Urbanization and renewable energy consumption in the emerging ASEAN markets: A comparison between short and long-run effects.

The emerging markets in the ASEAN region, such as Indonesia, Malaysia, the Philippines, Thailand and Vietnam, have put great effort into achieving dual objectives: (i) supporting economic growth and (ii) combating environmental degradation simultaneously. These objectively depend on the fast urbanization taking place in these countries. While increased energy consumption from urbanization supports economic growth, urbanization is a key driver of environmental degradation. This paper examines a potential link between urbanization and renewable energy consumption, primarily ignored in current literature, particularly in the ASEAN-5 countries. Findings from this paper indicate that, despite the adverse effect of urbanization on renewable energy consumption in the short run, a positive effect is found in the long run for these emerging ASEAN markets, except Malaysia. The Philippines appears to balance well between urbanization and renewable energy consumption in the short and long run. Policy implications have emerged based on the findings of this paper.

Corporate restructuring and firm performance in Vietnam: The moderating role of digital transformation.

In the digital age, firms should continually innovate and adapt to remain competitive and enhance performance. Innovation and adaptation require firms to take a holistic approach to their corporate structuring to ensure efficiency and effectiveness to stay competitive. This study examines how corporate restructuring impacts firm performance in Vietnam. We then investigate the moderating role of digital transformation in the corporate restructuring-firm performance nexus. We use content analysis, with a focus on particular terms, including "digitalization," "big data," "cloud computing," "blockchain," and "information technology" for 11 years, from 2011 to 2021. The frequency index from these keywords is developed to proxy the digital transformation for the Vietnamese listed firms. A final sample includes 118 Vietnamese listed firms with sufficient data for the analysis using the generalized method of moments (GMM) approach. The results indicate that corporate restructuring, including financial, portfolio, and operational restructuring, has a negative effect on firm performance in Vietnam. Digital transformation also negatively affects firm performance. However, corporate restructuring implemented in conjunction with digital transformation improves the performance of Vietnamese listed firms. These findings largely remain unchanged across various robustness analyses.

From foreign direct investment to environmental regulations: Does a feedback effect ever exist?

This study revisits the feedback effect from foreign direct investments (FDI) on environmental regulations under the presence of the host country's political structure. Such a relationship may encounter the endogeneity problem due to the omitted variable bias and reverse causality. As such, the two-step system generalized method of moments is employed. Using data from 21 OECD countries from 1990 to 2019, we confirm that FDI flows influence environmental regulations, but such an effect is conditional on the host country's political constraints. Specifically, FDI increases (decreases) the stringency of environmental regulations if domestic political constraints are sufficiently high (low). Understanding the mechanisms of how FDI flows can affect environmental regulations allows countries to revise their policies to attract more FDI flows to support economic growth while simultaneously minimising their negative effects on the environment.

Return spillover of Vietnam's sectors in response to US uncertainties.

This paper investigates the impact of US economic policy uncertainty and geopolitical risk on the return spillovers among 24 sectors in Vietnam from April 13, 2017, to April 8, 2022. The VAR-based connectedness approach and quantile techniques are employed in this study. Empirical results from the study reveal that an increase in US economic policy uncertainty significantly impacts return spillovers. However, this impact is only observed during periods of heightened uncertainty in US economic policy. Economic policy uncertainty plays a more prominent role in affecting the spillovers across Vietnamese sectors compared to geopolitical risk. Findings from our analysis also highlight the crucial role of the banking sector as a transmitter of risk in the Vietnamese stock market.

Does institutional quality matter for financial inclusion? International evidence.

Financial inclusion is pivotal in supporting sustainable economic growth and social transformation. It is a key enabler for reducing poverty and uplifting prosperity. Improving financial inclusion has attracted significant attention from practitioners, academics, and governments. However, the asymmetric effect of institutional quality on financial inclusion contingent upon the income level has largely been neglected in the existing literature. As such, this study examines this asymmetric effect using the panel smooth transition regression for a sample of 110 countries globally from 2004 to 2020. Our empirical findings confirm the asymmetric effect of institutional quality on financial inclusion depending on the income level. Improved institutional quality is associated with extended financial inclusion in high-income and middle-income countries. However, low-income countries may not benefit from their institutional reform. Policy implications have emerged based on these empirical findings.

Understanding the characteristics of the household energy transition in a developing country.

Understanding the energy transition process in developing countries is crucial to implement policies to reduce the use of traditional fossil fuel-based energy sources, which increase pollution, worsen global climate change, and negatively impact people's health. Existing literature indicates that households account for approximately 25% of total energy consumption for consumption and production activities. However, understanding the energy consumption patterns of choices of energy sources and their determinants has largely been neglected in the existing literature. As such, this study uses the multivariate probit model to identify the factors influencing household energy choices in Vietnam, using data from 2016 to 2020 from the Vietnamese Households Living Standard Surveys (VHLSS). Our study focuses on how households' multiple occupations, particularly in rural areas, affect energy sources choices. We find that households participate in different agricultural sub-sectors simultaneously, resulting in differential access to multiple energy sources. Households engaging in cultivation, forestry, and animal husbandry activities are more likely to choose coal, fuelwood, and biomass as the primary energy sources for production and daily uses. In contrast, higher household income and household head with higher education level also increases the likelihood of choosing cleaner energy choices for daily uses and production activities. In addition, our empirical findings confirm the validity of the "energy stacking" hypothesis rather than the "energy ladders" hypothesis - two contrasting hypotheses concerning household energy transition in the literature. Policy implications have emerged based on the findings of this paper to enhance the clean energy transition in Vietnam in achieving sustainable economic development and social transformation and her commitment to combating global climate change issues.

Market return spillover from the US to the Asia-Pacific Countries: The Role of Geopolitical Risk and the Information & Communication Technologies.

This study examines the market return spillovers from the US market to 10 Asia-Pacific stock markets, accounting for approximately 91 per cent of the region's GDP from 1991 to 2022. Our findings indicate an increased return spillover from the US stock market to the Asia-Pacific stock market over time, particularly after major global events such as the 1997 Asian and the 2008 global financial crises, the 2015 China stock market crash, and the COVID-19 pandemic. The 2008 global financial crisis had the most substantial impact on these events. In addition, the findings also indicate that US economic policy uncertainty and US geopolitical risk significantly affect spillovers from the US to the Asia-Pacific markets. In contrast, the geopolitical risk of Asia-Pacific countries reduces these spillovers. The study also highlights the significant impact of information and communication technologies (ICT) on these spillovers. Given the increasing integration of global financial markets, the findings of this research are expected to provide valuable policy implications for investors and policymakers.

Does gender and education of the households' heads matter for wealth accumulation in Vietnam? Evidence from a recent decade.

Asians believe that education plays a crucial role in earning higher income for individuals and accumulating larger wealth for households. Educational achievements have been generally considered an indicator of success. However, gender bias in favour of males as the household heads still exists in Asian societies due to the significant influence of Confucian belief. This study investigates the independent effect of education and gender of the households' heads and their joint effect on household wealth in the Vietnamese context in the most recent decade using data from the Vietnam Household Living Standards Surveys (VHLSSs) between 2010 and 2020. Our study uses quantile regression and propensity score matching methods to ensure the robustness of the empirical results. We find that the education of the household heads contributed to increased household wealth in Vietnam in 2010 and 2020. However, household wealth decreases across different wealth quantiles when the households' heads are females. These findings confirm the currently deep-rooted gender stereotypes and a 'gendered structure' economy in Vietnam and require attention from the Vietnamese government. In addition, our empirical results reveal that being a female as the household head with a degree/certificate from a general education will increase household wealth. Our empirical results have largely been consistent across different wealth distributions.

Does income inequality moderate the effect of fintech development on renewable energy consumption?

Fintech development is generally considered as an effective mechanism to promote the consumption of renewable energy sources. The relationship between fintech development and renewable energy consumption have been examined in previous studies. However, the moderating effect of income inequality on this relationship has largely been ignored in the existing literature. As such, this study is conducted to shed light on this moderating effect. Two estimation techniques, including the two-step system generalized method of moments (GMM) and the method of moments quantile regression (MMQR), were used on a sample of 65 countries from 2013 to 2019. Our findings reveal that fintech development plays a vital role in promoting the consumption of renewable energy sources. However, it is crucial to recognize that rising income inequality may hinder the potential positive effects of fintech development on renewable energy consumption. A threshold of income inequality should be maintained to ensure that the positive effect of fintech development on increased renewable energy consumption is not compromised. Policy implications have emerged based on the findings from this study regarding promoting fintech development towards green economic growth and sustainable development.

Correction: Asia-Pacific stock market return and volatility in the uncertain world: Evidence from the nonlinear autoregressive distributed lag approach.

[This corrects the article DOI: 10.1371/journal.pone.0285279.].

Financial development, energy consumption, and economic growth in the ASEAN countries: evidence from the PVAR approach.

The Association of Southeast Asian Nations (ASEAN), a new global economic force, has struggled to achieve a dual objective of enhanced economic growth and improved environmental quality. Financial development is generally considered an important tool in achieving these simultaneous objectives. This paper examines the response mechanism and the inter-relationship between the ASEAN region's financial development, energy consumption, and economic growth. Unlike previous studies, the paper uses a generalized method of moments panel vector autoregression (GMM-panel VAR) framework for the 1981-2021 period. The second-generation Granger causality test is used to identify their causality relationship. Economic growth supports financial development and reduces energy consumption from fossil fuel sources in the ASEAN countries. Financial development also reduces fossil fuel energy consumption. The bi-directional relationship between economic growth and fossil fuel energy consumption exists. Energy consumption and financial development are also bi-directionally linked. However, only the unidirectional Granger causality from economic growth to financial development is found. The variance decomposition analysis results confirm that economic growth accounts for the most significant variance in fossil fuel energy consumption and financial development in the ASEAN countries. Policy implications have emerged based on these findings.

The determinants of financial inclusion from the households' perspectives in Vietnam.

Various studies have been conducted to measure financial inclusion at the country level. However, measuring financial inclusion at the household level has largely been neglected in the existing literature, particularly for emerging markets such as Vietnam. This study constructs an index of financial inclusion at the household level using the Vietnam Household Living Standard Surveys (VHLSS) in 2014, 2016, and 2018. We also identify the determinants of financial inclusion from the perspective of Vietnamese households. Our study also utilizes an ordered logit model to examine the effects of the determinants on each level of financial inclusion. Our empirical results reveal three key determinants, including (i) total income per household, (ii) relative income representing the difference between the average income of the province that the household currently lives in and the total income of this household, and (iii) the distance from the household to the nearest bank branch, are crucial factors driving the financial inclusion. While the total income per household positively enhances financial inclusion, relative income appears to reduce the degree of financial inclusion. Besides, distance to the nearest bank branch poses another challenge in achieving the financial inclusion goals in Vietnam in the future.

The long-run effects of financial development on income inequality: Evidence from the Asia-Pacific countries.

Income inequality is a vexing developmental challenge for governments and policymakers as it impedes social transformation and economic growth and development. Meanwhile, promoting financial development is generally regarded as an effective way to achieve inclusive and sustainable growth. This study examines the long-run effects of financial development, economic growth, and their combined effects on income inequality for 12 Asia-Pacific countries from 1990 to 2021. This paper employs various econometric techniques and different financial development proxies to ensure the findings' robustness. The paper also constructs a financial development index using the principal component analysis to fully capture the comprehensive effect of financial development on income inequality. Empirical results reveal that the impact of financial development on income inequality follows the inverted U-shaped relationship - financial development widens income inequality and only reduces income when surpassing its turning point. Findings further reveal that the nonlinear effect of financial development on income inequality is contingent upon the level of per capita income. Thus, policies promoting financial development to reduce income inequality should consider the existing level of per capita income.

Market risk, financial distress and firm performance in Vietnam.

In 2021, when the Covid-19 pandemic had a severe impact on the economy, a significant number of enterprises in Vietnam temporarily suspended doing business. Previous studies have focused on either model for predicting bankruptcy and financial distress or measuring market risk during extreme events. The effects of market risk and financial distress on a firm's performance have largely been ignored in the literature, particularly in Vietnam. This study examines the effects of market risk, measured using the conditional value-at-risk technique and financial distress proxied by the interest coverage ratio (ICR) on firm performance for 500 nonfinancial listed firms in Vietnam from 2012 to 2021. We also estimate the optimal ICR for Vietnam's listed firms. Two estimation techniques are used: dynamic panel models (two-step difference-and system-generalized method of moments) and panel threshold regression. We find that increased market risk reduces firm performance. However, a higher ICR (lower financial distress) also improves a firm's performance. With increased market risk, the financial performance of firms with a high ICR deteriorates significantly.

Volatility spillovers across sectors and their magnitude: A sector-based analysis for Australia.

While spillover across equity markets has been extensively investigated, volatility spillover across sectors has largely been under-examined in the current literature. This paper estimates the sectoral volatility using the ARMA-GARCH model and its spillover across Australian sectors on the VAR framework during the 2010-2021 period. We then identify breakpoints in market volatility during the Covid-19 pandemic using a wavelet methodology. We find that volatility spillover across Australian sectors is very significant at 60 per cent from 2010 to 2019, reaching 90 per cent during the Covid-19 pandemic in 2020. The spillover then reverts to its pre-pandemic level in 2021. Consumer Staples and Industrials are the significant risk transmitters, whereas Financials and Real estates are the most significant risk absorbers. Our findings also indicate that Real Estate, Health Care, and Financials record the most significant increase in volatility of more than 300 per cent. Policy implications regarding risk management across Australian sectors have emerged, particularly during extreme events such as the pandemic.

Asia-Pacific stock market return and volatility in the uncertain world: Evidence from the nonlinear autoregressive distributed lag approach.

This paper examines the effects of three distinct groups of uncertainties on market return and volatility in the Asia-Pacific countries, including (i) the country-specific and US geopolitical risks; (ii) the US economic policy uncertainty; and (iii) the US stock market volatility (using the VIX and SKEW indices). Our sample includes 11 Asia-Pacific countries for the 1985-2022 period. We employ the nonlinear autoregressive distributed lag approach (ARDL) estimation technique to capture the asymmetric effects of uncertainties on market return and volatility, which are documented in the literature. Some findings are documented as follows. First, we find that US uncertainty indices, including US geopolitical risk, US economic policy uncertainty, and US VIX, significantly impact Asia-Pacific stock markets, while the impacts of domestic geopolitical risk and the US skewness index (SKEW) are relatively weak. Second, Asia-Pacific stock markets tend to overreact to uncertainty shocks stemming from US economic policy uncertainty and US geopolitical risk. Third, US economic policy uncertainty has more significant effects than the US geopolitical risk. Finally, our research documents that Asia-Pacific stock markets react heterogeneously to good and bad news from US VIX. Specifically, an increase in US VIX (bad news) has a stronger impact than a decrease in US VIX (good news). Policy implications have emerged based on the findings of this study.

The economic circumstances of widows in Vietnam.

Information on the living conditions of widows in Vietnam is limited. Prior studies of gender gaps have identified widows as vulnerable to the risks of poverty. However, widows are only included as a sub-group in broader studies of women's well-being. Large gaps remain in the knowledge based on the factors affecting both widows' susceptibility to poverty and the conditions or circumstances that might minimize these risks. This paper attempts to help redress these knowledge gaps by contributing an analysis of data from the 2018 Vietnam Household Living Standard Surveys. The paper compares the likelihood of poverty for widowed and other households using probit regression. It also assesses whether widows who head up their households face different risks of poverty from those who live in other households. Finally, the paper examines the effects on the risk of poverty of a range of social, demographic and locational characteristics of widow households in Vietnam. Our results indicate that widowed households have experienced a higher probability of falling into poverty. Moreover, widow-headed households have faced more vulnerability to fresh water and housing, especially among widowed households. Policy implications have emerged based on the findings of this paper.

Minimum tick size, market quality and costs of trade execution in Vietnam.

The Vietnamese government introduced a change in the minimum tick size for stock trading on 12 September 2016 to improve market quality and reduce trade execution costs. The intended effects of this policy have not been widely investigated in an emerging market such as Vietnam. We use data on trade and quote intraday of all stocks listed on the Ho Chi Minh Stock Exchange for the periods before and after the event, with a one-week break from 12/9/2016 to 18/9/2016, for the market to adapt to the new tick size policy. Findings from this paper confirm that the trading cost is reduced following the change to the smallest tick size. However, this is different for large trades executed at the stock price associated with a larger tick size. Furthermore, the findings are robust with a different sample period. These findings imply that introducing a change in tick size in Vietnam in 2016 is desirable for improving market quality. However, the differentiation of these changes in different ranges of stock prices is not necessarily effective for improving market quality and reducing trade execution costs.

Examining financial distress of the Vietnamese listed firms using accounting-based models.

Financial distress is generally considered the most severe consequence for firms with poor financial performance. The emergence of the Covid-19 pandemic has adversely impacted the global business system and exacerbated the number of financially distressed firms in many countries. Only firms with strong financial fundamentals can survive extreme events such as the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. Vietnam is no exception. However, studies examining financial distress using accounting-based indicators, particularly at the industry level, have largely been ignored in the Vietnamese context, particularly with the emergence of the Covid-19 pandemic. This study, therefore, comprehensively examines financial distress for 500 Vietnamese listed firms during the 2012-2021 period. Our study uses interest coverage and times-interest-earned ratios to proxy a firm's financial distress. First, our findings confirm the validity of Altman's Z"- score model in Vietnam only when the interest coverage ratio is used as a proxy for financial distress. Second, our empirical findings indicate that only four financial ratios, including EBIT/Total Assets, Net Income/Total Assets, Total Liabilities/Total Assets, and Total Equity/Total Liabilities, can be used in predicting financial distress in Vietnam. Third, our analysis at the industry level indicates that the "Construction & Real Estates" industry, a significant contributor to the national economy, exhibits the most significant risk exposure, particularly during the Covid-19 pandemic. Policy implications have emerged based on the findings from this study.

Does domestic migration adversely affect food security? Evidence from Vietnam.

With a population of more than 100 million as of December 2022, food security remains a persistent challenge in Vietnam despite achieving a miracle of economic growth and social transformation in recent decades. Vietnam has also experienced a significant migration from rural areas into urban cities such as Ho Chi Minh City, Binh Duong, Dong Nai and Ba Ria - Vung Tau. The effects of domestic migration on food security have largely been neglected in the existing literature, particularly in Vietnam. This study investigates the impacts of domestic migration on food security using data from the Vietnam Household Living Standard Surveys. Food security is proxied by three dimensions: food expenditure, calorie consumption, and food diversity. The difference-in-difference and instrumental variable estimation techniques are used in this study to address endogeneity and selection bias. The empirical results reveal that domestic migration in Vietnam increases food expenditure and calorie consumption. We also find significant effects of wage, land and family characteristics such as education level and the number of family members on food security when different food groups are considered. Regional income, household headship and the number of children in a family mediate the relationship between domestic migration and food security in Vietnam.