Limitations of K SNB on the Business Registration of Non-Financial Enterprises on the Vietnamese Stock Market

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set forth and subject to strict inspection, supervision and management by the State Securities Commission.

NQL and corporate governance need to be proactive and use technology and other means of communication to fully meet the needs of customers and investors, without losing business potential in the company. The development of technology also has an impact on related issues such as the impact on information transparency. In an era where technology is everywhere and for almost everything, the industry must change to meet the needs of businesses.

From the results in Chapter 4, we see that information technology is a factor affecting the business performance of enterprises. Therefore, to improve business performance, the author recommends some solutions related to information technology as follows:

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According to the survey results, 12 variables were identified that met the reliability requirements. The highly rated observed variable was IAC14.2 "Enterprises apply internal network systems so that information about the enterprise's production and business is provided promptly and updated to members of the enterprise" with an average value of 3.49. The remaining variables all have average values from 3.24-3.49.

Based on Appendix 5.4, we see that the proportion of DNPTC NY on the Vietnam Stock Exchange choosing "agree" and "strongly agree" in 12 observed variables with observed variables >50% is IAC14.1: 51%; IAC14.2: 56.3%; IAC15.3: 50%. The remaining observed variables are all

<50%, specifically IAC13.1: 43.9%; IAC13.2: 39.3%; IAC13.3: 44.8%; IAC14.3: 48%;

IAC14.4: 35.2%; IAC15.1: 15.8%; IAC15.2: 43.9%; IAC15.4: 49.6%; IAC15.5:

46.8%

Based on this result, the author proposes the following solutions:

First, enterprises must collect or create appropriate, timely and quality information, specifically: Enterprises use "Mailbox" to update sensitive and confidential information for HQTC management; Information must be provided fully, accurately and promptly to the company's Board of Directors. Rewards and penalties in the company need to be widely promoted throughout the enterprise because it is an HQ way to obtain important and sensitive information needed to curb fraud lawsuits.

Second , regarding internal communication: the company must establish good internal communication channels so that information about the company's production and business is provided promptly and updated to members of the company. Internal information of the company must be easily accessible and searched by internal employees in the company when necessary.

Third , for external communication: If information from external parties such as suppliers, customers, state management agencies

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The Board of Directors will periodically or regularly respond to all proposals from internal and external employees related to the business of the enterprise. The enterprise must establish information channels such as hotlines and special information channels for the Board of Directors to receive appropriate and timely information from outside. At the same time, the enterprise must choose a communication method suitable to the business characteristics of the enterprise.

5.3.2.5. Monitoring

From the results in Chapter 4, we see that GS is a factor affecting the business performance of enterprises. Therefore, to improve business performance, the author recommends some solutions related to supervision as follows:

According to the survey results, 11 variables were identified to satisfy the requirements. The observed variable with the highest rating was MA16.5 "Integrating regular evaluation into the company's production and business processes" with the highest rating with an average value of 3.49. The remaining variables all had average values from 3.27-3.46.

Based on Appendix 5.5, we see that the proportion of listed companies on the Vietnam Stock Exchange choosing “agree” and “strongly agree” in 11 observed variables are all <50% (except MA16.5: 53.5%)

The author offers the following solutions:

Firstly, enterprises need to maintain regular continuous or separate evaluation, specifically: Supervision is a daily activity and is built on the production and business activities of the enterprise. When an enterprise changes its production and business cycle, it is necessary to carefully study the level of change in order to choose a suitable evaluation method. Enterprises need to cooperate with the State Securities Commission to establish an evaluation method suitable to the production and business characteristics of the unit. At the same time, the sanctions for violations and the level of evaluation are adjusted by the enterprise to suit the reality. The Board of Directors needs to be objective in regular and periodic evaluation of the enterprise's activities.

Second, evaluate and inform about deficiencies: Managers and directors need to evaluate the results of regular and separate evaluations; the enterprise has measures to overcome the shortcomings of the SNB K system.

5.4. Limitations of K SNB and future research directions

5.4.1. Limitations of K SNB on the business performance of non-financial enterprises on the Vietnamese stock market

Although, non-TC NY enterprises in the Vietnamese stock market try to build a perfect SNB system in terms of structure, its real performance still depends mainly on human factors, that is, on the working capacity and reliability of the staff in that TC. Limitations

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The K SNB's position in the DNPTC NY market in Vietnam may be due to the following reasons:

- Limitations stemming from the capacity of managers and employees in the company such as: carelessness, complacency, subjectivity, incorrect estimates, misunderstanding of superiors' instructions...

- The possibility of collusion between employees in the company or individuals, organizations outside the company. Or individuals abusing their authority for personal purposes.

- The Board of Directors only focuses on regularly occurring operations and pays little attention to irregular and unusual operations.

- The company's contractual terms have changed, resulting in inappropriate auditing procedures.

Therefore, the K SNB system only helps to minimize to the lowest acceptable level the RRs and violations that may occur in the enterprise. These are also the reasons why K SNB cannot absolutely guarantee the achievement of its MT.

5.4.2. Next NC direction

Firstly, the author's research on non-TC factors only stops at the internal perspective of the enterprise such as: Enterprises achieve the operating objectives such as: profit objectives, sales objectives; employees are satisfied with their jobs, comply with regulations. Future research can combine some other TC indicators or research non-TC factors outside the enterprise as dependent variables or control variables affecting the relationship between K SNB and HQ H DKD.

Second, the study measures the impact of SNB on the business performance of listed companies on the Vietnamese stock market. Future studies can incorporate additional variables such as: stock exchanges: HNX, HOSE, have an impact on the relationship between SNB and business performance. Or study other variables such as: different business lines have an impact on the relationship between SNB and business performance.

Third, this study uses samples from listed companies on the Vietnam Stock Exchange with two main exchanges: HNX and HOSE. This sample is suitable for testing the author's research results on the influence of K SNB factors on business performance. However, in the context of Vietnam, it may limit the generalization of the research findings. Future research can expand to other exchanges such as UPcom, unlisted companies, etc.

Fourthly, the research only stopped at recommendations on K SNB to improve business performance, financial performance, and non-financial performance without paying much attention to qualitative methods, so the author only briefly mentioned some of the limitations of K SNB to business performance, financial performance, and non-financial performance in listed companies on the Vietnamese stock market. Future research can combine qualitative methods for deeper analysis.

The limitations of K SNB at listed companies on the Vietnamese stock market aim to improve and minimize possible violations in the companies.

Chapter 5 Conclusion

After having the research results presented in chapter 4, in chapter 5 the author presents the discussion of the impacts of SNB on business performance, the impact of SNB on financial performance, the impact of SNB on financial performance and each factor that constitutes SNB such as: MTKS, DGRR, HDKS, TTTT, GS affecting financial performance and financial performance. In chapter 5 the author also presents recommendations on SNB and the components that constitute SNB: MTKS, DGRR, HDKS, TTTT, GS to enhance business performance in enterprises.

CONCLUDE

The 4.0 industrial revolution brings many opportunities and challenges to listed companies on the Vietnamese stock market. Some questions for managers are how can companies operate with good corporate governance? How to mobilize capital and achieve high stock value? The research of K SNB on the business governance of listed companies on the Vietnamese stock market contributes a small part in helping companies answer one of those questions.

The thesis is presented by the author in 05 chapters in the following order: Overview of research, theoretical basis of K SNB and HQ H DKD, research method, results - discussion, conclusion and recommendations.

The thesis has synthesized and compared previous studies on the relationship of K SNB with HQ H DKD, HQTC and HQPTC. At the same time, the thesis also synthesizes viewpoints and clarifies the theoretical basis of K SNB factors and HQ H DKD, HQ non-TC.

The study has provided a basis for affirming the relationship and direction of impact of the K SNB factors on the business performance and non-financial performance of listed companies on the Vietnamese stock market. These relationships are all statistically significant .

The results of the NC show that:

(1) K SNB directly affects the business performance in the same direction.

(2) K SNB directly affects HQTC in the same direction

(3) K SNB directly affects HQPTC in the same direction

- The components of K SNB directly and positively affect HQTC and HQPTC, specifically: MTKS, DGRR, HDKS, TTTT, GS directly and positively affect HQTC.

- MTKS MTKS, DGRR, HDKS, TTTT directly and positively affect non-TC HQ. GS does not affect PTC HQ.

NC results provide important meaning for managers in operating, managing and providing appropriate solutions for their businesses.

LIST OF WORKS RELATED TO THE THESIS

[1] The impact of K SNB on HQTC in the digital age: Research in Hanoi . Nguyen Thi Que and Tran Manh Dung - Proceedings of the international scientific conference: digital business in the era of globalization. Hanoi T11/2019 National Economics University, Hanoi, Institute of International Trade and Economics. Pages 165-176.

[2] Impact of Internal Control on Audit Program Effectiveness: The Case of Vietnam . Thi Que Nguyen; Manh Dung Tran; Thi Viet Ha Hoang; International Journal of Economics and Finance , 10(9), 2018, ISSN 1916-971X

[3] Impact of Internal Controls on Non-Financial Performance of Joint Stock Firms in Vietnam . Nguyen Thi Que, Tran Manh Dung, Nguyen Thuy Linh, Tran Binh Minh. Conference proceedings, 3rd International Conference on finance, accounting and auditing. Sustainable development in accounting, auditing and finance, ICFAA2020. National Economics University Press. ISBN: 978-604-946- 957-2; pp/ 135-151.

[4] The relationship between Internal Controls and financial performance of Vietnamese listed companies - Nguyen Thi Que and Hoang Thi Viet Ha Proceedings of the 5th HaUI Scientific Conference, Hanoi University of Industry, 2021. p-ISSN 1859-3585.

[5] The impact of K SNB on the financial performance of listed companies on the Vietnamese stock market - Nguyen Thi Que, Nguyen Xuan Hung, Tran Manh Dung. Journal of Economics and Development, 292(2), October 2021, 46-55.

Vietnamese

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[2] Adagye, I.D. (2015). Effective Internal Control System in the Nasarawa State Tertiary Educational Institutions for Efficiency: A Case of Nasarawa State Polytechnic, Lafia. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 9 (11) , 3704-3709.

[3] Adebanjo, D., Ojadi, F., Laosirihongthong, T., & Tickle, M. . (2013 ). A case study of supplier selection in developing economies: an perspective on institutional theory and corporate social responsibility. Supply Chain Management: An International Journal, 18(5), 553-566.

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