Pham, Quang Huy; Vu, Kien Phuc
A icle
Insigh in o how digi al o ensic accoun ing and me a e se
ci cula business model inno a ion con ibu e o accele a ed
in e na ionaliza ion: e idence om Vie nam-based SMEs
Cogen Business & Managemen
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Sugges ed Ci a ion: Pham, Quang Huy; Vu, Kien Phuc (2024) : Insigh in o how digi al o ensic
accoun ing and me a e se ci cula business model inno a ion con ibu e o accele a ed
in e na ionaliza ion: e idence om Vie nam-based SMEs, Cogen Business & Managemen , ISSN
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Insigh in o how digi al o ensic accoun ing and
me a e se ci cula business model inno a ion
con ibu e o accele a ed in e na ionaliza ion:
e idence om Vie nam-based SMEs
Quang Huy Pham & Kien Phuc Vu
To ci e his a icle: Quang Huy Pham & Kien Phuc Vu (2024) Insigh in o how digi al o ensic
accoun ing and me a e se ci cula business model inno a ion con ibu e o accele a ed
in e na ionaliza ion: e idence om Vie nam-based SMEs, Cogen Business & Managemen ,
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ACCOUNTING, CORPORATE GOVERNANCE &
BUSINESS ETHICS | RESEARCH ARTICLE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2320203
Insigh in o how digi al o ensic accoun ing and me a e se ci cula
business model inno a ion con ibu e o accele a ed
in e na ionaliza ion: e idence om Vie nam-based SMEs
Quang Huy Pham and Kien Phuc Vu
uni e si y o economics Ho Chi Minh Ci y (ueH), Ho Chi Minh Ci y, Vie nam
ABSTRACT
The cu en s udy aims o examine how digi aliza ion o ensic accoun ing (DFA)
demons a es impac on accele a ed in e na ionaliza ion (ACIN) and p o ides insigh s
in o he unc ion o me a e se ci cula business model inno a ion (MCBMI) in he
ela ionship be ween DFA and MCBMI. This s udy ook ad an age o a quan i a i e
me hod and elied on deduc i e app oach. The hypo hesized model was in es iga ed
using s uc u al equa ion modeling, which was es ed on ma hema ical da a collec ed
om a su ey ci cula ed o a c oss-sec ional snowballing sample o 783 accoun an s in
small and medium en e p ises (SMEs). The da a analysis was conduc ed using he
Pa ial Leas Squa es S uc u al Equa ion Modeling (PLS-SEM) echnique wi h he
assis ance o Sma PLS 4.0 so wa e. The esul s analyses suppo ed a s ong ela ionship
be ween DFA and MCBMI as well as he ela ionship MCBMI and ACIN in e ms o
signi icance and impac size. Con e sely, DFA was epo ed o induce an insigni ican
impac on ACIN. The esul s u he highligh ed he ole o MCBMI as a ull media o in
he ela ionship be ween DFA and ACIN. The obse a ions o his s udy would se e as
a s able co ne s one o p o ide esea ch poin e s o ollow-up wo ks, in addi ion o
p o iding scien i ic unde s andings by ex ending he cu en bounda ies o his esea ch
s ing. F om a p ac ical s andpoin , such impo an insigh s could enable he o mula ion
o ocused s a egies o he implemen a ion o ci cula business models as well as
policies and egula ions ele an o he adop ion o me a e se pla o ms o boos ing
ACIN in SMEs.
1. In oduc ion
Adop ing in e na ionaliza ion as a s a egic choice is c ucial o a company’s expansion and main aining
a compe i i e edge (Zhang & Cheng, 2023). Small and medium-sized i ms (SMEs) ha ha e quickly
expanded hei ope a ions globally ha e eme ged in eme ging economies due o a changing economic
and compe i i e en i onmen (Machado & Bischo , 2023). In o de o su i e and expand, SMEs a e
compelled o engage in accele a ed in e na ionaliza ion (ACIN) due o inc easing compe i ion and e ol -
ing cus ome demands (Salamzadeh e al., 2022). An inc easing numbe o SMEs wo ldwide a e making
e o s o expedi e hei p ocess o accele a ing hei in e na ionaliza ion (Saman e al., 2023). Acco ding
o Zalan (2018), ACIN is becoming mo e and mo e common among SMEs ea ly in hei li e cycles. ACIN
es ablishes and s eng hens a SME’s compe i i e ad an age by u ilizing esou ces ha may be unde u i-
lized, acqui ing new knowledge, e ec ua ing (Uzhego a & To kkeli, 2023), u ilizing ne wo k e ec s, and
has ily comme cializing hei goods o se ices (F eeman e al., 2010).
Technologies like he in e ne and he shi ing dynamics o he global en i onmen ha e gi en busi-
nesses he chance o expand in e na ionally. These elemen s ha e in luenced how businesses in e na-
ionalize hemsel es while also ad ancing he ield o in e na ionaliza ion esea ch o SMEs (Ch is o i
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT Quang Huy Pham [email p o ec ed] uni e si y o economics Ho Chi Minh Ci y (ueH), Ho Chi Minh Ci y, Vie nam.
h ps://doi.o g/10.1080/23311975.2024.2320203
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed 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. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 15 No embe
2023
Re ised 11 Feb ua y 2024
Accep ed 12 Feb ua y
2024
KEYWORDS
Accele a ed
in e na ionaliza ion;
business model
inno a ion; ci cula
economy; o ensic
accoun ing; me a e se
SUBJECTS
Business, Managemen
and Accoun ing;
Economics; Digi al
Fo ensics
REVIEWING EDITOR
Collins N im, Uni e si y o
Sou hamp on, Uni ed
Kingdom o G ea B i ain
and No he n I eland
2 Q. H. PHAM AND K. P. VU
e al., 2021; Coudouna is, 2021). In pa icula , SMEs in eme ging economies in e na ionalize hei ac i i ies
by u ilizing ne wo king, in o ma ion echnology, and inance (Manolo a e al., 2013; Ayob e al., 2015).
Al e na i ely, businesses ha e been o ced o ein en hemsel es and inno a e how hey ha e c ea ed
and cap u ed alue ac oss o eign ma ke s by way o inno a ing hei business models as a esul o he
pe suasi e de elopmen o new digi al echnologies and he ecen wo ldwide pandemic (Li e al., 2022;
Sousa e al., 2020). Indeed, Anwa e al (2024) ad oca ed ha digi al skills help SMEs inno a e hei
business model o he p ocess o going global.
Rema kably, go e nmen s, p o i -d i en and non-p o i o ganiza ions p essu e businesses o pu sue
sus ainabili y and o e sus ainable goods as a esul o hese wo ies and he g owing in e es in sus-
ainable de elopmen (Kannan, 2018). Fu he mo e, cus ome s a e becoming mo e and mo e awa e o
he mo al ami ica ions o p oduc manu ac u ing (G azzini e al., 2021). Business leade s and
decision-make s equen ly see he ci cula economy (CE) as a iable app oach o balance economic
g ow h and sus ainable de elopmen (Co ellec e al., 2022; Ki chhe e al., 2023). As such, ci cula busi-
ness models ha e been de eloped o help o ganiza ions educe was e and inc ease ma e ial e en ion,
ecycling, and euse (Mos aghel e al., 2017). The e is gene al consensus ha digi al ans o ma ion is
essen ial o enabling he indus y o implemen ci cula economy p ocedu es (E z e al., 2022; Pa yal
e al., 2022). While adap ing o he concep s o CE, es ablished en e p ises ha a e ounded on he con-
en ional ‘ ake-make-dispose’ pa adigm encoun e signi ican obs acles (Blomsma & B ennan, 2017). Such
obs acles include ewe esou ces han la ge businesses, lacking o manage ial expe ise and inancial
esou ces (Micheli e al., 2021), and hey equen ly lack he necessa y knowledge and suppo o inno-
a ion (Mi chell e al., 2020). In consequence, hey equen ly implemen and employ ewe digi al ans-
o ma ion han big businesses (S en o e al., 2021; Tam ada e al., 2022).
In esponse o his, manage s should u ilize he i s mo e ad an age when i comes o echnology
like me a e se in he pos -COVID-19 e a (Gau ie e al., 2022). A ic ional h ee-dimensional i ual en i-
onmen called he Me a e se p o ides i ual eali y expe iences as an al e na i e o he eal wo ld.
Fu u e echnologies like edge compu ing, blockchain, i ual eali y, and augmen ed eali y will all ben-
e i om he Me a e se (Tlili e al., 2022). In addi ion o o e coming conce ns like ime, place, and inan-
cial cons ain s, he Me a e se can o e people wi h equal oppo uni ies (Meh a e al., 2023). The abili y
o he Me a e se o endu e and g ow in he u u e wi hou deple ing na u al esou ces is e lec ed in i s
sus ainabili y (Zhang e al., 2023).
In his ega d, businesses mus c ea e, de elop, and use Me a e se ci cula business model inno a-
ion (MCBMI) in o de o bene i om Me a e se and s ay compe i i e in his umul uous and compli-
ca ed digi al business en i onmen . Un o una ely, a numbe o isks a e associa ed wi h he g ow h
o he Me a e se ecosys em, including hose ela ed o owne ship, con ol, aud, h ea s o pe sonal
in o ma ion, e hics, accoun abili y, and secu i y challenges inhe en in e e y ansac ion in he
me a e se en i onmen . Digi al o ensic analysis is needed o in es iga e c imes ha occu in he
Me a e se (Seo e al., 2023). Mo e impo an ly, digi al o ensic accoun ing (DFA) e e s o he u iliza ion
o digi al echnologies in accoun ing p ocedu es, in es iga ion s a egies, and legal knowledge o ana-
lyze inancial in o ma ion, iden i y ins ances o aud, and ake measu es o a oid i . As a esul , digi al
o ensic accoun an s a e ained o p o icien ly u ilize digi al echnology in o de o analyze complex
inancial ansac ions and econs uc inancial eco ds o iden i y anomalies, disc epancies, o pa e ns
o audulen beha io .
This has inci ed he demand o e hink and o mula e a new and in-dep h insigh on MCBMI, o ap
highe po en ial and o achie e ACIN. S a ing om hese conside a ions on he lack o an es ablished
academic backg ound on his speci ic subjec , an analysis on how MCBMI can build up ACIN wi h he
enabling ole o DFA ep esen s he main mo i a ion in his esea ch and unde sco es chances o heo-
e ical and p ac ical con ibu ions. Also, his heo e ical gap inspi es he in iguing esea ch ques ions as
ollows.
RQ1. Wha is he e ec o DFA on ACIN?
RQ2. Does MCBMI ac as a media o in he in e connec ion be ween DFA and ACIN?
Gi en ha SMEs’ in e na ionaliza ion has gained a en ion ecen ly, pa icula ly in eme ging ma ke s
(Bai e al., 2021; Mish a e al., 2022; Nguyen e al., 2023), his s udy adds o he body o knowledge
COGENT BUSINESS & MANAGEMENT 3
abou his opic by ex ending he discussion o SMEs’ ACIN in de eloping na ions. As a esul , his s udy
sheds ligh on he in e nal ac o s ha encou age SMEs o in e na ionalize mo e quickly. By concen a -
ing on he issues su ounding sus ainable de elopmen , i becomes possible o in es iga e how and
why some SMEs a e able o ein en hei business models and ou pe o m hei compe i o s. Res ed
on he pe spec i e o S ange and Zucchella (2017), es ablished business s uc u es, e enue s eams,
and he global each o companies ha e all been impac ed by he la es echnological wa es known as
‘Indus y 4.0’. Conce ning o his, SMEs ha e been pa icula ly compelled o ein en hemsel es and
inno a e in hei alue c ea ion and cap u e p ocesses ac oss in e na ional ma ke places. In o de o
eac swi ly o hese ou side h ea s and dis up ions, many companies ha e emb aced new
pla o m-based digi al business models, which d as ically lowe he minimum size and scale needed o
a small digi al company o do business beyond i s o iginal ma ke s (E e s e al., 2023). Ci cula business
model inno a ion o digi al business model inno a ion ha e been he main opics o p e ious business
model inno a ion esea ch. S udies on business model inno a ion among SMEs ha e been ew and a
be ween (Bashi e al., 2023). The new p oposal on c ea ing o ganiza ional compe encies ha will ul i-
ma ely esul in enhanced pe o mance and ACIN can help. This s udy adds o he scan body o esea ch
on he opic o using he Me a e se in business, which is s ill conside ed o be in i s in ancy (Meh a
e al., 2023). Gi en ha o ensic accoun ing uses science and echnology o iden i y audulen accoun -
ing, inance, and business p ac ices (Rezaee e al., 2016), he goal o he esea ch is o ad ance knowl-
edge o he ole o o ensic accoun ing in he Me a e se en i onmen by highligh ing he connec ion
be ween DFA and he de elopmen o ci cula business models in he Me a e se, which boos s in e na-
ional ade pe o mance.
The economic p og ess o na ions is g ea ly in luenced by SMEs (Sub ahmanya & Logana han, 2021).
They a e in ol ed in employmen , expo s, and ongoing inno a ion (Su e al., 2020). Acco ding o
Ja a i-Sadeghi e al. (2022) as well as Sub ahmanya and Logana han (2021), SMEs ha e been aced wi h
a numbe o challenges including insu icien inancial esou ces, weak manage ial and en ep eneu ial
skills, ma ke ing, low le els o echnological adap ion, and low p oduc i i y. As such, o SMEs looking o
expedi e hei expansion, s udying accele a ed SME in e na ionaliza ion will ha e p ac ical ami ica ions
(Pe ou e al., 2020). Wi h a holis ic ocus on he ci cula business model, Me a e se applica ion, and
o ensic accoun ing, he pape o e s manage ial and ope a ional poin e s as well as a oadmap o p ac-
i ione s and policymake s a he policy deg ee. The esul s o his s udy also sugges ed p ac ical s eps
ha so wa e o in o ma ion echnology supplie s could ake o in oduce cu ing-edge me hods ha
bes me he expanding needs o po en ial clien s.
The emainde o his manusc ip is planned hus: Sec ion 2 gi es he heo e ical unde s anding, and
Sec ion 3 con ains he manusc ip ’s esea ch hypo heses and p oposed model. The esea ch me hodology
used o he s udy is cap u ed in Sec ion 4. Analysis and discussion o he esul s a e deepened in he pen-
ul ima e sec ion. In he inal sec ion, implica ions and di ec ions o addi ional esea ch a e exposed.
2.Theo e ical comp ehension
2.1. Con ingency heo y
The con ingency heo y (CT) is in opposi ion o he es ablished classical concep ions o managing o gani-
za ions and socie y (Akinwale & Onokala, 2022). Acco ding o Islam and Hu (2012), CT was an app oach o
he s udy o o ganiza ional beha io ha explains how con ingen ac o s a ec he s uc u e and ope a-
ion o o ganiza ions. I s undamen al p emise was ha no single o ganiza ional s uc u e can be applied
o all o ganiza ions equally; o ganiza ional e ec i eness ins ead depends on a i o ma ch be ween he
kind o echnology, he ola ili y o he en i onmen , he size o he o ganiza ion, he o ganiza ional s uc-
u e’s ea u es, and i s in o ma ion sys em (Nkundabanyanga e al., 2022). Acco dingly, esea ch based on
CT con end ha o ganiza ional esul s we e he esul o how well wo o mo e componen s i oge he
(Islam & Hu, 2012). Any wo k ha an o ganiza ion did in ol e in e ac ions be ween he ask, people, en i-
onmen , s uc u e, and echnology, acco ding o Lea i (1972). S a egic and ope a ional con igu a ions
we e aken in o accoun as pa o a sys ema ic p ocess o managing dis up i e e en s o de elop esil-
ience (Lozada-Con e as e al., 2022). An essen ial componen o business s a egic decision-making was isk
4 Q. H. PHAM AND K. P. VU
managemen . The success ul implemen a ion o an e ec i e isk managemen sys em depends on a a ie y
o ac o s, and hese decisions will be equen ly made in he u u e (Kulchmano e al., 2016).
2.2. Concep ual espec s
2.2.1. Digi al o ensic accoun ing
Based on he iewpoin s o Xan hopoulou e al. (2023), o ensic accoun ing p o ec ed he accu acy o
economic da a by means o iden i ying pa e ns and suspicious ansac ions, spo ing ends and suspi-
cious ac i i ies, iden i ying suspicious ansac ions and pa e ns, spo ing and mi iga ing accoun ing
c imes, and ul ima ely e adica ing hem. Acco ding o Rehman and Hashim (2021), o ensic accoun ing
e e ed o he applica ion o accoun ing p inciples, heo ies, and me hods o analyze and esol e ac ual
o hypo he ical issues in a legal con ex . I inco po a ed all a eas o accoun ing knowledge and p ac ices
used by accoun an s o add ess legal dispu es. Wi h he apid de elopmen o digi al echnology,
Akinbowale e al. (2023) sugges ed in eg a ing big da a in o o ensic accoun ing in he banking sec o .
DFA ocuses on he inco po a ion o digi al echnologies in o o ensic accoun ing me hodologies.
Consequen ly, o ensic accoun ing can e alua e he e en s in accoun ing, audi ing, and legal dimensions
in his way wi h he aid o hese ypes o digi al echnologies o p oduce accu a e and us wo hy
in o ma ion abou he ma ke , poli ics, and he en i onmen o he achie emen o be e moni o ing
and p edic ing he beha io o supplie s and cus ome s.
2.2.2. Me a e se ci cula business model inno a ion
The e m ‘Me a e se’ has gained popula i y among ech companies (Dola a & Schwabe, 2023). Finding an
accep able de ini ion o he e m ‘Me a e se’ may be di icul because so many disciplines a e engaged
in i s de elopmen . As a esul , he e has been no uni e sal ag eemen on wha cons i u es a me a e se
(Koohsa i e al., 2023). Unde he iewpoin o business, managemen and accoun ing, he business ac i -
i ies and comme cial applica ions ha i ual wo lds can suppo will be he main emphasis o he
esea ch o Papagiannidis e al (2008), which will also look a he b oade ami ica ions o hese e-
quen ly e e ed o as ‘Me a e ses’ i ual en i onmen s. To pu i conc e ely, he so-called Me a e se, a
i ual ealm analogous o he a om-based wo ld in which we li e, is made up o ou cu ing-edge
echnologies. These echnologies include augmen ed eali y (senso y o e lays o digi al in o ma ion on
he eal o e en i ual wo ld), i ual wo lds (digi al ep esen a ions o any space imagined o exis ),
mi o wo lds (digi al ep esen a ions o ou own a om-based wo ld), li elogging, and i ual eali y
(Boulos & Bu den, 2007). The u u e o he echnologies and ecosys em elemen s d i ing he mig a ion
om he exis ing In e ne o he me a e se ha e a signi ican impac on he co ec de elopmen o he
me a e se (Vidal-Tomás, 2023). Acco ding o Lee e al. (2021), he e we e eigh po en ial enabling ech-
nologies (ex ended eali y, use in e ac i i y, a i icial in elligence, blockchain, compu e ision, in e ne o
hings and obo ics, edge and cloud compu ing, and u u e mobile ne wo ks) as well as six ecosys em
aspec s (a a a , con en c ea ion, i ual economy, social accep abili y, secu i y and p i acy, and us and
accoun abili y) ha mus be imp o ed in o de o le human use s li e and play wi hin a pe sis en ,
sha ed i ual wo ld.
A ci cula business model is an app oach o unning a company ha combines CE concep s and ac-
ics o slowing down, enla ging, o closing esou ce loops (San a-Ma ia e al., 2021). I can be hough
o as a subse o sus ainable business models (Hen y e al., 2019). Eme ging ci cula business models a e
suppo ed by key ac i i ies ha include de eloping new business models and eshaping old ones (Tukke ,
2015). The e o e, he p ocess o al e ing cu en business models o c ea e (mo e) ci cula con igu a ions
ha would ( e)c ea e, ( e)deli e , and ( e)cap u e alue, o he p ocess o de eloping en i ely new ci cula
business models o c ea e, deli e , and cap u e alue in no el ways, can be de ined as ci cula business
model inno a ion (Guldmann & Huulgaa d, 2020). As p oposed by Dubey e al. (2022), Me a e se helped
o os e a cul u e o CE h ough eusing, e illing, and educing was e h ough echnology. In his
esea ch, MCBMI e lec s on a se ies o in en ional ac ions ha manage s and business owne s do o
g adually modi y and de elop he ci cula business model’s componen s and a chi ec u e in a consis en
manne on he Me a e se pla o m.
COGENT BUSINESS & MANAGEMENT 5
2.2.3. Accele a ed in e na ionaliza ion
Accele a ed in e na ionalize s di e om slowe in e na ionalizing en e p ises, acco ding o s udies on
he pace o in e na ionaliza ion, mos ly in e ms o he en ep eneu ’s cogni ion, knowledge base, and
access o ne wo ks (Pe ou e al., 2020). Acco ding o Casillas and Mo eno-Menéndez (2014) and
Kui alainen e al. (2012), he idea o ACIN has eme ged as a c i ical s a egic choice o companies seek-
ing o en e global ma ke s. Focusing on he p e-in e na ionaliza ion s age, ACIN is he in e al be ween
a company’s o ma ion and he s a o i s in e na ional ac i i ies (Jones & Co iello, 2005).
3. Resea ch hypo heses de elopmen and esea ch model o mula ion
Globally, he equency o dishones and suspicious inancial ansac ions is ising, pu ing o ganiza ions
a dange o dishones and audulen p ac ices. The inc easing incidence o business c ises globally is
e idence ha his end has inc eased demand o o ensic accoun ing (Islam e al., 2011). SMEs would
be ad ised, based on he iewpoin s o F eeman e al. (2006), o pay a en ion o he unce ain y a ising
om a numbe o de e minan s, including in o ma ion asymme y, geog aphic space, and he complexi y
o bo h implemen ing con ac s ac oss bo de s and de e mining he capaci ies o a o eign dis ibu o i
hey hope o imp o e and de elop hei in e na ionaliza ion ope a ions. Acco ding o Henna (2010),
ansac ion cos s included cos s associa ed wi h moni o ing, in o ma ion, nego ia ion, and en o cemen .
Businesses equen ly ha e o deal wi h he isk o being unable o ul ill he con ac ual condi ions o
an ag eemen while wo king wi h o eign pa ne s. The hos na ion’s and he home na ion’s dissimila i ies
in cul u e and ins i u ions we e one enable explana ion. Addi ionally, indi iduals had o deal wi h he
possibili y o being duped by unsa is ac o y exchanges o goods o se ices o o he oppo unis ic ac s
(Henna , 2012), as he e we e no me hods o judge he eliabili y o o he pa y’s ex an e. In his ega d,
DFA can enable SME o add ess hese issues in an e icien and e ec i e manne . Mo e conc e ely, block-
chain echnology can help o ensic accoun an s p o e ha asse s exis , a e owned by ce ain pa ies, and
ha e been ans e ed (Ga anina e al., 2022). Blockchain-based sma con ac s would educe he cos s
associa ed wi h p incipal-agen ela ionships ha esul om compe ing in e es s in con ac ing (Mu ay
e al., 2019). On he o he hand, blockchain and sma con ac s had he abili y o enc yp he necessa y
da a in he ansac ion o elimina e he isk o inaccu a e da a (Henna , 2001). Addi ionally, by au oma -
ing con ac execu ion buil on p e-p og ammed e ms, blockchain and sma con ac s may be able o
equalize he impo ance o coun e pa ies wi h widely a ying sizes in supplie -buye ansac ions (Mu ay
e al., 2019). This would inc ease ai ness and compe i i eness o SMEs by p e en ing he mo e powe ul
pa y om exe ing g ea e p essu e on he weake pa y o amend con ac e ms (Cole e al., 2019). As
ad oca ed by Gnizy (2019), in o ma ional p ocesses ha e been an elemen o a company’s explo a o y
compe ency when i comes o compe ing globally because expo e s who possess ela ed in o ma ion
a e mo e likely o ha e a g ea e numbe o oppo uni ies om o e seas ma ke places. In ligh o his,
big da a may p o ide eal- ime, de ailed, and mul i-sou ce in o ma ion o manage his signi ican unce -
ain y, esea ch and scan he ma ke , as well as assess isks (Dam e al., 2019; Gnizy, 2019). Da a analy ics
me hods a e being used mo e equen ly in o ensic accoun ing o aud de ec ion and p e en ion,
acco ding o Rezaee and Wang (2019). In ligh o analysis co e ed abo e, he i s hypo hesis o his
s udy is logically p oposed as ollows
Hypo hesis 1 (H1). DFA engende s a signi ican and posi i e e ec on ACIN.
The implemen a ion o he ci cula business model inno a ion among SMEs is ponde ed o be hin-
de ed by associa ed di icul ies and c oss-disciplina y isks, which equen ly de e o ganiza ions. In pa ic-
ula , es uc u ing is expensi e and haza dous. Manage s who s and o gain om he cu en s uc u e
may be esis an , which could p e en he i m and he en i onmen om expe iencing he an icipa ed
bene i s (Ho man & Baze man, 2007). Pa ne s wo k closely oge he and become mo e elian on one
ano he , acco ding o Ba que e al. (2016), which is a isk ha needs o be managed. Addi ionally, ali-
da ion canno be achie ed wi hou subsequen sales, and esou ce exposu e isk inc eases du ing alida-
ion (Linde & Williande , 2015). On he o he hand, businesses also ha e o ackle wi h isk in he ma ke
o business en i onmen as a esul o a poo economic cycle o a lack o inancial s abili y, which lowe s
demand o goods globally (B illinge e al., 2020; Yazdani e al., 2019), isk ela ed o signi ican up on
6 Q. H. PHAM AND K. P. VU
in es men cos s and capi al expendi u es necessa y o de elop and ul ill he alue p oposi ion o he
new business models, including expendi u es o manu ac u ing acili ies and in en o y (Dulia e al., 2021;
U bina i e al., 2021), isk b ough on by un a o able changes in ax laws, such as a educ ion o elimina-
ion o ax bene i s o g een p oduc s, and/o unce ain y o e changes o iscal policies (B illinge e al.,
2020; Dulia e al., 2021; Yazdani e al., 2019). Mo eo e , legal p oblems a e eme ging o non-owne ship
business models because se ice p o ide s a e no pe mi ed o legally e ain owne ship o a sold p oduc
(applicable only o non-owne ship business models) (Dulia e al., 2021; Go indan & Hasanagic, 2018); and
isks ela ed o he loss o in ellec ual p ope y o know-how, including p i a e in o ma ion abou he
o ganiza ion’s pa ne s (B illinge e al., 2020; U bina i e al., 2021) a e he addi ional conce ns ha a e
causing businesses o be eluc an o deploy ci cula business model inno a ion. The de elopmen o he
me a e se ecosys em en ails a numbe o haza ds, including hose connec ed o law, owne ship, con ol,
aud, h ea s o pe sonal in o ma ion, e hics, accoun abili y, and secu i y di icul ies inhe en in each
ansac ion in he me a e se en i onmen . In es iga ion o c imes ha ake place in he Me a e se equi es
digi al o ensic esea ch (Seo e al., 2023). In he ield o accoun ing known as DFA, inancial aud and
misbeha io a e iden i ied and p e en ed h ough he use o in es iga i e and analy ical me hods. DFA
can, in ac , imp o e he capabili ies in iden i ying and p e en ing inancial aud, losses, and dange s wi h
he help o echnological imp o emen s. The use o da a analy ics ools o ind ends, abno mali ies, and
p obable inancial auds is a key componen o DFA, and da a analysis is one o hese. Da a analy ics
app oaches used by digi al o ensic accoun an s include da a mining, machine lea ning, and p edic i e
modeling. These me hods may examine huge amoun s o da a o ind co ela ions be ween da a poin s
and iden i y aud indica ions. Addi ionally, machine lea ning and a i icial in elligence can e alua e as
amoun s o da a and spo ends ha poin o audulen ac i i y (Ali e al., 2022). Digi al o ensic accoun-
an s can e alua e he e iciency o cybe secu i y- ela ed in e nal con ols and make ecommenda ions o
enhancemen s o p e en aud and haza ds du ing implemen a ion MCBMI. In ligh o analysis co e ed
abo e, he second hypo hesis o his s udy is logically p oposed as ollows
Hypo hesis 2 (H2). DFA engende s a signi ican and posi i e e ec on MCBMI.
The CE concep is used by businesses o p oduce alues, which is an ad an age o hem om a
business s andpoin . Using bo h en i onmen al and economic bene i s buil in o p oduc s, ci cula busi-
ness model inno a ion assis in balancing esou ce e iciency wi h he gene a ion o comme cial alue
(Bocken e al., 2016). En e p ise will inc ease ope a ional e iciency and lowe cos s by educing was e
and ine iciencies in p oduc ion and dis ibu ion in addi ion o esou ce e iciency (A nold e al., 2023).
They migh cons uc a closed esou ce low o hei own company o p oduce esou ces o o he ma -
ke pa icipan s. The enla ged obliga ion o he manu ac u e is suppo ed by his business model. The
obliga ion o he p oduc ’s make ex ends all he way o he conclusion o i s li e cycle (Bocken e al.,
2016). Ci cula business models can imp o e supply chain s abili y by lowe ing ine iciencies and boos -
ing loyal y in e ms o sus ainabili y equi emen s along he en i e alue chain (A nold e al., 2023). In
addi ion, hey help he i m main ain supply chain alliances. The e o e, i pu pose ully c ea ed (Tukke ,
2004; Tukke , 2015), hese business models could g ea ly lessen he ha m ul e ec s on he en i onmen
(Fe asso e al., 2020). Many o he cu en digi al ans o ma i e echnologies o manu ac u ing will be
enhanced by he me a e se (Dwi edi e al., 2022). In he con ex o managing manu ac u ing ope a ions,
Me a e se will p ac ically imp o e indus ial capabili y h ough echnologically d i en inno a ion such as
digi iza ion, a i icial in elligence, and manu ac u ing, s uc u e op imiza ion, and emphasis on quali y,
encou age and main ain access o and mas e y o such echnologies, and main ain ‘indus ial and ech-
nological so e eign y’ h ough esho ing global alue chains (Koohang e al., 2023). The deploymen o
MCBMI will acili a e SMEs o handle socie al as well as en i onmen al challenges o ocusing on sus ain-
abili y, inc easing cus ome and s akeholde s appeal and loyal y h ough p o iding new se ices o dis-
inc i e cus ome expe iences as well as in eg a ing he p oduc -as-a-se ice model, epai and
main enance se ices, and p oduc ecycling p og ams in o he cus ome expe ience. I also helps busi-
nesses comply wi h egula o y egula ions. Companies ha implemen ci cula business models will be
be e posi ioned o mee hese equi emen s and a oid penal ies as sus ainabili y and was e egula ions
become mo e s ingen . By doing his, he o ganiza ion also helps o show i s dedica ion o
COGENT BUSINESS & MANAGEMENT 7
sus ainabili y, which migh d aw unding om in es o s. In ligh o analysis co e ed abo e, he hi d
hypo hesis o his s udy is logically p oposed as ollows
Hypo hesis 3 (H3). MCBMI engende s a signi ican and posi i e e ec on ACIN.
Expanding upon he a o emen ioned analyses, Figu e 1 illus a es he esea ch model ha depic s he
pos ula ed in e connec ions be ween he DFA and ACIN, wi h MCBMI se ing as a media o .
4. O e iew o he me hodology and jus i ica ion
4.1. Resea ch con ex
SMEs has expe ienced signi ican g ow h and has become an ac i e and ene ge ic pa o he global econ-
omy (Ali Qala i e al., 2020). In con as o la ge co po a ions, SMEs possess a ema kable le el o lexibili y,
which enables hem o e ec i ely espond o echnological changes, p omo e income dis ibu ion, and
adap o ma ke luc ua ions and e ol ing cus ome demands (Pe ez-Gomez e al., 2018). Mo eo e , hei
o ganiza ional s uc u e acili a es swi decision-making p ocesses (Pe ez-Gomez e al., 2018). Fu he mo e,
SMEs ha e exhibi ed adap abili y and e sa ili y in execu ing s a egic manoeu es, enabling hem o
p omp ly make necessa y modi ica ions in unp edic able ci cums ances (Williams e al., 2017).
Vie nam is an eme ging na ion in Sou heas Asia ha is expe iencing as economic g ow h and SMEs in
Vie nam unc ion wi hin he amewo k o go e nmen policies and p og ams ha aim o os e he de el-
opmen o SMEs (Adomako & Nguyen, 2023). Admi edly, he Vie namese go e nmen has made changes o
encou age en ep eneu ship, simpli y he s eps needed o s a a i m, and help SMEs inancially. The chosen
en i ies in his s udy we e SMEs loca ed in Sou he n Vie nam. These i ms we e equen ly chosen in se e al
p io esea ch on he implemen a ion o inno a ion (e.g. Nguyen and Wongsu awa , 2012; Hoang and O ake,
2014), as he sou he n egions ha e been ega ded as he mos ib an places in Vie nam. SMEs in se e al
indus ies in Sou he n Vie nam ha e signi ican compa a i e ad an ages o e la ge co po a ions, enabling
hem o espond p omp ly and e icien ly o e ol ing global ends. Acco ding o Ha e al. (2022), inno a ion
implemen a ion was mo e p omp ly and e icien ly emb aced by SMEs in Sou he n Vie nam compa ed o
o he egions o Vie nam. The eme gence and g ow h o SMEs in Vie nam may be aced back o he la e
19 h cen u y in Sou he n Vie nam, du ing he pe iod o F ench colonial con ol (1884-1945). Du ing he
pe iod om 1954 o 1975, he expansion o SMEs was pa icula ly no iceable. Howe e , his g ow h was
mainly obse ed in Sou h Vie nam, as he es ablishmen and ope a ion o p i a e businesses we e no
allowed in he cen ally planned economy o he No h. Howe e , he euni ica ion o No h and Sou h
Vie nam in 1975 led o he implemen a ion o he No h’s sys em and he immedia e na ionaliza ion o all
p i a e companies. Consequen ly, despi e he simila economic de elopmen ac oss Vie nam, each egion
s ill exhibi s dis inc cha ac e is ics, especially in he implemen a ion o inno a ion (Ha e al., 2022).
4.2. Ope a ionaliza ion o measu emen a iables
This s udy ook ad an age o a quan i a i e me hod and elied on deduc i e app oach. Accoun ing s a
om se e al SMEs in Vie nam’s Sou he n egion ook pa in he c oss-sec ional su ey. This me hod
allowed he esea che s o ho oughly in es iga e he cu en s udy ques ions by gua an eeing a ep e-
sen a i e sample ha was bo h a ied and inclusi e. Hinged on he esea ch objec i es, su ey is
Figu e 1. Hypo hesized model.
14 Q. H. PHAM AND K. P. VU
in e na ional ac i i y, in e na ionaliza ion isks a e no a ba ie ; a he , i is how hey a e managed ha
causes SMEs o inc ease hei pe o mance (Calzadilla e al., 2022). A sound isk managemen p oce-
du e is equi ed o con ol any implici haza ds ha in e na ionaliza ion may b ing abou and o
educe any ha m hey may do in o de o boos o ganiza ional pe o mance (Fe ei a de A aújo Lima
e al., 2020). While digi al o ensics is he p ocess o unco e ing e idence and es ablishing ac s by
u ilizing a deep unde s anding o he inne wo kings o ne wo ks, compu e s, and o he associa ed
equipmen (Awodi an e al., 2023), o ensic accoun ing is a specialized ield ha in eg a es expe ise
in accoun ing, in es iga i e skills, and legal unde s anding o unco e ins ances o inancial c ime,
p o ide suppo in legal dispu es, and assis in legal p ocesses (Kau e al., 2023). Un o una ely, o en-
sic accoun ing is s ill no adop ed ea lie o in ol ed mo e p oac i ely, alling unde he isk manage-
men unc ion al hough ‘ aud isk’ managemen is becoming mo e and mo e impo an and is
becoming mo e and mo e impo an in he co po a e go e nance ield (Powe , 2013), especially in e -
na ionaliza ion ope a ions.
In consonance wi h he an icipa ion o he esea che s, he esul s analysis unde lined he po en ial ole
o DFA in enhancing he e ec i eness o MCBMI. To he bes o he unde s andings o esea che s, his
schola ly e o may be he i s o p o ide new and signi ican insigh s in o he highly dis inc i e e ec s
o DFA on MCBMI. None heless, his inding enla ged he pe spec i es o Seo e al. (2023) on he p e eq-
uisi e o digi al o ensic in es iga ion amewo k o he me a e se. Admi edly, while he Me a e se has
been ega ded as a po en ially luc a i e business model o he u u e (Pe iyasami & Pe iyasamy, 2022), i s
implemen a ion may gi e ise o cybe secu i y ulne abili ies (Jaipong e al., 2022). Mo eo e , o ganiza-
ional da abases encompass a weal h o in o ma ion ha pe ains o a company’s inancial pe o mance,
clien s, supplie s, and o he pe inen de ails ega ding he company’s ope a ions. This can be iewed as
a c ucial de e minan o he success ul implemen a ion o MCBMI. Reg e ably, o ganiza ional da abases
a e also d awing he a en ion o c iminals who a e making use o many ad anced and de eloping digi al
echnologies. Signi ican ly, all o hese elec onic media gene a e digi al oo p in s, which o e aluable
da a o he p ocess o digi al in es iga ion. The inc easing p e alence o digi al c ime, which in ol es he
unau ho ized access and he o la ge amoun s o sensi i e in o ma ion om da abases, necessi a es he
need o specialized knowledge and a well-in o med s a egy in he ield o da abase o ensics (Boumediene
Table 8. P edic i e model assessmen .
Cons uc i em
PLsp edic CVPa
Q2p edic
RMse
PLs-seM
LM
RMse
ia a e age loss
di e ence (p alue)
LM a e age loss
di e ence (p alue)
eXC eXC1 0.001 1.157 1.167 0.001 (0.942) −0.026 (0.009)
eXC2 1.366 1.378
eXC3 1.295 1.309
eXC4 0.981 0.986
aC aC1 0.018 1.339 1.352 −0.021 (0.017) −0.029 (0.015)
aC2 1.238 1.248
aC3 1.315 1.325
aC4 1.307 1.319
aC aC 1 0.009 1.254 1.257 −0.011 (0.182) −0.014 (0.252)
aC 2 1.143 1.148
aC 3 1.110 1.119
aC 4 1.502 1.508
M M1 0.003 0.661 0.667 −0.001 (0.501) −0.011 (0.000)
M2 0.736 0.745
M3 0.692 0.701
M4 0.783 0.789
goVe goVe1 0.009 1.321 1.335 −0.010 (0.140) −0.026 (0.046)
goVe2 1.337 1.342
goVe3 1.336 1.347
goVe4 1.397 1.405
aCin aCin1 0.014 1.437 1.454 −0.018 (0.186) −0.037 (0.002)
aCin2 1.460 1.472
aCin3 1.470 1.474
aCin4 1.492 1.503
aCin5 1.514 1.534
aCin6 1.465 1.474
aCin7 1.506 1.520
o e all −0.076 (0.000) 0.137 (0.000)
COGENT BUSINESS & MANAGEMENT 15
& Boumediene, 2023). One signi ican obs acle a he o ganiza ional le el ha impedes he adop ion o
ci cula business models is he lack o cla i y ega ding egula ion in his domain (Guldmann & Huulgaa d,
2020). Rega ding his ma e , u ilizing DFA would se e as a po en ins umen o acili a ing he imple-
men a ion o MCBMI by SMEs. Reasonableness es ing, o en e e s o as subs an i e analy ical me hods
o DFA, comp ises o assessing he ope a ional da a o an o ganiza ion, including in e connec ions and
ends, o asce ain hei con o mi y wi h expec a ions, indus y s anda ds, o p io pe iods. On he o he
hand, he an i- aud policies unc ion as acili a o s o assess isks and diminish occu ences o inancial
aud in SMEs, while also being adjus ed o ackle p e ailing economic ci cums ances. Co po a e go e -
nance e e s o a sys em o egula ions, s anda ds, and p ocedu es ha con ol he adminis a ion and
supe ision o a company’s ac i i ies and decision-making p ocesses (Alzoubi, 2023). The p ima y objec i e
o co po a e go e nance is o gua an ee he implemen a ion o e hical, esponsible, and accoun able p ac-
ices, while concu en ly c ea ing sus ainable alue o all s akeholde s. The p ima y objec i e o digi al
o ensic echniques is o collec , analyze, and p o ec digi al e idence. Al e na i ely, in e nal con ol sys-
ems play a c ucial ole in p e en ing and de ec ing aud wi hin a business. These s a egies a e p ima ily
used o ensu e he e icien implemen a ion o DFA, which is capable o minimizing ins ances o aud and
cybe aud. This, in u n, con ibu es o he success o MCBMI.
In acco dance wi h he esea che s’ expec a ions, MCBMI was highligh ed o demons a e signi ican
e ec on ACIN. Al e na i ely, he s a is ical ou comes o he cu en esea ch shed ligh on he ull
media ing ole o MCBMI in he in e connec ion be ween DFA and ACIN. In o he wo ds, he mo e
e iciency and e ec i eness he DFA acqui ed in he p ocess o add essing isk in MCBMI, he mo e
likelihood SMEs could succeed in ACIN. To he bes o he unde s andings o esea che s, his is he
i s schola ly in es iga ion o shed ligh on he esh and pa amoun unde s anding on he inc edibly
unique e ec s o MCBMI on ACIN as well as i s ull media ing ole in he in e connec ion be ween DFA
and ACIN. In ligh o conce ns abou pollu ion and he o e exploi a ion o he plane ’s esou ces, many
iew in e na ionaliza ion and echnological ad ancemen as en i onmen ally haza dous (A ig e al.,
2016; Ka lsson, 2017). The key o d i ing de elopmen and global p ospe i y along hese g ow h a-
jec o ies is ensu ing hei sus ainabili y (Kusi-Sa pong e al., 2019; Maksimo e al., 2019). Resea ch on
sus ainabili y in SMEs has ecen ly inc eased (Ba olacci e al. 2020; Bakos e al. 2020), e lec ing he
opic’s popula i y in bo h academic and p ac i ione communi y. The e o e, MCBMI has been seen as
a eplacemen o he con en ional SME model, which is de ined by a smalle geog aphic each, less
echnological sophis ica ion, and a lack o conce n o en i onmen al impac (Denicolai e al., 2021).
As ad oca ed by Zhu e al. (2022), he ci cula ansi ion may be c ucial o he su i al and expansion
o SMEs. No ably, he p ocess o company in e na ionaliza ion can be accele a ed by digi aliza ion in
he age o he digi al economy (Feliciano-Ces e o e al., 2023; Capu o e al., 2022). As he Me a e se
can gi e human wi h equal possibili ies while also add essing eal-wo ld issues like as ime, space, and
cos ba ie s (Meh a e al., 2023), i will become in app op ia e wi h he SMEs which ea u e by he
lack o human esou ces and inancial cons ain s (Micheli e al., 2021). On he o he hand, he sus-
ainabili y o he Me a e se was ex ensi ely de ailed in he wo k o De Gio anni (2023). Hence, he
impo ance o digi aliza ion and business models in he in e na ionaliza ion o SMEs a e unde sco ed
by se e al academicians (Reim e al., 2022; Yu e al., 2022). Taken oge he , he implemen a ion o
MCBMI will in ensi y he pe o mance o ACIN.
6. Final hough s and sugges ions o he u u e
6.1. P ac ical implica ion
The indings ha e implica ions o manage ial p ac ice, especially o SMEs pu suing in e na ional expan-
sion du ing imes o c isis and pos c isis. Fi s , he indings in his manusc ip help SME manage s o
unde s and he impo ance o ACIN o SMEs. Acco ding o ou esul s, go e nmen o icials and SME
manage s should spend as much e o as possible p ecisely unde s anding how o help SMEs o succeed
in ACIN. To do so, SME manage s can de elop con ingency plans ha can help mi iga e he nega i e
impac o c ises on hei businesses. Second, o icials and SME manage s mus also conside si ua ional
ac o s like he po en ial impac s when planning a apid in e na ional expansion. In o de o educe o
16 Q. H. PHAM AND K. P. VU
elimina e he nume ous isks, manage s o SMEs should inc ease hei i ms’ agili y as hey conduc ACIN.
Fu he mo e, since he ins i u ional con ex s o some hos coun ies expose i ms o inc eased unce -
ain y (Shi odka & Kona a, 2017), SMEs should seek o accele a e in e na ional expansion in hos coun-
ies wi h e ec i e DFA and MCBMI. The ull media ing ole o DFA in he in e connec ion be ween
MCBMI and ACIN placed emphasis on he po en ial ole o DFA in ACIN. This would help SMEs o na i-
ga e he complexi ies o in e na ional expansion and minimize isks associa ed wi h doing business in
un amilia en i onmen s. E ec i e DFA can help SMEs be mo e adap able and gain compe i i e ad an-
ages in hei dynamic home ma ke , suppo ing hei in e na ional expansion. Manage s in SMEs should
de elop hei manage ial cogni i e abili ies and gi e DFA mo e a en ion h ough c ea ing a suppo i e
en i onmen in he wo kplace o ensu e he s abili y o he o ensic accoun ing en i onmen . Besides,
consolida ion o angible esou ces, such as in as uc u e and digi al pla o ms, as well as o he neces-
sa y esou ces o o ensic accoun ing implemen a ion, is encou aged concu en ly. Fo ensic accoun an s
should be ained o ecognize he impo ance o hei ole in socie y, and o conduc hei wo k in a
manne ha is aligned wi h socie al expec a ions. The mos impo an skill is expe ience. This expe ience
is gained h ough simply ma u ing in he p o ession. The o ensic accoun an acqui es skills in accoun ing
and audi ing, axa ion, law, economics, in o ma ion echnology, business ope a ions, and managemen ,
in e nal con ols, in e pe sonal ela ionships and communica ion. They a e ad ised o g asp and abide by
he ules go e ning in o ma ion ga he ing, p ese a ion, analysis, ele ancy and admissibili y o he p o-
cessed in o ma ion in e idence in he law cou and be p o essional a all imes. All manage s in SMEs
should ocus on enhancing o ganiza ional s a p o iciency h ough pe iodic aining p og ams o keep
hem up o da e wi h cu ing-edge p og amming sys ems. In addi ion, o ensic accoun an s should be
ained o uphold p o essional e hical s anda ds o conduc hei wo k in an unbiased and independen
manne . Besides, o ensic accoun an s should be ained o de elop a s ong unde s anding o a ious
in es iga i e echniques and inancial analysis ools, which can help hem o iden i y and unco e aud-
ulen ac i i ies. Impo an ly, aining p og ams should ocus on enhancing he echnical skills o o ensic
accoun an s, so ha hey can e ec i ely analyze complex inancial da a.
The go e nmen should in es in he o ensic accoun an s by gi ing hem speci ic p io i y igh s and
all he ma e ials ha will make hem acqui e in es iga i e skills needed o expose e e y kind o inancial
he as well as o ain he inancial accoun an s o make hem acqui e be e p o essional skills o
inancial analysis and make hem uphold he quali y o hones y and objec i i y which will emo e any
emo ional a ilia ion and ino dina e in e es in he ou come o any li iga ion. Policymake s should p io -
i ize he es ablishmen o s ong legal amewo ks ha acili a e he u iliza ion o sophis ica ed echnol-
ogies in o ensic accoun ing, while also sa egua ding da a p i acy and upholding e hical no ms. Global
e o s o comba digi al inancial aud can be g ea ly enhanced h ough in e na ional coope a ion and
he es ablishmen o s anda dized p ocesses.
The cu en s udy’s indings also showed how impo an MCBMI is, since i was ound o conside ably
and posi i ely inc ease he in luence o DFA on ACIN. The e o e, i was u ged o all manage s in SMEs o
implemen e ec i e ac ics in line wi h o ganiza ional qui ks o de elop hei business model in line wi h
he ci cula economy. Mo e impo an ly, o o e come he ba ie s o access and ope abili y in me a e se
en i onmen , all SME manage s should ocus on c ea ing he app op ia e digi al and physical adap ion
mechanisms. As such, he SME mus do an adequa e esou ce analysis in o de o assess he necessa y
in es men o he de elopmen o he s a egy in he new en i onmen . This would aise he likelihood
o i s implemen a ion in he me a e se succeeding. This esea ch emphasizes he need o public policies
ha a e sui ed o he en i onmen o SME. This would sugges ha he a ious policies and s a egies
used by go e nmen should a emp o lessen he nega i e economic e ec s on SMEs and he cos s
ela ed o he adop ion o new echnologies. Ha dwa e and so wa e make s as well as e aile s a e
eques ed o gain hei unde s anding on he ad an ages and d awbacks o he Me a e se in o de o
p oduce mo e cu ing-edge sys ems ha a e app op ia e o he qui ks o SMEs.
6.2. Limi a ions and o ien a ion o u u e esea ch
E en hough i highligh ed no able esul s, he cu en academic e o in a new ield o s udy an in o
a numbe o una oidable es ic ions. Howe e , he limi s desc ibed migh p o ide he impe us o he
COGENT BUSINESS & MANAGEMENT 17
c ea ion o new pa hs o u u e e o s. To begin, i is impo an o exe cise cau ion when d awing b oad
conclusions om esea ch, as he speci ic cha ac e is ics o he s udy se ing may es ic he alidi y o
conclusions de i ed om obse a ions. Gi en ha all he samples we e om Vie nam, i is necessa y o
conduc u he c oss- egional examina ions in o de o alida e he indings be o e hey can be applied
uni e sally. Collec ing ex a da a om bo h de eloped and eme ging economies can p o ide a mo e
comp ehensi e unde s anding o he subjec . To enhance he use ulness o hese indings, ollow-up
esea che s a e ad ised o ca y ou compa a i e s udies be ween eme ging and de eloped na ions. The
s a is ical da a in his s udy p ima ily elied on a sel - epo design. Consequen ly, only one indi idual pe
SME was p o ided wi h su ey ques ionnai es. The p esence o a posi i e a i ude in indi iduals may lead
o a highe likelihood o hem comple ing and e u ning hei su ey o ms, he e o e po en ially in o-
ducing bias in he inpu p o ided by a single pa icipan . Hence, o hcoming esea ch endea o s should
conside collec ing he iewpoin s o addi ional ele an s akeholde s wi hin his pa icula si ua ion. The
s udy’s gene alizabili y may be a ec ed by he hi d bo leneck, which a ose om he u iliza ion o snow-
ball sampling app oaches. Fu u e esea ch sugges s ha he u iliza ion o quo a sampling is essen ial o
ga he ing sample da a in o de o ensu e ha he ob ained esul s a e bo h ep esen a i e and scien i -
ically alid. The s udy’s limi ed sample size, necessi a ing mo e esea ch o e i y he eliabili y o he
indings p esen ed in his wo k, cons i u ed i s ou h limi a ion. Fu he mo e, i is sugges ed ha addi-
ional ollow-up s udies should be conduc ed o depic a mo e p ecise depic ion o he in e ela ionship
be ween DFA and ACIN. Six hly, longi udinal s udies a e sugges ed o u he esea ch in o he same
ac o s o e an ex ended pe iod o ime. Las bu no leas , he de ini ion o MCBMI was based on a
seman ic amalgama ion o heo e ical componen s and illus a i e desc ip ions ha we e a ained om
he li e a u e. Howe e , se e al in-dep h in es iga ions a e u ged o ex end he linked cons uc s and use
hem in o de o es ablish a mo e obus and igo ous in e p e a ion o MCBMI.
Au ho con ibu ions
P.Q.H. es ablished he concep ion and design o he esea ch. P.Q.H and V.K.P. conduc ed he da a acquisi ion, anal-
ysis and in e p e a ion. P.Q.H. p epa ed he d a ed pape . P.Q.H. p o ided i al e ision o he pape . P.Q.H. o e ed
inal app o al o he e sion o publish. P.Q.H. was accoun able o he accu acy o in eg i y o any pa o he wo k.
The o he pa s ha e had same con ibu ions by all au ho s. In addi ion, all au ho s ha e ead and made he inal
app o al o he published e sion o he manusc ip .
Disclosu e s a emen
All au ho s ha e no con lic o in e es o his esea ch. Mo eo e , wo au ho s whose names a e lis ed immedia ely
abo e ce i y ha hey ha e NO a ilia ions wi h o in ol emen in any o ganiza ion o en i y wi h any inancial
in e es (such as hono a ia; educa ional g an s; pa icipa ion in speake s’ bu eaus; membe ship, employmen , consul-
ancies, s ock owne ship, o o he equi y in e es ; and expe es imony o pa en -licensing a angemen s), o
non- inancial in e es (such as pe sonal o p o essional ela ionships, a ilia ions, knowledge o belie s) in he subjec
ma e o ma e ials discussed in his manusc ip .
Abou he au ho s
Quang Huy Pham is an Ad anced Lec u e in Public Sec o Accoun ing a he School o Accoun ing, Uni e si y o
Economics Ho Chi Minh Ci y, Vie nam. He has au ho ed se e al chap e s o books, con ibu ed o a mul i ude o
schola ly jou nals, and deli e ed speeches a con e ences bo h domes ically and in e na ionally.
Kien Phuc Vu is a lec u e a Uni e si y o Economics Ho Chi Minh Ci y, Vinh Long Campus in Vie nam, whe e she is
a ilia ed wi h Facul y o Accoun ing. He p ima y esea ch in e es s lie in he accoun ing and managemen ields.
She published a numbe o a icles and conduc ed pape o in e na ional con e ences.
Funding
This esea ch was unded by Uni e si y o Economics Ho Chi Minh Ci y (UEH) in Vie nam.
18 Q. H. PHAM AND K. P. VU
ORCID
Quang Huy Pham h p://o cid.o g/0000-0002-5722-3462
Kien Phuc Vu h p://o cid.o g/0000-0002-5372-0517
Da a a ailabili y s a emen
No applicable
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