Journal Articles
Permanent URI for this collectionhttps://mro.massey.ac.nz/handle/10179/7915
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Item How does biodiversity risk exposure affect corporate regulatory intensity(Elsevier Inc, United States of America, 2025-12) Tran TT; Hoang K; Ngo T; Nguyen TX; Tran HTTThis paper investigates the impact of biodiversity risk on corporate regulatory intensity of firms in the United States during 2007-2020. Using text-based measures of biodiversity risk and regulatory intensity extracted from corporate disclosures and public media, we provide empirical evidence of a positive impact of biodiversity risk exposure on corporate regulatory intensity. The finding suggests that more corporate exposure to biodiversity risk increases the regulatory intensity and cost of regulatory compliance. Further empirical analysis suggests that the impact of biodiversity risk exposure on regulatory intensity is less pronounced in firms with headquarters located in states with poorer institutions, and in vertically integrated firms.Item The spatial effect of airport proximity on house prices: a quantile regression analysis for the New Zealand market(Taylor and Francis Group, 2025-08-19) Squires G; Ngo T; McCord MJ; Lo D; Wang XThis study contributes to understanding the link between the housing market and airport location proximity, whilst examining the entirety of the house price distribution. The research investigates this association across four key urban areas within New Zealand proximal to an international airport–Auckland, Wellington, Christchurch, and Queenstown. Applying hedonic and quantile regression, the analysis reveals that proximity to airports on house prices has a heterogeneous pricing effect. Results show that distance comprises a positive pricing effect within Auckland and Christchurch, whereas in Wellington and Queenstown the pricing effect is negative. The quantile regression findings further revealed differences between lower and higher priced properties value, given distance and proximity to airports within each city region. The Christchurch region reveals contrasting findings, showing there to be a higher positive pricing effect for higher-priced housing, which gradually decreases when moving down the quantiles. It is argued that this higher positive pricing for higher priced properties is due to particularities in the housing market close to Christchurch Airport.Item Shadow economy and energy efficiency: utilising goal programming for sustainability assessment(Springer Science+Business Media, LLC, 2025-08-07) Alharbi SS; Boubaker S; Ngo T; Yuen MKThis paper combined different methods of operations research, goal programming, and unsupervised machine learning into a single framework to examine energy efficiency across the globe. Using the latest data from 131 countries in 2017, our empirical findings reveal different patterns of energy efficiency among countries and country groups under both the meta-frontier and group-frontiers. We found an inequality in production technology for many countries, which made it difficult for them to improve their energy efficiency. Importantly, our analysis also reveals that the size of the shadow economy has a small but negative impact on energy efficiency. Consequently, we suggest that governments should (i) pay more attention to the shadow economy, (ii) increase investments in education and human capital, and (iii) strengthen their institutions.Item Examining the determinants of Indian airlines’ revenues(Elsevier Inc on behalf of the Air Transport Research Society, 2024-12-01) Jayathilakan A; Ngo T; Tsui WHK; Redmayne NB; Balli F; Fu XThe Indian aviation sector has undergone remarkable growth, driven by the emergence of low-cost carriers and diverse business models. This has resulted in a surge in passenger numbers and aircraft orders, establishing India as a vibrant global aviation market. However, this rapid expansion is accompanied by significant financial challenges, leading to distress and insolvency among numerous airlines. Despite optimistic growth forecasts, high operating costs and relatively low revenue returns pose substantial hurdles. Motivated by these challenges, this study aims to uncover the key factors influencing revenue generation in the Indian aviation industry by analysing expenditure components and their impacts on costs. The objective of this study is to address the research gap stemming from the lack of previous studies on Indian airlines that address endogeneity issues related to airline expenditures. By utilising data from 2007 to 2022 sourced from the audited annual reports of each airline, we aim to provide essential insights into the revenue dynamics of Indian airlines through the application of various econometric models including instrumental variables (IV) regression and generalised method of moments (GMM) models for improving causality and addressing endogeneity. Our findings reveal a positive correlation between unit revenue and factors such as unit expenditure, staff numbers, and passenger volume, while also highlighting the positive impacts of airline alliances and regional connectivity schemes. This research not only sheds light on industry intricacies but also underscores the imperative to address key variables to enhance the sector's sustainability and resilience in the face of ongoing challenges, offering valuable contributions to both academia and industry stakeholders for informed decision-making and strategic planning.Item Using data-driven weightings to construct the provincial healthcare system index(Innovative Research Publishing, 2025-02-28) Le B-T; Hoang T-H; Ngo T; Pham T-LThe healthcare system is essential in delivering services that enhance the quality of life and contribute to the Sustainable Development Goals (SDGs) worldwide. Thus, measuring the effectiveness of healthcare systems is important. This study introduces a Provincial Healthcare System Index (PHSI) as a composite index that integrates macro-and micro-level data to assess the readiness and capacity of provincial healthcare systems, with an application to Vietnam, an emerging economy. Importantly, principal component analysis was used to derive data-driven weightings for the PHSI instead of a priori subjectively defined ones. The empirical results show that the average 2021 PHSI in Vietnam is notably low at 0.199, indicating a significant lack of preparation and capacity in converting healthcare resources into outcomes. The marked disparity among neighboring provinces suggests that their healthcare systems are still disconnected. The study highlights the need for Vietnamese policymakers to enhance the resources and outcomes of its provincial healthcare system. Improving provincial connectivity could significantly enhance the overall efficiency of the regional and national healthcare systems in Vietnam. Such implications could be further extended to other emerging economies.Item Drivers of Merger and Acquisition Activities in Vietnam: Insights from Targets’ Perspectives and Deal Characteristics(MDPI, 2025-03) Bui K; Le T; Ngo TThis study empirically examines the determinants of merger and acquisition (M&A) activities in Vietnam from 2005 to 2020, which has not been examined before, using a fixed-effects model for a sample of 674 completed M&A deals. The results indicate that targets’ corporate governance and deal characteristics have mixed effects on M&A decisions. More specifically, the independent member of the board and CEO duality of the target is negatively associated with most M&A types, except for cross-border mergers. However, the impact of targets’ blockholders is consistently positive regardless of M&A types. When observing the deal characteristics, mixed evidence is also found in the case of M&A payment form, industry-relatedness between the bidder and the target, the bidder’s stake in the target, and foreign ownership in the bidder’s stake. More interesting, our study emphasizes that voluntary agreement is seemingly critical to M&A decisions regardless of different types. Our results suggest several important implications, including balancing independent directors on the board, accounting for CEOs’ and other blockholders’ interests and influence, considering the types of M&A payments, and involving foreign investors in M&A activities. By understanding these implications, firms can better navigate the complexities of M&A transactions, enhancing their decision-making processes and ultimately contributing to improved shareholder value.Item Aviation pollution, tourism, and economic development: A study of the EKC hypothesis at regional level(Institute of Economics of the Ural Branch of the Russian Academy of Sciences, 2024-09-30) Ngo T; Tsui WHK; Nguyen HThis study aimed to revisit the relationship between aviation pollution, tourism, and economic development i.e., the Environmental Kuznets Curve (EKC), particularly at the regional level, using New Zealand as a case study. Our study is the first to estimate the aviation pollution at regional airports (in New Zealand) and use them as proxy for the regional pollution in an EKC setting. We found evidence that the EKC exists at the regional level, where tourism and economic development helps improve the regional environment in the long run. It suggests that the environment policy should be tailored at regional rather than just at the national level. It also proposes a new approach for EKC studies at the regional level via the new pollution estimation. Among others, we found that the sustainable tourism policy has, and will, work well in New Zealand.Item Aviation Discontinuity and Regional House Prices: A Quasi-Experiment in New Zealand(Taylor and Francis Group, 2024-10-11) Ngo TAlthough there is evidence that more regional airport activities can increase regional house prices, no study has examined the relevant impacts of aviation discontinuity. My unique quasi-experiment data comes from New Zealand where Jetstar withdrew its domestic services from four airports/regions in December 2019. The synthetic control method (SCM)'s results reveal that the withdrawal created different impacts on the house prices of the regions involved, in which the overall effect was negative in the short run but the housing market in New Zealand has recovered in the long run.Item The Nature of Airport Brand Associations(MDPI (Basel, Switzerland), 2024-09) Henderson IL; Tsui KWH; Ngo T; Gilbey A; Avis M; Garrod BThis study examines the nature of brand associations that air travellers form with airports and which associations are important when choosing between airports. Using semi-structured qualitative interviews, this study collected information about 240 participants’ most recent trips using air travel, encompassing 642 airport visits and 88 airports worldwide. The associations that participants made with the airports they travelled through were collected, as well as the sorts of associations that are important for choosing between airports and why those associations are important. The data were analysed using thematic analysis, revealing 13 themes each for airport brand associations and important associations for choosing between airports and 14 themes for reasons why those associations were important. Single-sample t-tests reveal that each of these themes has a different effect size in terms of its effect on airport brand association formation and its effect on attitudinal brand choice. This study contributes to the air transport and tourism literature by providing a detailed account of which associations air travellers form with airports and which are used for choosing between airports by contextualising these findings by viewing airports as compound brands. Managerial implications are also provided along with avenues for future research.Item Government intervention and stock price returns during covid-19 pandemic: evidence from an emerging market(Taylor and Francis Group, 2024-07-10) Le TDQ; Nguyen DT; Ho TH; Ngo TAs the impact of the COVID-19 pandemic on the stock market returns has received much attention from researchers and practitioners, the evidence on the government invention on stock market returns in frontier markets in the Asia-Pacific is very scanty. This study first revisits the relationship between COVID-19 and stock market returns using large data from 23/01/2020 to 28/05/2021. Second, this study examines how the Vietnamese stock market reacts to government actions during the COVID-19 outbreaks. Using the fixed effects model, the findings show stock market returns are negatively affected by the COVID-19 pandemic. Although most sectors face a sharp decline in returns, positive returns are found in some sectors such as Energy, Healthcare, and Utilities, which is the opportunities for investors amid the pandemic. When observing the effect of government intervention, the stock market reacts to it negatively. The same is true for the announcements of social distancing and economic support measures. However, the stock market responds to containment and health measures with positive returns. More importantly, social distancing policy measures further enlarge the negative impact of COVID-19 on stock market returns–thus the government should take these measures with caution. The results also emphasize that economic support policy measures benefit indirectly via the channel of decreasing new infections. As a whole, the study offers some suggestions for the best and most proactive policy actions that governments, market participants, and investors in other emerging markets with similar financial institutions to Vietnam’s should use in the event of exogenous shocks like the COVID-19.