The Impact of Working Capital Management on the Performance of Manufacturing Firms: Empirical Evidence from Vietnam Original Research Article Country Vietnam
Pages 01-09
Thi Hoai Tho Truong || Thi Van Thanh Nguyen || Le Quynh Anh Nguyen || Thi My Tam Nguyen || Minh Thu Thao Phan || Ngoc Huyen Trang Tran || Bao Yen Nguyen
This study evaluates the impact of working capital management (WCM) on the return on assets (ROA) of 154 listed manufacturing firms in Vietnam during the 2019–2024 period. By employing the System Generalized Method of Moments (System GMM) estimator to robustly address endogeneity issues, the results indicate that the cash conversion cycle and the average collection period negatively impact ROA, whereas the average payment period exerts a positive effect. The inventory conversion period is found to be statistically insignificant. The novelty of this research lies in the independent disaggregation of individual WCM components and the application of SGMM within the volatile post-COVID-19 macroeconomic environment. These findings provide an empirical basis for managers to optimize capital strategies and simultaneously enhance corporate competitiveness.
The Impact of Pop Mart’s Blind Box Marketing Strategy on Chinese Consumers Psychology and Behavior Original Research Article Country Thailand
This study explores the impact of Pop Mart’s blind box marketing strategy on Chinese consumers' psychology and behavior, focusing on the role of anticipated emotion as a mediator between various marketing stimuli and impulse buying behavior. The research integrates several key factors, including hedonic shopping value, product novelty, limited edition perception, and social media influence, examining how these elements trigger emotional arousal that drives impulsive purchase decisions. The study uses a quantitative research approach, employing structural equation modeling to test the relationships among these variables. Results show that hedonic shopping value, perceived scarcity, novelty, and social media influence all positively affect anticipated emotion, which in turn significantly increases impulse buying behavior. The study provides valuable insights for marketers on how to structure blind box campaigns that effectively engage consumers by leveraging emotional anticipation and reinforcing consumer behavior through social proof and novelty. These findings contribute to the broader understanding of emotional dynamics in experiential marketing, offering a clearer view of how emotions mediate consumer decisions in the context of novelty-based retail experiences.
Factors Driving Green Logistics Adoption Intention Among Smes in an Emerging Economy: an Extended Technology-Organization-Environment (Toe) Framework. Original Research Article Country Vietnam
This study investigates the determinants of green logistics adoption intentions among small and medium
enterprises (SMEs) in Vietnam by extending the traditional Technology-Organization-Environment (TOE) framework.
While conventional models often assume a deterministic path, this research introduces Perceived Economic and
Environmental Usefulness (PEEU) as a vital cognitive mediator to explain how contextual pressures are translated into
strategic intentions. Data were collected via a survey of SME decision-makers in Vietnam and analyzed using Partial Least
Squares Structural Equation Modeling (PLS-SEM) through SmartPLS 4. The empirical results robustly validate all eight
hypothesized relationships, accounting for 31.7% of the variance in Perceived Economic and Environmental Usefulness
(PEEU) and 36.0% of the variance in Green Logistics Adoption Intention (GLAI). Technological readiness, top
management commitment, and stakeholder pressure exert significant direct positive effects on both PEEU and GLAI.
Crucially, mediation analysis confirms that PEEU acts as a robust partial mediator across all three dimensions,
demonstrating that contextual factors achieve maximum efficacy when filtered through a positive managerial evaluation
of dual economic-ecological utility. These findings enrich the green supply chain literature by shifting the analytical
boundary toward a cognitive-contextual integration within transition economies. Practically, the study provides a
strategic blueprint for SME owners to leverage green logistics for sustainable competitive advantage, while offering
actionable insights for policymakers to design market-based incentives that enhance the perceived economic viability of
eco-innovations, thereby converting mandatory compliance into proactive corporate adoption.
Credit Risk, Capital Adequacy, Institutional Quality, and Bank Profitability: Evidence from Vietnamese Joint-Stock Commercial Banks Original Research Article Country Vietnam
Pages 35-43
Nguyen Thi Thanh Tam || Tran Ngoc Nhu Y || Le Thi Kieu Vy || Nguyen Ngoc Bao Vy || Cao Thi Yen || Nguyen Ngoc Kieu Duyen
This article aims to identify and analyze the factors influencing the profitability of Vietnamese joint-stock commercial banks in the context of deepening financial integration and digital transformation. Data were collected from 28 joint-stock commercial banks over the 2018–2023 period. The study employs quantitative models to identify the true pillars of the system's profit. The model includes the following independent variables: Expected Credit Loss (ECL); Total Assets (TA); Bad Debt (BD); Non-Performing Loan ratio (NPLs); Capital Adequacy Ratio (CAR); Loan-to-Deposit Ratio (LDR); Loan Growth (LG); Bank Size (SIZE) and Institutional Quality (INS). The results indicate that the capital adequacy ratio, bank size, loan-to-deposit ratio, institutional quality, and expected credit loss have positive impacts, while the non-performing loan ratio has a negative impact on the Return on Assets (ROA); the remaining factors do not have a significant impact.
Price competition and managerial delegation under partial cooperation Original Research Article Country Japan
This paper analyzes a three-stage Bertrand duopoly with partial cooperation and managerial delegation. In the first stage, each owner decides whether to hire a manager. In the second stage, owners who hire managers select their managers’ incentive parameters. In the third stage, managers—or owners if no delegation occurs—simultaneously and independently set the firms’ prices. The equilibrium is derived using backward induction under a subgame-perfect equilibrium. As a result, the paper shows that managerial delegation does not increase payoffs for either firm. This finding contrasts sharply with the Cournot case, where delegation is profitable, and highlights that the strategic value of delegation depends critically on the mode of competition.
Effect of Social Media Marketing on Performance of Detergent Manufacturing Firms in Nairobi County Kenya Original Research Article Country Kenya
The Kenyan laundry detergent market is faced with similar prevailing conditions as the global laundry detergent market such as brand inflation, easy access to information on available brands and temporary price promotions, as well as entry of more competing globally recognized manufacturers presenting cut throat competition hence impacting on their market performance. Therefore, this study sought to examine the effect of social media marketing on the performance of detergent companies in Nairobi. The study was anchored on technology acceptance Model. A descriptive survey research design was adopted with a target population of sales and marketing managers in 24 detergent companies in Nairobi. The study adopted a census approach where all the 48 respondents were involved in the study. The study made use of a questionnaire constructed on a five point Likert scale for primary data collection. Data was analyzed using statistical package for social sciences (SPSS) software. The findings were presented in tables accompanied by relevant discussions. The study established that social media marketing had positive significant relationship with the performance of detergent manufacturing firms in Kenya. The study therefore concluded that integration of social media marketing provides firms with an effective platform for enhancing customer engagement, increasing market reach, improving sales performance, and strengthening competitiveness.
Cooperative-Based Healthcare Financing and Healthcare Access among Agricultural Cooperative Members in Kenya. Original Research Article Country Kenya
Pages 63-81
Timothy M. Bisakaya || Wycliffe Oboka || Kiprop Kibos
Rural households in Kenya continue to face financial, geographic, and service-related barriers to healthcare access, despite ongoing universal health coverage reforms. Agricultural cooperatives present an opportunity for collective healthcare financing. A cross-sectional mixed-methods study was conducted among 382 cooperative members, 15 managers, and four sub-county cooperative officers in Kiambu County. Quantitative data were collected using structured questionnaires and analyzed using descriptive and inferential statistics. Qualitative data from FGDs, IDIs, and KIIs were subjected to content analysis. Findings show that 84.3% of members face high out-of-pocket (OOP) costs, 75.1% lack insurance coverage, and 64.1% encounter geographic barriers. Service-quality challenges, including drug stock-outs (55.0%) and unprofessional health workers (48.4%), further limit access. Additionally, 72.3% of members rely on personal savings for health payments, with only 29.3% covered by SHA. Member attitudes towards cooperative-based healthcare financing were overwhelmingly positive, with the majority of respondents expressing willingness to enroll in the scheme, join awareness programs, perceive cooperatives as capable of offering better preventive care, and indicated readiness to recommend cooperative schemes to others. Healthcare access among cooperative members is undermined by financial, geographic, cultural, and service-quality barriers. Cooperative-based healthcare financing presents a viable pathway for improving access, strengthening preventive care, and reducing reliance on OOP payments. Strong trust and social capital within cooperatives position them as effective vehicles for community-centered healthcare financing models. Future initiatives should integrate education, transparent governance, and accessible contribution models to enhance sustainability
Triple Bottomline Managerial Dimensions and their Contributions to Supply Chain Management: A Research Note Original Research Article Country Philippines
Pages 82-89
Mark Francis G. Ng || Rey Joseph M. Redoblado || Ma. Kristina Ll. Balderama || Merlando M. Bitancur || Kelvin L. Cajandab
This research note provides a concise discussion and review of the fundamental concepts of supply chain management as viewed from the lens of sustainability and its influence on corporate value. It delves into the rich insights provided by the concept of the triple bottomline – a widely popular yardstick of social responsibility and sustainability – and how it can be effectively integrated into an organization’s supply chain management practices. The implementation and integration of sustainability concepts within the supply chain are then elucidated using the managerial dimensions of legislation, ethics, and sustainability. Salient concepts and principles illustrating effective supply chain management practices under each dimension are also enumerated. Insights are also presented on how organizations can strategically implement supply chain management practices based on relevant and existing literature. Finally, recommendations are forwarded in terms of strategies that may be useful for supply chain management professionals as well as opportunities for future research directions.
Strategic Thinking and Remote Audit Standards Implementation: A Conceptual Research Note Original Research Article Country Philippines
This research note synthesizes the emerging literature surrounding the relationship between strategic thinking and remote audits within the evolving auditing profession. It demonstrates how the rapid transition toward remote audit engagements has transformed conventional audit processes by introducing technological, operational, and regulatory challenges while creating opportunities for innovation and strategic implementation. Existing studies suggest that strategic thinking, particularly through reflecting, reframing, and systems thinking, can strengthen the capacity of auditors to address the complexities of remote audit implementation aided by internationally recognized audit guidance. Nevertheless, current scholarship remains fragmented, with limited empirical evidence examining this relationship, particularly among local auditing firms in developing economies like the Philippines. This paper therefore advances a conceptual notion linking strategic thinking with remote audit practices and identifies future research opportunities involving empirical validation, framework development, organizational capabilities, technology-enabled audit strategies, and evidence-based best practices that can improve overall audit quality.
Pricing Strategies and Financial Performance of Lantern Vendors in the City of San Fernando, Pampanga Original Research Article Country Philippines
Pages 104-126
Justin M. Opate || Ryan Bench M. Concepcion || Dexter S. Lising || Brent Ibhar P. Tamayo || Erwin L. Medina
Seasonal businesses such as lantern vending in the City of San Fernando, Pampanga use pricing strategies that play an important role in sustaining profitability, stability, and growth. This study examines the relationship between cost-plus, value-based, and competitive pricing strategies and the financial performance of lantern vendors in terms of profitability, stability, and growth. Using a quantitative descriptive-correlational design, the study intended total enumeration, but only 16 lantern vendors were surveyed due to field inaccessibility and non-consent. Data were collected through a structured questionnaire adapted from Aguilar et al. [1] and subjected to reliability testing. Descriptive statistics and Spearman’s rho (ρ) correlation coefficient were used for analysis. Results showed no significant correlation between pricing strategies and financial performance despite the use of cost-plus, competitive, and value-based pricing practices. This suggests that pricing strategies are not the sole determinant of financial success and that other factors should be considered. A strategic combination of these pricing strategies may be maximized for effective pricing decisions. Lantern vendors are encouraged to align pricing with marketing, financial planning, apply consistent mark-ups, and innovate value-based methods reflecting product quality and brand reputation.
The BS Accountancy Program of Bicol University (Philippines) as an Academic Supply Chain: A Conceptual Research Note Original Research Article Country Philippines
Pages 127-135
Mark Francis G. Ng || Sonnie A. Ramos || Analiza O. Pabilona
This research note is an exploratory academic attempt to apply the concepts of supply chain management from an industrial or manufacturing perspective to the context of academia. It forwards the notion that supply chain management concepts and models are not just confined to improving business operations from a production context but can also be applied to an academic perspective. This paper illustrates the application of the academic supply chain in the BS Accountancy Program of Bicol University (Philippine state university). It anchors its discussions on two key supply chain models: the Integrated Tertiary Educational Supply Chain Management (ITESCM) Model developed by Habib and Jungthirapanich (2008) and the Resource Based View (RBV) Theory (Halldorsson et al, 2007) of supply chain management. In addition, this paper also provides a concise discussion of the eight key supply chain management activities present in the industrial sector and how these are applied and implemented in the academic sector. Finally, conclusions and recommendations are forwarded in terms of strategies that may be useful for higher education institutions (HEIs) on how they can further explore and apply the concept of the academic supply chain as well as opportunities for future research directions
Jerónimo Martins: Consumers and end users Original Research Article Country Portugal
In a context where organizations are increasingly held accountable for the impact of their activities on society, social norms take on particular relevance as instruments for guiding and evaluating business performance. The dimension of consumers and end users proves especially pertinent in the food sector, given the direct relationship between business activity and the well-being, health, and safety of the population. This work presents the standard, as well as its characterization and application to the Jerónimo Martins company/group., proving its importance and relevance in today's business world.
An Assessment of Fintech, Digital Finance and Financial Inclusion in Emerging Economies: Evidence from Sierra Leone Original Research Article Country Sierra Leone
Pages 141-154
Alhaji Ibrahim Jalloh || Oludolapo O. Akinyosoye–Gbonda || Finda F. M’Briwa
This study assesses the role of fintech and digital finance in enhancing financial inclusion in Sierra Leone, an emerging economy in which formal financial infrastructure remains limited. A convergent mixed-methods design was adopted, and data were collected from 100 respondents comprising both users and non-users of digital financial services through a structured questionnaire, with quantitative and qualitative findings analysed and integrated during interpretation. The findings indicate that digital financial services have become a primary means of accessing finance, with usage exceeding formal bank account ownership and extending beyond the formally banked population. This expansion is driven overwhelmingly by mobile money, while digital banking, transfer, and credit services remain comparatively limited, and usage is concentrated in routine person-to-person transfers. The perceived impact on financial inclusion is largely positive but unevenly experienced, and the principal barriers to adoption are structural and operational rather than attitudinal, relating primarily to transaction costs, fraud and security concerns, connectivity, and electricity supply. The study concludes that financial inclusion is broad in reach but narrow in depth, and that deeper inclusion depends upon improvements in infrastructure, affordability, security, and institutional support.
Algorithmic Recommendations, Content Marketing, and Consumer Purchasing Decisions on TikTok: The Mediating Role of Trust Original Research Article Country Thailand
Social commerce platforms have increasingly influenced how consumers discover, evaluate, and purchase products in digital
environments. Among these platforms, TikTok has become a prominent channel for product promotion due to its algorithm-driven
content distribution and highly interactive content ecosystem. Although prior studies have examined algorithmic recommendations
and content marketing separately, limited attention has been paid to their combined influence on consumer purchasing decisions and
the underlying role of trust.This study explores the relationships among algorithmic recommendation, content marketing, consumer
trust, and purchasing decisions within the TikTok environment. Drawing upon the Stimulus–Organism–Response (S–O–R)
framework, a research model was developed and empirically tested using data collected from 386 active TikTok users in Shanghai,
China. Structural Equation Modeling (SEM) was employed to examine the proposed relationships. The findings indicate that both
algorithmic recommendation and content marketing positively affect consumer trust and purchasing decisions. Content marketing
exerts a stronger influence on trust formation, suggesting that authenticity and content credibility remain critical factors in social
commerce contexts. The analysis further demonstrates that consumer trust partially mediates the effects of algorithmic
recommendation and content marketing on purchasing decisions. By examining technological and content-related drivers within a
unified framework, this study contributes to a deeper understanding of consumer behavior on short-video platforms. The findings also
provide practical insights for marketers seeking to enhance consumer engagement and purchasing outcomes through personalized
recommendation strategies and trust-oriented content development.
The Influence of Job Variety, Career Promotion, Rewards, and Motivation on The Performance of Civil Servant Agricultural Extension Officers in West Java Province Original Research Article Country Indonesia
Pages 165-173
Tanjung Kunti Yuniasari || Siti Rochaeni || Zulmanery
Agricultural Extension Officers play a vital role in enhancing farmers’ capacity and agricultural productivity. This study examines the direct and indirect effects of job variety, career promotion, and rewards on the performance of Agricultural Extension Officers through work motivation. A quantitative approach was employed using Structural Equation Modelling–Partial Least Squares (SEM–PLS). The sample consisted of 200 respondents, including 100 Civil Servant Extension Officers (PNS) and 100 Government Contract Extension Officers (PPPK) from 27 districts and municipalities in West Java Province, Indonesia. The results indicate that job variety and rewards significantly influence motivation among both PNS and PPPK officers, while motivation significantly affects performance in both groups. Career promotion significantly influences motivation and performance among PNS officers but has no significant effect among PPPK officers. Rewards directly affect performance only among PNS officers. The mediation analysis shows that motivation mediates the effects of job variety and career promotion on performance among PNS officers, whereas rewards affect performance through motivation in both employment categories. These findings reveal differences in performance determinants between PNS and PPPK extension officers and underscore the critical role of motivation in improving performance. Strengthening reward systems, enhancing career development opportunities, increasing job variety, and fostering employee motivation are therefore essential strategies for improving agricultural extension effectiveness and supporting sustainable agricultural development in West Java.
The Impact of Digital Payments and Finansial Inclusion on the Financial Performance of Culinary MSMEs Original Research Article Country Indonesia
The development of digital technology has encouraged Micro, Small, and Medium Enterprises (MSMEs) to adopt digital payments and formal financial services in running their businesses, yet the effectiveness of these two factors on financial performance still shows mixed results. This study analyzes the impact of digital payments and financial inclusion on the financial performance of MSMEs in the culinary sector in Pangkalpinang City. A quantitative survey method was applied to 99 culinary MSME actors selected through purposive sampling, and data were analyzed using multiple linear regression in SPSS. The results show that digital payments do not have a significant effect on financial performance, indicating that the use of digital payment systems alone has not directly increased revenue, profit, or asset growth. In contrast, financial inclusion has a positive and significant effect on financial performance: better access to formal financial services such as savings, financing, and banking helps business actors manage their finances and grow their businesses. Simultaneously, digital payments and financial inclusion together have a significant effect on financial performance. This study emphasizes that expanding access to and utilization of formal financial services is a critical factor in improving the financial performance of culinary MSMEs in Pangkalpinang City.
AI-Enabled WhatsApp Workflow Automation for Improving Customer Inquiry and Booking Process in a Makeup Artist Business Original Research Article Country Indonesia
This study designs and validates an AI-enabled WhatsApp workflow automation prototype to improve the inquiry-tobooking process at LenyPW Makeup Artist. The current manual process causes delayed and inconsistent responses, repetitive inquiries, scattered customer data, manual availability checks, and limited lead tracking, reducing operational efficiency and customer experience. The research adopts a case study approach using Design Thinking for problem identification and prototype development, and the Lean Startup Build–Measure–Learn framework for validation. Mixed methods were applied through customer surveys, interviews, observations, prototype testing, questionnaires, and operational evaluation involving 30 female participants with makeup service experience. The proposed prototype functions as an AI-powered WhatsApp virtual admin that provides pricing information, checks availability, collects booking details, sends payment instructions, supports follow-ups, and stores customer data in a structured database while assisting booking management and lead tracking. Validation results indicate high user acceptance, with positive ratings for response speed (91.73%), information clarity (92.67%), booking structure (92.00%), customer comfort and trust (89.07%), and human handoff (90.17%). Although improvements are still required in context handling and response quality, the prototype is feasible for reducing repetitive administrative tasks while allowing the owner to focus on delivering high-quality makeup services.
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