Journal of Finance - Marketing Research

The relationship between green innovation, foreign direct investment, and sustainable development in the context of geopolitical risk

Prof. Tho Dat Tran — 2026-08-08

Purpose – This study investigates the effects of green innovation, foreign direct investment (FDI), and geopolitical risk on sustainable development in an increasingly uncertain global environment. It aims to clarify whether geopolitical risk directly influences sustainable development and whether it moderates the impacts of green innovation and FDI, thereby providing new evidence on the drivers of sustainable development under external shocks. Design/methodology/approach – The study employs a Bayesian regression approach using panel data from 33 countries over the period 2010–2021. Compared with conventional frequentist methods, the Bayesian framework is better suited to capturing parameter uncertainty and structural heterogeneity while providing probabilistic inference on the relationships among green innovation, FDI, geopolitical risk, and sustainable development. Findings – The results indicate that green innovation exerts a positive effect on sustainable development, although its average impact remains unstable when geopolitical risk is not considered. In contrast, FDI does not consistently promote sustainable development and tends to generate adverse effects under average conditions, supporting the pollution hypothesis. Geopolitical risk has a significant negative impact on sustainable development with a posterior probability of 100%. Furthermore, geopolitical risk significantly strengthens the positive effect of green innovation on sustainable development, suggesting that green innovation enhances resilience to external shocks. Conversely, higher geopolitical risk intensifies the negative impact of FDI on sustainable development. Originality/value – This study contributes to the literature by integrating geopolitical risk as both a direct determinant and a moderating factor in the relationship between green innovation, FDI, and sustainable development. It also demonstrates the advantages of Bayesian estimation in addressing uncertainty and heterogeneity in cross-country sustainability research, providing a more comprehensive understanding of sustainable development under geopolitical instability. Practical implications – The findings suggest that policymakers should strengthen investment in green innovation and incorporate geopolitical risk into sustainable development strategies. Governments should also improve the quality and environmental orientation of FDI while enhancing resilience through policies that encourage clean technologies and sustainable investment. Social implications – By highlighting the importance of green innovation in mitigating the adverse effects of geopolitical uncertainty, the study provides evidence that supports policies promoting environmental sustainability, economic resilience, and long-term social welfare in the face of increasing global risks.

The relationship between psychological capital, job burnout, perceived career development and quiet quitting intention: A case in Vietnamese banking sector

PhD Thanh Trung Ngo — 2026-08-08

Purpose – This study aims to examine the psychological mechanisms behind the phenomenon of “quiet quitting” in the high-pressure context of the Vietnamese banking sector. The study advocates that psychological capital serves as a critical internal resource affecting quiet quitting intention via the mediating roles of job burnout and perceived career development. Design/methodology/approach – The authors used a mixed-methods approach, starting with a qualitative phase of in-depth interviews to improve the measurement scales. The quantitative phase involved an online survey with 302 valid bank employees. To minimize CMB, the authors used a time-lag design by collecting data in two phases, ten days apart. Data was analyzed by PLS-SEM technique. Findings – The results show that psychological capital has a significant negative total effect on the quiet quitting intention. The direct effect of psychological capital on quiet quitting intention was not statistically significant at 5% level, indicating full mediation by job burnout and perceived career development. Specifically, psychological capital significantly reduces job burnout and improves perceived career development. Originality/value – This study is one of the first in Vietnam to integrate psychological capital, job burnout, and perceived career development into a comprehensive dual-resource framework to explain quiet quitting. The study contributes to the literature of organizational behavior by integrating the Conservation of Resources and Social Exchange theories to explain the disengagement of the modern workforce. Practical implications – Banks need to move from reactive management of job burnout to proactive building of psychological capital through the use of assessment tools in recruitment and regular training for cognitive reframing. Career development should be rethought as a strategic retention tool with clear promotion criteria and diverse career paths. Managers should align career expectations with individual psychological strengths during performance reviews in order to successfully align organizational goals with employee development.

The impact of social media usage on organizational citizenship behavior in small and medium-sized enterprises in Ho Chi Minh City: The mediating role of work engagement and the moderating role of digital literacy

Dr Thanh Ha Le — 2026-08-08

Purpose – This study examines how social media usage (SMU) influences organizational citizenship behavior (OCB) among employees of small and medium-sized enterprises (SMEs) in Ho Chi Minh City. Drawing on Social Exchange Theory and the Job Demands–Resources model, it investigates the mediating role of work engagement (WE) and the moderating role of digital literacy (DL). Design/methodology/approach – Data were collected from 702 SME employees using a five-point Likert-scale questionnaire. The measurement scales were adapted from previous studies and refined through expert consultation. Measuring and structural models were evaluated using partial least squares structural equation modeling (PLS-SEM) in SmartPLS 4. Findings – Social media usage positively affects organizational citizenship behavior (β = 0.654, p < 0.001) and work engagement (β = 0.548, p < 0.001), while work engagement positively influences organizational citizenship behavior (β = 0.189, p = 0.004). Work engagement partially mediates the relationship between social media usage and organizational citizenship behavior (β = 0.104, p = 0.002). Digital literacy negatively moderates the SMU–WE relationship (β = −0.059, p = 0.009), indicating that employees with lower digital literacy gain greater engagement benefits from workplace social media. Originality/value – This study integrates social media usage, work engagement, digital literacy, and organizational citizenship behavior into a unified framework and demonstrates that social media usage affects citizenship behavior through both direct and motivational pathways. It also reveals a counterintuitive negative moderating effect of digital literacy, extending understanding of heterogeneous employee responses to workplace digitalization in an emerging-economy SME context. Practical implications – SME managers should use social media strategically to support communication, engagement, and voluntary employee contributions. Social media initiatives and digital training should be tailored to employees’ digital literacy levels and integrated with job design, recognition, empowerment, digital ethics, and data-protection practices. Social implications – The findings support the development of more inclusive digital workplaces by showing how accessible social media practices can help employees with different levels of digital capability participate, connect, and contribute effectively.

The Impact of Financial Inclusion on Well-being in Vietnam

Associate Professor Thi Hong Loan Van — 2026-08-08

Purpose: This study aims to examine the effect of financial inclusion on subjective well-being by utilizing the dataset of 3,000 observations in two main surveys where required data are available. Design/Methodology/Approach: Our study utilizes both Oster’s (2019) method and kinky least squares (KLS) techniques to ensure the robustness of the empirical results. The data cover 3,000 observations in two main surveys. Findings: Our findings show that financial inclusion positively influences Vietnamese subjective well-being, with a one-standard-deviation increase in the financial inclusion index leads to a 0.192 unit increase in subjective well-being. Moderation analysis indicates that there is a regional effect in our findings, meaning that financial inclusion improves subjective well-being in all regions including the North region, the Central region, and the South region. However, the effect is smallest in the South region where the North region experiences the largest effect of financial inclusion on well-being. We also explore three mediating channels through which financial inclusion enhances subjective well-being across regions in Vietnam, namely income rank, the possibility of coming up with emergency funds, and educational attainment Originality/Value: Financial inclusion has generally been considered key pillar in supporting sustainable economy growth and social transformation in Vietnam by 2030. Exploring how financial inclusion influences subjective well-being is particularly important in Vietnam, a country undergoing rapid economic transformation and facing persistent social challenges that may affect the subjective well-being of Vietnamese citizens.

The moderating role of income inequality in the relationship between sustainable development and geopolitical risk

Assoc. Prof. Thi Hang Nga Phan — 2026-08-08

Purpose – This study examines the moderating role of income inequality in the relationship between geopolitical risk and sustainable development. It aims to explain how unequal income distribution influences countries’ ability to cope with geopolitical shocks while achieving sustainable development. Design/methodology/approach – The study applies a Bayesian regression approach to panel data from 27 countries covering the period 2010–2021. Bayesian estimation is employed to account for parameter uncertainty and provide probabilistic evidence on the relationships among income inequality, geopolitical risk, and sustainable development. Findings – The results show that income inequality has a significant negative effect on sustainable development, whereas geopolitical risk exhibits a positive effect within the sample. However, the interaction between income inequality and geopolitical risk is negative and highly significant, indicating that higher inequality weakens the positive influence of geopolitical risk on sustainable development. The findings also confirm the positive contributions of green innovation, urbanization, trade openness, government size, and renewable energy, while GDP growth, FDI, population growth, and natural resource dependence reduce sustainable development. Originality/value – This study extends the literature by identifying income inequality as a key moderating factor in the relationship between geopolitical risk and sustainable development. It also demonstrates the usefulness of Bayesian estimation in analyzing complex interactions under uncertainty. Practical implications – The findings suggest that reducing income inequality should be integrated into sustainable development strategies to strengthen resilience against geopolitical risks and improve long-term development outcomes. Social implications – Promoting more equitable income distribution can enhance social resilience, strengthen institutional capacity, and support more inclusive and sustainable development in the face of geopolitical uncertainty.

Cybersecurity risk governance and fraud management in invoice-tax data sharing for credit scoring: A tripartite framework for Vietnam

PhD. Thanh Cong Truong — 2026-08-08

Purpose - Decree 70/2025 and Decree 94/2025 in Vietnam established a tripartite data pipeline that shares real-time e-invoices from the General Department of Taxation (GDT) to credit institutions for enterprise credit scoring. Prevailing Third-Party Risk Management (TPRM) frameworks, including DORA, NIST CSF 2.0, the FSB TPRM Toolkit, and BIS BCBS d577, address private-sector relationships and do not cover risks specific to government-as-data-provider architectures, such as non-terminability, monopoly provision, and accountability fragmentation. No existing TPRM standard accounts for a government agency serving as the sole, non-terminable data source in private-sector credit scoring, leaving this configuration in a governance vacuum. Method - Using Design Science Research (DSR) methodology, we conducted a comparative regulatory analysis of Decree 94/2025 and constructed a threat taxonomy. Building on this taxonomy, we designed the Tripartite Governance Framework for Vietnam (TGF-VN v1.0) through analogical transfer from HIPAA, Singapore's MyInfo, and the SWIFT Customer Security Controls Framework. Findings - Our analysis identifies 10 regulatory gaps in areas including API security, accountability, and breach notification, and 16 threat vectors across API, transmission, and invoice-fraud layers. TGF-VN v1.0 comprises 12 integrated controls that address these exposures and provide the structural basis for the State Bank of Vietnam's (SBV) implementing circulars. Originality - The framework also yields a replicable governance template for similar government-data-sharing initiatives across ASEAN and emerging markets.

Regional brain drain in Vietnam: An analysis of the impact of income and regional economic conditions on the migration behavior of highly educated personnel

Assoc. Prof. Le Thi Thuy Hang — 2026-08-08

Purpose - This study aims to analyze and quantify the multi-dimensional impact of income and regional economic conditions on the migration behavior of highly educated personnel (Associate Professors, Professors) across key economic regions in Vietnam, amidst the increasing phenomenon of "regional brain drain". Design/methodology/approach - The study utilizes panel data from 6 key economic regions over the period 2010-2024. Drawing on human capital and regional economics theories, the paper employs a Machine Learning ecosystem including Support Vector Regression (SVR), SHAP explanatory method, and K-Means clustering to handle non-linear relationships and isolate migration drivers. Findings - The empirical results reveal an "Income Paradox" among intellectuals: upon reaching financial security, the pulling power of income disparity diminishes. Instead, Urbanization and the Educational ecosystem emerge as the dominant drivers, creating breakthrough impacts in attracting talent. Furthermore, expanding residential areas without synchronized amenities acts as a barrier to migration. Practical implications - Instead of relying solely on short-term financial incentives, policymakers and local authorities must shift their focus to upgrading "soft" social infrastructure (education, healthcare) and building local "talent incubators" to retain intellectuals and promote sustainable brain circulation. Originality/value - This study provides pioneering empirical evidence by applying Machine Learning (SVR and SHAP) to decode the non-linear impact "thresholds" in the migration behavior of Vietnamese intellectuals, successfully overcoming the limitations of traditional linear econometric models.

Tourist and destination social responsibility as drivers of revisit intention in agritourism

MA. Hữu Thoại Đặng — 2026-08-08

Purpose - Agritourism is widely regarded as a form of sustainable tourism that only satisfies tourists’ expectatial and recreational demands but also contributes to improving the income of local communities. This study aims to examine the simultaneous destination social responsibility (DSR) and tourist social responsibility (TSR) on revisit intention to agritourism destinations. The findings are expected to provide significant insight into the role of stakeholders’ social responsibility in promoting sustainable agritourism. Design/methodology/approach - The study adopts a quantitative research methodology, employing partial least squares structural equation modeling (PLS-SEM) to test the proposed hypotheses. Based on data collected from 424 survey responses. Findings - The ressult indicated that both destination social responsibility and tourist social responsibility exert significant positive direct effects on revisit intention, with tourist social responsibility demonstrating a more prominent influence than destination social responsibility. Futhermore, the findings reveal that tourist – destination congruity serves as a partial mediator in the relationship between destination social responsibility, tourist social responsibility and revisit intention. Originality/value – This study contributes to the agritourism literature by examining the roles of both destination-side and tourist-destination congruity as a mediating mechanism. The results suggest that revisit intention in agritourism is not solely influenced by the social responsibility of stakeholders but also depends on the alignment of their shared responsibility in tourism activities, offering a basis for future research on multi-stakeholder responsibility in sustainable tourism Practical implications – Agritourism destinations should strengthen sustainability practices and communication, offer experiential activities for tourists to enact social responsibility, and build a green, value-aligned destination brand targeted at sustainability-conscious tourist segments to foster stronger revisit intention.

The effect of university social responsibility on student satisfaction and loyalty: A study of higher education institutions in Ho Chi Minh City

PhD. Du Thi Chung Chung — 2026-08-08

Purpose – This study investigates the effects of University Social Responsibility (USR) on student satisfaction and loyalty in higher education institutions in Ho Chi Minh City, Vietnam. While the relationship between USR and student outcomes has received increasing scholarly attention, empirical evidence from emerging economies remains limited. This study addresses this gap by examining the multidimensional effects of USR on student satisfaction and its subsequent influence on student loyalty. Design/methodology/approach – A quantitative research design was employed using survey data collected from 455 students enrolled at public and private universities in Ho Chi Minh City, Vietnam. USR was conceptualized as a multidimensional construct comprising legal, ethical, operational, philanthropic, and research and development responsibilities. The proposed research model and hypotheses were tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). Findings – The results reveal that ethical, operational, philanthropic, and research and development responsibilities have significant positive effects on student satisfaction, whereas legal responsibility does not exert a significant influence. Among the USR dimensions, operational responsibility is identified as the strongest predictor of student satisfaction. Furthermore, student satisfaction significantly enhances student loyalty, confirming its mediating role in strengthening students' long-term commitment to their universities. Originality/value – This study extends the Corporate Social Responsibility literature by providing empirical evidence from Vietnam, an emerging higher education context that has received limited scholarly attention. By examining the differentiated effects of multiple USR dimensions on student satisfaction and loyalty, the study demonstrates that not all dimensions contribute equally to student outcomes. These findings provide a more nuanced understanding of how universities can strategically prioritize specific social responsibility initiatives to enhance student experiences and institutional competitiveness. Practical implications – The findings suggest that university administrators should prioritize operational excellence, strengthen research and development activities, and promote ethical and philanthropic initiatives to improve student satisfaction and cultivate long-term student loyalty. Strategic investment in these dimensions of USR can contribute to sustainable institutional development and stronger competitive positioning. Social implications – By encouraging universities to adopt socially responsible practices that better address students' expectations and well-being, this study supports the development of a more sustainable, accountable, and student-centered higher education system, thereby contributing to broader social and educational development.

Research on digital entrepreneurship in the Era of digital transformation: Trends and opportunities

Huynh Thi My Dieu — 2026-08-08

Purpose - This study presents a bibliometric overview of digital entrepreneurship (DE) and digital entrepreneurship intention (DEI). Design/methodology/approach - Using VOSviewer software, the authors analyzed 650 articles from the Scopus database covering the period 2010–2025, applying co-citation and co-occurrence analysis to identify key research trends Findings - The results indicate a sharp increase in DE-related studies since 2019, with six clusters on digital entrepreneurship and ten topic groups on digital entrepreneurship intention Originality/value - Prominent themes include digital technology and transformation, academic startups, 3D printing, knowledge management, the digital and sharing economy, fintech, and financial inclusion Practical implications - The study underscores the growing diversity of research in this field and highlights opportunities for further work to refine theoretical frameworks and integrate modern media technologies into entrepreneurial processes.

The personalization–privacy paradox in social commerce: Why privacy concern does not deter willingness to be profiled on Tiktok shop

Anh Tho To — 2026-08-08

Purpose – This study examines how online personalization, technical protection, and privacy awareness are associated with privacy concern, customer trust, and willingness to be profiled online for personalization among TikTok Shop users in Vietnam. Integrating Privacy Calculus Theory (PCT) and the Stimulus–Organism–Response (SOR) framework, the study explores how personalization-related stimuli shape users’ privacy evaluations and acceptance of profiling in the context of short-video social commerce. Design/methodology/approach – Data from 300 TikTok Shop users were analyzed using PLS-SEM in SmartPLS 4.0 with 5,000 bootstrap resamples. Findings – Online personalization increased privacy concern, customer trust, and willingness to be profiled. Technical protection strengthened customer trust but did not reduce privacy concern. Contrary to the proposed negative relationship, privacy awareness increased privacy concern, while also strengthening customer trust. Privacy concern was positively related to willingness to be profiled, also contrary to the hypothesized direction. Customer trust was the strongest predictor of profiling acceptance. Originality/value – The study extends the personalization–privacy paradox to TikTok Shop in an emerging market. It shows that personalization can simultaneously increase privacy concern, trust, and profiling acceptance, while customer trust serves as the dominant predictor and mediating mechanism. Practical implications – TikTok Shop and similar platforms should strengthen customer trust by clearly communicating data-protection practices, explaining how personal data are used, and providing meaningful consent and user-control options. Personalization should remain valuable without becoming overly intrusive. Social implications – Greater transparency, informed consent, and user control can support more informed data-sharing decisions and more responsible algorithmic profiling in social commerce.

How human resource quality and international publications affect revenue from research activities: Evidence from Southern Vietnamese Universities

Phan Ngoc Tuyet Suong — 2026-08-08

Purpose – This study examines the relationship between human resource quality, international publications, and research revenue in universities in Southern Vietnam, addressing the need to identify which internal capacity factors drive research income beyond tuition. Design/methodology/approach – We employ the Robust Least Squares regression method to examine an unbalanced panel comprising 39 universities in Southern Vietnam from 2017 to 2023. Findings – The results show that the proportion of faculty with PhDs has the strongest positive impact on research revenue compared to other degree groups, consistent with the Triple Helix theory on the role of high-quality human capital in the innovation ecosystem. Conversely, the proportion of faculty with Master's degrees has a negative impact, reflecting a tendency to focus on teaching rather than revenue-generating research. Finally, a non-linear, U-shaped relationship exists between international publications and research revenue, with a turning point at 145 articles, indicating that academic reputation from publications can be converted into revenue only when a threshold is reached. Originality/value – This is the first study to jointly examine human resource quality, international publications, and research revenue among Vietnamese universities. Practical implications – The findings also highlight the need for greater financial transparency and accountability in Vietnamese higher education, including standardized reporting, public disclosure, and independent audits. The study's results support educational managers in developing policies to sustainably increase revenue from research activities. Social implications – By clarifying the internal capacity factors that drive research revenue, this study offers guidance for policymakers seeking to reduce universities' dependence on tuition fees, thereby supporting more equitable and sustainable access to higher education. Strengthening research income also has broader implications for the quality of teaching staff and the contribution of universities to national innovation and socio-economic development.

Legal framework on autonomy, finance and sandbox for special urban areas: International experience and policy implications for Ho Chi Minh City

PhD. Thi Tuong Van Pham — 2026-08-08

Purpose – This paper analyses the legal framework governing three foundational dimensions of special urban areas: governance autonomy, financial autonomy, and controlled experimentation mechanisms (regulatory sandboxes). Drawing on four benchmark international models, it derives specific policy implications for Ho Chi Minh City as Vietnam moves toward enacting a dedicated Special Urban Area Law. Design/methodology/approach – The study employs comparative institutional analysis combined with a systematic literature review. Four international cases were selected for their representational diversity: the Dubai International Financial Centre and Abu Dhabi Global Market in the UAE; the Shenzhen–Hong Kong corridor in China; Seoul in South Korea; and the Greater London Authority in the United Kingdom. Data were gathered from legislative texts, official institutional reports, and peer-reviewed academic sources. Findings – Successful special urban areas worldwide have consistently built three core legal pillars: (i) autonomy that is constitutionally or legislatively anchored with clear jurisdictional boundaries; (ii) financial autonomy tied to institutional capacity and fiscal risk-control mechanisms; and (iii) sandboxes that are flexibly structured, evaluable, and integrated with national development strategy. Vietnam's current legal instruments (Resolution 98/2023/QH15) have established an important pilot foundation, but the forthcoming Special Urban Area Law must consolidate all three pillars at a durable statutory level. Originality/value – This is among the first studies to propose and empirically examine a Three-Pillar Legal Framework that simultaneously integrates governance autonomy, financial autonomy, and sandbox mechanisms in the context of special urban institution-building in Vietnam, providing a high-applicability academic basis for the legislative process ahead. Practical implications – Six concrete recommendations are proposed for legislators and policymakers, closely aligned with the spirit of Politburo Resolution 09-NQ/TW dated 19 May 2026 on the development of Ho Chi Minh City in a new era. Social implications – A sufficiently robust legal framework will improve the efficiency of urban public service delivery, reduce regional development gaps, and create an enabling institutional environment to attract investment in the digital economy and innovation ecosystem.

Household financial resources, labor informality, and housing expenditure participation: Evidence from Vietnam

M.Fin Thi Phuong Loan Le — 2026-08-08

Purpose – This study examines housing expenditure participation among Vietnamese households, defined as whether a household reports any positive monetary housing-related expenditure during the survey period. It aims to distinguish housing expenditure participation from housing expenditure intensity, housing affordability burden, and housing quality. Design/methodology/approach – The study uses household-level data from the 2022 Vietnam Household Living Standards Survey with 9,398 observations. A Probit model is estimated, and Average Marginal Effects are reported to interpret the results in probability terms. Findings – The results show that household size is positively and significantly associated with housing expenditure participation. In contrast, total household consumption and urban residence are negatively and significantly associated with the probability of reporting housing-related expenditure. Labor informality has a negative coefficient, but the association is not statistically significant. Practical implications – The findings suggest that housing expenditure participation should not be interpreted as a direct measure of housing welfare or affordability. A zero value may reflect owner-occupied housing, family-supported accommodation, informal arrangements, or other non-cash housing access mechanisms. Housing policy should therefore combine participation-based indicators with broader measures of tenure, housing quality, overcrowding, affordability pressure, and household welfare. Originality/value – The study contributes to the housing literature by treating housing expenditure participation as a distinct survey-based outcome, separate from expenditure intensity and affordability burden.