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t to UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES ng hi HO CHI MINH CITY THE HAGUE ep VIETNAM THE NETHERLAND w n lo VIETNAM - NETHERLANDS ad ju y th PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS yi pl ua al The Relationship between Internationalization n and Manufacturing Firms’ Performance in n va ll fu Vietnam: The Moderating Effect of oi m at nh Organizational Slacks z z HUYNH THI NGOC HIEN k jm ht vb BY om l.c gm n a Lu MASTER OF ARTS IN DEVELOPMENT ECONOMICS n va y te re HO CHI MINH CITY, Dec 2014 th t to UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES ng hi HO CHI MINH CITY THE HAGUE ep VIETNAM THE NETHERLANDS w n lo ad VIETNAM - NETHERLANDS y th PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS ju yi pl ua al The Relationship between Internationalization and n Manufacturing Firms’ Performance in Vietnam: The n va ll fu Moderating Effect of Organizational Slacks oi m at nh z A thesis submitted in partial fulfilment of the requirements for the degree of z By k jm ht vb MASTER OF ARTS IN DEVELOPMENT ECONOMICS om l.c gm HUYNH THI NGOC HIEN n a Lu Academic Supervisor: n va NGUYEN VAN PHUONG PhD y te re th HO CHI MINH CITY, Dec 2014 t to CERTIFICATION ng hi ep “I certify that the substance of this thesis has not already been submitted for any degree and have not been currently submitted for any other degree w n I certify that to the best of my knowledge and help received in preparing this thesis and lo ad all sources used have been acknowledged in this thesis.” ju y th yi pl HUYNH THI NGOC HIEN n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th t to ng ACKNOWLEDGEMENTS hi ep In order to successfully complete this thesis, I received unconditional helps from many people I very appreciate the contribution of everyone involved and apologize to w n those I not mention by name lo ad Firstly, I would like to express my gratitude to my supervisor, PhD Nguyen y th ju Van Phuong His instructions as well as encouragements are the key factor of my yi dissertation completion and enabled me to turn my concerns into a serious academic pl ua al research He was not afraid of time-consuming to hold frequent meetings and response timely to my thesis problems Moreover, he also took time to review the STATA n n va programming and offer many flexible ways to support me in data processing step – the ll fu most challenging part in my study m oi Secondly, I am also grateful for PhD Nguyen Trong Hoai and PhD Tran Tien at nh Khai because their valuable comments and suggestions for my TRD at the beginning z helped me to orient and revise my research design in a proper way z appears to be available on email regardless day or night k jm ht vb Next, I also received the surprising help from PhD Truong Dang Thuy who gm Then, I want to say thanks for the moral support from my peer - Ms Vu Thi l.c Khanh She was very patient in applying many different approaches to find the most om appropriate model for her research Therefore, I have learned from her too much, both n a Lu econometric knowledge and a serious attitude toward addressing the thesis issues n va Finally, I wish to express my sincere thanks to my parents, my younger brother, y and success te re my relatives and my friends for their continual encouragements, love for my progress th t to ng ABSTRACT hi ep As the world moves toward global expansion, the global enterprises in both developed and developing countries have been becoming the main drivers of this w n process Although there are many empirical studies on the actual relationship between lo ad internationalization and performance, the question is still relatively ambiguous due to ju y th controversial findings Thus, this study uses a panel sample of 45491 unlisted Vietnam yi manufacturing enterprises during the six-year period (2007-2012) surveyed by GSO pl (General Statistic Office) to investigate the impact of internationalization degree on al ua firm performance It is widely admitted that the Vietnamese economy is mainly based n on the credit market which is relatively frail and frequently affected by the changes in va n the local fiscal and monetary policies Under these contexts, firm’ abundant slack a miracle tool to ll is fu resource enable the successful implementation of m oi internationalization strategies After conducting the fixed effect analysis, the study nh finds a significant S-shaped relationship between degree of internationalization (DOI) at z and firm performance Specifically, the performance firstly decrease then increase and z vb decline in the later stage Furthermore, the regression depicts that the higher level of jm ht slacks on both kind of high-discretion and low-discretion is, the better the firm k performs Especially, the sufficient slacks contribute to enhance the relationship om l.c gm between internationalization and performance n a Lu n va y te re th t to ng hi ep ABBREVIATIONS Association of Southeast Asian Nations w ASEAN n lo ad DOI y th European Union ju EU Degree of internalization yi Foreign direct investment FEM Fixed effect model REM Random effect model FS Foreign sale IFs Internationalized firms OLS Ordinary Least Squares R&D Research and Development ROA Return on assets TS Total sale US United Joint Stocks VIF Variance Inflation Factors pl FDI n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th t to ng TABLE OF CONTENTS hi I INTRODUCTION .1 ep Problem Joint Stockment I.2 Research objectives: .6 w I.1 n lo ad I.3 ju y th Research questions: Research Methodology I.5 Organization of the Study yi I.4 pl n ua al va II LITERATURE REVIEW n fu II.1 ll Theoretical review II.1.2 The degree of internationalization and firm performance .11 II.1.3 Organizational slacks .16 at nh Concept of Internationalization .8 z z jm ht vb k II.2 Empirical review 19 gm II.2.1 Internationalization and firm performance 19 II.2.2 Organizational slacks, internationalization and firm performance 23 om l.c n a Lu METHODOLOGY 28 n va III oi m II.1.1 III.2 Variables and measures 29 y Data and Sample 28 te re III.1 th t to ng hi ep w n III.2.1 Performance 29 III.2.2 Independent variable .30 III.2.3 Organizational slacks – the moderating variables 30 lo ad III.2.4 Control variables .31 y th ju III.2.4.1 Firm size 31 yi pl III.2.4.2 n ICT use 32 n va III.2.4.3 ua al Firm age 32 Learning capability 33 III.2.4.5 R&D intensity 33 III.2.4.6 Ownership types .34 ll fu III.2.4.4 oi m at nh z z vb III.3 jm ht Analytical approach 36 FINDINGS 41 V CONCLUSION AND RECOMMENDATIONS 55 k IV l.c gm Main findings 55 V.2 Recommendations .55 V.3 Limitation 56 om V.1 n a Lu n y te re th APPENDIX va REFERENCES t to ng hi ep w n lo ad ju y th yi pl LIST OF TABLES ua al Table 1: Summary of variables, measures and expected sign .34 n Table 2: Variables definition 41 va n Table 3: Descriptive statistic and correlations .44 ll fu oi m Table 4: The comparison between the FEM models with different added variables 45 at nh Table 5: Fixed effect analysis 49 z Table 6: Results of OLS, fixed-effect and random-effect regression analyses on firm performance 50 z jm ht vb LIST OF FIGURES k Figure 1: Structure of Vietnam export turnover in 2012 gm Figure 2: Vietnam’s export destination has changed little in the last ten years .3 l.c om Figure 3: Internationalization process n a Lu Figure 4: Three-stage theory (S-shaped) of international expansion (Contractor et al, 2003) .13 va n Figure 5: Role of slacks within an organization 18 y te re th Figure 6: Firm’s internationalization and performance: the moderating effect of highdiscretion slack (Lin, Liu & Cheng, 2011) 27 t to ng Figure 7: Firm’s internationalization and performance: the moderating effect of lowdiscretion slack (Lin, Liu & Cheng, 2011) 27 hi ep Figure 8: Illustration of moderating variable 37 w Figure 9: Model 40 n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th n lo ad ju y th yi pl ua al APPENDIX n REGRESSION RESULTS OF OLS, FIXED AND RANDOM MODELS (FIXED 1) ROA -0.2711*** (0.0376) (FIXED 2) ROA -0.2711*** (0.0376) (RANDOM) ROA -0.2182*** (0.0289) 0.4758*** (0.1381) 0.4758*** (0.1381) 0.3890*** (0.1100) -0.2958** (0.1310) -0.2958** (0.1310) -0.3159*** (0.1072) 0.0350*** (0.0023) 0.0130*** (0.0003) 0.0028*** (0.0002) 0.0072*** (0.0009) 0.0085*** (0.0003) 0.3694*** (0.1112) DOI3 -0.3066*** (0.1083) firm_size 0.0131*** (0.0003) 0.0350*** (0.0023) high_slack 0.0029*** (0.0002) 0.0011** (0.0005) 0.0011** (0.0005) low_slack 0.0091*** (0.0003) 0.0072*** (0.0009) DOI_highslack 0.0075** (0.0036) 0.0259*** (0.0055) DOI_lowslack 0.0290*** (0.0035) 0.0099* (0.0054) 0.0022 -0.0013 at nh DOI2 jm oi m ll fu DOI n va (OLS) ROA -0.2099*** (0.0293) z z ht vb k om l.c gm 0.0266*** (0.0034) an 0.0120*** (0.0036) n Lu va y te 0.0099* (0.0054) re 0.0041 ac th private 0.0259*** (0.0055) si eg cd jg hg n lo ad ju y th yi pl (0.0084) -0.0028 (0.0027) 0.0160* (0.0082) n ua al share (0.0026) n va 0.0000 (.) _cons -0.1283*** (0.0045) 59770 0.0719 at nh z -0.3210*** (0.0224) 59770 0.0490 0.0173*** (0.0033) -0.0021 (0.0031) 0.0013 (0.0084) 0.0000 (.) -0.3223*** (0.0211) 59770 0.0490 -0.1289*** (0.0050) 59770 z Standard errors in parentheses * p chi2 = Std Err P>z -8.9500 4.4600 -4.0800 52.3000 n 0.0000 0.0000 0.0000 0.0000 [95% Conf.Interval] y te re ac th 0.0245 0.0868 0.0766 0.0002 va -0.2194 0.3870 -0.3127 0.0126 z an DOI DOI2 DOI3 firm_size Coef 0.0000 Lu ROA om corr(u_i, X) = (assumed) l.c Wald chi2(8) -0.2675 0.2169 -0.4627 0.0122 -0.1714 0.5572 -0.1626 0.0131 si eg cd jg hg n lo ad ju y th yi pl 0.0027 0.0084 0.0119 0.0262 -0.1224 0.0586 0.0815 34109104 (fraction of variance due to u_i) 0.0002 11.5100 0.0003 30.2000 0.0039 3.0400 0.0020 13.2700 0.0024 -51.7900 n ua al n va 0.0000 0.0000 0.0020 0.0000 0.0000 0.0023 0.0079 0.0042 0.0224 -0.1270 0.0032 0.0090 0.0196 0.0301 -0.1177 oi m ll fu at nh high_slack low_slack DOI_highslack DOI_lowslack _cons sigma_u sigma_e rho z z vb (B) random (b-B) Difference sqrt(diag(V_b-V_B)) S.E k jm ht (b) fixed Coefficient gm -0.2887704 -0.21945 -0.06932 0.5300033 0.387037 0.142966 -0.3388983 -0.31268 -0.02622 0.0348118 0.012637 0.022175 0.0010646 0.002728 -0.00166 0.0072813 0.008447 -0.00117 0.0259505 0.011913 0.014037 0.0101026 0.026244 -0.01614 b = consistent under Ho and Ha; obtained from xtreg 0.0291715 0.1057615 0.0954745 0.0014664 0.0003975 0.0006468 0.0052401 0.0034161 om l.c an Lu va n y te re DOI DOI2 DOI3 firm_size high_slack low_slack DOI_highslack DOI_lowslack ac th B = inconsistent under Ha, efficient under Ho; obtained from xtreg si eg cd jg hg n lo ad ju y th yi pl ua al Test: Ho: difference in coefficients not systematic n chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B) n va fu 431.54 = 0.0000chi2 = at nh CHOOSE FIXED EFFECT MODEL z z k jm ht vb om l.c gm an Lu va n y te re ac th si eg cd jg hg
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