The effect of investment on the performance of Vietnamese listed firms: Moderating role of agency costs
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Received October 17, 2025;Accepted January 15, 2026;Published January 30, 2026
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Author(s)Xuan Quynh PhamLink to ORCID Index: https://orcid.org/0000-0002-9116-1381
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Hoang Thanh Truc NguyenLink to ORCID Index: https://orcid.org/0009-0008-4022-876X
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DOIhttp://dx.doi.org/10.21511/imfi.23(1).2026.11
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Article InfoVolume 23 2026, Issue #1, pp. 140-153
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Type of the article: Research Article
Abstract
This study investigates how investment influences firm performance, taking into account the moderating role of agency costs in an emerging market context. Using a balanced panel of 269 non-financial firms listed on the Ho Chi Minh City Stock Exchange from 2013 to 2022, the study applies the System Generalized Method of Moments (SGMM) to address potential endogeneity. The results reveal a nonlinear, inverted U-shaped relationship between investment and operational efficiency, indicating the existence of an optimal investment threshold. Beyond this level, further investment reduces performance due to overinvestment behavior. Moreover, agency costs are found to negatively affect both performance and the efficiency of investment decisions. Firms facing higher agency problems experience weaker performance improvements from increased investment, confirming the moderating effect of agency costs. The findings provide new evidence from a transitional market characterized by information asymmetry and weak governance structures, contributing to the literature on investment efficiency and agency theory. Policy implications highlight the need for governance transparency and effective monitoring mechanisms to mitigate agency-induced overinvestment.
- Keywords
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JEL Classification (Paper profile tab)O16, G31, G32, G34
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References30
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Tables9
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Figures1
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- Figure 1. Research framework
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- Table 1. Identification and measurement of variables
- Table 2. Identifying agency costs
- Table 3. Sample distribution by industry classification
- Table 4. Unit root test results
- Table 5. Descriptive statistics of variables
- Table 6. Descriptive statistics by agency cost group
- Table 7. Estimation results
- Table 8. Impact of investment on performance between LAC and HAC groups
- Table 9. Impact of overinvestment status on performance
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Conceptualization
Xuan Quynh Pham
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Data curation
Xuan Quynh Pham, Hoang Thanh Truc Nguyen
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Formal Analysis
Xuan Quynh Pham, Hoang Thanh Truc Nguyen
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Investigation
Xuan Quynh Pham, Hoang Thanh Truc Nguyen
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Methodology
Xuan Quynh Pham
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Project administration
Xuan Quynh Pham
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Supervision
Xuan Quynh Pham
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Validation
Xuan Quynh Pham
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Visualization
Xuan Quynh Pham, Hoang Thanh Truc Nguyen
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Writing – original draft
Xuan Quynh Pham, Hoang Thanh Truc Nguyen
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Writing – review & editing
Xuan Quynh Pham, Hoang Thanh Truc Nguyen
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Conceptualization
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Short video marketing factors influencing the purchase intention of Generation Z in Vietnam
Thi Thuy An Ngo
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Phu Quach
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Thanh Vinh Nguyen
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Anh Duy Nguyen
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Thi Minh Nguyet Nguyen
doi: http://dx.doi.org/10.21511/im.19(3).2023.04
Innovative Marketing Volume 19, 2023 Issue #3 pp. 34-50 Views: 8445 Downloads: 2435 TO CITE АНОТАЦІЯIn the digital age and technological advancements, short video platforms have become essential tools for online sales and marketing. In addition, shopping through short video marketing has gained significant attention, especially among Generation Z, as it brings unique and novel shopping experiences. The primary goal of this study is to explore the factors of short video marketing that influence the purchase intentions of Generation Z consumers in Vietnam. To conduct this study, a quantitative approach was employed, utilizing a 5-point Likert scale questionnaire administered online through a non-probability sampling method. The sample comprised 350 respondents aged between 16 and 26 from Vietnam, representing Generation Z, who made purchases through short video marketing. The relationships among various variables were analyzed using Structural Equation Modeling (SEM). The study’s results demonstrated a positive, significant, and direct relationship between all factors of short video marketing, including interesting content, perceived usefulness, scenario-based experience, user interaction, perceived enjoyment, and involvement of celebrities and consumer brand attitude. Among these factors, perceived usefulness is the most influential factor on customer brand attitude. In addition, the study revealed that consumer brand attitude, acting as a mediating variable, had a positive and significant impact on consumers’ purchase intentions. Based on the findings, the study suggested strategies for businesses to enhance the quality and content on short video platforms, thereby improving the effectiveness of their marketing strategies.
Acknowledgment
The authors express a sincere gratitude to all the participants who generously took part in this research study. -
Academic resilience, emotional intelligence, and academic performance among undergraduate students
Uzoma Ononye
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Mercy Ogbeta ,
Francis Ndudi
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Dudutari Bereprebofa ,
Ikechuckwu Maduemezia
doi: http://dx.doi.org/10.21511/kpm.06(1).2022.01
Knowledge and Performance Management Volume 6, 2022 Issue #1 pp. 1-10 Views: 6479 Downloads: 1707 TO CITE АНОТАЦІЯAcademic resilience and emotional intelligence are considered important personal resources for furthering students’ academic performance. However, many educational organizations seem to trivialize the performance implications of these constructs in teachings and curriculum. Consequently, it can decrease not just their academic performance but also their employability, as they lack the generic competencies to adapt and survive in a stressful context. Even so, empirical evidence on integrating academic resilience, emotional intelligence, and academic performance remains unexplored in the Nigerian university context. Therefore, the study aimed to investigate the linkages between academic resilience, emotional intelligence, and academic performance in Nigeria. The partial least square (PLS) modeling method was utilized for testing the stated hypotheses with data collected from 179 final year undergraduate students in the regular B.Sc. Business Administration and B.Sc. Marketing program at Delta State University, Nigeria. From the PLS results, the study reported that academic resilience was positively related to emotional intelligence (β = 0.125, p = 0.007), academic resilience (β = 0.231, p = 0.000) and emotional intelligence (β = 0.260, p = 0.000) were positively related to academic performance, and emotional resilience mediated the positive relationship between academic resilience and academic performance (β = 0.057, p = 0.005). While academic resilience predicted academic performance, it also predicted emotional intelligence, which affected academic performance significantly and positively.
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The effects of social media live streaming commerce on Vietnamese Generation Z consumers’ purchase intention
Thi Thuy An Ngo
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Chi Thanh Bui
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Huynh Khanh Long Chau
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Nguyen Phuc Nguyen Tran
doi: http://dx.doi.org/10.21511/im.19(4).2023.22
Innovative Marketing Volume 19, 2023 Issue #4 pp. 269-283 Views: 5455 Downloads: 4015 TO CITE АНОТАЦІЯSocial media live streaming commerce is an emerging and effective online shopping channel that integrates live streaming and e-commerce through social media platforms. This trend has gained significant attention, particularly from Generation Z, who are drawn to the interactive and entertaining aspects of shopping through live streaming. This study investigates factors affecting the purchase intention of Vietnamese Generation Z consumers in live streaming commerce on social media platforms, assessing the impact of six factors: entertainment, information quality, interactivity, perceived risk, peer customer evaluations and recommendations, and streamers. Using a non-probability sampling, an online survey was conducted among 344 consumers who possess prior experience with social media live streaming commerce. Data analysis used a partial least squares structural equation modeling technique. The findings revealed that increased entertainment, higher information quality, enhanced interactivity, positive peer customer evaluations and recommendations, and a more attractive and expert streamer positively impact purchase intention. Notably, streamers exhibited the most robust influence, while information quality demonstrated the weakest effect among the influencing factors. Conversely, perceived risk did not significantly hinder purchase intention, suggesting Generation Z consumers’ confidence in online transactions and their willingness to take risks for entertainment and interactivity in live streaming commerce. In light of these results, businesses are advised to elevate consumer purchase intentions by prioritizing aspects related to entertainment, information quality, interactivity, and peer customer evaluations. Prudent selection of streamers is highlighted as a pivotal strategy for organizations to effectively shape customer purchasing intentions.
Acknowledgment
The researchers express sincere gratitude to all the participants who generously participated in this study.

