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1 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY NGUYỄN THỊ HUYỀN TRÂM FACTORS AFFECTING THE IMPLEMENTATION OF MANAGEMENT ACCOUNTING TECHNIQUES IN SMALL AND MEDIUM PRODUCTION ENTERPRISES IN VIETNAM Major: ACCOUNTING Code: 9340301 SUMMARY OF PhD THESIS HO CHI MINH CITY – 2021 This thesis is prepared at: University of Economics Ho Chi Minh City Professional advisor: Asso Prof PhD Võ Văn Nhi Critic 1: Critic 2: Critic 3: The thesis will be presented to the Thesis committee at: At hours day month year The thesis can be found in Library: PUBLICATIONS Võ Văn Nhị - Nguyễn Thị Huyền Trâm - Tạ Thị Ngọc Thạch, 2019, Factors affecting the application of cost management accounting practice at small and medium enterprises in Viet Nam International Conference on Finance, Accounting and Auditing (ICFAA 2019), p.210-221 Nguyễn Thị Huyền Trâm, 2020, Các nhân tố ảnh hưởng đến áp dụng lập dự toán ngân sách tại doanh nghiệp nhỏ vừa Việt Nam Tạp chí Cơng Thương - Số 19, tháng, p 373-378 Võ Văn Nhị - Nguyễn Thị Huyền Trâm, 2020, Factors affecting the Application of Performance Evaluation management accounting practices at Small and Medium Enterprises in Vietnam International Conference on Finance, Accounting and Auditing (ICFAA 2020), p.48-56 Nguyễn Thị Huyền Trâm – Lê Anh Tuấn - Võ Văn Nhị, 2021, Factors affecting the implementation of management accounting techniques in medium-sized enterprises of Vietnam - Problems and Perspectives in Management - Volume 19, Issue 3, p.440452 INTRODUCTION Significance of the research thesis In the context of fierce global competition, scarce resources and rapid technological change, having accurate accounting information is extremely important, making the right decisions is the most important goal of management accounting information Besides, other essential goals to ensure and maintain successful business operations of an enterprise are to maximize revenue and minimize costs Therefore, over time, businesses need to improve their accounting information systems to meet new challenges SMEs have a great influence in stimulating economic development Furthermore, in SMEs, management accounting (MA) techniques are also seen as an information system Currently, according to the author, there are not many scientific works on MA, especially in Vietnamese SMEs Therefore, these enterprises may encounter difficulties in changing and in market competition This is the reason for the author to choose the topic "Factors affecting the use of MA techniques in small and medium-sized manufacturing enterprises in Vietnam" Objectives and questions research - General objective: Examines the impact on the implementation of MA techniques in small and medium-sized manufacturing firms in Vietnam by specific contingent factors and institutional factors - Detailed objectives: Identify factors affecting the application of MA techniques in SMEs in Vietnam's manufacturing industry To examine the impact of factors on the use of MA techniques in small and medium-sized manufacturing firms in Vietnam - Research questions What are the specific factors that govern the operation of accounting management techniques in small and medium-sized manufacturing firms in Vietnam? How is the impact of each factor on the use of MA techniques in small and medium-sized manufacturing firms in Vietnam today? Research subject and scope - Subject of research: Factors that govern the application of MA techniques in small and medium-sized manufacturing firms - Research scope: + Space: in small and medium-sized manufacturing firms in the South of Vietnam + Time: Data collected in 2018 + Limit of topic: not extensively consider the content of each MA techniques Research methodology This thesis uses the mix of qualitative and quantitative research methods In which, qualitative is the method that researchers use to discover the scientific phenomena to be studied such as constructing hypotheses (theory) or discovering the scale of a research concept Next use the quantitative method to confirm qualitative results The research process is shown in Figure 3-1 Contribution of the thesis - In scientific terms: The thesis adds factors and scales to a number of factors affecting the implementation of MA techniques at small and medium-sized manufacturing firms in Vietnam and examines the impact level of these factors - In practical terms: + Proposing policy implications from the results of the thesis so that relevant governmental agencies can refer to the issue of reasonable decisions to promote the application MA in small and medium-sized manufacturing firms in Vietnam + The thesis’s results help SMEs managers better understand the importance of MA, consider MA as a means to improve business results and increase the competitiveness of enterprises in the market Structure of the thesis In addition to the introduction, the content of the thesis is presented in chapters: Chapter 1: Overview of research thesis; Chapter 2: Theoretical basis; Chapter 3: Research methodology; Chapter 4: Results and discussion; Chapter 5: Conclusion and policy implications CHAPTER 1: OVERVIEW OF RESEARCH THESIS International literature review 1.1.1 Researches on MA techniques in developed countries Typical researches on enterprises applying MA techniques in countries such as the UK (Drury et al (1993); Abdel-Kader and Luther (2006)), Belgium (Bruggeman et al (1996)); Ireland (Pierce and O'Dea (1998)), USA and Japan (Shields et al (1991); Australia (Smyth (1960); Chenhall and LangfieldSmith (1998)); Greece (Angelakis et al (2010)); Turkey (Yalcin (2012)) 1.1.2 Researches on MA techniques in developing countries Typical researches on enterprises applying MA techniques in countries such as China (Wu et al (2007)) Saudi Arabia (El-Ebaishi et al (2003)); Africa (Waweru et al (2004)); Brazil (Frezatti (2007)); Thailand (Phadoongsitthi (2003), Nimtrakoon (2009)); Singapore (Ghosh and Kai Chan (1997)) It can be seen very clearly that traditional MA tools still widely adopted, and advanced MA techniques haven't been implemented much yet although managers in many countries still recognize advanced techniques may have a strong impact on operations and bring many benefits to the enterprises 1.1.3 Researches on factors affecting the application of MA techniques International researches show that the "competition" is the most important external factor that encourages managers to apply a new cost system in enterprises Factors such as "production technology", "scale", "business strategy", "top management support" were also included to test the degree of control over the application of the MA technique The budget estimation methods are dominated by random events such as "decentralized organization form", "centralized organization form" and "unusual situations" happening in business The design of MA at enterprises’ branches is influenced by the factor "enterprises affect the enterprises’ branches" The design of an MA can also be explained by unexpected events such as: "dependency between departments"; "The strength level of the competitive market" and "the production technique is operating at enterprises" The announced results about SMEs emphasize the factor "accountant’s qualification" and "awareness of managers" can be the factors related to the application of MAtechniques 1.2 Domestic literature review 1.2.1 Researches on MA techniques Nghiem Thi Tha (2004) examined some models of organization of advanced countries to learn from experience and apply these structures to develop MA to suit Vietnamese circumstances Doan Ngoc Phi Anh (2005) presents the contents, advantages, disadvantages, methods of applying and conditions for implementing ABC technique in Vietnamese enterprises Huynh Loi (2008) proposed that when designing an MA mechanism, it is necessary to pay attention to the scale, the activities that the departments of accounting - finance management must implement, the optimal integration between the two parts Dang Thi Huong (2010) encouraged enterprises to explore and apply BSC to business activities Pham Ngoc Toan (2010) researched about the actual status of MA organization in SMES and proposed supporting solutions Nguyen Huu Phu (2013) suggested construction corporations should apply responsible MA if they want to develop sustainably in the integration period Tran Thi Thu Huong (2014) discussed the operation of advanced technologies such as ABC technique and cost targeting methods to help enterprises use resources in an optimal way Nguyen Thi Phuong Dung (2015) proposed that implementing targeted cost engineering has directed waste management in Vietnamese enterprises in a better way Dao Thuy Ha (2015) explored the interdependence between information needs and the cost system to be designed Nguyen Thanh Huyen (2015) investigated the application of cost techniques such as: "target cost, Keizen, normative cost " into product life cycle 1.2.2 Researches on factors affecting the application of MA techniques Tran Ngoc Hung (2016) found factors influencing the implementation of MA in SMEs: the level of state ownership, the fierceness from the perspective of market competition, enterprises culture, awareness of the owner enterprises, enterprises' size, expenses for the organization of MA and the strategy of enterprises Doan Ngoc Phi Anh (2016) found that two factors of management decentralization and competition - both have a strong impact on the operation of advanced MA tools, but are not related to the operation of traditional MA techniques Enterprise and enterprises that implement MA tools all have better business results than before Le Thi Tu Oanh et al (2019) found there are five factors positively related to the degree of MA application; This includes enterprise size, organizational culture, organizational structure, technology and human resources 1.3 Comment on previous works and identify gaps Literature review presenting previous studies on MA in Vietnam shows that there are some important gaps in the current MA literature, from the point of view of a developing economy like Vietnam The overview highlights the following key points: 10 - Large-scale research on MA techniques started in the developed countries in the 1990s In developing countries, the majority of empirical evidence on this topic has only been collected in the 21st century - Previous studies mainly focus on specific MA techniques These studies aim to introduce MA techniques and how to implement them in the Vietnamese context In which, the most popular researched MA techniques are the cost systems; budget systems and performance evaluation systems, on the contrary, decision-making assistance systems and strategic MA are less studied - The documents show that traditional techniques are deployed more than advanced technology in both developed and developing countries However, recent studies show that more advanced techniques are being deployed - The documents show very little evidence of implementation of MA techniques in SMEs Research on this topic in SMEs is mostly concentrated in developed countries In recent years, scholars in developing countries have begun to pay attention to this issue Therefore, the overview has identified a sizable gap in research on MA techniques in SMEs, there are very few studies on this issue in developing countries, especially this issue has not been considered in SMEs in Vietnam Conclusion chapter CHAPTER 2: THEORETICAL BASIS 17 and the results of previous discussions At the end of this process, the author will correct the research model, scale the concepts and prepare for the quantitative research phase 2.2.2 Quantitative research 2.2.2.1 Sample selection method Collect data by conducting a survey 2.2.2.2 Sample selection method The detailed questionnaire, the formats included in this questionnaire include closed question and suggested response options, measured on a 5-point Likert scale (Appendix 6) 2.2.2.3 Target sample Medium-sized enterprises in the manufacturing sector 2.2.2.4 Sampling method and Sample size - Sampling method: Non-probability sampling, namely convenient sampling - Sample size: 129 enterprises, each enterprise is a survey sample - Subject of survey: The author invites the CEOs, CFOs, experts in charge of MA or Chief Accountant in SMEs in Vietnam in the manufacturing sector 2.2.2.5 Data Processing With SPSS 20 software, the thesis uses Cronbach's alpha analysis techniques and EFA analysis with PCA and Varimax Next, the author will use multivariate analysis techniques to test models and hypotheses 2.3 Models and hypotheses 2.3.1 Research models On the basis of the contigency theory, institutional theory and 18 results from previous publications on factors affecting the application of management accounting techniques, and taking into account the characteristics of SMEs in the production field and experts’ opinion, the author proposes a model as shown in diagram 3-2 2.3.2 Hypotheses H1: The strength and weakness of the competitive market has the same direction with the use of management accounting techniques H2: The viewpoint of corporate manager has the same direction with the use of management accounting techniques H3: Advanced technology has the same direction with the use of management accounting techniques H4: The qualification of accounting has the same direction with the use of management accounting techniques H5: Imitation has the same direction with the use of management accounting techniques H6: Coercion has the same direction with the use of management accounting techniques H7: Normative has the same direction with the use of management accounting techniques 2.3.2.1 Regression model and measurement of variables There are models as following: (1) HTCP = ß0 + ß1CT + ß2CD + ß3CN + ß4TD + ß5BC + ß6CB + ß7QP +ε (2) HTDT= ß0 + ß1CT + ß2CD + ß3CN + ß4TD + ß5BC + ß6CB + ß7QP +ε (3) HTDG = ß0 + ß1CT + ß2CD + ß3CN + ß4TD + ß5BC + ß6CB + ß7QP +ε 19 (4) HTRQD = ß0 + ß1CT + ß2CD + ß3CN + ß4TD + ß5BC + ß6CB + ß7QP +ε (5) HTQTCL = ß0 + ß1CT + ß2CD + ß3CN + ß4TD + ß5BC + ß6CB + ß7QP +ε (6) HTKTQT = ß0 + ß1CT + ß2CD + ß3CN + ß4TD + ß5BC + ß6CB + ß7QP +ε - Dependent variables: the extent of application of cost system (HTCP); the extent of application of the budgeting system (HTDT); the extent of application of performance evaluation system (HTDG); the extent of application of the decision-making support system (HTRQD); and the extent of application of management accounting techniques - Independent variables: The Strength of the competitive market (CT); the Viewpoint of Corporate Manager (CD); Advanced technology (CN); the Accountant’s Qualification (TD); Imitation (BC); Coercion (CB); Normative (QP) - Parameter: ß1 – ß7; error: ε; ß0: constant 2.4 The scales for research concepts The draft questionnaire includes 18 questions with 65 observed items (Appendix 6) Conclusion chapter CHAPTER 4: RESULTS AND DISCUSSION 3.1 Achieved results 3.1.1 Qualitative research results 3.1.1.1 Expert Interview process Expert interview process consisted of steps: (1) Introduction 20 about the author and the objectives of the interview; (2) Present concepts, terms, background theory and works related to the topic; (3) Ask the experts about issues about Management Accounting (MA) and factors affecting the application of MA; (4) Ending of the interview process, the give thanks and send the author's contact information so that the expert can contribute more comments (if any) 3.1.1.2 Expert Interview Results About selected unexpected situations (Question 1): There are many contingencies that can dominate the application of MA in an enterprise and for SMEs, the unexpected situations proposed in the model are reasonable Proposing to add some observed variables for two scales of strength and weakness in the competitive market and the point of view of enterprise’s managers About institutional factors (Question 2): All these three factors affect the application of MA Regarding the MA used by ME (Question 3): Many MA are being performed in Vietnamese enterprises and the dimension of MA’s implementation is very diverse (Question 4) The application of MA is quite stable (Question 5) Budgetting techniques remain the unchanged for many years (Question 6) Some MAs are also developed regularly or adjusted accordingly with changes of enterprises (Question 7) Finally, after reviewing the draft questionnaire, the expert proposed to rename some terms to match the terms being used in Vietnam, delete three budgetting techniques that are not suitable for the size of medium enterprises as well as quite new in Vietnam (Question 8) The author has adjusted according to the expert's opinions (Table 4.1) 21 3.1.2 Quantitative Results 3.1.2.1 Descriptive Statistical Results Results emphasize that the use of traditional international economic techniques is relatively more than the use of advanced international economic techniques By almost all enterprises interviewed, the competitive market is considered fierce The degree of diversity in point of views of the enterprise’s managers can effect differently on the use of MA in enterprises Enterprises apply advanced technology widely The degree of applying advanced technology is quite high The expertise of accountants or consultants has a great influence on the application of MA in enterprises Mutual imitation or being forced may involve the application of MA in enterprises 3.1.2.2 Multiple Variable Regression Analysis 3.1.2.2.1 Cronbach’s Alpha All scales are of good quality 3.1.2.2.2 Exploratory Factor Analysis - EFA The factor analysis is appropriate The data and observed variables are correlated in the whole Average variance extracted can explain 69.131% of the variation of the sample All factors are qualified and have a very high convergence 3.1.2.2.3 Factors affecting the costing system The results show that the strength and weakness of the competitive market and advanced technology are factors that can accurately predict the use of cost systems in enterprises As the intensity of competition increases and the use of advanced technologies increases, the implementation of cost systems in 22 enterprises also increases Moreover, the strength and weakness of the competitive market have an effect on the application of the cost system greater than the advanced technology 3.1.2.2.4 Factors affecting the budgeting system The test results show that the strength and weakness of the competitive market and the enterprise managers’s opinions are important predictors for the use of a budgeting system When the intensity of competition and the enterprise owner’s point of views increase, the application of the accounting system in enterprises also increases and the participation of the owners affect the application of the accounting system more than the intensity of competition in the market 3.1.2.2.5 Factors affecting the performance evaluation system The test results show that the three factors: the intensity of competition (IoC), the enterprise manager’s point of view (EMPV) and imitation are important for the use of an activity performance evaluating system (APES) When the intensity of competition increases, the managers have better awareness and the imitation increases, the application of APES in enterprises also increases Of these three factors, the EMPV is the strongest one The IoC is the secondly strong and imitation is the third 3.1.2.2.6 Factors affecting the decision support system The test results show that the three factors: EMPV, AT and imitation are important for the use of a decision support system If enterprises apply more AT, the managers have better awareness and enterprises intensively imitate each other, then the application of the decision support system in enterprises also increases Among these 23 three factors, the EMPV has the strongest influence, followed by imitation and, finally, AT 3.1.2.2.7 Factors affecting the strategic management accounting The test results show that the IoC in the market, the EMPV and AT are important factors for the use of a strategic management accounting (SMA) When the intensity of competition increases, advanced technology is applied more and managers having better awareness, the application of SMA in enterprises also increases Among these three factors, the EMPV is most influential, followed by AT and finally the IoC in the market 3.1.2.2.8 Factors affecting the application of MA techniques The test results show that there are factors: The IoC in the market, the MEPV, the AT and imitation are important for the application of MA techniques When the IoC increases, managers have good awareness, increases the application of AT and enterprises increase imitation, the application of MA techniques in enterprises also increases Among these four factors, the MEPV has the strongest influence, followed by the IoC in the market, followed by AT and finally imitation 3.2 Discussion about the Results Of the factors included in the testing model, the four factors that affect the application of the MA techniques are: Competition in the market; Viewpoint of business owner; Advanced technology and Imitation The other three factors (the qualifications of accountants, coercive and normative) not have a statistically significant relationship with the application of MA techniques in SMEs in Vietnam 24 3.2.1 The results of testing accepted hypotheses 3.2.1.1 The strength of the competitive market The strength of the competitive market have a positive and statistically significant relationship with the application of a cost system, a budgeting system, an assessment system of activity performance, strategic management accounting and MA technique in enterprises 3.2.1.2 Owner’s participation The point of view of enterprise manager has a positive and statistically significant relationship with the use of the budgeting system, the performance evaluating system, the decision support system and the strategic management accounting and MA technique in enterprises 3.2.1.3 Advanced Technology Advanced technology has a positive and statistically significant relationship with the use of the cost system; the decision support system; strategic management accounting and MA technique in enterprises 3.2.1.4 Imitation The imitation factor has a positive and statistically significant relationship with the use of performance evaluating system, decision support system; and MA technique in enterprises 3.2.2 The results of testing rejected hypotheses The three factors: Accountant's qualifications, coercive and normative not have a statistically significant relationship with the use of the cost system, the budgeting system, the performance evaluating system, the decision support system, strategic 25 management accounting and MA techniques in enterprises The coercive factor does not have a statistically significant relationship with the use of the cost system, the budgeting system, the performance evaluating system, the decision support system, strategic management accounting and MA techniques in enterprises The normative factor does not have a statistically significant relationship with the use of the cost system, the budgeting system, the performance evaluating system, the decision support system, strategic management accounting and MA techniques in enterprises Conclusion of Chapter CHAPTER 5: SUMMARY AND POLICY RECOMMENDATION 4 4.1 General Conclusion These research results may imply that the unpredictable situations and institutional factors considered in this thesis are the factors that can accurately predict the use of management accounting techniques in Vietnamese medium-sized enterprises in the manufacturing industries Each specific contingency factor or institutional factor will have different degrees of influence on management accounting techniques which a business chooses to apply in their business activities But in general, it can be seen that medium-sized enterprises in Vietnam use more management accounting techniques when their enterprises are faced with events from the internal or external environment or when the owners want 26 apply management accounting techniques to their work or when businesses want to imitate successful businesses 4.2 Policy recommendation 4.2.1 Theoretical perspective From a theoretical perspective, this work has contributed: - Find out factors that affect the use of MA techniques in the medium-sized manufacturing enterprises There are three unexpected factors which are the market competition factor, the opinion of the enterprise manager, the advanced technology and an institutional factor – imitation factor The discovery of an institutional factor affecting the use of MA techniques for medium-sized manufacturing enterprises in Vietnam is a new contribution of the study - Develop additional observed variables for the scale of the strength/weakness of the competitive market and the scale of enterprise manager’s point of view - To change the perception and to provide knowledge of MA techniques in SMEs in Vietnam so that enterprises can deploy and benefit from the market, reduce the possibility of business failure 4.2.2 On the Governance 4.2.2.1 The strength of the competitive market The government needs to continuously improve the business environment, create a space for fair competition for industries and business types of enterprises The continuous change will create pressure for businesses to change and increase their competitive capacity Professional associations should enhance their role and importance in the context of international integration In addition to 27 being a representative to fight for the rights and interests of enterprises, the association also has to contribute to trade promotion, investment, human resource training, consulting and sharing experiences, and providing essential services for enterprises The business community should actively improve its competitiveness in the context of economic integration They should actively learn and update business knowledge to capture the growth trend of domestic and foreign markets Increasing knowledge and changing awareness of the importance of international economic techniques in operating business activities will promote enterprises to apply MA techniques 4.2.2.2 The enterprise manager’s point of view The government should have incentives and supporting polycies to raise awareness about the role of enterprise managers in the application of MA techniques The Government needs to make propaganda to help enterprises realize the richness of the international economic techniques as well as the benefits of these techniques, and introduce many interventions to promote the development of SMEs, ensuring their sustainability of this area Through the professional association, the Government provides financial support for training courses on technical aspects of business, marketing and management skills to encourage SMEs to develop international economic skills When having in-depth understanding on this issue, the corporate authorities will implement international economic techniques Professional associations should organize regularly and widely training courses on MA skills The sponsored training courses will 28 motivate SMEs to participate, thereby helping managers to have indepth knowledge and better understanding of the meaning of implementing MA techniques, especially the implementation of advanced MA techniques in business activities of enterprises Enterprise managers should accumulate, continuously update knowledge about MA and change their perception of MA Enterprise managers that have foresight will actively apply MA techniques to their business activities 4.2.2.3 The advanced technology The Government should distribute the budget to finance science and technology projects and programs to motivate enterprises to quickly put advanced technologies into operation The Government should also promulgate regulations to support enterprises importing advanced machines to encourage enterprises to innovate technology Professional associations should regularly organize seminars, share experiences and advantages when applying advanced technology They should organize programs to honor successful businesses because of their investment in advanced technology to motivate other enterprises Enterprises need to actively improve internal resources to stand firmly in the marketplace, should not just rely on supportive policies Managers should develop a process to invest in improving production equipment, technology, modernizing machinery and equipment, and abandoning obsolete equipment When operating advanced technology equipment, businesses will apply contemporary MA techniques 29 4.2.2.4 The imitation factor The Government should promptly publish guidelines on MA techniques, especially advanced ones Professional associations should closely link with media agencies to organize and widely advertise successful business and business honoring programs to serve as examples for other businesses to learn The Association should also learn from other countries' experiences to disseminate new knowledge about MA to enterprises Enterprises should change perceptions about the role of professional associations In the new era, the association should act as a bridge between businesses and the world, between businesses and public agencies, and between businesses Therefore, when joining the Association, businesses will quickly grasp the regulations issued by the State; help businesses learn and share knowledge and experiences from domestic and international businesses 4.3 Limitations of the topic and upcoming directions The work still has the following shortcomings (1) response rate to survey questionnaire is low (2) only focusing on the manufacturing sector, so the sample will limit the generality of the results for all medium-sized enterprises (3) the number of contigency factors included in the survey is quite small, (4) the data is collected via mail and email, which may cause the respondents to misunderstand the question, (5) inherent limitations of using Likertscale questions From the results achieved, the author submitted some further directions: (1) expanding the sample size to get better response rates, (2) selecting a specific industry in the manufacturing sector or using 30 case study techniques, (3) Conducting qualitative research on a particular enterprise to see if a medium-sized enterprise that implements advanced management accounting techniques in which conditions is effective (4) Adding contigency factors to the model (5) developing research in the direction of comparing the application of management accounting techniques between Vietnam and other countries to see if there are cultural differences between Vietnam and these countries Conclusion chapter General conclusion 31 ... Viet Nam International Conference on Finance, Accounting and Auditing (ICFAA 2019), p.210-221 Nguyễn Thị Huyền Trâm, 2020, Các nhân tố ảnh hưởng đến áp dụng lập dự toán ngân sách tại doanh nghiệp. .. Huyền Trâm, 2020, Các nhân tố ảnh hưởng đến áp dụng lập dự toán ngân sách tại doanh nghiệp nhỏ vừa Việt Nam Tạp chí Cơng Thương - Số 19, tháng, p 373-378 Võ Văn Nhị - Nguyễn Thị Huyền Trâm,... proposed to rename some terms to match the terms being used in Vietnam, delete three budgetting techniques that are not suitable for the size of medium enterprises as well as quite new in Vietnam (Question
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