Tái cấu trúc và hiệu quả hoạt động của doanh nghiệp sản xuất tại Việt Nam: Vai trò điều tiết của chuyển đổi số
Nội dung chính của bài viết
Tóm tắt
Nghiên cứu này xem xét vai trò điều tiết của chuyển đổi số trong mối quan hệ giữa tái cấu trúc và hiệu quả hoạt động của doanh nghiệp sản xuất tại Việt Nam. Mẫu nghiên cứu bao gồm 68 doanh nghiệp sản xuất niêm yết tại Việt Nam trong giai đoạn 2011-2021. Phương pháp moments tổng quát (GMM) được sử dụng trong nghiên cứu này. Kết quả cho thấy, khi mức độ tái cấu trúc, bao gồm tái cấu trúc tài chính, tái cấu trúc danh mục đầu tư và tái cấu trúc hoạt động tăng lên sẽ làm hạn chế hiệu quả hoạt động của doanh nghiệp sản xuất tại Việt Nam. Chuyển đổi số cũng làm giảm hiệu quả hoạt động của doanh nghiệp. Tuy nhiên, sự tương tác giữa tái cấu trúc và chuyển đổi số lại cải thiện hiệu quả hoạt động của các doanh nghiệp sản xuất niêm yết tại Việt Nam. Kết quả nghiên cứu này thể hiện rằng, doanh nghiệp sản xuất tại Việt Nam cần thực hiện quá trình tái cấu trúc doanh nghiệp và chuyển đổi số đồng thời nhằm nâng cao hiệu quả hoạt động của doanh nghiệp.
Chi tiết bài viết
Từ khóa
Chuyển đổi số, Hiệu quả hoạt động của doanh nghiệp, Tái cấu trúc, Phương pháp moments tổng quát, Việt Nam
Tài liệu tham khảo
Amano, Y. (2022). Negative goodwill and postmerger operating performance: evidence from Japan. Asian Review of Accounting, 30(4), 381-397. https://doi.org/10.1108/ARA-02-2022-0033
Anwar, M., & Shah, S. Z. (2021). Entrepreneurial orientation and generic competitive strategies for emerging SMEs: Financial and nonfinancial performance perspective. Journal of Public Affairs, 21(1), 1–17. https://doi.org/10.1002/pa.2125
Araujo, J., Araujo, M. J. D., Garrido, J., Kopp, E., Varghese, M. R., & Yao, W. (2022). Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis. International Monetary Fund.
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304–4076(94)01642-D
Asiaei, K., Rezaee, Z., Bontis, N., Barani, O., & Sapiei, N.S. (2021). Knowledge assets, capabilities and performance measurement systems: a resource orchestration theory approach. Journal of Knowledge Management, 25(8), 1947-1976. https://doi.org/10.1108/JKM-09-2020-0721
Bartlett, C. A., & Ghoshal, S., (1990). Managing across borders: The transnational solution. Harvard Business School Press.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. doi: 10.1016/s0304-4076(98)00009-8.
Cetindamar Kozanoglu, D., & Abedin, B. (2021). Understanding the role of employees in digital transformation: conceptualization of digital literacy of employees as a multi-dimensional organizational affordance. Journal of Enterprise Information Management, 34(6), 1649-1672. https://doi.org/10.1108/JEIM-01-2020-0010
Chege, P., Gachuru, G., & Njan, J. (2022). The effect of demerger strategy on organizational performance: A case study of State Department for Trade and Enterprise Development, Kenya. African Multidisciplinary Journal of Research, 7(1), 450-462. https://journals.spu.ac.ke/index.php/amjr/article/view/145
Cruz-García, P., Forte, A., & Peiró-Palomino, J. (2020). On the drivers of profitability in the banking industry in restructuring times: a Bayesian perspective. Applied Economic Analysis, 28(83), 111-131. https://doi.org/10.1108/AEA-01-2020-0003
Dzingirai, M. (2021). Demystifying corporate restructuring strategy through digital transformation: lessons learned from the banking sector of Zimbabwe. In Emerging challenges, solutions, and best practices for digital enterprise transformation (164-181). IGI Global.
D‘Ippolito, B., Messeni Petruzzelli, A., & Panniello, U. (2019). Archetypes of incumbents' strategic responses to digital innovation. Journal of Intellectual Capital, 20(5), 662-679. https://doi.org/10.1108/JIC-04-2019-0065
Fama, E., & French, K. R. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427–465. https://doi.org/10.1111/j.1540-6261.1992.tb04398.x
Feliciano-Cestero, M. M., Ameen, N., Kotabe, M., Paul, J., & Signoret, M. (2023). Is digital transformation threatened? A systematic literature review of the factors influencing firms’ digital transformation and internationalization. Journal of Business Research, 157, 113546. https://doi.org/10.1016/j.jbusres.2022.113546
Gasco-Hernandez, M., Nasi, G., Cucciniello, M., & Hiedemann, A. M. (2022). The role of organizational capacity to foster digital transformation in local governments: The case of three European smart cities, Urban Governance, 2(2), 236-246. https://doi.org/10.1016/j.ugj.2022.09.005
Garzoni, A., De Turi, I., Secundo, G., & Del Vecchio, P. (2020). Fostering digital transformation of SMEs: a four levels approach. Management Decision, 58, 1543-1562. https://doi.org/10.1108/MD-07-2019-0939
Gaughan, P. A. (2010). Mergers, acquisitions, and corporate restructurings. John Wiley & Sons.
Gil-Gomez, H., Guerola-Navarro, V., Oltra-Badenes, R., & Lozano-Quilis, J. A. (2020). Customer relationship management: Digital transformation and sustainable business model innovation. Economic research-Ekonomska Istrazivanja, 33(1), 2733–2750. https://doi.org/10.1080/1331677X.2019.1676283
Girod, S. J. G., & Whittington, R. (2017). Reconfiguration, restructuring and firm performance: Dynamic capabilities and environmental dynamism. Strategic Management Journal, 38(5), 1121-1133. https://doi.org/10.1002/smj.2543
Githaiga, P. N. (2021). Human capital, income diversification and bank performance–an empirical study of East African banks. Asian Journal of Accounting Research, 6(1), 95–108. https://doi.org/10.1108/AJAR-06-2020-0041
Heredia, J., Castillo-Vergara, M., Geldes, C., Carbajal Gamarra, F. M., Flores, A., & Heredia, W. (2022). How do digital capabilities affect firm performance? The mediating role of technological capabilities in the “new normal”. Journal of Innovation & Knowledge, 7(2), 100171. https://doi.org/10.1016/j.jik.2022.100171
Hill, C. W. L. & Hansen, G. S. (1991). A longitudinal study of the cause and consequences of changes in diversification in the U.S. pharmaceutical industry 1977-1986. Strategic Management Journal, 12(3), 187-199. https://doi.org/10.1002/smj.4250120303
Hong Linh (2021). Good corporate governance helps increase resistance to instability. VnEnconomy. https://vneconomy.vn/quan-tri-doanh-nghiep-tot-giup-tang-suc-chong-choi-voi-bat-on.htm
Hoskisson, R. E, & Hitt, M. (1994). Downscoping: How to tame the diversified firms. Oxford University Press.
Hu, P., Wang, Y., Feng, T., & Duan, Y. (2021). Innovative search, capability reconfiguration and firm innovation performance in the process of technological leapfrogging. Chinese Management Studies, 15(5), 961-984. https://doi.org/10.1108/CMS-02-2020-0051
Jaccard, J. & Turrisi, R. (2003). Interaction Effects in Multiple Regression (Quantitative Applications in the Social Sciences), 2nd Edition. Newbury Park, CA: Sage.
Kanyagia, J. W. (2020). Effects of corporate restructuring strategy on performance of insurance companies in Kenya: A case study of Britam holding limited [Published MBA Thesis]. United States International University - Africa.
Khin, S., & Ho, T. C. (2020). Digital technology, digital capability and organizational performance: A mediating role of digital innovation. International Journal of Innovation Science, 11(2), 177-195. https://doi.org/10.1108/IJIS-08-2018-0083
Kinyua, F., & Kihara, A. (2021). Influence of organization restructuring on performance of selected media firms in Kenya. Journal of Business and Strategic Management, 6(3), 82–101. https://doi.org/10.47941/jbsm.714
Lanzolla, G., Lorenz, A., Miron-Spektor, E., Schilling, M. Solinas, G., & Tucci, C. L. (2018). Digital transformation: what is new if anything?. Academy of Management Discoveries, 4(3), 378-387.
Le, D. T. A., & Gan, C. (2021). The impact of the COVID-19 lockdown on stock market performance: evidence from Vietnam. Journal of Economic Studies, 48(4), 836–851. https://doi.org/10.1108/JES-06-2020-0312
Le, L. H. V., Huynh, T. L. D., Weber, B. S., & Nguyen, B. K. Q. (2021). Different firm responses to the COVID-19 pandemic shocks: machine-learning evidence on the Vietnamese labour market. International Journal of Emerging Markets, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJOEM-02-2021-0292
Lei, Z., & Wang, D. (2023). Digital transformation and total factor productivity: Empirical evidence from China, PLoS ONE, 18(10), e0292972. https://doi.org/10.1371/journal.pone.0292972
Li, F. (2020). Leading digital transformation: three emerging approaches for managing the transition. International Journal of Operations and Production Management, 40(6), 809-817. https://doi.org/10.1108/IJOPM-04-2020-0202
Liao, J. (2005). Corporate restructuring, performance and competitiveness: An empirical examination. Competitiveness Review: An International Business Journal, 15(1), 33 – 48. https://doi.org/10.1108/cr.2005.15.1.33
Libert, B., Beck, M., & Wind, Y. (2016). Questions to ask before your next digital transformation. Harvard Business Review, 60(12), 11-13.
Liu, Q. L., Zhang, Y., Lei, Y. Y., & Chen, G. J. (2022). Research on process, logic and implementation mechanism of digital enabling enterprise innovation. Studies in Science of Science, 40(1), 150-159.
Liu, Q.-R., Liu, J.-M., & He, Z.-P. (2023). Digital transformation ambidexterity and business performance. Journal of Enterprise Information Management, 36(5), 1402-1420. https://doi.org/10.1108/JEIM-08-2022-0280
Lombardi, R., & Secundo, G. (2021). The digital transformation of corporate reporting – a systematic literature review and avenues for future research. Meditari Accountancy Research, 29(5), 1179-1208. https://doi.org/10.1108/MEDAR-04-2020-0870
Loonam, J., Eaves, S., Kumar, V., & Parry, G. (2018). Towards digital transformation: lessons learned from traditional organizations. Strategic Change, 27(2), 101-109. https://doi.org/10.1002/jsc.2185
Markides, C. C. (1992). Consequences of corporate refocusing: Ex ante evidence. Academy of Management Journal, 35, 398-412. https://doi.org/10.5465/256379
Mat Nor, F., Alias, N., & Yaacob, M. (2008). Corporate Restructuring: Firm Characteristics and Performance. Jurnal Pengurusan, 27, 129-141. http://dx.doi.org/10.2139/ssrn.3409605
Mazimpaka, P. C., & Rusibana, C. (2021). Mergers and acquisitions on financial performance of commercial banks in Rwanda: Case of I&M Bank Ecobank and BPR Atlas Mara. International Journal of Scientific and Research Publications, 11(5), 93–115. http://dx.doi.org/10.29322/IJSRP.11.05.2021.p11314
Nell, P. C., Foss, N. J., Klein, P. G., & Schmitt, J. (2021). Avoiding digitalization traps: tools for top managers. Business Horizons, 64(2), 163-169. https://doi.org/10.1016/j.bushor.2020.11.005
Kien, N. D., Hung, P. X., Quan, T. T., & Hien, N. M. (2023). The COVID-19 Pandemic Impact and Responses in Emerging Economies: Evidence from Vietnamese Firms. Economies, 11(1), 10. http://dx.doi.org/10.3390/economies11010010
Loan, N. (2020). Restructuring - business survival. Doanh nhan Sai Gon Online. https://doanhnhansaigon.vn/tai-cau-truc-su-song-con-cua-doanh-nghiep-215870.html
Thuy, N. V. (2021). Strategy, Culture, Human Resource, IT Capability, Digital Transformation and Firm Performance–Evidence from Vietnamese Enterprises. In Sriboonchitta, S., Kreinovich, V., Yamaka, W. (eds), Behavioral Predictive Modeling in Economics. Studies in Computational Intelligence, 897. Springer, Cham. https://doi.org/10.1007/978-3-030-49728-6_16
Plekhanov, D., Franke, H., & Netland, T. H. (2022). Digital transformation: A review and research agenda. European Management Journal, 41(6), 821-844. https://doi.org/10.1016/j.emj.2022.09.007
Rafsanjani, H. N., Ghahramani, A., & Nabizadeh, A. H. (2020). iSEA: ioT-based smartphone energy assistant for prompting energy-aware behaviors in commercial buildings. Applied Energy, 266, 114892. https://doi.org/10.1016/j.apenergy.2020.114892
Rashid, N., Ismail, W. N., Rahman, M. S. A., & Afthanorhan, A. (2018). Conceptual Analysis on Performance measurement used in SMEs research: The effectiveness of firm’s overall performance. International Journal of Academic Research in Business & Social Sciences, 8(11), 1401–1412. doi:10.6007/IJARBSS/v8-i11/5199
Sebastian, I. M., Ross, J. W., Beath, C., Mocker, M., Moloney, K. G., & Fonstad, N. O. (2017). How big old companies navigate digital transformation. MIS Quarterly Executive, 16(3), 197–213. http://misqe.org/ojs2/index.php/misqe/article/view/783
Shan, Y., Xu, H., Zhou, L. X., & Zhou, Q. (2021). Digital and intelligent empowerment: how to form organizational resilience in crisis?: an exploratory case study based on forest cabin’s turning crisis into opportunity. Management World, 37(3), 84–104.
Sherman, H. D., & Rupert, T. J. (2006). Do bank mergers have hidden or foregone value? Realized and unrealized operating synergies in one bank merger. European Journal of Operational Research, 168(1), 253–268. https://doi.org/10.1016/j.ejor.2004.05.002
Schmidt, J. (2022). Preventive restructuring frameworks: Jurisdiction, recognition and applicable law. International Insolvency Review, 31(1), 81-100. https://doi.org/10.1002/iir.1447
Sosa Varrotti, A.P. & Gras, C. (2021). Network companies, land grabbing, and financialization in South America. Globalizations, 18(3), 482-497. https://doi.org/10.1080/14747731.2020.1794208
Source of Asia (2022). Vietnam’s digital transformation Outlook 2022. https://www.sourceofasia.com/vietnams-digital-transformation-outlook-2022/
Sousa-Zomer, T. T., Neely, A., & Martinez, V. (2020). Digital transforming capability and performance: a microfoundational perspective. International Journal of Operations and Production Management, 40(7/8), 1095-1128. https://doi.org/10.1108/IJOPM-06-2019-0444
Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: the case of US financial holding companies. Journal of Banking and Finance, 30(8), 2131–2161. https://doi.org/10.1016/j.jbankfin.2005.04.030
Tekic, Z., & Koroteev, D. (2019). From disruptively digital to proudly analog: A holistic typology of digital transformation strategies. Business Horizons, 62(6), 683-693. https://doi.org/10.1016/j.bushor.2019.07.002
Tran, N. P., & Vo, D. H. (2022). Do banks accumulate a higher level of intellectual capital? Evidence from an emerging market. Journal of Intellectual Capital, 23(2), 439–457. https://doi.org/10.1108/JIC-03-2020-0097
Tran, N. P., Le, Q. T. T., Vo, A. T., & Vo, D. H. (2024). Digital transformation and corporate restructuring: does corporate governance matter?. Journal of Strategy and Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JSMA-04-2023-0084
Umar, M. A. (2023). Corporate Restructuring: A Strategy for Improving Organizational Performance. International Journal of Strategic Decision Sciences, 14(1), 1-11. doi: 10.4018/IJSDS.319974.
Unerman, J. (2000). Methodological issues ‐ Reflections on quantification in corporate social reporting content analysis. Accounting, Auditing & Accountability Journal, 13(5), 667–681. https://doi.org/10.1108/09513570010353756
Verhoef, P., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J., Fabian, N., & Haenlein, M. (2021). Digital transformation: a multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889-901. https://doi.org/10.1016/j.jbusres.2019.09.022.
Vial, G. (2019). Understanding digital transformation: a review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118-144. https://doi.org/10.1016/j.jsis.2019.01.003.
Vinocur, E., Kiymaz, H., & Loughry, M. L. (2023). M&A capability and long-term firm performance: a strategic management perspective. Journal of Strategy and Management, 16(2), 211-234. https://doi.org/10.1108/JSMA-10-2021-0204
Wang, J., Liu, Y., Wang, W., & Wu, H. (2023). How does digital transformation drive green total factor productivity? Evidence from Chinese listed enterprises. Journal of Cleaner Production, 406, 136954. https://doi.org/10.1016/j.jclepro.2023.136954
World Economic Forum (2019). ASEAN Youth Technology, Skills and the Future of Work. Geneva, Switzerland. https://www3.weforum.org/docs/WEF_ASEAN_Youth_Survey_2019_Report.pdf
Wu, J. Z., & Xiao, S. F. (2016). Innovation attention shift, R&D spending leap and firm performance: evidence from China. Nankai Business Review, 19(2), 182-192.
Xu, J., & Wang, B. (2019). Intellectual capital performance of the textile industry in emerging markets: A comparison with China and South Korea. Sustainability, 11(8), 2354. https://doi.org/10.3390/su11082354.
Zhang, T., Shi, Z. Z., Shi, Y. R., & Chen, N. J. (2022). Enterprise digital transformation and production efficiency: mechanism analysis and empirical research. Economic Research-Ekonomska Istraživanja, 35(1), 2781–2792. https://doi.org/10.1080/1331677X.2021.1980731
Zhang, Y., Li, H., & Yao, Z. (2023). Intellectual capital, digital transformation and firm performance: evidence based on listed companies in the Chinese construction industry. Engineering, Construction and Architectural Management, Vol. ahead-of-print, No. ahead-of-print. https://doi.org/10.1108/ECAM-06-2023-0623
Zhao, X., Sun, X., Zhao, L., & Xing, Y. (2022). Can the digital transformation of manufacturing enterprises promote enterprise innovation?. Business Process Management Journal, 28(4), 960–982. https://doi.org/10.1108/BPMJ-01-2022-0018
Các bài báo được đọc nhiều nhất của cùng tác giả
- Võ Hồng Đức, Huỳnh Hiền Hải, Liệu biến đổi khí hậu ảnh hưởng trực tiếp đến quyết định di cư? Bằng chứng thực nghiệm tại các quốc gia Đông Nam Á , Tạp chí Nghiên cứu Tài chính - Marketing: Số 82 (2024)