On July 17, 2020, the Faculty of Business Administration, Nguyen Tat Thanh University, successfully organized the seminar “Psychological and behavioral trends in financial and management models”. The conference brought together many scholars from universities, business lecturers and business leaders.
Opening the Workshop Dr. Huynh Thanh Dien – Chairman of the Scientific Council, Faculty of Business Administration, Nguyen Tat Thanh University raised the issue: Trends in research on psycho-behavioral factors in management decisions and finance in recent years. To clarify this trend, the workshop was organized to discuss the findings of emotional factors affecting management, financial, investment, merger and acquisition decisions.
Dr. Huynh Thanh Dien delivered the keynote speech at the Workshop.
In the field of human resource management, Dr. Phan Ngoc Thanh – Head of Department of Human Resource Management, Nguyen Tat Thanh University presented about the trend of applying psychological laws in building employee motivation system. in today’s organizations. Many successful business leaders know how to understand the psychology of employees and partners to make the right decisions. Referring specifically to the field of recruitment, Mr. Phan Dang Quy, Director of Phan Dang Communications, pointed out the psychological factors that greatly influence the decisions of employers. Accordingly, Mr. Quy gave suggestions for universities that need to pay attention to training skills in CV writing, communication, interviewing, etc., in order to positively influence psychology and conquer employers. use.
In the field of marketing and sales, there are also many interesting findings. MSc Cao Minh Nhut (Head of Marketing Department, Nguyen Tat Thanh University) pointed out that emotional factors have a great influence on purchasing decisions. MSc Tang Thi Bich Hien (Lecturer of Nguyen Tat Thanh University) presented an empirical study “Factors influencing convenience purchasing behavior of students at Nguyen Tat Thanh University” which showed that improvisation has a strong impact most strongly to the urge to buy convenience goods.
In the field of investment, Mr. Nguyen Van Dong (Chairman of the Board of Directors of Green Agricultural Import-Export Investment Consulting Joint Stock Company, Vice Chairman of the Business Club of Nguyen Tat Thanh University) mentioned the psychological and behavioral factors. influence investment decisions. Emotional factors, herd mentality, crowd effect or overconfidence of investors are the cause of many bad investment decisions.
Academician – Doctor of Science Nguyen Van Dang – Nguyen Tat Thanh University outlines the application of psychological behavioral factors in state governance expressed through the model of “rule of virtue” and “rule of law”. The rule of law model using the tools of law, regulation and sanctions is necessary, but to ensure success, attention must be paid to issues of ethics and trust.
Through the workshop, it was shown that all decisions in management, investment, finance, … are made by specific people, it is necessary to identify the psychological factors that influence the implementation of decisions. Therefore, decision models need to include behavioral factors in order to make effective predictions. Management solutions need to be flexible because psychological factors are very diverse. All frameworks are necessary, but they are only effective when the art of behavior modification is applied appropriately (Dr. Huynh Thanh Dien at the end of the workshop).
Guest delegates and lecturers of the Faculty of Business Administration, Nguyen Tat Thanh University, take souvenir photos
