ASSIGNMENT 02 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 19: Research Project

Submission date 21/06/2023 Date received (1st Submission)

Re-submission date Date received (2nd Submission)

Student Name Le Hoang Giang Student ID GBH211236

Class No. GBH1106 Assessor Name Ngo Tran Thai Duong

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 ACCESS TO FINANCE AND
WORK CONDITIONS IN
BUSINESS RESILIENCE
Name: LE HOANG GIANG
Student ID: GBH211236
Class: GBH1106

Abstract: This research paper investigates the strategies that small and medium-sized
enterprises (SMEs) in Vietnam can use to promote innovation and resilience during the COVID-
19 pandemic. Specifically, the study focuses on the relationship between access to finance and
work condition and their impact on business resilience. Using a convenience sample, the study
found a positive correlation between access to finance, work condition, and business resilience.
Based on the results, it is recommended that companies in the tourism sector in Vietnam
prioritize financial access and create healthy and safe working environments to enhance their
business resilience, particularly during crises such as the COVID-19 pandemic.

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Table of Contents
I. Introduction.......................................................................................................................................... 4
II. Literature review .................................................................................................................................. 5
1. Independent Variables ..................................................................................................................... 5
1.1 Access to finance ...................................................................................................................... 5
1.2 Work conditions ....................................................................................................................... 7
2. Dependent Variables – Business resilience ...................................................................................... 8
2.1 Relationship between “Access to finance” and “Business resilience” ..................................... 9
2.2 Relationship between “Work conditions” and “Business resilience” .................................... 10
3. Research model .............................................................................................................................. 10
III. Methods ......................................................................................................................................... 11
1. Approaches to theory development .............................................................................................. 11
2. Research methodologies ................................................................................................................ 11
3. Sampling strategy ........................................................................................................................... 12
IV. Results ............................................................................................................................................ 15
1. Participant Demographics .............................................................................................................. 15
2. Variable description ....................................................................................................................... 18
3. Hypothesis testing .......................................................................................................................... 19
V. Discussion ........................................................................................................................................... 19
1. State the main results of the research ........................................................................................... 19
2. Reflect on the effectiveness of research methods......................................................................... 21
3. Recommendations for future research .......................................................................................... 22
VI. Reference ....................................................................................................................................... 25

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 I. Introduction
Businesses all over the world have been significantly impacted by the COVID-19 pandemic,
which has forced many to close their doors and caused unprecedented disruptions to trade in
most sectors. Small- and medium-sized businesses (SMEs) have been particularly hard hit, with
many of them finding it difficult to survive as a result of falling demand, problems in the supply
chain, and funding issues. Tourism is one industry that has been particularly impacted, as
demand has significantly decreased as a result of social isolation policies and restrictions on
international travel (General statistics office, 2021). According to the financial report, the
COVID-19 pandemic cost Vietnam Airlines 11,098 billion VND (more than 481 million USD)
in 2020. In the final quarter of 2020, net revenue totaled VND 8,202 billion, which was only a
third of the fourth quarter of 2019. Compared to the same period last year, the profit before tax
was negative VND 377 billion, down from VND 97 billion. This demonstrates that the Covid-19
pandemic has caused the national airline to incur sizable losses (VNA, 2021). Thereby, the
ability to access finance is very important for businesses during the covid-19 season because
they are affected and lose a lot, even lose capital. Furthermore, limited access to finance could
hinder tourism businesses' ability to stay afloat, generate revenue, and recover from the impact of
the pandemic. In addition, not only financial access but also working conditions is also a factor
affected by covid-19. Working conditions can affect the safety of employees and customers,
affect the quality of services provided, and affect the travel experience. Besides, businesses also
have difficulty in maintaining the number of employees because of the work restrictions of
Covid-19. The pandemic has had a severe impact on SMEs in the tourism industry in Vietnam,
and many are struggling to find ways to survive. In the context of COVID-19, this study aims to
revisit the subject of SME innovation and resilience with a specific focus on the Vietnamese
tourism industry. This study aims to offer insights into how businesses can adapt and flourish in
the face of these unheard-of challenges by looking at the independent variables that can affect
SME recovery.

Preliminary research indicates that there isn't much done on how the COVID-19 pandemic
affected Vietnam's SMEs and how access to financing and working conditions affected their
recovery. However, other studies offer information about the pandemic's broader effects on
SMEs in Vietnam and other nations. For instance, the pandemic has had a significant negative
impact on SMEs throughout Southeast Asia, including Vietnam, according to research by the
International Labour Organization (ILO). Due to decreased revenue, disrupted supply chains,
and restricted access to credit, SMEs have had difficulty obtaining financing and maintaining

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liquidity. The ILO analysis emphasizes how crucial safe working conditions are for SMEs to
function well throughout the pandemic (Kebede et al, 2020). A further study that looked at how
the COVID-19 outbreak affected SMEs in Vietnam discovered that those in the travel and
hospitality industries were particularly hard hit. Restrictions on travel, a decline in demand, and
insufficient financial support all had a detrimental impact on these SMEs' ability to recover
(Huynh et al, 2021). These studies do not, however, directly explore how work conditions and
financial access impact SMEs' ability to recover in Vietnam during the epidemic. As a result,
there is a glaring gap in the literature that this study may fill. Research could pinpoint the
particular difficulties SMEs face in terms of financing and working conditions, assess the
success of current government initiatives to assist these companies, and create suggestions or
strategies to support the pandemic-preparedness and recovery of SMEs in Vietnam.

The study's main research question is, "What are the strategies SMEs in the tourism sector in
Vietnam can use to promote innovation and resilience during the COVID-19 pandemic?" The
goals of the study are to identify the independent factors that influence SME recovery, analyse
the particular difficulties that SMEs in Vietnam's tourist industry face, and develop tactics for
fostering innovation and resiliency in these companies. The aforementioned earlier research
revealed the difficulties that SMEs in the tourism industry faced during the pandemic but did not
look into particular tactics that could be employed to support their recovery and adaptability in
Vietnam. This study will close this gap by offering helpful advice on how these companies may
adjust to and prosper in this exceptional period. The study's conclusions will be important for
businesses in the Vietnam tourism industry because they will give a thorough understanding of
the difficulties SMEs face and offer measures that can be put into practice to improve recovery
and resilience in two areas: access to financing and working conditions.

II. Literature review

1. Independent Variables
1.1 Access to finance
The study of financial institutions, markets, and instruments is all a part of the broad field of
finance, as is the administration of funds, investments, and financing (Dias et al, 2022). It can
also be used to describe how money is spent and distributed, notably when it comes to
businesses, government agencies, and people. For the aim of comprehending the operation of
financial systems and the larger economy, finance can also be seen as the study of financial
intermediaries, transactions, and markets. Overall, the definition of finance may change based on

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the practitioners', educators', and researchers' perspectives, with varying weights being given to
various facets of the discipline (Dias et al, 2022). Besides, the study of Dias and associates
showed that “access to finance” may be defined as the portion of working capital and
investments that formal finance subsidies and it can come in a variety of forms, including grant
financing, equity funding, and loan funding. As a result of its lack of physical substance, it is
regarded as an intangible asset. Studies continue to demonstrate that this is still one of the
biggest challenges for SMEs, despite the fact that it has been getting better (Dias et al, 2022).
Several other related concepts include the definition of Finance of SMEs. "Finance of SMEs"
often refers to the financing of small and medium-sized businesses in academic literature. Small
and medium-sized enterprises (SMEs) sometimes encounter particular difficulties in obtaining
finance since they have fewer employees and lower income than bigger firms (Guercio et al,
2019). Identifying methods for enhancing SME funding, comprehending the variables that affect
access to financing, and assessing the effects of various financing choices on SME performance
may be the main objectives of academic research on the finances of SMEs. The impact of
governmental regulations, financial institutions, and other stakeholders on SME funding may
also be investigated in this study (Guercio et al, 2019). Overall, these studies demonstrate how
diverse the topic of finance is and how it is intertwined with fields like economics and
management. Different facets of the field, from its emphasis on transactions and financial
instruments to the study of financial organizations and systems, are emphasized in the multiple
definitions of finance.

According to a research on "access to external finance" by Bougears et al, companies' access to

bank and market financing is examined after accounting for variations in firm-specific factors
(Bougears et al, 2006). The size, risk, and debt factors that would influence a firm's access to
bank or market financing are determined by a theoretical model; these factors can result in a
larger (or lower) restriction of credit as interest rates rise. On a sizable panel of UK
manufacturing companies, the model's predictions are empirically evaluated. We confirm that
enterprises that are small, young, and risky are more strongly impacted by restrictive monetary
circumstances than firms that are large, established, and safe (Bougears et al, 2006). In another
study from The World Bank demonstrating Small and Medium Enterprises' access to finance
studies. Small and medium-sized businesses (SMEs) are extremely important to most economies,
especially those in emerging nations (The World Bank, 2023). SMEs make up the majority of
enterprises globally and play a significant role in employment creation and the expansion of the
global economy. SMEs, on the other hand, are less likely than large companies to be able to get

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bank loans; as a result, they rely on internal finances or cash from friends and family to start and
initially manage their businesses. According to the International Finance Corporation (IFC), 65
million businesses, or 40% of formal micro, small, and medium-sized companies (MSMEs) in
developing countries, have an annual unmet funding demand of $5.2 trillion, or 1.4 times the
amount of global MSME lending at present (The World Bank, 2023).

1.2 Work conditions

"Work conditions" in a research by Goldberg et al often refers to a variety of elements, such as

the organizational, social, and physical aspects that influence the work environment and the
wellbeing of employees (Goldberg et al, 1996). The purpose of this research is to understand
how workplace circumstances affect employee performance, health, and well-being and to
develop solutions for enhancing workplace safety and health. It is important to recognize how
employee performance, health, and well-being are influenced by their working environment and
to develop methods for enhancing workplace safety and health (Goldberg et al, 1996). There are
also a few other related concepts, including the concept of “physical facilities”. Physical
facilities in business often relate to the intangible assets and infrastructure required for a firm to
operate, such as factories, offices, tools, and storage facilities (De Boer et al,2018) . The
effectiveness of physical facilities in fostering corporate productivity, employee health and
safety, and other business outcomes may be the subject of research in this context. It may also
relate to the physical surroundings (such as the area, temperature, lighting, ventilation, humidity,
and welfare amenities, such as access to drinking water) in which work is performed as well as
how such surroundings affect productivity, health, and general well-being of employees. On
employee productivity, job happiness, and overall business performance, physical facilities'
layout, upkeep, and accessibility may have a big influence (De Boer et al, 2018). In terms of
working conditions, the term “innovative SMEs” is also a related concept that can be referred to.
For small and medium-sized businesses (SMEs), innovation is essential to achieve growth,
competitiveness, and resilience (Gemio et al, 2020). When it comes to innovation, SMEs
confront particular difficulties due to their limited resources, knowledge, and access to capital or
technology. Additionally, to recruit talent and boost employee productivity, competition
encourages organizations to innovate in the workplace (Dias et al, 2022). Regulatory and policy
frameworks that foster innovation and entrepreneurship, as well as access to information, skills,
and money, may all be necessary for successful SME innovation (Gemio et al, 2020).

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According to the study "Working conditions in a global perspective" by Aleksynska et al,
monitoring of physical hazards and physical conditions under which work is performed have
been included in working conditions surveys for many years, acknowledging the topic's long-
standing interest (Aleksynska et al, 2019). According to the research, the foundation of
occupational health and safety is removing or decreasing physical dangers, and various steps
have been made over the last century to do so, particularly in the industrial and agricultural
sectors. The workplaces of today show improvement over the past in this regard (Aleksynska et
al, 2019). Research also reveals that despite significant advancements, workplace physical
safety is still a major issue for policymakers. Physical danger exposure happens regularly in the
service industries as well as in construction, manufacturing, and agriculture. In other
circumstances, physical dangers are inextricably linked to particular job duties, such as when
employees routinely carry large things, such as commodities, or help move and transport people,
such as patients. Risk exposure is unavoidable when such duties are included in a person's
regular routine. It could be 'infrequent' or 'possible' in other situations, such as when exposed to
heat, cold, or biological agents. The working environment has an impact on this exposure
(physical risk) as well. Workers could not be employing the equipment or protective gear
accessible to them in extremely demanding work settings, for instance, or they might not believe
they are in a position to do so (Aleksynska et al, 2019).

Another study by Vimanalathan and Babu on “Effect of indoor office environment on work
performance, health and morale of office workers”, the impact of working conditions has been
clearly shown. , it refers to the work environment experiments that researchers have performed.
Environmental elements including illumination and room temperature were examined on three
different levels in the study (Vimalanathan and Babu, 2014c). A neurobehavioral test (NBT) has
been suggested to gauge office workers' productivity. A field lab designed to resemble an office
has been built. Neurobehavioral testing was done under controlled environmental settings. The
findings demonstrate that the independent and interactive effects of temperature and light have a
considerable impact on office employees' productivity. Compared to the impact of light, the
influence of indoor room temperature is more significant. Room temperature has a 38.56%
impact on the efficiency. Office workers now perform better and are healthier thanks to the ideal
interior temperature of 21°C and brightness of 1000 lux (Vimalanathan and Babu, 2014c).

2. Dependent Variables – Business resilience

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According to Vogus, business resilience is the capacity to manage difficult situations by assuring
the organization's survival and success (Vogus and Sutcliffe, 2007). Besides, another definition
of Walker et al says that resilience is the capacity to continue operating a system in the face of a
disruption or the capacity to hold onto the components required for updating or rearranging a
system's functioning. A resilient company would always look for opportunities to take risks and
profit from circumstances (Walker et al, 2002). "Business recovery" is another concept that is
related. It is the process of returning to normal operations after an incident, crisis, tragedy, or
other important occurrence. This process may require taking quick action to get the firm back up
and running (Huynh et al, 2021).

2.1 Relationship between “Access to finance” and “Business resilience”

Studies continue to indicate that "access to finance" is still one of the biggest challenges for
SMEs, notwithstanding improvements (Dias et al, 2022). Even though the World Bank claims
that one of its goals is to invest in many important areas, including tourism, for many SMEs, this
goal appears far off. Economic expansion and financial development are linked. Due to a variety
of reasons, including a lack of collateral, a limited cash flow, excessive risk premiums, weak
bank connections, and issues acquiring credit from suppliers and financial institutions, SMEs
frequently struggle to secure commercial bank funding (Dias et al, 2022).
Due to the high rates of bank loans and the difficulty in obtaining commercial bank financing,
SMETs frequently finance themselves through retained earnings instead of debt (Dias et al,
2022). According to Adegboye and Lweriebor, SMEs benefit the most from easy access to
finance since it gives them the power they need to innovate their way out of uncertainty
(Adegboye and Lweriebor, 2018). Innovation is a benefit of funding, along with other aspects
like business expansion, facility investments, and hiring new personnel. A variety of resources
are also required to manage a chaotic company environment and handle crisis circumstances in
order to turn them into opportunities (Dias et al, 2022). Access to finance is one of the resources
required since it functions as a buffer against the negative effects of a crisis. These authors also
note that having adequate financial resources may enable staff to remain with the business,
preventing layoffs (Dias et al, 2022). According to Huang and Farboudi Jahromi, access to
capital is crucial for a company's resiliency in good times as well as in trying ones like the
COVID-19 pandemic (Huang and Jahromi, 2021). In this sense, the notion that having access to
funding creates favorable conditions for recovering from certain circumstances is another
indication of how much it strengthens the resilience of SMEs (Adegboye and Lweriebor, 2018).
Hypothesis 1. Access to finance has a positive effect on business resilience of SMEs.

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 2.2 Relationship between “Work conditions” and “Business resilience”
A worker in a positive work environment is more motivated to support a SME's objectives
(Ooms et al, 2018). The mental and physical health of employees is greatly influenced by their
workplace environment (Dias et al, 2022). According to the companies, firms are forced to foster
an environment for creative work teams by the pressure of competition brought on by
innovation. Additionally, if favorable working conditions enhance each employee's personal
wellbeing, this will inevitably enhance that person's spirit and resilience, thereby enhancing
business resilience. The same authors also claimed that employees' levels of stress and reactions,
which have an impact on resilience, are another way to gauge working circumstances. However,
they also think that resilience abilities might help to lessen working stress, help employees work
more productively, businesses soon achieve their goals (Dias et al, 2022). In a similar vein, Ojo
et al. believe that favorable circumstances do enhance employees' capacity for resilience and
support business recovery (Ojo et al, 2021).
Hypothesis 2. Work conditions has a positive effect on SMEs’s business resilience.

3. Research model

Access to Finance
 The part of investment and
working capital
 The main obstacles for SMEs
(SMEs find it difficult to
obtain commercial bank
financing due to many
factors)
 SMEs finance themselves
(with retained earnings
instead of debt due to the high
costs of bank loans) Business resilience

Working conditions
 The working environment
affects employees through
many factors (Physical
facilities and environment:
building, space, temperature,
lighting, ventilation, humidity
and welfare facilities, …)
 Company working conditions
influence SMEs’ innovation

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Research question: “How access to finance and work conditions affects the recovery of
Vietnam's SMEs during the Covid-19 pandemic?”

III. Methods
1. Approaches to theory development
I used the deduction approach in my research work, because prior scholars have advanced
theories about my research area. The primary goal of this study is to gather data relating to the
research issue in order to examine the hypotheses already in existence. The choice of approach to
theory development will depend on the research question and available data. Both deductive and
inductive approaches have strengths and weaknesses. However, with the research topic on "the
influence of financial access and working conditions on business resilience", the choice of
deduction is more appropriate. Because this research topic has had typical and recognized
hypotheses before. Moreover, the survey data range of the topic is very wide and the
implementation time is limited, so it is difficult to start with data collection and use induction
method.

2. Research methodologies
Research methodologies are the broad approach or plan used to carry out the study, which covers
the techniques, methods, and procedures for data collection and analysis (Saunders et al, 2009).
There are numerous research methodologies, such as mixed-methods, qualitative, and
quantitative ones (Saunders et al, 2009). I decided to use quantitative research methodologies
in my research paper. This research methodology examines numerical data that has been
gathered by researchers using statistical, mathematical, or numerical analysis. These support the
collecting and use of numerical data for statistical and mathematical analysis, which is in line
with my research objectives. This enables my research article to pinpoint and quantify any link
or causality—if any—that may exist between several factors, including financial access, , and
working conditions in business recovery. Besides that the biases or opinions of other researchers
won't affect the research results because quantitative research produces numerical data that can
be analyzed objectively. This is also necessary for research because this research paper needs
objective evaluation. Additionally, because they pertain to a larger sample that is randomly
chosen, cutting down on the study time, quantitative findings are more likely to be generalized to
an entire population or to a small group of populations, according to Carr (Carr, 1994). This
benefit is particularly appropriate for my research at this moment because it won't take much
time to do it, and the capacity to generalize the samples will also help the study avoid gathering

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too many samples. Because the study is intended to be replicated, other researchers can conduct
comparable studies and receive comparable results, which adds to the appreciation of the
accuracy and reliability of the quantitative research method. This strengthens the study's validity.
The accuracy of research findings is increased by the use of standardized tools and
measurements in quantitative research methods (Carr, 1994). Overall, the use of quantitative
research methods can offer insightful understanding into a variety of phenomena and can be
especially helpful for making assumptions or predictions about populations. This is appropriate
for my research's objectives.

On the other hand, I do not choose qualitative research because some of its limitations are not
suitable for my research. Since qualitative research frequently involves examining a small group
of particular people or a single case study, it frequently lacks the ability to generalize Cumming
(2001). Additionally, information gathered using qualitative research techniques might be biased
or affected by the researcher's opinion. Moreover, if choosing a qualitative method, surveys are
required and this will consume a lot of time and effort, while my research time does not allow.
Besides the limitations, the qualitative method also has advantages that are consistent with other
research papers. However, for my study, the qualitative method was not suitable for the purpose
of the study.

3. Sampling strategy
Convenience sampling is the sample technique I used for this investigation. Convenience
sampling, called a non-probability sampling technique, is used to choose study participants based
on their availability and willingness to participate (Saunders et al, 2009). Despite this,
convenience sampling is frequently regarded as a less trustworthy sampling strategy than other
strategies since it is subject to bias and does not offer a representative sample of the population,
claim Saunders et al (Saunders et al, 2009). However, convenience sampling is an excellent
choice for my research because its advantages are suitable and necessary for this study. As the
participants were chosen based on convenience, convenience sampling was judged to be
reasonably simple and quick to complete (Bornstein et al, 2013). Additionally, because it doesn't
require a specific sampling frame or target population, this method can save time and money
(Bornstein et al, 2013). I can then choose the sample size based on the objectives of my research.
Additionally, Sanders et al advise using this strategy to reach and enlist difficult-to-reach
participants through additional sampling techniques (Saunders et al, 2009). Based on the analysis

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of the advantages and disadvantages of the sampling methods, the advantages of the convenient
sampling method are suitable and easy to apply in my research.

On the other hand, simple random is evaluated better by Saunders et al and have more credibility
(Saunders et al, 2009). Using simple random sampling, which gives every member of the
population an equal chance of being chosen, researchers can choose a sample of participants
from a larger population (Saunders et al, 2009). The first benefit of this approach is that, if all
traces of bias are eliminated, it is relatively simple to put into practice (Saunders et al, 2009).
The second benefit of this approach is that it guarantees that every member of the population has
an equal chance of being chosen, guaranteeing that the sample is representative of the
population. Additionally, Saunders et al. contend that simple random sampling, which can be
used to choose samples from sizable populations and permit researchers to generalize findings to
sizable populations, is an effective method (Saunders et al, 2009). Along with its benefits, the
simple random sampling method has drawbacks that contributed to my decision not to use it for
this study. The expense of this method is the first thing to consider, it is not only expensive to
use, but it also requires a lot of time to install (Saunders et al, 2009). Additionally, because this
sampling technique needs a very large sample size, it is typically only used by large businesses
or the General Statistics Office. This approach is also thought to have a restricted diversity,
always possibly producing a sample that is relatively homogeneous, even when taken from a vast
population (Gaille, 2017). The same researchers also illustrated the potential for sampling bias,
showing how this technique is probably not going to succeed in gathering a representative
sample of the population (Gaille, 2017).

In addition to random sample, stratified random sampling is also well-liked among researchers.
The stratified random sampling approach has advantages and limitations of its own, just as the
random sampling method. The fact that this method provides more accurate estimations than
other methods must be emphasized as a benefit (Saunders et al, 2009). Additionally, it
guarantees proportional representation and enables the study of subgroups (Bornstein et al,
2013). Researchers may examine data for each group individually thanks to stratified random
sampling, which can give them more precise information regarding group comparisons
(Bornstein et al, 2013). Besides the advantages, stratified random sampling also has advantages,
and this is not suitable for my research paper, so I did not choose this method. Although the
results may be more accurate, its process can be more complicated than other methods,
especially when there are many layers in the whole (Saunders et al, 2009). This increases the

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 cost and time involved in the sampling process (Bornstein et al, 2013). In addition, this method
also requires researchers to have prior knowledge of the population because if the
subpopulations are not precisely defined, stratification may not improve sampling (Saunders et
al, 2009). The risk of sampling bias is also one of the disadvantages of this method if the
researcher is over or underrepresented for certain subgroups in the sample (Saunders et al, 2009).
With these disadvantages, I find that the method is not suitable to apply to my research paper.

With the convenience sampling method I send the survey to 35 people via email and expect to
get about 100% of the responses from them.

Variable description Variable Major

Reference
Access to Easy access to finance during the Covid-19 pandemic. AF1 (Dias et al.,
Finance Have a solid investment and working capital AF2 2022), (Chen
Access to finance is one of the main obstacles AF3 et al., 2021)
Self-financing based on corporate strategy and competitive AF4
model
Work Has good physical working environment conditions WC1 (Nwokedi et
Condition (temperature, lighting, ventilation, humidity etc. ). al., 2017),
The physical facilities meets the needs of employees to WC2 (Lee and Park,
work well 2021)
Often offers innovative programs in response to difficulties WC3
or competition.
Business Effective major incident response plan BR1 (Dias et al.,
Resilience Employees are aware of plans and how to respond to a BR2 2022), (Chen
major incident et al., 2021)
Provide and/or use specific training for incident planning BR3
Staff assigned roles for incident planning activities BR4

The above table represents the different variables, their descriptions, and associated reference
sources, along with the accompanying five-point scale: Strongly disagree, Disagree, Neutral,
Agree, and Strongly Agree. The first variable is “Access to Finance” (AF1-AF4), which pertains
to the ease of accessing finance during the Covid-19 pandemic, having a solid investment and
working capital, identifying challenges related to accessing finance, and providing self-financing

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based on corporate strategy and competitive models. The second variable is “Work Condition”
(WC1–WC3), which relates to the adequacy of physical working conditions, meeting the
requirements for employee performance, innovative programs offered by employers, and
employee engagement. The third variable, “Business Resilience” (BR1–BR4), covers the
effective responses to major incidents, employee awareness, specific training programs, and staff
roles in incident planning activities. Overall, the table provides a helpful summary of the
different variables and how they relate to different aspects of the business, helping to identify
key areas that should be addressed to improve financial access, working conditions, and business
resilience.

IV. Results
1. Participant Demographics

Age

14.29%

14.29% 42.86%

28.57%

18 - 23 years old 24 - 34 years old 35 - 44 years old Over 45 years old

Figure 1

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 Gender

Other 5.71%

Female 48.57%

Male 45.71%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%

Figure 2

Type of company

2 2
Private Enterprises
17
9 Limited Liability Company
Joint Stock Company

5 Partnership Company
State-owned enterprise

Figure 3

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 The position in business
11.43%
4

14.29%
54.29%
5 Staff
Manager

19 Director
Chairperson
20.00%
7

Figure 4

The age data in the survey of figure 1 is significant because it provides insight into the
demographic makeup of the population being surveyed. Based on the data presented, while the
distribution of age groups appears to be relatively even, the fact that the majority of respondents
fall within the 18-23 age range may indicate that the survey is better representative of younger
individuals. It may be necessary to take steps to ensure that all age groups are equally
represented in future surveys in order to get a more accurate understanding of the opinions and
attitudes of the population.

The gender data in the figure 2 provides insight into the gender distribution of the population
being surveyed. Based on the data presented, while the gender distribution within the survey
appears to approach relative gender parity, with about half of the respondents identifying as
female and just under half identifying as male, the low percentage of non-binary individuals
within the sample size suggests that the data may not be fully representative in terms of gender
identity. It may be necessary to take steps to ensure that gender is not a confounding factor
when interpreting the results of the survey, and that all genders are equally represented to get a
more accurate understanding of the viewpoints and attitudes of the population.

The survey data on the type of company in figure 3 provides insight into the distribution of
company types within the population surveyed. Based on this data, the sample appears to be well
representative of private companies, which make up nearly half of all respondents. Other
company types are also represented to various degrees, such as Limited Liability, Joint Stock and
State-owned companies. However, it is worth noting that the sample size for Partnership

17
Companies is quite small, which could impact the reliability of the results when applying to the
general population. Nonetheless, based solely on the data provided, the sample appears well
representative of the company types being surveyed.

The survey data on the position of individuals in the business in figure 4 provides insight into
the distribution of power and authority within the population being surveyed. While the majority
of respondents are staff positions, the sample also represents the upper levels of management,
with manager, director, and chairperson positions all being well-represented to varying degrees
in the sample. However, it may be important to note that the percentage of chairpersons is
relatively low, which could impact the reliability of conclusions drawn about that particular
group. Overall, based on the available data, the sample for this position-based survey appears to
be well-representative of the range of positions held within the businesses being surveyed.

2. Variable description

AF WC BR
Mean 3.16 3.43 3.55
Standard Error 0.10 0.17 0.11
Median 3.00 3.67 3.50
Mode 3.00 3.00 3.00
Standard
Deviation 0.62 0.99 0.65
Sample
Variance 0.38 0.97 0.43
Kurtosis 1.40 0.82 -0.08
Skewness 0.55 -0.93 0.03
Range 3.00 4.00 3.00
Minimum 2.00 1.00 2.00
Maximum 5.00 5.00 5.00
Sum 110.50 120.00 124.25
Count 35.00 35.00 35.00

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Based on the available data, the business appears to perform reasonably well in terms of
financial access, with a relatively average mean value of 3.16 and a standard deviation of 0.62,
indicating that the business may be offering equal financial opportunities to its employees.
However, the median value of 3.00 suggests that there may be some disparities in financial
access that are not fully accounted for by the mean.
In terms of working conditions, the business appears to be performing at an above-average level,
with a mean value of 3.43 and a median value of 3.67. The relatively high standard deviation of
0.99 indicates that working conditions may vary greatly depending on the position held within
the company, but the fact that the mean and median are both above 3 suggests that the average
experience of employees within the business is generally positive.
Finally, the business's mean score of 3.55 in terms of business recovery indicates that the
business is moderately successful in recovering from challenges, with a relatively low standard
deviation of 0.65 suggesting that the business's approach to recovery is consistent and reliable.
Overall, while there may be areas for improvement in terms of financial access and working
condition discrepancies, the business appears to be performing well in the evaluated factors.

3. Hypothesis testing
H1: AF is positively related to BR
H2: WC is positively related to BR

AF WC BR
AF 1
WC 0.288 1
BR 0.517 0.316 1

P-value for the correlation between BR and AF is 0.001472

P-value for the correlation between BR and WC is 0.064416. The result is not significant at
p <0.05.

Remark:
 We are 99.99% confident that AF is positively related to BR => Accept H1
 We are not confident enough that the two variables BR and WC have a relationship and
are not sure it is correct because our sample size is still limited so it could be wrong.
=> Reject H2

V. Discussion
1. State the main results of the research

19
The research on "Access to Finance and Work Condition in Business Recovery" concludes
that access to finance is positively associated with business resilience. This hypothesis has
been accepted in a few studies and reports, including "Effects of COVID-19 on business and
research" of Donthu and Gustafsson (Donthu and Gustafsson, 2020). The research analyzes
how access to finance, a critical element for businesses to withstand and recover from a
crisis, can help improve business resilience in the context of COVID-19. The availability of
finance can help firms to maintain operations, manage cash flow, finance investments, and
support innovation and growth. Based on this hypothesis, the research provides some
recommendations for firms in Vietnam to improve their resiliency. Firstly, firms should
ensure easy access to finance during the pandemic (AF1) by establishing strong relationships
with financial institutions, exploring alternative financing options, and using digital
solutions. Having a solid investment and working capital (AF2) is also necessary to sustain
operations during crises. Companies should consider diversifying their sources of funding,
optimizing their working capital, and minimizing their debt.

The main results of the research on work conditions in business resilience suggest that
having good physical working environment conditions, facilities that meet the needs of
employees, and innovative programs may not necessarily have a positive correlation with
firm resilience. In this study, a firm's resilience is not entirely dependent on work conditions,
but rather on other factors such as management practices and operational effectiveness.
However, research "Job Insecurity, Job Instability, and Job Satisfaction in the Context of the
COVID-19 Pandemic" by Nemteanu et al (Nemteanu et al, 2021) or "Revisiting Small- and
Medium-Sized Enterprises’ Innovation and Resilience during COVID-19: The Tourism
Sector" of Dias et al (Dias et al, 2022) shows that positive work-related programs and
attitudes can positively impact performance. The hypothesis that work conditions are
positively related to business resilience is rejected in this study because even firms with good
work conditions can still struggle with resilience if they lack strategic and operational
planning, clear goals, and effective employee training. However, it is still important for firms
to maintain good working conditions as it can contribute to employee well-being and job
satisfaction.

In addition to these financial and work condition recommendations, firms should also
prioritize building business resilience through effective major incident response plan (BR1),
which includes identifying risks, developing response strategies, and regular scenario testing.
It is essential to ensure employees' awareness of plans and how to respond to a major

20
incident (BR2). Firms should provide and/or use specific training for incident planning
(BR3) such as cybersecurity measures, upgrading technology infrastructure, and maintaining
communication channels with customers and suppliers. Assigning staff roles for incident
planning activities (BR4) can also facilitate rapid responses to emerging risks.

In summary, access to finance and working conditions are essential to enhance business
resilience in the context of COVID-19. The study's recommendations for businesses in
Vietnam emphasize the importance of strengthening financial management practices,
improving working conditions, and implementing robust incident response plans to improve
their overall resilience. It is essential that companies prioritize these recommendations to
combat and recover from the ongoing challenges posed by the pandemic.

2. Reflect on the effectiveness of research methods

In the research on access to finance and work conditions in business resilience, convenience
sampling is the preferred method to collect data. Convenience sampling is a research method
that involves selecting participants in such a way that the sample is easily accessible,
available, and willing to participate (Brown et al., 1989). One of the main strengths of
convenience sampling is that it is cost-effective and time-efficient, requiring little to no effort
in terms of identifying and recruiting participants. When performing pure sampling for this
study, there is almost no cost to be paid, and the sample collection time for the study is also
optimized for one week. This method is also convenient with limited time and resources who
need to obtain a sample quickly and easily when it is possible to send surveys to
acquaintances or random people via social networking sites. Besides, convenience sampling
can be useful when the study is exploratory, and the researcher is primarily interested in
generating hypotheses or identifying important trends or issues (Gaille, 2017). Convenience
sampling can also be useful as a preliminary step before conducting more in-depth research
using different sampling methods, allowing researchers to gain insights into the study
population and identify potential issues or challenges (Gaille, 2017). After performing
sample collection for the research paper, the sample for the research paper was found to be
quite positive and uniform. The samples obtained are considered to be good representatives
and suitable for analysis for research purposes.

However, the use of convenience sampling is often criticized for leading to biased results.
Most of the participants were chosen to send the survey to rather than randomly selected.
Because participants are not selected randomly, the sample may not be representative of the

21
population being studied. This can lead to misleading conclusions or generalizations about
the population based on a non-representative sample. As a result, convenience sampling is
generally considered to have limited external validity, which refers to the generalizability of
the research findings to the wider population. After performing the sample collection for the
paper, realize that the sample for the paper has a few disadvantages. The number of samples
was too small, only 35 samples were collected. This leads to a further weakness of
convenience sampling the sample lacks clear generalizability (Jager et al, 2017), and the
sample size may be too small to accurately capture the complexity and diversity of the
population being studied. Small sample sizes can lead to low statistical power, meaning that
the results may not be able to detect meaningful differences or relationships in the data (Jager
et al, 2017).

Overall, while convenience sampling has certain strengths, such as cost-effectiveness and
convenience, it is important to recognize its limitations, such as the potential for bias and
inadequate sample size. Researchers should carefully consider the appropriateness of
convenience sampling for their study and work to minimize the potential for bias through
careful design and analysis of the data.

3. Recommendations for future research

In future research, researchers interested in exploring the topic of access to finance and work
conditions in business recovery should consider a range of methods to ensure that their
findings are representative and generalizable to the population of interest. While convenience
sampling can be a useful method, there are a number of alternative methods that can be used
to complement or replace this approach, depending on the research question and study goals.

One potential method for future research is the use of probability sampling techniques, such
as simple random sampling or stratified sampling. Probability sampling involves randomly
selecting participants from the population of interest, ensuring that each member of the
population has an equal chance of being selected for the sample (Jager et al, 2017). This
approach can help to address the limitations of convenience sampling by reducing the
potential for bias and ensuring that the sample is representative of the population being
studied. By using probability sampling, future researchers can increase the validity and
generalizability of their findings and produce results that are more robust and reliable (Jager
et al, 2017).

22
Another method that could be used in future research is the use of snowball sampling.
Snowball sampling involves identifying an initial set of participants and then asking those
participants to refer other potential participants to the study. This approach can be useful for
studying hard-to-reach populations (Simkus, 2022), such as small business owners, who may
be difficult to identify and recruit through other methods. However, snowball sampling may
introduce bias into the sample if participants are likely to refer individuals who are similar to
themselves, thereby limiting the generalizability of the findings.

In addition to sampling methods, future researchers could also explore other data collection
techniques, such as surveys or interviews. Surveys can be a cost-effective and efficient way
of gathering large amounts of data, while interviews can allow for more in-depth exploration
of participants' experiences, perceptions, and attitudes. However, both methods have their
own limitations, such as potential response bias or interviewer bias. Careful consideration
should be given to the design and administration of these methods to minimize these
potential sources of bias.

Finally, future researchers could also consider using a mixed-methods approach,

incorporating both quantitative and qualitative data collection and analysis techniques.
Mixed methods research can provide a more comprehensive understanding of the topic being
studied by exploring both the breadth and depth of participants' experiences. By combining
different data collection and analysis methods, future researchers can obtain a more nuanced
and rich understanding of the complex relationships between access to finance, work
conditions, and business recovery.

Regarding thematic proposals for future research in this area, there are several key areas that
can be explored. For example, future research could focus on the role of government policies
and initiatives in promoting access to finance and improving working conditions for small
businesses. Or can learn about the topic: The impact of technological advances in the
financial sector on the access to finance and working conditions of small businesses. The
experiences and perspectives of small business owners regarding access to finance and
working conditions, including the challenges they face and the strategies they use to
overcome them. The impact of changes in the economic landscape, such as a recession or a
global pandemic, on small businesses' access to finance and working conditions. Researchers
should choose a topic that is closely related to their research question and objectives, and that
can be explored feasibly with the time and resources available. It is also important to

23
consider the practical implications of the research and how the results can be used to inform
policy or practice and promote positive change for small businesses.

24
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