of the thesis also suggest that the target companies should soon come up with
appropriate policies and actions to increase the ability to control the earnings management
behavior of the management team, improving the quality of information disclosed to the
outside, contributing to attracting investment through a public offer to buy shares from
potential partners. In cases of receiving hostile takeovers, the target firms need to put in
place some measures to limit the increase in the percentage of shares owned by large
shareholders, increase the level of oversight by the board of directors, and develop
appropriate defense mechanisms.
5.3.2. For bidder firms
For acquiring companies, our findings help identify specific motivations for pursuing
M&A deals, and categorize strategic investment partners. Acquiring companies should pay
much attention to board structure, CEO duality, and large shareholder ownership before
negotiating agreements, because internal factors directly affect the decision to enter the deal
of the target companies. In addition, acquiring companies should have a professional
valuation team to assist in determining the intrinsic value of potential target companies. This
is one of the measures to help them assess the information transparency of target companies,
thereby saving costs in M&A transactions, and properly assessing the growth potential of
target company’s shares on the stock market.
CONCLUSION OF THESIS
Based on a data set of all completed M&A deals in Vietnam for the period 2005-
2020, and using a combination of different econometric methods and empirical models to
test the effect of corporate governance and internal information environment on the equity
ownership and acquisition location decisions. The thesis has provided important empirical
evidences to solve the research objectives.
Research results show that companies with fewer independent members on the board
of directors, non-CEO duality, and high percentage of shares held by major shareholders,
are more likely to become targets in majority share acquisitions. Also, the probability of
cross-border acquisitions is higher for target companies with stronger governance
mechanism, lower earnings management behavior and higher stock liquidity.
Some limitations and their causes
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Although the thesis has provided a number of academic and practical significance
results, some limitations still exist45
, as follows:
- The first limitation, the thesis focuses on clarifying the influence of corporate
governance mechanism and internal information environment on strategic decisions of
acquiring companies from the lens of the target company. In other words, this study clarifies
how information transparency and governance quality influence the decision-making
behavior of acquiring companies. The study does not look at the lens of the acquiring
company. There are two main reasons:
Firstly, the existing theoretical and empirical framework has clarified the influence of
the acquiring company’s financial characteristics, governance mechanism and information
environment on the outcome of the deal (including the shareholding ratio, acquisition
location, payment method, and forms of acquisitions) using both developed and developing
market samples. The iterative study of the sample of deals in Vietnam will not make much
of significant contribution.
Second, stemming from the limitation of data and data sources relating to M&A
deals in Vietnam. Accordingly, information about the acquiring company in Vietnam’s
M&A market is not clearly mentioned in the SDC database, although this is the best M&A
database in the world. A lot of information about the acquiring company only briefly states
“Acquirer is an organization” or “Investment fund”, without the full company code to
collect data.
- The second limitation, this study does not consider endogeneity issues in the model. In
fact, the problem of endogeneity appears in the experimental model due to many different
reasons such as Sample selection bias, Reverse causality, Measurement error, or the Omitted
variables. Accordingly, it is likely that the acquiring company’s M&A decision-making may be
partly influenced by the characteristics of the CEO of the acquiring company or the
4
When the author presented this thesis at an annual scientific topic at the Faculty level, there was an opinion that the
research model has not controlled the influence of macro factors on the object of analysis such as the institutional
environment, inflation, financial system... The author acknowledges this comment but still maintains the view that these
macro factors should not be controlled in the empirical model. Main reason: this study was conducted with a single
country sample and the nature of M&A data is cross-sectional, so controlling for macro factors in a single country
sample is not has many values in terms of both economic significance and model value. Controlling for macro factors
will be necessary for the multinational sample or for panel or time series data.
5
There are also opinions that this study has not examined the interaction influence between corporate governance
mechanism and information environment on M&A decisions. The author would like to acknowledge this important
contribution and rerun the model by adding an independent variable, which is the interaction variable between the
information environment and the corporate governance mechanism. However, the results show that the coefficient of
the interaction variable is not statistically significant. Therefore, the author does not report this result in the Thesis.
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passion to pursue and acquire the target company or simplicity due to the hubris. It is also
possible that results and experience from past deals are the basis for companies to make
decisions rather than relying too heavily on governance or information environment
characteristics. To solve the problem of endogeneity, the current studies have proposed to
use the Difference-in-Difference approach, which uses 02 sample groups, including the
group of companies with M&A activities (referred to as treatment group) and the control
group (the group of companies without deals), then run a regression to see the effect of the
M&A event on the performance of the target company before and after the deal. Another
way is to use an instrument variable and run the model with this instrument variable. In this
thesis, it is not necessary to use the Difference-in-Difference approach because this study
does not study the influence of the governance mechanism and the information environment
on the synergy in pre-period or after the transaction. For the second solution, which is to use
the instrument variable, the author would like to acknowledge this limitation due to the time
limit as well as the depth of knowledge about econometrics.
Recommendations for future research
Future research can develop towards:
- Expanding research issues to consider at the level of the acquiring company: CEO’s
behavior, non-financial factors viewed from the lens of the acquiring company, such as
market strategy, competitiveness, product and market policy.
- Studying the influence of the external information environment on the M&A
decision-making behavior of the acquiring company and the target company, such as policy
risks and quality of independent auditing.
- Studying the relationship between capital market development and M&A market.
- Conducting a research on the basis of samples including types of acquisitions: asset
purchases, leveraged buyout (LBO) deals, management buyout (MBO).
- Expanding the scope of consideration of the influence of the information
environment and corporate governance on cross-border acquisitions, considering completed
and incomplete deals.
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LIST OF PUBLISHCATIONS DISCLOSED FROM THIS THESIS
No. Journal article Journal Year
1 Lựa chọn hình thức mua lại trong thị trường Tạp chí Kinh tế & Phát 01/2017
M&A ngành ngân hàng Việt Nam triển
2 Ảnh hưởng của môi trường thể chế quốc gia Tạp chí Nghiên cứu 02/2018
đến việc lựa chọn hình thức mua lại Kinh tế
Does target corporate governance affect the International
3 Conference on 2018
acquirers’ownership decisions? Evidence
Accounting and Finance
from Vietnam
(ICOAF 2018)
4
Môi trường thông tin của công ty và hành vi
Tạp chí Nghiên cứu 09/2019
nâng giá cổ phiếu trong thị trường M&A
Kinh tế
Việt Nam
5 Quản trị lợi nhuận và quyết định khu vực Tạp chí Kinh tế và phát 10/2019
sáp nhập ở Việt Nam triển
Giám đốc điều hành và tỷ suất sinh lời của
Tạp chí Nghiên cứu 12/2019
6 doanh nghiệp: Bằng chứng thực nghiệm tại
Kinh tế
Việt Nam
7
Thực trạng quản trị công ty và một số ảnh
Tạp chí Khoa học & 10/2019
hưởng đến hoạt động sáp nhập, mua lại tại
Công nghệ, ĐHĐN
Việt Nam
Book Chapter: “Test of the Strategic Market Book Series – Vietnam
8 and the Global 2020
Entry Hypothesis – Evidence from
Economy, World
Corporate Governance in Vietnam”
Scientific Publishing.
Proceedings of the 16th
International
Corporate governance and firm’s financial Conference on
9 performance: Case study of listed Knowledge-Based 11/2020
companies on HANOI stock exchange Economics and Global
Management, 301-306,
Southern Taiwan
Firm Financial Performance: A Review on
International Journal of
10 Business and 06/2021
Accounting & Market-Based Approach Management Invention
(IJBMI)