Thailand and The World Economy

Effects of Microcredits and Social Safety Nets Programmes on the Poverty Reduction in the Haor Region of Bangladesh

Md Zakir Hossain, Mahadie Hassan — Mon, 05 Jan 2026 00:00:00 +0700

The haor (Ox-bow Lake) region in Bangladesh, comprising seven districts, is rich in fishing, biodiversity, and boro-rice cultivation. However, its people are poorer due to wet monsoon seasonality. This study evaluates the joint impact of microcredit facilities and social safety net programs (SSNPs) on poverty alleviation and vulnerability reduction among Bangladesh’s haor residents. This cross-sectional study gathered primary data from 907 households across 30 rural clusters (Union Parishads). It assessed the consequences of microcredit and SSNPs on poverty conditions using a 'before-after' comparison, coupled with respondents' perceptions and multiple binary logistic regression models. The analysis shows significant improvements in food security and socio-economic conditions among beneficiary households from 2019 to 2022. Overall food security increased remarkably, whereas severe and moderate food insecurity decreased remarkably. Extreme poverty decreased for beneficiaries but increased for non-beneficiaries. The study found that microcredit facilities and SSNPs improved living conditions, job opportunities, working hours, and asset protection. Model-based analysis showed that the likelihood of achieving non-poverty status increased 88% for full beneficiaries (received both SSNPs and microcredits), 56% for microcredit-receiving households, and 13% for SSNP beneficiaries. The probability of reducing hardcore poverty was greater for male-headed households and households with greater asset values, higher expenditure, many dwelling units, and educated heads. Hence, these factors also need to be considered besides extending microcredit facilities and SSNPs to reduce the haor areas' poverty. In conclusion, microcredit facilities and SSNP benefits can reduce poverty by generating income, and policymakers should increase the accessibility and implementation of these initiatives.

Spotlight on Sustainable Finance and Managerial Accounting: The Analytical Triad for A Profitable and Sustainable Future

Enkeleda Lulaj — Mon, 05 Jan 2026 00:00:00 +0700

This study, focused on sustainable finance and management accounting, explores the analytical triad of vsCHA (Value and Supply Chain Analysis), COA (Cost Analysis), and CIA (Continuous Improvement Analysis), examining their interactions and their impact on firm sustainability. Data were collected from 208 companies in Kosovo between 2021 and 2023 and analyzed using exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM) with SPSS (64-bit) and AMOS (26.0) software. The results validate the analytical triad of vsCHA, COA, and CIA as a reliable model for enhancing sustainable finance and management accounting, promoting both profitability and long-term sustainability. Significant positive relationships were found between vsCHA and COA, and between CIA and COA, with COA acting as a mediator. The study confirms that vsCHA aids in identifying market trends, optimizing supply chains, and guiding innovation, while CIA helps maintain competitive advantage, boost sales, and improve efficiency. COA facilitates the implementation of competitive practices, ensuring sustainable business practices. Ultimately, the findings highlight the direct and positive impact of vsCHA, COA, and CIA on firm sustainability, driving efficiency, cost optimization, and continuous improvement. Future research should explore the global application of this triad.

Estimating Outward FDI Flows under the Heterogeneous Firm Model: A Case Study of Selected Asian Economies

Panutat Satchachai, Kornkarun Cheewatrakoolpong — Mon, 05 Jan 2026 00:00:00 +0700

The problem with FDI flows is that zero or negative flows are being ignored or handled differently. This paper modifies the heterogeneous firm model proposed by Helpman et al. (2008) and examines the determinants of the bilateral outward foreign direct investment (FDI) flows. Given the significance of developing Asian economies as outward investors in the early 2000s, we use a unique dataset on bilateral outward FDI flows of selected Asian economies between 2001 and 2012 to find the determinants of outward FDI with different econometric models. The findings indicate that the determinants of the home economy are quite context-specific, and the determinants of outward FDI from the South are different from the traditional Ownership, Location, and Internationalization (OLI) theory. We find that in the whole sample, the determinants of the outward FDI are consistent with the vertical FDI, where the overseas investment is to relocate and integrate the production process in the GVC, while the determinants of the South align with the horizontal FDI, where overseas investment is to overcome the disadvantages such as trade barriers. In addition, we find that the familiarity with the host economies holds greater significance for the South. We also find that the performance of the heterogeneous firm model is superior to the conventional augmented gravity model. In addition to the selection bias, the productivity threshold or “firm heterogeneity” should be included in estimation to control for further bias when the zero flows are ignored.

The Impact of Ownership Concentration on Bank Profitability: A Case Study of Vietnam

Pham Thi Kieu Khanh, Pham Thi Bich Duyen, Le Thanh Tam — Mon, 05 Jan 2026 00:00:00 +0700

This article examines the impact of ownership concentration on bank profitability, with the sample of 28 Vietnamese commercial banks in the period 2009–2022. Bank profitability is assessed using both return on assets (ROA) and return on equity (ROE). The main regression methods include the least squares method (OLS), fixed effects model (FEM), random effects model (REM), and generalized least squares method (GLS). To perform robustness checks, the study examines endogeneity and uses the system generalized method of moments (S-GMM) for estimation. The interaction variables are added in regression models to reflect the role of intermediary factors such as mergers and acquisitions (M&A) activities and listing status on the relationship between ownership concentration and bank profitability. Key findings are: (i) the hypothesis of the negative impact of ownership concentration, represented by the largest shareholder, on bank profitability. (ii) the adverse effects of ownership concentration on profitability are mitigated in banks engaged in M&A activities and those listed on the stock market. The implications of this study extend beyond Vietnam and may hold relevance to countries sharing similar ownership structures and legal frameworks.

Financial Constraints, Investment, and Firm Value: Evidence from Vietnamese Firms

Quynh Xuan Pham, Hau Long Le — Mon, 05 Jan 2026 00:00:00 +0700

In an imperfect capital market, firms face financial constraints due to information asymmetry. These constraints have a significant impact on the effectiveness of investment decisions. When either an underinvestment or overinvestment process occurs, it directly affects the firm's value. This study aims to examine the quadratic relationship between investment and firm value, specifically within the context of financial constraints. Our analysis is based on a dataset comprising 269 Vietnamese non-financial firms listed on the Ho Chi Minh City Stock Exchange (HOSE) from 2013 to 2022, resulting in a total of 2,690 firm-year observations. After checking the stationarity of panel data, three estimation methods are OLS, REM, and FEM tested in turn, and finally, the GLS method is applied to deal with the heteroskedasticity problem. The results indicate a quadratic relationship between investment and firm value, suggesting the presence of an optimal investment level. Notably, the optimal level varies depending on the firm's degree of financial constraints. Firms with fewer financial constraints tend to have a higher optimal investment level compared to those with greater financial constraints.

A Bibliometric Analysis of Bank Liquidity Creation: International Evidence

Mon, 05 Jan 2026 00:00:00 +0700

The purpose of this research is to analyze research trends related to banking liquidity creation, the factors influencing this process, the impact of created liquidity, and the direction for further research. Bibliographic sources were obtained from the Scopus database spanning from 2013 to 2022, and the analysis was conducted using the VOSviewer tool. The analytical approach includes co-citations, co-words, and bibliographic coupling, focusing on authors, articles, journals, countries, institutions, and thematic subjects that play important roles. The results of the analysis indicate that research trends have been on the rise since 2019, reflecting the significance of this topic in academic literature. The most productive journal in publishing articles about liquidity creation is the 'Journal of Banking and Finance,' which highlights the academic community's focus on this topic. One significant finding is that the most dominant factors in the liquidity creation process are bank capitalization and bank capital regulations. Furthermore, the analysis results show that the greatest impact of liquidity creation occurs in financial market conditions, followed by systemic risk and economic growth. The implication is that this research underscores the importance of maintaining the health and stability of financial markets, as well as formulating policies that can manage systemic risks to support sustainable economic growth. The direction for future investigation could broaden its scope to include cross-border frameworks or consider the inclusion of alternative moderating variables such as corruption, money laundering, or tax amnesty, which could offer a different understanding within the analytical framework.

The Technology Acceptance Model (TAM): Case Study of Knowledge Sharing Among Lecturers at Universities in Vietnam

Do Sang, Doan Quang Minh — Mon, 05 Jan 2026 00:00:00 +0700

This study research develops and tests a theoretical extension of the Technology Acceptance Model (TAM) that explains behavioral intention to use ICTs for knowledge sharing. In addition, there are different impacts on knowledge donating and knowledge collecting under the influences of demographic variables. The paper utilized structural equation modeling and cross-sectional design to test hypotheses in the proposed research model based on using data collected from 447 lecturers from 13 Vietnamese universities. The findings informed that (1) the TAM-based proposed scale has successfully explained factors predicting the use of ICTs in knowledge sharing among lecturers at universities in Vietnam. (2) the significant relationships among core components of TAM were found, except for the relationship between perceived usefulness and behavioral intention. (3) the finding of significant relationships between behavioral intention and using ICTs in knowledge sharing was reported. In addition, there are different impacts on knowledge donating and knowledge collecting under the influences of demographic variables (age, expertise type). New variables should be explored to better explain the behavioral intention of lecturers to use ICTs for knowledge sharing. Further research should test mediating roles of knowledge sharing's constituents by adding new variables such as knowledge self-efficacy, job involvement, trust, attitude, motivation, barriers, and the like. This study provides a theoretical basis, which can be used to analyze relationships among knowledge-sharing factors and to discuss the implications of these factors for developing universities’ strategies that encourage and foster knowledge sharing among lecturers at universities in Vietnam. Most of the studies on knowledge sharing have been conducted in an organizational context. Only limited work has been done on the knowledge sharing among university lecturers. This study contributes to knowledge-sharing literature that suffers from a paucity of research on the empirical examination of this subject.

The Effect of Vertical Educational Mismatch on Wages: Evidence from Indonesia's Waged Sector

Dani Rahman Hakim, Iin Rosini — Mon, 05 Jan 2026 00:00:00 +0700

This study is the first to analyse the determinants and wage impacts of vertical educational mismatches in the wage sector in Indonesia. This study is also the first to examine the wage effect of vertical educational mismatch based on the fields of study, gender, and spatial conditions of the worker cohorts. Using the 2022 national labour force survey datasets, we calculate overeducation and undereducation using the job analysis approach. We found that almost half of the Indonesian workforce held jobs that did not correspond to their level of education. The determinants of vertical educational mismatch are identified based on individual, educational, and fields of study, job and employer, and spatial characteristics. Using the ORU[i] and VV[ii] models, we found that the wage effect of vertical educational mismatch relied on gender, fields of study, and spatial conditions. In general, both overeducated and undereducated workers earn a wage premium. Overeducated workers in urban areas get higher returns than those in rural areas. However, if estimated based on the field of study cohort, there is a wage penalty for overeducated workers in at least seven fields. This study indicates that the mechanism of supply and demand for educated labour in each scientific field and industrial sector determines the wage impact of vertical educational mismatch.

[i]ORU stands for Overeducation, Required Education, and Undereducation. It is an economic model by Duncan and Hoffman (1981) that estimates the return to overeducation, required education, and undereducation

[ii]VV stands for Verdugo and Verdugo. It is the economic model that was developed by Verdugo and Verdugo (1989) to estimate the wage penalty or premiums for vertically mismatched workers (i.e., overeducated or undereducated)

Firm Performance and Industrial Accumula-tion: The Role of Industrial Parks

Tham Do Thi Hong, Quoc Viet Nguyen , Vu Huy Le, Ha Linh Bui, Nguyen Thi Thoan — Mon, 05 Jan 2026 00:00:00 +0700

This research examines the impact of industrial agglomeration on the productivity of SMEs in Vietnam, using FE regression for panel data and the PSM method. The study utilizes data from the General Statistics Office of Vietnam (2016–2020) and the OECD’s TiVA database. The findings highlight the positive effects of industrial parks on firm performance, particularly for medium-sized enterprises, export-oriented firms, and those integrated into global value chains. SMEs with strong international linkages benefit from improved access to modern production technologies, with FDI capital firms exhibiting the highest productivity gains. Furthermore, the performance of industrial parks exhibits significant geographical variation, with the Southern region demonstrating superior efficiency due to the concentration of large industrial clusters and advanced facilities. High-tech zones have emerged as key drivers of regional productivity, fostering industrialization and technological innovation. Policymakers should prioritize the expansion and modernization of industrial zones, promote trade liberalization, and support SMEs through targeted incentives while strengthening FDI linkages to drive sustainable industrial development.