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Entrepreneurial Finance at the Dawn of Industry 4.0

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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (30 June 2020) | Viewed by 42289

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Special Issue Editor

Prof. Dr. Quan-Hoang Vuong

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Guest Editor

Centre for Interdisciplinary Social Research, Phenikaa University, Hanoi, Vietnam
Interests: emerging capital markets; data management; scientific data; applied statistics (frequentist and Bayesian); emerging market economics; financial database systems; sustainable financial management; entrepreneurial finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The forthcoming era of Industry 4.0 is expected to profoundly impact the world’s economy and the socioeconomic lives of billions of people. Entrepreneurs’ communities around the globe have already experienced early but tremendous changes and are starting to adapt to its emerging financial aspects, such as the rise of “computational entrepreneurship” (see: https://0-doi-org.brum.beds.ac.uk/10.21511/ppm.17(1).2019.11). It is the high time to seek to better understand the possible changes, both incremental and disruptive, in the ways that entrepreneurial firms, entrepreneurial endeavors, and perhaps entrepreneurial academics (thanks to the growing philanthropic funding to science and tech ventures) respond to their current and future financing needs. The need for this understanding will be increasingly important since entrepreneurial activities, and ventures gradually dominate the business landscape of the world, and their successes or failures will ultimately determine the future prosperity of societies. Therefore, this Special Issue invites scholarly and practicing researchers from different academic backgrounds to join hands in such an attempt to acquire new knowledge and insights into entrepreneurial finance at the dawn of Industry 4.0, by making scholarly contributions in the forms of original research (theoretical or empirical), academic discussions (conceptual discussion or perspectives), or literature reviews.

Dr. Quan-Hoang Vuong
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

Microfinance, crow-funding
Artificial intelligence (AI) and computational entrepreneurship
Serendipity as a strategic advantage in entrepreneurial finance
Governmental policy responses to entrepreneurs’ financial needs
Finance and creative performance in Industry 4.0
Philanthropic funding, scientific discoveries, and entrepreneurial finance
Emerging regulatory framework amid the rise of Industry 4.0
The role of financial markets
Gender issues in entrepreneurial finance
Risk management for entrepreneurial finance: tools, techniques, conceptual developments, and limitations

Published Papers (6 papers)

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Editorial

Jump to: Research

3 pages, 177 KiB

Open AccessEditorial

An Unprecedented Time for Entrepreneurial Finance upon the Arrival of Industry 4.0

by Quan-Hoang Vuong

J. Risk Financial Manag. 2020, 13(10), 224; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm13100224 - 25 Sep 2020

Cited by 2 | Viewed by 2150

Abstract

Enterprises and entrepreneurs in emerging economies face a different set of opportunities and challenges from the fourth industrial revolution, Industry 4.0. This volume comprises a number of analyses on entrepreneurial finance with a focus on the emerging markets, covering topics such as debt [...] Read more.

(This article belongs to the Special Issue Entrepreneurial Finance at the Dawn of Industry 4.0)

Research

Jump to: Editorial

23 pages, 363 KiB

Open AccessArticle

Entrepreneurial Finance: Insights from English Language Training Market in Vietnam

by Thanh-Hang Pham, Manh-Toan Ho, Thu-Trang Vuong, Manh-Cuong Nguyen and Quan-Hoang Vuong

J. Risk Financial Manag. 2020, 13(5), 96; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm13050096 - 13 May 2020

Cited by 5 | Viewed by 6186

Abstract

Entrepreneurship plays an indispensable role in the economic development and poverty reduction of emerging economies like Vietnam. The rapid development of technologies during the Fourth Industrial Revolution (Industry 4.0) has a significant impact on business in every field, especially in the innovation-focused area of entrepreneurship. However, the topic of entrepreneurial activities with technology applications in Vietnam is under-researched. In addition, the body of literature regarding entrepreneurial finance tends to focus on advanced economies, while mostly neglecting the contextual differences in developing nations. Therefore, this research contributes to these topics by investigating the main characteristics of a high potential market for entrepreneurs in Vietnam, which is the English language training market (ELTM). It also aims at indicating the impacts of technology on the entrepreneurial firms within this market, with an emphasis on financing sources. To answer the research questions, this study employs a qualitative analysis and conducts 12 in-depth, semi-structured interviews with entrepreneurs and researchers in the field. The key findings in our study highlight the main contributing factors to the growth of the market, both universally and context-specific for a developing nation like Vietnam. It also lists the leaders in each market segment and the industry’s potential profit margin. The results also show that most entrepreneurs in the ELTM utilized private sources of finance rather than external ones, such as bank loans. It again confirms the idea from previous works that even with the rapid development of the economic and technological landscape, entrepreneurial activities in general barely benefit from additional sources of funding. However, it also points out the distinct characteristics of the ELTM that may influence these financing issues; for example, English training services usually collect revenues from customers before delivering their classes. This is of advantage for entrepreneurs in this area and helps significantly reduce the financial barriers. These findings, which are among the first attempts to contribute to a better understanding of entrepreneurial opportunities in the Industry 4.0 in Vietnam, provide valuable insights for policymakers and entrepreneurs, as well as investors. Full article

(This article belongs to the Special Issue Entrepreneurial Finance at the Dawn of Industry 4.0)

18 pages, 2958 KiB

Open AccessArticle

Evidence of the Environmental Kuznets Curve: Unleashing the Opportunity of Industry 4.0 in Emerging Economies

by Viktoriia Koilo

J. Risk Financial Manag. 2019, 12(3), 122; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm12030122 - 20 Jul 2019

Cited by 33 | Viewed by 6964

Abstract

This study aims to investigate the relationship of economic development, measured as economic growth, energy use, trade and foreign direct investment, on the one hand, and environmental degradation (carbon dioxide (hereafter CO2) emissions), on the other hand, in eleven emerging Eastern European and Central Asian countries during the period of 1990 to 2014. The empirical results give an evidence of a carbon emission Kuznets curve for these emerging economies. The current income level indicates that not every country has reached the turning point for CO2 emissions reductions. Income elasticities for CO2 are positive for all eleven countries. The paper concludes that within the group, Ukraine and Kazakhstan have the most sensitive change in economic growth in respect to CO2. In addition, it concludes that there is a negative effect of total energy consumption on environment as such consumption increases CO2 emissions. The results also show a positive effect of foreign direct investment (FDI) on CO2 emissions in Eastern European and Central Asian countries. It is expected that the innovative transition to a low-carbon economy offers great opportunities for economic growth and job creation. Technological leadership (the initiative Industry 4.0) should be accompanied by the development and introduction of new technologies throughout Eastern European and Central Asian countries, hence, the paradigm of “sustainable development” should be considered as fatal. Furthermore, Eastern European and Central Asian economies should consider the experience of policy making implications made by other developing countries in gaining sustainable growth. Econometric analyses prove the existence of different impact on energy consumption of the ICT sector, which plays a key supporting role for intelligent manufacturing. Thus, there is a need for further investigations of the relationship between technology use and CO2 emissions. Full article

(This article belongs to the Special Issue Entrepreneurial Finance at the Dawn of Industry 4.0)

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15 pages, 412 KiB

Open AccessArticle

When the Poor Buy the Rich: New Evidence on Wealth Effects of Cross-Border Acquisitions

by Hong-Hai Ho, Thi-Hanh Vu, Ngoc-Tien Dao, Manh-Tung Ho and Quan-Hoang Vuong

J. Risk Financial Manag. 2019, 12(2), 102; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm12020102 - 19 Jun 2019

Cited by 1 | Viewed by 7518

Abstract

The growing trend of merging and acquisition (M&A) investments from emerging to developed market economies over the last two decades motivates the question on the long-run effects of M&A on the wealth of emerging markets. This paper contributes to the current literature on cross-border M&A (CBMA) by focusing on the long-term effects of this event on the bidder’s stock return in emerging markets. To address the challenges of finding an accurate measure for the effects, this study applies the propensity score matching framework in tandem with difference-in-differences (DID) on a comprehensive dataset over the 1990–2010 period. The analyses show evidence of systematic detrimental impacts of cross-border M&A on shareholders’ welfare in the long run, to a certain extent, diverging from the existing literature, which mainly highlights the positive effects for certain types of M&A. The striking finding is that such strong negative effects remain persistent even when various factors previously known as capable of suppressing underperformance are considered. Our study is in line with the growing landscape of cross-border mergers and acquisitions from the “poor” to the “rich” countries. Full article

(This article belongs to the Special Issue Entrepreneurial Finance at the Dawn of Industry 4.0)

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16 pages, 2235 KiB

Open AccessArticle

Adaptive Market Hypothesis: Evidence from the Vietnamese Stock Market

by Dzung Phan Tran Trung and Hung Pham Quang

J. Risk Financial Manag. 2019, 12(2), 81; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm12020081 - 08 May 2019

Cited by 19 | Viewed by 6314

Abstract

This paper aims to test the adaptive market hypothesis in the two main Vietnamese stock exchanges, namely Ho Chi Minh City Stock Exchange (HSX) and Hanoi Stock Exchange (HNX), by measuring the relationship between current stock returns and historical stock returns. In particular, the tests employed are the automatic variance ratio test (“AVR”), the automatic portmanteau test (“AP”), the generalized spectral test (“GS”), and the time-varying autoregressive (TV-AR) approach. The empirical results validate the adaptive market hypothesis in the Vietnamese stock market. Furthermore, the results suggest that the evolution of HSX has served as an important factor of the adaptive market hypothesis. Full article

(This article belongs to the Special Issue Entrepreneurial Finance at the Dawn of Industry 4.0)

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Graphical abstract

19 pages, 515 KiB

Open AccessArticle

Determinants of Vietnamese Listed Firm Performance: Competition, Wage, CEO, Firm Size, Age, and International Trade

by Thi-Hanh Vu, Van-Duy Nguyen, Manh-Tung Ho and Quan-Hoang Vuong

J. Risk Financial Manag. 2019, 12(2), 62; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm12020062 - 11 Apr 2019

Cited by 41 | Viewed by 12275

Abstract

This study investigates the relationship between firms’ competition, wage, CEOs’ characteristics, and firm performance (measured by net income per employee, return on assets (ROA) and return on equity (ROE)) of Vietnam’s 693 listed firms in 2015 using both the ordinary-least-square (OLS) and quantile regression methods. Triangulating the results coming from the analysis of three different measures of firm performance, this study consistently confirms that the sex of CEOs and chairman turns out to be insignificant in explaining firm performance and there is a negative association between capital intensity and firm performance. For financial firms, the age of a firm and average wage per employee are negatively associated with all types of firm performance. The quantile regression method shows that the age of a firm is negatively correlated with its net income per employee for small firms, while it is insignificant for medium-sized firms. Meanwhile, firm size is positively associated with firm performance. These results indicate Vietnam’s business activities are still concentrating on low labor cost, labor intensive, and low-tech production, thus, policies that promote innovation and high-tech applications should be encouraged. Full article

(This article belongs to the Special Issue Entrepreneurial Finance at the Dawn of Industry 4.0)

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