Nam Huong Dau; Nguyen Duy Van; Hai Thi Thanh Diem; Nhung Le Hong Nguyen
A icle
The impac o Co id-19 on he cash low o ood and
be e age indus y
Global Business & Finance Re iew (GBFR)
P o ided in Coope a ion wi h:
People & Global Business Associa ion (P&GBA), Seoul
Sugges ed Ci a ion: Nam Huong Dau; Nguyen Duy Van; Hai Thi Thanh Diem; Nhung Le Hong Nguyen
(2024) : The impac o Co id-19 on he cash low o ood and be e age indus y, Global Business &
Finance Re iew (GBFR), ISSN 2384-1648, People & Global Business Associa ion (P&GBA), Seoul, Vol.
29, Iss. 3, pp. 161-173,
h ps://doi.o g/10.17549/gb .2024.29.3.161
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† Co esponding au ho : Duy Van Nguyen
E-mail: duy.nguyen [email protected]. n
I. In oduc ion
The global impac o he Co id-19 pandemic on
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 3 (APRIL 2024), 161-173
pISSN 1088-6931 / eISSN 2384-1648∣H ps://doi.o g/10.17549/gb .2024.29.3.161
ⓒ 2024 People and Global Business Associa ion
GLOBAL BUSINESS & FINANCE REVIEW
www.gb jou nal.o g1)
o inancial sus ainabili y and people-cen e ed global business
The Impac o Co id-19 on he Cash Flow o Food and Be e ag
e
Indus y
Nam Huong Daua, Duy Van Nguyenb†, Hai Thi Thanh Diemc,
Nhung Le Hong Nguyend
aCen e o In e na ional Knowledge Sha ing, Ho Chi Minh Na ional Academy o Poli ics, Hanoi, Vie nam
bFacul y o Economics and Business, Phenikaa Uni e si y, Hanoi 12116, Vie nam
cFPT Uni e si y, G eenwich Vie nam, Hanoi, Vie nam
dIn e na ional School. Vie nam Na ional Uni e si y, Hanoi, Vie nam
A
B S T R A C T
Pu pose: The ood and be e age indus y is one o he indus ies ha has i s own speci ic p oduc s in he manu-
ac u ing indus y, and i is indispensable o a de eloping economy. The e o e, esea ch on he impac o Co id-19
on he mo emen o cash lows in ood and be e age companies is necessa y o be e unde s and he s a us o
manu ac u ing en e p ises.
Design/me hodology/app oach: To examine he impac s o Co id-19 on cash low o ood and be e age compa-
nies, he esea che s used inancial da a om he Fiin P o da abase o 33 Vie namese ood and be e age companies
o e 6 yea s om 2017 o 2022. The s udy used he eg ession model analysis da a eg ession analysis wi h he
Feasible gene alized leas squa es (FGLS) me hod by using he mul i- eg ession model de eloped by he p e ious
s udies.
Findings: To examine he impac s o Co id-19 on cash low o ood and be e age companies, he esea che s
used inancial da a om he Fiin P o da abase o 33 Vie namese ood and be e age companies o e 6 yea s om
2017 o 2022. The s udy used he eg ession model analysis da a eg ession analysis wi h he Feasible gene alized
leas squa es (FGLS) me hod by using he mul i- eg ession model de eloped by he p e ious s udies.
Resea ch limi a ions/implica ions: Fi s ly, he s udy only u ilizes model adjus men h ough FGLS bu does no
add ess he endogenei y phenomenon. Secondly, he s udy only ocuses on de eloping coun ies wi hou compa ison
o de eloped coun ies. The e o e, he au ho s p opose some implica ions o u u e esea ch. Fi s ly, s udies could
con inue o expand on examining he endogenei y phenomenon. Secondly, esea ch could b oaden i s scope o
include o he de eloping coun ies o a deepe compa ison.
O iginali y/ alue: The esea ch will help ood and be e age indus y en e p ises p edic cash low wi hin he com-
pany when a c isis like COVID-19 occu s. This will assis en e p ises in be e p epa ing o business ope a ions
and enhancing compe i i e capabili ies du ing c isis pe iods.
Keywo ds: COVID-19, Cash low, Food and be e age, FGLS
ⓒ
Copy igh : The Au ho (s). This is an Open Access jou nal dis ibu ed unde he e ms o he C ea i e Commons A ibu ion
Non-Comme cial License (h ps://c ea i ecommons.o g/licenses/by-nc/4.0/) which pe mi s un es ic ed non-comme cial use, dis ibu ion
,
and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 3 (APRIL 2024), 161-173
162
economies and indus ies, including he ood and
be e age sec o , has been p o ound and mul i- ace ed
(Amo e e al., 2022; Danan i e al., 2022; Ding e
al., 2021; Oh & Yi, 2023). Wi h challenges anging
om supply chain dis up ions o dec eased consume
demand, go e nmen -imposed es ic ions, and shi ing
consume beha io s, his sec o has encoun e ed
signi ican hu dles (Dea on & Dea on, 2020; Moon
& Ji, 2023). Fo ood and be e age companies, cash
low is i al
—
i signi ies he low o money in and
ou o he business, encompassing e enue om sales,
expenses, in es men s, and inancing ac i i ies.
E ec i e cash low managemen is pa amoun o
sus aining inancial well-being and ope a ional
con inui y (Chowdhu y e al., 2022). Th oughou he
pandemic, he cash low dynamics o companies in
his indus y ha e been se e ely a ec ed (Golds ein
e al. 2021). Res au an s and ca es, o ins ance,
g appled wi h limi a ions on dine-in se ices, esul ing
in plumme ing sales e enues. Dis up ions in he
supply chain led o challenges in sou cing aw ma e ials
and ing edien s, impac ing p oduc ion p ocesses and
in en o y managemen (Adi & Da yan o, 2021).
Mo eo e , adap ing o e ol ing consume beha io s
and p e e ences necessi a ed s a egic adjus men s in
ma ke ing s a egies and p oduc o e ings, po en ially
in luencing cash low pa e ns. O e all, na iga ing
he complexi ies o cash low managemen amid he
Co id-19 pandemic has p esen ed o midable obs acles
o ood and be e age companies, compelling hem
o inno a e and adap o ensu e hei esilience and
sus ainabili y in a apidly changing landscape.
Cash low se es as a i al indica o o a company's
inancial i ali y, encompassing he mo emen o cash
wi hin i s ope a ions, in es men s, and inancing
ac i i ies (Chowdhu y e al., 2022; Hamid e al.,
2023). I s signi icance lies in i s abili y o sus ain
ope a ional ac i i ies by acili a ing he paymen o
supplie s, employees, and o he obliga ions (Agga wal &
Padhan, 2017). Mo eo e , i p o ides c ucial insigh s
o s a egic decision-making, guiding he alloca ion
o unds owa ds g ow h ini ia i es and ensu ing
imely deb epaymen s and sha eholde di idends.
E ec i e cash low managemen no only os e s
inancial esilience bu also enhances s akeholde
con idence and us . In imes o economic unce ain y
o dis up ions, main aining a posi i e cash low
becomes impe a i e o ensu ing business con inui y
and s abili y (Muza a & Ma oz a, 2023). Hence,
unde s anding and managing cash low a e essen ial
o achie ing long- e m p o i abili y and sus ainabili y
in oday's dynamic business en i onmen . This esea ch
a icle del es in o he impo ance o cash low analysis
and managemen s a egies, highligh ing i s c i ical
ole in d i ing business success and esilience in
Co id-19 con ex .
Se e al s udies ha e assessed he impac o
Co id-19 on cash low in companies (Amo e e al.,
2022; Ding e al., 2021; D issi & Lamzaouek, 2022;
Vo e al., 2022; Song e al., 2021. Some s udies
sugges ha Co id-19 will dec ease cash low in
companies (D issi & Lamzaouek, 2022). Howe e ,
o he s udies indica e a posi i e impac o Co id-19
on cash low (Ding e al., 2021; Song e al., 2021).
In Vie nam, pa icula ly in he ood and be e age
indus y, he e is cu en ly no esea ch on Co id-19
and cash low. The e o e, his s udy aims o assess
he impac o Co id-19 on ope a ing cash low,
in es men cash low, and cash low om inancing.
II. Li e a u e Re iew
A. De ini ions and Role o Cash Flows
The cash low, acco ding o (Ka as & Reznako a,
2020) is a ype o cash index ha an en e p ise ecei es
and pays ou in a ce ain pe iod. I is conside ed
as a ool which e lec s all o company ope a ions
clea ly. Besides, Winge a d e al (2013) also ha e
he same idea abou cash low wi h Ka as &
Reznakoya, he cash low is he amoun o money
ha a company can ge money om cus ome s and
amoun o cash used in a inancial pe iod. Rega ding
he second g oup o poin s, some scien is s ha e
explained de ini ions o cash low h ough conside ing
he p ocess o equen mo emen o cash low in
Nam Huong Dau, Duy Van Nguyen, Hai Thi Thanh Diem, Nhung Le Hong Nguyen
163
and ou . Acco ding o (Cooke & Jepson, 1979), cash
low is desc ibed as he ac ual mo emen o money
in and ou o a business. Posi i e cash low indica es
ha money is lowing in o a business while nega i e
cash low shows money paid ou . And he di e ence
be ween he posi i e and nega i e cash low is called
he ne cash low. As he e a e di e en iews o cash
low means, cash low as desc ibed by (Cooke &
Jepson, 1979) has been concep ualized in his s udy:
"Cash low o an en e p ise is de ined as he mo emen
o cash and cash equi alen s, in low as well as ou low
o cash om business, i is a clea e lec ion o how
an en e p ise ecei es and pays ou h ough he signs
o he cash lows".
B. Types o Cash Flow
1. Cash low om ope a ing
Cash low om ope a ing ac i i ies is de e mined
as associa ed wi h p ima y business ac i i ies and
sou ce o e enue o an en e p ise. Ope a ing cash
low is conside ed as an essen ial indica o o e alua e
he iscal inancial heal h o a business, which is
an impo an ool o e alua ing he abili y o make
ea nings o co e i s deb , main ain ope a ing ac i i ies,
payou di idend and conduc new in es men s wi h
no needed ex e nal inancing (Nguyen, 2022).
Rega ding ope a ing cash low componen s, acco ding
o Li na & Za owin, (1990), and (Weygand e al.,
2019), which a e desc ibed in mo e de ail as ollows.
The e a e wo app oaches o epo ope a ing cash
low, as ollowing (Weygand e al., 2019). Di ec
me hod: Collec ing in o ma ion di ec ly om ansac ions
a ising and epo ing in lows and ou lows in ha
inancial pe iod. Indi ec me hod: This me hod is
con e ed om balance shee and income s a emen ,
and indi ec me hod is only used o de ining cash
low om ope a ing o business. The o mula ha
is used as ollow:
The indi ec me hod is popula in many coun ies
in he wo ld as when de ining ope a ing cash low
unde indi ec me hod, en e p ises would unde s and
he ela ionship among inancial s a emen s and
educe iden i ied cash low cos . Howe e , h ough
analyzing ope a ing cash low, which is epo ed
unde di ec me hod, ope a ing cash low is likely
a be e c i e ion o measu e he company's ne p o i
han ne p o i , because en e p ise can epay deb
while epo ing gain o loss ne p o i . The di e ence
be ween ne p o i and ope a ing cash low is a ool
o help en e p ises o assess he quali y o hei p o i .
De ail in Table 1.
2. Cash low om in es ing
Cash low om in es ing is he ype o cash low
associa ed wi h ac i i ies o acqui ing and disposing
o in es men s, p ope y, plan , and equipmen , o
e en lending and collec ing loans (Weygand e al.,
2019).
In lows and ou lows o in es ing cash low can
be mo e in o ma ion as ollowing in Table 2.
3. Cash lows om inancing
Cash low om inancing includes ecei ing cash
om issuing deb (sho - e m and long- e m) and
epaying he amoun bo owed, and aising capi al
om sha eholde s, epu chasing sha es, and paying
In lows Ou lows
Cash collec ions om sales
Cash ecei ables om in e es
and di idends
O he ecei ables ope a ing
cash lows
Cash paymen s o supplie s
o in en o y
Wages o employees
Cash paymen s o ax au ho i y
Cash paymen s o lende s o
in e es
O he paymen s ope a ing cash
lows
Table 1. Cla i ica ions o cash lows om ope a ing
In lows Ou lows
Sales o ixed asse such as
p ope y, plan , and equipmen
Sale o in es men s in o he
en i ies such as deb , o equi y
secu i ies
Pu chase p ope y, plan , and
equipmen
In es ing by pu chasing deb
o equi y secu i ies o o he
en i ies
Make loans o o he
o ganiza ions.
Table 2. Cla i ica ions o cash low om in es ing
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 3 (APRIL 2024), 161-173
164
di idends o sha eholde s (Weygand e al., 2019).
In gene al, cash low om inancing is ela ed o
ac i i ies o es uc u ing capi al.
Some ac i i ies would be lis ed in s a emen o
cash low om inancing. This is he way o classi y
based on each g oup o business ac i i ies o show
he ela ionship among 3 g oups o cash low om
ope a ing, in es ing, and inancing. De ail in Table 3.
C. Signaling Theo y
Signaling heo y (Spence, 1978) p oposes o
explain he beha io o wo di e en pa ies in e ms
o he abili y o ecei e and communica e in o ma ion
(Connelly e al., 2011). In comme cials, signaling
indica es ha he ac ions a e aken by a selle o
a ec beha io and decision o a buye (Ma lano a
e al., 2016) Mo eo e , one pa y as an in o ma ion
p o ide ( inancial epo p o ide ) has o choose
whe he o p o ide o no p o ide and how o ansmi
(o signal) ha in o ma ion (Connelly e al., 2011).
On he o he hand, he o he pa y, hose ecei ing
in o ma ion om he epo can be sha eholde s,
in es o s, and s akeholde s, choose o in e p e he
signals hey ecei e. In esea ch o Tangngisalu e
al., (2022) hey a gued ha he in o ma ion ecei ed
by he i m's managemen and ele an pa ies is
in o ma ion asymme ical. The e o e, in e es ed pa ies
need o be p o ided inancial s a emen s by he business's
managemen and some imes, his signal can become
a o m o p omo ion o be e in o ma ion o a ac
in es o s (Tangngisalu e al., 2022). The co e o
signaling heo y indica es he eading and analysis
o in o ma ion and unde s anding in each applied -
si ua ion (Spence, 2002). Thus, signal s a egy means
he ac ions ha signal gene a o s ake pe o mance
o in luence he decisions o in es o s and s akeholde s.
Howe e , hese disclosu es may ha e a posi i e o
nega i e impac on use s, including sha eholde s and
in es o s, depending on whe he hey ca y a posi i e
o nega i e signal (Connelly e al., 2010). Reading
comp ehension heo y and ela ed empi ical esul s
also show ha eading abili y also a ec s eade s'
pe cep ions and decisions (Kin sch & Dijk, (1978);
Rennekamp, (2012); Shah & Oppenheime , (1930).
I he in o ma ion in he epo is easily ead and
unde s ood by he ecipien , i can be seen as a use ul
posi i e signal o he eade 's decision-making
(Connelly e al., 2011). Complex in o ma ion equi es
a mo e conscious e o om in es o s and o he
s akeholde s. This weakens he ecei e 's unde s anding
and abili y o judge a company's p ospec s based
on he in o ma ion and hus may educe ha company's
decision-making abili y.
III. Me hod
A. Resea ch model
To measu e and assess he e ec i eness o cash
low managemen o he business, he au ho uses
he cash lows o o al asse s a io.
F om abo e de ined esea ch a iables, he au ho s
ha e buil he eg ession model based on he p e ious
eg ession model o Agga wal & Padhan (2017). The
a iables a e p esen ed in Table 4.
CFi = β0 + β1COVDEADi + β2LEVi + β3LIDi
+ β4ROAi + β5ZSi + εi
Whe e: i is he en e p ise i, and is he yea
CF: Cash low, is de ined by h ee al e na i e p oxies
o cash low (CFO o To al Asse s a io, CFI o
To al Asse s a io and CFF o To al Asse s a io)
COVDEAD: Na u al loga i hmic o numbe o con i med
dea hs each yea ( he au ho s go he numbe o
con i med dea hs due o Co id-19 om Ou Wo ld
in Da a Co id-19 da ase .
In lows Ou lows
Cash ecei ables om sale
o o dina y sha es
Cash om issuing deb
(bonds and no es)
Cash ecei ables om capi al
con ibu ed by he owne
Paying di idends o
sha eholde s
Redeem o dina y sha e
( easu y sha es)
Repaying deb , o bond
paymen s
Table 3. Cla i ica ions o cash low om inancing
Nam Huong Dau, Duy Van Nguyen, Hai Thi Thanh Diem, Nhung Le Hong Nguyen
165
ZS: Manu ac u ing Z-Sco e is calcula ed using da a
in i s model o he iscal pe iod. The Z-sco e is
a mul i a ia e o mula ha measu es he inancial
heal h o a company and p edic s he p obabili y
o bank up cy wi hin wo yea s. The Z-sco e
combines i e common business a ios using a
weigh ing sys em calcula ed by Al man o de e mine
he likelihood o bank up cy. The au ho s go he
Z-sco e da a a ailable om Fiin P o da abase.
Dependen Va iable:
The dependen a iable will be he inancial
pe o mance o i ms in he ood and be e age
indus y, speci ically ocusing on cash lows. Cash
low measu es such as ope a ing cash low, in es ing
cash low, and inancing cash low will be conside ed
as dependen a iables. In his s udy, au ho
Independen Va iables:
The independen a iable will be he Co id-19
pandemic, ep esen ed by ele an indica o s such
as he numbe o Co id-19 dea h cases, go e nmen -
imposed es ic ions, and changes in consume beha io .
O he con ol a iables can include p o i abili y,
le e age, liquidi y, and indus y-speci ic ac o s.
B. Da a Collec ion
The da a will be collec ed om mul iple sou ces,
including go e nmen epo s, indus y associa ions,
inancial da abases, and publicly a ailable company
epo s. The da a should co e a speci ic pe iod be o e
and du ing he Co id-19 pandemic, ensu ing a
comp ehensi e analysis o he impac . The au ho
selec s a esea ch sample consis ing o companies
in he ood and be e age indus y lis ed on HOSE
and HNX. Selec ed companies in he simple ully
equi ed in o ma ion o he esea ch. The au ho
chooses a pe iod s udy om 2017 o yea 2022. Thus,
he sample includes 33 ood and be e age
manu ac u ing en e p ises wi hin 6 yea s, a o al o
198 obse a ions.
C. Da a Analysis
The eg ession models will be es ima ed using
app op ia e s a is ical so wa e STATA 14. The
s a is ical signi icance and coe icien s o he
independen a iables will be assessed o de e mine
he impac o he Co id-19 pandemic on i m cash
lows in he ood and be e age indus y.
Va iables Symbols Concep s P io s udies Expec ed
sign
Cash lows om
Ope a ing CFO Cash lows om Ope a ing
ac i i ies / To al Asse s
Shaha uddin e al., (2021)
Azha Fa ooq & Ahmed Sheikh, (2021)
Cash lows om
In es ing CFI Cash lows om In es ing
ac i i ies / To al Asse s Calcula ed acco ding o CFO
Cash lows om
Financing CFF Cash lows om Financing
ac i i ies / To al Asse s Calcula ed acco ding o CFO
Co id-19 COV Na u al loga i hm o
dea hs eco ded Bollyky e al., (2023) -
Le e age LEV Deb o Equi y a io Shaha uddin e al., (2021) +
Liquidi y LID Cu en Asse s /
Cu en Liabili ies Di man, (2020) +
Re u n on Asse s ROA P o i a e ax/ To al Asse Shaha uddin e al., (2021) +
Z-Sco e ZS Z-Sco e is de ined by using da a
in i s model o he iscal pe iod.
Huang e al., (2022);
Almamy e al., (2016) +
Sou ce: Au ho 's compila ion
Table 4. Desc ip ion o all a iables
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 3 (APRIL 2024), 161-173
166
Desc ip i e s a is ics will be used o summa ize
he key a iables and p o ide an o e iew o he
da a. Measu es such as mean, median, s anda d
de ia ion, and dis ibu ion plo s will be u ilized o
unde s and he cha ac e is ics and ends in he da a.
Fo economic esea ch, panel-da a ha e a se ious
ad an age o e c oss-sec ion and ime-se ies da a.
The bene i s o panel-da a a e exal ing ime- a ian
co ela ions be ween independen and dependen
a iables, which sol es mul i-collinea i y, es ima e
biases, and he e ogenei y issues (Bal agi, 2008).
The e o e, be o e impo ing he da a in o STATA
14, he esea che collec ed i as an Excel ile, and
ans e ed i in o panel da a by using STATA 14.
The s udy sample includes 33 lis ed ood and
be e age i ms. All s eps a e pe o med o assess
he da a as ollows: (1) We used desc ip i e s a is ics
analysis o unde s and he da a p ope y; (2) we
implemen ed a able o Pea son co ela ion; and (3)
we pe o med a es un o eg ession model analysis.
By an applica ion o some heo e ical es s such as
F- es , B euch-Pagan Lag ange mul iplie es and
Hausman es o iden i y he bes -sui model among
O dina y leas squa e model (OLS), Fixed e ec
model (FEM) and Random e ec model (REM).
Speci ically, F- es inspec ion is applied o de e mine
be e model be ween FEM and OLS, he B euch-
Pagan LM es which chooses mo e sui able model
be ween OLS and REM (Pa eek e al., 2023) and
Hausman (1978) sugges ed ha his Hausman es
can be used o selec which is be e o in es iga ion,
compa ing FEM and REM. Mo eo e , a e
de e mining he bes - i model, we e alua e he
esea ch model laws, au oco ela ion is assessed wi h
Woold idge es (2010), and he e oscedas ic es ing
by applying Whi e es . Finally, we conduc ed a es
un again o he bes model a e emo ing laws.
Sensi i i y analyses and obus ness checks will
be conduc ed o ensu e he obus ness o he indings.
This can include al e na i e model speci ica ions,
di e en con ol a iables, o sub-sample analyses
o alida e he esul s.
IV. Resul s
A. Desc ip i e S a is ic
Wi h a ep esen a i e sample o 198 obse a ions
om 33 Vie namese ood and be e age i ms in
HOSE, HNX o e 6 yea s om 2017 o 2022, om
Fiin P o da abase he summa y o desc ip i e s a is ics
will be conduc ed in wo s ages, including be o e
and du ing COVID-19. The de ail in ables 5, 6.
O e iew, all h ee cash lows ha e bo h nega i e
and posi i e alue. The able demons a es he
signi ican changes in alue o CFO, be o e Co id-19
he lowes alue was -0.227, and when Co id-19
occu ed, he lowes alue was educed o -0.666.
The minimum nega i e alue o CFO declines abou
3 imes, indica ing ha F&B i ms canno co e hei
expenses om sales alone du ing Co id-19. While
he highes alue o CFO inc eased by nea ly 2 imes,
indica ing ha a lo o ood and be e age can gain
Va iable Mean SD Min Max
CFO 0.086 0.131 -0.227 0.456
CFI -0.054 0.126 -0.455 0.599
CFF -0.036 0.154 -0.797 0.436
LEV 0.247 0.196 0.000 0.618
LID 0.022 1.337 -2.830 11.649
ROA 0.092 0.087 -0.189 0.321
ZS 3.937 3.233 0.315 16.726
Table 5. Summa y o desc ip i e s a is ics o
a iables
be o e Co id-19
Va iable Mean SD Min Max
CFO 0.066 0.176 -0.667 0.815
CFI -0.034 0.106 -0.324 0.667
CFF -0.024 0.146 -0.749 0.498
COV 7.742 3.010 3.555 10.385
LEV 0.229 0.193 0.000 0.733
LID -0.018 1.548 -11.539 8.220
ROA 0.071 0.075 -0.267 0.241
ZS 3.730 2.413 -1.063 12.496
Table 6. Summa y o desc ip i e s a is ics o all
a iables du ing Co id-19
Nam Huong Dau, Duy Van Nguyen, Hai Thi Thanh Diem, Nhung Le Hong Nguyen
167
bene i s om Co id-19 because o hei essen ial
goods.
The highes CFI alue inc eased om be o e
Co id-19 o du ing Co id-19, om 0.599 o 0.66
espec i ely, showing ha hey a e selling mo e asse s
o secu i ies o ecoup he big d op in cash in low
in CFO. The CFF does no ha e oo much change.
The able shows he all-means alue o i m's speci ic
a iables declined a e occu ing Co id-19, in which
LID (cu en a io) has changed om posi i e o
nega i e alue du ing Co id-19, demons a ing ha
Vie namese ood and be e age i ms a e ca ying
oo much deb , cash balance is unning ou o no
well con olled in accoun ecei ables. Rega ding
Z-sco e, Vie namese ood and be e age companies
a e conside ed in sa e-zone because he Z-sco e alue
is in he ange om 3 o 4.
B. Reg ession o OLS, FEM, REM
As men ioned in he p e ious pa , he FEM model
is accep ed o become he op imal model o esul s
associa ed wi h CFO and CFF, while OLS is he
bes -sui model o CFI eg ession. Howe e , he
au ho s s ill compile he esul s o h ee app oaches
o each al e na i e p oxy o Cash low.
Table 7 is he summa y o eg ession esul s o
OLS, FEM and REM associa ed wi h Cash low om
Ope a ing o 33 Vie namese ood and be e age
en e p ises wi h 198 obse a ions. Resul s ollowing
bo h h ee app oaches show ha he e is a nega i e
co ela ion be ween Co id-19 and CFO, wi h
signi icance le els in he ange om 10% o 1%.
Howe e , he coe icien alue o Co id-19 (-0.006)
in he FEM model is assessed o be he smalles
alue compa ed o o he independen a iables.
Rega ding o he independen a iables, all a iables
ha e a s ong in luence on CFO, excep o he a iable
named Z-scope, al hough Z-sco e has a nega i e e ec
on CFO, i is no signi ican . Howe e , he bes - i
me hod which we choose o his eg ession model
ela ed o CFO is FEM. The e a e only wo
independen a iables, liquidi y, and le e age, ha
ha e s ong nega i e impac s on CFO wi h
signi icance le el o 1%, while ROA is ou o
expec a ion, i has no signi ican ela ionship wi h
CFO. The indica o R-squa ed o he model is 0.235,
indica ing ha he model wi h all hese a iables
can explain 23.56% o dependen a iable-CFO.
In conclusion, all independen a iables ha e a
nega i e impac on CFO, howe e he e a e only
h ee independen a iables, consis ing o COVDEAD,
LEV and LID, which ha e s a is ically signi ican
le els less han 1%.
Table 8 is he summa y o eg ession esul s o
OLS, FEM and REM associa ed wi h Cash low om
In es ing wi h 198 obse a ions om 33 lis ed ood
and be e age companies in Vie nam. Resul s ollowing
bo h h ee me hods show ha he e is a posi i e
co ela ion be ween Co id-19 and CFI, bu no
signi ican and he coe icien alue o Co id-19
(0.002) o OLS model, he bes sui model o his
eg ession, is assessed o be he smalles alue
compa ed o o he independen a iables.
Rega ding o he independen a iables, all a iables
ha e a s ong in luence on CFI, excep o he a iable
named Z-scope. In he esul s o OLS ela ed o CFI,
CFO OLS FEM REM
COV -0.004*
[-1.86]
-0.006***
[-2.90]
-0.004*
[-1.86]
LEV -0.2269***
[-3.82]
-0.7093***
[-5.87]
-0.226***
[-3.82]
LID -0.0201***
[-3.00]
-0.02***
[-3.19]
-0.020**
[-3.00]
ROA 0.489***
[-0.02]
-0.132
[-0.52]
0.489***
[2.86]
ZS -0.0001
[3.59]
-0.008
[-0.82]
-0.0001
[-0.02]
_cons 0.106 0.311 0.106
N 198 198 198
R-sq 0.247 0.235 0.135
Au oco ela ion es 0.197
He e oscedas ici y es 0.000
No e(s): The numbe s in pa en heses a e s anda d e o s. *, **,
*** indica e signi icance le els a 10%, 5%, 1%
Table 7. Reg ession esul s o OLS, FEM, REM model
o CFO
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 3 (APRIL 2024), 161-173
168
h ee independen a iables, including le e age,
liquidi y, and ROA, demons a ed a clea ela ionship
wi h CFI. In de ails, bo h h ee ones ha e signi icance
le el less han 1%, le e age and ROA nega i ely
a ec CFI and liquidi y a ec s posi i ely CFI,
The indica o R-squa ed o he model is 0.2391,
indica ing ha he model wi h all hese a iables
can explain 23.91% o dependen a iable-CFI.
In conclusion, o he OLS model, he a iable
o Co id-19 has a posi i e ela ion wi h CFI bu
is no signi ican . Howe e , h ee a iables a e LEV,
LID, ROA, which ha e s a is ically signi ican le els
less han 1% wi h CFI.
Table 9 is he summa y o eg ession esul s o
OLS, FEM and REM associa ed wi h Cash low om
Financing o 33 lis ed ood and be e age companies
in Vie nam wi h 198 obse a ions. Th ee models show
a posi i e co ela ion be ween Co id-19 and CFI,
especially only he accep ed me hod-FEM model-has
he signi ican le el o Co id-19 on CFF a 1%.
Howe e , he coe icien o Co id-19 equals 0.0059
and is s ill e alua ed o be much smalle han o he
independen a iables. The emaining a iables
including liquidi y and Z-sco e ha e nega i e and
posi i e e ec s on CFF, espec i ely, bu a e no
signi ican .
The indica o R-squa ed o he model is 0.2637,
indica ing ha he model wi h all hese a iables
can explain 26.37% o dependen a iable-CFF.
In conclusion, o he FEM model, he a iable
o COVD-19 has a posi i e ela ion wi h CFF wi h
a signi ican le el a 1%. Howe e , he e a e only
wo o he independen a iables ou o 4 ha ha e
1% s a is ically signi ican impac on CFF.
C. Reg ession o FGLS
The p e ious pa showed ha he e a e many
laws in OLS, FEM, REM esul s, consis ing o
au oco ela ion and he e oscedas ici y. The e o e, he
esea ch applied he easible gene alized leas squa es
(FGLS) app oach o o e come he de ec s o he
model.
Table 10 demons a es he eg ession esul s o
CFO by using he FGLS me hod. The e a e ew
changes in he eg ession esul s. In gene al, Co id-19
is s ill ha ing nega i e e ec s on CFO wi h he
CFF OLS FEM REM
COVID-19 0.003
[1.57]
0.005***
[2.78]
0.003
[1.57]
LEV 0.296***
[4.93]
0.825***
[6.90]
0.296***
[4.93]
LID -0.008
[-1.26]
-0.009
[-1.39]
-0.008
[-1.26]
ROA 0.135
[0.78]
0.747***
[2.99]
0.135
[0.433]
ZS -0.002
[-0.54]
0.013
[1.34]
-0.002
[0.587]
_Cons -0.113 -0.360 -0.113
N 198 198 198
R-sq 0.1693 0.2673 0.1833
Au oco ela ion es 0.0097
He e oscedas ici y es 0.000
No e(s): The numbe s in pa en heses a e s anda d e o s. *, **,
*** indica e signi icance le els a 10%, 5%, 1%
Table 9. Reg ession esul s o OLS, FEM, REM model
o CFF
CFI OLS FEM REM
COV 0.002
[1.20]
0.001
[1.00]
0.002
[1.20]
LEV -0.100***
[-2.24]
-0.169*
[-1.72]
-0.10***
[-2.24]
LID 0.030***
[5.90]
0.030***
[5.51]
0.030***
[5.90]
ROA -0.479***
[-3.71]
-0.516***
[-2.52]
-0.48***
[-3.71]
ZS 0.002
[0.63]
-0.001
[-0.14]
0.002
[0.63]
_Cons 0.001 0.035 0.001
N 198 198 198
R-sq 0.239 0.224 0.221
Au oco ela ion es 0.7717
He e oscedas ici y es 0.000
No e(s): The numbe s in pa en heses a e s anda d e o s. *, **,
*** indica e signi icance le els a 10%, 5%, 1%
Table 8. Reg ession esul s o OLS, FEM, REM model
o CFI
