Non-financial factors including quality of services, the flexibility of a company, utilization of resources, and market orientation are regarded as significant determinants that enhance the profitability-based performance of a service company or a hotel. The study investigated the interaction between these factors and hotel operating performance measured by the hospitality performance and results indicators. Data on 346 executives of Vietnam’s hospitality companies were collected. A structural equation modeling (SEM) method was utilized to examine the positive-direct and moderating effects of non-financial factors on hotel performance in terms of occupancy rate (OCR), average daily rate (ADR), and the revenue per available room (RevPAR). The findings showed that service quality ( = 0.118, p < 0.05), flexibility ( = 0.173, p < 0.05) and resource utilization (= 0.172, p < 0.05) positively affected the performance of Vietnam’s hospitality companies. Meanwhile, innovation showed no direct influence (p = 0.068) but an indirect impact on the performance through service quality ( = 0.311, p < 0.05). Market orientation did not impact the performance (p = 0.076) but it positively affected both innovation ( = 0.322, p < 0.05) and service quality ( = 0.146, p < 0.05). The study contributed to a theoretical enhancement of the current level of knowledge on the factors that affect the performance and developed a reliable scale for measuring the performance of hotels in Vietnam.

This paper presents an empirical investigation on the perceptions of individual investors about the impact of accounting disclosures on their decision makings on the stock exchange market. The study uses some quantitative methods with survey questionnaires sent to investors participating in the Vietnam stock market. By using SPSS 22, the research develops a research model with 11 accounting information groups (factors) which are measured by 82 items. The results indicate that the income information significantly affected investors' decisions on buying, selling and holding securities while the information on assets, the accounting principles and policies had little impact on individuals' investment decisions. The voluntary disclosures, however, show more effects than mandatory disclosures on the investors' decision making.

This paper presents an up-to-date account of market operations of the Ho Chi Minh Stock Exchange and examines its informational efficiency in recent years. The daily closing prices and rates of return of VN Index -the major market index of Ho Chi Minh Stock Exchange and 10 stocks chosen from different sectors are employed, from 2 January 2018 to 31 December 2019, to investigate the random walk hypothesis of market efficiency using the Lo-MacKinlay variance ratio test and Chow-Denning multiple variance ratio test. Our results show that the market index and individual sample stocks conform to the null hypothesis of a random walk type 3 model of a weak form market efficiency. The paper also presents the results of an Event Study to examine the semi-strong form market efficiency of the HOSE. The empirical results on this type indicate that there are significant abnormal returns and significant cumulative abnormal returns by trading the stocks around the events. These results are inconsistent with the requirements of a semi-strong form market efficiency, and it thus appears that further improvements in transmission of information and its speed within this market are needed to further improve the efficiency of this emerging market.