I
n
t
e
r
n
at
io
n
al
Jou
r
n
al
of
A
d
van
c
e
s
i
n
A
p
p
li
e
d
S
c
ie
n
c
e
s
(
I
JA
A
S
)
V
ol
. 15
, N
o
. 1
,
M
a
r
c
h
20
26
, pp
.
261
~
271
I
S
S
N
:
2252
-
8814
,
D
O
I
:
10
.
11591/
ij
a
a
s
. v15.
i
1. pp
261
-
271
261
Jou
r
n
al
h
om
e
page
:
ht
tp
:
//
ij
aas
.
ia
e
s
c
or
e
.
c
om
C
or
p
or
at
e
so
c
i
al
r
e
sp
on
si
b
i
l
i
t
y b
y
l
i
st
e
d
c
om
m
e
r
c
i
al
b
an
k
s
i
n
V
i
e
t
n
am
:
p
r
ac
t
i
c
e
an
d
f
i
n
an
c
i
al
p
e
r
f
or
m
an
c
e
V
ie
t
H
a N
gu
ye
n
,
T
h
i
M
in
h
N
gu
ye
t
D
an
g
F
a
c
ul
t
y of
F
i
na
nc
e
a
nd B
a
nki
ng, T
huongm
a
i
U
ni
ve
r
s
i
t
y, H
a
noi
, V
i
e
t
na
m
A
r
t
ic
le
I
n
f
o
A
B
S
T
R
A
C
T
A
r
ti
c
le
h
is
to
r
y
:
R
e
c
e
iv
e
d
J
ul
24, 2025
R
e
vi
s
e
d
N
ov 17, 2025
A
c
c
e
pt
e
d
J
a
n 1, 2026
This
study
examines
the
impacts
of
financial
performance
(FP)
on
cor
porate
social responsibility (CSR)
.
The article investigates whether FP, as me
asured
by
return
on
assets
(ROA)
and
net
interest
margin
(NIM),
influenc
es
the
likelihood
of
CSR
disclosure,
drawing
on
stakeholder
theory
and
legi
timacy
theory
.
The
analysis
employs
binary
logistic
regression
models
a
nd
an
unbalanced
panel
dataset
comprising
26
listed
banks
between
201
4
and
2024
.
If
the
bank
discloses
its
CSR
practices
in
its
annual
or
sustain
abi
lity
report,
the
code
for
CSR
disclosure
is
1
;
otherwise,
it
is
0
.
The
result
s
show
that,
while
NIM
shows
a
negative
relationship,
ROA
significantly
im
proves
CSR
.
Further
more,
there
is
a
positive
corre
lation
betwe
en
bank
size
(TA),
equity
to
asset
(EA),
and
CSR;
a
negative
relationship
of
loan
to
deposit
ratio
(LDR) with
CSR, and
no sign
ificant st
atistical
correlation was
ob
served
between
debt
to
equity
(DTE)
and
CSR
.
The
study
adds
to
the
b
ody
of
knowledge
on
CSR
in
developing
nations
and
offers
recommendati
ons
for
sustainability and bank go
vernance
.
K
e
y
w
o
r
d
s
:
C
or
por
a
te
s
oc
ia
l
r
e
s
pon
s
ib
il
it
y
F
in
a
nc
ia
l
pe
r
f
or
m
a
nc
e
N
e
t
in
te
r
e
s
t
m
a
r
gi
n
R
e
tu
r
n on a
s
s
e
t
s
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
i
a
l
ba
nks
This is an
open
acce
ss artic
le unde
r the
CC BY
-
SA
license
.
C
or
r
e
s
pon
di
n
g A
u
th
or
:
T
hi
M
in
h N
guye
t
D
a
ng
F
a
c
ul
ty
of
F
in
a
nc
e
a
nd B
a
nki
ng, T
huongma
i
U
ni
v
e
r
s
it
y, H
a
noi
, V
ie
tn
a
m
H
a
noi
, V
ie
tn
a
m
E
m
a
il
:
nguye
tm
in
h
@
tm
u
.
e
du
.
vn
1.
I
N
T
R
O
D
U
C
T
I
O
N
T
he
id
e
a
of
c
or
por
a
te
s
oc
ia
l
r
e
s
pon
s
ib
il
it
y
(
C
S
R
)
,
ha
s
dr
a
w
n
a
lo
t
of
a
tt
e
nt
io
n
in
th
e
ba
nki
ng
in
dus
tr
y
in
r
e
c
e
nt
de
c
a
de
s
.
T
hi
s
is
be
c
a
us
e
it
is
a
s
tr
a
te
gi
c
e
le
m
e
nt
of
r
is
k
m
a
na
ge
m
e
nt
a
nd
lo
ng
-
te
r
m
va
lu
e
c
r
e
a
ti
on,
in
a
ddi
ti
on
to
be
in
g
a
to
ol
f
or
im
pr
ovi
ng
c
or
por
a
te
im
a
ge
[
1]
.
E
xpe
c
ta
ti
ons
f
r
om
s
ta
ke
hol
de
r
s
,
r
e
gul
a
to
r
s
,
a
nd
in
ve
s
to
r
s
r
e
ga
r
di
ng
ba
nks
'
s
oc
ia
l
r
e
s
pons
ib
il
it
ie
s
ha
ve
c
ha
nge
d
a
s
a
r
e
s
ul
t
of
th
e
2008
f
in
a
nc
ia
l
c
r
is
is
a
nd
th
e
in
c
r
e
a
s
e
d
e
m
pha
s
is
on
s
u
s
ta
in
a
bl
e
de
ve
lo
pm
e
nt
a
nd
e
nvi
r
onm
e
nt
a
l,
s
oc
ia
l,
a
nd
gove
r
na
nc
e
(
E
S
G
)
pr
a
c
ti
c
e
s
a
r
ound
th
e
w
or
ld
[
2
]
.
C
om
m
e
r
c
ia
l
ba
nks
ha
ve
a
s
ig
ni
f
ic
a
nt
im
pa
c
t
on
th
e
e
c
onomy
th
r
ough
c
a
pi
ta
l
m
obi
li
z
a
ti
on,
r
is
k
a
ll
o
c
a
ti
on,
a
nd
f
in
a
nc
ia
l
in
te
r
m
e
di
a
ti
on,
in
c
ont
r
a
s
t
to
bu
s
in
e
s
s
e
s
in
t
r
a
di
ti
ona
l
in
dus
tr
ie
s
.
A
s
a
r
e
s
ul
t,
t
he
ir
de
di
c
a
ti
on t
o C
S
R
i
s
c
om
in
g unde
r
i
nc
r
e
a
s
in
g s
c
r
ut
in
y
[
3]
.
P
r
a
c
ti
c
a
l
r
e
s
e
a
r
c
h
on
C
S
R
ha
s
ga
r
ne
r
e
d
in
c
r
e
a
s
in
g
in
te
r
e
s
t
a
m
ong
s
c
hol
a
r
s
,
p
a
r
ti
c
ul
a
r
ly
in
th
e
ba
nki
ng
s
e
c
to
r
,
w
he
r
e
C
S
R
a
c
ti
vi
ti
e
s
hol
d
h
e
ig
ht
e
ne
d
s
ig
ni
f
ic
a
nc
e
due
to
th
e
uni
que
c
ha
r
a
c
t
e
r
is
ti
c
s
a
nd
pi
vot
a
l
r
ol
e
of
th
e
ba
nki
ng
in
dus
tr
y
.
H
ow
e
ve
r
,
a
c
c
ur
a
te
ly
m
e
a
s
ur
in
g
C
S
R
w
it
hi
n
a
s
pe
c
if
ic
in
du
s
tr
y
a
nd
a
c
r
os
s
di
f
f
e
r
e
nt
s
e
c
to
r
s
in
th
e
e
c
onomi
c
s
ys
t
e
m
pr
e
s
e
nt
s
c
e
r
ta
i
n
c
ha
ll
e
nge
s
[
4]
.
C
S
R
a
c
ti
vi
ti
e
s
in
th
e
ba
nki
ng
s
e
c
to
r
not
onl
y
in
f
lu
e
nc
e
th
e
in
te
r
na
l
ope
r
a
ti
on
s
but
a
l
s
o
im
pa
c
t
va
r
io
us
s
t
a
ke
hol
de
r
s
,
in
c
lu
di
ng
c
us
to
m
e
r
s
,
in
ve
s
to
r
s
,
a
nd
s
ha
r
e
hol
de
r
s
.
B
y
pr
ovi
di
ng
c
r
e
di
t
s
e
r
vi
c
e
s
to
bot
h
in
di
vi
dua
ls
a
nd
bu
s
in
e
s
s
e
s
,
th
e
ba
nki
ng
s
e
c
to
r
ha
s
im
pr
ove
d
s
oc
ie
ty
a
nd
ha
d
a
s
ig
ni
f
ic
a
nt
in
f
lu
e
nc
e
on
th
e
lo
ng
-
te
r
m
gr
ow
th
o
f
bus
in
e
s
s
a
nd
pr
oduc
ti
on
.
T
he
r
e
f
or
e
,
in
a
ddi
ti
on
to
pur
s
ui
ng
e
c
onomi
c
obj
e
c
ti
ve
s
,
ba
nk
s
m
us
t
a
ls
o
a
dv
a
nc
e
s
oc
ia
l
a
nd
e
nvi
r
onm
e
nt
a
l
c
a
us
e
s
;
onl
y
th
e
n
w
il
l
th
e
ba
nki
ng
s
e
c
to
r
'
s
ope
r
a
ti
ons
be
m
or
e
th
or
ough
a
nd
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
S
N
:
2252
-
8814
I
nt
J
A
dv A
ppl
S
c
i
,
V
ol
.
15, No
.
1, M
a
r
c
h 2026
:
261
-
271
262
c
om
pa
s
s
io
na
t
e
[
5]
.
B
a
nks
in
I
ndi
a
w
il
l
de
ny
c
r
e
di
t
to
c
om
pa
ni
e
s
w
hos
e
ope
r
a
ti
ons
n
e
ga
ti
ve
ly
im
pa
c
t
th
e
e
nvi
r
onm
e
nt
[
6]
.
A
lt
e
r
na
ti
ve
ly
,
C
hi
na
a
nnounc
e
d
a
f
r
a
m
e
w
or
k
f
or
s
oc
ia
l
a
nd
e
nvi
r
onm
e
nt
a
l
di
s
c
lo
s
ur
e
f
or
th
e
ba
nki
ng
a
nd
f
in
a
nc
e
s
e
c
to
r
in
J
a
pa
n
[
7]
.
W
hi
le
C
S
R
is
onl
y
e
nc
our
a
ge
d
in
m
a
ny
e
c
onomi
e
s
,
it
ha
s
be
c
om
e
m
a
nda
to
r
y i
n s
om
e
c
ount
r
ie
s
.
I
n pa
r
ti
c
ul
a
r
, t
he
r
e
a
r
e
n
o r
e
gul
a
ti
ons
on t
he
us
e
of
C
S
R
a
nd E
S
G
f
r
o
m
th
e
gove
r
nm
e
nt
or
a
ny of
t
he
r
e
le
va
nt
a
ge
nc
ie
s
;
in
te
gr
a
ti
on i
s
m
e
r
e
ly
a
dvi
s
e
d
.
T
he
c
onne
c
ti
on
be
twe
e
n
f
in
a
nc
ia
l
pe
r
f
or
m
a
nc
e
(
F
P
)
a
nd
C
S
R
ha
s
dr
a
w
n
a
lo
t
of
a
tt
e
nt
io
n
la
te
ly
.
G
a
in
in
g
a
c
le
a
r
e
r
in
s
ig
ht
in
to
th
e
c
onne
c
ti
on
be
twe
e
n
C
S
R
a
nd
F
P
is
of
s
ub
s
ta
nt
ia
l
va
lu
e
f
or
c
or
por
a
te
m
a
na
ge
r
s
,
w
ho
m
us
t
de
c
id
e
how
to
a
ll
oc
a
te
r
e
s
our
c
e
s
to
w
a
r
d
s
oc
ia
ll
y
r
e
s
pons
ib
le
a
c
ti
vi
ti
e
s
,
a
nd
f
or
s
ha
r
e
hol
de
r
s
,
w
ho
m
us
t
de
te
r
m
in
e
how
to
r
e
s
pond
to
s
uc
h
a
ll
o
c
a
ti
ons
.
P
r
of
it
a
bi
li
ty
r
e
m
a
in
s
th
e
ul
ti
m
a
te
goa
l
of
e
nt
e
r
pr
is
e
s
.
W
hi
le
m
a
ny
s
tu
di
e
s
ha
ve
e
xpl
or
e
d
th
e
im
pa
c
t
of
C
S
R
on
F
P
,
th
is
s
tu
dy
in
ve
s
ti
ga
te
s
th
e
r
e
ve
r
s
e
di
r
e
c
ti
on:
how
F
P
in
f
lu
e
nc
e
s
C
S
R
pr
a
c
ti
c
e
s
.
D
e
s
pi
te
t
he
f
a
c
t
th
a
t
C
S
R
in
non
-
f
in
a
nc
ia
l
s
e
c
to
r
s
ha
s
be
e
n
th
e
s
ubj
e
c
t
of
m
uc
h
r
e
s
e
a
r
c
h,
th
e
r
e
a
r
e
n'
t
m
a
ny e
m
pi
r
ic
a
l
s
tu
di
e
s
th
a
t
c
onc
e
nt
r
a
te
on
ba
nks
,
p
a
r
ti
c
ul
a
r
ly
in
th
e
V
ie
tn
a
m
e
s
e
c
ont
e
xt
.
A
c
c
or
di
ng
to
e
a
r
li
e
r
r
e
s
e
a
r
c
h,
a
c
om
pa
ny'
s
F
P
ha
s
a
s
ig
ni
f
ic
a
nt
im
pa
c
t
on
it
s
C
S
R
di
s
c
lo
s
ur
e
[
8]
.
A
b
a
nk'
s
w
il
li
ngne
s
s
or
c
a
pa
c
it
y
to
f
und
a
nd
di
s
c
lo
s
e
C
S
R
in
it
ia
ti
ve
s
m
a
y
be
in
f
lu
e
nc
e
d
by
pr
of
it
a
bi
li
ty
m
e
tr
ic
s
li
ke
r
e
tu
r
n
on
a
s
s
e
t
s
(
R
O
A
)
a
nd
n
e
t
in
te
r
e
s
t
m
a
r
gi
n
(
N
I
M
)
.
F
ur
th
e
r
m
or
e
,
th
e
li
ke
li
hood
of
C
S
R
e
nga
ge
m
e
nt
is
in
f
lu
e
nc
e
d
by
a
ddi
ti
ona
l
in
te
r
na
l
f
a
c
to
r
s
li
ke
f
ir
m
s
iz
e
,
c
a
pi
ta
l
a
de
qua
c
y,
a
nd l
iq
ui
di
ty
pos
it
io
n
[
9]
.
B
a
s
e
d
on
le
gi
ti
m
a
c
y
th
e
or
y
[
10]
a
nd
s
ta
ke
hol
de
r
th
e
or
y
[
11]
,
th
is
s
tu
dy
c
r
e
a
te
s
a
c
onc
e
pt
ua
l
f
r
a
m
e
w
or
k
th
a
t
s
ugge
s
ts
F
P
a
s
a
m
a
jo
r
f
a
c
to
r
in
f
lu
e
nc
in
g
th
e
p
os
s
ib
il
it
y
th
a
t
c
om
m
e
r
c
i
a
l
ba
nk
s
w
il
l
di
s
c
lo
s
e
C
S
R
.
S
pe
c
if
ic
a
ll
y,
N
I
M
a
nd
R
O
A
a
r
e
u
s
e
d
a
s
s
ta
nd
-
in
s
f
or
b
a
nk
pe
r
f
or
m
a
nc
e
.
B
ot
h
m
e
tr
ic
s
a
r
e
f
r
e
que
nt
ly
e
m
pl
oye
d
in
ba
nki
ng
r
e
s
e
a
r
c
h
to
s
how
ope
r
a
ti
ona
l
e
f
f
e
c
ti
ve
ne
s
s
a
nd
pr
of
it
a
bi
li
ty
[
12]
,
[
13]
.
T
he
s
tu
dy
s
pe
c
if
ic
a
ll
y l
ooks
i
nt
o how F
P
,
a
s
m
e
a
s
ur
e
d
by
R
O
A
a
nd N
I
M
,
a
f
f
e
c
ts
t
he
pr
oba
bi
li
ty
of
C
S
R
di
s
c
lo
s
ur
e
.
T
h
e
out
c
om
e
of
th
e
ba
nk'
s
ove
r
a
ll
bus
in
e
s
s
ope
r
a
ti
ons
is
e
f
f
ic
ie
nc
y
.
B
us
in
e
s
s
r
e
s
ul
ts
a
r
e
a
s
s
e
s
s
e
d
by
ke
e
pi
ng
a
nd
gr
ow
in
g
th
e
ba
nk'
s
s
iz
e
(
to
ta
l
a
s
s
e
t
s
(
TA
)
)
[
14]
,
m
a
na
gi
ng
l
e
ndi
ng
a
c
ti
vi
ti
e
s
w
it
h
a
c
a
pi
ta
l
m
obi
li
z
a
ti
on
s
tr
a
te
gy,
a
s
m
e
a
s
ur
e
d
by
th
e
lo
a
n
to
de
pos
it
r
a
ti
o
(
L
D
R
)
,
or
de
m
ons
tr
a
ti
ng
bus
in
e
s
s
s
a
f
e
ty
by
m
a
na
gi
ng
e
qui
ty
c
a
pi
ta
l
w
it
h
a
s
s
e
t
in
di
c
a
to
r
s
,
a
s
m
e
a
s
ur
e
d
by
th
e
e
qui
t
y
to
a
s
s
e
t
r
a
ti
o
(
E
A
)
.
T
he
y
a
r
e
e
x
a
m
pl
e
s
of
c
ont
r
ol
va
r
ia
bl
e
s
th
a
t
ta
ke
in
to
c
ons
id
e
r
a
ti
on
in
s
ti
tu
ti
ona
l
a
nd
f
in
a
nc
ia
l
f
a
c
to
r
s
th
a
t
c
oul
d
ha
ve
a
n
im
pa
c
t
on
C
S
R
pr
a
c
ti
c
e
s
.
I
n
pa
r
ti
c
ul
a
r
,
a
f
te
r
a
dj
us
ti
ng
f
or
ba
nk
s
iz
e
(
TA
)
,
L
D
R
,
a
nd
E
A
,
it
lo
oks
a
t
how
F
P
,
m
e
a
s
ur
e
d
by R
O
A
a
nd N
I
M
,
a
f
f
e
c
ts
t
h
e
l
ik
e
li
hood of
C
S
R
di
s
c
lo
s
ur
e
.
D
e
s
pi
te
gr
ow
in
g
r
e
gul
a
to
r
y
s
uppor
t
a
nd
s
oc
ie
ta
l
e
xpe
c
ta
ti
ons
,
th
e
ba
nki
ng
in
dus
tr
y'
s
a
dopt
io
n
of
C
S
R
pr
a
c
ti
c
e
s
is
s
ti
ll
in
it
s
in
f
a
nc
y
in
e
m
e
r
gi
ng
m
a
r
ke
ts
li
ke
V
ie
tn
a
m
.
C
ir
c
ul
a
r
N
o
.
17/
2022/T
T
-
N
H
N
N
is
one
of
th
e
f
r
a
m
e
w
or
ks
a
nd
gui
de
li
ne
s
th
a
t
th
e
S
ta
te
B
a
nk
o
f
V
ie
tn
a
m
(
S
B
V
)
ha
s
in
tr
oduc
e
d
to
pr
om
ot
e
s
us
ta
in
a
bl
e
f
in
a
n
c
e
.
I
ts
goa
l
i
s
to
in
c
or
por
a
te
s
oc
ia
l
a
nd
e
nvi
r
onm
e
nt
a
l
r
is
k
m
a
na
ge
m
e
nt
in
to
th
e
ope
r
a
ti
ons
of
c
r
e
di
t
in
s
ti
tu
ti
ons
.
N
one
th
e
l
e
s
s
,
th
e
r
e
a
r
e
s
ti
ll
s
ig
ni
f
ic
a
nt
di
f
f
e
r
e
nc
e
s
in
th
e
f
r
e
que
nc
y,
f
or
m
a
t,
a
nd
c
ont
e
nt
of
C
S
R
di
s
c
lo
s
ur
e
s
a
c
r
os
s
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
ia
l
ba
nk
s
.
W
hi
le
m
a
ny
m
a
jo
r
ba
nks
s
ti
ll
do
not
m
a
ke
f
or
m
a
l
di
s
c
lo
s
ur
e
s
,
s
om
e
ha
ve
be
gun
to
publ
is
h
in
te
gr
a
te
d
or
s
us
ta
in
a
bi
li
ty
r
e
por
ts
th
a
t
a
li
gn
w
it
h
in
te
r
na
ti
ona
l
s
ta
nda
r
ds
s
uc
h
a
s
th
e
G
lo
ba
l
R
e
por
ti
ng
I
ni
ti
a
ti
ve
(
G
R
I
)
[
15]
.
T
hi
s
s
tu
dy
c
ont
r
ib
ut
e
s
to
th
e
e
xi
s
ti
ng
li
te
r
a
tu
r
e
by
pr
e
s
e
nt
in
g
e
m
pi
r
ic
a
l
da
ta
on
th
e
f
in
a
nc
ia
l
f
a
c
to
r
s
in
f
lu
e
nc
in
g
C
S
R
di
s
c
lo
s
ur
e
in
a
n
e
m
e
r
gi
ng
m
a
r
ke
t'
s
ba
nki
ng
in
du
s
tr
y
us
in
g
bi
n
a
r
y
lo
gi
s
ti
c
r
e
gr
e
s
s
io
n
m
ode
l
s
.
I
t
is
a
nt
ic
ip
a
te
d
th
a
t
th
e
r
e
s
ul
ts
w
il
l
pr
ovi
de
us
e
f
ul
gui
da
nc
e
f
o
r
ba
nk ma
na
ge
r
s
, r
e
gul
a
to
r
s
, a
n
d l
e
gi
s
la
to
r
s
i
n a
dva
nc
in
g ope
nne
s
s
a
nd e
th
ic
a
l
ba
nki
ng i
n V
ie
tn
a
m
.
2.
L
I
T
E
R
A
T
U
R
E
R
E
V
I
E
W A
N
D
T
H
E
O
R
E
T
I
C
A
L
B
A
S
I
S
F
r
om
a
n
a
c
a
de
m
ic
pe
r
s
pe
c
ti
ve
,
s
e
v
e
r
a
l
a
ppr
oa
c
he
s
ha
ve
b
e
e
n
pr
opos
e
d
to
m
e
a
s
ur
e
C
S
R
.
T
h
e
f
ir
s
t
m
e
th
od
is
th
e
r
e
put
a
ti
on
in
de
x,
w
hi
c
h
is
ba
s
e
d
on
th
e
di
m
e
ns
io
ns
of
s
oc
ia
l
pe
r
f
or
m
a
nc
e
.
T
hi
s
a
ppr
oa
c
h
w
a
s
in
it
ia
ll
y
de
ve
lo
pe
d
by
th
e
C
ounc
il
of
E
c
onomi
c
P
r
io
r
it
ie
s
(
C
E
P
)
dur
in
g
th
e
la
te
1960s
.
T
he
s
e
c
ond
m
e
th
od
is
c
ont
e
nt
a
na
ly
s
is
,
in
w
hi
c
h
C
S
R
i
s
a
s
s
e
s
s
e
d
th
r
ough
di
s
c
lo
s
ur
e
s
in
c
or
por
a
te
doc
um
e
nt
s
,
pa
r
ti
c
ul
a
r
ly
a
nnu
a
l
r
e
por
ts
[
16]
.
S
ubs
e
que
nt
s
tu
di
e
s
ha
v
e
poi
nt
e
d
out
th
a
t
de
f
in
in
g
a
nd
m
e
a
s
ur
in
g
C
S
R
r
e
m
a
in
s
c
ha
ll
e
ngi
ng
due
to
th
e
la
c
k
of
s
ta
nda
r
di
z
a
ti
on
a
nd
in
c
ons
is
te
nt
c
om
pl
ia
nc
e
a
c
r
os
s
f
ir
m
s
.
S
om
e
r
e
s
e
a
r
c
he
r
s
ha
ve
a
tt
e
m
pt
e
d
to
a
ddr
e
s
s
th
is
by
c
om
pa
r
in
g
c
om
pa
ni
e
s
th
a
t
pe
r
f
or
m
e
xc
e
pt
io
na
ll
y
w
e
ll
in
C
S
R
w
i
th
th
os
e
de
m
ons
tr
a
ti
ng
poo
r
im
pl
e
m
e
nt
a
ti
on
[
17]
.
A
m
ul
ti
f
a
c
e
te
d
c
on
c
e
pt
,
C
S
R
in
c
or
p
or
a
te
s
s
o
c
ia
l,
e
c
onomi
c
,
a
nd
e
nvi
r
onm
e
nt
a
l
c
onc
e
r
ns
in
to
bus
in
e
s
s
ope
r
a
ti
ons
a
nd
gove
r
na
n
c
e
[
18]
,
[
19]
.
A
lt
hough
C
S
R
h
a
s
hi
s
to
r
ic
a
ll
y
be
e
n
li
nke
d
to
th
e
m
a
nuf
a
c
tu
r
in
g
a
nd
e
xt
r
a
c
ti
ve
in
dus
tr
ie
s
,
it
s
im
por
ta
nc
e
in
th
e
ba
nki
ng
s
e
c
to
r
ha
s
gr
ow
n
s
ub
s
ta
nt
ia
ll
y
in
r
e
c
e
nt
ye
a
r
s
.
A
s
gua
r
di
a
n
s
of
th
e
publ
ic
'
s
tr
us
t
a
nd
f
in
a
nc
ia
l
in
te
r
m
e
di
a
r
ie
s
,
ba
nks
ha
ve
e
m
br
a
c
e
d
C
S
R
pr
a
c
ti
c
e
s
m
or
e
a
nd
m
or
e
in
or
de
r
to
m
a
na
ge
s
ta
ke
hol
de
r
e
xp
e
c
ta
ti
ons
,
s
tr
e
ngt
he
n
r
e
put
a
ti
ona
l
c
a
pi
ta
l,
a
nd
s
uppor
t
s
us
ta
in
a
bl
e
d
e
ve
lo
pm
e
nt
goa
ls
[
2]
, [
13]
.
S
ta
ke
hol
de
r
th
e
or
y
a
nd
le
gi
ti
m
a
c
y
th
e
or
y
a
r
e
two
pr
o
m
in
e
nt
t
he
or
e
ti
c
a
l
s
ta
nc
e
s
th
a
t
la
r
ge
ly
f
r
a
m
e
c
ur
r
e
nt
r
e
s
e
a
r
c
h
on
C
S
R
.
A
c
c
or
di
ng
to
s
t
a
ke
hol
de
r
th
e
or
y
[
11]
,
c
om
pa
ni
e
s
h
a
ve
a
br
oa
d
s
pe
c
tr
um
of
Evaluation Warning : The document was created with Spire.PDF for Python.
I
nt
J
A
dv A
ppl
S
c
i
I
S
S
N
:
2252
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C
or
por
at
e
s
oc
ia
l
r
e
s
pons
ib
il
it
y
by
l
is
t
e
d c
om
m
e
r
c
ia
l
bank
s
i
n
V
ie
tn
am
…
(
V
ie
t
H
a N
guy
e
n)
263
s
ta
ke
hol
de
r
s
to
a
n
s
w
e
r
to
,
in
c
lu
di
ng
e
m
pl
oye
e
s
,
c
on
s
um
e
r
s
,
r
e
gul
a
to
r
s
,
th
e
ge
ne
r
a
l
publ
ic
,
a
nd
s
ha
r
e
hol
de
r
s
.
A
c
c
or
di
ng
to
th
is
f
r
a
m
e
w
or
k,
pr
of
i
ta
bl
e
ba
nks
a
nd
ot
he
r
f
in
a
nc
ia
ll
y
s
uc
c
e
s
s
f
ul
bus
in
e
s
s
e
s
a
r
e
be
tt
e
r
a
bl
e
to
de
vot
e
e
xc
e
s
s
r
e
s
our
c
e
s
to
m
e
e
ti
ng
s
ta
ke
hol
d
e
r
e
xpe
c
ta
ti
on
s
th
r
ough
pr
ogr
a
m
s
li
ke
C
S
R
di
s
c
lo
s
ur
e
.
S
uc
h
in
vol
ve
m
e
nt
s
tr
e
ngt
he
ns
s
ta
ke
hol
de
r
tr
us
t
a
nd
r
e
la
ti
ona
l
c
a
pi
ta
l
in
a
ddi
ti
on
to
f
ul
f
il
li
ng
e
th
ic
a
l
dut
ie
s
.
L
e
gi
ti
m
a
c
y
th
e
or
y
[
10]
,
w
hi
c
h
s
uppor
ts
th
is
vi
e
w
poi
nt
,
a
s
s
e
r
ts
th
a
t
c
om
pa
ni
e
s
us
e
C
S
R
di
s
c
lo
s
ur
e
s
a
s
a
ta
c
ti
c
a
l
to
ol
to
bui
ld
,
pr
e
s
e
r
ve
,
or
r
e
s
to
r
e
th
e
ir
r
e
put
a
ti
on
.
C
S
R
r
e
por
ti
ng
f
unc
ti
ons
a
s
a
ty
pe
of
s
ym
bol
ic
c
om
m
uni
c
a
ti
on
th
a
t
c
onve
ys
or
ga
ni
z
a
ti
ona
l
in
te
gr
it
y
a
nd
r
e
s
pons
iv
e
ne
s
s
to
c
ha
ngi
ng
s
oc
ie
ta
l
nor
m
s
in
in
dus
tr
ie
s
li
ke
ba
nki
ng,
w
he
r
e
in
s
ti
tu
ti
ona
l
c
r
e
di
bi
li
ty
a
nd
s
oc
ie
ta
l
tr
us
t
a
r
e
c
r
uc
ia
l
.
I
n
e
m
e
r
gi
ng
m
a
r
ke
ts
,
w
he
r
e
r
e
gul
a
to
r
y
f
r
a
m
e
w
or
ks
m
a
y
be
in
a
de
qua
te
or
in
c
on
s
is
te
nt
ly
im
pl
e
m
e
nt
e
d,
th
is
be
c
om
e
s
e
s
pe
c
i
a
ll
y
im
por
ta
nt
.
W
he
n
c
om
bi
ne
d,
th
e
s
e
th
e
or
e
ti
c
a
l
unde
r
pi
nni
ngs
i
m
pl
y
th
a
t
a
b
a
nk'
s
in
s
ti
tu
ti
ona
l
vi
s
ib
il
it
y
a
nd
f
in
a
nc
ia
l
s
tr
e
ngt
h
in
c
r
e
a
s
e
it
s
in
c
e
nt
iv
e
a
nd
a
bi
li
ty
to
r
e
ve
a
l
C
S
R
in
f
or
m
a
ti
on,
pa
r
ti
c
ul
a
r
ly
in
s
it
ua
ti
ons
w
he
r
e
s
uc
h
di
s
c
lo
s
ur
e
is
not
r
e
qui
r
e
d
but
is
ne
ve
r
th
e
le
s
s
in
f
lu
e
nc
e
d
by
s
ta
ke
hol
de
r
pr
e
s
s
ur
e
a
nd
le
gi
ti
m
a
c
y c
onc
e
r
ns
.
A
lt
hough
th
e
r
e
s
ul
ts
ha
ve
be
e
n
m
ix
e
d,
a
s
iz
a
bl
e
a
m
ount
of
e
m
pi
r
ic
a
l
r
e
s
e
a
r
c
h
ha
s
e
xa
m
in
e
d
th
e
r
e
la
ti
ons
hi
p
be
twe
e
n
C
S
R
a
nd
F
P
[
20
]
.
A
num
be
r
of
s
tu
di
e
s
w
e
r
e
c
a
r
r
ie
d
out
in
va
r
io
us
ba
nki
ng
-
r
e
la
te
d
c
ont
e
xt
s
.
S
om
e
of
th
e
s
e
s
tu
di
e
s
r
e
ve
a
le
d
a
bi
di
r
e
c
ti
ona
l
r
e
la
ti
ons
hi
p
be
twe
e
n
C
S
R
a
nd
F
P
,
w
it
h
bot
h
di
r
e
c
ti
ons
of
im
pa
c
t
be
in
g
s
ta
ti
s
ti
c
a
ll
y
s
ig
ni
f
ic
a
nt
.
T
hi
s
e
nc
ou
r
a
ge
d
th
e
de
ve
lo
pm
e
nt
of
C
S
R
a
c
ti
vi
ti
e
s
a
nd
r
a
is
e
d
F
P
.
S
e
ve
r
a
l
o
th
e
r
s
tu
di
e
s
r
e
ve
a
le
d
a
pos
it
iv
e
r
e
la
ti
ons
hi
p
be
twe
e
n
F
P
a
nd
C
S
R
[
4]
,
[
21]
–
[
23]
.
T
he
s
tu
dy'
s
f
in
di
ngs
ha
ve
de
m
ons
tr
a
te
d
th
a
t
th
e
a
dopt
io
n
of
C
S
R
is
a
tr
e
nd
th
a
t
is
una
voi
da
bl
e
f
or
th
e
lo
ng
-
te
r
m
gr
ow
th
of
ba
nki
ng
a
nd
f
in
a
nc
ia
l
in
s
ti
tu
ti
ons
.
T
he
"
s
la
c
k
r
e
s
our
c
e
s
"
hypothe
s
i
s
,
w
hi
c
h
c
ont
e
nd
s
th
a
t
f
in
a
nc
ia
ll
y
s
ta
bl
e
c
om
pa
ni
e
s
c
a
n
in
ve
s
t
in
C
S
R
,
is
s
uppor
te
d
by
a
num
be
r
o
f
s
tu
di
e
s
[
12]
,
[
24]
di
s
c
ove
r
e
d
a
pos
it
iv
e
c
or
r
e
la
ti
on
be
twe
e
n
pr
of
it
a
bi
li
ty
a
nd
C
S
R
e
nga
g
e
m
e
nt
in
th
e
ba
nki
ng
in
du
s
tr
y,
in
di
c
a
ti
ng
th
a
t
hi
ghe
r
-
pe
r
f
or
m
in
g
ba
nks
e
m
pl
oy
C
S
R
a
s
a
s
tr
a
te
gi
c
a
nd
r
e
put
a
ti
ona
l
to
ol
,
a
f
e
w
s
tu
di
e
s
ha
ve
s
how
n
th
a
t
F
P
ne
ga
ti
ve
ly
im
pa
c
ts
C
S
R
.
T
he
r
e
s
e
a
r
c
h
in
[
25]
,
[
26]
s
ugge
s
t
s
th
a
t
in
th
e
s
hor
t
-
te
r
m
,
ba
nks
a
r
e
m
or
e
c
onc
e
r
ne
d
w
it
h e
f
f
ic
ie
nc
y t
ha
n w
it
h a
c
hi
e
vi
ng l
ong
-
te
r
m
s
us
ta
in
a
bl
e
goa
l
s
.
T
he
uni
ve
r
s
a
li
ty
of
th
is
r
e
la
ti
ons
hi
p
ha
s
be
e
n
c
ont
e
s
te
d
by
ot
h
e
r
r
e
s
e
a
r
c
he
r
s
.
P
r
of
it
a
bi
li
ty
doe
s
not
a
lwa
ys
tr
a
ns
la
te
in
to
C
S
R
pr
a
c
ti
c
e
s
in
m
a
r
ke
ts
w
it
h
w
e
a
k
in
s
ti
tu
ti
ona
l
e
nf
or
c
e
m
e
nt
or
im
m
a
tu
r
e
s
ta
ke
hol
de
r
a
c
ti
vi
s
m
,
a
c
c
or
di
ng
to
[
27]
,
[
28]
.
R
a
th
e
r
th
a
n
c
on
s
id
e
r
in
g
C
S
R
a
s
a
s
tr
a
te
gi
c
a
s
s
e
t,
bus
in
e
s
s
e
s
m
a
y
pr
io
r
it
iz
e
s
hor
t
-
te
r
m
f
in
a
nc
ia
l
m
e
tr
ic
s
.
T
hus
,
in
th
e
V
i
e
tn
a
m
e
s
e
ba
nki
ng
in
dus
tr
y,
w
he
r
e
vol
unt
a
r
y
r
e
por
ti
ng
a
nd
qui
c
k
in
s
ti
tu
ti
ona
l
c
ha
nge
c
oe
xi
s
t,
t
hi
s
s
tu
dy r
e
e
xa
m
in
e
s
t
he
r
e
la
ti
ons
hi
p be
twe
e
n F
P
a
nd C
S
R
.
I
n
ba
nki
ng
s
tu
di
e
s
,
R
O
A
a
nd
N
I
M
a
r
e
f
r
e
que
nt
ly
us
e
d
a
s
s
t
a
nd
-
in
s
f
or
F
P
[
29]
.
O
n
a
s
c
a
le
,
R
O
A
e
va
lu
a
te
s
th
e
ba
nk'
s
c
a
pa
c
it
y
to
tu
r
n
a
pr
of
it
.
N
I
M
,
on
th
e
ot
he
r
ha
nd,
is
a
m
e
a
s
ur
e
of
th
e
ba
nk'
s
pe
r
f
or
m
a
nc
e
in
c
r
e
di
t
ope
r
a
ti
ons
t
ha
t
c
ha
r
a
c
te
r
iz
e
s
how
e
f
f
e
c
ti
ve
ly
t
he
ba
nk
us
e
s
e
a
r
ni
ng a
s
s
e
ts
t
o pr
oduc
e
i
nt
e
r
e
s
t
in
c
om
e
(
th
e
di
f
f
e
r
e
nc
e
be
twe
e
n
in
te
r
e
s
t
in
c
om
e
a
nd
in
te
r
e
s
t
e
xpe
ns
e
s
)
.
T
hi
s
m
e
tr
ic
de
m
ons
tr
a
te
s
th
e
c
a
p
a
c
it
y
to
c
ont
r
ol
a
s
s
e
t
s
tr
uc
tu
r
e
,
in
te
r
e
s
t
r
a
te
r
is
k,
a
nd
c
a
pi
ta
l
e
xpe
n
di
tu
r
e
s
.
A
c
c
or
di
ng
to
P
ha
m
a
nd
T
r
a
n
[
30]
,
s
ta
ke
hol
de
r
de
m
a
nd
a
nd
r
e
gul
a
to
r
y
e
xpe
c
ta
ti
ons
a
r
e
th
e
r
e
a
s
o
ns
be
hi
nd
th
e
not
a
bl
e
pos
it
iv
e
im
pa
c
t
of
R
O
A
on
C
S
R
di
s
c
lo
s
ur
e
s
a
m
ong
c
om
m
e
r
c
ia
l
ba
nk
s
in
V
i
e
tn
a
m
.
S
i
m
il
a
r
ly
,
H
a
a
nd
K
huong
[
31]
f
ound
th
a
t
ba
nk
s
w
it
h
hi
ghe
r
N
I
M
w
e
r
e
m
or
e
li
ke
ly
to
di
s
c
lo
s
e
C
S
R
a
c
ti
vi
ti
e
s
,
a
s
hi
ghe
r
m
a
r
gi
ns
pr
ovi
de
d
gr
e
a
te
r
f
in
a
nc
ia
l
f
le
xi
bi
li
ty
f
or
non
-
c
or
e
i
nve
s
tm
e
nt
s
.
S
tu
di
e
s
us
ua
ll
y
a
c
c
ount
f
or
th
e
in
s
ti
tu
ti
ona
l
a
nd
s
tr
uc
tu
r
a
l
f
e
a
tu
r
e
s
of
ba
nks
in
or
de
r
to
is
ol
a
te
th
e
im
pa
c
t
of
F
P
on
C
S
R
.
T
o
s
e
pa
r
a
t
e
th
e
e
f
f
e
c
t
s
of
F
P
,
a
num
be
r
of
c
ont
r
ol
va
r
ia
bl
e
s
a
r
e
in
c
lu
de
d
in
a
ddi
ti
on
to
R
O
A
a
nd
N
I
M
.
D
ue
to
in
c
r
e
a
s
e
d
publ
ic
s
c
r
ut
in
y
a
nd
r
e
gul
a
to
r
y
pr
e
s
s
ur
e
,
T
A
is
a
nt
ic
ip
a
te
d
to
pos
it
iv
e
ly
im
pa
c
t
C
S
R
di
s
c
lo
s
ur
e
[
32]
.
D
e
pe
ndi
ng
on
r
is
k
to
le
r
a
nc
e
a
nd
f
in
a
nc
ia
l
f
le
xi
bi
li
ty
,
th
e
L
D
R
,
w
hi
c
h
ga
uge
s
li
qui
di
ty
a
nd
c
r
e
di
t
r
is
k,
c
a
n
ha
ve
va
r
yi
ng
e
f
f
e
c
ts
on
C
S
R
.
A
s
a
w
a
y
to
boos
t
le
gi
ti
m
a
c
y
a
nd
s
ta
ke
hol
de
r
c
onf
id
e
nc
e
,
C
S
R
e
ng
a
ge
m
e
nt
m
a
y
b
e
e
nc
our
a
ge
d
by
th
e
E
A
,
w
hi
c
h
m
e
a
s
ur
e
s
c
a
pi
ta
l
s
tr
e
ngt
h
a
nd
f
in
a
nc
ia
l
r
e
s
il
ie
nc
e
[
12]
.
T
he
in
c
lu
s
io
n
of
th
e
s
e
c
ont
r
ol
va
r
ia
bl
e
s
gua
r
a
nt
e
e
s
a
m
or
e
r
e
li
a
bl
e
a
nd
a
c
c
ur
a
te
e
s
ti
m
a
ti
on
of
th
e
r
e
la
ti
ons
hi
p be
twe
e
n F
P
a
nd C
S
R
di
s
c
lo
s
ur
e
, e
ve
n t
hough t
he
y a
r
e
not
t
he
m
a
in
f
oc
us
of
t
hi
s
s
tu
dy
.
N
um
e
r
ous
r
e
c
e
nt
s
tu
di
e
s
on
s
us
t
a
in
a
bl
e
d
e
ve
lo
pm
e
nt
ha
v
e
de
m
ons
tr
a
te
d
th
e
c
lo
s
e
r
e
la
ti
ons
hi
p
be
twe
e
n
C
S
R
a
nd
E
S
G
,
w
hi
c
h
a
r
e
bot
h
ba
s
e
d
on
r
e
gi
ona
l
a
nd
in
te
r
na
ti
ona
l
s
ta
nda
r
ds
,
s
pe
c
if
ic
a
ll
y:
t
he
G
R
I
,
is
a
w
id
e
ly
us
e
d
f
r
a
m
e
w
or
k
f
or
bus
in
e
s
s
e
s
a
nd
or
ga
ni
z
a
ti
ons
to
c
onduc
t
s
us
ta
in
a
bl
e
de
ve
lo
pm
e
nt
r
e
por
ts
.
T
he
th
r
e
e
to
pi
c
-
s
pe
c
if
ic
gr
oup
s
of
s
t
a
nda
r
ds
(
e
c
onomi
c
,
e
nvi
r
onm
e
nt
a
l,
a
nd
s
oc
i
a
l)
a
r
e
li
nke
d
to
s
ix
pr
in
c
ip
le
s
[
15]
or
B
lo
om
be
r
g'
s
e
th
ic
a
l
in
ve
s
tm
e
nt
r
e
s
e
a
r
c
h
s
e
r
vi
c
e
(
E
I
R
S
)
r
a
nki
ng
in
de
x
[
21]
.
T
h
e
s
e
s
ta
nda
r
ds
a
r
e
th
e
ba
s
is
f
or
bui
ld
in
g
C
S
R
a
nd
E
S
G
in
ba
nk
s
[
33]
.
I
n
de
ve
lo
pi
ng
na
ti
ons
li
ke
V
ie
tn
a
m
,
in
s
ti
tu
ti
ona
l
c
ha
nge
s
,
gl
oba
l
in
te
gr
a
ti
on,
a
nd
m
ount
in
g
r
e
gul
a
to
r
y
pr
e
s
s
ur
e
a
ll
in
f
lu
e
nc
e
ba
nki
ng
C
S
R
pr
a
c
ti
c
e
s
in
a
ddi
ti
on
to
m
a
r
ke
t
dyna
m
ic
s
.
H
ow
e
ve
r
,
th
e
r
e
a
r
e
n
ot
a
bl
e
va
r
ia
ti
ons
in
th
e
ty
pe
a
nd
le
ve
l
of
C
S
R
di
s
c
lo
s
ur
e
s
a
c
r
os
s
b
a
nks
,
ne
c
e
s
s
it
a
ti
ng
a
n
in
ve
s
ti
ga
ti
on
in
to
th
e
f
a
c
to
r
s
th
a
t
in
f
lu
e
nc
e
th
e
s
e
di
s
c
lo
s
ur
e
s
,
pa
r
ti
c
ul
a
r
ly
th
os
e
r
e
la
te
d
to
f
in
a
nc
e
s
.
V
i
e
tn
a
m
of
f
e
r
s
a
di
s
ti
n
c
ti
ve
e
m
pi
r
ic
a
l
c
ont
e
xt
f
or
r
e
s
e
a
r
c
hi
ng
C
S
R
di
s
c
lo
s
ur
e
s
.
R
e
gul
a
to
r
y
gui
de
li
ne
s
li
ke
th
e
V
ie
tn
a
m
c
or
por
a
te
gove
r
na
nc
e
c
ode
of
be
s
t
pr
a
c
ti
c
e
s
(
2019)
a
nd
C
ir
c
ul
a
r
N
o
.
155/
2015/T
T
-
B
T
C
h
a
ve
pr
om
ot
e
d
gr
e
a
te
r
tr
a
ns
pa
r
e
nc
y
a
nd
s
u
s
ta
in
a
bi
li
ty
or
ie
nt
a
ti
on
a
m
ong
li
s
te
d f
ir
m
s
a
nd ba
nks
, e
ve
n t
hough C
S
R
r
e
por
ti
ng i
s
s
ti
ll
opt
io
na
l
.
D
is
pa
r
it
ie
s
i
n ow
ne
r
s
hi
p s
tr
uc
tu
r
e
, f
or
e
ig
n
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
S
N
:
2252
-
8814
I
nt
J
A
dv A
ppl
S
c
i
,
V
ol
.
15, No
.
1, M
a
r
c
h 2026
:
261
-
271
264
pa
r
ti
c
ip
a
ti
on,
a
nd
gove
r
na
nc
e
qua
li
ty
a
r
e
r
e
f
le
c
te
d
in
th
e
di
v
e
r
s
it
y
of
di
s
c
lo
s
ur
e
pr
a
c
ti
c
e
s
[
34]
.
I
n
or
de
r
to
m
e
e
t
in
ve
s
to
r
e
xpe
c
ta
ti
ons
a
nd
s
ta
y
out
of
tr
oubl
e
w
it
h
th
e
gove
r
nm
e
nt
,
s
ta
te
-
ow
ne
d
or
in
te
r
na
ti
ona
ll
y
e
xpos
e
d
ba
nks
ty
pi
c
a
ll
y
r
e
ve
a
l
m
or
e
C
S
R
in
f
or
m
a
ti
on
.
T
he
s
e
f
a
c
to
r
s
pr
ovi
de
a
n
in
te
r
e
s
ti
ng
s
e
tt
in
g
f
o
r
e
xa
m
in
in
g w
he
th
e
r
f
in
a
nc
ia
l
he
a
lt
h i
s
a
s
ig
ni
f
ic
a
nt
f
a
c
to
r
i
n de
te
r
m
in
in
g C
S
R
i
nvol
ve
m
e
nt
.
T
he
in
c
r
e
a
s
in
g s
ig
ni
f
ic
a
nc
e
of
C
S
R
in
th
e
ba
nki
ng
in
dus
tr
y
ha
s
pr
om
pt
e
d
s
c
hol
a
r
s
to
in
ve
s
ti
ga
te
th
e
pr
im
a
r
y
m
ot
iv
a
to
r
s
f
or
C
S
R
di
s
c
lo
s
ur
e
.
T
he
de
c
is
io
n
to
di
s
c
lo
s
e
C
S
R
a
c
ti
vi
ti
e
s
is
f
r
e
que
nt
ly
in
f
lu
e
nc
e
d
by
in
te
r
na
l
f
ir
m
c
ha
r
a
c
te
r
is
ti
c
s
,
m
os
t
not
a
bl
y
F
P
,
in
e
m
e
r
gi
n
g
m
a
r
ke
ts
li
ke
V
ie
tn
a
m
,
w
he
r
e
r
e
gul
a
to
r
y
f
r
a
m
e
w
or
ks
f
or
C
S
R
a
r
e
s
ti
ll
in
th
e
ir
in
f
a
nc
y
.
A
c
c
or
di
ng
to
s
ta
ke
hol
de
r
th
e
or
y
[
11]
,
bus
in
e
s
s
e
s
a
r
e
a
c
c
ount
a
bl
e
to
a
br
oa
de
r
gr
oup
of
s
ta
ke
hol
de
r
s
,
in
c
lu
di
ng
e
m
pl
oye
e
s
,
c
ons
um
e
r
s
,
r
e
gul
a
to
r
s
,
th
e
ge
ne
r
a
l
publ
ic
,
a
nd
s
ha
r
e
hol
de
r
s
.
B
us
in
e
s
s
e
s
a
r
e
m
or
e
li
ke
ly
to
ha
ve
th
e
a
bi
li
ty
a
nd
m
ot
iv
a
ti
on
to
s
a
ti
s
f
y
s
ta
ke
hol
de
r
e
xpe
c
ta
ti
ons
th
r
ough
C
S
R
in
it
ia
ti
ve
s
w
h
e
n
th
e
y
pr
oduc
e
hi
g
h
f
in
a
nc
ia
l
r
e
tu
r
ns
.
T
hi
s
r
e
a
s
oni
ng
i
s
f
ur
th
e
r
s
uppor
te
d
by
le
gi
ti
m
a
c
y
th
e
o
r
y
[
10]
,
w
hi
c
h
s
ugge
s
ts
th
a
t
bu
s
i
ne
s
s
e
s
ut
il
iz
e
C
S
R
di
s
c
lo
s
ur
e
s
a
s
a
m
e
a
ns
of
de
m
ons
tr
a
ti
ng
e
th
ic
a
l
be
ha
vi
or
a
nd
le
gi
ti
m
iz
in
g
th
e
ir
ope
r
a
ti
o
ns
,
pa
r
ti
c
ul
a
r
ly
in
s
e
c
to
r
s
li
ke
ba
nki
ng
,
w
he
r
e
publ
ic
t
r
us
t
is
c
r
uc
ia
l
.
O
ne
im
por
ta
nt
in
di
c
a
to
r
of
ove
r
a
ll
pr
of
it
a
bi
li
ty
is
R
O
A
.
M
or
e
r
e
s
our
c
e
s
a
r
e
ty
pi
c
a
ll
y
a
va
il
a
bl
e
f
or
C
S
R
i
ni
ti
a
ti
ve
s
a
nd r
e
por
ti
ng p
r
oc
e
dur
e
s
a
t
c
om
pa
ni
e
s
w
it
h hi
ghe
r
R
O
A
.
P
r
e
vi
ous
r
e
s
e
a
r
c
h ha
s
de
m
ons
tr
a
te
d
th
a
t
C
S
R
di
s
c
lo
s
ur
e
a
nd
pr
of
it
a
bi
li
ty
a
r
e
pos
it
iv
e
ly
c
or
r
e
la
te
d
[
12]
.
I
n
or
de
r
to
im
pr
ove
th
e
ir
s
ta
ke
hol
de
r
r
e
la
ti
ons
a
nd
c
or
por
a
te
im
a
g
e
,
pr
of
it
a
bl
e
ba
nks
m
a
y
c
hoo
s
e
t
o
vol
unt
a
r
il
y
r
e
ve
a
l
th
e
ir
C
S
R
in
it
ia
ti
ve
s
.
I
n
li
ght
of
t
hi
s
j
us
ti
f
ic
a
ti
on, we
put
f
or
th
t
he
f
ol
lo
w
in
g
th
e
or
y
.
H
1:
th
e
r
e
i
s
a
p
o
s
it
iv
e
c
on
ne
c
t
io
n
b
e
tw
e
e
n
R
O
A
a
n
d
t
he
l
ik
e
li
h
oo
d
of
C
S
R
di
s
c
lo
s
ur
e
in
V
i
e
tn
a
m
e
s
e
c
om
m
e
r
c
i
a
l
b
a
nk
s
.
A
ba
nk'
s
pr
im
a
r
y
c
a
pa
c
it
y
to
ge
ne
r
a
te
r
e
ve
nue
a
nd
it
s
ope
r
a
ti
ona
l
e
f
f
e
c
ti
ve
ne
s
s
in
ha
ndl
in
g
in
te
r
e
s
t
-
ba
s
e
d
ope
r
a
ti
ons
a
r
e
bot
h
r
e
f
le
c
te
d
in
it
s
N
I
M
.
A
ba
nk'
s
c
a
pa
c
it
y
to
in
ve
s
t
in
C
S
R
a
nd
r
a
is
e
th
e
tr
a
ns
pa
r
e
nc
y of
s
uc
h i
ni
ti
a
ti
ve
s
m
a
y b
e
i
m
pr
ove
d by a
hi
ghe
r
N
I
M
, w
hi
c
h i
ndi
c
a
te
s
i
m
pr
ove
d f
in
a
nc
ia
l
he
a
lt
h
a
nd
s
tr
onge
r
e
a
r
ni
ngs
f
r
om
c
or
e
le
ndi
ng
a
c
ti
vi
ti
e
s
.
A
s
pa
r
t
of
lo
ng
-
te
r
m
r
e
put
a
ti
on
bui
ld
in
g,
e
f
f
ic
ie
nt
ba
nks
a
r
e
m
or
e
li
ke
ly
to
di
s
c
lo
s
e
non
-
f
in
a
nc
ia
l
in
f
or
m
a
ti
on,
a
c
c
or
di
ng
to
e
a
r
li
e
r
r
e
s
e
a
r
c
h
[
13]
,
[
35]
.
T
hus
,
th
e
s
e
c
ond hypothes
i
s
i
s
e
s
ta
bl
is
he
d.
H
2:
th
e
r
e
is
a
pos
it
iv
e
r
e
la
ti
ons
hi
p
be
twe
e
n
N
I
M
a
nd
th
e
l
ik
e
li
hood
of
C
S
R
di
s
c
lo
s
ur
e
in
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
ia
l
ba
nks
.
3.
R
E
S
E
A
R
C
H
M
O
D
E
L
3.1.
D
at
a
c
ol
le
c
t
io
n
an
d
s
am
p
le
T
o
a
ddr
e
s
s
th
e
r
e
s
e
a
r
c
h
g
a
p,
th
is
s
tu
dy
u
s
e
s
a
pa
ne
l
da
ta
s
e
t
of
26
li
s
te
d
ba
nk
s
f
r
om
2014
to
2024
to
e
xa
m
in
e
th
e
im
pa
c
t
of
F
P
on
C
S
R
in
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
ia
l
ba
nks
.
I
n
or
de
r
to
in
ve
s
ti
ga
te
th
e
f
a
c
to
r
s
th
a
t
in
f
lu
e
nc
e
C
S
R
di
s
c
lo
s
ur
e
a
m
ong
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
ia
l
ba
n
ks
f
r
om
2014
to
2024,
th
is
s
tu
dy
us
e
s
pa
ne
l
da
ta
a
nd
a
qua
nt
it
a
ti
ve
r
e
s
e
a
r
c
h
de
s
ig
n
.
A
n
unba
la
n
c
e
d
pa
n
e
l
of
26
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
ia
l
b
a
nks
c
ove
r
in
g
th
e
ye
a
r
s
2014
to
2024
m
a
ke
s
up
th
e
da
ta
s
e
t
.
T
he
s
tu
dy
ga
th
e
r
s
in
f
or
m
a
ti
on
f
r
o
m
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
ia
l
ba
nks
'
a
nnua
l
r
e
por
ts
.
T
hi
s
is
th
e
of
f
ic
ia
l
s
our
c
e
of
da
ta
,
w
hi
c
h
ha
s
b
e
e
n
e
x
a
m
in
e
d
by
a
s
e
p
a
r
a
te
a
udi
ti
ng
f
ir
m
.
T
he
c
om
m
uni
ty
c
a
n
r
e
c
e
iv
e
in
f
or
m
a
ti
on
th
r
ough
th
is
of
f
ic
ia
l
c
ha
nne
l
[
36]
.
T
he
m
os
t
w
id
e
ly
us
e
d
a
nd
s
ig
ni
f
ic
a
nt
in
s
tr
um
e
nt
f
or
r
e
ve
a
li
ng C
S
R
da
ta
is
th
e
a
nnu
a
l
r
e
p
or
t
.
T
he
de
gr
e
e
of
di
s
c
lo
s
ur
e
in
a
nnua
l
r
e
por
ts
,
w
hi
c
h
s
e
r
ve
s
a
s
th
e
f
ounda
ti
on
f
or
e
va
lu
a
ti
ng
th
e
vol
u
m
e
a
nd
c
a
li
be
r
of
C
S
R
a
c
ti
vi
ti
e
s
,
is
ga
uge
d
by
th
e
di
s
c
lo
s
ur
e
in
de
x
[
28]
.
A
c
c
or
di
ng
to
e
a
r
li
e
r
r
e
s
e
a
r
c
h,
C
S
R
d
is
c
lo
s
ur
e
is
r
e
ga
r
de
d
a
s
a
bi
n
a
r
y
de
pe
nde
nt
va
r
ia
bl
e
,
w
it
h
a
va
lu
e
of
"
1"
if
a
ba
nk
di
s
c
lo
s
e
s
C
S
R
-
r
e
la
te
d
in
f
or
m
a
ti
on
in
it
s
a
nnua
l
r
e
por
t
o
r
s
us
ta
in
a
bi
li
ty
r
e
por
t
a
nd
"
0"
ot
he
r
w
is
e
[
12]
.
T
hi
s
op
e
r
a
ti
ona
li
z
a
ti
on
a
li
gns
w
it
h
e
a
r
li
e
r
e
m
pi
r
ic
a
l
r
e
s
e
a
r
c
h
c
ondu
c
te
d
in
th
e
ba
nki
ng
s
e
c
to
r
[
12]
,
[
30
]
.
S
e
ve
n
f
a
c
to
r
s
a
r
e
ta
ke
n
in
to
c
ons
id
e
r
a
ti
on
a
nd
us
e
d
to
c
a
lc
ul
a
te
C
S
R
:
i)
c
ont
r
ib
ut
io
ns
to
th
e
he
a
lt
h
a
nd
e
duc
a
ti
on
s
e
c
to
r
s
;
ii
)
na
tu
r
a
l
di
s
a
s
te
r
r
e
li
e
f
e
f
f
or
ts
;
ii
i)
ot
he
r
dona
ti
ons
;
iv
)
e
m
pl
oye
e
a
c
ti
vi
ti
e
s
;
v)
e
nvi
r
onm
e
nt
a
l
i
s
s
ue
s
;
vi
)
pr
oduc
ts
a
nd
s
e
r
vi
c
e
s
,
a
nd
vi
i)
s
ta
te
m
e
nt
s
.
B
a
s
e
d
on
th
e
r
e
s
e
a
r
c
h of
[
37]
a
nd t
he
c
ur
r
e
nt
s
ta
te
of
l
is
te
d ba
nks
i
n V
ie
tn
a
m
, t
he
s
e
f
a
c
to
r
s
ha
ve
b
e
e
n s
ynt
h
e
s
iz
e
d
.
3.2.
E
m
p
ir
ic
al
m
od
e
l
s
p
e
c
i
f
ic
at
io
n
B
e
c
a
us
e
t
he
de
pe
nde
nt
va
r
ia
bl
e
i
n t
hi
s
s
tu
dy i
s
bi
na
r
y, a
l
ogi
s
ti
c
r
e
gr
e
s
s
io
n m
ode
l
is
us
e
d t
o e
s
ti
m
a
te
th
e
l
ik
e
li
hood tha
t
a
ba
nk w
il
l
di
s
c
lo
s
e
C
S
R
i
nf
or
m
a
ti
on
.
T
hi
s
m
ode
l
ha
s
t
he
f
or
m
a
l
s
pe
c
if
ic
a
ti
on
as
in
(
1)
.
=
0
+
1
+
2
+
3
+
4
+
5
+
5
+
∈
(
1)
W
he
r
e
:
−
C
S
R
is
a
bi
na
r
y
de
p
e
nde
nt
va
r
ia
bl
e
in
th
i
s
m
ode
l
th
a
t
in
di
c
a
te
s
w
he
th
e
r
ba
nk
i
di
s
c
lo
s
e
s
C
S
R
in
f
or
m
a
ti
on
.
I
f
C
S
R
i
s
di
s
c
lo
s
e
d, t
he
va
lu
e
i
s
1, a
nd i
f
not
, i
t
is
0
.
Evaluation Warning : The document was created with Spire.PDF for Python.
I
nt
J
A
dv A
ppl
S
c
i
I
S
S
N
:
2252
-
8814
C
or
por
at
e
s
oc
ia
l
r
e
s
pons
ib
il
it
y
by
l
is
t
e
d c
om
m
e
r
c
ia
l
bank
s
i
n
V
ie
tn
am
…
(
V
ie
t
H
a N
guy
e
n)
265
−
T
he
R
O
A
of
ba
nk
i
is
a
m
e
tr
ic
us
e
d t
o a
s
s
e
s
s
ov
e
r
a
ll
pr
of
it
a
bi
li
t
y
.
−
T
he
N
I
M
i
s
a
m
e
a
s
ur
e
of
t
he
ba
nk'
s
ope
r
a
ti
ona
l
e
f
f
e
c
ti
ve
ne
s
s
a
nd l
e
ndi
ng r
e
ve
nue
.
−
T
A
s
e
r
ve
s
a
s
a
s
ta
nd
-
in
f
or
TA
a
nd r
e
pr
e
s
e
nt
s
t
he
na
tu
r
a
l
lo
ga
r
i
th
m
of
TA
.
−
T
he
L
D
R
m
e
a
s
ur
e
s
t
he
ba
nk'
s
e
xpos
ur
e
t
o c
r
e
di
t
r
is
k a
nd l
iq
ui
d
it
y pos
it
io
n
.
−
T
h
e
E
A
m
e
a
s
ur
e
s
t
he
b
a
n
k'
s
l
e
v
e
l
of
c
a
p
it
a
l
a
d
e
q
ua
c
y
a
nd
f
in
a
n
c
ia
l
r
e
s
i
li
e
n
c
e
.
−
T
he
t
im
e
pe
r
io
d i
s
de
not
e
d by
t
, a
nd t
he
s
pe
c
if
ic
ba
nk i
s
i
ndi
c
a
t
e
d by the
s
ubs
c
r
ip
t
i
.
T
he
m
ode
l
a
c
c
ount
s
f
or
f
ir
m
-
s
pe
c
if
ic
f
a
c
to
r
s
th
a
t
c
oul
d
a
f
f
e
c
t
C
S
R
e
nga
ge
m
e
nt
in
a
ddi
ti
on
to
F
P
,
s
uc
h
a
s
ba
nk
s
iz
e
(
TA
)
,
L
D
R
,
a
nd
E
A
.
E
a
c
h
ba
nk'
s
c
a
pi
ta
l
s
tr
e
ngt
h,
li
qui
di
ty
pos
it
io
n,
a
nd
in
s
ti
tu
ti
ona
l
vi
s
ib
il
it
y
a
r
e
c
a
pt
ur
e
d
by
th
e
s
e
va
r
ia
bl
e
s
,
w
hi
c
h
ha
ve
a
ll
be
e
n
f
ound
in
pr
e
vi
ous
r
e
s
e
a
r
c
h
to
be
s
ig
ni
f
ic
a
nt
pr
e
di
c
to
r
s
of
C
S
R
di
s
c
lo
s
ur
e
b
e
ha
vi
or
[
32]
,
[
35]
.
F
or
th
e
r
e
gr
e
s
s
io
n
m
ode
l,
th
r
e
e
w
id
e
ly
us
e
d
m
e
th
ods
a
r
e
pool
e
d
or
di
na
r
y
le
a
s
t
s
qua
r
e
s
(
O
L
S
)
,
f
ix
e
d
e
f
f
e
c
ts
m
ode
l
(
F
E
M
)
,
a
nd
r
a
ndom
e
f
f
e
c
ts
m
ode
l
(
R
E
M
)
.
H
ow
e
ve
r
,
th
e
O
L
S
m
ode
l
doe
s
not
a
c
c
ount
f
or
th
e
uni
que
c
h
a
r
a
c
te
r
is
ti
c
s
of
e
a
c
h
ba
nk, a
li
m
it
a
ti
on
th
a
t
F
E
M
a
nd
R
E
M
ove
r
c
om
e
.
T
he
r
e
f
or
e
,
th
is
s
tu
dy
e
m
pl
oys
bot
h
F
E
M
a
nd
R
E
M
,
a
nd
a
f
te
r
c
onduc
ti
ng
a
H
a
us
m
a
n
te
s
t,
t
he
a
ppr
opr
ia
te
m
ode
l
is
s
e
l
e
c
te
d
.
F
ig
ur
e
1 s
how
s
t
he
r
e
s
e
a
r
c
h m
ode
l.
F
ig
ur
e
1. R
e
s
e
a
r
c
h m
ode
l
3.3.
V
ar
ia
b
le
s
an
d
m
e
as
u
r
e
m
e
n
t
T
a
bl
e
1
s
how
s
th
a
t
th
e
de
p
e
nde
nt
va
r
ia
bl
e
in
th
is
r
e
s
e
a
r
c
h
m
ode
l,
C
S
R
,
i
s
a
bi
na
r
y
va
r
ia
bl
e
th
a
t
r
e
pr
e
s
e
nt
s
th
e
pr
oba
bi
li
ty
th
a
t
ba
nk
s
w
il
l
di
s
c
lo
s
e
th
e
ir
C
S
R
.
T
he
two
pr
im
a
r
y
in
de
pe
nde
nt
v
a
r
ia
bl
e
s
th
a
t
r
e
pr
e
s
e
nt
th
e
ba
nk'
s
F
P
a
r
e
R
O
A
a
nd
N
I
M
.
I
nc
lu
de
d
a
s
c
ont
r
ol
va
r
ia
bl
e
s
a
r
e
T
A
,
L
D
R
,
a
nd
E
A
,
w
hi
c
h
a
r
e
f
r
e
que
nt
ly
us
e
d
in
ba
nki
ng
r
e
s
e
a
r
c
h
to
ta
k
e
in
to
c
ons
id
e
r
a
ti
on
th
e
e
f
f
e
c
ts
of
c
a
pi
t
a
l
a
de
qua
c
y,
li
qui
di
ty
,
a
nd
ba
nk
s
iz
e
,
r
e
s
pe
c
ti
ve
ly
.
B
a
s
e
d
on
th
e
or
e
ti
c
a
l
r
e
a
s
oni
ng
a
nd
pr
e
vi
ous
e
m
pi
r
ic
a
l
l
it
e
r
a
tu
r
e
,
th
e
s
ym
bol
s
"
+
"
or
"
±"
in
th
e
"
e
xpe
c
te
d
s
ig
n
"
c
ol
um
n
in
di
c
a
te
th
e
pr
e
d
ic
te
d
di
r
e
c
ti
on
of
e
a
c
h
va
r
ia
bl
e
'
s
im
pa
c
t
on
C
S
R
di
s
c
lo
s
ur
e
.
T
a
bl
e
1
.
V
a
r
ia
bl
e
s
de
f
in
it
io
ns
V
a
r
i
a
bl
e
S
ym
bol
M
e
a
s
ur
e
m
e
nt
/
de
s
c
r
i
pt
i
on
E
xpe
c
t
e
d
s
i
g
n
S
our
c
e
i)
D
e
pe
nde
nt
va
r
i
a
bl
e
s
C
S
R
di
s
c
l
os
u
re
C
S
R
D
um
m
y va
r
i
a
bl
e
:
1 = B
a
nk di
s
c
l
os
e
s
C
S
R
i
nf
o i
n
a
nnua
l
/
s
us
t
a
i
na
bi
l
i
t
y r
e
por
t
s
;
0 = othe
r
w
i
s
e
–
[
12]
, [
30]
ii)
I
nde
pe
nde
nt
va
r
i
a
bl
e
s
R
e
t
ur
n on
a
s
s
e
t
s
R
O
A
N
e
t
i
nc
om
e
/
TA
(%)
+
[
12]
, [
30]
N
e
t
i
nt
e
r
e
s
t
m
a
r
gi
n
N
I
M
(
I
nt
e
r
e
s
t
i
nc
om
e
–
I
nt
e
r
e
s
t
e
xpe
ns
e
)
/
l
e
a
r
ni
ng a
s
s
e
t
s
(
%
)
+
[
31]
iii)
C
ont
r
ol
va
r
i
a
bl
e
s
B
a
nk
s
i
z
e
TA
N
a
t
ur
a
l
l
oga
r
i
t
hm
of
TA
+
[
32]
L
oa
n t
o
de
pos
i
t
L
D
R
T
ot
a
l
l
oa
ns
/
t
ot
a
l
de
pos
i
t
s
(%)
±
[
35]
D
e
bt
t
o
e
qui
t
y
D
T
E
T
ot
a
l
l
oa
ns
/
t
ot
a
l
de
pos
i
t
s
(%)
±
[
35]
E
qui
t
y t
o
a
s
s
e
t
EA
T
ot
a
l
e
qui
t
y/
T
A
(
%
)
+
[
12]
4.
R
E
S
U
L
T
S
D
e
s
c
r
ip
ti
ve
s
ta
ti
s
ti
c
s
of
th
e
va
r
ia
bl
e
s
a
r
e
s
ho
w
n
in
T
a
bl
e
2.
T
he
f
in
di
ngs
in
di
c
a
te
th
a
t
C
S
R
s
c
or
e
s
va
r
y
be
twe
e
n
0
a
nd
7,
w
it
h
a
n
a
ve
r
a
ge
of
4
.
6
.
T
he
a
ve
r
a
ge
ba
nk
s
iz
e
(
T
A
)
is
8
.
2,
w
it
h
a
s
ta
nda
r
d
de
vi
a
ti
on
of
0
.
49
.
T
h
e
a
ve
r
a
g
e
R
O
A
is
0
.
03,
r
a
ngi
ng
f
r
om
a
lo
w
of
-
0
.
0478
to
a
hi
gh
of
0
.
79
(
T
a
bl
e
2)
.
T
h
e
c
or
r
e
la
ti
on
c
oe
f
f
ic
ie
nt
is
hi
ghe
r
be
twe
e
n
to
ta
l
C
S
R
a
nd
T
A
(
0.
441)
,
in
di
c
a
ti
ng
a
s
tr
ong
r
e
l
a
ti
ons
hi
p,
a
nd
w
e
a
ke
s
t
w
it
h L
D
R
(
0. 0349)
, a
s
s
how
n i
n T
a
bl
e
3.
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
S
N
:
2252
-
8814
I
nt
J
A
dv A
ppl
S
c
i
,
V
ol
.
15, No
.
1, M
a
r
c
h 2026
:
261
-
271
266
T
a
bl
e
2
.
D
e
s
c
r
ip
ti
ve
s
ta
ti
s
ti
c
s
of
t
he
va
r
ia
bl
e
s
u
s
e
d
V
a
r
i
a
bl
e
s
O
bs
M
e
di
um
Sd
M
i
n
M
a
x
C
S
R
286
4.653846
1.667786
0
7
TA
286
8.259631
0.4963164
7.199298
9.521
D
T
E
286
0.9408338
0.5082066
0.0933161
9.450047
L
D
R
286
0.9121636
0.1599119
0.3632857
1.428194
EA
286
0.086575
0.0310153
0.0318024
0.2202968
R
O
A
286
0.0316283
0.0992586
-
0.0478
0.79
N
I
M
286
0.0309026
0.013235
-
0.0189
0.0933
S
our
c
e
:
a
ut
hor
'
s
c
a
l
c
ul
a
t
i
ons
f
r
om
f
i
na
nc
i
a
l
r
e
por
t
s
(
2014
-
2024)
us
i
ng S
t
a
t
a
17
T
a
bl
e
3
.
C
or
r
e
la
ti
on ma
tr
ix
V
a
r
i
a
bl
e
s
T
ot
a
l
C
S
R
TA
D
T
E
L
D
R
EA
R
O
A
N
I
M
T
ot
a
l
C
S
R
1
TA
0.441
1
D
T
E
0.0453
-
0.0158
1
L
D
R
0.0393
0.3557
-
0.018
1
EA
-
0.0797
-
0.2486
-
0.1162
0.2388
1
R
O
A
-
0.0437
-
0.2913
-
0.0278
0.0291
0.2099
1
N
I
M
0.0518
0.3623
-
0.0508
0.5356
0.3244
0.0594
1
S
our
c
e
:
a
ut
hor
'
s
c
a
l
c
ul
a
t
i
ons
f
r
om
f
i
na
nc
i
a
l
r
e
por
t
s
(
2005
-
2019)
us
i
ng S
t
a
t
a
17
4.1.
M
u
lt
ic
ol
li
n
e
ar
it
y
t
e
s
t
T
he
r
e
s
e
a
r
c
h us
e
s
va
r
ia
nc
e
i
nf
la
ti
on f
a
c
to
r
(
V
I
F
)
t
o t
e
s
t
m
ul
ti
c
o
ll
in
e
a
r
it
y. T
hi
s
i
s
a
c
r
uc
ia
l
di
a
gnos
ti
c
to
ol
us
e
d
in
r
e
gr
e
s
s
io
n
a
na
ly
s
is
to
a
s
s
e
s
s
m
ul
ti
c
ol
li
ne
a
r
it
y,
w
hi
c
h
oc
c
ur
s
w
he
n
in
de
pe
nde
nt
va
r
ia
bl
e
s
in
a
m
ode
l
a
r
e
hi
ghl
y
c
or
r
e
la
te
d
w
it
h
e
a
c
h
ot
he
r
.
A
hi
gh
V
I
F
in
di
c
a
te
s
th
a
t
a
va
r
ia
bl
e
i
s
hi
ghl
y
pr
e
di
c
t
a
bl
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f
r
om
th
e
ot
he
r
s
,
s
ugge
s
ti
ng
pot
e
nt
ia
l
r
e
dunda
nc
y
a
nd
th
e
pos
s
ib
il
it
y
of
uns
ta
bl
e
r
e
gr
e
s
s
io
n
c
oe
f
f
ic
ie
nt
s
.
T
he
te
s
t
r
e
s
ul
ts
s
how
t
ha
t
th
e
V
I
F
va
lu
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s
a
r
e
a
ll
unde
r
10, i
ndi
c
a
ti
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m
ul
ti
c
ol
li
ne
a
r
it
y i
n t
he
m
ode
l
in
T
a
bl
e
4.
T
a
bl
e
4
.
M
ul
ti
c
ol
li
ne
a
r
it
y
te
s
t
V
a
r
i
a
bl
e
V
I
F
1/
V
I
F
N
I
M
2.34
0.42698
TA
1.96
0.510552
L
D
R
1.57
0.635271
EA
1.5
0.665428
R
O
A
1.21
0.827308
D
T
E
1.04
0.959886
M
e
a
n V
I
F
1.57
S
our
c
e
:
2005
-
2019 f
i
na
nc
i
a
l
s
t
a
t
e
m
e
nt
s
a
nd c
a
l
c
ul
a
t
i
ons
by t
h
e
a
ut
hor
us
i
ng S
t
a
t
a
17
4.2.
O
L
S
r
e
gr
e
s
s
io
n
m
od
e
l
r
e
s
u
lt
s
T
a
bl
e
s
5
to
7
di
s
pl
a
y
th
e
r
e
gr
e
s
s
io
n
r
e
s
ul
ts
f
or
th
e
th
r
e
e
m
ode
l
s
:
O
L
S
,
F
E
M
,
a
nd
R
E
M
.
S
pe
c
if
ic
a
ll
y,
T
a
bl
e
5
s
how
s
th
e
r
e
gr
e
s
s
io
n
r
e
s
ul
ts
of
th
e
O
L
S
m
ode
l.
I
t
is
w
id
e
ly
us
e
d
due
to
it
s
s
im
pl
ic
it
y
a
nd
e
f
f
ic
ie
nc
y
in
e
s
ti
m
a
ti
ng
li
ne
a
r
r
e
la
ti
ons
hi
ps
.
H
ow
e
ve
r
,
th
e
O
L
S
m
ode
l
i
s
not
s
ui
ta
bl
e
f
or
pa
ne
l
da
ta
,
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s
pe
c
ia
ll
y
w
he
n
th
e
m
ode
l
e
xhi
bi
ts
a
ut
oc
or
r
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la
ti
on
a
nd
he
te
r
os
ke
da
s
ti
c
it
y.
T
h
e
r
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f
or
e
,
th
e
s
tu
dy
c
ont
in
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s
to
r
un
R
E
M
a
nd
F
E
M
m
ode
ls
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T
a
bl
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5
.
R
e
s
ul
ts
of
r
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gr
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s
s
io
n m
ode
l
f
or
O
L
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T
ot
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l
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S
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C
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f
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d. E
r
r
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t
P
>t
[
95%
C
onf
.
I
nt
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r
va
l
]
TA
-
0.20055
0.5692401
-
0.35
0.725
-
1.321646
0.9205457
D
T
E
0.0143538
0.1675536
0.09
0.932
-
0.3156365
0.344344
L
D
R
0.2424746
0.9491221
0.26
0.799
-
1.626784
2.111733
EA
15.31613
5.084217
3.01
0.003
5.302966
25.32929
R
O
A
0.1027491
1.179797
0.09
0.931
-
2.220815
2.426313
N
I
M
-
5.560597
16.83175
-
0.33
0.741
-
38.71006
27.58886
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ons
4.443973
4.256126
1.04
0.297
-
3.938298
12.82624
F
ir
s
tl
y,
th
e
s
tu
dy
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s
ti
m
a
te
s
th
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w
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c
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f
or
unobs
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r
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bl
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,
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m
e
-
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r
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c
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by
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it
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pt
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T
he
r
e
f
or
e
,
th
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m
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l
f
oc
us
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s
on
w
it
hi
n
-
e
nt
it
y
va
r
ia
ti
on
ove
r
ti
m
e
.
T
h
e
F
E
M
r
e
s
ul
ts
r
e
por
te
d
in
T
a
bl
e
6
in
di
c
a
te
t
ha
t
onl
y
E
A
ha
s
a
pos
it
iv
e
a
nd
s
ta
ti
s
ti
c
a
ll
y
s
ig
ni
f
ic
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nt
e
f
f
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c
t
on C
S
R
a
t
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l
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C
or
por
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s
oc
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r
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pons
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il
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l
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t
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m
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ie
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(
V
ie
t
H
a N
guy
e
n)
267
T
a
bl
e
6
.
R
e
s
ul
ts
of
r
e
gr
e
s
s
io
n m
ode
l
f
or
F
E
M
T
ot
a
l
C
S
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f
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S
t
d. E
r
r
.
t
P
>t
[
95%
C
onf
.
I
nt
e
r
va
l
]
TA
-
0.20055
0.5692401
-
0.35
0.725
-
1.321646
0.9205457
D
T
E
0.0143538
0.1675536
0.09
0.932
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0.3156365
0.344344
L
D
R
0.2424746
0.9491221
0.26
0.799
-
1.626784
2.111733
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15.31613
5.084217
3.01
0.003
5.302966
25.32929
R
O
A
0.1027491
1.179797
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0.931
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2.220815
2.426313
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5.560597
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38.71006
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c
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T
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s
t
e
p
is
to
c
onduc
t
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s
e
a
r
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h
us
in
g
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t
unobs
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l
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or
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e
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to
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y
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r
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s
.
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he
R
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M
r
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s
ul
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r
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por
te
d
in
T
a
bl
e
7
s
how
th
a
t
T
A
a
nd
E
A
ha
v
e
pos
it
iv
e
a
nd
s
ta
ti
s
ti
c
a
ll
y
s
ig
ni
f
ic
a
n
t
e
f
f
e
c
ts
on
C
S
R
.
T
he
s
e
e
f
f
e
c
t
s
a
r
e
s
ig
ni
f
ic
a
nt
at
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1%
a
nd 5%
l
e
ve
ls
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e
s
pe
c
ti
ve
ly
(
p =
0.003
a
nd p =
0.022)
.
T
a
bl
e
7
.
R
e
s
ul
ts
of
r
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gr
e
s
s
io
n m
ode
l
f
or
R
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r
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95%
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onf
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va
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TA
1.50842
0.3326311
4.53
0.000
0.8564747
2.160365
D
T
E
0.1153934
0.1671708
0.69
0.490
-
0.2122554
0.4430421
L
D
R
-
1.169273
0.7737309
-
1.51
0.131
-
2.685757
0.347212
EA
9.567336
4.17835
2.29
0.022
1.377921
17.75675
R
O
A
1.22326
1.06808
1.15
0.252
-
0.8701378
3.316658
N
I
M
-
14.16444
12.62634
-
1.12
0.262
-
38.9116
10.58273
_c
ons
-
7.455042
2.561172
-
2.91
0.004
-
12.47485
-
2.435237
T
he
H
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m
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is
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w
s
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T
a
bl
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8
s
ho
w
s
th
a
t
T
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ha
s
a
s
tr
ong
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f
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in
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c
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t
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nk
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a
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a
n
im
por
ta
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de
ve
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pi
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e
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a
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s
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um
m
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r
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th
e
da
ta
in
T
a
bl
e
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ba
s
e
d
on
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e
a
f
or
e
m
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nt
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d
f
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di
ngs
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e
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pe
c
if
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ng
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r
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ti
on
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pa
c
t,
s
ta
ti
s
ti
c
a
l
s
ig
ni
f
ic
a
nc
e
, a
nd P
-
va
lu
e
.
T
a
bl
e
8
.
R
e
s
ul
ts
of
r
e
gr
e
s
s
io
n m
ode
l
T
ot
a
l
C
S
R
C
oe
f
.
S
t
d. E
r
r
.
z
P
>z
[
95%
C
onf
.
I
nt
e
r
va
l
]
TA
1.992044
0.2409819
8.27
0.000
1.519729
2.46436
D
T
E
0.1888145
0.1716377
1.1
0.271
-
0.1475893
0.5252183
L
D
R
-
1.506785
0.6705062
-
2.25
0.025
-
2.820953
-
0.1926172
EA
7.477381
3.377824
2.21
0.027
0.8569675
14.0978
R
O
A
1.880405
0.9465881
1.99
0.047
0.0251262
3.735683
N
I
M
-
23.58536
9.881811
-
2.39
0.017
-
42.95335
-
4.217366
_c
ons
-
10.58726
1.950749
-
5.43
0.000
-
14.41065
-
6.763858
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
S
N
:
2252
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8814
I
nt
J
A
dv A
ppl
S
c
i
,
V
ol
.
15, No
.
1, M
a
r
c
h 2026
:
261
-
271
268
T
a
bl
e
9
.
S
um
m
a
r
y of
r
e
s
ul
ts
V
a
r
i
a
bl
e
s
T
ot
a
l
C
S
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m
ode
l
I
m
pa
c
t
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i
gni
f
i
c
a
nc
e
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ve
l
(
%
)
P
_va
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R
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A
+
5
0.047
N
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-
5
0.017
TA
+
1
0.000
D
T
E
N
one
N
one
-
L
D
R
-
5
0.025
EA
+
5
0.027
4.3.
T
ot
al
C
S
R
d
e
p
e
n
d
e
n
t
var
ia
b
le
m
od
e
l
T
he
c
oe
f
f
ic
ie
nt
of
th
e
T
A
va
r
ia
bl
e
s
how
s
a
pos
it
iv
e
e
f
f
e
c
t
on
C
S
R
w
it
h
a
P
-
va
lu
e
s
m
a
ll
e
r
th
a
n
1%
.
T
he
r
e
s
ul
t
in
di
c
a
te
s
t
ha
t
a
n i
nc
r
e
a
s
e
i
n ba
nk
s
iz
e
w
il
l
e
nha
nc
e
C
S
R
a
c
ti
vi
ti
e
s
.
−
T
he
c
oe
f
f
ic
ie
nt
of
t
he
de
bt
to
e
qui
ty
(
D
T
E
)
va
r
ia
bl
e
s
how
s
no i
m
pa
c
t
on C
S
R
.
−
T
he
c
o
e
f
f
ic
ie
nt
of
th
e
L
D
R
v
a
r
ia
bl
e
s
how
s
a
ne
ga
ti
ve
e
f
f
e
c
t
on
C
S
R
w
it
h
a
s
ig
ni
f
ic
a
nc
e
le
ve
l
of
5%
.
T
hi
s
r
e
s
ul
t
s
ugg
e
s
ts
t
h
a
t
if
c
om
m
e
r
c
ia
l
ba
nks
do not c
ont
r
ol
t
he
ir
L
D
R
in
c
r
e
a
s
e
s
, C
S
R
w
il
l
de
c
r
e
a
s
e
.
−
T
he
c
oe
f
f
ic
ie
nt
of
t
he
E
A
va
r
ia
bl
e
s
how
s
a
pos
it
iv
e
e
f
f
e
c
t
on
C
S
R
w
it
h a
s
ig
ni
f
ic
a
nc
e
l
e
ve
l
s
m
a
ll
e
r
t
ha
n
5%
.
T
hi
s
s
how
s
th
a
t
m
a
in
ta
in
in
g
or
in
c
r
e
a
s
in
g
th
e
EA
r
a
ti
o
w
il
l
in
c
r
e
a
s
e
th
e
C
S
R
a
c
ti
vi
ti
e
s
of
th
e
c
om
m
e
r
c
ia
l
ba
nks
i
n t
he
s
a
m
pl
e
.
−
T
he
c
oe
f
f
ic
ie
nt
of
th
e
R
O
A
va
r
ia
bl
e
s
how
s
a
po
s
it
iv
e
e
f
f
e
c
t
o
n
C
S
R
w
it
h
a
s
ig
ni
f
ic
a
nc
e
le
ve
l
of
5%
.
T
hi
s
r
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s
ul
t
s
ugg
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ts
t
h
a
t
R
O
A
he
lp
s
t
o i
nc
r
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a
s
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C
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c
ti
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s
.
−
T
he
c
o
e
f
f
ic
ie
nt
of
th
e
N
I
M
va
r
ia
bl
e
s
how
s
a
ne
g
a
ti
ve
e
f
f
e
c
t
on
C
S
R
w
it
h
a
s
ig
ni
f
ic
a
nc
e
l
e
ve
l
of
5%
.
T
hi
s
i
ndi
c
a
te
s
t
ha
t
th
e
m
a
r
gi
n be
twe
e
n l
e
ndi
ng
a
nd bor
r
ow
in
g a
c
ti
vi
ti
e
s
t
e
nds
t
o de
c
r
e
a
s
e
C
S
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.
A
ddi
ti
ona
ll
y,
F
ig
ur
e
2
a
na
ly
z
e
s
th
e
qua
li
ty
of
s
o
c
ia
l
r
e
s
po
ns
ib
il
it
y
in
f
or
m
a
ti
on
di
s
c
lo
s
ur
e
f
or
26
ba
nks
f
r
om
2014
to
2024.
T
he
a
ve
r
a
ge
C
S
R
of
th
e
ba
nks
i
n
th
e
s
a
m
pl
e
is
s
how
n
in
F
ig
ur
e
2.
A
lt
hough
th
e
r
e
ha
ve
b
e
e
n
num
e
r
ou
s
f
lu
c
tu
a
ti
ons
in
th
e
C
S
R
of
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
ia
l
ba
nk
s
ove
r
th
e
pa
s
t
11
y
e
a
r
s
,
a
s
th
e
a
bove
di
a
gr
a
m
il
lu
s
tr
a
te
s
,
no
s
ig
ni
f
ic
a
nt
c
ha
nge
ha
s
o
c
c
ur
r
e
d.
I
n
pa
r
ti
c
ul
a
r
,
R
O
A
ha
s
a
n
e
f
f
e
c
t
on
gr
ow
in
g
C
S
R
pr
a
c
ti
c
e
s
,
w
hi
le
N
I
M
ha
s
a
n
e
ga
ti
ve
e
f
f
e
c
t
on
c
o
m
m
e
r
c
ia
l
ba
nks
'
us
e
of
C
S
R
.
T
hi
s
r
e
s
ul
t
i
s
in
li
ne
w
it
h
th
e
da
ta
f
r
om
th
e
r
e
gr
e
s
s
io
n
m
ode
l
m
e
nt
io
ne
d
a
bove
.
A
s
a
r
e
s
ul
t,
it
is
e
vi
de
nt
th
a
t
s
ha
r
e
hol
de
r
s
,
in
ve
s
to
r
s
,
e
m
pl
oye
e
s
,
th
e
c
om
m
uni
ty
,
a
nd
th
e
e
nvi
r
onm
e
nt
ha
ve
a
ll
be
ne
f
it
e
d
f
r
om
th
e
ove
r
a
ll
bus
in
e
s
s
r
e
s
ul
ts
(
a
s
de
te
r
m
in
e
d
by
th
e
e
f
f
ic
ie
nc
y
ge
ne
r
a
te
d
f
r
om
TA
)
;
how
e
ve
r
,
gi
ve
n
th
e
out
c
om
e
s
of
le
ndi
ng
a
nd
m
obi
li
z
a
ti
on
a
c
ti
vi
ti
e
s
,
th
e
r
e
a
r
e
no
pa
r
ti
c
ul
a
r
pol
ic
ie
s
to
s
uppor
t
th
e
e
xpa
ns
io
n
of
C
S
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pr
a
c
ti
c
e
s
a
t
V
ie
tn
a
m
e
s
e
c
om
m
e
r
c
i
a
l
ba
nks
.
F
ig
ur
e
2
.
C
S
R
5.
D
I
S
C
U
S
S
I
O
N
F
ir
s
t,
th
e
r
e
s
ul
ts
s
how
th
a
t
c
om
pa
ny
s
iz
e
ha
s
a
pos
it
iv
e
r
e
la
ti
ons
hi
p
w
it
h
C
S
R
.
L
is
te
d
b
a
nks
u
s
ua
ll
y
ha
ve
s
tr
ong
f
in
a
nc
ia
l
c
a
pa
bi
li
ti
e
s
a
nd
r
e
s
our
c
e
s
to
in
ve
s
t
in
s
oc
ia
l
a
nd
e
nvi
r
onm
e
nt
a
l
a
c
ti
vi
ti
e
s
.
T
he
y
a
ls
o
-
0
.
1
0
.
2
0
.
3
0
.
4
0
.
5
0
.
6
0
.
7
0
.
8
2
0
1
4
2
0
1
5
2
0
1
6
2
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7
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1
8
2
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1
9
2
0
2
0
2
0
2
1
2
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2
2
2
0
2
3
2
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2
4
A
v
er
a
ge
CS
R
Y
ea
r
Av
er
a
ge
C
S
R
ov
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t
he
Y
ea
r
s
Evaluation Warning : The document was created with Spire.PDF for Python.
I
nt
J
A
dv A
ppl
S
c
i
I
S
S
N
:
2252
-
8814
C
or
por
at
e
s
oc
ia
l
r
e
s
pons
ib
il
it
y
by
l
is
t
e
d c
om
m
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c
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bank
s
i
n
V
ie
tn
am
…
(
V
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t
H
a N
guy
e
n)
269
ne
e
d
to
m
a
in
ta
in
br
a
nd
im
a
ge
a
nd
m
a
r
ke
t
r
e
put
a
ti
on,
w
hi
c
h
m
ot
iv
a
te
s
th
e
m
to
e
nga
g
e
in
C
S
R
a
c
ti
vi
ti
e
s
to
im
pr
ove
th
e
ir
c
or
por
a
te
im
a
ge
a
nd
m
e
e
t
s
ta
ke
hol
de
r
e
xpe
c
ta
ti
ons
.
T
hi
s
e
xpl
a
in
s
w
hy
la
r
ge
r
ba
nks
te
nd
to
ha
ve
m
or
e
e
xpl
ic
it
a
nd
r
obus
t
C
S
R
in
it
ia
ti
ve
s
.
C
S
R
pr
a
c
ti
c
e
s
de
pe
nd
on
ba
nk
s
iz
e
,
a
li
gni
ng
w
it
h
p
r
e
vi
ous
r
e
s
e
a
r
c
h
.
W
a
ddoc
k
a
nd
G
r
a
ve
s
[
24]
s
ugge
s
te
d
th
a
t
la
r
ge
r
c
om
pa
ni
e
s
ha
ve
m
or
e
r
e
s
our
c
e
s
to
in
ve
s
t
in
C
S
R
a
nd
f
a
c
e
m
or
e
pr
e
s
s
ur
e
f
r
om
th
e
publ
ic
,
th
us
in
c
r
e
a
s
in
g
th
e
ir
m
ot
iv
a
ti
on
to
e
nga
ge
in
s
oc
ia
l
a
c
ti
vi
ti
e
s
to
pr
ot
e
c
t
th
e
ir
im
a
ge
.
S
im
il
a
r
ly
,
A
r
or
a
a
nd
D
ha
r
w
a
dka
r
[
38]
on
I
ndi
a
n
c
om
pa
ni
e
s
s
ta
te
d
th
a
t
la
r
ge
r
f
ir
m
s
of
te
n
us
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C
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t
o e
nha
n
c
e
t
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ir
r
e
put
a
ti
on a
nd ga
in
a
c
om
pe
ti
ti
ve
e
dg
e
i
n t
he
m
a
r
ke
t
.
S
e
c
ond,
th
e
r
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s
ul
ts
s
ugge
s
t
th
a
t
th
e
le
ve
r
a
ge
r
a
ti
o
ha
s
no
s
ig
ni
f
ic
a
nt
im
pa
c
t
on
C
S
R
.
A
lt
hough
th
e
le
ve
r
a
ge
r
a
ti
o
m
a
y
r
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f
le
c
t
th
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f
in
a
nc
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r
is
k
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ve
l
of
th
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ba
nk,
hi
gh
-
le
ve
r
a
ge
ba
nks
do
not
ne
c
e
s
s
a
r
il
y
r
e
duc
e
s
pe
ndi
ng
on
C
S
R
in
it
ia
ti
ve
s
.
T
hi
s
m
a
y
s
ugg
e
s
t
th
a
t
hi
ghl
y
le
ve
r
a
ge
d
ba
nks
c
a
n
s
ti
ll
m
a
in
ta
in
C
S
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a
c
ti
vi
ti
e
s
if
th
e
y
ha
ve
a
s
ound
f
in
a
nc
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l
s
tr
a
te
gy
a
nd
a
r
e
not
unde
r
li
qui
di
ty
pr
e
s
s
ur
e
.
T
he
r
e
s
ul
t
s
a
li
gn
w
it
h
[
14]
,
w
ho
a
r
gue
d
th
a
t
c
om
pa
ni
e
s
w
it
h
hi
gh
de
bt
r
a
ti
os
do
not
ne
c
e
s
s
a
r
il
y
r
e
duc
e
C
S
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a
c
ti
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ti
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s
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th
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y
ha
ve
e
f
f
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c
ti
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c
a
pi
ta
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s
tr
a
te
gi
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s
a
nd a
r
e
not
unde
r
i
m
m
e
di
a
te
l
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ui
di
ty
pr
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s
s
ur
e
.
T
hi
r
d,
r
e
ga
r
di
ng
th
e
ne
ga
ti
ve
im
pa
c
t
of
th
e
L
D
R
c
oe
f
f
ic
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nt
on
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S
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,
th
e
r
e
s
ul
t
in
di
c
a
te
s
th
a
t
i
f
ba
nks
do
not
pr
ope
r
ly
c
ont
r
ol
th
e
L
D
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,
it
w
il
l
r
e
duc
e
C
S
R
pr
a
c
ti
c
e
s
.
T
hi
s
a
ls
o s
e
r
ve
s
a
s
a
w
a
r
ni
ng
f
or
ba
nks
to
c
a
r
e
f
ul
ly
m
a
in
ta
in
th
is
r
a
ti
o
.
W
he
n
lo
a
ns
e
xc
e
e
d
de
po
s
it
s
,
i
t
not
onl
y
c
r
e
a
te
s
r
is
ks
f
or
th
e
ba
nks
but
a
ls
o
ne
ga
ti
ve
ly
a
f
f
e
c
ts
C
S
R
a
c
ti
vi
ti
e
s
.
B
a
nk
s
m
us
t
a
dj
us
t
th
e
pr
opo
r
ti
on
of
gr
e
e
n
c
r
e
di
t
in
to
ta
l
le
ndi
ng
to
e
ns
ur
e
th
e
gr
ow
th
of
C
S
R
w
it
hout
in
c
r
e
a
s
in
g
th
e
L
D
R
[
39]
.
A
c
c
or
di
ng
to
th
is
f
in
di
ng,
ba
nks
s
houl
d
a
dopt
hi
gh
-
qua
li
ty
s
ol
ut
io
ns
li
ke
im
p
r
ovi
ng
in
te
r
na
l
c
r
e
di
t
r
a
ti
ng
s
ys
te
m
s
,
e
nha
nc
in
g
th
e
a
bi
li
ty
of
a
ppr
a
is
a
l
s
ta
f
f
,
is
s
ui
ng
e
f
f
e
c
ti
ve
le
ndi
ng
pol
ic
ie
s
,
a
nd,
m
os
t
im
por
ta
nt
ly
,
de
ve
l
opi
ng
in
te
r
na
l
ope
r
a
ti
ng
pr
oc
e
dur
e
s
to
r
e
duc
e
a
dve
r
s
e
e
nvi
r
onm
e
nt
a
l
e
f
f
e
c
ts
.
T
hi
s
is
be
c
a
us
e
e
xpa
ndi
ng
t
he
lo
a
n
s
c
a
le
is
not
th
e
pr
im
a
r
y
f
a
c
to
r
th
a
t
m
ot
iv
a
te
s
ba
nks
t
o i
nc
r
e
a
s
e
t
he
ir
C
S
R
pr
a
c
ti
c
e
s
.
F
in
a
ll
y,
th
e
m
a
in
f
in
di
ng
of
th
is
s
tu
dy
i
s
th
e
in
f
lu
e
nc
e
of
pr
of
i
ta
bi
li
ty
on
C
S
R
.
T
he
r
e
s
ul
ts
r
e
ve
a
l
a
pos
it
iv
e
r
e
la
ti
ons
hi
p
be
twe
e
n
R
O
A
a
nd
C
S
R
,
w
hi
le
N
I
M
ha
s
a
ne
ga
ti
ve
e
f
f
e
c
t
on
C
S
R
.
T
hi
s
f
in
di
ng
is
a
r
gua
bl
y
th
e
m
os
t
s
ig
ni
f
ic
a
nt
,
s
how
in
g
th
a
t,
r
e
ga
r
dl
e
s
s
,
pr
of
it
is
th
e
ul
ti
m
a
te
goa
l
in
th
e
ba
nki
ng
bus
in
e
s
s
,
ba
la
nc
e
d by C
S
R
va
lu
e
.
T
he
hi
ghe
r
t
he
pr
of
it
f
r
om
a
s
s
e
ts
, t
he
hi
ghe
r
t
he
c
om
m
it
m
e
nt
t
o
s
oc
ia
l
r
e
s
pons
ib
il
it
y
.
T
hi
s
a
li
gns
w
it
h
th
e
pr
e
vi
ous
f
in
di
ng
th
a
t
in
c
r
e
a
s
e
d
ba
nk
s
iz
e
le
a
ds
to
gr
e
a
te
r
C
S
R
a
c
ti
vi
ti
e
s
,
w
he
r
e
pr
of
it
in
c
r
e
a
s
e
s
f
r
om
a
s
s
e
t
gr
ow
th
dr
iv
e
s
th
e
b
a
nk
to
a
c
t
m
or
e
r
e
s
p
ons
ib
ly
.
S
om
e
s
tu
di
e
s
ha
v
e
f
ound
a
ne
ga
ti
ve
r
e
la
ti
ons
hi
p
be
twe
e
n
pr
of
it
a
bi
li
ty
,
R
O
E
,
a
nd
C
S
R
[
25]
.
T
hi
s
s
ugge
s
ts
th
a
t
m
a
na
ge
r
s
m
ig
ht
vi
e
w
C
S
R
a
s
a
c
os
t
th
a
t
r
e
duc
e
s
s
hor
t
-
te
r
m
pr
o
f
it
s
,
th
us
de
pr
io
r
it
iz
in
g
it
w
he
n
bus
in
e
s
s
pe
r
f
or
m
a
nc
e
is
hi
gh
.
T
hi
s
im
pl
ie
s
th
a
t
ba
nks
m
a
y
f
oc
us
m
or
e
on
m
a
xi
m
iz
in
g
s
hor
t
-
te
r
m
pr
of
it
s
r
a
th
e
r
th
a
n
pur
s
ui
ng
s
u
s
ta
in
a
bl
e
d
e
ve
lo
pm
e
nt
s
tr
a
te
gi
e
s
.
T
h
e
ne
ga
ti
ve
e
f
f
e
c
t
of
N
I
M
on C
S
R
s
ugg
e
s
ts
t
ha
t
,
in
t
e
r
m
s
of
i
nt
e
r
e
s
t
in
c
om
e
a
nd e
xpe
ns
e
, t
he
y do
not
c
ont
r
ib
ut
e
to
e
nha
nc
in
g
th
e
c
om
m
uni
ty
a
c
ti
vi
ti
e
s
of
li
s
te
d
ba
nks
.
T
hi
s
s
ugg
e
s
ts
th
a
t
C
S
R
is
dr
iv
e
n
m
or
e
by
th
e
non
-
in
te
r
e
s
t
a
c
ti
vi
ti
e
s
of
ba
nk
s
,
s
u
c
h
a
s
in
ve
s
tm
e
nt
s
in
di
gi
ta
l
s
e
r
vi
c
e
s
a
nd
m
in
im
iz
in
g
e
nvi
r
onm
e
nt
a
l
a
nd s
oc
ia
l
im
pa
c
t
s
, w
hi
c
h a
r
e
r
e
c
e
iv
in
g i
nc
r
e
a
s
in
g a
tt
e
nt
io
n f
r
om
l
is
te
d ba
nks
.
6.
C
O
N
C
L
U
S
I
O
N
T
he
s
tu
dy
hi
ghl
ig
ht
s
th
a
t
in
th
e
ba
nki
ng
s
e
c
to
r
,
f
in
a
nc
ia
l
f
a
c
to
r
s
li
ke
c
om
pa
ny
s
iz
e
a
nd
pr
of
it
a
bi
li
ty
s
ig
ni
f
ic
a
nt
ly
a
f
f
e
c
t
C
S
R
,
w
hi
le
th
e
le
ve
r
a
ge
r
a
ti
o
D
T
E
ha
s
no
im
pa
c
t
.
T
hi
s
m
a
y
r
e
f
le
c
t
th
a
t
la
r
ge
ba
nk
,
w
it
h
s
tr
ong f
in
a
nc
ia
l
r
e
s
our
c
e
s
, c
a
n e
a
s
il
y i
m
pl
e
m
e
nt
C
S
R
i
ni
ti
a
ti
ve
s
t
o m
a
in
ta
in
t
he
ir
br
a
nd
r
e
put
a
ti
on a
nd s
a
ti
s
f
y
s
ta
ke
hol
de
r
e
xpe
c
t
a
ti
ons
.
H
ow
e
ve
r
,
ba
nk
s
ne
e
d
to
f
oc
u
s
on
pr
om
ot
in
g
e
nvi
r
onm
e
nt
a
l
a
nd
s
oc
ia
l
a
c
ti
vi
ti
e
s
in
c
r
e
di
t
f
in
a
nc
in
g,
s
uc
h
a
s
in
c
r
e
a
s
in
g
gr
e
e
n
c
r
e
di
t
a
nd
s
up
por
ti
ng
pr
oj
e
c
ts
th
a
t
pos
it
iv
e
ly
im
pa
c
t
th
e
e
nvi
r
onm
e
nt
,
in
or
de
r
to
bui
ld
a
s
us
ta
in
a
bl
e
C
S
R
s
tr
a
te
gy
.
A
ddi
ti
ona
ll
y,
th
e
r
e
s
e
a
r
c
h
c
ont
r
ib
ut
e
s
to
th
e
unde
r
s
ta
ndi
ng
of
th
e
f
a
c
to
r
s
in
f
lu
e
nc
in
g
C
S
R
pr
a
c
ti
c
e
s
in
V
ie
tn
a
m
’
s
ba
nki
ng
s
e
c
to
r
a
nd
e
m
pha
s
iz
e
s
th
a
t
to
pr
om
ot
e
e
f
f
e
c
ti
ve
C
S
R
a
c
ti
vi
ti
e
s
,
ba
nk
s
m
us
t
opt
im
iz
e
th
e
ir
s
iz
e
a
nd
pr
of
it
a
bi
li
ty
w
hi
le
de
ve
lo
pi
ng
C
S
R
s
tr
a
te
gi
e
s
li
nke
d
to
gr
e
e
n
c
r
e
di
t
gr
ow
th
a
nd
e
xpa
ndi
ng
non
-
in
t
e
r
e
s
t
a
c
ti
vi
ti
e
s
li
ke
di
gi
ta
l
ba
nki
ng
.
T
he
s
tu
dy
a
ls
o
ope
ns
up
ne
w
a
v
e
nue
s
f
or
f
ur
th
e
r
r
e
s
e
a
r
c
h,
s
uc
h
a
s
e
xa
m
in
in
g
th
e
r
e
la
ti
ons
hi
p
be
twe
e
n
bu
s
in
e
s
s
r
is
ks
a
nd C
S
R
or
a
s
s
e
s
s
in
g t
he
i
m
pa
c
t
of
m
a
c
r
oe
c
onomi
c
f
a
c
to
r
s
on
C
S
R
s
tr
a
te
gi
e
s
i
n t
he
b
a
nki
ng s
e
c
to
r
.
F
U
N
D
I
N
G
I
N
F
O
R
M
A
T
I
O
N
T
hi
s
r
e
s
e
a
r
c
h i
s
f
unde
d by T
huongm
a
i
U
ni
ve
r
s
it
y, H
a
noi
, V
ie
tn
a
m
.
A
U
T
H
O
R
C
O
N
T
R
I
B
U
T
I
O
N
S
S
T
A
T
E
M
E
N
T
T
hi
s
jo
ur
na
l
us
e
s
th
e
C
ont
r
ib
ut
or
R
ol
e
s
T
a
xonomy
(
C
R
e
di
T
)
to
r
e
c
ogni
z
e
in
di
vi
dua
l
a
ut
hor
c
ont
r
ib
ut
io
ns
, r
e
duc
e
a
ut
hor
s
hi
p di
s
put
e
s
,
a
nd f
a
c
il
it
a
te
c
ol
la
bo
r
a
ti
on
.
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M
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hodol
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So
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f
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Va
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di
ngs
of
t
hi
s
s
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it
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R
E
F
E
R
E
N
C
E
S
[
1]
A
.
B
.
C
a
r
r
ol
l
a
nd
K
.
M
.
S
ha
ba
na
,
“
T
he
bus
i
ne
s
s
c
a
s
e
f
or
c
or
por
a
t
e
s
oc
i
a
l
r
e
s
pons
i
bi
l
i
t
y:
a
r
e
vi
e
w
of
c
onc
e
pt
s
,
r
e
s
e
a
r
c
h
a
n
d
pr
a
c
t
i
c
e
,”
I
nt
e
r
nat
i
onal
J
our
nal
of
M
anage
m
e
nt
R
e
v
i
e
w
s
,
vol
.
12,
no.
1,
pp.
85
-
105,
J
a
n.
2010,
doi
:
10.1111/
j
.1468
-
2370.2009.00275.x.
[
2]
B
.
S
c
hol
t
e
ns
a
nd
B
.
S
c
hot
t
e
ns
,
“
C
or
por
a
t
e
s
oc
i
a
l
r
e
s
pons
i
bi
l
i
t
y
i
n
t
he
i
nt
e
r
na
t
i
ona
l
ba
nki
ng
i
ndus
t
r
y,”
J
our
nal
of
B
us
i
ne
s
s
E
t
hi
c
s
,
vol
. 86, no. 2, pp. 159
–
175, 2009, doi
:
10.1007/
s
l
0551
-
008
-
9841
-
x.
[
3]
M
.
M
a
l
i
k,
“
V
a
l
ue
-
e
nha
nc
i
ng
c
a
pa
bi
l
i
t
i
e
s
of
C
S
R
:
a
br
i
e
f
r
e
vi
e
w
of
c
ont
e
m
por
a
r
y
l
i
t
e
r
a
t
u
r
e
,”
J
our
nal
of
B
us
i
ne
s
s
E
t
hi
c
s
,
vol
. 127, no. 2, pp. 419
–
438, 2015, doi
:
10.1007/
s
10551
-
014
-
2051
-
9.
[
4]
A
.
A
w
a
ys
h
e
h,
R
.
A
.
H
e
r
on,
T
.
P
e
r
r
y,
a
nd
J
.
I
.
W
i
l
s
on,
“
O
n
t
he
r
e
l
a
t
i
on
be
t
w
e
e
n
c
or
por
a
t
e
s
o
c
i
a
l
r
e
s
pon
s
i
bi
l
i
t
y
a
nd
f
i
na
nc
i
a
l
pe
r
f
or
m
a
nc
e
,”
St
r
at
e
gi
c
M
anage
m
e
nt
J
our
nal
, vol
. 41, no. 6, pp. 965
–
987, 202
0, doi
:
10.1002/
s
m
j
.3122.
[
5]
H
.
G
one
nc
a
nd
B
.
S
c
hol
t
e
ns
,
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