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The measurement of successful management via a net profit maximization model with ten factors and financial accounting disclosure policy- case of Vinamilk in F&B Industry in Vietnam

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When a firm has better disclosure policy of financial accounting information it will attract more investment. Many factors affecting accounting information disclosure policy include firm size, leverage, industry characteristics, investor types, etc. And good financial accounting data disclosure will help to reduce risk level of firms. At micro level, cost and net sale factors will affect net profit while at macro levels, risk free rate and exchange rate will impact. According to Nikkei Asian Review, Vinamilk (VNM) is the only brand in F&B industry and the domestic industry leader which ranked 25th among 300 listed companies in the List of ASIA300 Power Performers. It leads the organic trend in milk industry and has made very positive contributions to the overall achievements of economic and social values. Good business management requires us to consider the impacts of multi macro and micro factors on net profit, both internal and external factors, and it contributes to promoting business plan and economic policies for economic growth and stabilizing business operation. By data collection method through statistics, analysis, synthesis, comparison, quantitative analysis to generate qualitative comments and discussion; using econometric method to perform regression equation and evaluate quantitative results, the article analyzed and evaluated the impacts of ten (10) macroeconomic factors such as: stock price, VNIndex, risk free rate, lending rate, cost, sale, inflation, GPD growth, S&P500, exchange rate, etc. on net profit of a leading milk listed company, Vinamilk (VNM) in Vietnam in the 10-year period of 2010-2019, both positive and negative sides. From that regression model and analysis, it will draw leadership features, strengths of this industrial leader. The results of quantitative research, in a ten factor model, show that the decrease in GDP growth and risk free rate, inflation and increase in net sale will have a significant effect and increase VNM net profit, with the highest impact coefficient, the second is decreasing cost. This research finding and recommended policy also can be used as reference in policy for F&B system in many developing countries.
Czasopismo
Rocznik
Strony
1--19
Opis fizyczny
Bibliogr. 20 poz., tab.
Twórcy
  • Thuongmai University Hanoi, Vietnam
  • Vietnam General Confederation of Labour, Vietnam
autor
  • Academy of Finance, Vietnam
  • Banking University HCMC, Ho Chi Minh city Vietnam-International University of Japan, Japan
autor
  • Faculty of Economics and Business Administration, Hai Phong University, Vietnam
Bibliografia
  • [1] Al-Abedallat, A.Z. (2017). Factors Affecting the Profitability of Banks: A Field Study of Banks Operating in Jordan, European Scientific Journal, 13(22). doi: 10.19044/esj.2017.v13n22p141.
  • [2] Bertuah, I., & Sakti, I. (2019). The Financial Performance and Macroeconomic Factors in Forming Stock Return, Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 4: 511-522.
  • [3] Charles, W.M., & Biro, C. (2017). An Examination of Factors Affecting Financial Statement Placement Order, Journal of Business & Economic Policy, 4(3).
  • [4] Cherif, R., & Hasanov, F. (2012). Public Debt Dynamics: The Effects of Austerity, Inflation, and Growth Shocks, IMF Working paper WP/12/230.
  • [5] Dewi, V.I., Soei, C.T.L., & Surjoko, F.O. (2019). The Impact of Macroeconomic Factors on Firms’ Profitability (Evidence From Fast Moving Consumer Good Firms Listed on Indonesian Stock Exchange), Academy of Accounting and Financial Studies Journal, 23(1).
  • [6] Hirindu, K., & Kushani, P. (2017). The Factors Effecting on Bank Profitability, International Journal of Scientific and Research Publications, 7(2), 212-216.
  • [7] https://www.sbv.gov.vn.
  • [8] https://nif.mof.gov.vn.
  • [9] Kiganda, E.O. (2014). Effect of Macroeconomic Factors on Commercial Banks Profitability in Kenya: Case of Equity Bank Limited, Journal of Economics and Sustainable Development, 5(2).
  • [10]Krishna, R.C. (2015). Macroeconomic Variables impact on Stock Prices in a BRIC Stock Markets: An Empirical Analysis, Journal of Stock & Forex Trading, 4(2).
  • [11] Kulathunga, K. (2015). Macroeconomic Factors and Stock Market Development: With Special Reference to Colombo Stock Exchange, International Journal of Scientific and Research Publications, 5(8), 1-7.
  • [12] Ihsan, H., Ahmad, E., Muhamad, I.H., & Sadia, H. (2015). International Journal of Scientific and Research Publications, 5(8).
  • [13] Jarrah, M., & Salim, N. (2016). The Impact of Macroeconomic Factors on Saudi Stock Market (Tadawul) Prices, Int’l Conf. on Advances in Big Data Analytics.
  • [14] Luthra, M., & Mahajan, S. (2014). Impact of Macro factors on BSE Bankex, International Journal of Current Research and Academic Review, 2(2), 179-186.
  • [15] Margaretha, F., & Supartika, N. (2016). Factors Affecting Profitability of Small Medium Enterprises (SMEs) Firm Listed in Indonesia Stock Exchange, Journal of Economics, Business and Management,4(2).
  • [16] Ndlovu, M., Faisal, F., Nil, G.R., & Tursoy, T. (2018).The Impact of Macroeconomic Variables on Stock Returns: A Case of the Johannesburg Stock Exchange, Romanian Statistical Review, 2, 88-104.
  • [17] Pan, Q., & Pan, M. (2014). The Impact of Macro Factors on the Profitability of China’s Commercial Banks in the Decade after WTO Accession, Open Journal of Social Sciences, 2, 64-69.
  • [18] Quy, V.T., & Loi, D.T.N. (2016). Macroeconomic factors and Stock Price – A Case of Real Estate Stocks on Ho Chi Minh Stock Exchange, Journal of Science Ho Chi Minh City Open University, 2(18), 63-75.
  • [19] Popa, C.E., & Ciobanu, R. (2014). The Financial factors that Influence the Profitability of SMEs , International Journal of Academic Research in Economics and Management Sciences, 3(4).
  • [20] Saeed, S., & Akhter, N. (2012). Impact of Macroeconomic Factors on Banking Index in Pakistan, Interdisciplinary Journal of ContemporaryResearch in Business, 4(6), 1200-1218.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-dd9f4a0e-8c95-42aa-841f-57ff39cbe205
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