Farmers'''' behavioral intention to use formal credit: a study in Cantho City, Vietnam

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Pham Thanh An FARMERS’ BEHAVIORAL INTENTION TO USE FORMAL CREDIT: A STUDY IN CANTHO CITY, VIETNAM Ho Chi Minh City – 2016 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Pham Thanh An FARMER’S BEHAVIORAL INTENTION TO USE FORMAL CREDIT: A STUDY IN CANTHO CITY, VIETNAM ID: …… MASTER OF BUSINESS (Honours) SUPERVISOR: Dr TRAN PHUONG THAO Ho Chi Minh City – 2016 i ACKNOWLEDGMENTS Firstly, I would like to express my deepest appreciation to my supervisor Dr Tran Phuong Thao for her professional guidance, valuable advices, continuous encouragement, and support that made this thesis possible I would like to extend deep senses of gratitude to Prof Nguyen Dinh Tho, Dr Tran Ha Minh Quan, and lecturers who have taught and transferred me valuable knowledge and experiences during my time taking Master of Business courses at International School of Business, special thanks to all of my dear friends in Mbus4 class who gave me useful materials, responses and experiences to conduct this study I would also like to express my grateful thanks to my associates, my friends, and my colleagues who participated in filling the questionnaires and/or helped send the questionnaires to the famers, and provided valuable information and comments for this study Personally, I wish to express my deep gratitude to my colleagues and friends working at State Bank of Vietnam, Cantho City; MBBank Cantho; Vietcombank Cantho; Sacombank Cantho; Eximbank Cantho; BIDV Cantho; Agribank Cantho Ho Chi Minh City, Vietnam ii ABSTRACT Exploring motivation for accessing formal credit is increasingly receiving interest from researchers and practitioners However, few of their works have specifically investigated in the context of Vietnam on empirical basis This paper aims to empirically examine the determinants of farmer‟s behavioral intention towards using formal credit in Vietnam Drawing on Theory of Reasoned Action (TRA) model, this study suggests a modified TRA model associated with other constructs (i.e perceived service quality, and perceived value) Using a data set of 250 cases in a survey and multiple regressions, the analyses indicated that formal credit‟s usage is enabled substantially by perceived service quality and subjective norm following by perceived value and attitude The results imply that to facilitate the farmer‟s behavioral intention to use formal credit, banking authorities and commercial banks need to continuously improve quality of lending service which focuses on simplifying procedures of approving and disbursing fund, and to consider educating the farmers and local associations the promotion of ease of use and usefulness of formal credit as well as its distinct advantages compared with informal credit or “black credit” The findings suggest several implications for leadership of commercial banks and banking authorities Keywords: Formal credit, Theory of Reasoned Action (TRA), perceived service quality, perceived value, behavioral intention iii TABLE OF CONTENTS ACKNOWLEDGMETS i ABSTRACT ii TABLE OF CONTENT iii LIST OF FIGURES v LIST OF TABLES vi LIST OF ABBREVIATIONS .vii CHAPTER 1: INTRODUCTION 1.1 Research background 1.2 Research problem 1.3 Research objectives 1.4 Research scope 1.5 Research contribution 1.6 Research structure CHAPTER 2: LITERATURE REVIEW 2.1 Foundational theory 2.2 Review on Behavioral intention 10 2.3 Hypotheses Development 12 2.3.1 Attitude 12 2.3.2 Subjective norm 13 2.3.3 Perceived service quality 14 2.3.4 Perceived value 15 2.4 Conceptual model 16 2.5 Chapter summary 17 CHAPTER 3: METHODOLOGY 18 3.1 Research process 18 3.2 Questionnaire design 19 3.3 Sampling method 22 3.4 Research method 22 3.4.1 Reliability measure (Cronbach‟s Alpha) 22 iv 3.4.2 Validity measure by exploratory factor analysis 22 3.4.3 Multiple Regressions 23 3.5 Chapter summary 24 CHAPTER 4: DATA ANALYSIS 25 4.1 Respondent‟s demographics 25 4.2 Reliability Analysis 26 4.3 Exploratory factor analysis (EFA) 28 4.3.1 EFA for Independent constructs 28 4.3.2 EFA for Dependent variable 30 4.4 Multiple Regressions 30 4.4.1 Results of testing assumptions 31 4.4.2 Results of multiple regressions analysis 32 4.5 Discussion of research findings 35 4.6 Chapter summary 38 CHAPTER 5: CONCLUSIONS AND IMPLICATIONS 40 5.1 Conclusion 40 5.2 Implications 41 5.2.1 For bank‟s Managers 41 5.2.2 For government authorities 42 5.3 Recommendation for further studies 42 REFERENCE 44 APPENDICES 55 Appendix A: List of in-depth interview participants Appendix B: In-depth interview‟s refinement measurement scale Appendix C: Questionnaire (English Version) Appendix D: Questionnaire (Vietnamese Version) Appendix E: Descriptive statistics Appendix F: Reliability test Appendix G: Exploratory factors analysis 11 Appendix H: Regressions Results 13 v LIST OF FIGURES Figure 2.1 TRA model Figure 2.2 Conceptual model 17 Figure Research process 19 Figure The research model tested by Multiple Regressions 35 vi LIST OF TABLES Table 2.1 Representative studies utilizing TRA and bank selection criteria 11 Table 3.1 Final measurement scales 21 Table 4.1 Demographics profile 25 Table 4.2 Reliability test result 26 Table 4.3 KMO and Bartlett's Test of Independent variables 28 Table 4.4 Total variance explained of Independent variables 29 Table 4.5 Pattern matrix 29 Table 4.6 KMO and Bartlett's Test of Dependent variable 30 Table 4.7 Factor Matrix 30 Table 4.8 Total variance explained of Dependent variables 30 Table 4.9 Correlation matrix 32 Table 4.10 Model summary 32 Table 4.11 ANOVA 33 Table 4.12 Regression results by ENTER method 33 Table 4.13 Summary of results of testing hypotheses 34 vii LIST OF ABBREVIATIONS No Abbreviation Name TRA Theory of reasoned action EFA Exploratory Factor Analysis ATT Attitude SJN Subjective norm PSQ Perceived service quality PVL Perceived Value TAM Technology acceptance model TPB Theory of planned behavior SBV State Bank of Vietnam CHAPTER 1: INTRODUCTION 1.1 Research background Vietnam‟s economy has been converting from a centrally planned economy to a market - oriented economy as from the Doi Moi policy being initiated in the late 1980s The policy resulted in a steady annually economic growth of 4.6% in the 1980s, 7.6% in the 1990s and 7% in 2008 (Duy, D‟Haese, Lemba, Hau & D‟Haese, 2012) For instance, the contribution of agriculture to total gross domestic production on average at 3.68% per annum for the period of 1986 to 2014, of which growth rate of farming, forestry and fishery production stably increase by 5.5% per annum within the same period (Ministry of Foreign Affairs, 2016) After 20 years since Doi Moi policy, agricultural production has been steadily grown, in which food production had a significant rise since 1989 Yet, poverty levels remain relatively high in countryside areas, with the inequity in development between rural and urban regions still being large Additionally, there is a wide gap in wealth between rich and poverty-stricken households Rural economies in Vietnam therefore deserve more attention and support, if rural poverty is to be contained (Scott & Brassard, 2005) Known as a country of high proportion of rural population, 66.9% of the peasant households of Vietnam live in rural areas mainly attached to farming (General Statistics Office of Vietnam, 2014) Peasant household, nevertheless, does farming business without right direction and with being in shortage of finance (Phan Huy Duong, Bui Duc Tung & Phan Anh, 2010) Credit, hence, is considered to be an essential resource to improve farm household welfare and production In rural development programs, the government uses credit programs in an attempt to provide the rural poor with access to cheap credit, in order to increase productivity, living standards Access to formal credit is considered to be an important tool for promoting production and quality of life (Duy et al., 2012) Formal credit, which is also widely named as agricultural credit, rural credit, is generated from formal lenders (i.e commercial banks, cooperative banks) being institutions regulated by the government and operated within the regulatory framework of the financial systems while informal sources are money lenders, 53 Tarkiainen, A., & Sundqvist, S (2005) Subjective norms, attitudes & intentions of Finnish consumers in buying organic food British Food Journal, 107(11), 808–22 Teo, T S H., & Pok, S H (2003) Adoption of WAP-enabled mobile phones among internet users The International Journal of Management Science, 31(6), 483– 498 Ursavas, Ö F (2015) The influence of hedonic & utilitarian motivations on teachers behavioral intention to use tablet PCs Egitim Ve Bilim, 40(179), 25-43 Venkatesh, V., & Davis, F D (2000) A theoretical extension of the technology acceptance model: Four longitudinal field studies Management Science, 46(2), 186–204 Vietnam Trade Promotion Agency (2015) Overview of Cantho City Retrieved November 20, 2016, from http://www.vietrade.gov.vn/en/index.php?option=com_content&view=article& id=1149:overview-of-can-tho-city&catid=303:overview-of-provincescities&Itemid=296 Vietnam Farmer‟s Union (2016) Paradox: it is hard for farmer to borrow while bank find slow selling (in Vietnamese) Retrieved November 20, 2016, from http://www.hoinongdan.org.vn/sitepages/news/68/45879/nghich-ly-nong-dankho-vay-ngan-hang-e-von Warshaw, P R., & Davis, F D (1985) Disentangling behavioral intention & behavioral expectation Journal of Experimental Social Psychology, 21(3), 213–228 Wei, J., Chen, H., & Long, R (2016) Is ecological personality always consistent with low-carbon behavioral intention of urban residents? 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II Section B: Upon participating in this survey, you might be ever used formal credit or never used However, since this survey is to investigate the intention of the users, in case of not borrowing loan yet, you are still welcomed to participate The followings are the statements on factors affecting the behavioral intention to borrow loan To what extent you agree with each of statement; please indicate your answer by ticking off the appropriate number ANSWER GUIDE: please indicate your answer by circling the appropriate number relevant to your choice      Number 1: Strongly disagree on the statement Number 2: Disagree on the statement Number 3: Neutral on the statement Number 4: Agree on the statement Number 5: Strongly agree on the statement Correcting mistakes in bank is efficient 10 13 14 15 16 17 18 19 Compared to informal credit, the bank offers attractive product/service costs Compared to informal credit , the bank charges me fairly for similar loans Compared to informal credit, the bank provides more free services Comparing what I pay to what I might get from other informal sources, I think the bank provided me with good value At present I‟m keen on borrowing loans from banks for doing business I would come back to a bank to borrow loans in the future I would encourage my friends, relatives to borrow loan from bank Strongly agree 12 Agree 11 I prefer applying commercial bank loan to farming business than borrowing from relative or friends Borrowing from commercial bank is benefit It‟s necessary to use formal credit to business Surrounding people encourages me using bank loan from commercial banks (instead of informal credit, borrowing from relatives/friends) Members of local associations in my community like farmer‟s union, women‟s union, youth‟s union, encourage me to use formal credit for farming activities People having influence on my decision recommend me borrow bank‟s loans Bank has a wide range of banking service Bank staff offers more detailed information/knowledge of customers‟ accounts, portfolio and services There is safety of funds and high confidence at bank Bank offers speed of services and decision process Bank‟s account and transaction is accurately and carefully Neutral STATEMENTS Disagree No Strongly disagree 4 1 2 3 4 5 5 5 1 2 3 4 5 5 5 5 5 5 APPENDIX D (Vietnamese version of Questionnaire) BẢNG CÂU HỎI KHẢO SÁT Chào Anh/Chị, Tôi tên Phạm Thanh An, học viên cao học MBus – Viện Đào tạo Quốc tế, Trường Đại học Kinh tế TP.HCM Hiện tại, thực đề tài “Các yếu tố ảnh hưởng đến định vay vốn ngân hàng nông dân: kinh nghiệm phân tích thực tế thành phố Cần Thơ, Việt nam” Rất mong Anh/Chị dành chút thời gian để trả lời số câu hỏi sau đây.Trong bảng câu hỏi này, khơng có quan điểm thái độ hay sai, tất ý kiến thông tin hữu ích cho nghiên cứu Xin chân thành cám ơn Anh/Chị I Phần A: Thông tin cá nhân Câu Nội dung Giới tính □ Nữ □ Nam □ 18~25 □ 26~35 Tuổi □ 36~45 □ 46~55 □ > 55 □ Phổ thông □ Trung cấp Học vấn □ Cao đẳng, Đại học □ Sau đại học Anh/chị vay vốn ngân hàng □ Có □ Khơng chưa? Tên ngân hàng (nếu vay):…………… Anh chị vay vốn sử dụng vào việc sản □ Có □ Khơng xuất kinh doanh nơng nghiệp? II Phần B: Anh/chị tham gia khảo sát vay vốn ngân hàng chưa sử dụng Tuy nhiên khảo sát ý định sử dụng người nên trường hợp anh/chị chưa vay vốn tham gia khảo sát để biết ý định sử dụng tương lai Dưới phát biểu yếu tố ảnh hưởng đến định đến định hướng vay vốn ngân hàng nơng dân Anh/Chị vui lịng cho biết mức độ đồng ý phát biểu chọn điểm thích hợp HƯỚNG DẪN TRẢ LỜI: Xin vui lòng trả lời cách khoanh tròn vào số tương ứng với chọn lựa Anh/Chị, với qui ước:      Số 1: Rất không đồng ý với câu phát biểu Số 2: Không đồng ý với câu phát biểu Số 3: Trung hòa với câu phát biểu Số 4: Đồng ý với câu phát biểu Số 5: Rất đồng ý với câu phát biểu Ngân hàng khắc phục cố, sửa lỗi nhanh chóng kịp thời 10 13 14 15 16 17 18 19 So với vay bên ngồi, chi phí dịch vụ/sản phẩm ngân hàng thu hút Với khoản vay nhau, ngân hàng thu phí hợp lý so với vay So với vay ngoài, ngân hàng cung cấp nhiều dịch vụ tư vấn So với bỏ nhận lại từ vay ngồi, tơi nghĩ ngân hàng mang lại giá trị tốt Hiện tại, đangmuốn vay vốn ngân hàng để mở rộng canh tác và/hoặc kinh doanh phục vụ sản xuất nông nghiệp Tôi tiếp tục sử dụng vốn ngân hàng thời gian tới Tơi khuyến khích vay vốn ngân hàng đến số người thân, bạn bè mà biết Rất đồng ý 12 Đồng ý 11 Khi cần vay vốn để làm ăn, ưu tiên chọn ngân hàng mượn người thân bạn bè Theo tơi, vay vốn ngân hàng có lợi Theo tơi, làm ăn phải vay vốn ngân hàng Những người thân xung quanh khuyến khích tơi nên vay vốn ngân hàng thương mại (khơng vay ngồi, chơi hụi, mượn người thân) Những người tổ chức đoàn thể xã hội địa phương tối cư trú hội nông dân, hội phụ nữ, hội niên,…đều khuyến khích tơi nên vay vốn ngân hàng phục vụ sản xuất nông nghiệp Những người có ảnh hưởng đến định tơi nghĩ nên chọn vay vốn ngân hàng Ngân hàng cung cấp nhiều gói vay dịch vụ khác đáp ứng nhu cầu vay nông hộ Nhân viên ngân hàng tư vấn cặn kẽthủ tục cho vay phương án kinh doanh hiệu Các khoản vay ngân hàng bảo mật tốt cam kết cao Qui trình thủ tục vay vốn ngân hàng thực nhanh chóng Qui trình giải ngân thực xác Trung hịa PHÁT BIỂU Không đồng ý STT Rất không đồng ý 1 2 3 4 5 5 5 5 5 5 5 5 5 APPENDIX E: DESCRIPTIVE STATISTICS Descriptive Statistics ATT1 ATT2 ATT3 SJN1 SJN2 SJN3 PSQ1 PSQ2 PSQ3 PSQ4 PSQ5 PSQ6 PVL1 PVL2 PVL3 PVL4 BEH1 BEH2 BEH3 Valid N (listwise) N Minimum Maximum Mean Std Deviation Statistic Statistic Statistic Statistic Statistic 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 3.76 3.85 3.90 3.61 3.73 3.70 3.64 3.66 3.67 2.69 3.58 2.72 3.58 3.60 3.77 3.69 3.74 3.75 3.73 0.972 0.930 0.930 0.895 0.895 0.963 1.005 0.937 0.956 1.334 1.128 1.443 1.085 1.053 1.130 1.070 0.918 0.908 0.894 Skewness Statistic -1.180 -0.877 -1.302 -1.256 -0.893 -1.126 -0.736 -0.623 -0.850 0.109 -0.877 0.184 -0.950 -0.651 -0.871 -0.925 -0.445 -0.649 -1.043 Kurtosis Std Error 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 0.154 Statistic 1.290 0.551 1.853 1.547 0.911 1.106 0.051 0.105 0.406 -1.381 0.070 -1.390 0.128 -0.026 0.010 0.283 -0.554 0.291 1.087 Std Error 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 0.307 APPENDIX F: RELIABILITY TEST Reliability Statistics Cronbach's Alpha N of Items 0.891 Item-Total Statistics Cronbach's Scale Mean if Scale Variance if Corrected Item- Item Deleted Item Deleted Total Correlation Alpha if Item Deleted BEH1 7.48 2.837 0.774 0.856 BEH2 7.48 2.837 0.788 0.843 BEH3 7.49 2.861 0.797 0.836 Reliability Statistics Cronbach's Alpha N of Items 0.785 Item-Total Statistics Cronbach's Scale Mean if Item Deleted Scale Variance if Corrected ItemItem Deleted Total Correlation Alpha if Item Deleted ATT1 7.75 2.599 0.659 0.669 ATT2 7.66 2.908 0.578 0.756 ATT3 7.62 2.776 0.635 0.696 Reliability Statistics Cronbach's Alpha N of Items 0.769 Item-Total Statistics Cronbach's Scale Mean if Item Deleted Scale Variance if Corrected ItemItem Deleted Total Correlation Alpha if Item Deleted SJN1 7.42 2.671 0.588 0.706 SJN2 7.31 2.624 0.609 0.683 SJN3 7.34 2.426 0.613 0.679 Reliability Statistics Cronbach's Alpha N of Items 0.738 Item-Total Statistics Cronbach's Scale Mean if Scale Variance if Corrected Item- Item Deleted Item Deleted Total Correlation Alpha if Item Deleted PSQ1 16.31 14.665 0.644 0.660 PSQ2 16.30 15.253 0.615 0.671 PSQ3 16.28 15.080 0.625 0.668 PSQ4 17.26 15.486 0.320 0.753 PSQ5 16.37 15.006 0.498 0.695 PSQ6 17.24 14.976 0.320 0.761 Reliability Statistics Cronbach's Alpha N of Items 0.926 Item-Total Statistics Cronbach's Scale Mean if Item Deleted Scale Variance if Corrected ItemItem Deleted Total Correlation Alpha if Item Deleted PVL1 11.06 8.996 0.807 0.911 PVL2 11.04 9.191 0.802 0.913 PVL3 10.87 8.549 0.847 0.898 PVL4 10.95 8.813 0.859 0.894 10 APPENDIX G: EXPLOTARY FACTORS ANALYSIS KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity 0.829 Approx Chi-Square 1.993E3 df 91 Sig 0.000 Total Variance Explained Rotation Sums of Initial Eigenvalues Extraction Sums of Squared Loadings % of Variance Cumulative % Total % of Variance Cumulative % Squared Loadings a Factor Total Total 4.773 34.094 34.094 4.486 32.045 32.045 3.521 2.340 16.712 50.806 2.076 14.831 46.877 3.487 1.923 13.734 64.540 1.513 10.808 57.685 2.430 1.614 11.527 76.067 1.177 8.405 66.090 1.979 0.549 3.922 79.989 0.499 3.562 83.551 0.450 3.215 86.766 0.372 2.656 89.421 0.336 2.399 91.820 10 0.312 2.228 94.049 11 0.293 2.093 96.142 12 0.204 1.459 97.601 13 0.183 1.308 98.909 14 0.153 1.091 100.000 Extraction Method: Principal Axis Factoring a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance Pattern Matrix a Factor PVL4 0.903 PVL2 0.874 PVL3 0.872 PVL1 0.834 PSQ1 0.917 11 PSQ2 0.853 PSQ3 0.838 PSQ5 0.772 ATT1 0.815 ATT3 0.741 ATT2 0.689 SJN2 0.748 SJN1 0.727 SJN3 0.711 Extraction Method: Principal Axis Factoring Rotation Method: Promax with Kaiser Normalization a Rotation converged in iterations 12 APPENDIX H: REGRESSION RESULTS b Model Summary Model R 0.644 R Square a Adjusted R Std Error of the Square Estimate 0.415 0.406 Durbin-Watson 0.63321 1.457 a Predictors: (Constant), PVL, SJN, ATT, PSQ b Dependent Variable: BEH b ANOVA Model Sum of Squares df Mean Square Regression 69.705 17.426 Residual 98.234 245 0.401 167.940 249 Total F Sig 43.462 0.000 a a Predictors: (Constant), PVL, SJN, ATT, PSQ b Dependent Variable: BEH Coefficients a Standardized Unstandardized Coefficients Model B Std Error (Constant) 0.185 0.278 ATT 0.236 0.055 SJN 0.280 PSQ PVL a Dependent Variable: BEH Coefficients Beta t Sig 0.665 0.507 0.227 4.324 0.000 0.055 0.259 5.106 0.000 0.244 0.049 0.264 4.999 0.000 0.200 0.044 0.239 4.600 0.000 13