VNUHCM Journal of Economics, Business and Law

Machine Learning Applications for Predicting Brewery By-Products in the Context of Circular Economy

2026-05-08T15:05:08+07:00

It can be seen that the brewing industry generates significant by-products such as spent grains, hops, and yeast, which are often underutilized or disposed of inefficiently despite their potential value. To align with the Circular Economy (CE) principles, which require manufacturers to keep resources in use for as long as possible, breweries must transform by-products into value-added resources, thereby contributing to sustainable development by reducing environmental impacts and resource depletion. While brewing factories recognize the importance of waste management and by-product reuse, there is a lack of comprehensive studies on predicting by-product quantities. This gap hinders efforts to optimize resource usage and reduce waste disposal.

To address this challenge, this paper aims to optimize waste management and enhance the reuse of brewing by-products, contributing to the sustainability goals of the CE. Machine learning (ML) models are applied to predict by-product quantities. The models’ performance is then evaluated using regression metrics, with Gradient Boosting emerging as the most accurate. At the same time, the dashboard is employed to visualize the predicted and actual by-product data. The study uses real-world data, covering multiple production variables over five years, ensuring industrial relevance and empirical validity. The research assesses prediction accuracy and interprets how predictive insights can be integrated into daily brewery operations through dashboard analytics, enabling data-driven decision-making.

The resulting insights enable breweries to forecast waste volumes, adjust production, optimize operations and reduce inefficiencies. Furthermore, this approach provides a scalable framework for other food and beverage manufacturers seeking to apply predictive analytics for sustainability purposes. The study also highlights the potential for data-driven models to improve resource management in the brewing industry, fostering sustainable practices and advancing the goals of the CE.

Building an Information Retrieval System for University Documents Based on Generative AI Technologies

2026-06-11T09:47:41+07:00

This study presents the development of a Generative AI-Based Information Retrieval System tailored for university documentation. The system leverages cutting-edge technologies, including LangChain, Facebook AI Similarity Search (FAISS) vector search, and OpenAI’s API, to facilitate semantic search and natural language processing (NLP), ensuring efficient and accurate document retrieval. The backend is built with Django, while the frontend leverages Angular for a responsive and user-friendly interface. The system's architecture ensures scalability and high retrieval accuracy through a Retrieval-Augmented Generation (RAG) model. Challenges faced include optimizing system performance, managing dependency conflicts across different libraries, and ensuring secure authentication mechanisms. This paper discusses the design, implementation, and evaluation of the system, highlighting its impact on academic document accessibility and future research directions.

THE MIXED PROPERTY LAW SYSTEM OF SCOTLAND AND PROPOSALS FOR VIETNAM

2026-05-08T15:12:11+07:00

This paper examines the mixed property law system of Scotland, a distinctive model that harmonizes Civil Law and Common Law traditions, in order to derive valuable insights for the improvement of Vietnam's property law. By analyzing key components such as the doctrine of real rights,
heritable property, security rights, and the institution of trust within Scots law, the study highlights
the system's defining features, including its structural coherence, conceptual clarity, and strong
adaptability to evolving socio-economic conditions. It further demonstrates how Scottish law successfully integrates classical Roman law principles with the flexibility of Common Law mechanisms,
thereby creating a legal framework that is both stable and responsive to modern developments.
From a comparative legal perspective, the paper proposes several directions for reforming Vietnamese property law. These include redefining the concept and scope of ``property'' by embracing a dual understanding of property as both ``things'' and ``rights''; developing a clearer and more
systematic classification of property; refining the Civil Code to explicitly recognize and structure the
doctrine of real rights; and considering the introduction of the trust as a legal institution to enhance
flexibility in asset management. Such reforms are expected to strengthen the consistency, transparency, and overall effectiveness of Vietnam's property law system, particularly in the context of
digital transformation and increasing global integration. Ultimately, these recommendations aim
to support the modernization and international alignment of Vietnam's legal framework governing
property relations.

THE MEDIATING ROLE OF INTRINSIC MOTIVATION IN THE RELATIONSHIP BETWEEN PERCEIVED PERSONAL ACCOUNTABILITY AND SOCIAL LOAFING: A STUDY OF MEDIA, ADVERTISING, AND EVENT SERVICE COMPANIES IN HO CHI MINH CITY

2026-05-12T14:15:33+07:00

This study aims to examine the mediating role of intrinsic motivation in the relationship between perceived personal accountability and social loafing. The survey was conducted among employees working at 18 service enterprises operating in the fields of media, advertising, and event organization in Ho Chi Minh City. Data were collected through a questionnaire using a 5-point Likert scale, with 343 valid responses analyzed using structural equation modeling (SEM) via SPSS 26.0 and AMOS 24.0. The results indicate that perceived personal accountability has a direct negative effect on social loafing and a positive effect on intrinsic motivation. At the same time, intrinsic motivation also exerts a negative effect on social loafing. Notably, intrinsic motivation partially mediates the relationship between perceived personal accountability and social loafing. These findings suggest that reducing loafing behavior in work groups requires not only enhancing employees’ personal accountability but also stimulating their intrinsic motivation. The study provides additional empirical evidence on the link between accountability psychology, work motivation, and group behavior, while offering managerial implications to improve group performance in service enterprises in Ho Chi Minh City.

Combating Counterfeit Goods in Vietnam: Perspectives of Customers and Businesses toward Blockchain Technology Applications

2026-05-12T14:06:36+07:00

Vietnam has emerged as one of the fastest-growing e-commerce marketplaces in recent years, bringing considerable financial benefits while increasing challenges and concerns, particularly counterfeit goods. Counterfeit goods not only cause massive financial losses for both companies and customers, but they also harm the community and our planet. Thus, eliminating counterfeit goods has become a top priority for protecting customers, brand authenticity, and ensuring long-term economic growth. Blockchain technology (BC) can improve product traceability and authentication, thus preventing counterfeit goods. This study examined the current situation of counterfeit goods in Vietnam and the potential of BC as an anti-counterfeiting solution. This study conducted in-depth interviews with businesses and customers. The findings revealed that buyers frequently encounter counterfeit products, particularly when purchasing through online platforms. Conventional anti-counterfeiting technology like QR codes and holographic labels have been widely employed. However, these methods still have several shortcomings, emphasizing the need for more advanced technology options, such as BC-based solutions. BC has been incrementally adopted and proven effective in preventing counterfeit products. Furthermore, this study suggests practical strategies to encourage the use of BC to prevent counterfeiting, increase customer trust, safeguard legitimate enterprises, and ensure the sustainable development of e-commerce.

Price forecasting using machine learning: A solution driving sustainable Vietnamese coffee supply chains

2026-05-15T09:50:01+07:00

Coffee is a vital commodity in Vietnam, providing economic and social significance. Additionally, Vietnamese coffee significantly contributes to global coffee production and is a crucial component of the worldwide coffee supply chain. Price forecasting provides essential information to supply chain members, enabling them to manage their supply chains better, minimize waste, and promote sustainable development. Thus, improving price forecasting accuracy will be beneficial in stabilizing and boosting coffee production by enabling supply chain actors to make informed production decisions, promoting sustainable coffee supply chains, and enhancing Vietnamese coffee competitiveness. However, coffee prices have shifted considerably since the COVID-19 pandemic, making forecasting challenging. As a result, adopting advanced forecasting techniques is critical to enhancing forecasting accuracy. Machine learning (ML), a subset of artificial intelligence (AI), has proven effective and widely used in various fields, particularly forecasting. This study employed a quantitative approach to evaluate the effectiveness of ML models, specifically the Long Short-Term Memory (LSTM) model, in forecasting coffee prices. This study utilized a comprehensive dataset comprising daily global coffee prices for over 50 years. The LSTM model delivered a remarkable forecast accuracy of 98.31%. The experiment results showed that LSTM outperformed Autoregressive Integrated Moving Average (ARIMA) models, one of the most frequently employed classical forecasting methodologies. Moreover, this study demonstrated the effectiveness of ML techniques in forecasting coffee prices, including LSTM, artificial neural networks (ANN), Gradient Boosting, and Random Forest. All ML models achieved excellent forecast accuracy, with values above 98%. LSTM produced the best performance among ML models. Furthermore, this study offers practical solutions to promote the application of ML methods, enhance forecasting accuracy, and improve coffee production efficiency, ultimately developing sustainable supply chains. These solutions involve major stakeholders, including the government, supply chain agents, technology suppliers, and researchers. Collaboration among these stakeholders is critical to successfully installing and optimizing ML forecasting systems.

Evaluating the impact of Innovation on Provincial economic development in Vietnam: Utilizing the Provincial Innovation index (PII)

2026-05-22T10:47:41+07:00

In the new development context of Vietnam, innovation is affirmed as one of the four main pillars for economic development. Several orientations, guidelines and policies have been issued to promote extensive innovation development, especially at the provincial and enterprise levels. This article attempts to quantify and evaluate the impact of innovation on provincial economic development (proxied by economic size and productivity) by specifying and testing different econometric models, using cross-sectional data on socio-economic development in 2023, at the provincial level in Vietnam. The research results show that improving innovation performance has a positive impact on economic growth and labor productivity. Some additional empirical evidence on the role of some other factors in provincial economic development are also provided. This research pioneers in utilizing the provincial innovation index (PII) published by the Ministry of Science and Technology in 2023 and contributes to clarifying the understanding and awareness of the relationship between innovation and economic development, thus providing practical reference information for future development planning. Hopefully, the article will inspire wider participation in research on innovation in Vietnam in the future.

Stock liquidity and trade credit of Vietnamese listed enterprises on the Vietnamese stock market

2026-05-25T09:31:49+07:00

This study examines the relationship between stock liquidity and two primary channels of trade credit—accounts receivable from customers and accounts payable to suppliers—among listed firms in Vietnam. Utilizing a balanced panel dataset comprising 298 companies listed on the Ho Chi Minh City and Hanoi Stock Exchanges over the period 2012–2023, the research applies the System Generalized Method of Moments (SGMM) estimation technique to effectively address potential endogeneity issues and ensure the reliability and robustness of the empirical results. The findings reveal that firms with higher stock liquidity tend to extend more trade credit to their customers, as evidenced by higher levels of accounts receivable, while simultaneously reducing their dependence on trade credit from suppliers, reflected in lower levels of accounts payable. This pattern suggests that improved stock liquidity enhances firms’ access to external financing channels, allowing them to be more proactive in funding operations, managing working capital, optimizing cash flow, and strengthening trade credit relationships. These findings highlight stock liquidity as a crucial financial transmission mechanism that influences corporate financing behavior and decision-making at the microeconomic level. From a policy perspective, the study underscores the importance of promoting stock market development and improving stock liquidity in Vietnam to foster a more efficient allocation of financial resources. Strengthening stock market liquidity not only facilitates firms’ ability to provide trade credit but also contributes to greater financial stability, operational flexibility, and overall competitiveness within the listed corporate sector. By contributing robust empirical evidence from an emerging market context, this research contributes to the growing literature on the interplay between financial market development and firm-level financial strategies, providing valuable insights for policymakers, investors, and corporate managers.

A STUDY OF CHINA’S POLICIES AND LEGISLATION ON MARITIME AUTONOMOUS SURFACE SHIPS: EXPERIENCES FOR VIETNAM

2026-05-26T09:06:32+07:00

Maritime Autonomous Surface Ships (MASS) have recently garnered significant attention from the International Maritime Organization (IMO) and numerous countries worldwide. In the Asian region, China has emerged as one of the pioneering nations in researching, developing, and refining the legal and policy frameworks governing this new type of autonomous vessel. The country has not only issued strategic orientations and policy initiatives for the development of MASS but has also promulgated a series of national guidelines, technical standards, and regulatory frameworks aimed at ensuring effective management, operation, and supervision of unmanned maritime activities. This study focuses on three key aspects: (1) analyzing China’s policy and legal frameworks related to MASS; (2) providing comprehensive observations and evaluations of China’s regulatory approaches and management directions concerning autonomous ships; and (3) drawing valuable lessons and experiences that may serve as references for Vietnam in formulating and developing its own MASS-related policies and legal frameworks in the future. To achieve these objectives, the study employs a combination of scientific research methods, including listing, analysis, synthesis, evaluation, commentary, and critical assessment. The integration of these methodologies ensures objectivity, scientific rigor, and practical relevance of the findings, thereby providing a useful reference for policymakers and legal scholars in the process of policy formulation and legal development in Vietnam’s maritime sector amid the ongoing advancement of automation technologies in global shipping.

The impact of digital transformation capacity on the human development index in Central and Central Highlands provinces

2026-06-08T14:36:06+07:00

This study examines the impact of digital transformation capacity on the Human Development Index (HDI) across provinces in Vietnam’s Central and Central Highlands regions, emphasizing spatial interdependencies among these localities. Using spatial econometric regression techniques applied to a balanced panel dataset of 19 provinces between 2016 and 2022, the analysis provides robust evidence on the drivers of human development in the context of digitalization and regional integration. The results indicate a positive and statistically significant effect of per capita income on HDI, reinforcing development theory that economic prosperity plays a foundational role in improving the quality of life. Higher income levels not only expand access to education, healthcare, and improved living conditions, but also enhance fiscal capacity for local governments to strengthen social infrastructure. Findings further reveal that the Information and Communication Technology Readiness Index exerts a strong and positive impact on HDI. This highlights digital transformation as a catalyst for accelerating socio-economic progress by improving public service delivery, promoting innovation, expanding connectivity, and fostering social inclusion. In contrast, the Provincial Competitiveness Index does not display a statistically significant effect on HDI within the study period. This result suggests that while institutional reforms and improvements to the business environment remain important for long-term development, their contribution to immediate human development outcomes may be indirect or contingent on complementary factors. Importantly, the spatial analysis identifies substantial spillover effects: gains in HDI in one province are positively associated with neighboring provinces, underscoring the relevance of regional linkages, coordinated policy frameworks, and inter-provincial cooperation. Collectively, the findings provide new empirical insights that position digital transformation capacity and spatial dynamics as critical levers for fostering inclusive and sustainable human development in transitional economies.

THE IMPACT OF GREEN SUPPLY CHAIN MANAGEMENT PRACTICES ON SUSTAINABLE PERFORMANCE: THE MODERATING ROLE OF TRACEABILITY

2026-06-09T14:39:48+07:00

This study analyzes the impact of green supply chain management practices (GSCMP) on the sustainable performance (SP) of manufacturing and exporting enterprises in Vietnam (DNSXXK) across three dimensions: economic performance (ECP), environmental performance (EVP), and social performance (SOP), while simultaneously exploring the moderating role of traceability (TRB) in these relationships. Specifically, the research examines whether TRB amplifies or diminishes the strength of the effect of GSCMP on each type of performance, thereby providing a more comprehensive understanding of how manufacturing and exporting enterprises in Vietnam can leverage traceability as a supporting tool to optimize economic benefits, mitigate environmental impacts, and enhance social responsibility in the context where sustainable development is increasingly becoming a prevailing trend. The study employs survey data collected from 319 randomly selected manufacturing and exporting enterprises, with the partial least squares structural equation modeling (PLS-SEM) approach used for data analysis and hypothesis testing. The empirical results reveal that GSCMP significantly influence sustainable performance across all three dimensions. This finding underscores the critical role of green supply chain management practices in enhancing the overall operational effectiveness of enterprises, not only in terms of economic gains but also in relation to environmental and social responsibilities. However, the results also indicate that traceability does not play a positive moderating role between GSCMP and SP, primarily due to barriers associated with workforce capacity, technological infrastructure, and financial resources, which limit the effective implementation of traceability in enterprises. Based on these findings, the study proposes several important policy implications, emphasizing the promotion of GSCMP as a strategic tool to enhance sustainable performance, alongside investments in and the development of traceability capabilities to ensure supply chain transparency and sustainability. These measures are intended to minimize pollution and strengthen social obligations in the global trade environment, thereby improving competitiveness and integration capacity in the international marketplace.

The role of green human resource management and green knowledge sharing on green competitive advantage of enterprises: The moderating impact of green human capital

2026-06-09T15:11:53+07:00

Based on method of using two theoretical frameworks as Resource Base View (RBV) and Ability-Motivation-Opportunity (AMO) to explore the impact of green human resource management (GHRM) and green knowledge sharing (GKS) on enterprise’s green competitive advantage (GCA) with the moderation of green human capital (GHC), we already collected data from 303 employees who are working in enterprises based in Ho Chi Minh City and we used the PLS-SEM model to test the research models and hypotheses. The results of this study showed that all hypotheses were accepted consist of H1, H2a, H2b, H2c và H3b, except for the hypothesis H3a regarding to the moderating impact of green human capital on the relationship between green human resource management and green competitive advantage. This study’s result already shows that green humance resource managment and green knowleage sharing have a positive impact on the enterprise’s green competitive advantage and the moderating role of green human capital on the relationship between green humance resource management and green knowleage sharing is confirmed. The green human capital factor does not play a moderating role in the relationship between green human resource managment and green competitive advanatge is an interesting finding of this study in the Vietnamese market. This finding should be also a need to be solved - problem for green human resource management activity in Vietnamese enterprises. In addition, the results of this study have emphasized the important and useful role of integrating the two theoretical frameworks consist of RBV and AMO in the process of building competitive advantages for enterprises as well as providing enterprise’s managers with useful practical knowledge in building green human resource management policies which could help to increase green competitive advantages for enterprises.

IMPACT OF POLITICAL STABILITY ON VIETNAM'S WOOD AND FURNITURE INDUSTRY EXPORTS AND THE ROLE OF EXPORT MARKET SHARE EXPANSION CAPACITY AND REAL EXCHANGE RATE

2026-06-11T08:51:33+07:00

The paper studies the impact of the political stability of importing countries (including the US) on Vietnam's furniture and wood products exports and the role of expanding export market share, real exchange rate, and inflation. Data used from 2001-2023 of Vietnam and 51 partner countries importing Vietnamese furniture. Using the FE-LSDV estimation method, the research results show that the political stability of importing countries has no impact; the ability to expand export market share and the real exchange rate have significant positive impacts on Vietnam's furniture and interior design industry exports. This paper has two outstanding contributions:First, the paper studies from a quantitative perspective with big data and long data periods to estimate the impact of political stability, export market share expansion capacity, and real exchange rate on export value in the context of many changes in the world's geopolitics that few previous studies have conducted. Second, the results of this study add to the theoretical and practical basis of the impact of political stability of the importing country on exports, refuting previous qualitative statements that political stability of the importing country has an impact on exports. Finally, the paper discusses the research results and proposes some policy implications for the growth of exports of this key commodity.

ESG STEWARDSHIP STRATEGIES FROM LEGISLATIVE EXPERIENCE IN SEVERAL COUNTRIES AND SUGGESTIONS FOR VIETNAM

2026-06-11T09:14:59+07:00

This article examines legal strategies for ESG stewardship based on legislative experience in the United Kingdom and the European Union – two pioneering legal systems in shaping, standardizing, and advancing regulatory frameworks related to sustainable development. A qualitative research methodology is employed, combining legal doctrinal analysis, synthesis, and comparison of legal instruments and academic literature, while also incorporating findings from selected bibliometric studies to clarify the origins and conceptual underpinnings of ESG. The research shows that the ESG concept is dynamic rather than static, evolving across different periods and regulatory contexts. Despite variations in interpretation, existing approaches converge in viewing ESG as comprising three core pillars – environmental, social and governance–that collectively reflect the comprehensive responsibility of business enterprises toward sustainable development. The study further identifies three principal legal strategies currently used in ESG stewardship: (i) investment stewardship rules aimed at integrating ESG factors into investors’ decision-making processes; (ii) disclosure obligations designed to standardize and enhance the transparency of ESG-related information while mitigating “greenwashing”; and (iii) fiduciary duties that require market participants to exercise prudence in managing sustainability-related risks. Based on the analysis of international experience, the article proposes several policy recommendations to support the development of an ESG stewardship legal framework tailored to Vietnam’s regulatory conditions and policy priorities.

The impact of knowledge sharing, corporate social responsibility, and innovation capability on business performance: A theoretical overview and research model

2026-06-11T09:43:24+07:00

The seafood industry is one of Vietnam’s flagship economic sectors, particularly in the Mekong Delta contributing over 70% of national seafood exports. However, amid mounting pressures from international markets and increasingly stringent requirements for quality, corporate social responsibility (CSR), and technological innovation, firms in the sector face significant challenges in sustaining business performance. This article reviews the theoretical and empirical literature on three core factors—knowledge sharing, CSR, and innovation capability—in order to develop a research model capturing their relationships with firm performance. Drawing on the resource-based view, knowledge management theory, and organizational effectiveness theory, the study proposes a conceptual framework that articulates the direct and mediating roles of innovation capability in enhancing business performance. The model is expected to provide a solid theoretical foundation and offer actionable managerial implications for seafood enterprises, especially in key localities such as the Mekong Delta. In addition, the paper outlines a set of hypotheses and recommends an appropriate quantitative testing approach (SEM/PLS-SEM) tailored to the seafood-industry context. It also suggests avenues for integrating knowledge management with CSR to optimize operational and financial outcomes.

FACTORS INFLUENCING WORKING SECTOR CHOICE: AN APPROACH BASED ON MNL MODEL WITH ENDOGENEITY CONTROL

2026-06-12T11:15:00+07:00

This study investigates the factors influencing workers’ decisions regarding the choice of employment sector in Vietnam, against the backdrop of a significant labor force transition from the state sector to the private and foreign direct investment (FDI) sectors. In addition to identifying these determinants, the research aims to examine and address the issue of endogeneity that arises in the relationship between sector choice and workers’ education level, thereby ensuring the accuracy and reliability of the estimation results. Using data from the 2020 Vietnam Household Living Standards Survey (VHLSS), the study applies the Multinomial Logit (MNL) model and compares three estimation approaches: the conventional MNL, the Control Function approach, and the Two-Stage (2S) method. The results reveal that “education level” is an endogenous variable, and among the tested approaches, the Two-Stage (2S) method is the most effective in addressing this endogeneity issue. After properly controlling for endogeneity, the findings show that factors such as gender, age, marital status, education level, income, and working hours significantly influence the decision to choose a specific employment sector, with the magnitude and direction of these effects varying across different sectors. From an academic perspective, this study underscores the importance of controlling for endogeneity when modeling individual choice behavior in labor economics. Practically, the empirical results provide valuable policy implications for optimizing human resource allocation and workforce planning. By tailoring policies to the specific characteristics and requirements of each sector, policymakers can enhance labor market efficiency and better respond to ongoing structural changes in Vietnam’s economy. These findings are particularly relevant in the current context of rapid economic transformation and labor market restructuring, offering insights that can support sustainable and inclusive growth.

The mediating role of job engagement and employee commitment in the relationship between Leader-member exchange and employee job performance: A study of hospitals in Ho Chi Minh City

2026-06-12T11:25:38+07:00

This study examines the relationships among leader-member exchange, organizational commitment, job engagement, and employee job performance in hospitals in Ho Chi Minh City. Drawing on social exchange theory and engagement theory, the research model was developed with five hypotheses, in which organizational commitment and job engagement serve as mediators between leader-member exchange and job performance. Using survey data from 405 healthcare employees and the PLS-SEM method with SmartPLS 4, the findings reveal that leader-member exchange positively influences organizational commitment, job engagement, and job performance. Furthermore, job engagement plays a stronger mediating role than organizational commitment in the relationship between leader-member exchange and job performance. These findings suggest several managerial implications, such as enhancing humanistic leadership skills, designing meaningful jobs to strengthen engagement, and fostering an organizational culture that promotes sustainable job performance. The research contributes theoretically by clarifying the distinct mediating roles of commitment and engagement, while also providing practical evidence for the healthcare sector in the context of public human resource management reform.

FACTORS AFFECTING THE IMPLEMENTATION OF SUSTAINABLE DEVELOPMENT GOALS

2026-06-16T13:59:24+07:00

This study identifies and compares the factors influencing the implementation of the Sustainable Development Goals (SDGs) across country groups with varying income levels. The objective is to provide empirical evidence for tailoring development policies to specific stages of development. Using data from 56 countries for the period 2016-2023 and the Feasible Generalized Least Squares (FGLS) method, the study assesses the impact of six factors: innovation, human development, economic growth, industrialization, trade openness, and worldwide governance quality on the SDGs.

The findings identify human development as a key driver of SDG progress across all country groups, ranking as the most influential factor in implementing the SDGs. Innovation has a positive impact only in high-income countries; in contrast, it is inversely associated with achieving the SDGs in low- and lower-middle-income countries. Industrialization and trade openness have not contributed significantly to overall progress. Notably, in the lower-middle-income and low-income groups, the study finds an inverse relationship between industrialization and SDG achievement.

Furthermore, economic growth exerts a heterogeneous effect, having a positive impact on SDG achievement in low-income countries by boosting employment and income, while negatively affecting high- and upper-middle-income countries due to increasing consumption and heavy ecological pressure, which hinders sustainable development across all environmental dimensions. Finally, enhancements in institutional quality are found to primarily bolster SDG progress in high-income countries.

These results underscore the importance of prioritizing human development policies not only for low-income countries but also for high-income countries, given the central role of human development in progress. Enhancing innovation capacity, restructuring industries and economic growth models, and strengthening institutions are necessary to achieve the SDGs across country groups. Furthermore, effective achievement of the SDGs requires policies that are specifically and appropriately designed for each country group, based on their respective development levels.

SUSTAINABLE DEVELOPMENT COMMUNICATION IN THE TOURISM INDUSTRY: A SYSTEMATIC LITERATURE REVIEW AND FUTURE RESEARCH DIRECTIONS

2026-06-10T10:17:21+07:00

Sustainable development communication plays a crucial role as a key strategy for promoting sustainable tourism. However, this field remains underexplored and has not received commensurate academic attention. Addressing this gap, this study conducts a comprehensive systematic literature review to provide a holistic overview of the trends, strategies, barriers, and impacts of sustainable development communication within the tourism industry. The study employs a bibliometric approach, utilizing the Scopus database to collect highly relevant academic works. The data was subsequently refined using OpenRefine and visually analyzed with VOSviewer software. The analysis identified four main research clusters. The first cluster focuses on the current state and strategies of communication, highlighting its role in building destination reputation and influencing tourist intentions. The second cluster elucidates the barriers and limitations, particularly the lack of emotional connection in messaging and the challenges posed by misinformation. The third cluster explores the diverse communication tools, methods, and techniques deployed across various tourism contexts, from hotels and museums to social media platforms. Finally, the fourth cluster delves into the negative aspects, such as "greenwashing" and misleading communications. Based on these findings, the study identifies significant research gaps and proposes future research directions, including extending research to small and medium-sized enterprises, exploring new media platforms, and further analyzing the role of third parties and ethical considerations. This work not only contributes to the theoretical foundation but also provides valuable practical implications for policymakers and tourism business managers.

APPLICATION OF THE TRUST INSTITUTION IN THE MANAGEMENT OF INHERITED PROPERTY FOR MINORS

2026-06-09T15:36:19+07:00

Minors, due to their incomplete cognitive development and lack of full legal capacity, are unable to independently manage or utilize property. To address this limitation, the law requires that their property must be administered through their legal representatives, typically parents or guardians. In practice, even when minors are designated as beneficiaries of an inheritance or a testamentary gift, the control and management of the estate remain dependent on and dispersed through these legal representatives. This dependency, if not accompanied by effective oversight mechanisms, can lead to significant legal risks, particularly when the representatives fail to manage the property for the intended purpose or in the best interest of the minor.

To overcome these shortcomings, this paper proposes the consideration and application of the trust mechanism, especially testamentary trusts, as an alternative solution. A trust allows a testator to establish an independent, transparent, and clearly structured asset management mechanism administered by a third party for the benefit of the minor beneficiary. When properly applied, this legal device can minimize risks arising from the abuse of representative powers, ensure the faithful execution of the testator’s intent, and provide comprehensive and sustainable protection for the property rights of minors.

Business strategy – A systematic literature review

2026-06-10T15:44:52+07:00

This study conducts a systematic literature review to consolidate and systematize the knowledge base on business strategy (BS) from the dynamic capabilities perspective. Drawing on a dataset of 35 articles retrieved from the Scopus database over the period 2016–2025, the study employs bibliometric analysis using the bibliographic coupling technique implemented in VOSviewer to identify the intellectual structure and prominent research streams in this field. The results reveal five major research streams: (i) business strategy in relation to sustainability and organizational capabilities; (ii) business strategy and firm performance; (iii) business strategy and corporate finance; (iv) business strategy and corporate governance systems; and (v) business strategy in the context of digital technologies and innovation. This review provides an integrative framework that systematizes the fragmented literature on business strategy by clarifying the linkages among strategy, dynamic capabilities, organizational mechanisms, and firm outcomes. The identified research clusters highlight the multidimensional nature of business strategy, which is shaped by both internal resources and environmental contexts while simultaneously influencing firms’ financial and non-financial performance. Overall, the study addresses key theoretical gaps and proposes directions for future research on digital transformation, sustainability, and firms’ strategic adaptability in increasingly turbulent business environments.