Impacts of anti-dumping duties on firm’s performance: Evidence from listed firms in seafood industry in Vietnam
Nội dung chính của bài viết
Tóm tắt
The study aims to examine the impact of the anti-dumping tax imposed by the United States under the simultaneous influence of financial factors on the performance of enterprises in the seafood export industry. The author selected data including 21 companies listed on the Vietnamese stock market in the period 2017 - 2022, and used GMM estimation technique to retest the influence of familiar factors such as lag of the firm’s performance, size, leverage, liquidity ratio, sales growth rate to the firm’s performance (measured by ROA), in addition, the paper also provides additional evidence on the impact of new factors: anti-dumping tax and export sales ratio. Research results show that (1) 6 out of 7 independent variables including , Size, Liq, g, ADr, Exp.re / Tot.re are statistically significant, (2) anti-dumping tax rate and geographic revenue structure are both recorded negative impacts on performance. The results of this study contribute academically by providing a new insight into the relationship between revenue and profit in the case of exporting to countries that apply anti-dumping tax and contribute practically by proposing some implications for foreign trade policy and corporate financial management strategy.
Chi tiết bài viết
Từ khóa
Anti-dumping duties, Export revenue, Seafood industry, Tax rate, Firm’s performance, Vietnam
Tài liệu tham khảo
Aljaaidi, K. S., & Bagais, O. A. (2020). Debt finance, inventory management and economic value of energy industry in Saudi Arabia: empirical investigation. International Journal of Energy Economics and Policy, 10(6), 347-353. https://doi.org/10.32479/ijeep.10085
Amidu, M. (2007). Determinants of capital structure of banks in Ghana: an empirical approach. Baltic Journal of Management, 2(1), 67-79. https://doi.org/10.1108/17465260710720255
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D
Bartoli, A., & Blatrix, C. (2015). Management dans les organisations publiques-4e édition: Défis et logiques d'action [Management in Public Organizations - 4th Edition: Challenges and Logics of Action]. Dunod.
Baumol W. (1959). Business Behavior, Value, and Growth. New York, Macmillan.
Baumol, W. J. (1982). Contestable markets: an uprising in the theory of industry structure. American Economic Review, 72(1), 1-15. http://www.jstor.org/stable/1808571
Bhattacharya, H. (2021). Working capital management: Strategies and techniques. PHI Learning Pvt. Ltd.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
Burja, C. (2011). Factors influencing the companies'profitability. Annales Universitatis Apulensis: Series Oeconomica, 13(2), 215-224.
Cuervo-Cazurra, A., & Dau, L. A. (2009). Promarket reforms and firm profitability in developing countries. Academy of Management Journal, 52(6), 1348-1368. https://doi.org/10.5465/amj.2009.47085192
Chandra, P., & Long, C. (2013). Anti-dumping duties and their impact on exporters: Firm level evidence from China. World Development, 51, 169-186. https://doi.org/10.1016/j.worlddev.2013.05.018
Chen, Z., & Lu, A. (2019). A market-based funding liquidity measure. The Review of Asset Pricing Studies, 9(2), 356-393. https://doi.org/10.1093/rapstu/ray007
Chhibber, P., & Majumdar, S. K. (1998). State as investor and state as owner: consequences for firm performance in India. Economic Development and Cultural Change, 46(3), 561-580. https://doi.org/10.1086/452358
Davidsson, P., Steffens, P., & Fitzsimmons, J. (2009). Growing profitable or growing from profits: putting the horse in front of the cart?. Journal of Business Venturing, 24(4), 388-406. https://doi.org/10.1016/j.jbusvent.2008.04.003
Esposito, P. (2017). Trade creation, trade diversion and imbalances in the EMU. Economic Modelling, 60, 462-472. https://doi.org/10.1016/j.econmod.2016.09.014
Feng, M., Wang, X., & Kreuze, J. G. (2017). Corporate social responsibility and firm financial performance: Comparison analyses across industries and CSR categories. American Journal of Business, 32(3-4), 106-133. https://doi.org/10.1108/AJB-05-2016-0015
Felbermayr, G., & Sandkamp, A. (2020). The trade effects of anti-dumping duties: Firm-level evidence from China. European Economic Review, 122, 103367. https://doi.org/10.1016/j.euroecorev.2019.103367
Gatsi, J. G., Gadzo, S. G., & Kportorgbi, H. K. (2013). The effect of corporate income tax on financial performance of listed manufacturing firms in Ghana. Research Journal of Finance and Accounting, 4(15), 118-124.
Goel, U., Chadha, S., & Sharma, A. K. (2015). Operating liquidity and financial leverage: Evidences from Indian machinery industry. Procedia-Social and Behavioral Sciences, 189, 344-350. https://doi.org/10.1016/j.sbspro.2015.03.230
Gonenc, H., & Aybar, C. B. (2006). Financial crisis and firm performance: empirical evidence from Turkey. Corporate Governance: An International Review, 14(4), 297-311. https://doi.org/10.1111/j.1467-8683.2006.00508.x
Greenaway, D., Guariglia, A., & Kneller, R. (2007). Financial factors and exporting decisions. Journal of International Economics, 73(2), 377-395. https://doi.org/10.1016/j.jinteco.2007.04.002
Hall, M., & Weiss, L. (1967). Firm Size and Profitability. The Review of Economics and Statistics, 49(3), 319-331. https://doi.org/10.2307/1926642
Hansen, L. P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029-1054. https://doi.org/10.2307/1912775
Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479-485. https://doi.org/10.5465/256971
Hoang, T. V. H., Dang, N. H., Tran, M. D., Van Vu, T. T., & Pham, Q. T. (2019). Determinants Influencing Financial Performance of Listed Firms: Quantile Regression Approach. Asian Economic and Financial Review, 9(1), 78-90. https://doi.org/10.18488/journal.aefr.2019.91.78.90
Hua, X., Jiang, Y., Sun, Q., & Xing, X. (2019). Do antidumping measures affect Chinese export-related firms?. Review of Quantitative Finance and Accounting, 52, 871-900. https://doi.org/10.1007/s11156-018-0729-2
Ismail, R. (2016). Impact of liquidity management on profitability of Pakistani firms: A case of KSE-100 Index. International Journal of Innovation and Applied Studies, 14(2), 304-314.
Jang, S. S., & Park, K. (2011). Inter-relationship between firm growth and profitability. International Journal of Hospitality Management, 30(4), 1027-1035. https://doi.org/10.1016/j.ijhm.2011.03.009
Kaufman, R. L. (2013). Heteroskedasticity in regression: Detection and correction. Sage Publications.
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728. https://doi.org/10.1016/S0929-1199(03)00046-4
Lee, B. J. (1992). A heteroskedasticity test robust to conditional mean misspecification. Econometrica: Journal of the Econometric Society, 159-171. https://doi.org/10.2307/2951681
Madushanka, K. H., & Jathurika, M. (2018). The impact of liquidity ratios on profitability. International Research Journal of Advanced Engineering and Science, 3(4), 157-161.
Markman, G. D., & Gartner, W. B. (2002). Is extraordinary growth profitable? A study of Inc. 500 high–growth companies. Entrepreneurship Theory and Practice, 27(1), 65-75. https://doi.org/10.1111/1540-8520.t01-2-00004
Malik, Q. A., & Ahmed, S. F. (2013). Idiosyncratic effect of liquidity management strategies on corporate performance valuation-a study of chemical industry. World Applied Sciences Journal, 28(1), 114-119. 10.5829/idosi.wasj.2013.28.01.744
Nakano, M., & Nguyen, P. (2012). Board size and corporate risk taking: further evidence from J apan. Corporate Governance: An International Review, 20(4), 369-387. https://doi.org/10.1111/j.1467-8683.2012.00924.x
Nazir, A., Azam, M., & Khalid, M. U. (2021). Debt financing and firm performance: empirical evidence from the Pakistan Stock Exchange. Asian Journal of Accounting Research, 6(3), 324-334. https://doi.org/10.1108/AJAR-03-2019-0019
Nguyen, P. A., Nguyen, A. H., Ngo, T. P., & Nguyen, P. V. (2019). The relationship between productivity and firm's performance: Evidence from listed firms in Vietnam stock exchange. The Journal of Asian Finance, Economics and Business, 6(3), 131-140. https://doi.org/10.13106/jafeb.2019.vol6.no3.131
Nyamasege, D., Okibo, W. B., Nyang’au, A. S., Obasi Sang’ania, P., Omosa, H., & Momanyi, C. (2014). Effect of asset structure on value of a firm: a case of companies listed in Nairobi Securities Exchange. Research Journal of Finance and Accounting, 5(9), 97-102.
Okwo, I. M., Okelue, U. D., & Nweze, A. U. (2012). Investment in fixed assets and firm profitability: Evidence from the Nigerian brewery industry. European journal of business and management, 4(20), 10-17.
Olawale, L. S., Ilo, B. M., & Lawal, F. K. (2017). The effect of firm size on performance of firms in Nigeria. Aestimatio: The IEB International Journal of Finance, (15), 68-87. https://doi.org/10.5605/IEB.15.4
Oliveira, G. A. S. (2014). Industrial determinants of anti-dumping in Brazil–Protection, competition and performance: An analysis with binary dependent variable and panel data. Economia, 15(2), 206-227. https://doi.org/10.1016/j.econ.2014.07.003
Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: an analysis of Mauritian small manufacturing firms. International Review of Business Research Papers, 2(2), 45-58.
Pouraghajan, A., Malekian, E., Emamgholipour, M., Lotfollahpour, V., & Bagheri, M. M. (2012). The relationship between capital structure and firm performance evaluation measures: Evidence from the Tehran Stock Exchange. International journal of Business and Commerce, 1(9), 166-181.
Prusa, T. J. (2001). On the spread and impact of anti‐dumping. Canadian Journal of Economics/Revue canadienne d'économique, 34(3), 591-611. https://doi.org/10.1111/0008-4085.00090
Sagan, J. (1955). Toward a theory of working capital management. The Journal of Finance, 10(2), 121-129. https://doi.org/10.2307/2976040
Setiadharma, S., & Machali, M. (2017). The effect of asset structure and firm size on firm value with capital structure as intervening variable. Journal of Business & Financial Affairs, 6(4), 1-5. https://doi.org/10.4172/2167-0234.1000298
Shaik, A., & Sharma, R. (2021). Leverage, capital and profitability of the banks: Evidence from Saudi Arabia. Accounting, 7(6), 1363-1370. https://doi.org/10.5267/j.ac.2021.4.001
Rakasiwi, F. W., Pranaditya, A., & Andini, R. (2017). Pengaruh EPS, ukuran perusahaan, profitabilitas, leverage, sales growth dan kebijakan dividen terhadap nilai perusahaan pada industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 2010–2015. Journal of Accounting, 3(3), 1-15.
Ullah, S., Akhtar, P., & Zaefarian, G. (2018). Dealing with endogeneity bias: The generalized method of moments (GMM) for panel data. Industrial Marketing Management, 71, 69-78. https://doi.org/10.1016/j.indmarman.2017.11.010
Vannoorenberghe, G. (2012). Firm-level volatility and exports. Journal of International Economics, 86(1), 57-67. https://doi.org/10.1016/j.jinteco.2011.08.013
Vijayakumar, N., Sridharan, P., & Rao, K. C. S. (2010). Determinants of FDI in BRICS Countries: A panel analysis. International Journal of Business Science & Applied Management (IJBSAM), 5(3), 1-13.
Vintilă, G., & Nenu, E. A. (2016). Liquidity and profitability analysis on the Romanian listed companies. Journal of Eastern Europe Research in Business & Economics, 2016, 1-8. https://doi.org/10.5171/2016.161707
Wang, C., Zhang, S., Ullah, S., Ullah, R., & Ullah, F. (2021). Executive compensation and corporate performance of energy companies around the world. Energy Strategy Reviews, 38, 100749. https://doi.org/10.1016/j.esr.2021.100749
Wang, Y. J. (2002). Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan. Journal of Multinational Financial Management, 12(2), 159-169. https://doi.org/10.1016/S1042-444X(01)00047-0
Warmington, A., Lupton, T., & Gribbin, C. (1977). Organizational Behaviour and Performance. Palgrave Macmillan.
World Trade Organization. (n.d.). Center For WTO and International Trade Vietnam Chamber Of Commerce And Industry. Retrieved March 1, 2024, from https://trungtamwto.vn
Yameen, M., Farhan, N. H., & Tabash, M. I. (2019). The impact of liquidity on firms’ performance: Empirical investigation from Indian pharmaceutical companies. Academic Journal of Interdisciplinary Studies, 8(3), 212-220.
Yusuf, A., & Aleemi, A. R. (2020). iMPaCt of DeBt finanCing on firM PerforManCe: a Case of Business seCtor of Pakistan. Journal of Business Strategies, 14(1), 191-214. http://greenwichjournals.com/index.php/businessstudies/article/view/422
Amidu, M. (2007). Determinants of capital structure of banks in Ghana: an empirical approach. Baltic Journal of Management, 2(1), 67-79. https://doi.org/10.1108/17465260710720255
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D
Bartoli, A., & Blatrix, C. (2015). Management dans les organisations publiques-4e édition: Défis et logiques d'action [Management in Public Organizations - 4th Edition: Challenges and Logics of Action]. Dunod.
Baumol W. (1959). Business Behavior, Value, and Growth. New York, Macmillan.
Baumol, W. J. (1982). Contestable markets: an uprising in the theory of industry structure. American Economic Review, 72(1), 1-15. http://www.jstor.org/stable/1808571
Bhattacharya, H. (2021). Working capital management: Strategies and techniques. PHI Learning Pvt. Ltd.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
Burja, C. (2011). Factors influencing the companies'profitability. Annales Universitatis Apulensis: Series Oeconomica, 13(2), 215-224.
Cuervo-Cazurra, A., & Dau, L. A. (2009). Promarket reforms and firm profitability in developing countries. Academy of Management Journal, 52(6), 1348-1368. https://doi.org/10.5465/amj.2009.47085192
Chandra, P., & Long, C. (2013). Anti-dumping duties and their impact on exporters: Firm level evidence from China. World Development, 51, 169-186. https://doi.org/10.1016/j.worlddev.2013.05.018
Chen, Z., & Lu, A. (2019). A market-based funding liquidity measure. The Review of Asset Pricing Studies, 9(2), 356-393. https://doi.org/10.1093/rapstu/ray007
Chhibber, P., & Majumdar, S. K. (1998). State as investor and state as owner: consequences for firm performance in India. Economic Development and Cultural Change, 46(3), 561-580. https://doi.org/10.1086/452358
Davidsson, P., Steffens, P., & Fitzsimmons, J. (2009). Growing profitable or growing from profits: putting the horse in front of the cart?. Journal of Business Venturing, 24(4), 388-406. https://doi.org/10.1016/j.jbusvent.2008.04.003
Esposito, P. (2017). Trade creation, trade diversion and imbalances in the EMU. Economic Modelling, 60, 462-472. https://doi.org/10.1016/j.econmod.2016.09.014
Feng, M., Wang, X., & Kreuze, J. G. (2017). Corporate social responsibility and firm financial performance: Comparison analyses across industries and CSR categories. American Journal of Business, 32(3-4), 106-133. https://doi.org/10.1108/AJB-05-2016-0015
Felbermayr, G., & Sandkamp, A. (2020). The trade effects of anti-dumping duties: Firm-level evidence from China. European Economic Review, 122, 103367. https://doi.org/10.1016/j.euroecorev.2019.103367
Gatsi, J. G., Gadzo, S. G., & Kportorgbi, H. K. (2013). The effect of corporate income tax on financial performance of listed manufacturing firms in Ghana. Research Journal of Finance and Accounting, 4(15), 118-124.
Goel, U., Chadha, S., & Sharma, A. K. (2015). Operating liquidity and financial leverage: Evidences from Indian machinery industry. Procedia-Social and Behavioral Sciences, 189, 344-350. https://doi.org/10.1016/j.sbspro.2015.03.230
Gonenc, H., & Aybar, C. B. (2006). Financial crisis and firm performance: empirical evidence from Turkey. Corporate Governance: An International Review, 14(4), 297-311. https://doi.org/10.1111/j.1467-8683.2006.00508.x
Greenaway, D., Guariglia, A., & Kneller, R. (2007). Financial factors and exporting decisions. Journal of International Economics, 73(2), 377-395. https://doi.org/10.1016/j.jinteco.2007.04.002
Hall, M., & Weiss, L. (1967). Firm Size and Profitability. The Review of Economics and Statistics, 49(3), 319-331. https://doi.org/10.2307/1926642
Hansen, L. P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029-1054. https://doi.org/10.2307/1912775
Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479-485. https://doi.org/10.5465/256971
Hoang, T. V. H., Dang, N. H., Tran, M. D., Van Vu, T. T., & Pham, Q. T. (2019). Determinants Influencing Financial Performance of Listed Firms: Quantile Regression Approach. Asian Economic and Financial Review, 9(1), 78-90. https://doi.org/10.18488/journal.aefr.2019.91.78.90
Hua, X., Jiang, Y., Sun, Q., & Xing, X. (2019). Do antidumping measures affect Chinese export-related firms?. Review of Quantitative Finance and Accounting, 52, 871-900. https://doi.org/10.1007/s11156-018-0729-2
Ismail, R. (2016). Impact of liquidity management on profitability of Pakistani firms: A case of KSE-100 Index. International Journal of Innovation and Applied Studies, 14(2), 304-314.
Jang, S. S., & Park, K. (2011). Inter-relationship between firm growth and profitability. International Journal of Hospitality Management, 30(4), 1027-1035. https://doi.org/10.1016/j.ijhm.2011.03.009
Kaufman, R. L. (2013). Heteroskedasticity in regression: Detection and correction. Sage Publications.
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728. https://doi.org/10.1016/S0929-1199(03)00046-4
Lee, B. J. (1992). A heteroskedasticity test robust to conditional mean misspecification. Econometrica: Journal of the Econometric Society, 159-171. https://doi.org/10.2307/2951681
Madushanka, K. H., & Jathurika, M. (2018). The impact of liquidity ratios on profitability. International Research Journal of Advanced Engineering and Science, 3(4), 157-161.
Markman, G. D., & Gartner, W. B. (2002). Is extraordinary growth profitable? A study of Inc. 500 high–growth companies. Entrepreneurship Theory and Practice, 27(1), 65-75. https://doi.org/10.1111/1540-8520.t01-2-00004
Malik, Q. A., & Ahmed, S. F. (2013). Idiosyncratic effect of liquidity management strategies on corporate performance valuation-a study of chemical industry. World Applied Sciences Journal, 28(1), 114-119. 10.5829/idosi.wasj.2013.28.01.744
Nakano, M., & Nguyen, P. (2012). Board size and corporate risk taking: further evidence from J apan. Corporate Governance: An International Review, 20(4), 369-387. https://doi.org/10.1111/j.1467-8683.2012.00924.x
Nazir, A., Azam, M., & Khalid, M. U. (2021). Debt financing and firm performance: empirical evidence from the Pakistan Stock Exchange. Asian Journal of Accounting Research, 6(3), 324-334. https://doi.org/10.1108/AJAR-03-2019-0019
Nguyen, P. A., Nguyen, A. H., Ngo, T. P., & Nguyen, P. V. (2019). The relationship between productivity and firm's performance: Evidence from listed firms in Vietnam stock exchange. The Journal of Asian Finance, Economics and Business, 6(3), 131-140. https://doi.org/10.13106/jafeb.2019.vol6.no3.131
Nyamasege, D., Okibo, W. B., Nyang’au, A. S., Obasi Sang’ania, P., Omosa, H., & Momanyi, C. (2014). Effect of asset structure on value of a firm: a case of companies listed in Nairobi Securities Exchange. Research Journal of Finance and Accounting, 5(9), 97-102.
Okwo, I. M., Okelue, U. D., & Nweze, A. U. (2012). Investment in fixed assets and firm profitability: Evidence from the Nigerian brewery industry. European journal of business and management, 4(20), 10-17.
Olawale, L. S., Ilo, B. M., & Lawal, F. K. (2017). The effect of firm size on performance of firms in Nigeria. Aestimatio: The IEB International Journal of Finance, (15), 68-87. https://doi.org/10.5605/IEB.15.4
Oliveira, G. A. S. (2014). Industrial determinants of anti-dumping in Brazil–Protection, competition and performance: An analysis with binary dependent variable and panel data. Economia, 15(2), 206-227. https://doi.org/10.1016/j.econ.2014.07.003
Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: an analysis of Mauritian small manufacturing firms. International Review of Business Research Papers, 2(2), 45-58.
Pouraghajan, A., Malekian, E., Emamgholipour, M., Lotfollahpour, V., & Bagheri, M. M. (2012). The relationship between capital structure and firm performance evaluation measures: Evidence from the Tehran Stock Exchange. International journal of Business and Commerce, 1(9), 166-181.
Prusa, T. J. (2001). On the spread and impact of anti‐dumping. Canadian Journal of Economics/Revue canadienne d'économique, 34(3), 591-611. https://doi.org/10.1111/0008-4085.00090
Sagan, J. (1955). Toward a theory of working capital management. The Journal of Finance, 10(2), 121-129. https://doi.org/10.2307/2976040
Setiadharma, S., & Machali, M. (2017). The effect of asset structure and firm size on firm value with capital structure as intervening variable. Journal of Business & Financial Affairs, 6(4), 1-5. https://doi.org/10.4172/2167-0234.1000298
Shaik, A., & Sharma, R. (2021). Leverage, capital and profitability of the banks: Evidence from Saudi Arabia. Accounting, 7(6), 1363-1370. https://doi.org/10.5267/j.ac.2021.4.001
Rakasiwi, F. W., Pranaditya, A., & Andini, R. (2017). Pengaruh EPS, ukuran perusahaan, profitabilitas, leverage, sales growth dan kebijakan dividen terhadap nilai perusahaan pada industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 2010–2015. Journal of Accounting, 3(3), 1-15.
Ullah, S., Akhtar, P., & Zaefarian, G. (2018). Dealing with endogeneity bias: The generalized method of moments (GMM) for panel data. Industrial Marketing Management, 71, 69-78. https://doi.org/10.1016/j.indmarman.2017.11.010
Vannoorenberghe, G. (2012). Firm-level volatility and exports. Journal of International Economics, 86(1), 57-67. https://doi.org/10.1016/j.jinteco.2011.08.013
Vijayakumar, N., Sridharan, P., & Rao, K. C. S. (2010). Determinants of FDI in BRICS Countries: A panel analysis. International Journal of Business Science & Applied Management (IJBSAM), 5(3), 1-13.
Vintilă, G., & Nenu, E. A. (2016). Liquidity and profitability analysis on the Romanian listed companies. Journal of Eastern Europe Research in Business & Economics, 2016, 1-8. https://doi.org/10.5171/2016.161707
Wang, C., Zhang, S., Ullah, S., Ullah, R., & Ullah, F. (2021). Executive compensation and corporate performance of energy companies around the world. Energy Strategy Reviews, 38, 100749. https://doi.org/10.1016/j.esr.2021.100749
Wang, Y. J. (2002). Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan. Journal of Multinational Financial Management, 12(2), 159-169. https://doi.org/10.1016/S1042-444X(01)00047-0
Warmington, A., Lupton, T., & Gribbin, C. (1977). Organizational Behaviour and Performance. Palgrave Macmillan.
World Trade Organization. (n.d.). Center For WTO and International Trade Vietnam Chamber Of Commerce And Industry. Retrieved March 1, 2024, from https://trungtamwto.vn
Yameen, M., Farhan, N. H., & Tabash, M. I. (2019). The impact of liquidity on firms’ performance: Empirical investigation from Indian pharmaceutical companies. Academic Journal of Interdisciplinary Studies, 8(3), 212-220.
Yusuf, A., & Aleemi, A. R. (2020). iMPaCt of DeBt finanCing on firM PerforManCe: a Case of Business seCtor of Pakistan. Journal of Business Strategies, 14(1), 191-214. http://greenwichjournals.com/index.php/businessstudies/article/view/422