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ISSN : 2288-4637(Print)
ISSN : 2288-4645(Online)
The Journal of Asian Finance, Economics and Business Vol.7 No.4 pp.287-297

Determinants of Accountants’ Loyalty Underlying Investment Management: Evidence from FDI Firms in Thanglong Industrial Park

Dang Huy NGUYEN*,Son Tung HA**,Manh Linh TRAN***,Duc Thang NGUYEN****,Thi Xuan Hong NGUYEN*****,Dieu Linh NGUYEN******,Duc Tai DO*******
*First Author. Lecturer, Vice-dean of the faculty of Accounting, Hanoi University of Business and Technology, Vietnam. Email:
***Lecturer, Business Management Faculty, National Economics University, Vietnam. Email:
****Lecturer, Faculty of Economics and Business Administration, Hanoi Unversity of Mining and Geology, Vietnam. Email:  
*****Lecturer, The faculty of Accounting and Auditing - Hanoi University of Industry. Email:
******Lecturer, The faculty of Accounting and Auditing - Banking Academy, Vietnam. Email:
*******Lecturer, Department of Accounting, University of Labor and Social Affairs, Vietnam. Email:

ⓒ Copyright: The Author(s)
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License ( which permits unrestricted noncommercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
**Corresponding Author. Lecturer, Business Management Faculty, National Economics University, Vietnam [Postal Address: No. 207, Giai Phong Road, Hai Ba Trung District, Hanoi, 113068, Vietnam] Tel. +84 905 666 680, Email:
February 10, 2020 February 24, 2020 March 1, 2020.


The research aims to investigate the impact levels of determinants on the loyalty of accountants to FDI firms underlying investment management in Thanglong Industrial Park in Hanoi, Vietnam. We conducted a questionnaire consisting of 31 observation variables with a 5-point Likert scale. Independent variables were measured from 1 “without effect” to 5 “strongly”. The method of data collection was done through the survey and subjects are accountants in FDI firms doing business in Thanglong Industrial Park in Hanoi. After checking the information on the votes, there are 120 questionnaires with full information for data entry and analysis, This study employs Cronbach‟s Alpha test, and regression model. The results show that seven determinants including Working environment, The characteristics of working; Training, promotion prospects and development; Income, Personal characteristic, Collective work together and The method of leading had positive relationships with the loyalty of accountants. Based on the findings, some recommendations are given related to such determinants to improve the loyalty of accountants of FDI firms in general and FDI firms in Thanglong Industrial Park in Hanoi in particular. With which, those firms can enhance performance, reduce financial strain, saving on investment in the recruiting process of new staff, increase profitability to ensure investment management.

JEL Classification Code: M40, M41, M48, J30, J31


1. Introduction


Thanglong Industrial Park, Dong Anh District which was established and licensed in 1997, is one of the largest industrial parks in Hanoi. This is a joint venture between Japan and Vietnam. With the development of the Capital's socio-economy, Thanglong Industrial Park has constantly grown in both width and depth and become a modern, civilized model industrial park, which can be compared with the others in regions and global.  Until early 2018, Thanglong Industrial Park attracted about 31 foreign investors from Japan, Malaysia, and Singapore, with hundreds of FDI firms with rocketing the total revenues and export quantity. In the global integration era, the race of attracting high-quality human resources, especially in accounting, is one of the hotly debated issues in companies as well as FDI firms in particular (Nguyen & Do, 2019).

The top concern of an enterprise is how to build and maintain a high-quality human resource with a long-term commitment to the company. A business cannot be run effectively and efficiently without the contributions of high qualified and loyal employees (Ha & Vu, 2017). The more loyal employees that a company has, the more success and competitive advantages it can gain (Cooil, Timothy, Lerzan, & Michael, 2007).

Over the past few years, Vietnam’s economy has been developing and integrating with the world. The Vietnamese accounting system also fluctuates in the direction of applying IFRS with a roadmap from voluntary to compulsory application. The average annual employee turnover for business is 15.7 per cent and in FDI firms is from 3-5 per cent monthly, meaning that a large number of employees are rotating jobs every year. This causes challenges for FDI firms in general and FDI firms in Thanglong Industrial Park in particular in terms of employee retention including accounting personnel. For the profession, accountants play an important role in not only providing reliable, objective and valuable information to managers at all levels of the enterprise, helping managers and directors to operate the organization and make right decisions but also implementing regular checking, controlling activities in accordance with terms and conditions in the law; detecting, and promptly correcting economic errors committed in enterprises.

As the above reasons mentioned, it is necessary to analyze factors that affect the loyalty of accountants to FDI firms in Thanglong Industrial Park. By which, these firms can reduce overall costs, generate greater profits, help in growth and sustainability, then enhancing investment management.


2. Literature Review


Edward (1975) asserted that (i) Workspace, (ii) job challenges, (iii) work pressure, (iv) promotion opportunities and (v) chances to express themselves, are the factors that greatly affect employee loyalty. According to Wiley (1997), the main factors affecting employees’ loyalty are income, followed by achievements recognition, safety, promotion, interest in work, working conditions, work discipline, personal duties, and empathy. Rajesh (2004) proved that the senior employees are more likely to engage in business, while highly educated employees often have a lower commitment to the organization. Wang and Hsu (2006) considered that the age of employees is the biggest factor affecting employee loyalty, followed by education qualification and marital status, teamwork, job characteristics, leadership.

A rich set of academic works has examined factors influencing the loyalty and satisfaction of personnel. Turkyilmaz, Akman, Ozkan, and Pastuszak (2011) stated that there are 5 factors influencing the satisfaction and loyalty of employees in organizations in Turkey including (i) Training and development opportunities; (ii) recognition; (iii) empowerment; (iv) teamwork; (v) working conditions that affect employee loyalty and satisfaction. Another research conducted by Hassan, Hassan, Khan, and Iqbal, (2013) in Pakistan’s state-owned banks concluded that 3 factors affect the loyalty and satisfaction of workers including Salary and bonus, empowerment and assessment system. Waqas, Bashir, Sattar, Abdullah, Hussain, Anjum, Ali, and Arshad (2014) stated that 5 factors have a direct impact on the loyalty of employees working in Pakistan companies including (i) decision-making process participation, (ii) empowerment, (iii) rewards and recognition, (iv) satisfaction and (v) working conditions.

In Vietnam, Nguyen (2010) showed that job attractiveness is the most important factor affecting employee loyalty, followed by employees’ trust in the organization, knowledge about operations and ultimately, fairness. Besides, the research of Nguyen (2010) also confirmed that individual characteristics also have a certain influence on employee loyalty. Nguyen (2012) conducted a survey of 266 employees working at 15 branches of banks in Can Tho city, Vietnam by quantitative research methods. The results of the study showed that 10 factors that positively impact the loyalty of bank employees are: (i) leadership, (ii) working environment, (iii) job characteristics, (iv) salaries, bonuses, benefits, (v) training opportunities, (vi) promotion opportunities; (vii) working conditions, (viii) opportunities for learning and sharpen skills, (ix) seniority and (x) monthly income.

In addition, factors that have adversely influence are education qualification and the number of dependents. Tran (2012) assessed the factors affecting employee loyalty at Dong Tam Joint Stock Company and resulted in three factors as the nature of work, leadership, salary. Mai and Bui (2013) assessed the factors that both directly and indirectly affect employee loyalty through satisfaction. The result showed that there are three factors including Superior support, Teamwork and Working conditions. With the research scope at Green Field Industrial Co., Ltd, an FDI firm majoring in manufacturing metal rings and erasers, Le (2016) identified 5 factors affecting workers’ loyalty, which are: Salaries and bonuses; Training and Development; Colleagues and superiors.

Ha and Vu (2017) conducted a direct survey of 209 employees working at the BIDV bank, branch North of Saigon. The authors use quantitative research methods to analyze and measure the factors affecting the loyalty of bank employees and six factors are identified: (i) Income and benefits, (ii) Superiors, (iii) Training and development opportunities, (iv) Job performance evaluation system, (v) co-workers’ relationship and (vi) job characteristics. Nguyen, Nguyen, and Nguyen (2020) conducted a direct survey of 320 employees working at small and medium enterprises (SMEs) in TraVinh province. The authors use the multivariate regression method, the researchers have found 6 factors affecting employee loyalty: colleagues, leaders, job characteristics, remuneration policies, organizational culture, and working environment. In addition, there are studies in Vietnam on the influence of independent variables on dependent variables such as Nguyen, Pham, Le, Truong, and Tran (2020b), and Nguyen, Dang, Pham, and Do, (2020c).

The past research related determinants influencing the employee loyalty that have been drawn from related reference sources, as follows:





 To some extents, there have been some other researches related to loyalty of customers such as customer loyalty on brand (Heidari, Alibeigi, & Aghaeifar, 2016), customer loyalty on service quality (Liu & Wang, 2017), effect of marketing mix on customer loyalty (Azimi, 2017) or other factors affected on customer loyalty (Worku, 2019), customer loyalty is a desired and essential result for companies in a business environment with a lot of competition, of which the fashion industry is no exception (Khoa, 2020) and etc. Though these papers don’t mention directly on employee loyalty, they provide some suggestions for researching on loyalty.

Related to investment management, it is a rapidly evolving field of finance that happens to have major ramifications on the level and growth of the wealth of society. Gordon, Sharpe and Bailey (2001) describe investment management or portfolio management as the process of managing money. It may be passive or active, use explicit or implicit procedures and have controlled or uncontrolled risk. The investment management process may be summed up as the art and the science of analyzing, selecting, maintaining, protecting and evaluating the performance with the objective of achieving set investment goals. Measuring performance is an important way in the investment management process. In that light, employee loyalty can have a positive impact on the company performance (Balkyte & Tvaronaviciene, 2010; Cavacoa & Machado, 2015; Tomic, Tesic, Kuzmanovic, & Tomic, 2018).

The loyalty of employees who operate rationally has a significant impact on reducing overall costs (Parmenter, 2007). Companies with loyal employees have a higher rate of survival and better investment management compared to companies with less loyal employees because companies’ success depends upon the quality and loyalty of employees. Reichheld (2001) and Foster, Whysall, and Harris (2008) indicated that companies with greater loyalty among employees, customers and shareholders generate greater profits. Loyal employees help in the growth and sustainability of a company. Employee loyalty reduces a company’s financial strain, saving on investment in the recruiting process of new staff (Aityan & Gupta, 2011).


3. Research Methodology


Based on findings from a number of previous studies of Edward (1975), Wiley (1997), Rajesh (2004), Wang and Hsu (2006), Nguyen (2010), Turkyilmaz et al. (2011), Nguyen (2012), Tran (2012), Hassan et al. (2013), Mai and Bui (2013), Waqas et al. (2014),  Le (2016), Ha and Vu (2017), Nguyen et al. (2020) and using qualitative research approach through interviews with experts to perform quantitative research, we identified seven determinants that affect the loyalty of accountants with FDI firms, i.e. (i) Working environment (WE), (ii) The characteristics of working (CW), (iii) Training, promotion prospects and development (TPPD), (iv) Income (I), (v) Personal characteristic (PC), (vi) Collective work together (CWT), and (vii) The method of leading (ML).

Then, we conducted a questionnaire consisting of 31 observation variables with a 5-point Likert scale. Independent variables were measured from 1 “without effect” to 5 “strongly”. The method of data collection was done through the survey and subjects are accountants in FDI firms doing business in Thanglong Industrial Park in Hanoi.

We sent 150 questionnaires and received the feedback of 135. After checking the information on the votes, there are 120 questionnaires with full information for data entry and analysis, the size of this sample is consistent with study of Hair, Anderson, Tatham, and Black (2006) (n = 50 + 8 × m = 50 + 8 × 7 = 106). Therefore, the rest of observations for model 1 are 120 surveys, including 100% participants who are chief accountants, general accountants and accountant staff in FDI Firms in Thanglong Industrial Park in Hanoi. Participants mostly have Bachelor degree or higher.

As can be seen, all participants are at high quality of accounting knowledge, and this makes surveys’ answer become reliable.

We have employed EFA analysis and regression model to determine the impact levels of determinants on loyalty of accountant with FDI firms. The proposed model is shown in Figure 1.





Dependent variable: The loyalty of accountants to FDI firms include six attributes (Nguyen et al., 2019).

Independent variable: The independent variables are described as below:




4. Research Results


4. 1. Descriptive Statistics


Table 1 shows that among 120 respondents, 26.7% of the participants were male while the remaining 88 were female, representing for 73.3%. Of these, 50 of them from 22 to 27 years old, accounting for 41.7%; and 58.3% of the participants were over 27 years old. Among 120 respondents, accounting staff accounted for 33.2%, general accounting accounted for 38.3%, while the remaining 34 were chief accountant, accounted for 28.3%. Of these, 42.5% of the participants have from 1 to 5 years and over 5 years accounted for 57.5%. Beside, income from the average monthly salary of accountants for over than 15.0 million VND accounted for 52.5%; from 10.0 to 15.0 million VND, accounted for 19.2%; from 5.0 to 10 million VND accounted for 28.3%.





4. 2. Quality Scale Analysis Result


 By using scale analysis, it can eliminate inconsonant variables and reduce errors in the research model. Therefore, only variables which have total correlation coefficients (Corrected Item – Total Correlation) greater than 0.3 and Cronbach’s Alpha coefficients equal or greater than 0.6 are accepted (Hair, Black, Babin, & Anderson, 2009; Hoang & Chu, 2008). Analyzing Cronbach’s Alpha of determinants has shown their influence on the loyalty of accountants (7 determinants with 31 observed variables) and the result is presented in Table 2.

Table 2 shows that all Cronbach’s Alpha coefficients of population are above 0.6; all Corrected Item – Total Correlation of observed variables are above 0.3. So, all variables of research model are suitable for next analyses (Hair et al., 2006).





4. 3. Exploratory Factor Analysis (EFA)


   EFA were conducted and we used the method of extracting coefficients. The results of Component Analysis and Varimax, Analyzes yields 31 attributes for the independent variables.

   Table 3 shows that 0.5 < KMO = 0.823 < 1. Bartlett’s testimony shows sig. = 0.000 < 0.05. It means variables in the whole are interrelated. After implementing the rotation matrix, 7 determinants with factor load factor are greater than 0.5; Eigenvalues are greater than 1; the variance explained is 72.172%, which demonstrates that research data analyzing factor discovery is appropriate. Through the quality assurance of the scale and the test of the EFA model, we have identified 7 determinants influencing the loyalty of accountants. 





4. 4. Regression Model Analysis


Based on adjusted model after the exploratory factor analysis, we have a multiple regression model as follows:



Results of Tables 4, 5, 6 show that:

Multicollinearity testing: all variance inflation factors (VIF) of independent variables are under 2, so multicollinearity of model is low (Hoang & Chu, 2008). Therefore, this regression model does not have any violation of the CLRM basic assumption. Durbin – Watson statistic which is used to test the autocorrelation of residuals presents the model does not violate when using multiple regression method because Durbin – Watson value is 1.981 (in the interval of 1 and 3). In other words, the model is indicated no autocorrelation of residuals (Hoang & Chu, 2008).

ANOVA testing result: Level of significant (Sig.) = 0.003 implies that multiple regression model is suitable with data. Coefficient of R2 (R Square) = 0.541, which means 54.1% of the total variation in the loyalty of accountants will be explained by the regression model.

Research model result indicates that all independent variables; namely (i) Working environment (WE), (ii) The characteristics of working (CW), (iii) Training, promotion prospects and development (TPPD), (iv) income (I), (v) Personal characteristic (PC), (vi) Collective work together (CWT), (vii) The method of leading (ML) are significant (because Sig. < 0.05) to the loyalty of accountants. Determinants have influences on the loyalty of accountants are presented in the following standardized regression model:









5. Discussion


   We used the qualitative and quantitative research methods, processed data by statistical method to analysis, evaluation and measurement determinants influencing the loyalty of accountants to FDI firms underlying investment management. There are 7 factors positively affect the loyalty of accountants in descending: Income (I), The method of leading (ML); Training, promotion prospects and development (TPPD); Working environment (WE), Personal characteristic (PC), The characteristics of working (CW); Collective work together (CWT).


5. 1. Income (I)


Income is the factor affecting the loyalty of accountants the most. Results survey show that in FDI firms in Thanglong Industrial Park in Hanoi, the income of accountants varies around 5 million VND/month (around 220 USD/Month) or more, which depends on their position and work experience. The income of a chief accountant is usually over 15 million/ month (around 650 USD/Month), the income of accountants who have worked under 5 years is usually from 5 to 10 million/month (from 220 USD – 430 USD/Month).

Income plays a key role in the daily life of employees. Though major FDI destinations in the country continue to have much higher salaries compared to the rest of Vietnam, employees always expect their income will be increased year over year. According to the report of Navigos in 2018, FDI firms in Vietnam are under the pressure in recruitment because the proposed salary is not as attractive as companies in other sectors so that candidates tend to switch to other industries. Therefore, in step with maintaining salaries, bonuses and welfare regulations, FDI firms need to improve other policies for employees’ benefits, such as support accommodation purchase, provide loans with preferential interest rates; vote and reward monthly (Ha & Vu, 2017). In addition, FDI firms should create good conditions for employees with seniority working for more than 5 years and expecting to receive a salary before one year, which is considered as a loan without interest to support workers.


5. 2. The Method of Leading (ML)


Leadership is considered to be a key factor in management as it not only demonstrates the logic in organizing but also shows the talent and the art of commanding of a leader. In the process of leading different teams, the work performances largely depend on the appropriate leadership method. A person who can identify which method of leading is optimal for his/ her organization has a management talent. A good method of leading contributes to rational and effective implementation of the goals and tasks (Bui, 2017).

This factor strongly influences the loyalty of accountants. Thus, FDI firms need to develop the job descriptions for each accounting position so that accountants can better understanding their roles and contributions. In addition, FDI firms also need to set up a job measurement system that is quantified by clear and objective criteria. 

Leaders at FDI firms have recognized the contributions of accountants, listened to their opinions and feedback. By holding meetings between accountants and other positions, leaders can have better understanding of their staff. 

The majority of leaders at FDI firms are highly qualified and have experience in management. However, they also need to constantly learn to improve both leadership capacity and professional knowledge to meet the development of businesses as well as the development of the economy. Moreover, fueled by continuous growth, Vietnam continues to attract numerous FDI firms. This results in increasing of labour cost. In this scenario, it is paramount that any firms including FDI ones needs to change the method of leading appropriately to retain qualified employees, avoiding or mitigating turnover. This would help FDI firms run smoothly and support future asset growth.

Currently, the Ministry of Finance is developing the roadmap for the application of international financial reporting standards (IFRS) in Vietnam. This requires managers and accountants understand and get deep insight into IFRSs to apply in their enterprises’ accounting system and mentor their employees in the right way.


5. 3. Training, Promotion Prospects and Development (TPPD)


Training and development can satisfy demands of employees in tightening the relationship between employees and business, creating a professional style in working, or promoting employee loyalty. Related to investment management, Silvestro (2002) and Tomic et al. (2018) explored the relationship between employee satisfaction, loyalty, productivity and profitability. They came to the conclusion that there was a strong positive correlation between these variables.

According to a MOLISA’s report (cited by Mori, Thuy, & Hoang, 2009), 44% of FDI firms have had to organize re-training courses for their employees. It includes training courses for accountants. Though some FDI firms have developed in-house training programs, it is not popular. Some labors have been sent to other countries like Japan, Korea… for on-the-job training, mainly for technicians but not for accountants. This suggests that FDI firms need to care more about training and development for accountants, especially IFRSs-related ones. In addition, other practical skills are also essential to accountants such as communication skills, negotiation skills with customers, tax authorities, banks, auditors ... should be taken into consideration. By providing adequate methodical knowledge, accountants will able to exploit the full potential of the sector. Training and development plans might raise cost of FDIs firms but it is a strategic action for long-term investment of firms.

Currently, the Ministry of Finance has implemented international accounting standards (IFRSs), in which voluntary application until 2024 and mandatory application from 2025. Therefore, FDI firms need to develop specific strategies for IFRS training for accountants. The apparent promotion process for each accountant also needs to be improved in FDI firms.


5. 4. Working Environment (WE)


The working environment for the accounting department in FDI firms in Thanglong Industrial Park is quite good. They ensured the fairness for all accountants, strictly comply with the labor contracts and the internal regulations; the facilities are quite modern, and fully meet the requirement of accounting work. As doing business in one of the top emerging economies in the world as Vietnam with competitive labour cost, FDI firms not only have a diversity of nationality but also have race in the workplace. This contributes to improve work efficiency and creative thinking in the workplace environment. Furthermore, accountants in FDI firms typically work in offices to prepare and submit documents in sensitive time and fast-paced working environment. Thus, improving the cohesive and supportive cross functional teams is necessarily. This will create positiveness and effectiveness in working environment in firms. Furthermore, the trade union in FDI firms has operated inefficiently and not fulfilled the role of protecting employees and workers’ rights and benefits. Therefore, FDI firms need to take this problem into consideration to ensure more legal rights and benefits for accountants. 


5. 5. Personal Characteristic (PC)


As shown from the above result, Personal characteristic (PC) has a relatively impact on The loyalty of accountants (LA) to FDI firms in Thanglong Industrial Park. As expected, accountants in FDI firms have high professional qualifications, ability in foreign languages such as English, Japanese, Korean, etc. They have been well-trained at universities with basic subjects to specialized ones. In particular, they have a good understanding of both Vietnamese accounting standards (VAS) and international financial reporting standards (IFRS). They have confidence and a feeling of satisfaction with their jobs. Therefore, FDI firms need to more and more encourage accountants with 5-year seniority working in enterprises to increase their loyalty and then spreading the effect to the others of the enterprise. However, FDI firms always find that it is difficult to recruit qualified accountants. It is often hampered by factors related to physical strength, working behaviour and awareness of professional discipline.


5. 6. The Characteristics of Working (CW)


Generally, each FDI labourer has to work around 275.8 hours overtime per year, relatively high compared to other sector. Several companies reported 500-600 extra hours of overtime per year for employees, far exceeding extra time limit regulated by Vietnamese laws (Vietnam News, 2018). This is also in line with the research of Worker Rights Consortium (2013) that excessive working hours occurs in many MNEs in Vietnam. However, the result of the research shows that working time in FDI firms for the accounting department is quite appropriate, accountants are highly satisfied with this indicator. However, the time for physical inventory work is usually incurred on holidays when external agencies such as auditing agencies, tax authorities, etc. come to specify. And this working time has hardly been recorded and granted with bonuses or benefits by FDI firms. Therefore, FDI firms need to pay more attention to this characteristic.

The work of accountants is challenging but also quite interesting. The challenge for accountants is the application of specialized laws such as business law, commercial law, tax law must be accurate; they have to provide information to the right subjects and keep the information confidential. Therefore, the improvement of the accounting information system in FDI firms is necessary because it contributes to improving the supply and security of information. In addition, accountants will be more active and more interesting in using and designing it.


5. 7. Collective Work Together (CWT)


Accountants usually have to both work independently and in groups, because the economic transactions are related to each other. Employees in the accounting department often have support from their colleagues, learning from each other. In order to improve the collective working cooperation in the accounting system, FDI firms need to organize more meetings and also bonding activities for accountants to exchange experiences, provide up to date information among leaders and employees. In addition, the professional examinations for accountants should also be held on a regular basis.

Exercising and outdoors activities not only improve the physical strength and health of workers but also enhance teamwork skills for accountants to coordinate in work. Therefore, these activities need to be strengthened and organized more often in FDI firms.


6. Conclusion


In this paper, we evaluated the impact levels of determinants on the loyalty of accountants to FDI firms underlying investment management in Thanglong Industrial Park, one of the largest industrial parks in Hanoi, Vietnam. We found that there are 7 factors positively affect the loyalty of accountants in descending including Income; The method of leading; Training, promotion prospects and development; Working environment; Personal characteristic; The characteristics of working; Collective work together. Based on the findings, some recommendations are given including creating good working conditions for senior accountants; changing the method of leading appropriately to retain qualified accountants; avoiding or mitigating turnover; focusing more on training and development for accountants, especially IFRSs-related ones; ensuring more legal rights and benefits for accountants; or organizing more meetings and also bonding activities for accountants to exchange experiences, enhancing teamwork skills. By which, it could improve the loyalty of accountants of FDI firms in general and in Thanglong Industrial Park in Hanoi in particular, enhancing company performance, profitability to ensure investment management.




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