Tác động trung gian của kế toán quản trị chiến lược trong mối quan hệ giữa vốn trí tuệ và kết quả hoạt động của doanh nghiệp – bằng chứng tại việt nam

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS, HO CHI MINH CITY -TRINH HIEP THIEN Mediating effect of strategic management accounting practices in the relationship between intellectual capital and corporate performance Evidence from Vietnam A dissertation submitted for the Degree of Doctor of Philosophy in Accounting October 2018 MEDIATING EFFECT OF STRATEGIC MANAGEMENT ACCOUNTING PRACTICES IN THE RELATIONSHIP BETWEEN INTELLECTUAL CAPITAL AND CORPORATE PERFORMANCE EVIDENCE FROM VIETNAM Trinh Hiep Thien MPAcc (University of Sydney), MBA (UEH), BBus (UEH) A dissertation submitted for the Degree of Doctor of Philosophy in Accounting Code: 9.34.03.01 Academic Supervisors: Dr Doan Ngoc Que Dr Le Dinh Truc University of Economics, Ho Chi Minh City October 2018 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS, HO CHI MINH CITY Submitted to School of UEH Graduate Title of dissertation: Mediating effect of strategic management accounting practices in the relationship between intellectual capital and corporate performance – Evidence from Vietnam Author: Trinh Hiep Thien Academic Supervisor: Dr Doan Ngoc Que Dr Le Danh Truc Date of Final Defense: Final Defense Committee: Jury Composition Read and Approved by First discussant Second discussant Third discussant Member Member Secretary Defense Committee Chairperson Accepted by the School of Accounting and School of UEH Graduate in partially fulfillment of the requirements for the degree of Doctor of Philosophy in Accounting Date Date Dean of the School of Accounting Dean of the School of UEH Graduate STATEMENT OF AUTHENTICATION The work described in this dissertation is original based on raw data collected by me, except where due acknowledgement is made in the text I hereby declare this material has not previously submitted, either in full or in part, for a degree at this or any other institution Ho Chi Minh City, Octocber 15th, 2018 TRINH HIEP THIEN TABLE OF CONTENTS Page LIST OF TABLES I LIST OF FIGURES II LIST OF ABBREVIATIONS III ABSTRACT IV INTRODUCTION 1 Background Research questions and research objectives 3 Research object and research scope .4 Methodology .5 Outline of the dissertation CHAPTER 1: LITERATURE REVIEW 1.1 Review of international studies of intellectual capital 1.1.1 Stages in developing intellectual capital as a research field .8 1.1.2 Research trends on intellectual capital in the accounting discipline 10 1.1.3 Research methods used to study intellectual capital 14 1.1.4 Review of studies investigating the relationship between intellectual capital and corporate performance 16 1.2 Review of international studies of strategic management accounting 17 1.2.1 Research on conceptualizing strategic management accounting 18 1.2.2 Research on strategic management accounting techniques 19 1.2.3 Research on the relationship between environment, strategy choice and strategic management accounting practices 21 1.2.4 Research on strategic management accounting process 22 1.2.5 Review of studies investigating the relationship between strategic management accounting practices and corporate performance 23 1.3 Review of studies of intellectual capital and strategic management accounting in Vietnam 25 1.3.1 Vietnamese context 25 1.3.2 Research on intellectual capital in Vietnam 26 1.3.3 Research on strategic management accounting in Vietnam .27 1.4 Research gaps 29 1.4.1 Lack of studies concerning performance implication of intellectual capital in association with the mediating role of SMA practices .30 1.4.2 Lack of empirical research concerning the relationship between intellectual capital and each group of SMA practices 30 1.4.3 Lack of Vietnamese empirical studies on intellectual capital and SMA practices .31 SUMMARY OF CHAPTER .32 CHAPTER 2: THE CONCEPTS AND INTELLECTUAL CAPITAL MEASUREMENT MODELS 33 2.1 Definition of intellectual capital 33 2.2 Components of intellectual capital 36 2.2.1 Human capital 36 2.2.2 Structural capital .37 2.2.3 Relational capital .38 2.3 Definition of corporate performance .40 2.4 Determinants of strategic management accounting practices 42 2.5 Intellectual capital measurement models 45 SUMMARY OF CHAPTER .48 CHAPTER 3: THEORETICAL FRAMEWORK AND HYPOTHESES DEVELOPMENT 49 3.1 Mediating effect of strategic management accounting practices in the relationship between intellectual capital and corporate performance 49 3.1.1 Human capital, structural capital and relational capital reciprocally affect each other (H1) 50 3.1.2 Intellectual capital impacts on SMA practices (H2) 51 3.1.2.1 Underlying theoretical framework 51 3.1.2.2 Hypotheses development (H2) 53 3.1.3 Intellectual capital impacts on corporate performance (H3) .55 3.1.3.1 Underlying theoretical framework 55 3.1.3.2 Hypotheses development (H3) 56 3.1.4 SMA practices impact on corporate performance (H4) 58 3.1.4.1 Underlying theoretical framework 58 3.1.4.2 Hypothesis development (H4) .59 3.1.5 The mediating role of strategic management accounting practices in the relationship between intellectual capital and corporate performance (H5) 61 3.2 Associations between intellectual capital components and each group of strategic management accounting practices 63 3.2.1 Underlying theoretical framework 64 3.2.2 Hypotheses development (H6) 65 3.3 Summary of the correlations in the two research models .67 SUMMARY OF CHAPTER .70 CHAPTER 4: RESEARCH METHODOLOGY 71 4.1 Selection of an appropriate regression approach 71 4.2 Research process .72 4.2.1 Evaluation of reflective measurement scales 74 4.2.2 Evaluation of formative measurement scales 76 4.2.3 Evaluation of the fitness of structural model 77 4.2.4 Evaluation of the significance and the stability of path coefficients 78 4.3 Unit of analysis and sample size .79 4.3.1 Unit of analysis and informants 79 4.3.2 Sample size 80 4.4 Variables measurement 82 4.4.1 Measures of each component of intellectual capital 82 4.4.1.1 Operationalization of value added (VA) 83 4.4.1.2 Operationalization of human capital efficiency (HCE) 84 4.4.1.3 Operationalization of structural capital efficiency (SCE) 84 4.4.1.4 Operationalization of relational capital efficiency (RCE) 90 4.4.2 Measures of the variables of strategic management accounting practices .90 4.4.3 Measures of the variables of corporate performance 91 4.4.4 Measures of control variables 93 SUMMARY OF CHAPTER .95 CHAPTER 5: SAMPLE CHARACTERISTICS AND MEASUREMENT SCALES ASSESSMENT 5.1 Data collection to construct the variables of SMA practices 96 5.1.1 Questionnaire structure .96 5.1.2 Translating and pilot testing of the questionnaire .97 5.1.3 Main data collection procedure 98 5.2 Sample characteristics 100 5.2.1 Industry type 100 5.2.2 Organization size and SMA practices type .101 5.2.3 Respondents’ position type .102 5.3 The outcomes of reflective measurement scales assessment 103 5.4 The outcomes of formative measurement scales assessment 105 5.4.1 Calculation of measurement scale of innovation capital efficiency .105 5.4.2 Calculation of measurement scale of organizational capital efficiency 105 5.4.3 Assessment of formative measurement scales related to the structural capital efficiency variable .107 5.5 Calculation of the variable of investment efficiency 109 5.6 Descriptive statistics and collinearity assessment 110 SUMMARY OF CHAPTER .112 CHAPTER 6: DATA ANALYSIS AND DISCUSSION .113 6.1 Evaluation of the fitness of theoretical models .113 6.2 Empirical results – testing of reciprocal correlations between intellectual capital components (H1) 114 6.3 Empirical results – testing of the correlations between intellectual capital components and strategic management accounting practices (H2) 116 6.4 Empirical results – testing of the direct correlations between strategic management accounting practices and corporate performance (H4) 119 6.5 Empirical results – testing of the direct correlations (H3) and indirect correlations between intellectual capital components and corporate performance (H5) 120 6.6 Empirical results – testing of the associations of strategic management accounting practices and intellectual capital components (H6) 126 6.7 Empirical results – testing of control variables .129 SUMMARY OF CHAPTER .131 CHAPTER 7: IMPLICATIONS FOR MANAGING INTELLECTUAL CAPITAL BY STRATEGIC MANAGEMENT ACCOUNTING PRACTICES .132 7.1 A discovery of three-stage value-creating process 132 7.2 Implications for the management, policy and research of intellectual capital 134 7.2.1 Recommendations for leaderships 134 7.2.2 Recommendations for policymakers .136 7.2.3 Recommendations for academic communities .138 7.3 Implications for integration of strategic management accounting practices into intellectual capital management 139 7.3.1 Orientations to manage intellectual capital by strategic cost management 139 7.3.2 Orientations to manage intellectual capital by competitor accounting 141 7.3.3 Orientations to manage intellectual capital by strategic accounting .144 7.3.4 Orientations to manage intellectual capital by customer accounting .146 SUMMARY OF CHAPTER .149 CONCLUSION 150 Summary of research findings 150 Theoretical contributions 151 Practical managerial contributions 153 Limitation 154 – 253 – APPENDIX 27: PLS ALGORITHM RESULT WITH THE TOBIN Q VARIABLE – 254 – * ** APPENDIX 27: PLS ALGORITHM RESULT WITH THE *** *** *** *** *** *** *** ** ** *** Source: Calculated by the author in SmartPLS 3.1 Notes: ⁎⁎⁎ p < 0.01; ⁎⁎ p < 0.05; ⁎ p < 0.1 (two-tailed) Inner model: Total effects Outer model: Weight/ Loadings Constructs: Adjusted R2 (shown in the circles) PLS results with the Tobin q variable Effect on endogenous variable Path coefficients () t value (bootstrap) Non-mediated model Effect on relational capital - Human capital H1a: Effect on structural capital - Human capital H1b: 0.552*** (8.818) Mediated model H1a: - Firm growth - Firm leverage - Firm size Non-mediated Mediated model model 0.301 0.305 0.552*** (8.819) 0.299 0.371*** H1b: (2.808) 0.256** - Relational capital H1c: H1c: (2.017) Effect on strategic management accounting practices H2a: H2a: - Human capital 0.081** (2.378) H2b: H2b: - Structural capital 0.142** (2.456) H2c: H2c: - Relational capital 0.722*** (17.242) Effect on Tobin q H3a: H5a: - Human capital 0.130 (1.359) H3b: H5b: - Structural capital 0.009 (0.150) H3c: H5c: - Relational capital 0.052 (0.708) H4 : - SMA practices Control variables - Firm Age Adjusted R2 0.308 0.513*** (6.455) 0.256** (2.017) 0.718 0.552*** (10.470) 0.142** (2.456) 0.758*** (20.771) 0.501 0.751 0.525*** (8.980) 0.102*** (3.356) 0.505*** (8.926) 0.653*** (8.221) -0.027 (0.762) 0.139* (1.692) 0.079** (2.153) 0.006 (0.118) Note: Significant at: *10, **5 and ***1 percent levels (two-tailed), t value (shown in brackets) Source: Calculated by the author in SmartPLS 3.1 – 257 255–– APPENDIX 28: REGRESSION RESULTS BETWEEN IC COMPONENTS AND EACH GROUP OF SMA PRACTICES * *** * *** ** *** * *** Notes: ⁎⁎⁎ p < 0.01; ⁎⁎ p < 0.05; ⁎ p < 0.1 (two-tailed); Constructs: Adjusted R2 (shown in the circles) Original Sample (O) Sample Mean (M) Standard Error (STERR) T Statistics (|O/STERR|) P Values COM -> HCE COM -> RCE 0.199 0.237 0.192 0.237 0.206 0.124 0.963 1.915 0.336 0.056 COM -> SCE 0.286 0.284 0.151 1.898 0.058 CUS -> HCE -0.067 -0.074 0.096 0.702 0.483 CUS -> RCE 0.302 0.300 0.081 3.744 0.000 CUS -> SCE 0.808 0.807 0.101 7.960 0.000 SCM -> HCE 0.251 0.282 0.244 1.031 0.303 SCM -> RCE 0.342 0.337 0.115 2.983 0.003 SCM -> SCE 0.605 0.606 0.148 4.088 0.000 STR -> HCE 0.193 0.192 0.107 1.806 0.072 STR -> RCE 0.044 0.049 0.114 0.389 0.697 STR -> SCE 0.337 0.338 0.132 2.555 0.011 Source: Calculated by the author in SmartPLS 3.1 – 258 255–– APPENDIX 29: THE INTELLECTUAL CAPITAL BENCHMARKING SYSTEM FRAMEWORK Source: Suggested by Viedma-Marti (2001) –1– APPENDIX 30: LIST OF PARTICIPATING FIRMS No Company name Stock Code Industry Total assets (VND million) HCE SCE RCE SMA level Becamex Asphalt & Concrete JSC ACC Manufacturing sector 322,039 2.34 0.25 0.25 49 American Vietnamese Biotech INC AMV Manufacturing sector 20,421 3.70 0.42 0.25 44 Additives & Petroleum Products JSC APP Manufacturing sector 64,828 4.07 0.51 0.34 55 VICEM Packaging But Son JSC BBS Manufacturing sector 261,320 3.85 0.43 0.33 44 Bim Son Cement JSC BCC Manufacturing sector 4,741,328 2.28 0.22 0.39 53 Binh Minh Plastics JSC BMP Manufacturing sector 2,891,075 3.63 0.33 0.40 70 Vicem Packaging Bim Son JSC BPC Manufacturing sector 213,958 2.41 0.23 0.21 41 Can Tho Mineral & Cement JSC CCM Manufacturing sector 309,785 5.33 0.60 0.36 62 Hai Duong Pump Manufacturing JSC CTB Manufacturing sector 515,694 2.59 0.38 0.24 43 10 Chang Yih Ceramic JSC CYC Manufacturing sector 305,353 3.22 0.30 0.28 42 11 Dong Nai Roofsheet JSC DCT Manufacturing sector 901,460 3.56 0.14 0.38 65 12 Dong Hai JSC of Bentre DHC Manufacturing sector 629,632 3.59 0.27 0.37 62 13 DHG Pharmaceutical JSC DHG Manufacturing sector 3,945,744 3.99 0.30 0.31 49 14 Dongnai Plastic JSC DNP Manufacturing sector 2,518,468 3.88 0.48 0.32 63 15 Da Nang Plastic JSC DPC Manufacturing sector 43,511 1.63 0.21 0.17 39 16 Danang Rubber JSC DRC Manufacturing sector 2,815,423 3.41 0.57 0.38 67 17 Dai Thien Loc Corporation DTL Manufacturing sector 2,487,316 4.29 0.07 0.42 72 18 Do Thanh Technology Corporation DTT Manufacturing sector 157,994 2.59 0.34 0.27 42 19 Dzĩ An Manufacturing PLC DZM Manufacturing sector 266,512 4.34 0.31 0.45 56 –2– No Company name 20 Binh Thanh Im-Export Production JSC 21 Stock Code Industry Total assets (VND million) HCE SCE RCE SMA level GIL Manufacturing sector 1,089,998 1.77 0.17 0.26 39 Saigon Garmex Manufacturing JSC GMC Manufacturing sector 883,468 1.53 0.22 0.13 34 22 Thuan An Wood Processing JSC GTA Manufacturing sector 462,991 1.71 0.19 0.13 35 23 Ha Noi - Hai Duong Beer JSC HAD Manufacturing sector 174,026 4.12 0.42 0.33 56 24 Haiha Confectionery JSC HHC Manufacturing sector 505,377 3.62 0.42 0.34 45 25 Viglacera Ha Long I JSC HLY Manufacturing sector 48,253 1.99 0.37 0.13 38 26 Vicem Hoang Mai Cement JSC HOM Manufacturing sector 1,754,287 3.26 0.27 0.30 50 27 Hoa Phat Group JSC HPG Manufacturing sector 33,226,552 15.03 0.38 0.55 69 28 Materials Biochemistry Fertilizer JSC HSI Manufacturing sector 346,344 4.08 0.48 0.34 47 29 I.D.I International Investment Corp IDI Manufacturing sector 5,080,583 3.68 0.49 0.36 48 30 Long An Food Processing Export JSC LAF Manufacturing sector 346,005 4.10 0.28 0.25 43 31 Lix Detergent JSC LIX Manufacturing sector 780,510 4.28 0.43 0.34 56 32 NET Detergent JSC NET Manufacturing sector 542,143 2.98 0.27 0.38 70 33 Nhi Hiep Brick-Tile Co-Operation NHC Manufacturing sector 66,562 7.13 0.30 0.56 67 34 OPC Pharmaceutical JSC OPC Manufacturing sector 774,747 3.00 0.28 0.37 53 35 Dry Cell And Storage Battery JSC PAC Manufacturing sector 1,684,003 3.53 0.29 0.20 35 36 Pharmaceutical Medicinal JSC PMC Manufacturing sector 296,991 3.32 0.22 0.25 42 37 Petroleum Mechanical Stock Company PMS Manufacturing sector 307,140 4.20 0.56 0.45 62 38 Phu Nhuan Jewelry JSC PNJ Manufacturing sector 3,597,987 3.29 0.28 0.35 50 39 Phong Phu Pharmaceutial JSC PPP Manufacturing sector 131,714 3.30 0.32 0.39 47 –3– No Company name Stock Code Industry Total assets (VND million) HCE SCE RCE SMA level 40 Song Da 7.04 JSC S74 Manufacturing sector 858,865 2.44 0.30 0.39 56 41 Sametel Corporation SMT Manufacturing sector 185,979 4.33 0.41 0.39 51 42 Saigon Plastic Packaging JSC SPP Manufacturing sector 1,034,969 4.24 0.39 0.40 49 43 Sao Vang Rubber JSC SRC Manufacturing sector 724,257 4.59 0.42 0.44 58 44 Thai Binh Cement JSC TBX Manufacturing sector 61,365 1.49 0.26 0.07 46 45 Thanh Cong Textile Garment JSC TCM Manufacturing sector 2,820,394 2.11 0.26 0.26 43 46 Thanh Hoa Beer JSC THB Manufacturing sector 344,772 2.30 0.34 0.28 42 47 Tung Kuang Industrial JSC TKU Manufacturing sector 752,151 4.87 0.37 0.43 62 48 Traphaco JSC TRA Manufacturing sector 1,377,454 3.84 0.47 0.37 53 49 Tia Sang Battery JSC TSB Manufacturing sector 133,437 2.61 0.38 0.24 43 50 Taya Electric Wire & Cable JSC TYA Manufacturing sector 717,368 4.08 0.39 0.39 57 51 Vinh Plastic & Bags JSC VBC Manufacturing sector 380,232 2.39 0.35 0.24 42 52 Viettronics Tan Binh JSC VTB Manufacturing sector 790,716 3.73 0.31 0.32 46 53 High Grade Brick Tile Corporation MCC Manufacturing sector 74,828 5.09 0.43 0.52 54 54 Quang Ninh Construction & Cement JSC QNC Manufacturing sector 2,024,459 5.21 0.56 0.54 62 55 Viet Duc Welding Electrode JSC QHD Manufacturing sector 166,879 4.79 0.34 0.50 64 56 Rangdong Light Source & Vacuum JSC RAL Manufacturing sector 2,096,851 1.70 0.22 0.19 36 57 Taicera Enterprise Company TCR Manufacturing sector 1,286,290 3.31 0.38 0.28 48 58 Bien Hoa Packaging Company SVI Manufacturing sector 749,980 4.18 0.38 0.58 57 59 Hapaco Corporation HAP Manufacturing sector 1,013,321 4.02 0.35 0.19 43 –4– No Company name Stock Industry Code Total assets (VND million) SCE RCE SMA level 3.78 0.32 0.46 69 60 Viet Nam Dairy Products JSC VNM Manufacturing sector 61 Vinacafé Bienhoa JSC VCF Manufacturing sector 3,140,260 10.83 0.46 0.46 69 62 Vinh Hoan Corporation VHC Manufacturing sector 4,450,873 4.01 0.39 0.36 54 63 Alta Company ALT Service 224,604 3.07 0.35 0.32 49 64 Petrolimex Saigon Transportation JSC PSC Service 240,569 4.19 0.56 0.33 55 65 HaiPhong Transportation & Services JSC PTS Service 180,729 5.40 0.65 0.34 58 66 Tran Anh Digital World JSC TAG Service 1,411,943 5.02 0.57 0.32 47 67 Power Engineering Consulting JSC TV2 Service 1,460,443 2.90 0.19 0.29 41 68 Power Engineering Consunting JSC TV3 Service 259,462 1.01 0.16 0.08 26 69 Power Engineering Consulting JSC TV4 Service 257,065 1.53 0.13 0.21 32 70 Ocean Hospitality & Service JSC OCH Service 3,388,888 3.03 0.39 0.28 50 71 Quang Ninh Educational Equipment JSC QST Service 34,062 3.22 0.20 0.20 42 72 The Royal International Corporation RIC Service 1,370,119 3.05 0.38 0.21 46 73 Electronics Technology Corporation ELC Service 1,160,470 3.03 0.36 0.27 57 74 F.I.T Group Joint Stock Company FIT Service 4,339,323 3.01 0.36 0.25 51 75 Binh Dinh Minerals JSC BMC Mining and energy 219,552 2.67 0.22 0.21 55 76 Cholon Water Supply JSC CLW Mining and energy 457,231 4.61 0.38 0.24 50 77 Hoa An JSC DHA Mining and energy 365,250 4.66 0.38 0.60 69 78 Ha Giang Mineral and Mechinics JSC HGM Mining and energy 250,318 3.65 0.34 0.28 44 79 Nam Mu Hydropower JSC 486,004 5.25 0.36 0.58 65 HJS Mining and energy 29,378,656 HCE –5– No Company name Stock Code Industry Total assets (VND million) HCE SCE RCE SMA level 80 Vinacomin - Ha Lam Coal JSC HLC Mining and energy 4,181,777 4.33 0.58 0.36 55 81 Hoa Binh Minerals JSC KHB Mining and energy 359,909 5.26 0.74 0.61 72 82 Mineral & Mechanical JSC MIM Mining and energy 97,582 1.61 0.10 0.21 47 83 Vinacomin - Nui Beo Coal JSC NBC Mining and energy 1,896,154 5.33 0.73 0.45 60 84 Nui Nho Stone JSC NNC Mining and energy 494,444 1.50 0.06 0.46 69 85 Southern Gas Trading JSC PGS Mining and energy 2,249,588 22.92 0.51 0.49 70 86 PetroVietNam Northern Gas JSC PVG Mining and energy 1,309,797 5.87 0.79 0.49 62 87 PetroVietnam Technical Corporation PVS Mining and energy 25,541,110 3.29 0.21 0.25 46 88 Thac Ba Hydropower JSC TBC Mining and energy 879,793 4.80 0.24 0.65 64 89 Vinacomin - Coc Sau Coal JSC TC6 Mining and energy 1,530,487 5.46 0.53 0.28 51 90 Vinacomin - Cao Son Coal JSC TCS Mining and energy 2,065,540 5.79 0.57 0.30 58 91 Vinacomin - DeoNai Coal JSC TDN Mining and energy 931,441 2.59 0.34 0.27 47 92 Vinh Son - Song Hinh Hydropower JSC VSH Mining and energy 6,110,122 8.55 0.83 0.70 68 93 Vinacomin - Mong Duong Coal JSC MDC Mining and energy 1,319,827 1.86 0.25 0.11 35 94 Ninh Binh Thermal Power JSC NBP Mining and energy 376,921 1.46 0.13 0.11 33 95 PetroVietnam Gas Joint Stock Corp GAS Mining and energy 56,753,854 5.00 0.38 0.57 72 96 Idico Urban & House Development JSC UIC Mining and energy 418,083 1.80 0.16 0.34 57 97 Mekong Fisheries JSC AAM Agriculture 257,904 3.79 0.33 0.62 68 98 Bentre Aquaproduct Export JSC ABT Agriculture 649,276 2.20 0.23 0.34 54 99 Camimex Group JSC CMX Agriculture 684,436 4.22 0.49 0.30 51 –6– No Company name Stock Code Industry Total assets (VND million) HCE SCE RCE SMA level 100 Sao Ta Foods JSC FMC Agriculture 1,374,021 3.92 0.36 0.30 49 101 Ngo Quyen Seafood Processing JSC NGC Agriculture 104,190 3.61 0.20 0.58 66 102 Hung Hau Agricultural Corporation SJ1 Agriculture 701,157 4.69 0.48 0.41 63 103 TuongAn Vegetable Oil JSC TAC Agriculture 1,193,883 3.60 0.49 0.33 55 104 Seafood Joint Stock Company TS4 Agriculture 1,289,943 3.58 0.32 0.38 61 105 Safoco Foodstuff JSC SAF Agriculture 166,139 2.94 0.22 0.29 47 106 Hoang Anh Gia Lai JSC HAG Agriculture 52,763,470 7.98 0.89 0.60 73 107 Danang Books & School Equipment JSC BED Commercials 53,872 3.98 0.33 0.33 49 108 Mobile Telecom Infracstructure Corp BTT Commercials 418,488 4.76 0.52 0.47 58 109 Materials - Petroleum JSC COM Commercials 529,583 2.32 0.20 0.30 52 110 DIC Investment & Trading JSC DIC Commercials 1,235,090 6.27 0.57 0.32 53 111 Education Cartography & Illustration JSC ECI Commercials 37,150 2.03 0.32 0.18 40 112 Ha Noi Beer Trading JSC HAT Commercials 118,839 3.04 0.24 0.33 49 113 Hang Xanh Motors Service JSC HAX Commercials 861,001 7.01 0.56 0.40 62 114 Phuong Nam Cultural JSC PNC Commercials 527,361 5.23 0.56 0.28 44 115 Savimex Corporation SAV Commercials 451,730 1.48 0.24 0.11 43 116 SaiGon Fuel Joint Stock Company SFC Commercials 519,328 3.83 0.29 0.44 56 117 Sa Giang Import Export Corporation SGC Commercials 167,258 2.99 0.33 0.33 48 118 Sai Gon Machinery Spare Parts JSC SMA Commercials 666,247 3.30 0.25 0.67 73 119 Saigon General Service Corporation SVC Commercials 3,337,818 4.99 0.42 0.45 47 –7– No Company name Stock Code Industry Total assets (VND million) HCE SCE RCE SMA level 120 Telecom Industry Electronics JSC TIE Commercials 302,107 5.98 0.60 0.50 67 121 Vien Lien JSC UNI Commercials 167,452 5.81 0.63 0.36 60 122 Vien Dong Investment Trading Corp VID Commercials 502,119 3.97 0.24 0.38 76 123 FPT Corporation FPT Commercials 29,833,262 2.66 0.34 0.28 47 124 Gemadept Corporation GMD Logistics & equipment 10,117,919 5.38 0.60 0.37 63 125 Hoang Ha JSC HHG Logistics & equipment 577,433 4.01 0.58 0.40 59 126 Ha Tien Transport JSC HTV Logistics & equipment 354,719 2.76 0.17 0.21 45 127 Maritime Supply & Techlonogy JSC MAC Logistics & equipment 230,857 2.77 0.31 0.26 46 128 Mai Linh Central JSC MNC Logistics & equipment 890,660 4.12 0.66 0.30 64 129 PGT Holdings JSC PGT Logistics & equipment 79,657 3.15 0.32 0.36 65 130 Petrolimex Joint Stock Tanker Company PJT Logistics & equipment 278,830 3.00 0.22 0.25 46 131 Tay Ninh Cable Car Tour Company JSC TCT Logistics & equipment 253,366 3.57 0.22 0.35 66 132 Transportation and Trading Services JSC TJC Logistics & equipment 195,443 4.98 0.59 0.36 59 133 Telecom Transportation Service JSC TST Logistics & equipment 215,635 2.01 0.32 0.19 42 134 VanLang Technology & Transport JSC VLA Logistics & equipment 17,079 2.15 0.33 0.19 41 135 Vietnam Container Shipping JSC VSC Logistics & equipment 2,397,438 4.62 0.58 0.32 65 136 Vietnam Sea Transport & Chartering JSC VST Logistics & equipment 1,740,122 2.35 0.13 0.24 42 137 Danang Airports Services JSC MAS Logistics & equipment 127,387 3.99 0.31 0.36 48 138 Vietnam Petroleum Transport JSC VIP Logistics & equipment 1,707,345 6.69 0.50 0.48 67 139 Vinalink Logistics JSC VNL Logistics & equipment 334,433 4.87 0.17 0.20 39 –8– No Company name Stock Code Industry Total assets (VND million) HCE SCE RCE SMA level 140 Vinaship JSC VNA Logistics & equipment 948,236 3.67 0.27 0.46 53 141 VietNam Sun Copporation VNS Logistics & equipment 3,183,174 4.23 0.38 0.45 43 142 Viet Nam Ocean Shipping JSC VOS Logistics & equipment 4,238,710 4.70 0.36 0.48 67 143 Binh Duong Civil Engineering JSC BCE Real estate & construction 1,264,063 1.43 0.04 0.12 30 144 Construction & Infrastructure JSC CID Real estate & construction 15,729 4.43 0.40 0.47 64 145 Construction Joint Stock Company CT6 Real estate & construction 232,660 1.53 0.19 0.15 33 146 Development Construction JSC DC2 Real estate & construction 80,904 1.44 0.19 0.15 32 147 Development Construction JSC DIG Real estate & construction 5,875,806 2.12 0.24 0.28 51 148 Dalat Real Estate JSC DLR Real estate & construction 155,317 3.78 0.24 0.37 51 149 Tasco Joint Stock Company HUT Real estate & construction 9,319,853 4.02 0.62 0.37 72 150 Lilama Erection Mechanical JSC L35 Real estate & construction 243,637 1.35 0.21 0.05 31 151 Lilama 45.4 JSC L44 Real estate & construction 327,385 1.99 0.05 0.25 38 152 Erection - Electromechanics Testing JSC LCD Real estate & construction 106,068 1.66 0.15 0.14 33 153 Lilama 18 Joint Stock Company LM8 Real estate & construction 1,976,772 1.29 0.11 0.12 30 154 Ha Noi South Housing and Urban Corp NHA Real estate & construction 143,796 4.54 0.54 0.43 72 155 Hong Ha Viet Nam JSC PHH Real estate & construction 761,328 2.89 0.40 0.25 47 156 Song Da JSC SD4 Real estate & construction 1,080,310 1.86 0.30 0.14 36 157 Song Da No JSC SD9 Real estate & construction 1,817,347 4.85 0.38 0.42 59 158 Simco Song Da JSC SDA Real estate & construction 407,897 2.20 0.37 0.18 43 159 Song Da Electrical Engineering JSC SDE Real estate & construction 62,543 2.31 0.25 0.17 41 –9– No Company name Stock Code Industry Total assets HCE SCE RCE SMA level 512,820 12.42 0.46 0.46 65 (VND million) 160 Song Da Infrastructure Construction JSC SDH Real estate & construction 161 Song Da No 10 JSC SDT Real estate & construction 3,090,551 1.91 0.23 0.25 40 162 Binh Duong Trade And Development JSC TDC Real estate & construction 7,278,283 3.42 0.21 0.28 43 163 Vinaconex 21 Joint Stock Company No.21 V21 Real estate & construction 351,715 3.08 0.20 0.28 41 164 Construction Joint Stock Company No.9 VC9 Real estate & construction 1,375,140 1.43 0.07 0.06 29 165 Vneco1 Electricity Construction JSC VE1 Real estate & construction 32,292 2.66 0.37 0.25 46 166 VNECO Electricity Construction JSC VE3 Real estate & construction 46,916 1.34 0.11 0.15 30 167 Electrification & Construction JSC MCG Real estate & construction 1,888,677 5.49 0.54 0.41 68 168 Construction BDC Viet Nam JSC MCO Real estate & construction 157,075 5.78 0.53 0.40 54 169 NBB Investment Corporation NBB Real estate & construction 4,984,440 4.23 0.35 0.34 51 170 Refrigeration Electrical Engineering Corp REE Real estate & construction 11,396,635 7.25 0.46 0.44 66 171 Song Da Construction JSC SDD Real estate & construction 419,195 5.57 0.61 0.31 59 172 FLC Group JSC FLC Real estate & construction 17,908,798 3.16 0.45 0.47 63 173 Foreign Trade Investment Corporation FDC Real estate & construction 870,408 3.47 0.48 0.23 53 174 Water Supply Sewerage Contruction JSC VSI Real estate & construction 400,660 3.68 0.32 0.41 53 ... of Vietnam Vietnamese business environment – 24 – will provide enough information about intellectual capital as well as strategic management accounting practices that support such – 25 – research... chapters – 8 4– Chapter 3: Theoretical framework and hypotheses development This chapter focuses on underlying theoretical framework to develop the testable hypotheses of the two – 96 – research... variables .130 Table 7.1 Example of intellectual capital components in value chain 140 – 16 I – LIST OF FIGURES Figure 2.1 Four-stage model of corporate market valuation 42 Figure