Tạp chí đã xuất bản
ISSN 2615-9813
ISSN (số cũ) 1859-3682

SỐ 201 | THÁNG 12/2022

Tác động của các bất ổn vĩ mô đến kết quả hoạt động của các doanh nghiệp nội thất tại Việt Nam

Lê Hoàng Anh, Nguyễn Thị Hoài Thương

Tóm tắt:

Trong những năm qua, ngành nội thất tại Việt Nam đã có những bước phát triển vượt bậc. Tuy nhiên, các bất ổn của môi trường vĩ mô như chiến tranh thương mại (CTTM) Mỹ - Trung, sự bùng phát của đại dịch Covid-19 đã tạo ra các tác động không nhỏ đến kết quả hoạt động của các doanh nghiệp nội thất (DNNT) tại Việt Nam. Bằng phương pháp ước lượng GMM hệ thống (SGMM) với dữ liệu của 13 DNNT được niêm yết trên thị trường chứng khoán Việt Nam trong giai đoạn 2011–2021, kết quả ước lượng các mô hình đã cho thấy các DNNT Việt Nam đã thực sự hưởng lợi từ CTTM Mỹ - Trung trong thời gian qua. Tuy nhiên, kết quả nghiên cứu cũng cho thấy đại dịch Covid-19 đã có những tác động tiêu cực đến tỷ suất sinh lợi của các DNNT. Trên cơ sở kết quả nghiên cứu, nhóm tác giả đã đề xuất các hàm ý chính sách nhằm gia tăng kết quả hoạt động của các DNNT tại Việt Nam trong tương lai.


Tài liệu tham khảo:

  1. Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442-458.
  2. Alghusin, N. A. S. (2015). The impact of financial leverage, growth, and size on profitability of Jordanian industrial listed companies. Research Journal of Finance and Accounting, 6(16), 86-93.
  3. Amiti, M., Kong, S. H., & Weinstein, D. (2020). The Effect of the U.S.-China Trade War on U.S. Investment (Working Paper No. 27114). National Bureau of Economic Research. https://doi.org/10.3386/w27114.
  4. Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm-specific and economy wide determinants of firm profitability: Greek evidence using panel data. Managerial Finance, 35(11), 930-9.
  5. Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020). How Are Small Businesses Adjusting to Covid-19? Early Evidence from a Survey (Working Paper No. 26989). National Bureau of Economic Research. https://doi.org/10.3386/w26989.
  6. Boamah, N. A.Boakye-Dankwa, A., & Opoku, E. (2022). Risk-taking behavior, competition, diversification and performance of frontier and emerging economy banks, Asian Journal of Economics and Banking, 6(1), 50-68. https://doi.org/10.1108/AJEB-04-2021-0047.
  7. Bothwell, J. L., Cooley, T. F., & Hall, T. E. (1984). A new view of the market structure¬performance debate. The Journal of Industrial Economics, 32(4), 397-417.
  8. Claver, E., Molina, J., & Tari, J. (2002). Firm and industry effects on firm profitability: A Spanish empirical analysis. European Management Journal, 20(3), 321-8.
  9. Coad, A. (2007). Firm growth: a survey. No. 2007-03, Papers on Economics & Evolution, available at: http://ideas.repec.org/p/mse/cesdoc/r07024.html (accessed 2 August 2011).
  10. Chander, S., & Aggarwal, P. (2008). Determinants of corporate profitability: An empirical study of Indian drugs and pharmaceutical industry. Paradigm, 12(2), 51-61.
  11. Chengying, H., Rui, C., & Ying, L. (2022). US-China trade war and China’s stock market: An event-driven analysis. Economic Research-Ekonomska Istraživanja, 35(1), 3277-3290. https://doi.org/10.1080/1331677X.2021.1990781.
  12. Delmar, F., Davidsson, P., & Gartner, W. B. (2003). Arriving at the high-growth firm. Journal of Business Venturing, 18(1), 189-216.
  13. Demi̇rhan, D., & Sakin, A. (2021). Has covid-19 pandemic affected firm profitability? Dynamic panel data analysis of bist firms using dupont identity components. PressAcademia Procedia, 14(1), Article 1. https://doi.org/10.17261/Pressacademia.2021.1484.
  14. Dhawan, R. (2001). Firm size and productivity differential: theory and evidence from a panel of US firms. Journal of Economic Behavior & Organization, 44(3), 269-93.
  15. Duong, T. H. (2021). Inflation targeting and economic performance over the crisis: evidence from emerging market economies. Asian Journal of Economics and Banking. 6(3), 337-352. https://doi.org/10.1108/AJEB-05-2021-0054.
  16. Eljelly, A. (2004). Liquidity - profitability tradeoff: an empirical investigation in an emerging market. IJCM, 14(2), 48-61.
  17. Fenny, S., & Rogers, M. (1999). The performance of large private Australian enterprises, Working Paper No. 2/99, Melbourne Institute of Applied Economics and Social Research, University of Melbourne, Melbourne.
  18. Fitzsimmons, J. R., Steffens, P. R., & Douglas, E. J. (2005). Growth and profitability in small and medium sized Australian firms. Proceedings of AGSE Entrepreneurship Exchange, Melbourne, February, available at: http://ssrn.com/abstract—1263734 (accessed 12 August 2011).
  19. Goddard, J., Tavakoli, M., & Wilson, J. (2005). Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269-82.
  20. Gschwandtner, A. (2005). Profit persistence in the ‘very' long run: evidence from survivors and exiters. Applied Economics, 37(7), 793-806.
  21. Hoy, F., McDougall, P. P., & D'Souza, D. E. (1992). Strategies and environments of high-growth firms. in Sexton, D.L., & Kasarda, J.D. (Eds), The State of the Art of Entrepreneurship, PWS-Kent, Boston, MA, 341-57.
  22. Huynh Phuong, D., & Su, J.-T. (2010). The Relationship between Working Capital Management and Profitability: A Vietnam Case. International Research Journal of Finance and Economics, 49, 62-71.
  23. Ito, K., & Fukao, K. (2006). Determinants of the profitability of the Japanese manufacturing affiliates in China and regions: does localization of procurement, sales and management matter. Discussion Paper Series No. 01-E-001, RIETE, available at: http://ideas.repec.org/ p/eti/dpaper/07001.html.
  24. Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(1), 225-64.
  25. Kaen, F. R., & Baumann, H. D. (2003). Firm size, employees and profitability in US manufacturing industries. Social Science Research Network, available at: http;//ssrn.com/ abstract—382402 (accessed 11 August 2011).
  26. Kleinbaum, D. G., Kupper, L. L., & Muller, K. E. (1988). Applied regression analysis and other multivariable methods. PWS-Kent.
  27. Lee, C. Y. (2014). The effects of firm specific factors and macroeconomics on profitability of property-liability insurance industry in Taiwan. Asian Economic and Financial Review, 4(5), 681-691.
  28. Lindé, J., & Pescatori, A. (2019). The macroeconomic effects of trade tariffs: Revisiting the Lerner symmetry result. Journal of International Money and Finance, 95, 52-69. https://doi.org/10.1016/j.jimonfin.2019.01.019.
  29. Markman, G. D., & Gartner, W. B. (2002). Is extraordinary growth profitable? A study ofinc. 500 high-growth companies. Journal of Entrepreneurship: Theory and Practice, 27(1), 65-75.
  30. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  31. Nunes, P. J. M., Serrasqueiro, Z. M., & Sequeira, T. N. (2009). Profitability in Portuguese service industries: a panel data approach. The Service Industries Journal, 29(5), 693-707.
  32. Nguyen, D. T., TA, H. T., & Nguyen, H. T. D. (2018). What determines the profitability of Vietnam commercial banks. International Business Research, 11(2), 231-245.
  33. Odusanya, I. A., Yinusa, O. G., & Ilo, B. M. (2018). Determinants of firm profitability in Nigeria: Evidence from dynamic panel models. Spoudai-Journal of Economics and Business, 68(1), 43-58.
  34. Pi, L., & Timme, S. (1993). Corporate control and bank efficiency. Journal of Banking and Finance, 17(2-3), 515-30.
  35. Raheman, A. & Nasr, M. (2007). Working Capital Management and Profitability - Case of Pakistani Firms. International Review of Business Research Papers, 3(1), 279-300.
  36. Renda, A., Zavatta, R., Tracogna, A., & Tomaselli, A. R. (2015). The EU Furniture Market Situation and a Possible Furniture Products Initiative. CEPS. https://www.ceps.eu/ceps-publications/eu-furniture-market-situation-and-possible-furniture-products-initiative/.
  37. Stierwald, A. (2010). The causes of profit heterogeneity in large Australian firms. Working Paper No. 7/10, Melbourne Institute of Applied Economic and Social Research, University of Melbourne, Melbourne.
  38. Vătavu, S. (2014). The determinants of profitability in companies listed on the bucharest stock exchange. Annals of the University of Petrosani Economics, 14(1), 329-338.
  39. Wiklund, J., Davidsson, P., & Delmar, F. (2003). Expected consequences of growth and their effect on growth willingness in different samples of small firms. Entrepreneurship Theory & Practice, 27(3), 247-69.

The Impact of Macroeconomic Instability on Businesses Performance of Furniture Industry Enterprises in Vietnam


Vietnam has made remarkable development progress in the furniture industry. However, the macroeconomic instability, such as the US-China trade war and the outbreak of the Covid-19 pandemic, have had a significant impact on Vietnam's furniture enterprises. Using a system generalized method of moments (SGMM) and data from 13 furniture enterprises listed on the Vietnamese stock market between 2011 and 2021, the model estimation results revealed that Vietnamese furniture enterprises had benefited significantly from the US-China trade war in recent years. However, the findings indicate that the Covid-19 pandemic has harmed the return on equity (ROE) of Vietnamese furniture enterprises. We propose some policy implications based on the research findings to improve the future business performance of Vietnamese furniture enterprises.