1. Undergraduate
Degree conferred: Bachelor of Management Information System
Place of training: Banking University HCMC - Vietnam
Graduation year: 2009
2. Graduate
Degree conferred: Master of Finance and Banking
Place of training: University of Economics Ho Chi Minh City
Graduation year: 2014
Degree conferred: Master of Research
Place of training: University of Economics Ho Chi Minh City – CFVG Program
Graduation year: 2017
Degree conferred: PhD of Economic Sciences
Place of training: University of Strasbourg, France
Graduation year: 2021
RESEARCH, TEACHING, or OTHER INTERESTS
Economics, Econometrics and Finance, Business and International Management, Finance, General Economics, Econometrics and Finance
6
Scopus Publications
Scopus Publications
EFFECTS OF EARNINGS MANAGEMENT AND CEO CHARACTERISTICS ON THE WORKING CAPITAL MANAGEMENT EFFICIENCY? Thy Le-Bao, Hanh Nguyen-Ngoc-Hoang, Hien Le-Thi-Thuy, Ngan Ho-Thi-Kim Abac Journal, 2025 This study investigates the relationship between earnings management and the effectiveness of working capital management, as well as the individual components of working capital management. The Beneish M-Score is used as a proxy for earnings management and data from 354 non-financial firms listed on the Ho Chi Minh Stock Exchange in Vietnam are analyzed. Unlike previous studies that have focused on the negative implications of earnings management, this research found a positive impact of earnings management on the efficiency of Vietnamese firms' working capital management. This finding aligns with the goal-setting theory, which suggests that clear objectives can lead to improved performance. The results indicate that managers who engage in earnings management tend to operate with shorter cash conversion cycles and manage their inventory, receivables, and payables in a suboptimal manner. The study also revealed that companies with female and dual-role CEOs exhibit more conservative working capital management. Additionally, it was discovered that firms with longer tenure CEOs typically have more efficient working capital strategies, which can lead to lower expenses and higher productivity.
The effects of Foreign Direct Investment on The Human Development Index: Analysis of different Income Level Group Countries Thy Le-Bao, Han Nguyen-Huynh-Bao, Thi Nguyen-Thi-Thanh Sage Open, 2025 This study investigated the determinants of human development across different income groups, including high-income, upper-middle-income, lower-middle-income, and low-income countries, using balanced panel data from 217 nations covering the period from 2000 to 2022. Employing the dynamic system Generalized Method of Moments to mitigate the heteroskedasticity and autocorrelation issues, our findings found that FDI significantly boosts the Human Development Index (HDI) across high-income, upper-middle, and low-income groups, driven by job creation and technical progress. Other factors exhibited diverse impacts across different income group levels: trade openness and poverty negatively correlated with HDI, while unemployment and inflation showed mixed effects. Conversely, population and economic growth consistently improved HDI. Based on these findings, countries should prioritize FDI-friendly policies that not only attract investment but also promote inclusive and sustainable human development, carefully balancing potential benefits and costs.
Accounting Conservatism, CEO Attributes, and Earning Quality: New Insights From Vietnamese Non-financial Listed Firms Thy Le-Bao, Vy Nguyen-The-Hoang, Thao Tran-Thanh-Mai, Huyen Ho-Thi-My Sage Open, 2025 This study investigates the determinants of earning quality by using a sample of 354 non-financial listed firms on the Ho Chi Minh Stock Exchange (HOSE) from 2010 to 2023. We contribute to the existing literature by emphasizing the role of accounting conservatism and CEO characteristics on earnings quality. The empirical evidence indicates that accounting conservatism positively impacts earnings quality. Conservative accounting practices may minimize the manipulative behavior of management, thereby increasing trust in the accuracy and reliability of financial information. Additionally, we found that CEO attributes affect earnings quality in different ways: while the CEO’s duality, gender, income, and tenure have a significant negative relationship with earnings quality, the CEO’s age and ownership have contrasting results. Furthermore, we also discovered that other factors such as a firm’s size, leverage, ROA, loss, and sales growth are positively associated with earnings quality. Our findings are useful references to provide executives, financial managers, and investors with insights into factors that improve firm’s earnings quality.
Diversification Strategy and Bank Efficiency of Vietnamese Commercial Banks: Does Foreign Ownership and Bank Experience Matter? Southeast Asian Journal of Economics, 2024
THE IMPACT OF SHADOW BANKING ON NONFINANCIAL FIRMS LISTED ON THE HO CHI MINH STOCK EXCHANGE (HOSE): EVIDENCE FROM VIETNAM Thy Le, Ngan Nguyen Thi Kim, Thi Hoang Dieu Journal of Eastern European and Central Asian Research, 2024 This paper examines the effect of shadow banking activities on the performance and risk-taking of 339 Vietnamese nonfinancial firms listed on the Ho Chi Minh Stock Exchange (HOSE). Using manually gathered data on firms' shadow banking activities from 2009 to 2021, the expansion of shadow banking is found to have a negative effect on the overall financial soundness of the securities companies, in particular negatively affecting performance and increasing the risk tolerance of companies. We present empirical findings about several aspects of shadow banking activities, including entrusted loans, entrusted investments, private lending, leasing, and commercial credit in this study. While the majority of shadow banking operations could have a negative impact on a firm's performance, we have discovered that commercial credit grants were crucial in reducing the COVID-19 pandemic's adverse effects on businesses, highlighting the need for financial stability in times of crisis. According to our results, the risk of shadow banking activities, which have consequences for policymakers and caution for nonfinancial enterprises, must be taken into consideration.
BASEL III STANDARDS AND LIQUIDITY DETERMINANTS IN VIETNAMESE COMMERCIAL BANKS Thy Le-Bao, Linh Ho, Dai Lang Journal of Eastern European and Central Asian Research, 2023 This study aims to ascertain the determinants affecting the liquidity of Vietnamese Commercial Banks by their bank ownership structures, CEO characteristics, and bank-specific variables. Using panel data consisting of 29 Vietnamese commercial banks, we measure liquidity using the most up-to-date method – the Net Stable Funding Difference (NSFD), according to Basel III standards. Correlating to the relationship between CEOs’ characteristics and bank liquidity, we found that CEOs with longer tenure will control liquidity better due to their higher managerial power and entrenchment. Moreover, the findings of the present study show that local market power, bank age, bank size, and loan loss provision positively impact bank liquidity. In contrast, further investigation reveals the adverse impact of state ownership on bank liquidity. This study provides insights into the prudential supervision of Vietnamese commercial banks, which implications for policymakers, by applying the latest liquidity measurement method and new findings on liquidity determinants.
Publications
Journal of Eastern European and Central Asian Research (JEECAR)
2023-06-05 | Journal article
DOI: 10.15549/
CONTRIBUTORS: Thy Le-Bao; Linh Ho; Dai Lang
