BMF Collaborative Project 5: Mindsponge-based investigation into households’ financial resilience during the Covid-19 crisis

AISDL

October 12, 2022


Highlight:

• The AISDL team discloses the pre-peer-reviewed results of a research project exploring the effects of financial literacy and accessibility to financial information on the financial resilience of Vietnamese households through the lens of an information-processing perspective.
• The research project was contributed by seven authors.
• The project’s outcome has been sent to the academic journal for peer review.
• The preprint of the research outcome can be found at the following URL: https://osf.io/3uega/

More details of collaborative projects are available here: https://mindsponge.info/posts/39

1. Project description

1.1. Background

The Covid-19 pandemic has severely affected countries’ socioeconomic development worldwide, especially one of the most important actors in any economy: households. Households sell their land, labor, capital, and entrepreneurial activities in exchange for income and use such income to buy the goods and services they need. These activities create the flow of money within the economy. However, the flow of money was disrupted as a large number of households became unemployed, and household-owned businesses were damaged due to lockdowns, social distancing, and non-essential business closures [1,2]. During the difficult financial conditions induced by the Covid-19 pandemic, households’ financial resilience is crucial as it can lead to more effective resource allocation and higher financial stability at both the micro and macro levels. Therefore, understanding how households could be financially resilient during the Covid-19 pandemic can offer lessons for improving a country’s socioeconomic sustainability when facing an upcoming crisis.

1.2. Project objectives

The current research project aims to examine how financial literacy and accessibility to financial information can influence the financial resilience of Vietnamese households during the Covid-19 pandemic through the lens of an information-processing perspective. The information-processing perspective employed here is based on the mindsponge theory [3,4].

1.3. Materials and Methods

The research project employed a dataset of 839 individuals in Vietnam.

The research project followed the Bayesian Mindsponge Framework (BMF) [5,6]. For more information on BMF analytics, portal users can refer to the following book [7]. The bayesvl R package will be employed for statistical analyses [8,9].

1.4. Main findings

Figure 1 presents a mindsponge-based constructed model’s coefficient distributions on an interval plot. More details of the results are available at the following URL: https://osf.io/3uega/


Figure 1. The constructed model’s coefficient distributions

Figure 1’s results show the respondents’ households were less likely to be financially affected by the Covid-19 pandemic when they had greater financial knowledge and investment skills. However, the effect of investment skills on financial resilience was weakly reliable.

2. Collaboration Details

2.1. Current Collaboration Stage: Finalizing and submission stage

2.2. Registration Period: Closed

2.3. Registration Guidelines: Portal users should follow these steps to register to participate in this research project:

1. Create an account on the website (preferably using an institution email)
2. Read carefully and select the author order that you want to become. Each project consists of a certain number of authors, and each author order in the manuscript corresponds to specific tasks of which the participant will be in charge.
3. Comment your desired author order and your current affiliation in the collaborative project post.
4. Patiently wait for the formal agreement on the project from the AISDL mentor.

All the resources for conducting and writing the research manuscript will be distributed after the registration stage ends.

2.4. Number of Participants: This project has seven participants.

2.5. AISDL Mentor

• Name: Quan-Hoang Vuong
• Affiliation: Centre for Interdisciplinary Social Research, Phenikaa University, Vietnam
• Contacting email: aisdl_team@mindsponge.info

2.6. Project Participants and Authorship

The first author (project leader)

• Name: Quan-Hoang Vuong
• Affiliation: Centre for Interdisciplinary Social Research, Phenikaa University, Vietnam
• Roles: being responsible for finalizing the project, being responsive throughout the project, validating the manuscript, assigning tasks, keeping track, supporting and guiding other participants, and editing the manuscript.

Second author

• Name: Quy Van Khuc
• Affiliation: Faculty of Development Economics, VNU University of Economics and Business, Vietnam National University, Vietnam
• Registering/invited time: September 25, 2022
• Roles: conducting a literature review, describing methods and materials, writing the manuscript, and revising the manuscript during the peer-review process.

Third author

• Name: Viet-Phuong La
• Affiliation: Centre for Interdisciplinary Social Research, Phenikaa University, Vietnam
• Registering/invited time: September 25, 2022
• Roles: describing methods and materials, writing the manuscript, and revising the manuscript during the peer-review process.

Fourth author

• Name: Tam-Tri Le
• Affiliation: Centre for Interdisciplinary Social Research, Phenikaa University, Vietnam
• Registering/invited time: September 25, 2022
• Roles: conducting a literature review, discussing results, and revising the manuscript during the peer-review process.

Fifth author

• Name: Quang-Loc Nguyen
• Affiliation: SP Jain School of Global Management, Australia
• Registering/invited time: September 25, 2022
• Roles: conducting a literature review, writing the manuscript, and revising the manuscript during the peer-review process.

Sixth author

• Name: Ruining Jin
• Affiliation: China University of Political Science and Law, Beijing
  
• Registering/invited time: September 25, 2022
• Roles: conducting a literature review, writing the manuscript, and revising the manuscript during the peer-review process.

Seventh author

• Name: Phuong-Tri Nguyen
• Affiliation: Securities Research and Training Center, State Security Commission, Vietnam
• Registering/invited time: September 25, 2022
• Roles: describing methods and materials, writing the manuscript, and revising the manuscript during the peer-review process.

Last author (corresponding)

• Name: Minh-Hoang Nguyen
• Affiliation: Centre for Interdisciplinary Social Research, Phenikaa University, Vietnam
• Registering/invited time: September 25, 2022
• Roles: being responsive throughout the project, conceptualizing, discussing results, organizing the manuscript, writing the manuscript, submitting the manuscript, revising the manuscript during the peer-review process, and responding to reviewers’ comments.

The research project strictly adheres to scientific integrity standards, including authorship rights and obligations. If the portal users have any further inquiries, please get in touch with the AISDL in charge of the project.

References

[1] Akkermans J, Richardson J, Kraimer ML. (2020). The Covid-19 crisis as a career shock: Implications for careers and vocational behavior. Journal of Vocational Behavior, 119, 103434.

[2] Kuckertz A, et al. (2020). Startups in times of crisis–A rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, 13, e00169.

[3] Vuong QH, Napier NK. (2015). Acculturation and global mindsponge: An emerging market perspective. International Journal of Intercultural Relations, 49, 354–367.

[4] Vuong QH. (2022). Mindsponge theory. AISDL.

[5] Nguyen MH, La VP, Le TT, Vuong QH. (2022). Bayesian Mindsponge Framework analytics: a novel methodological approach for social sciences and humanities. In: QH Vuong, MH Nguyen, VP La. (Eds.) The mindsponge and BMF analytics for innovative thinking in social sciences and humanities (pp 87-116). Berlin, Germany: De Gruyter.

[6] Nguyen MH, et al. (2022). Introduction to Bayesian Mindsponge Framework analytics: An innovative method for social and psychological research. MethodsX, 9, 101808.

[7] Vuong QH, Nguyen MH, La VP. (2022). The mindsponge and BMF analytics for innovative thinking in social sciences and humanities. Berlin, Germany: De Gruyter.

[8] Vuong QH, et al. (2020). Bayesian analysis for social data: A step-by-step protocol and interpretation. MethodsX, 7, 100924.

[9] Vuong QH, Nguyen MH, La VP. (2022). Updated protocol for performing BMF analytics using bayesvl. In: QH Vuong, MH Nguyen, VP La. (Eds.) The mindsponge and BMF analytics for innovative thinking in social sciences and humanities (pp 301-370). Berlin, Germany: De Gruyter.