https://jfm.edu.vn/index.php/jfme <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: <a href="https://jfm.edu.vn/index.php/jfme/submission/wizard"><strong>https://jfm.edu.vn/index.php/jfm/submission</strong></a></p> <p>&nbsp;</p> Journal of Finance - Marketing Research en-US Journal of Finance - Marketing Research 3030-4296 https://jfm.edu.vn/index.php/jfme/article/view/1057 Vietnam has experienced strong growth in foreign direct investment; however, income inequality remains at a high level. Therefore, this study utilizes data from 63 provinces and cities in Vietnam over the period 2010 – 2023 and employs a spatial regression model to analyze the impact of foreign direct investment and socio-economic factors on income inequality. The results indicate that foreign direct investment, population, domestic private investment, and public investment are negatively correlated with income inequality, while unemployment rate, institutional quality, and public expenditure contribute to increased income inequality. Urbanization rate and technological capacity show no significant impact. The study recommends directing foreign direct investment towards poorer regions and labor-intensive sectors, as well as strengthening vocational training. Policies for attracting and utilizing foreign direct investment should be designed to promote inclusive growth and reduce income disparities across regions. Associate Professor Thuy Tien Ho MA. Thi Lien Trinh Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 1 14 10.52932/jfmr.v3i5ene.1057 https://jfm.edu.vn/index.php/jfme/article/view/1120 Digital transformation has changed how trust develops in online environments. Traditional trust models fail to explain digital spaces adequately, where behavioral governance mechanisms, codes of conduct, platform design, legal frameworks, and civility norms shape interactions. Nevertheless, empirical evidence examining how these mechanisms systematically influence digital trust remains scattered across disciplines, limiting comprehensive theoretical frameworks. In this study, a systematic review of 47 studies using PRISMA 2020 guidelines identifies three patterns: bidirectional symbiotic relationships between trust and codes of conduct, cultural moderation effects, and platform design architecture influences. Analysis reveals trust operates hierarchically, with platform trust transferring unidirectionally to peer-user trust (effect observed in 67% of platform studies). Cultural contexts fundamentally shape trust formation pathways and code compliance behaviors. Platform design actively cultivates trust rather than passively facilitating communication, while user substitutability determines reliance on individual goodwill versus reputation signals. These findings advance theory by demonstrating that governance mechanisms shape trust through socio-technical interactions fundamentally different from offline contexts. Practically, they inform culturally adaptive platform design strategies and evidence-based policy frameworks for digital civility. Dr. Thanh Cong Truong Huy Khang Nguyen Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 15 27 10.52932/jfmr.v3i5ene.1120 https://jfm.edu.vn/index.php/jfme/article/view/1118 This study examines and evaluates the interaction between the production ecosystem, green growth and the per capita income during Vietnam’s economic transition toward a green economy. To ensure the accuracy of the result, annual time-series data include GDP per capita (USD), agricultural production value (million VND), and carbon dioxide emissions (metric tons) from 2000 to 2022 are taken from reliable secondary source like World Bank. The study effectively applied quantile-quantile regression model, giving the most comprehensive results that when the per capita GDP increases by 1 unit, CO₂ emissions increase by approximately 0.3864 metric tons and when agricultural output increases by 1 unit, CO₂ emissions increase by about 0.37 metric tons. Although Vietnam has made significant progress toward economic growth, this development has been accompanied by increasing CO₂ emissions and environmental pollution. Also, there are limited empirical evidence exists for Vietnam that integrates per capita income, agricultural production, and carbon emissions within a green growth framework. In addition, it is necessary to balance maintaining the annual growth rate of per capita income and finding a model suitable for Vietnam's production ecosystem to achieve the set goals in the global integration period. Assoc. Prof. Thi Thuy Hang Le Assoc. Prof. Tuan Duy Nguyen Ngoc Thien Anh Tran Gia Hue Huynh Vu Song Hao Pham Ngoc Anh Thu Vu Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 28 47 10.52932/jfmr.v3i5ene.1118 https://jfm.edu.vn/index.php/jfme/article/view/1113 The goal of this article is to study the factors affecting tax compliance of individuals and households with businesses on e-commerce platforms. The study conducted a survey of 700 votes corresponding to 700 taxpayers, representing 700 business households/individuals in 07 provinces and cities of the country. The results collected 665 suitable answer votes, the rate reached 95.00%. Through the results of scale reliability analysis, exploratory factor analysis, affirmative factor and linear structure model. The results have identified seven influencing factors and are arranged according to standardized regression coefficients, respectively: Psychological factors, social factors, economic factors, characteristics of tax authorities, legal factors and tax policies, etc the characteristics of the operation of the taxpayer, and the operation of the investment service. From the results of the study, the authors proposed a number of policy implications to contribute to improving the tax compliance behavior of business households/individuals with e-commerce activities in Vietnam in the coming time. MA. Thi Thanh An Vu Pro.Associate Tien Dat Pham Pro.Associate Thi Hang Nga Phan Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 48 56 10.52932/jfmr.v3i5ene.1113 https://jfm.edu.vn/index.php/jfme/article/view/927 Food waste is a serious global issue with multidimensional economic, environmental, and social consequences. In major urban centers such as Ho Chi Minh City, this behavior is increasingly prevalent, particularly among young consumers (aged 18-35), causing significant resource losses and affecting sustainable development. The study utilizes an exploratory sequential mixed-methods approach, including a qualitative phase through focus group discussions with experts and young consumers, followed by a quantitative phase with data collected from an online survey of 338 young people living and working in Ho Chi Minh City. Research results indicate that factors such as personal values have a positive impact on the attitude towards avoiding food waste. The results indicate a clear behavioral path: attitude, subjective norm, perceived behavioral control, and affect all significantly shape the intention to waste food. This intention, together with habit, then positively influences the actual food waste behavior. Notably, habit plays a prominent role in shaping actual behavior. These findings not only contribute to expanding the understanding of behavioral theoretical models but also provide an important empirical basis for designing communication programs, educational policies, and behavioral interventions aimed at raising awareness, changing habits, and promoting more responsible food consumption among the young urban community. Pro.Associate Thi Nhu Mai Nong Nguyen Tuong Vy Tran Nguyen Truc My Tran Thi Thuy Trang Tran Phuc Bao Tran Tran Dang Phuc Mai Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 57 70 10.52932/jfmr.v3i5ene.927 https://jfm.edu.vn/index.php/jfme/article/view/975 This study examines the relationship between corporate social responsibility (CSR) awareness and employee green behavior (EGB) in the hospitality industry. Although corporate social responsibility is widely regarded as a driver of sustainability, its specific influence on employees’ green actions remains underexplored, especially in developing contexts such as Vietnam. Using the PRISMA systematic review method, 34 peer-reviewed studies were analyzed to synthesize existing evidence and propose an integrated conceptual model. Findings indicate that corporate social responsibility awareness affects employee green behavior both directly and indirectly through organizational trust (OT) and organizational reputation (OR). The review also emphasizes the distinction between compulsory and voluntary green behaviors, which clarifies employees’ intrinsic motivations. The study contributes theoretically by linking corporate social responsibility awareness, organizational trust, and OR to employee green behavior in a unified framework, and practically by guiding hospitality firms in Vietnam to design corporate social responsibility strategies that foster sustainable employee behavior. PhD. Hoang Giang Ta Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 71 84 10.52932/jfmr.v3i5ene.975 https://jfm.edu.vn/index.php/jfme/article/view/1117 This study investigates the effect of perceived corporate social responsibility (CSR) on employees’ organizational citizenship behavior and explores the moderating role of responsible leadership in the context of the luxury hotel industry in Vietnam. A quantitative research design was employed using p˙artial least squares structural equation modeling (PLS-SEM). Data were collected from 553 employees working in 21 five-star hotels in Vietnam. The results reveal that perceived corporate social responsibility positively influences both dimensions of organizational citizenship behavior: individual-directed (OCB_I) and organization-directed (OCB_O). However, perceived corporate social responsibility exerts a significantly stronger impact on OCB_O than on OCB_I. Moreover, responsible leadership demonstrates a selective moderating effect: it significantly strengthens the relationship between corporate social responsibility and OCB_O, while showing no significant influence on the corporate social responsibility - OCB_I link. The study contributes to the literature by simultaneously examining two distinct dimensions of organizational citizenship behavior, identifying the selective moderating role of responsible leadership, and extending corporate social responsibility- organizational citizenship behavior research to an emerging Asian context. These findings enrich the understanding of how corporate social responsibility perceptions translate into different forms of employee extra-role behaviors and highlight the contextual importance of leadership in the social exchange process. From this results, management implications have been proposed to effectively promote the hotel's corporate social responsibility policy and human resource management. Ha Trinh Dr. Ha Uyen Thi Tran Asso. Pro Van Anh Nguyen Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 85 103 10.52932/jfmr.v3i5ene.1117 https://jfm.edu.vn/index.php/jfme/article/view/950 In the context of globalization and increasing pressure for sustainable development, small and medium enterprises (SMEs) in Vietnam-particularly those in Ho Chi Minh City-are facing significant challenges in enhancing operational efficiency while maintaining environmental and social responsibilities. Total Quality Management (TQM) is regarded as a strategic management tool that enables firms to strengthen their internal capabilities and achieve sustainable performance. However, existing studies have yet to fully elucidate the mechanisms through which TQM influences sustainable performance, as well as the mediating and moderating factors that shape this relationship in the context of SMEs in developing countries. Grounded in the Resource-Based View (RBV) and Institutional Theory, this study proposes a theoretical model to clarify the relationship between TQM and the sustainable performance of SMEs. The model incorporates the mediating roles of Green Supply Chain Management (GSCM) and Green Innovation-two critical factors that translate the core values of TQM into sustainable development outcomes. In addition, institutional pressure is considered as a key moderating variable that may influence the extent to which TQM and GSCM affect sustainable performance. The proposed theoretical framework can serve as a foundation for future empirical research and provide strategic guidance for enterprises pursuing sustainable development goals. Tran Tuan Anh Doctor Thi Thu Hoa Ha Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 104 118 10.52932/jfmr.v3i5ene.950 https://jfm.edu.vn/index.php/jfme/article/view/1073 Artificial Intelligence (AI) is rapidly becoming integral to global industries, including hospitality. This study investigates the antecedents and mediating factors influencing hotel customers’ intention to adopt AI in Vietnam. A conceptual model was developed, integrating Social Influence, Anthropomorphism, and Hedonic Motivation as predictors, with Performance Expectancy, Effort Expectancy, and Emotion as mediators. Data were collected through a structured online questionnaire distributed to hotel service users, yielding 388 valid responses. Structural equation modeling (SEM) was applied to test the measurement and structural models. The findings show that Social Influence and Hedonic Motivation significantly affect both Performance Expectancy and Effort Expectancy, while Anthropomorphism influences only Performance Expectancy. Hedonic Motivation also enhances Emotion. In turn, both Emotion and Performance Expectancy directly and significantly predict customers’ acceptance of AI. Importantly, the results reveal two novel insights: the negative effect of Anthropomorphism on Performance Expectancy, and the strong direct role of Performance Expectancy in shaping AI adoption. These findings highlight unique cultural and contextual factors within Vietnam’s hospitality sector, extending prior research conducted in other countries. Furthermore, a competitive model comparison revealed that Performance Expectancy exerts a strong direct influence on customers’ readiness to adopt AI, underscoring its pivotal role in the acceptance process. PhD. Le Chi Hoang MA. Nhu Luc Do Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 118 133 10.52932/jfmr.v3i5ene.1073 https://jfm.edu.vn/index.php/jfme/article/view/1182 This study examines how ethical and sustainable marketing strategies shape sustainable consumer behavior in Ho Chi Minh City. Focusing on the roles of ethics marketing, sustainable marketing, and social media marketing (SMM), the research explores how these approaches interact to influence sustainable purchase intentions and actual behavior. A survey of 1,512 urban consumers was conducted, and the structural model was tested using SEM. Results indicate that ethics marketing enhances sustainable marketing, which subsequently improves SMM performance. However, ethics marketing also exerts a small but significant negative effect on SMM, reflecting consumer skepticism toward ethical claims on digital platforms. While SMM strongly drives intention, the translation into actual purchasing behavior remains limited due to barriers such as price sensitivity and restricted product availability. The study contributes to the literature by clarifying the interconnected roles of ethical, sustainable, and digital marketing in shaping consumer responses. It also offers practical guidance for marketers and policymakers to develop credible sustainability communication and address the persistent intention-behavior gap. Assoc. Prof. Cuu Long Hoang MA. Thi Thu Hang Phan MA. Doan Anh Tuan Lai MA. Thi Hieu Ho Copyright (c) 2026 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 134 144 10.52932/jfmr.v3i5ene.749 https://jfm.edu.vn/index.php/jfme/article/view/145-164 Public sector leadership improves employee performance and drives change. Job performance is the value of employee behaviours that support the organisation’s goals. By utilising social exchange theory, this study examines how and when responsible leadership affects public servants' job performance in Vietnam, with person-organisation fit and affective organisational commitment serving as mediators and affective organisational commitment serving as a moderator. This work collected data from 329 Ho Chi Minh City public employees identified by convenience sampling. Structural equation modelling was used in both SPSS 26 and AMOS 24. This study found that responsible leadership boosts job performance. The results also show that person-organisation fit and affective organisational commitment partially mediate the relationship between responsible leadership and public servant job performance. Additionally, affective organisational commitment moderates the relationship between responsible leadership and job performance. According to the study, public organisations should have a rigorous leadership development program that encourages responsible leadership and improves employees’ job performance. The authors believe the present is one of the first studies to incorporate social exchange theory and examine the relationship between responsible leadership and job performance among Vietnamese public employees, considering affective organisational commitment as a mediating and moderating factor. Master Doan Bao Son Master Pham Thi Thu Hien Student Le Nguyen Thanh Ha Copyright (c) 2025 Journal of Finance - Marketing Research 2025-11-25 2025-11-25 10.52932/jfmr.v3i5ene.1043