https://jfm.edu.vn/index.php/jfme/issue/feed 2025-12-02T10:14:57+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/747 2025-09-03T09:46:43+00:00 Pham Phat Tien pptien@ctu.edu.vn Ba Tri Tran Ngoc Duc Nguyen Thi Luong Nguyen

This study examines the impact of digital technology investment on the performance of Vietnamese commercial banks, drawing on the productivity paradox theory proposed by Solow (1987), which suggests that technological progress may not immediately generate productivity gains. Panel data from 22 listed banks covering 2018–2023 were collected from disclosed statements. The Generalized Least Squares method was employed to estimate both contemporaneous and lagged effects of digital technology investment, with analysis spanning the pre-pandemic and COVID-19 periods. Results reveal that digital technology investment has a negative effect on bank performance in both periods, reflecting a paradoxical outcome where rising digital expenditures coincide with declining profitability. Evidence also suggests lagged effects, indicating that the benefits of digital adoption may materialize only in the longer term. The study enriches the literature by extending the productivity paradox debate to Vietnam, an emerging market undergoing rapid and policy-driven digitalization, while challenging the assumption that digital transformation consistently improves performance. Banks should enhance workforce digital skills, and policymakers should promote broader digital literacy to enable the sector to fully harness the transformative potential of technology for sustainable growth.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/984 2025-09-18T01:41:04+00:00 PhD. Thu Hien Phan phanthuhien@ueh.edu.vn

Liquidity creation is a core and essential function of banks that affects their profitability and stability. This study measures the liquidity creation of Vietnamese banks during the period 2014–2023 using the comprehensive measurement approach developed by Berger and Bouwman (2009). Furthermore, the results indicate that banks that create more liquidity tend to be less stable and less profitable. The study also finds that changes in bank capital play a moderating role, weakening the impact of liquidity creation on bank stability. Based on the findings, the study emphasizes the importance of aligning bank liquidity creation with regulatory standards to enhance financial stability. In particular, banks should comply with the Basel III framework, especially the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), which are designed to limit excessive liquidity creation and reduce systemic risk. These standards require banks to maintain a sustainable structure of assets and liabilities and hold sufficient high-quality liquid assets. Given that Basel III regulations are more comprehensive and complex than previous frameworks, the successful implementation in Vietnam will require not only the commitment and capacity of individual banks, but also clear and specific guidance from the State Bank of Vietnam to ensure consistency and effectiveness in practice.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/946 2025-07-19T04:58:35+00:00 Ta Thanh Minh Vo k61.2214115175@ftu.edu.vn Quang Minh Vu k61.2214115176@ftu.edu.vn Nguyen Tan Tai Ha k61.2214115197@ftu.edu.vn Thi Quynh Mai Nguyen k61.2214115173@ftu.edu.vn Master Bich Phuong Truong truongbichphuong.cs2@ftu.edu.vn

As environmental pollution and climate change worsen, consumers are increasingly expecting eco-friendly products and expect companies to exhibit a genuine commitment to sustainability through strategic green marketing. Modern consumers require brands to cultivate green trust by implementing tangible and credible environmental policies, thereby reinforcing awareness of sustainable values, enhancing green brand preference, and fostering loyalty. This study explores the relationship between green marketing and green brand loyalty, with green brand trust, awareness, and preference serving as mediating variables. Data were collected from a survey of 340 consumers in Ho Chi Minh City who showed interest in the green marketing practices of mobile phone brands. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), the study finds that green brand trust, awareness, and preference fully mediate the influence of green marketing on green brand loyalty. These findings suggest that mobile phone brands in Ho Chi Minh City should strategically refine their green marketing approaches to build trust, raise awareness, and strengthen consumer preference, thereby enhancing brand loyalty and securing a competitive edge in an increasingly sustainability-conscious market.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/1064 2025-10-05T14:29:58+00:00 MBA Ngọc Hải Lê lengochai@ufm.edu.vn PhD Vinh Hoang Tran tranvinhhoang@ufm.edu.vn MBA Thi Tuyet Mai Tran trantuyetmai@ufm.edu.vn MBA Hai Minh Thu Tran thmthu@ufm.edu.vn MBA Ngoc Minh Huong Doan dnmhuong@ufm.edu.vn

Green entrepreneurship is a topic that is currently receiving research attention from many scholars globally, as it creates new business opportunities and sustainable profits for enterprises. The objective of this article is to investigate the factors affecting green entrepreneurship intention. The authors utilized the EEM and ESM model combined with green perception to propose a research model, include: Desire, Perception of Feasibility, Seeking Opportunities, Educational Support, Environmental Support, Perception of Competitive Advantage, Environmental Values. Data were collected using the stratified sampling method from five universities in HCM City with a total of 386 students participating in the survey. The results of data analysis indicate that all proposed factors in the research model influence green entrepreneurship intention. A prominent finding of the study is the students' perception of environmental protection in entrepreneurship, demonstrated through the strong impact level of the Environmental Values factor, followed by the recognition of the Government's support policies. The research findings provide academic value to green entrepreneurship studies by emphasizing environmental protection awareness. Furthermore, the results offer a foundation for proposing managerial implications for universities to develop activities that enhance students' environmental protection perception; and for the Government to formulate support policies to establish green entrepreneurship ecosystem, thereby promoting the green entrepreneurship movement among students.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/899 2025-09-12T04:15:32+00:00 Minh Vu Nguyen vunguyen200104@gmail.com

Corporate Social Responsibility (CSR) has become a crucial strategy for brands to align with ethical consumer expectations, particularly among Generation Z. This study investigates how perceived CSR influences brand attitude and purchase intention among Vietnamese Generation Z consumers, adopting the Hierarchy of Effects (HOE) model. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), data from 312 respondents were analyzed to test six hypotheses. Results reveal that perceived CSR does not directly affect purchase intention but exerts a significant indirect impact through brand attitude. Furthermore, Generation Z's pre-existing CSR attitudes increase the association between perceived CSR and brand attitude, as well as brand attitude and purchase intention. The findings underline brand attitude as a key mediator and highlight Gen Z’s role as a moderating force in consumer behaviour motivated by CSR. This research extends the HOE model to CSR contexts, offering theoretical insights into the psychological mechanisms linking CSR to purchase decisions. Practically, it advises brands to prioritize authentic CSR communication and align initiatives with Gen Z’s values to foster long-term loyalty in emerging markets like Vietnam.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/1047 2025-08-27T12:52:38+00:00 Master Tam Nguyen nntam.dl24@hueuni.edu.vn Assoc. Prof. Dr. Thuy Vo thuy.vo@isb.edu.vn Assoc. Prof. Dr. Hoa Le levanhoa@hueuni.edu.vn

This study investigates the impact of memorable tourism experiences (MTEs) and destination image (DI) on international tourists’ intentions to revisit Ho Chi Minh City (HCMC), with a focus on the mediating effect of post-trip emotional experiences. 27 in-depth interviews were conducted, using the Stimulus-Organism-Response (S-O-R) framework, to investigate how personal memories and emotional connections drive revisit behavior. The results indicate that MTEs and DI do not immediately contribute to revisit intention. Instead, emotions such as a sense of nostalgia, attachment, and the desire to share experiences are recognized as a powerful psychological motivator. Negative emotions, such as annoyance or alienation, on the other hand, reduce the desire to return, even when some encounters are favorable. A notable contribution of this study is its identification of an emotional state that does not shape behavioral intentions, in which visitors maintain meaningful memories but are hesitant to return because of fearing upsetting idealized memories. The study offers practical implications for urban locations, such as Ho Chi Minh City, to promote emotional connections beyond surface attractions, with authentic encounters and ordinary local life serving as strong emotional drivers.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/953 2025-06-02T03:26:18+00:00 Cam Thu Ly lcthu@ufm.edu.vn Master Thi Diem Nguyen ntdiem@ufm.edu.vn

In the context of accelerating digital transformation, the integration of Artificial Intelligence (AI) into sustainable Human Resource Management (HRM) has emerged as a key focus in both academic and practical domains. This study systematically examines the landscape of AI applications in sustainable HRM through a bibliometric analysis based on a dataset of 188 peer-reviewed publications from 2009 to 2024. Utilizing VOSviewer software, the study analyzes citation networks, keyword co-occurrence, and international research collaborations to identify major trends, influential authors, and emerging thematic clusters. The findings reveal a significant surge in research activity since 2020, particularly in areas such as AI-enhanced recruitment, performance evaluation, and green HRM initiatives. In addition, the study highlights ongoing challenges, including concerns about data privacy, algorithmic bias, and ethical transparency that hinder effective AI adoption. By synthesizing fragmented literature, this research provides a comprehensive overview of the field, contributes a novel bibliometric perspective, and proposes future research directions to ensure AI integration aligns with both sustainability goals and ethical HRM practices. The results provide valuable insights for scholars and policymakers aiming to foster responsible innovation in human resource management.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/770 2025-09-12T03:38:38+00:00 PhD. Thi Thanh Thuy Nguyen thuy.ntth@ou.edu.vn PhD. Thi Phuc Doang Nguyen

This study aims to evaluate the drivers of customers' satisfaction and the intention to continue using food delivery application (FDAs) in Ho Chi Minh City by using the Unified Theory of Acceptance and Use of Technology (UTAUT) model. An online survey was conducted using Google Forms to collect data from 330 respondents in Ho Chi Minh City. The collected data was analyzed using SmartPLS 3.0, employing PLS-SEM to evaluate the model and test hypotheses. The results show that four elements from the UTAUT model, performance expectancy, effort expectancy, social influence, and facilitating conditions, have a significant impact on satisfaction with food delivery applications (FDA). Additionally, the intention to keep using mobile food delivery apps is significantly influenced by these factors as well. By validating UTAUT model factors in relation to user satisfaction and continuance intention to use mobile food delivery applications, this study offers a substantial contribution to theoretical insights and managerial implications. It provides practical guidance for academics and key stakeholders in FDA context.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/1003 2025-10-10T06:20:14+00:00 Tran Khoa Pham ptkhoa@ufm.edu.vn Master Viet Trinh Tran tvtrinh@ufm.edu.vn

In Vietnam’s current push for innovation and entrepreneurship, university students are seen as a vital force for building the next generation of entrepreneurs, but their entrepreneurial intentions still face many barriers and lack real motivation. This study examines the factors that shape students’ entrepreneurial intentions and provides practical implications for education and policy. Data were collected from 400 business administration students at the University of Finance and Marketing (UFM) using convenience sampling, with 36 measurement items analyzed through PLS-SEM. The results show that Perceived Desirability (PD) is the strongest predictor of entrepreneurial intention and also moderates the link between Perceived Behavioral Control (PBC) and entrepreneurial intention (EI). Entrepreneurship Education (EE) indirectly influences EI through ATE and PBC, while Subjective Norms (SN) and Perceived Feasibility (PF) are not significant. These findings suggest that universities should focus on designing more experiential, motivation-based entrepreneurship programs, while policymakers should adjust support initiatives to emphasize the personal appeal and long-term motivation of entrepreneurship.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research https://jfm.edu.vn/index.php/jfme/article/view/1020 2025-10-01T04:43:12+00:00 Huu Ha Pham haph@vaa.edu.vn

Climate change has been reshaping the way firms approach financial strategies and risk management. This study explores the relationship between carbon emissions and corporate bankruptcy risk, using Ohlson’s O-score as a proxy for financial deterioration. Drawing on a panel dataset comprising 15,146 firm-year observations from publicly listed companies in Vietnam during the period 2012–2023, the study employs linear regression with multi-dimensional fixed effects to examine the impact of two carbon emission indicators—CarbonSales and CarbonAssets—on firms’ probability of bankruptcy. The regression results indicate a positive and statistically significant relationship between carbon emissions and Ohlson’s O-score, implying that higher emissions are associated with an increased risk of bankruptcy. This finding remains robust after controlling for financial variables such as firm size, profitability, leverage, and cash flow. The results suggest that climate-related risks are quantifiable financial factors that should be integrated into corporate risk management frameworks and macro-financial policy design. This study contributes to the academic literature by extending traditional bankruptcy prediction models to include climate-related variables and provides important empirical evidence from the context of an emerging market—Vietnam. Accordingly, it offers relevant policy implications for green credit management, systemic risk assessment, and the design of early warning mechanisms in the era of green economic development.

2025-11-25T00:00:00+00:00 Copyright (c) 2025 Journal of Finance - Marketing Research