The influence of diversifying income sources on the financial performance: An empirical study on Vietnamese commercial banks
Date Published:
25/07/2024
Online Published:
25/07/2024
Section:
Research Articles
Main Article Content
Abstract
This research investigates the impact of income diversification on the financial outcomes of commercial banks in Vietnam. The analysis utilizes financial reports from 26 Vietnamese commercial banks spanning from 2012 to 2022. A variety of analytical methods, including the Pooled Ordinary Least Squares (OLS) model, Fixed Effects Model (FEM), Random Effects Model (REM), and System Generalized Method of Moments (SGMM) models, were employed to evaluate the data. The findings suggest that diversifying income streams enhances the financial health of commercial banks. The case of Vietnamese banks indicates that bank growth and an increase in borrowing activities positively influence financial results. Additionally, it is recommended that banks manage the deposit ratios of customers and lower the ratio of loan loss provisions to optimize financial performance.
Keywords
Financial performance; Generalized Method of Moments; Income diversification
Article Details
References
Ansoff, H. I. (1957). Strategies for diversification. Harvard business review, 35(5), 113-124.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
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
Asif, R., & Akhter, W. (2019). Exploring the influence of revenue diversification on financial performance in the banking industry: A systematic literature review. Qualitative Research in Financial Markets, 11(3), 305-327. https://doi.org/10.1108/QRFM-04-2018-0057
Baum, C. F. (2001). Residual diagnostics for cross-section time series regression models. The Stata Journal, 1(1), 101–104. https://doi.org/10.1177/1536867X0100100108
Batten, J. A., & Vo, X. V. (2016). Bank risk shifting and diversification in an emerging market. Risk Management, 18(4), 217-235. https://doi.org/10.1057/s41283-016-0008-2
Berger, A. N., Hanweck, G. A., & Humphrey, D. B. (1987). Competitive viability in banking: Scale, scope, and product mix economies. Journal of Monetary Economics, 20(3), 501-520. https://doi.org/10.1016/0304-3932(87)90039-0
Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212. https://doi.org/10.1016/S0377-2217(96)00342-6
Berger, A. N., & Mester, L. J. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking & Finance, 21(7), 895-947. https://doi.org/10.1016/S0378-4266(97)00010-1
Busch, R., & Kick, T. K. (2009). Income diversification in the German banking industry. Bundesbank Series 2 Discussion Paper, 2009(09). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2794032
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
Cotte Poveda, A. (2011). Socio-economic development and violence: an empirical application for seven metropolitan areas in Colombia. Peace Economics, Peace Science and Public Policy, 17(1). https://doi.org/10.2202/1554-8597.1223
Chiorazzo, V., Milani, C., & Salvini, F. (2008). Income diversification and bank performance: Evidence from Italian banks. Journal of financial services research, 33(3), 181-203. https://doi.org/10.1007/s10693-008-0029-4
DeYoung, R., & Roland, K. P. (2001). Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model. Journal of Financial Intermediation, 10(1), 54-84. https://doi.org/10.1006/jfin.2000.0305
DeYoung, R., & Rice, T. (2004). Noninterest income and financial performance at US commercial banks. Financial Review, 39(1), 101-127. https://doi.org/10.1111/j.0732-8516.2004.00069.x
Duong, T. P., Nguyen, T. T., & Hoang, T. T. (2022). Impact of income diversification on the business performance of Vietnamese commercial banks. Cogent Business & Management, 9(1), 2132592. https://doi.org/10.1080/23311975.2022.2132592
Elsas, R., Hackethal, A., & Holzhäuser, M. (2010). The anatomy of bank diversification. Journal of Banking & Finance, 34(6), 1274-1287. https://doi.org/10.1016/j.jbankfin.2009.11.024
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society, Series A (General), 120(3), 253-290. https://doi.org/10.2307/2343100
Gurbuz, A. O., Yanik, S., & Aytürk, Y. (2013). Income Diversification and Bank Performance: Evidence from Turkish Banking Sector. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 7(1), 9-29. https://dergipark.org.tr/en/pub/bddkdergisi/issue/57353/812636
Gujarati, D. N. 2004, Basic Economics, 4th edition, McGraw-Hill Inc. NewYork, pp.359.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1251-1271. https://doi.org/10.2307/1913827
Hansen, L. P. (1982). Large sample properties of generalized method of moments estimators. Econometrica: Journal of the Econometric Society, 50(4), 1029-1054. https://doi.org/10.2307/1912775
Hau, L. L., & Quynh, P. X. (2016). Tác động của đa dạng hóa thu nhập đến hiệu quả kinh doanh của các Ngân hàng thương mại Việt Nam [The impact of income diversification on business performance of Vietnamese commercial banks]. Tạp chí Công nghệ Ngân hàng, 124(2016), 11-22. https://sj.ctu.edu.vn/ql/docgia/tacgia-8718/baibao-49847.html
Hamdi, H., Hakimi, A., & Zaghdoudi, K. (2017). Diversification, bank performance and risk: have Tunisian banks adopted the new business model? Financial Innovation, 3(1). https://doi.org/10.1186/s40854-017-0069-6
Hidayat, W. Y., Kakinaka, M., & Miyamoto, H. (2012). Bank risk and non-interest income activities in the Indonesian banking industry. Journal of Asian Economics, 23(4), 335-343. https://doi.org/10.1016/j.asieco.2012.03.008
Hoang, C., Nguyen, L., Tran, M., & Hoang, T. (2020). The impact of income diversification on liquidity creation and financial performance of Vietnamese Commercial Banks. Accounting, 6(4), 553-568. https://doi.org/10.5267/j.ac.2020.4.004.
James, V. C., & John, W. M. (2005). Fundamentals of Financial Management. America: Financial Times Prentice Hall.
Le, T. T., Nguyen, Q. A., Vu, T. M. N., Do, M. P., & Tran, M. D. (2022). Impact of income diversification on the default risk of Vietnamese commercial banks in the context of the COVID-19 pandemic. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2119679
Lee, C. C., Yang, S. J., & Chang, C. H. (2014). Non-interest income, profitability, and risk in banking industry: A cross-country analysis. The North American Journal of Economics and Finance, 27(C), 48-67. https://doi.org/10.1016/j.najef.2013.11.002
Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of banking & finance, 32(8), 1452-1467. https://doi.org/10.1016/j.jbankfin.2007.12.002
Luu, H. N., Nguyen, L. Q. T., Vu, Q. H., & Tuan, L. Q. (2020). Income diversification and financial performance of commercial banks in Vietnam: do experience and ownership structure matter? Review of Behavioral Finance, 12(3), 185-199. 10.1108/RBF-05-2019-0066
Maghyereh, A. I., & Yamani, E. (2022). Does bank income diversification affect systemic risk: New evidence from dual banking systems. Finance Research Letters, 47(PB) 102814. https://doi.org/10.1016/j.frl.2022.102814
Mbekomize, C. J., & Mapharing, M. (2017). Analysis of determinants of profitability of commercial banks in Botswana. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(2), 131-144. http://dx.doi.org/10.6007/IJARAFMS/v7-i2/2878
Meslier, C., Tacneng, R., & Tarazi, A. (2014). Is bank income diversification beneficial? Evidence from an emerging economy. Journal of International Financial Markets, Institutions and Money, 31(C), 97-126. https://doi.org/10.1016/j.intfin.2014.03.007
Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking & Finance, 31(7), 1975-1998. https://doi.org/10.1016/j.jbankfin.2007.01.004
Moudud-Ul-Huq, S., Ashraf, B. N., Gupta, A. D., & Zheng, C. (2018). Does bank diversification heterogeneously affect performance and risk-taking in ASEAN emerging economies? Research in International Business and Finance, 46(C), 342-362. https://doi.org/10.1016/j.ribaf.2018.04.007
Minh, H. T. H., & Canh, N. T. (2015 Đa dạng hóa thu nhập và các yếu tố tác động đến khả năng sinh lời của các Ngân hàng thương mại Việt Nam [Income diversification and factors affecting the profitability of Vietnamese commercial banks]. Tạp chí Công nghệ Ngân hàng, 106(107), 13-24. https://vjol.info.vn/index.php/DHNHTPHCM/article/view/18637/16482
Nguyen, D. T., Le, T. D., & Tran, S. H. (2023). The moderating role of income diversification on the relationship between intellectual capital and bank performance evidence from Viet Nam. Cogent Business & Management, 10(1), 2182621. https://doi.org/10.1080/23311975.2023.2182621
Pham, K. D., Ngo, M. V., Nguyen, H. H., and Le, V. L. T. (2021) Financial crisis and diversification strategies: The impact on bank risk, and performance. Economics and Business Letters, 10(3), 249-261. https://doi.org/10.17811/ebl.10.3.2021.249-261
Phuoc, N. K., Nhu, P. N. T., & Van, T. T. T. (2023). Commercial banks listed on the Ho Chi Minh City stock exchange: An analysis of diversification, human capital, and performance. Journal Finance - Marketing, 14(6), 58-71. https://doi.org/10.52932/jfm.vi6
Quyen, P.G., Ha, N.T.T., Darsono, S.N.A.C., & Minh, T.D.T. (2021). Income diversification and financial performance: The mediating effect of banks’ size, ownership structure, and the financial crisis in Vietnam. Journal of Accounting and Investment, 22(2), 296-309. https://doi.org/10.18196/jai.v22i2.10775
Rose, P. S., & Hudgins, S.C. (2008). Bank management & financial services. McGraw-Hill”.
Rokhimah, Z. P., Eviyanti, N., & Senoaji, A. R. (2024). Analysis of the Influence of Financial Performance on the Value of Sharia Banking Companies in Indonesia. Economics Studies and Banking Journal (DEMAND), 1(1), 9-16. https://doi.org/10.62207/t44cxk75
Sanya, S., & Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification? Journal of Financial Services Research, 40(1), 79-101. https://doi.org/10.1007/s10693-010-0098-z
Sang, N.M., & Tam, T.T.T. (2020). Analysis of the impact from non-interest income to the operational efficiency of commercial banks in Vietnam. Management Science Letters, 10(2), 455-462. https://doi.org/10.5267/j.msl.2019.8.025.
Stiroh, K. J. (2004). Do community banks benefit from diversification? Journal of Financial Services Research, 25(2), 135-160. https://doi.org/10.1023/B:FINA.0000020657.59334.76
Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161. https://doi.org/10.1016/j.jbankfin.2005.04.030
Tun, A. T. (2022). Đánh giá tác động của đa dạng hóa thu nhập đến hiệu quả kinh doanh của các ngân hàng thương mại Việt Nam [Assessing the impact of income diversification on business performance of Vietnamese commercial banks]. Tạp chí Khoa học Trường Đại học Mở Hà Nội, 97(11), 32-42. https://jshou.edu.vn/houjs/article/view/192
Trang, N. T. D., (2021). Các nhân tố ảnh hưởng đến đa dạng hóa thu nhập: nghiên cứu trường hợp các ngân hàng thương mại Việt Nam [Factors affecting income diversification: a case study of Vietnamese commercial banks]. Tạp chí Kinh tế và Ngân hàng Châu Á, 166(167), 70-85. https://vjol.info.vn/index.php/DHNHTPHCM/article/view/45477
Vinh, V. X. (2016). Profit and risk from income diversification of Vietnamese commercial banks. Journal of Economics and Development, 26(8), 54–70. https://doi.org/10.24311/jabes/2016.23.2.05
Wooldridge, J. M. (2010). Econometric analysis of cross-section and panel data. The MIT Press.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
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
Asif, R., & Akhter, W. (2019). Exploring the influence of revenue diversification on financial performance in the banking industry: A systematic literature review. Qualitative Research in Financial Markets, 11(3), 305-327. https://doi.org/10.1108/QRFM-04-2018-0057
Baum, C. F. (2001). Residual diagnostics for cross-section time series regression models. The Stata Journal, 1(1), 101–104. https://doi.org/10.1177/1536867X0100100108
Batten, J. A., & Vo, X. V. (2016). Bank risk shifting and diversification in an emerging market. Risk Management, 18(4), 217-235. https://doi.org/10.1057/s41283-016-0008-2
Berger, A. N., Hanweck, G. A., & Humphrey, D. B. (1987). Competitive viability in banking: Scale, scope, and product mix economies. Journal of Monetary Economics, 20(3), 501-520. https://doi.org/10.1016/0304-3932(87)90039-0
Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212. https://doi.org/10.1016/S0377-2217(96)00342-6
Berger, A. N., & Mester, L. J. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking & Finance, 21(7), 895-947. https://doi.org/10.1016/S0378-4266(97)00010-1
Busch, R., & Kick, T. K. (2009). Income diversification in the German banking industry. Bundesbank Series 2 Discussion Paper, 2009(09). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2794032
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
Cotte Poveda, A. (2011). Socio-economic development and violence: an empirical application for seven metropolitan areas in Colombia. Peace Economics, Peace Science and Public Policy, 17(1). https://doi.org/10.2202/1554-8597.1223
Chiorazzo, V., Milani, C., & Salvini, F. (2008). Income diversification and bank performance: Evidence from Italian banks. Journal of financial services research, 33(3), 181-203. https://doi.org/10.1007/s10693-008-0029-4
DeYoung, R., & Roland, K. P. (2001). Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model. Journal of Financial Intermediation, 10(1), 54-84. https://doi.org/10.1006/jfin.2000.0305
DeYoung, R., & Rice, T. (2004). Noninterest income and financial performance at US commercial banks. Financial Review, 39(1), 101-127. https://doi.org/10.1111/j.0732-8516.2004.00069.x
Duong, T. P., Nguyen, T. T., & Hoang, T. T. (2022). Impact of income diversification on the business performance of Vietnamese commercial banks. Cogent Business & Management, 9(1), 2132592. https://doi.org/10.1080/23311975.2022.2132592
Elsas, R., Hackethal, A., & Holzhäuser, M. (2010). The anatomy of bank diversification. Journal of Banking & Finance, 34(6), 1274-1287. https://doi.org/10.1016/j.jbankfin.2009.11.024
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society, Series A (General), 120(3), 253-290. https://doi.org/10.2307/2343100
Gurbuz, A. O., Yanik, S., & Aytürk, Y. (2013). Income Diversification and Bank Performance: Evidence from Turkish Banking Sector. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 7(1), 9-29. https://dergipark.org.tr/en/pub/bddkdergisi/issue/57353/812636
Gujarati, D. N. 2004, Basic Economics, 4th edition, McGraw-Hill Inc. NewYork, pp.359.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1251-1271. https://doi.org/10.2307/1913827
Hansen, L. P. (1982). Large sample properties of generalized method of moments estimators. Econometrica: Journal of the Econometric Society, 50(4), 1029-1054. https://doi.org/10.2307/1912775
Hau, L. L., & Quynh, P. X. (2016). Tác động của đa dạng hóa thu nhập đến hiệu quả kinh doanh của các Ngân hàng thương mại Việt Nam [The impact of income diversification on business performance of Vietnamese commercial banks]. Tạp chí Công nghệ Ngân hàng, 124(2016), 11-22. https://sj.ctu.edu.vn/ql/docgia/tacgia-8718/baibao-49847.html
Hamdi, H., Hakimi, A., & Zaghdoudi, K. (2017). Diversification, bank performance and risk: have Tunisian banks adopted the new business model? Financial Innovation, 3(1). https://doi.org/10.1186/s40854-017-0069-6
Hidayat, W. Y., Kakinaka, M., & Miyamoto, H. (2012). Bank risk and non-interest income activities in the Indonesian banking industry. Journal of Asian Economics, 23(4), 335-343. https://doi.org/10.1016/j.asieco.2012.03.008
Hoang, C., Nguyen, L., Tran, M., & Hoang, T. (2020). The impact of income diversification on liquidity creation and financial performance of Vietnamese Commercial Banks. Accounting, 6(4), 553-568. https://doi.org/10.5267/j.ac.2020.4.004.
James, V. C., & John, W. M. (2005). Fundamentals of Financial Management. America: Financial Times Prentice Hall.
Le, T. T., Nguyen, Q. A., Vu, T. M. N., Do, M. P., & Tran, M. D. (2022). Impact of income diversification on the default risk of Vietnamese commercial banks in the context of the COVID-19 pandemic. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2119679
Lee, C. C., Yang, S. J., & Chang, C. H. (2014). Non-interest income, profitability, and risk in banking industry: A cross-country analysis. The North American Journal of Economics and Finance, 27(C), 48-67. https://doi.org/10.1016/j.najef.2013.11.002
Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of banking & finance, 32(8), 1452-1467. https://doi.org/10.1016/j.jbankfin.2007.12.002
Luu, H. N., Nguyen, L. Q. T., Vu, Q. H., & Tuan, L. Q. (2020). Income diversification and financial performance of commercial banks in Vietnam: do experience and ownership structure matter? Review of Behavioral Finance, 12(3), 185-199. 10.1108/RBF-05-2019-0066
Maghyereh, A. I., & Yamani, E. (2022). Does bank income diversification affect systemic risk: New evidence from dual banking systems. Finance Research Letters, 47(PB) 102814. https://doi.org/10.1016/j.frl.2022.102814
Mbekomize, C. J., & Mapharing, M. (2017). Analysis of determinants of profitability of commercial banks in Botswana. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(2), 131-144. http://dx.doi.org/10.6007/IJARAFMS/v7-i2/2878
Meslier, C., Tacneng, R., & Tarazi, A. (2014). Is bank income diversification beneficial? Evidence from an emerging economy. Journal of International Financial Markets, Institutions and Money, 31(C), 97-126. https://doi.org/10.1016/j.intfin.2014.03.007
Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking & Finance, 31(7), 1975-1998. https://doi.org/10.1016/j.jbankfin.2007.01.004
Moudud-Ul-Huq, S., Ashraf, B. N., Gupta, A. D., & Zheng, C. (2018). Does bank diversification heterogeneously affect performance and risk-taking in ASEAN emerging economies? Research in International Business and Finance, 46(C), 342-362. https://doi.org/10.1016/j.ribaf.2018.04.007
Minh, H. T. H., & Canh, N. T. (2015 Đa dạng hóa thu nhập và các yếu tố tác động đến khả năng sinh lời của các Ngân hàng thương mại Việt Nam [Income diversification and factors affecting the profitability of Vietnamese commercial banks]. Tạp chí Công nghệ Ngân hàng, 106(107), 13-24. https://vjol.info.vn/index.php/DHNHTPHCM/article/view/18637/16482
Nguyen, D. T., Le, T. D., & Tran, S. H. (2023). The moderating role of income diversification on the relationship between intellectual capital and bank performance evidence from Viet Nam. Cogent Business & Management, 10(1), 2182621. https://doi.org/10.1080/23311975.2023.2182621
Pham, K. D., Ngo, M. V., Nguyen, H. H., and Le, V. L. T. (2021) Financial crisis and diversification strategies: The impact on bank risk, and performance. Economics and Business Letters, 10(3), 249-261. https://doi.org/10.17811/ebl.10.3.2021.249-261
Phuoc, N. K., Nhu, P. N. T., & Van, T. T. T. (2023). Commercial banks listed on the Ho Chi Minh City stock exchange: An analysis of diversification, human capital, and performance. Journal Finance - Marketing, 14(6), 58-71. https://doi.org/10.52932/jfm.vi6
Quyen, P.G., Ha, N.T.T., Darsono, S.N.A.C., & Minh, T.D.T. (2021). Income diversification and financial performance: The mediating effect of banks’ size, ownership structure, and the financial crisis in Vietnam. Journal of Accounting and Investment, 22(2), 296-309. https://doi.org/10.18196/jai.v22i2.10775
Rose, P. S., & Hudgins, S.C. (2008). Bank management & financial services. McGraw-Hill”.
Rokhimah, Z. P., Eviyanti, N., & Senoaji, A. R. (2024). Analysis of the Influence of Financial Performance on the Value of Sharia Banking Companies in Indonesia. Economics Studies and Banking Journal (DEMAND), 1(1), 9-16. https://doi.org/10.62207/t44cxk75
Sanya, S., & Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification? Journal of Financial Services Research, 40(1), 79-101. https://doi.org/10.1007/s10693-010-0098-z
Sang, N.M., & Tam, T.T.T. (2020). Analysis of the impact from non-interest income to the operational efficiency of commercial banks in Vietnam. Management Science Letters, 10(2), 455-462. https://doi.org/10.5267/j.msl.2019.8.025.
Stiroh, K. J. (2004). Do community banks benefit from diversification? Journal of Financial Services Research, 25(2), 135-160. https://doi.org/10.1023/B:FINA.0000020657.59334.76
Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161. https://doi.org/10.1016/j.jbankfin.2005.04.030
Tun, A. T. (2022). Đánh giá tác động của đa dạng hóa thu nhập đến hiệu quả kinh doanh của các ngân hàng thương mại Việt Nam [Assessing the impact of income diversification on business performance of Vietnamese commercial banks]. Tạp chí Khoa học Trường Đại học Mở Hà Nội, 97(11), 32-42. https://jshou.edu.vn/houjs/article/view/192
Trang, N. T. D., (2021). Các nhân tố ảnh hưởng đến đa dạng hóa thu nhập: nghiên cứu trường hợp các ngân hàng thương mại Việt Nam [Factors affecting income diversification: a case study of Vietnamese commercial banks]. Tạp chí Kinh tế và Ngân hàng Châu Á, 166(167), 70-85. https://vjol.info.vn/index.php/DHNHTPHCM/article/view/45477
Vinh, V. X. (2016). Profit and risk from income diversification of Vietnamese commercial banks. Journal of Economics and Development, 26(8), 54–70. https://doi.org/10.24311/jabes/2016.23.2.05
Wooldridge, J. M. (2010). Econometric analysis of cross-section and panel data. The MIT Press.
How to Cite
Nguyen, M. N., & Phan, N. M. A. (2024). The influence of diversifying income sources on the financial performance: An empirical study on Vietnamese commercial banks. Journal of Finance - Marketing Research, 15(5), 60-73. https://doi.org/10.52932/jfm.v15i5.511