https://jfm.edu.vn/index.php/jfme/issue/feed 2025-07-30T04:27:40+00:00 Pham Minh Tien jfm@ufm.edu.vm Open Journal Systems <p>The Journal of Finance - Marketing Research was established in 2010 with the following purposes:<em> (i) to meet the needs of information oriented to scientific research and training of the University; (ii) to become a forum for announcing the results of scientific and technological research works,&nbsp; scientific and technical achievements and advances in economic, business and management sciences at home and abroad at home and abroad; (iii) exchanging and disseminating experiences in managing and organizing domestic and international economic, business and management scientific activities of managers and scientists in the fields of economics, business administration, commerce, finance &ndash; banking, accounting &ndash; auditing,&nbsp; economic and tourism management.</em></p> <p>Accompanying to contribute to the development of the University of Finance - Marketing in training human resources, perfecting the organizational structure to ensure leanness, professionalism, modernity, and efficiency according to the advanced university model in the digital era and in the context of the industrial revolution 4.0 and realizing the importance of electronic scientific journals,&nbsp; The magazine has been making efforts to develop according to the consensus. The journal has <em>(1) successfully built and developed the online magazine software system; </em><em>(2) published and opened all articles and issues on the website system;&nbsp;</em><em>(3) received, monitored, and reviewed articles entirely through online magazine software;&nbsp;</em><em>(4) be granted the international identifier DOI 10.52932;&nbsp;</em><em>(5) Journals recognized by the State Council of Professors score 0.75 points for scientific articles. </em></p> <p>Articles published in the Journal are reviewed in a two-way and effective manner, always ensuring that the published articles meet quality standards and have high scientific content in the fields of Finance, Marketing, and other related fields. This is also a reliable source of materials for research,&nbsp; learning, and teaching.</p> <p>The Editorial Board cordially invites you to submit your papers to the Journal of Financial and Marketing Research. Please format your manuscript according to the journal's guidelines and submit it to the Editorial Board via email at jfm@ufm.edu.vn or through our website: <strong>https://jfm.edu.vn/index.php/jfm/submission</strong></p> https://jfm.edu.vn/index.php/jfme/article/view/867 2025-07-10T03:33:01+00:00 Assoc. Prof. Thi Thuy Hang Le ltt.hang@ufm.edu.vn Assoc. Prof. Tuan Duy Nguyen nguyenduy@ufm.edu.vn Bachelor Quoc Trung La Latrungquang@gmail.com Bachelor Huynh Bao Han Nguyen lumprv@gmail.com Van Nhi Vu vuvanhi257@gmail.com Bachelor Thi Xuan Trang Pham trangpham64204@gmail.com Nhut Duy Ngo Ngonhutduy2020@gmail.com

Corruption remains a critical issue in modern society, with far-reaching consequences for economic growth, governance, and social stability. While extensive research has explored its causes and influencing factors across different countries, findings have often been inconsistent due to variations in institutional frameworks and governance structures. This study examines the complex relationship between corruption, non-cash payment systems, the rule of law, and management quality using data from Vietnam between 2002 and 2022. By applying Wavelet and Breitung-Candelon tests, the analysis uncovers a bidirectional relationship between management quality and both corruption and non-cash payment adoption, suggesting that stronger governance can play a key role in both reducing corruption and fostering digital transactions. However, the findings indicate that the rule of law does not exhibit a clear or direct impact on the connection between non-cash transactions and corruption, implying that legal frameworks alone may not be sufficient to drive financial and governance reforms. Instead, improving institutional efficiency and management practices appears to be a more effective approach in enhancing financial transparency and economic accountability. These insights highlight the necessity of targeted policy interventions that prioritize governance improvements and digital financial innovations to create a more transparent and resilient economic system.

2025-07-27T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/948 2025-05-21T07:39:54+00:00 Assoc. Prof. Thi My Hanh Le lethimyhanh@tdtu.edu.vn BA Trung Hieu Le

This study investigates the impact of foreign ownership on the performance of Vietnamese listed firms across three phases: before, during, and after the COVID-19 pandemic. Using FGLS regression on panel data from the 100 largest non-financial companies by market capitalization between 2017 and 2023, the findings show that foreign ownership positively influences firm performance, measured by both book-based and market-based indicators. The results emphasize that foreign investors, beyond providing capital and managerial expertise, play a vital role in sustaining and restoring firm performance during crises.

2025-07-27T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/916 2025-05-04T14:50:06+00:00 PhD. Minh Trí Hoàng minhtri@hcmut.edu.vn MA. Tran Duc Lien Phan lienptd@huflit.edu.vn Bachelor Hieu Thao To thaoto.524102110676@st.ueh.edu.vn

This study examines the impact of cash flow volatility on the market leverage of publicly listed non-financial firms in Vietnam. Using a panel dataset of 381 firms listed on the Hanoi Stock Exchange and the Ho Chi Minh Stock Exchange from 2015 to 2024, the research employs a Feasible Generalized Least Squares (FGLS) model. The findings indicate that cash flow volatility negatively correlates with market leverage for firms in the lowest quartile of operating cash flows, while a positive correlation is observed for firms in the highest quartile. No significant relationship is found for the middle quartiles or the full sample. Additionally, industry median market leverage, firm size, and inflation positively influence market leverage, whereas the market-to-book ratio and return on total assets have negative effects. The relationship between fixed tangible assets and market leverage varies depending on firms' cash flow levels. Using sample stratification and panel methodologies, this work refines capital structure theory and improves understanding of financing behavior under cash-flow risk. The managerial implications involve concentrating on cash-flow stabilization for low-cash enterprises, timing debt issuance for high-cash firms, and aligning leverage with industry standards to reduce financing costs. The findings support tailored debt regimes.

2025-07-27T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/1042 2025-07-24T03:36:38+00:00 MA. Tran Trung Nguyen trungnt@due.edu.vn

This literature review provides an updated and comprehensive perspective on bank performance, which has been extensively explored for several decades but has gained even more attention in the wake of the global financial crisis. This paper builds on previous studies by including a more diverse set of countries and periods, which provides a fresh insight into changing patterns of bank performance in various contexts. Although profitability, efficiency, and stability are the three most important aspects of bank performance, empirical studies tend to focus only on the first two. In terms of methodologies, financial ratios, and frontier analysis continue to be widely used to assess bank performance. While financial ratios are mostly employed to assess bank profitability, frontier analysis is utilized for cost and profit efficiency calculations. Regarding frontier analysis, the Stochastic Frontier Approach is the most widely applied parametric method while Data Envelopment Analysis is acknowledged as the most common non-parametric method. There are similar and contrasting findings on factors determining bank performance, including bank-specific, industry-specific, macroeconomic and environmental, social, and governance factors. Overall bank performance and bank performance under economic crises also received a range of similarities and differences. It is argued that the rationale for this heterogeneity lies in the methodology used, chosen timeframes, and observed regions.

2025-07-27T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/1041 2025-07-24T03:15:59+00:00 PhD. Thi Thuy Giang Nguyen nguyengiang@ufm.edu.vn MA. Thi Tra Giang Tran trangiang@ufm.edu.vn MA. Thi To Loan Bui builoan@ufm.edu.vn MA. Tran Tu Anh Nguyen anh.ktm@ufm.edu.vn MA. Thi Huyen Nguyen huyen.ktm@ufm.edu.vn

This study investigates the impact of demographic factors on brand loyalty in the B2B logistics sector, addressing a key gap in existing research by integrating both visual and statistical tools. Specifically, it examines how demographic characteristics, such as business age, size, logistics expenditure, annual revenue, and the number of trusted logistics providers, moderate the relationships between brand image, brand love, brand engagement, and brand loyalty. To achieve this, the study employs a dual-method approach: Boxplots in RStudio are used to visualize differences in brand loyalty across demographic groups, while Multi-Group Analysis (MGA) within PLS-SEM statistically tests moderation effects. Data were collected from 145 logistics clients in Ho Chi Minh City. Findings reveal that mid-sized businesses and those allocating 21–30% of their budgets to logistics report the highest brand loyalty. Smaller firms prioritize reliability, while larger firms favor technology-driven services. Notably, clients with 2–5 trusted logistics providers demonstrate stronger loyalty, highlighting the importance of reliability and flexibility for logistics service providers (LSPs) aiming to become preferred partners. This research provides actionable insights for LSPs to tailor brand strategies to specific client segments, enhancing loyalty and sustaining long-term B2B relationships.

2025-07-27T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/1048 2025-07-30T04:27:40+00:00 MA. Hau Le hau.le@umt.edu.vn

Faculty resignation intention is a huge problem at public and private universities in the country, suffering from a shortage of qualified lecturers. This study contributes to the understanding of faculty turnover in Vietnamese universities by examining resignation intention among university lecturers in Vietnam: job pressure, job satisfaction, and organizational commitment. The present research will be grounded and expanded on Ajzen's Theory of Planned Behavior, which explains how the above-mentioned factors add to faculty turnover and offers recommendations for universities to improve faculty retention and reduce turnover. A mixed-methods approach was adopted for the research method, combining qualitative semi-structured interviews and quantitative surveys to collect data from 303 university lecturers throughout various regions in Vietnam, providing both theoretical and practical insights into the retention of university faculty. The results showed that job pressure positively influenced resignation intention, while job satisfaction and organizational commitment negatively influenced the lecturer's intention to resign. Most importantly, the study finds that work pressure is the most significant predictor of intention to resign; thus, universities must manage workload effectively to sustain academic talent, an area that has been underexplored in the Vietnamese context until now. This would, inversely, mean job pressure needs to be brought down and mitigated while increasing job satisfaction, which eventually reinforces organizational commitment. If turnover needs to be minimized, the improvement in faculty retention. These results bring empirical recommendations for university administrators regarding improving retention strategies to ensure stability and further development at Vietnamese higher education institutions.

2025-07-30T00:00:00+00:00 Copyright (c) 2025