An MCDA composite index of bank stability using CAMELS ratios and shannon entropy Sabri Boubaker, Thanh Ngo, Aristeidis Samitas, David Tripe Annals of Operations Research, 2025 This study uses the multi-criteria decision-analysis (MCDA) approach to construct a composite performance index (CPI) directly from the CAMELS financial ratios. The CPI has several promising characteristics, such as (i) being an absolute measure of performance that allows for adding or removing data without affecting the existing scores; (ii) employing CAMELS ratios directly in its calculation without the need for normalization or imputation of positive values; (iii) employing the dynamic weighting system of data envelopment analysis (DEA); (iv) providing more robust insights on the Vietnamese banking system under the Shannon entropy approach; and (v) can be an alternative measure of bank stability, compared to the CAMELS ratings and z-scores. Based on a rich dataset of 45 Vietnamese banks spanning from 2002 to 2020, our findings suggest that the proposed CPI could offer an overall view consistent with other approaches for measuring banking sector performance and stability and identifying specific strengths and weaknesses of banks.
Predicting the performance of MSMEs: a hybrid DEA-machine learning approach Sabri Boubaker, Tu D. Q. Le, Thanh Ngo, Riadh Manita Annals of Operations Research, 2025 Micro, small and medium enterprises (MSMEs) dominate the business landscape and create more than half of employment worldwide. How we can apply big data analytical tools such as machine learning to examine the performance of MSMEs has become an important question to provide quicker results and recommend better and more reliable solutions that improve performance. This paper proposes a novel method for estimating a common set of weights (CSW) based on regression analysis for data envelopment analysis (DEA) as an important analytical and operational research technique, which (i) allows for measurement evaluations and ranking comparisons of the MSMEs, and (ii) helps overcome the time-consuming non-convexity issues of other CSW DEA methodologies. Our hybrid approach used several econometric and machine learning techniques (such as Tobit, least absolute shrinkage and selection operator, and Random Forest regression) to empirically explain and predict the performance of more than 5400 Vietnamese MSMEs (2010‒2016), and showed that the machine learning techniques are more efficient and accurate than the econometric ones. Our study, therefore, sheds new light on the two-stage DEA literature, especially in terms of predicting performance in the era of big data to strengthen the role of analytics in business and management.
The market of forest payments for environmental services in Vietnam after fifteen years of its implementation THI-LINH PHAM, THI-THANH-XUAN MAI, THANH NGO Asian Journal of Forestry, 2025 Pham TL, Mai TTX, Ngo T. 2025. The market of forest payments for environmental services in Vietnam after fifteen years of its implementation. Asian J For 9: 75-81. Sustainable development is a core concern for most countries and entities across the globe despite the fact that there is a trade-off between environmental sustainability and economic growth. Many countries are focusing on Sustainable Development Goals (SDGs), such as SDG11: Sustainable cities and communities, SDG14: Life below water, and SDG15: Life on land. Meanwhile, the people still face challenges like unemployment and poverty, worsened by the recent pandemic. Innovative tools like Payments for Environmental Services (PES) have gained importance, and Vietnam was the first ASEAN country to implement forest PES (FPES) in 2008. Over the past 15 years, despite its achievements, such as raising individual income and government budget generation, some challenges still persist, including administrative inefficiencies and market inequalities. This study re-examined the development of Vietnam's FPES market, highlighting its contributions to the national and provincial budgets, forest protection, and cash income for forest owners. Importantly, the study also analyzed the society's awareness and knowledge of the FPES market, particularly in terms of market participants and price mechanism. We found that ongoing improvements in official training and education, as well as market mechanisms, are needed to enhance public awareness and participation in the FPES market. The integration of poverty alleviation and (forest) environmental protection in Vietnam is a collective responsibility, and this study aims to engage the audience in this crucial task.
Efficiency and performance of Islamic banks amid COVID-19 Lan-Huong Nguyen, Tu D.Q. Le, Thanh Ngo Journal of Islamic Accounting and Business Research, 2025 Purpose This paper aims to investigate the efficiency and performance of the Islamic banking industry amid the COVID-19 pandemic. Design/methodology/approach The authors used a two-stage data envelopment analysis to first estimate the efficiency of 78 Islamic banks (IBs) across 15 countries for the 2005–2020 period (a total of 782 bank-year observations) and then to examine their determinants, including the COVID-19 pandemic. Findings The authors found that the Islamic banking industry performed at a moderate level during the 2005–2020 period, providing evidence that IBs are resilient to the financial shocks created by COVID-19. The authors also found that bank-level characteristics (such as bank size) and country-level characteristics (such as inflation) can contribute to the bank’s operational efficiency. Research limitations/implications The results of this study suggested that banking management and government macroeconomic policy, especially in terms of precautions and continuous support, are important for IBs to improve their performance. Originality/value To the best of the authors’ knowledge, this is the first study to examine the efficiency and performance of IBs amid COVID-19.
The trade-off frontier for ESG and Sharpe ratio: a bootstrapped double-frontier data envelopment analysis Sabri Boubaker, Tu D. Q. Le, Riadh Manita, Thanh Ngo Annals of Operations Research, 2025 The trade-off between the returns and the risks associated with the stocks (i.e., the Sharpe ratio, SR) is an important measure of portfolio optimization. In recent years, the environmental, social, and governance (ESG) has increasingly proven its influence on stocks’ returns, resulting in the evolvement from a two-dimensional (i.e., risks versus returns) into a multi-dimensional setting (e.g., risks versus returns versus ESG). This study is the first to examine this setting in the global energy sector using a (slacks-based measures, SBM) ESG-SR double-frontier double-bootstrap (ESG-SR DFDB) by studying the determinants of the overall ESG-SR efficiency for 334 energy firms from 45 countries in 2019. We show that only around 11% of our sampled firms perform well in the multi-dimensional ESG-SR efficient frontier. The 2019 average (in)efficiency of the global energy sector was 2.273, given an efficient level of 1.000. Besides the differences in the firm’s input/output utilization (regarding their E, S, G, and SR values), we found that the firm- (e.g., market capitalization and board characteristics) and country-level characteristics (e.g., the rule of law) have positive impacts on their ESG-SR performance. Such findings, therefore, are essential not only to the (responsible) investors but also to managers and policymakers in those firms/countries.
Drivers of Merger and Acquisition Activities in Vietnam: Insights from Targets’ Perspectives and Deal Characteristics Khoa Bui, Tu Le, Thanh Ngo International Journal of Financial Studies, 2025 This study empirically examines the determinants of merger and acquisition (M&A) activities in Vietnam from 2005 to 2020, which has not been examined before, using a fixed-effects model for a sample of 674 completed M&A deals. The results indicate that targets’ corporate governance and deal characteristics have mixed effects on M&A decisions. More specifically, the independent member of the board and CEO duality of the target is negatively associated with most M&A types, except for cross-border mergers. However, the impact of targets’ blockholders is consistently positive regardless of M&A types. When observing the deal characteristics, mixed evidence is also found in the case of M&A payment form, industry-relatedness between the bidder and the target, the bidder’s stake in the target, and foreign ownership in the bidder’s stake. More interesting, our study emphasizes that voluntary agreement is seemingly critical to M&A decisions regardless of different types. Our results suggest several important implications, including balancing independent directors on the board, accounting for CEOs’ and other blockholders’ interests and influence, considering the types of M&A payments, and involving foreign investors in M&A activities. By understanding these implications, firms can better navigate the complexities of M&A transactions, enhancing their decision-making processes and ultimately contributing to improved shareholder value.
Analyzing Air Passenger Flows between New Zealand’s Small Regions and Australia — A Gravity Model Tobias Flatley, Kan Wai Hong Tsui, Thanh Ngo Journal of International Commerce Economics and Policy, 2025 Due to the geographic location of Australia and New Zealand, air transport is the dominant mode of travel between the two nations and to and from the rest of the world. While the trans-Tasman air passenger market between the two countries has grown over the last 20 years, direct air routes to Australian destinations from New Zealand’s regional cities of Dunedin, Hamilton and Palmerston North have seen a major decline and, in most cases, the complete closure of those routes. This study uses the two-stage least squares (2SLS) gravity model to investigate the determinants of air passenger numbers on eight sampled city-pair routes. Empirical results show that for these trans-Tasman markets, expanded seat capacity has a strong positive impact on air passenger numbers. A longer driving time to travel to the nearest alternative international airport, the 2008/09 GFC and the winter season in New Zealand are also associated with an increase in air passenger numbers. In contrast, the presence of full-service network carriers has a negative impact on air passenger numbers.
Aviation Discontinuity and Regional House Prices: A Quasi-Experiment in New Zealand Thanh Ngo International Journal of the Economics of Business, 2025 Although there is evidence that more regional airport activities can increase regional house prices, no study has examined the relevant impacts of aviation discontinuity. My unique quasi-experiment data comes from New Zealand where Jetstar withdrew its domestic services from four airports/regions in December 2019. The synthetic control method (SCM)'s results reveal that the withdrawal created different impacts on the house prices of the regions involved, in which the overall effect was negative in the short run but the housing market in New Zealand has recovered in the long run.
Impact of information and communication technology on banking efficiency: The Vietnamese experience Handbook of Banking and Finance in Emerging Markets, 2022
Sustainable supply chain maturity in Hi-Tech agriculture startups: an ANP analysis for industry 5.0 evolution in an emerging market H Ho, H Nguyen, T Ngo Emirates Journal of Food and Agriculture 38, e183057 , 2026 2026
The global frontier of sustainable development goals: examination of multiple objective programming using network data envelopment analysis S Boubaker, T Ngo, PV Nguyen Annals of Operations Research, 1-29 , 2026 2026
Corporate Social Responsibility and Bank Stability in Vietnam: Novel Insights from a Method of Moments Quantile Regression Approach TDT Mong, T Le, T Ngo, H Cap Review of Economic Analysis 18 (1), 65-97 , 2026 2026
Forecasting Vietnam Inflation Using Machine Learning Approaches: A Comprehensive Analysis TDQ Le, SH Tran, T Ngo, HD Bui Advances in Decision Sciences 30 (1), 1-49 , 2026 2026
Is adopting cashless transactions a rational or irrational decision? Evidence from informal sectors A Nguyen-Thi-Phuong, A Dao-Viet, D Vu, T Ngo Journal of Financial Services Marketing 31 (1), 9 , 2026 2026 Citations: 3
Unveiling the Relationship Between the Shadow Economy and Green Growth: A Cross‐Country Analysis Using the Method of Moments Quantile Regression T Ngo, T Le, MK Yuen Sustainable Development 34, 52-69 , 2026 2026 Citations: 1
Determinants of global green growth efficiency and productivity: a comprehensive three stages data envelopment analysis T Ngo, T Le, HH Trinh, AK Tiwari Environment, Development and Sustainability, 1-27 , 2026 2026
Post-COVID-19 recovery and resilience in passenger and cargo traffic: A Bayesian vector autoregressive analysis of India’s top 10 busiest airports A Jayathilakan, T Ngo, WHK Tsui, NB Redmayne, F Balli, X Fu Case Studies on Transport Policy, 101736 , 2026 2026
Sustainable Analytics: The New Era T Ngo Sustainable Analytics 1 (1), 1-3 , 2026 2026
The Impact of Foreign Direct Investment and Energy Consumption on Carbon Dioxide Emissions in Indonesia: An Inverted U-shaped Curve Approach A Setyadharma, T Ngo, E Widiyawati E3S Web of Conferences 712, 06005 , 2026 2026
International environment agreements and emissions reduction: new insights from a staggered difference-in-difference analysis P Van Nguyen, T Ngo, AK Tiwari Environment and Development Economics, 1-17 , 2026 2026
Non-convex Efficiency of the Vietnamese Banking System: An Efficiency Analysis Tree (EAT) Approach BT Le, T Ngo Advances in Decision Sciences 29 (1), 145-173 , 2026 2026
Digitalization and Bank Profitability: The Role of Bank–Fintech Partnerships T Le, D Nguyen, L Tran, T Ngo Journal of International Commerce, Economics and Policy, 2550034 , 2025 2025
Digitalisation and Bank Efficiency: Evidence from An Emerging Market T Le, T Ngo, TH Ho, TTM Do Asian Academy of Management Journal of Accounting and Finance 21 (2), 29-65 , 2025 2025 Citations: 1
An MCDA composite index of bank stability using CAMELS ratios and shannon entropy S Boubaker, T Ngo, A Samitas, D Tripe Annals of Operations Research 353 (1), 353-376 , 2025 2025 Citations: 20
How does biodiversity risk exposure affect corporate regulatory intensity? TT Tran, K Hoang, T Ngo, TX Nguyen, H Tran Finance Research Letters, 108493 , 2025 2025 Citations: 5
The spatial effect of airport proximity on house prices: a quantile regression analysis for the New Zealand market G Squires, T Ngo, MJ McCord, D Lo, X Wang Applied Economics, 1-17 , 2025 2025 Citations: 1
Shadow economy and energy efficiency: utilising goal programming for sustainability assessment SS Alharbi, S Boubaker, T Ngo, MK Yuen Annals of Operations Research, 1-25 , 2025 2025 Citations: 6
Predicting the performance of MSMEs: A hybrid DEA-machine learning approach S Boubaker, TDQ Le, T Ngo, R Manita Annals of Operations Research 350 (2), 555-577 , 2025 2025 Citations: 72
Government-Sourced Categorical Economic Policy Uncertainty K Hoang, L Pham, V Trinh, T Ngo, T Dao, HX Do, H Doan, A Duong, O Ha, ... 2025 Citations: 2
MOST CITED SCHOLAR PUBLICATIONS
The determinants of bank profitability: A cross-country analysis TDQ Le, T Ngo Central Bank Review 20 (2), 65-73 , 2020 2020 Citations: 423
The environment, social and governance (ESG) activities and profitability under COVID-19: evidence from the global banking sector MK Yuen, T Ngo, TDQ Le, TH Ho Journal of Economics and Development 24 (4), 345-364 , 2022 2022 Citations: 208
Managing bank performance under COVID‐19: A novel inverse DEA efficiency approach S Boubaker, TDQ Le, T Ngo International Transactions in Operational Research 30 (5), 2436-2452 , 2023 2023 Citations: 133
Climate risk disclosures and global sustainability initiatives: A conceptual analysis and agenda for future research T Ngo, T Le, S Ullah, HH Trinh Business Strategy and the Environment 32 (6), 3705-3720 , 2023 2023 Citations: 111
Examining the bidirectional nexus between financial development and green growth: International evidence through the roles of human capital and education expenditure T Ngo, HH Trinh, I Haouas, S Ullah Resources Policy 79, 102964 , 2022 2022 Citations: 111
Fintech credit and bank efficiency: International evidence TDQ Le, TH Ho, DT Nguyen, T Ngo International Journal of Financial Studies 9 (3), 44 , 2021 2021 Citations: 86
Measuring the performance of the banking system: case of Vietnam (1990-2010) N Dang-Thanh Journal of applied finance and banking 2 (2), 289-312 , 2012 2012 Citations: 85
Capital market development and bank efficiency: a cross-country analysis T Ngo, T Le International Journal of Managerial Finance 15 (4), 478-491 , 2019 2019 Citations: 78
Predicting the performance of MSMEs: A hybrid DEA-machine learning approach S Boubaker, TDQ Le, T Ngo, R Manita Annals of Operations Research 350 (2), 555-577 , 2025 2025 Citations: 72
A cross-country analysis on diversification, Sukuk investment, and the performance of Islamic banking systems under the COVID-19 pandemic TDQ Le, TH Ho, DT Nguyen, T Ngo Heliyon 8 (3) , 2022 2022 Citations: 65
A data-driven approach for estimating airport efficiency under endogeneity: An application to New Zealand airports T Ngo, KWH Tsui Research in Transportation Business & Management 34, 100412 , 2020 2020 Citations: 56
Estimating the confidence intervals for DEA efficiency scores of Asia-Pacific airlines T Ngo, KWH Tsui Operational Research 22 (4), 3411-3434 , 2022 2022 Citations: 51
Bank performance during the COVID-19 pandemic: does income diversification help? TH Ho, DT Nguyen, TB Luu, TDQ Le, TD Ngo Journal of Applied Economics 26 (1), 2222964 , 2023 2023 Citations: 48
Operational efficiency of bank loans and deposits: A case study of Vietnamese banking system T Nguyen, D Tripe, T Ngo International Journal of Financial Studies 6 (1), 14 , 2018 2018 Citations: 48
Ranking with a Euclidean common set of weights in data envelopment analysis: with application to the Eurozone banking sector H Hammami, T Ngo, D Tripe, DT Vo Annals of Operations Research 311 (2), 675-694 , 2022 2022 Citations: 47
The role of knowledge in sustainable agriculture: Evidence from rice farms’ technical efficiency in Hanoi, Vietnam HD Nguyen, T Ngo, TDQ Le, H Ho, HTH Nguyen Sustainability 11 (9), 2472 , 2019 2019 Citations: 47
Fintech and banking: friends or foes? Evidence from bank–fintech cooperation T Le, T Ngo, DT Nguyen, TTM Do International Journal of Bank Marketing 42 (7), 1513-1535 , 2024 2024 Citations: 41
Impacts of aviation subsidies on regional wellbeing: Systematic review, meta-analysis and future research directions H Wu, KWH Tsui, T Ngo, YH Lin Transport Policy 99, 215-239 , 2020 2020 Citations: 40
Airline brand choice in a duopolistic market: The case of New Zealand IL Henderson, KWH Tsui, T Ngo, A Gilbey, M Avis Transportation Research Part A: Policy and Practice 121, 147-163 , 2019 2019 Citations: 37
Self-service technology in aviation: A systematic literature review PH Wongyai, T Ngo, H Wu, KWH Tsui, TH Nguyen Journal of the Air Transport Research Society 2, 100016 , 2024 2024 Citations: 36
