Journal articles
Le C, Nguyen B, Vo XV (In Press). Do Intangible Assets Help SMEs in Underdeveloped Markets Gain Access to External Finance? – the Case of Vietnam. Small Business Economics
Nguyen B (In Press). Local Government and Small Business Revenue Forecasting: Evidence from a Transition Economy. Industrial and Corporate Change
Nguyen B, Lin H, Vu N (2023). Entrepreneurs' gender and small business going green.
International Journal of Entrepreneurial Behavior & Research,
29(7), 1720-1739.
Abstract:
Entrepreneurs' gender and small business going green
PurposeFor small businesses, the strategic objective of going green may be a gendered process. Male and female entrepreneurs, due to their gender roles, respond differently to intrinsic motivations and extrinsic pressures to go green. This study aims to investigate whether women-run or men-run firms are more likely to go green due to intrinsic motivations versus extrinsic pressures. Moreover, it examines how the effect of gender on going green is moderated by market competition and gender inequality.Design/methodology/approachThis study employs a dataset of small businesses in 40 countries, mostly developing, in Eastern Europe, Western Asia and Northern Africa.FindingsWomen-run firms are more likely to go green due to both intrinsic motivations and extrinsic pressures compared to men-run firms. Notably, market competition weakens the positive effect of female ownership on firm going green while gender inequality amplifies the relationship.Originality/valueThis research is one of the first to examine the gendered process of going green in small businesses. Using the social feminist and institutional theories to understand how male and female entrepreneurs go green for different types of motivations, this research expands understanding of the green transition of small businesses.
Abstract.
Do H, Nguyen B, Shipton H (2023). Innovation and internationalization in an emerging market context: Moderating effects of interpersonal and organizational social networks.
Journal of International Management,
29(2).
Abstract:
Innovation and internationalization in an emerging market context: Moderating effects of interpersonal and organizational social networks
This study draws upon the social network theory to understand under what conditions innovation influences firm internationalization in the context of Vietnamese small and medium-sized enterprises (SMEs). We theorize that different types of social networks play varying roles in moderating the relationship between innovation and firm internationalization. Using a panel dataset of more than 15,800 observations of SMEs, we found that high levels of interorganizational social networks positively moderate the relationship between innovation and firm internationalization. However, there is no such relationship for interpersonal social networks for the studied firms. Our findings will allow SME managers to better understand the crucial role that interorganizational social networks can play in their successful internationalization.
Abstract.
Nguyen B (2023). Regional informal institutions, local governance and internal migration in Vietnam.
Regional Studies,
57(7), 1189-1206.
Abstract:
Regional informal institutions, local governance and internal migration in Vietnam
Internal migration is an institutionalized process; it is affected not only by economic factors but also by institutional forces. This study thus employs institutional theory to investigate the importance of regional informal institutions and local governance quality on types of migration, as well as their impacts on migrants’ earnings. Examining a set of national internal migration data in Vietnam, we find that pure socialist regions (the north) attract in-migration for job-seeking purposes, while pre-capitalist regions (the south) attract in-migration for business opportunity-seeking purposes. More importantly, migration across regions with dissimilar informal institutions yields adverse effects on migrants’ earnings. Finally, migration from regions with a lower governance quality to regions with a higher governance quality improves migrants’ earnings.
Abstract.
Nguyen B, Le C, Vo XV (2023). The paradox of investment timing in small business: Why do firms invest when it is too late?.
Journal of Small Business Management,
61(2), 863-905.
Abstract:
The paradox of investment timing in small business: Why do firms invest when it is too late?
This article aims to tell the “gamble of resurrection” story for small owner-managed firms. Analyzing a set of private firms in Vietnam, we find that for firms that are less financially constrained, an increase in the degree of financing constraints leads to a decrease in the use of entrepreneurs’ personal capital. However, once critical value of constraints is reached, this relationship reverses. Specifically, deferring investments that would otherwise be in time may result in firms’ experiencing such serious financial distress that the entrepreneurs will invest their personal capital to try and maintain their firms’ survival even though it may be too late.
Abstract.
Du J, Nguyen B (2023). The ‘play’ of institutions and firm investment: Evidence from a transition economy.
International Journal of Finance & EconomicsAbstract:
The ‘play’ of institutions and firm investment: Evidence from a transition economy
AbstractAccording to recent literature in new institutional economics and entrepreneurship, institutions, including formal and informal ones (i.e. the rules) are important. However, in a homogeneous national institutional environment, it is unclear whether and how the execution of institutions (how the rules are implemented) matters. The purpose of this research is to assess the mechanisms that local governments can use to encourage entrepreneurial investment, which determines the future growth potential of small businesses. We find that (i) improving local institutional quality in general boosts entrepreneurial investment; and (ii) more financially constrained firms are more sensitive to informal local governance, while less financially constrained firms are more sensitive to local formal institutions, using a large‐scale small and medium‐sized enterprise (SME) dataset from Vietnam from 2006 to 2019.
Abstract.
Do H, Budhwar P, Shipton H, Nguyen HD, Nguyen B (2022). Building organizational resilience, innovation through resource-based management initiatives, organizational learning and environmental dynamism.
Journal of Business Research,
141, 808-821.
Abstract:
Building organizational resilience, innovation through resource-based management initiatives, organizational learning and environmental dynamism
Drawing upon the resource-based and dynamic capability views (RBV and DCV, respectively), this study examines the underlying theoretical mechanism between resource-based management initiatives (RBMI) and the resilience and innovation of Vietnamese small- and medium-sized enterprises (SMEs), taking account of potential boundary conditions. Using time-lag data (three waves of data collection) from 188 SMEs, the study finds that RBMI are positively associated with organizational resilience, which in turn enhances innovation. Our results also indicate that organizational learning mediates the RBMI-organizational resilience/innovation relationships. Finally, self‐awareness of environmental dynamism significantly strengthens the relationships between organizational learning and resilience/innovation. This study is among the first to combine and incorporate the RBV and DCV as a theoretical insight to explain how organizations develop their internal resources as a capacity for resilience and innovation in the emerging market context of Vietnamese SMEs. This study makes both theoretical and contextual contributions.
Abstract.
Du J, Nguyen B (2022). Cognitive financial constraints and firm growth.
Small Business Economics,
58(4), 2109-2137.
Abstract:
Cognitive financial constraints and firm growth
This study distinguishes entrepreneurs’ cognitive financial constraints from financial supply constraints and assesses their relative importance to small business growth. Drawing from the literature on cognitive styles and institutional theory, we argue that small businesses’ financial constraints derive not only from financial market failures but also from the cognitive factors of entrepreneurs. Analysing a comprehensive dataset of more than 200,000 small businesses in Vietnam, we show that both financial supply and cognitive financial constraints impede firm growth. Given this significantly deleterious effect, the cognitive financial constraints originating from the demand side of firm financing deserve more attention.
Abstract.
Nguyen B (2022). Does Local Environmental Governance Improve Tourism Companies’ Performance? Evidence from Vietnam.
Journal of Travel Research,
61(4), 747-761.
Abstract:
Does Local Environmental Governance Improve Tourism Companies’ Performance? Evidence from Vietnam
Institutions (rules of law) are important to tourism activities. However, national institutions cannot become effective when the execution of rules of law is inconsistent at the local levels. This study thus examines the role of local governance arrangements on the performance of tourism companies, focusing on environmental governance quality. Utilizing institutional theory, we propose a U-shaped relationship between tourism performance and environmental governance. When environmental governance arrangements are initially implemented, the performance of local tourism companies may be negatively affected due to institutional conflicts. However, as new environmentally responsible values are gradually institutionalized, the performance of the local tourism sector will improve. Analyzing more than three thousand tourism companies in Vietnam in 2018 using instrumental variable technique to control for endogeneity, we find some evidence to support the U-shaped function. Also, it is found that the U-shaped effect is stronger on foreign inbound tourists than on domestic tourists.
Abstract.
Nguyen CP, Thanh SD, Nguyen B (2022). Economic uncertainty and tourism consumption.
Tourism Economics,
28(4), 920-941.
Abstract:
Economic uncertainty and tourism consumption
This study examines the influence of economic uncertainty on tourism. The key hypothesis to test is that while economic uncertainty reduces outbound tourism, it may boost domestic tourism due to the economic-stagnant effects. Utilizing the framework of the theory of reasoned action to analyze a global sample of 124 countries over the period 1996–2017, we find some initial evidence showing that an increase in economic uncertainty encourages domestic tourism while reducing outbound tourism in the global sample. Notably, while these effects are consistent in the upper-middle-income economies, an increase in uncertainty has a positive impact on both domestic and outbound tourism in lower-middle-income economies and a negative impact on both domestic and outbound tourism in higher-income economies. The key implementation of this study is that tourism development is not always associated with economic development and stability; sometimes it could be a signal of economic stagnancy and inactiveness.
Abstract.
Nguyen B, Do H, Le C (2022). How much state ownership do hybrid firms need for better performance?.
Small Business Economics,
59(3), 845-871.
Abstract:
How much state ownership do hybrid firms need for better performance?
Abstract: Hybrid ownership—sharing partial business ownership with the state—is a new form of political connections that entrepreneurs in developing countries may employ to improve their access to key resources. This study investigates hybrid ownership as a strategic decision of entrepreneurs running small businesses in Vietnam—a transition economy. Utilising the resource dependence theory and legitimacy viewpoint, we propose and evidently show that increased state ownership in hybrid firms leads to improved performance. However, increasing state ownership beyond a minority share threshold harms firm performance due to the presence of agency costs. Also, the involvement of the state in firm governance reduces the benefits gained from having state ownership. Plain English Summary: is the more the better? How much state ownership really matters for hybrid firms to enhance their performance? More state ownership means more access to resources and privileges; but too much state ownership may reduce firm efficiency due to its poor governance. Analysing more than one million observations of small businesses in Vietnam, this study offers three insightful implications. First, for academics, institutional conditions should be considered when investigating political connections, especially in an emerging market context. Second, for practitioners, political connections in the form of hybrid ownership when being held at an adequate level can boost firm performance. However, an exceeding level of state ownership in hybrid firms may become harmful. Third, for policymakers, we suggest that forming hybrid business ownership with the private sector helps firms make use of state-owned resources. This collaboration is a win-win solution as long as the state ownership remains at an adequate level.
Abstract.
Nguyen B (2022). Internal migration and earnings: Do migrant entrepreneurs and migrant employees differ?.
Papers in Regional Science,
101(4), 901-944.
Abstract:
Internal migration and earnings: Do migrant entrepreneurs and migrant employees differ?
People move from one region of a country to another not only for employment but also for business opportunities. Their earnings, relative to those of comparable local employees and local entrepreneurs, reflect the efficiency of internal migration policies. Investigating a large number of migrants and non-migrants in Vietnam, we find that while migrant entrepreneurs earn more than local entrepreneurs, migrant employees earn less than their local counterparts. Moreover, regions with unalloyed socialist norms (North Vietnam) enhance migrants' advantages, leading to higher earnings, whereas migrants in regions with pro-entrepreneurship norms (South Vietnam) find it difficult to compete with the locals.
Abstract.
Nguyen B (2022). Networking in Weak Institutions: When is it Good for Small Business Investment? the Case of Vietnam.
Management and Organization Review,
18(3), 583-620.
Abstract:
Networking in Weak Institutions: When is it Good for Small Business Investment? the Case of Vietnam
This study investigates the influence of business-specific, bank-specific, and political-specific networks on small firm investments in Vietnam. Also, I aim to explain how these social networks substitute the weaknesses of local institutions. Examining a set of more than 9,800 firm-year observations of small businesses in Vietnam from 2005-2015, I find that social ties with bank officials can boost firm investments; social ties with government officials can help firms overcome institutional voids; whereas social ties with businesspeople appear trivial to investment decisions. More importantly, I propose that networking, especially networks built upon connections with government officials, can substitute local institutions by addressing weaknesses in (1) inefficient legal enforcement, (2) corruption, (3) bureaucratic compliance, and (4) non-transparent governance system.
Abstract.
Nguyen B (2022). Small business investment: the importance of financing strategies and social networks.
International Journal of Finance and Economics,
27(3), 2849-2872.
Abstract:
Small business investment: the importance of financing strategies and social networks
This study examines the association between financing strategies and firm investments. Employing theory of financing constraints and literature on formal/informal financing of small businesses to investigate a set of 15,851 observations of Vietnamese small businesses in 11 years, we suggest a pecking order of financing strategies in terms of firm investments, in ascending order as follows: (a) firms using no external finance, (b) firms using informal finance only, (c) firms using both formal and informal finance and (d) firms using formal finance only. In addition, we incorporate the theory of social capital to explore the moderating effect of networking on the relationship between financing and investment. Empirical results show that networks may enhance the relationship between informal finance and firm investments but not formal finance.
Abstract.
Nguyen PC, Nguyen B, Thanh SD (2022). The importance of export diversification for national entrepreneurship density.
Structural Change and Economic Dynamics,
62, 114-129.
Abstract:
The importance of export diversification for national entrepreneurship density
Economic integration is increasingly recognized as an important determinant of entrepreneurship. This study thus employs institutional theory to examine the influences of structural changes of export dynamics via export diversification on entrepreneurship in a global sample of 61 countries over the period 2006–2014. Results from Panel-Corrected Standard Errors estimators show that overall export diversification and export-intensive margins have negative effects on entrepreneurship, while export-extensive margin has a positive effect on entrepreneurship. Moreover, this study also reveals that export diversification may have a stronger contribution to entrepreneurship in low and middle-income economies (LMEs) than high-income economies (HIEs).
Abstract.
Nguyen B, Schinckus C, Canh NP, Thanh SD (2021). Economic Policy Uncertainty and Entrepreneurship: a Bad for a Good?.
The Journal of Entrepreneurship,
30(1), 81-133.
Abstract:
Economic Policy Uncertainty and Entrepreneurship: a Bad for a Good?
the study examines the influences of the global/domestic economic policy uncertainty (EPU) on entrepreneurship in a sample of 23 economies over the period 2006–2016. Employing the two-step system General Method of Moment estimation for unbalanced panel data, our study provides surprising evidence, indicating that EPU may not always be harmful to entrepreneurship. Precisely, in contrast with existing literature emphasising the negative impact of the uncertainty on entrepreneurship, our article suggests that EPU seems to boost pro-entrepreneurial social and cultural norms (i.e. encouraging actions for creation of new businesses). As such, we suggest that uncertainty may serve as an exogenous shock, filtering ‘good’ business ventures from ‘not-so-good’ ones.
Abstract.
Nguyen CP, Nguyen B, Duy Tung B, Dinh Su T (2021). Economic complexity and entrepreneurship density: a non-linear effect study.
Technological Forecasting and Social Change,
173Abstract:
Economic complexity and entrepreneurship density: a non-linear effect study
This study examines the link between economic complexity and entrepreneurship density. Testing 53 economies over the period 2006-2016, we find a significant Granger causality from economic complexity to entrepreneurship density, but reverse causality is not supported. Also, we suggest that entrepreneurship density is an inverted-U shaped function of economic complexity. That is, an increase in economic complexity initially facilitates entrepreneurship density as more business opportunities are created. However, beyond a specific threshold, an increase in economic complexity induces higher risks and uncertainties, discouraging entrepreneurial activities. The results remain robust by different estimators and in sub-samples of High-Income Economies and Low-and-Middle-Income Economies.
Abstract.
Canh NP, Nguyen B, Thanh SD, Kim S (2021). Entrepreneurship and natural resource rents: Evidence from excessive entrepreneurial activity.
Sustainable Production and Consumption,
25, 15-26.
Abstract:
Entrepreneurship and natural resource rents: Evidence from excessive entrepreneurial activity
This study investigates the impact of excessive entrepreneurial activity on natural resource rents. We employ the ecological perspective to argue that while entrepreneurship is usually associated with innovation and improved efficiency, and thus reduced natural resource rents, excessive entrepreneurial activity may increase natural resource rents and harm the environment. Investigating a global sample of 70 countries over 11 years (2006–2016) using advanced techniques to address econometric issues, we find initial evidence supporting the natural resource rents of excessive entrepreneurship. We also find heterogeneity between high-income economies (HIEs) and low and middle-income economies (LMEs) as well as between four vital natural resources: coal, gas, forest, and minerals. The findings in this study contribute to the growing literature examining sustainable entrepreneurial ecosystems.
Abstract.
Nguyen B, Canh NP (2021). Formal and informal financing decisions of small businesses.
Small Business Economics,
57(3), 1545-1567.
Abstract:
Formal and informal financing decisions of small businesses
This study investigates small businesses’ financing decisions. Drawing upon asymmetric information theory, institutional theory and relevant literature on cognitive financial constraints, human capital and social capital, we propose a theoretical framework in which financing determinants come from three dimensions: entrepreneurs’ individual factors, organisational (firm-level) factors and contextual (institutional) factors. We employ this model to distinguish four types of firms: (1) firms that use no external finance, (2) firms that use informal finance only, (3) firms that use formal finance only and (4) firms that use both formal and informal finance. An empirical test on Vietnamese small businesses shows that factors from all three dimensions are important in understanding small businesses’ financing decisions.
Abstract.
Nguyen B, Canh NP, Thanh SD (2021). Institutions, Human Capital and Entrepreneurship Density.
Journal of the Knowledge Economy,
12(3), 1270-1293.
Abstract:
Institutions, Human Capital and Entrepreneurship Density
This study examines the impacts of national institutions and human capital on entrepreneurship density in a global sample of 67 economies over the period 2006–2016. Furthermore, the associations between human capital and institutions on entrepreneurial activities are investigated while controlling for financial development, economic growth, trade openness, FDI inflows and total natural rents. Employing the panel corrected standard error estimator to deal with cross-sectional dependence, we find that formal institutions represented by entrepreneurship procedures and the general institutional quality are positively associated with entrepreneurship density. Also, informal institutions represented by socialist history, common law system and colonial history are positively associated with entrepreneurship density. Notably, human capital has a moderating effect in reducing the negative impacts of weak institutions.
Abstract.
Nguyen B (2021). Local institutions, external finance and investment decisions of small businesses in Vietnam.
Economic Systems,
45(3).
Abstract:
Local institutions, external finance and investment decisions of small businesses in Vietnam
This study investigates the impacts of local institutions, external finance, and their joint effects on firm investment in Vietnam. Investment decisions are classified into two categories: fixed asset investment and non-fixed asset investment. Analysing a set of 1.3 million firm-year observations of businesses in Vietnam (2006–2016), we find evidence that local institutions (both formal and informal) positively influence fixed asset investment but negatively affect non-fixed asset investment. Also, we find that informal loans are positively associated with both types of firm investment while bank loans are negatively associated with both types of firm investment. More importantly, we find that the quality of local institutions is able to moderate firms’ external financing behaviour, leading to increased investment values.
Abstract.
Nguyen B (2021). Regional informal institutions, local governance and gendered entrepreneurship.
Regional Studies,
55(7), 1169-1181.
Abstract:
Regional informal institutions, local governance and gendered entrepreneurship
This study investigates the impacts of regional informal institutions and local governance arrangements on the revenue growth of both male- and female-run firms in Vietnam. Utilizing institutional theory and the literature on feminism, we argue that male- and female-run firms are responsive to different sets of institutions. Analysing more than 1.1 million observations in 11 years (2006–16), we find that female-run firms benefit from collective action norms and non-finance-related governance forces, while male-run firms perform better under pro-entrepreneurship norms and finance-related governance forces.
Abstract.
Nguyen B, Do H (2020). Institutionalism and its effect on labour forecasting in Vietnamese firms.
Journal of General Management,
46(1), 5-15.
Abstract:
Institutionalism and its effect on labour forecasting in Vietnamese firms
This study examines factors that influence firm forecasting regarding their labour expansion in Vietnam. Conventional wisdom has it that foreign-owned and large private firms make more accurate forecasts since they have more resources and experience than their smaller and state-owned counterparts. However, this study empirically shows that state-owned and small firms make more accurate forecasting values. There are two possibilities that can explain this counterintuitive result: (1) the institutional incompleteness in the post-communist economy and (2) systematic underestimation of their own performance by foreign and large private firms, which results from the institutional complexity in Vietnam. These unique findings provide valuable information for both academia and practitioners.
Abstract.
Nguyen B (2020). Local institutions on small firm investments: Degrees of institutional persistence matter.
International Journal of Entrepreneurship and Small Business,
41(1), 33-57.
Abstract:
Local institutions on small firm investments: Degrees of institutional persistence matter
This study investigates the influence of local institutions including corruption, administration transparency, and leadership proactivity on small firm investment. Drawing from the institutional theory, we suggest that the persistence (resistance to changes) of institutional forces is an important determinant of their effects on investment. Using a dataset of 945,725 firm observations in Vietnam from 2006 to 2015, we find that: 1) investment is a U-shaped function of corruption controls; 2) transparency has a positive effect on investment; 3) leadership proactivity can moderate the adverse effects of corruption and opaqueness in public services. This variety in the association patterns between investment and institutional forces is due to the degree of institutional persistence in local norms of doing business.
Abstract.
Nguyen B, Canh NP (2020). The Effects of Regional Governance, Education, and In-Migration on Business Performance.
Kyklos,
73(2), 291-319.
Abstract:
The Effects of Regional Governance, Education, and In-Migration on Business Performance
National institutional settings are important to small business performance. However, national institutions take time to change. So, is there any way to boost firm performance in ‘weak’ institutional environments? This study aims to answer this question by examining the role of local institutions represented by the quality of local governance, instead of the very broad national constitutional configurations. Moreover, it is suggested that regional human capital, whether locally built-up (through local education) or externally imported (through in-migrants) is able to strengthen the positive impacts of local governance on small business performance. A test on more than 1.3 million firm-year observations of Vietnamese small businesses confirms the moderating effects of education and in-migration on the relationship between local governance and firm performance.
Abstract.
Nguyen B (2020). The relative importance of regional institutions and external finance for small business investment: Evidence from Vietnam.
Journal of Institutional Economics,
16(6), 911-929.
Abstract:
The relative importance of regional institutions and external finance for small business investment: Evidence from Vietnam
This study examines the relative importance of local institutions and external finance on small business investment. Utilising the institutional theory, we argue that local institutions and external finance have heterogeneous effects on firm investment. More importantly, they may interact and moderate each other. Analysing a set of 1.3 million observations of small businesses operating in Vietnam (2006-2016) obtained from the Annual Enterprise Survey data from the Vietnam Statistics Office, we find that local institutional settings and external finance are important determinants of firm investment. Moreover, local institutions are able to moderate the effects of external finance on firm investment. As such, this study asserts that conventional models cannot discern whether institutions or external finance are more important to firm investment. Rather, the relative importance of institutions and external finance should be investigated from the perspective of their interaction.
Abstract.
Nguyen B (2019). Entrepreneurial Reinvestment: Local Governance, Ownership, and Financing Matter—Evidence from Vietnam.
Journal of Small Business Management,
57(S2), 323-349.
Abstract:
Entrepreneurial Reinvestment: Local Governance, Ownership, and Financing Matter—Evidence from Vietnam
This study investigates the relative importance of local governance and external financing on small firms' reinvestments. Using a set of more than 300,000 Vietnamese firm-level observations from 2006 to 2015, this study finds that local governance quality is positively associated with small firms' reinvestments. However, regarding external funds, only informal finance is positively associated with reinvestments while government loans and bank loans serve as substitutes to reinvestments. Also, this study suggests that there is significant heterogeneity among ownership sectors and between micro-enterprises and small firms in the way they value the relative importance of local governance arrangements and financing sources.
Abstract.
Nguyen B (2019). Is a bit more experience bad? the role of entrepreneurial experience on investment rate.
International Journal of Entrepreneurial Behaviour and Research,
25(6), 1166-1187.
Abstract:
Is a bit more experience bad? the role of entrepreneurial experience on investment rate
Purpose: This study investigates the influence of entrepreneurial experience on small business investment. The purpose of this paper is to examine whether entrepreneurs with more prior start-up experience are better able to identify business opportunities and successfully transform these opportunities into investment projects. Design/methodology/approach: the empirical setting in this study is Vietnam. The authors employ a panel data of small businesses (mostly households) from 2005 to 2013, and use a fixed effect method to estimate the regression coefficients. The results are also re-checked using the general method of moments and matching technique. Findings: Empirically, it is found that entrepreneurial experience is an important determinant of investment decisions. Specifically, entrepreneurs with one start-up experience make more investments than novice entrepreneurs. However, entrepreneurs with more than one start-up experience do not make more investments than entrepreneurs with one start-up experience. Research limitations/implications: This is country-specific research. Further study may employ data from multi-countries to re-test the validity of the hypotheses. Originality/value: This study provides a new perspective for analysing the role of entrepreneurial experience on entrepreneurial investments. It shows that prior start-up experience may turn out to be a liability to entrepreneurs since it restricts their ability to identify new opportunities.
Abstract.
Nguyen B, Mickiewicz T, Du J (2017). Local governance and business performance in Vietnam: the transaction costs’ perspective. Regional Studies, 52(4), 542-557.
