The research aims to investigate the determinants of the financial performance of 1343 Vietnamese companies categorized into six different industries listed on the Vietnamese Stock Exchange over a four-year period from 2014 to 2017 using STATA software. Those determinants include firm size, liquidity, solvency, financial leverage, and financial adequacy while the financial performance is evaluated by three different ratios: return on assets (ROA), return on equity (ROE), and return on sales (ROS). The research results from these companies during the given period indicate that: (1) Firm size has a positive impact on both ROA and ROS, especially ROA but it has the opposite effect on ROE, (2) Adequacy ratio impacts positively on ROA and ROS but negatively on ROE, (3) Financial leverage considerably negative influences on ROE and ROS but positively impacts on ROA, (4) Liquidity has a positive effect on both ROA and ROE but a negative one on ROS and (5) Solvency has a positive impact on ROA and ROS but the negative impact on ROE. Furthermore, agriculture accounted for the highest percentage of profitability at the beginning, which was replaced by service for ROA but manufacture for ROE from 2016 to 2017 as opposed to the least in transportation.

Purpose: Although there are many efforts within organisations to improve the financial performance of business processes, the results of studies on the impact of internal factors on the financial performance of business processes in an organisation are inconsistent, even contradictory. Therefore, this paper aims to examine the extent and trends of the impact of factors inside companies on the financial performance of business processes and discover lessons learned to improve the financial performance of business processes.Design/methodology/approach: This analysis was done through a quantitative study of listed companies in Vietnam. Pooled OLS regression, REM, FEM and robust regression were performed on 566 companies.Findings: The results provide four main findings. First, firm size and operational efficiency strongly correlate with financial performance. Second, financial leverage has a negative, significant connection with financial performance. Third, net working capital has a positive and meaningful relationship with EPS and a negative association with ROE. Fourth, liquidity does not have any significant association with financial performance.Research limitations/implications: This study only restricts the internal factors affecting the financial performance of business processes without mentioning the external factors. Furthermore, this study is limited to one emerging country and has not been compared with companies in different countries.Practical implications: The findings of this study may help inform users inside and outside the organisation to understand the factors that affect the financial performance of business processes. As a result, information users will focus more on aspects that can improve their financial performance to make informed decisions.Originality/value: This study has many differences compared to previous studies. First, it focuses on the internal factors affecting the financial performance of business processes in non-financial listed companies in Vietnam, which has an emerging economy. First, it focuses on the internal factors affecting the financial performance of business processes in non-financial listed companies in Vietnam, which has an emerging economy. Second, this study analyses data in companies' financial statements for the ten years from 2012 to 2021, when the Vietnamese economy, in particular, and the world economy experienced many fluctuations due to the impact of the post-financial crisis 2007–2008 and the COVID-19 pandemic. Third, this study provides empirical evidence to support RBV, RDT theories and the trade-off theory of capital structure.

This study examines the factors that facilitate or impede the voluntary adoption of International Financial Reporting Standards (IFRS) in an emerging market. We propose practical solutions that are necessary for successful IFRS implementation in enterprises. To collect research data, we surveyed 350 enterprises in Vietnam using a non-probability convenience sampling method. Using qualitative research methods (through case studies and expert surveys) combined with quantitative and structural equation modelling (SEM), this study analyses the causal relationship between the influencing factors and enterprises' willingness to apply IFRS voluntarily. Evidence indicates that compliance with accounting regulations and principles, qualifications and experience of accountants, accounting regimes and government circulars, capabilities and perceptions of managers, and the benefits of IFRS adoption positively impact the application of IFRS. In addition, the factors of firm size and audit activities have a positive effect on promoting the willingness of enterprises to apply IFRS, while tax pressure and accounting psychology negatively affect the application of IFRS. By contrast, tax pressure and accounting psychology harm the application of IFRS. The study has limitations regarding the sample size, geographical scope, and sampling method. Even so, together with other studies drawn in alternative contexts, our findings are helpful to account for policymakers, regulators and businesses in different emerging countries to adopt IFRS in their countries successfully. The new insights gained in this study can help overcome the limitations of the conventional IFRS approach and design appropriate policies and roadmaps to improve the applicability of IFRS. The present study contributes significantly to the theory and practice at the end of the preparatory phase and the beginning of the voluntary phase of IFRS adoption in Vietnam. This is also the period where Vietnamese policymakers have announced their strategic plan for full IFRS adoption by 2025.