Faculty Publication Forum (FPF)

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Faculty Publication Forum (ISSN 3008-1017), also known as Faculty Publications, is a peer-reviewed, open access, scholarly periodical published continuously by CamEd Business School, with articles compiled into a single volume at the end of the year.

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A Closer Look at the Impact of the COVID-19 Pandemic on the Mental Health of Students from CamEd Business School
(CamEd Business School, November 30, 2021) Adriaan Cornet
The COVID-19 pandemic brought unprecedented changes in people’s lives and more specifically to the life of many students around the world. This study aims to analyse the psychological distress related with the COVID-19 outbreak in students from CamEd business school. Common factors in psychological distress in students during the COVID-19 pandemic where analyzed in a literature review and used as focus to further understand psychological distress in this studies participants. Psychological distress and trauma symptoms related to the COVID-19 pandemic of 319 respondents where measured by the SRQ-20 and the IES-R. Scores on psychological distressed where compared between genders and the factors ‘amount of COVID-19 related media consumption’ and ‘levels of (self)-isolation’ where tested for correlation with psychological distress. This study found relatively high levels of distress and trauma related symptoms in this population. 51.4% of the participants reported levels of distress that brings them at risk for mental health disorders and 50.5% reported levels of trauma related symptoms bringing them at risk for PTSD. Further analysis showed that trauma related symptoms account for 36.7% of the variance in psychological distress. There was a significantly higher amount of psychological distress in females compared with males. The factors ‘amount of COVID-19 related media consumption’ and ‘levels of (self)-isolation’ did not show any correlation with psychological distress in this study. Limitations and implications of these findings are discussed. Factors in psychological distress for this specific population needs further research. General interventions and supportive measures for at risk students are discussed. Keywords: COVID-19; Psychological Distress; Students; factors on Psychological distress; Cambodia.
A Note on Constitutional Principle: Same Work, Same Wage?
(CamEd Business School, June 30, 2016) Virak Prum
This short article seeks to highlight the same work same wage principle enshrined in the Cambodian Constitution. It begins with a brief introduction on the meaning of the Constitution itself, followed by several approaches often used in statutory interpretation. Since an agreed definition of what constitutes same work still seems lacking in Cambodian system, the article relies on a comparative view to shed light on some directions this constitutional principle might take in the future. Keywords: Same work; Interpretation; Discrimination.
A Note on Legal Methods: Recent Caselaw in Cambodia
(CamEd Business School, December 30, 2018) Virak Prum
This article begins with a glance at what generally distinguishes public law from private law, then highlights the chief different origins of two main western legal traditions: common law and civil law. Although traditionally belonging to the civil law tradition, parts of Cambodian legal system have increasingly adopted and applied stare decisis legal method found in the common law too. This adoption is evidenced in the way the Arbitration Council (labor) has developed its jurisprudence over the years. I believe that the influence of stare decisis will steadily increase in Cambodia. Keywords: Common Law; Civil Law; Jurisprudence.
A Revenue Neutral Global Carbon Tax to Solve the Global Warming Problem
(CamEd Business School, December 30, 2016) Sereyvath Ky
In this paper, we want to make a limitation of global warming as it was agreed on the Copenhagen Summit. Here we propose a revenue-neutral global carbon tax as a possible solution. We will show that a carbon tax is superior to a cap and trade mechanism and that there are some chances that the majority of all countries will accept the proposal. It will become clear that it is easy to introduce such a carbon tax. Keywords: Global warming, carbon tax, cap and trade
A study on the Application of the NCDD’s Poverty Alleviation Program: The Case of the People’s Participation in Rural Development in Cambodia
(CamEd Business School, December 30, 2019) Sereyvath Ky
This paper analyzes the level and means of the people’s participation in the sustainable development program of the NCDD (National Committee for Democratic Development) in order to alleviate the poverty via the survey of community development in Cambodia where the decentralization and deconcetration had been introduced since 1996 via Seil program. The people’s participation in rural development was a lesson learnt, which created and funded by UNDP/CARERE and Cambodian Government, for local authority in term local governance delegation in investing in public goods. In the program, grassroots and local authorities play active role in planning, implementing, and monitoring the projects, especially rural physical infrastructures. The development challenges basically are education and income of the grassroots, which undermine a social capital accumulation. The education plays the influent role in planning phase while the income does in implementing phase, where the grassroots are altruism. The low educated and earned people lost their social value in expressing their opinion and idea in planning and implementing phase. The program could be developed slowly the influent factors when the many supports are needed. Keywords: sustainable development, people’s participation, decentralization, and deconcentration.
Accountancy Students’ Familiarity with Accounting Information Systems and Other Technologies Used in the Workplace
(CamEd Business School, November 30, 2021) Juliet Cadungog-Uy
This paper intends to assess the accounting students’ familiarity with the different accounting software and other technologies used in the workplace. The results show that the students are strong in areas related to the use of different office software applications like Microsoft Word, Google Docs, Microsoft Excel, Google Sheets, Microsoft PowerPoint, and Google Presentation. They are also very familiar with two operating systems like Android and IOS and three types of office productivity software like Google Forms, Gmail, and Microsoft OneNote. They are very familiar with Google Meet as a communication and collaboration software and cloud storage like Microsoft OneDrive, Google Drive, and Apple iCloud. They are also using Google, YouTube, Amazon, and Facebook to search for information. The students however are still not very familiar with accounting information systems and other technologies used in the workplace except with Excel and Microsoft Access where they are a bit familiar with. They are also not familiar with emerging technologies like cloud computing, big data and data analytics, artificial intelligence, Blockchain, and distributed ledgers. This knowledge and skill areas need to be strengthened for them to be better prepared when they join the labor marketplace. Keywords: accountancy, familiarity, basic technology knowledge, accounting information system.
ACLEDA: A New Major IPO In Cambodia
(CamEd Business School, May 30, 2021) Varabott Ho; Chakara Sisowath
The term IPO or Initial Public Offering means the company is “going public”, the non-listed company is going to “sell their stock or share” to the public. The public can be individuals or institutional investors. Acleda has decided to join the Cambodia Securities Exchange1 main listed companies such Phnom Penh Water Supply Authority (PWSA), Grand Twins International (GTI), Phnom Penh Special Economic Zone (PPSP), Phnom Penh Autonomous Port (PPAP) and Sihanoukville Autonomous Port (PAS). It is expected to be listed and traded on the Cambodian local stock exchange (CSX) in May 2020. ACLEDA is one of the leading commercial banks in Cambodia. The strong growth in the Cambodian economy, fueled by favorable demographics and productivity growth will support the bank’s expansion in the medium term. But why is ACLEDA going public? And what would be the valuation of the dominating bank in the country? Nowadays, most of the valuation is based on the “secret” combination of “DCF” Model (Discounted Cash Flow) rather than “Dividend Discount Model” (DDM), and the utilization of the market multiples. Our study is one of the first contributions to the ACLEDA IPO Valuation literature. The authors will discuss and look at various research methodologies and research methods that are commonly used by researchers in the field of valuation. The chapter starts by providing a comprehensive introduction of Acleda Bank. The next section compares and differentiates the two comparative and financial approaches, followed by the last section on the comparative outcome with recommendations. The secondary data sources have been used in this research, and the actual data collection and data analysis method is described along the sections. This real case study research combines grounded theory finance research analysis based on archival data through the Internet, and multiple company visit/roadshows and discussions with the Cambodian licensed underwriters.
Advantages and Disadvantages of Formative and Summative Assessments for Students and Teachers
(CamEd Business School, June 30, 2016) Samuel A. Whitley
Every classroom, just like Cambodia, is full of wonder. Teachers wonder if their students are learning what they are teaching, students wonder if what is being taught will be on the test, and if what they are supposed to learn will ever really matter in their lives. There are two basic types of assessments, summative and formative. Classic forms of summative assessments present themselves in the form of tests and quizzes taken after the lesson has been presented, after learning has supposedly taken place. However, learning assessments need to be completed during the learning process in order to remove road blocks to learning before they become lifelong barriers. Formative assessments are the best tool for both teachers and students to end the wondering and start working together to make the classroom learning experience smoother and more effective. Formative assessments tell students that the teacher cares about their learning experience and values their opinions about what is being taught and how it’s being presented. No two classrooms are the same. Each will have a different variety of students bringing different backgrounds and experiences to the learning environment.
An Empirical Research on the Relationship between ACCA Strategic Business Leader (SBL) Grade, English Proficiency, Gender and Work Experience
(CamEd Business School, May 30, 2020) Parmindar Singh
This research wanted to find whether is there any empirical relationship between SBL grade with regards to English proficiency, gender and work experience. A Chi-Square analysis was conducted for SBL students who sat for the December 2018 exam. A self -developed questionnaire made up of nominal data was distributed through e-mail and 20 responses were obtained. This analysis shows no relationship between SBL grade to English proficiency, gender and work experience. This research also revealed that attending classes to understand the theoretical underpinning as well as improving exam techniques and time management are key in passing SBL. This research also recommended that students be encouraged to attend classes and not through self-learning. Incentivizing students to attend class is also explained in this research. Keywords: SBL grade; English proficiency; gender; work experience; Chi-Square analysis
An Estimation of Term Structure of Interest Rates in the Cambodia Banking System
(CamEd Business School, December 30, 2019) Siphat Lim
The objective of this research was to study about the term structure of interest rate by applied the four best well known models: CKLS, Merton, Vasicek, and CIR models over the 1-month US dollar lending interest rate of banks in Cambodia. The estimated method of the employed models was GMM. The CKLS result supported the mean reversion effect, but had no evidence of the level effect, while the result of the Merton model had not support even the mean reversion effect, but the diffusion parameter was highly significant. The Vasicek and CIR models had a weakly support the mean reversion effect, but the diffusion parameters were highly significant. The survey result revealed that banks faced with high level of interest rate risk because of the pressure from high level of competition due to the current existing of large numbers of market players in banking industry. Keywords: Term structure of interest rate, CKLS, Merton, Vasicek, CIR, GMM, Survey.
Analysis of the Percentage of Total Exams Passed by Third Year Students of CamEd Business School
(CamEd Business School, June 30, 2017) Cadungog-Uy, Juliet
CamEd Business School offers a four year Bachelor of Accounting & Finance (BA) that allows students to also earn the international CAT qualification. BA students start taking the CAT exams in their second year for the following papers: Recording Financial Transactions (FA1), Management Information (MA1), Maintaining Financial Records (FA2) and Maintaining Costs and Finances (MA2). Third year students take the exams on Foundations of Financial Accounting (FFA/F3), Management Accounting (FMA/F2), Accountant in Business (FAB/F1), Managing Finances (FFM) and CBL/F4. Fourth year BA students take Foundations in Audit (FAU) and Cambodian Tax/F6. Of these 11 exams, nine are computer- based while 2 are paper-based. The passing score for CAT exams is 50. The BA students’ CBE scores are usually used as basis for their final exam which is a component of their final grade for these papers.
Application of Interest Ceiling on Microfinance Loan in Cambodia
(CamEd Business School, December 30, 2018) Sereyvath Ky
Microfinance is a main source of capital for small loan borrower which the role of bank disappears for such loan. However, the loan provided by microfinance contains both negative and positive consequences for rural development. With easy-getting loan, borrow do not hesitate to borrow loan with care about their income which cause high saturation. In order to reduce loan saturation and ability of paying back loan, an interest ceiling is set by the Royal Government of Cambodia. So, our research aims to find whether the interest ceiling can be applied or not, and the effect on financing to rural business. Aftermath, a present of additional fee for loan process was charged to the borrow. However, this interest ceiling cannot be applied without the fee. The use of loan plays important role for the borrower to pay back. Without business guideline and with encouragement from the credit officer, people borrow the loan from finance to financing the personal consumption rather than for business processing. Keywords: Loan, Saturation, Interest ceiling
Applying Markowitz Portfolio Theory on Cambodia Securities Exchange
(CamEd Business School, May 30, 2021) Siphat Lim
This research bestows one of the most famous portfolio selection theories known as the Markowitz Portfolio Theory on Cambodia Securities Exchange. The result of the study indicates that in the case that short-selling is not prohibited, an optimal portfolio investment with the required rate of return of 20 percent per year is constructed through the long-position of FX and all of the securities listed in the CSX, such as stocks and bonds and the short-selling position of commodity goods, gold and crude oil. Long-position is applied only to all stocks and generates positive average annual return, while the assets, FX, gold, crude oil, and bond generates negative average annual return are not recommended to invest, in the case that short -selling is prohibited. The result of the survey on the undergraduate students majoring in accounting and finance reveals that the qualification of undergraduate students related to financial markets and financial instruments has a statistically significant relationship with the extent that lecturers or professors teach students how to apply financial theory in practice. Keywords: Markowitz Portfolio Theory; Cambodia Securities Exchange; Survey
Behavior of Cambodian People Response to Chinese Investment in Cambodia
(CamEd Business School, May 30, 2020) Sereyvath Ky
Over the past 10 years, the relationship between Cambodia and China have been strengthened due to geographical conditions with the economic aids (concessional loans), investment, trade, tourism and banking. With China economic relation, Cambodia has boosted its economic power from Western sanctions, including the United States and the European Union. Around Cambodia’s economic growth, FDI inflows total $ 2155 million in 2017, that 24% from mainland China, 11% from Hong Kong. Cambodian largest investment source is China with investment total amount of US $ 860 million and accounting for 61% of total foreign investment. However, this investment can make Cambodia’s mindset changes. The influence of Western ideology is also a factor, beside economic and socio-cultural factors, distorts the relationship between China and Cambodia. How these factors influence the relation? The goal of the research is seeking for the effect of Chinese investor, workers, peoples, and tourist on Cambodian society, and economy in order to find out the feedback from public on the Chinese investment. It will the keys for both government to harmonize and strengthen the relaitonship between Cambodia and China in the framework of BRI. The research objectives are the effect of Chinese investment on Cambodian society and economy. This is a mixed research between qualitative and quantitative data which is base on Grounded Theory and Survey. Keywords: Investment; social disorder; development; and economic growth JEL: O10, O11, O43
Beyond the numbers: The Importance of the Independent Non-Executive Directors in the Corporate Governance
(CamEd Business School, June 30, 2019) Varabott Ho
This paper is based on data and information gathered directly through interviews and information provided by and at ABC group (Real name is not disclosed for confidentiality). It aims at examining two key perspectives from the management by: i) using the international guidelines in terms of corporate governance, how to apply appropriately this framework into the context of Cambodia, and in effective and efficient way, and ii) what would be the current issues and problems and challenges, the organization has to overcome, in order to comply to the local rules. The other goal of the paper to look at how to apply a good governance strategy and understand the role of management in organizational development.
Blended Learning: An Effective Learning Approach in the 21st Century
(CamEd Business School, November 30, 2021) Christion Grace Colon
Blended Learning is rapidly emerging as a domain of instructional approach and research. Across disciplines and contexts, at individual lecturer and institution levels, educators are experimenting with the blended model of instruction. Ham (2010) described blended learning as the “marriage of new technologies to old teaching’ and this had been positively embraced by both learners and teachers. Millennials have been referred to as “digital natives” in reflection of their apparent ease and familiarity with digital technology. It only makes sense for teachers to leverage this to the students’ advantage. However, questions remain on how ready teachers are in a blended learning model of instruction. This study will discuss how educators today can maximize the benefits of each mode of blended teaching and what they can do in order to tailor their lessons based on the needs of their students. Keywords: Blended learning; 21st Century learning.
Cambodia China Trade Relations in Digital Age
(CamEd Business School, December 30, 2020) Sereyvath Ky
The general idea of bilateral economic relation is to enhance the welfare by increasing the trade in goods and service and flows of production factors. It is well-known from classical trade theory, which is at least based on the work of Ricardo and Heckscher-Ohlin, that the abolition of all kind of trade barriers and all reductions of transaction costs increases the efficiency of all involved trading countries and the overall welfare in all concerned countries. In so far, free trade is in general a first best solution. According to gravity model of trade, China is a big partner of Cambodia in term of population and GDP. China has total population of 1,420 million habitants, where the Chinese language is use the most in the world. China also has experience of economic growth of 7.5% over last ten years. In 2017, China has the total GDP of $25 trillion (at PPP) which the largest GDP in the world (at current price is $14 trillion, the second largest).
Cambodia Service Quality Research 2017
(CamEd Business School, June 30, 2018) Huseyin Güngör
3581 customers from 66 Cambodian companies in 6 industries surveyed with a questionnaire based on ServQual model of Parasuraman et al. (1988) with 22 items. Five popular customer satisfaction & loyalty variables were added in the questionnaire to gauge overall satisfaction, customer effort, recommendation, loyalty and repurchase intentions. Averages of the ServQual questions and customer satisfaction & loyalty variables formed the matrixes that are used for analyses. Overall Cambodian Service Quality levels in six industries, differences in gender, age, education and income levels are analyzed. Six industries are further examined with similar matrixes highlighting the differences among selected companies. Keywords: Cambodia; Service Quality; ServQual; Customer Satisfaction and Loyalty
Cambodian Tax Audit and its Implications to Private Enterprises
(CamEd Business School, December 30, 2017) Kosal Song
Cambodia tax system is a self-assessment tax system which required enterprises that meet the requirement for tax registration including but not limited to their legalities and turnover’s thresholds to register with the Cambodian tax authority as a small taxpayer, medium taxpayer, or a large taxpayer. These enterprises will self-assess the amounts of taxes to be paid and submit their tax returns with payment of taxes to the tax authority on monthly and annually basis. However, the Cambodia tax regulations provide powers to tax authority to conduct the tax audit and reassess the tax amounts of the enterprises. This research paper aims to provide analysis on how importance the tax audits which conducted by relevant tax authorities are and also discusses the implications of this tax audit for the private enterprises in Cambodia. Based on the data analysis, the research shows that the comprehensive tax audit is more useful for private enterprise compared to the desk tax audit or limited tax audit. This paper provides a suggestion that a combined tax audits would be best for both the tax authority and private enterprise to deal with issues encountered during the tax audit process and can help minimize the tax cost including penalty and interest of private enterprises. Keywords: tax audit; desk tax audit; limited tax audit; comprehensive tax audit
Capital Budgeting Practices and Risks Adjustment: Practices among Cambodian Companies
(CamEd Business School, December 30, 2018) Muhammad M. Ma’aji; Casey Barnett
The purpose of this paper is to investigate prevailing capital budgeting practices in among Cambodian companies. A comprehensive primary survey was conducted of 53 out of 130 financial managers of manufacturing companies in Cambodia. Gathered data were then analysed using appropriate statistical techniques. The findings show that payback period, net present value (NPV), discounted payback period and accounting rate of return (ARR) are the most popular evaluation techniques. The study also finds that interest rate risk, as well as business cycle risk, are mainly adjusted with a discount rate, and the commonly used method for calculating the cost of capital is the after-tax cost of debt and the weighted average cost of capital (WACC). Furthermore, the finding suggests that the longer the existence of a company, the more likely for it to use NPV method. The finding also reveals that the higher the amount of capital investment, the more it is likely to use the NPV method, while the smaller the amount of capital investment, the more likely the payback method will be used. With higher educational background, NPV and ARR are most likely the methods to be used in capital budgeting among the Cambodian firms. Since Cambodia is an unexplored country in capital budgeting practices, this research is the first to explored and originally contributed to the extant literature per se. This study contributed to academics, practitioners, policymakers and stakeholders of the company. Moreover, this research has proffered a more reliable and comprehensive analysis of capital budgeting practices among Cambodian manufacturing firms. Keywords: Capital Budgeting, Net Present Value, Risk, Payback period, WACC.