Mối quan hệ giữa quản lý chi phí và doanh thu trong công tác kế toán và phát triển bền vững - Nghiên cứu tình huống ngành vật liệu xây dựng ở Việt Nam

onomy, we need to take advantage 
of these concepts in sustainable development, for 
example in this study we will mention the factors 
that affect the sustainable development in a 
specific case of construction material Company 
(DCT -stock code). 
DCT- Dong Nai Building Materials Roofing 
Joint Stock Company, formerly known as 
Asbestos Cement Factory, invested and built by 
the construction material industry group 
ETERNIT of the French Republic. The company 
was transformed from a state-owned enterprise 
into a joint stock company in October 2000. 
Business lines: manufacturing and trading cement 
products, roofing and construction; trade services, 
import and export of supplies, raw 
materials...enabling sale of products globally. 
All internet data such as stock price, 
exchange rate, inflation, GDP growth, risk free 
rate we take from reliable internet data sources 
, esp. from website of State Bank of Vietnam, 
Bureau of Statistics, Ministry of Finance, 
banks, etc. 
We structured our paper with an 
introduction, literature review, methodology, key 
findings, discussion, and conclusion. 
2. Literature review 
Haliti et al. (2016) published the data with 
SPSS version 21, and the hypotheses were tested 
by correlation and linear regression methods. 
Research results have demonstrated that 
commercial banks in Kosovo can increase their 
profits by increasing the level of bank lending and 
other investments, except with proper risk and 
liquidity management. 
Last but not least, Huy, DTN et al (2020) 
measure the impact of external factors on the 
bank's stock price in the case of a large listed bank 
in Vietnam - Vietcombank has left the bank. 
direction for further studies on measuring the 
impact of internal factors. 
Furthermore, Gupta (2019) points out that 
Information Systems (IS) are important in most of 
the all functional areas of any bank i.e. HR, 
Marketing, Finance etc. It also helps with risk 
management and cash management along with 
long-term customer retention. 
And Hang, T.T.B, Nhung, D.T.H, & Huy 
D.T.N (2020) said that Vietnam's tourism 
industry has risks after the global crisis that need 
to be controlled. In addition, Huy, D.T.N et al 
(2020) show that risks also occur in the banking 
sector, so it is necessary to control macro policies. 
Ahmad and Ramzan (2016) said that 
investors want to know what factors, abnormal 
movements of macro factors affect the 
performance of stocks and portfolios. 
Furthermore, Gupta (2019) clearly indicates 
that Information Systems (IS) are important in 
almost all functional areas of any bank, i.e. 
Human Resources, Marketing, Finance, etc. It 
also helps with risk management and cash 
management along with maintaining long-term 
customer relationships. 
And last but not least, Sibanda et al (2020) 
mentioned that digital technology has 
transformed the bank from a classical model to an 
innovative Fintech partnership model. 
Sustainable development concepts. 
Therefore, we draw the concept of sustainable 
development, that is, sustainability needs to be 
addressed in short, medium and long term 
goals/targets, with specific measures. 
In the tourism industry, there are factors 
affecting its sustainable development such as: 
CPI, GDP, lending interest rate (external factors) 
and cost management and revenue management 
factors (factors). inside). 
In Vietnam's conditions and context, 
economic development must go hand in hand 
with ensuring socio-political stability; Socio-
political stability is a prerequisite and condition 
 Chuyên mục: Tài chính – Ngân hàng - TẠP CHÍ KINH TẾ & QUẢN TRỊ KINH DOANH SỐ 19 (2021) 
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for rapid and sustainable development (source: 
Communist Party of Vietnam, 2006; Document of 
the 10th National Congress of Deputies; 
www.cpv.org.vn ). 
Last but not least, AIAqeed (2012) stated the 
factors affecting the sustainable development of 
enterprises in the figure below: 
Figure 1: Sustainable business development 
ICIA: Integrated continuous implementation approach 
3. Methodology 
Method and Data 
This study mainly uses a combination of 
quantitative and qualitative methods including 
synthesis, induction and interpretation. And it 
emphasizes once again the important role of 
internal factors (costs and revenue) and external 
macro factors (CPI, R, GDP) affecting the 
sustainable development of the company. tourism 
through a measure or a company's business 
performance. 
For the quantitative analysis, the study was 
supported with OLS regression. 
Independent variables: Admin expense, sale 
cost, COGS, total revenue, net profit, ROE, ROA, 
R, Rf, CPI, G 
Dependant variable: Net revenue of DCT 
Data is collected from reliable internet 
sources and websites. All internet data such as 
stock prices, exchange rates, inflation, GDP 
growth, risk-free rates, we take from reliable 
internet data sources. from the website of the State 
Bank of Vietnam, Department of Statistics, 
Ministry of Finance, banks, etc 
Our model of sustainable firm development 
(SFD) can be illustrated in the figure below: 
(1)Cost factors management group (sale cost, 
COGS, admin expense) 
(2)Revenue factors management group 
(ROE, ROA, total revenue, net profit) 
(3)External factors (G, CPI, R, Rf) 
Looking at the descriptive statistics tables 
below, we see that: 
- Standard deviations of COGS and admin 
expense are higher than sale cost (Figure 2) 
- Standard deviation of net profit is higher 
than ROA and ROE (figure 3) 
- The standard deviation of CPI and R is 
higher than that of Risk free rate (Figure 4) 
Figure 2: Cost elements descriptive 
Source: authors calculation and stock exchange 
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Figure 3: Revenue elements descriptive 
Source: authors calculation and stock exchange 
Figure 4: External macro factors descriptive 
Source: authors calculation and stock exchange 
4. Main results 
4.1. Overall results 
From below figures we see that: 
- Correlation between net revenue and COGS 
higher than that between net revenue and R (figure 5) 
- Correlation between net revenue and ROA 
higher than that between net revenue and ROE 
(figure 6) 
- Correlation between net revenue and G 
higher than that between net revenue and Rf 
(figure 7) 
Figure 5: Cost factors correlation 
Source: authors calculation and stock exchange 
Figure 6: Revenue factors correlation 
Source: authors calculation and stock exchange 
Figure 7: External factors correlation 
 Chuyên mục: Tài chính – Ngân hàng - TẠP CHÍ KINH TẾ & QUẢN TRỊ KINH DOANH SỐ 19 (2021) 
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Source: authors calculation and stock exchange 
4.2. OLS Regression results 
After run OLS regression for single factor, 
From below figures we analyze that: 
- With coefficient positive of 0.93, if COGS 
increases, net revenue will go up (figure 8) 
- With coefficient of 4.2 (positive), if sale 
cost goes up, net revenue will increase (figure 9) 
- With coefficient positive of 1032, if lending 
rate goes up, net revenue will climb up. (figure 10) 
- With coefficient of 2.5, if admin expense 
goes up, net revenue will increase (figure 11) 
Figure 8: OLS for COGS factors 
Source: authors calculation and stock exchange 
Figure 9: OLS for sale cost factor 
Source: authors calculation and stock exchange 
Figure 10: OLS for lending rate 
Source: authors calculation and stock exchange 
Figure 11: OLS for admin expense 
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Source: authors calculation and stock exchange 
Here, we run OLS for 3 groups of factors as 
follows: 
As we infer from below tables: 
- admin expense increase will cause net 
revenue increases 
- CPI increases will make net revenue 
decreases 
- ROA increases will cause net revenue 
increases 
Table 1: Regression OLS for multi factors 
 Coefficient 
 External factors Internal factors (cost) Internal factors (revenue) 
Admin expense 2.6 
COGS 1.09 
Sale cost -3.3 
Net profit -0.06 
R 3003 -23.1 
Rf -3064 
CPI -1241 
Cost-income ratio -342 
G 4867 
ROE -0.18 
ROA 33.9 
Total revenue 1.003 
R-squared 0.89 0.99 0.99 
Akaike info 
criterion 
10.2 4.8 5.5 
Source: authors calculation and stock exchange 
Then, we run OLS for 5-6 factors mixed: 
Table 2: Regression OLS for 5-6 factors 
 Coefficient 
 5 factors 6 factors 
Admin expense 1.86 2.26 
COGS 0.96 0.92 
Sale cost -4.6 -5.9 
Net profit 0.39 0.3 
R 393 554.3 
CPI -117 
R-squared 0.93 0.93 
Akaike info criterion 10.1 10.2 
Source: authors calculation and stock exchange 
We can infer from the above table that R and 
CPI have highest impacts in case of DCT net 
revenue whereas COGS and net profit have 
lowest impacts, measured by coefficients. 
Next, we run OLS for 7-8 factors mixed: 
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Table 3: Regression OLS for 7-8 factors 
 Coefficient 
 7 factors 8 factors 8 factors 
Admin expense 2.05 1.8 -4.9 
COGS 1.1 1.06 1.4 
Sale cost -1.6 -1.8 17.8 
Net profit 0.03 0.01 -2.07 
R -117 -1.13 -1282 
Rf -3017 
CPI 49.8 -21.3 1613 
Cost-income ratio -339 -339 
G 168 
ROE 2300 
ROA 2407 
R-squared 0.99 0.99 0.98 
Akaike info 
criterion 
4.3 3.4 8.9 
Source: authors calculation and stock exchange 
5. Discussion 
With cost management factors: we note that 
the coefficient of COGS and sale cost affecting 
net revenue is positive, and coefficient of admin 
expense is negative. Focusing on increasing the 
cost of sale can promote the increase of revenue. 
With revenue management factors: we note 
that the coefficient of ROA affecting net revenue 
is positive, and coefficient of net profit is 
negative. Focus on increasing ROA can boost 
revenue growth. 
With macro factors: we note that the 
coefficient of CPI affecting revenue is positive, 
and coefficient of R and Rf are negative. 
Focusing on increasing lending rate can cause 
net revenue declines. 
In the scope of this paper we would like to 
present three (3) main streams that affect firm 
sustainability as below figure: 
Figure 12 - Three streams of factors affecting sustainability 
Moreover we can compare some financial ratios in in construction material industry as follows: 
Chart 1 - Financial ratios in 2020 for 10 firms in the same industry (sample size 10 firms) 
Source: authors calculation and stock exchange 
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Table 4: Comparison of financial ratios of 10 construction material firms 
No. Cons_material firm ROS Cost-income ratio 
 2018 2019 2020 2018 2019 2020 
1 DCT -0.3% 1.6% -16.0% 82.0% 81.0% 87.2% 
2 SDN 4.1% 3.8% 7.0% 65.3% 66.0% 65.6% 
3 LBM 10.3% 10.4% 11.3% 77.8% 78.9% 76.3% 
4 NAV 16.9% 13.3% 34.3% 87.6% 94.3% 84.3% 
5 DXV 44.5% -2.4% 56.1% 92.6% 91.3% 91.0% 
6 HT1 7.2% 7.9% 7.2% 78.5% 78.2% 78.3% 
7 CVT 10.4% 10.4% 8.8% 75.0% 74.8% 79.6% 
8 DC4 4.1% 6.2% 6.9% 92.5% 88.6% 83.7% 
9 DHA 22.2% 20.2% 25.7% 69.0% 69.2% 68.1% 
10 SCL -35.9% -2.3% 8.3% 79.5% 38.9% 37.0% 
Source: authors calculation and stock exchange 
We see: DCT (and DC4) are 2 firms with 
high cost/income ratio (>80%) in 3 consecutive 
years 2018-2020. However ROS of DC4 still > 0 
while ROS of DCT negative < 0 in 2018 and 
2020. Hence, DCT need to pay attention to cost 
management and cost/income ratio better in 
coming years otherwise ineffective outcomes (see 
table 1). Also we recognize ROS of DCT still 
lower than average ROS of 10 firms in industry, 
and cost/income ratio of DCT higher than average 
ROS. (see chart 1). 
Ontorael et al (2017) stated that external 
environmental factors had a positive and 
significant influence on internal environmental 
factors. Similarly, external and internal 
environmental factors also had a positive and 
significant influence on business performance. 
6. Conclusion and policy implications 
Suggestions for cost management 
Since COGS and sale cost have a positive 
effect (positive coefficient) on net revenue, 
construction (material) enterprises such as DCT 
Company in Dong Nai can consider increasing 
reasonable costs to promote revenue growth. 
Suggestions for revenue management 
On the other hand, because ROA has a 
positive effect on revenue, businesses need to 
promote profit growth and asset management to 
increase revenue. 
The firm also need to improve cost/income 
ratio (lower) as it still higher than average of 
sample (see chart 1). 
Macro policy suggestions 
Besides, because lending rate and risk free 
rate have a negative effect on revenue, macro 
policies to control R and Rf at low level will 
increase the revenue of enterprises. 
Limitation of research 
Authors can expand research model for other 
markets and industries. 
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Thông tin tác giả: 
1. Đinh Trần Ngọc Huy 
- Đơn vị công tác: Banking University Ho Chi Minh 
- Địa chỉ email: dtnhuy2010@gmail.com 
2. Nguyễn Thị Hằng 
- Đơn vị công tác: Thai Nguyen University - University of Information 
and Communication Technology 
3. Phạm Thị Hồng Nhung 
- Đơn vị công tác: Ho Chi Minh College of Economics 
4. Hoàng Thanh Hạnh 
- Đơn vị công tác: Academy of Policy and Development (APD) 
Ngày nhận bài: 11/7/2021 
Ngày nhận bản sửa: 20/7/2021 
Ngày duyệt đăng: 30/12/2021