The relationship between business strategy and internal control in aquaculture firms
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Thi Huong Tra Le, Duc Dinh Truong 
, Duc Tai Do , Thi Quynh Lien Duong, The Nu Tran , Thi Thu Phuong Ha
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract
Any company that wants to achieve both financial and non-financial performance needs to have internal controls. Internal controls are intended to reduce risks, safeguard resources, guarantee accurate financial reporting, boost productivity, and ease compliance (Bashaija, 2022). The purpose of this study is to investigate how internal control and business strategy interact in Vietnamese aquaculture companies. To gather information, a survey of 225 workers in Vietnamese aquaculture companies was done. Through qualitative and quantitative methodologies, we used Cronbach’s alpha, exploratory factor analysis (EFA), and regression analysis to determine the relationship between business strategy and internal control. The results showed that the business strategy had a positive relationship with internal control. In particular, the defensive strategy is the strongest. From the findings, this study suggests several recommendations to improve internal control, such as improving business strategy. The findings are thought to be a helpful resource for Vietnamese aquaculture companies looking to move toward sustainable development.
Keywords: Internal Control, Business Strategy, Public Policy, Accounting Law
Authors’ individual contribution: Conceptualization — D.T.D.; Methodology — D.D.T. and T.H.T.L.; Validation — T.Q.L.D.; Formal Analysis — D.T.D.; Investigation — T.N.T. and T.T.P.H.; Resources — T.N.T.; Data Curation — D.D.T. and T.T.P.H.; Writing — Original Draft — D.T.D. and T.T.P.H..; Writing — Review & Editing — T.H.T.L. and T.Q.L.D.; Supervision — D.T.D. and T.Q.L.D.; Project Administration — D.T.D. and T.N.T.; Funding Acquisition — D.D.T., D.T.D., T.H.T.L., T.N.T., and T.T.P.H.
Declaration of conflicting interests: The Authors declare that there is no conflict of interest.
JEL Classification: M40, M42, K00, J18, J88
Received: 30.01.2024
Accepted: 11.06.2024
Published online: 14.06.2024
How to cite this paper: Truong, D. D., Do, D. T., Le, T. H. T., Duong, T. Q. L., Tran, T. N., & Ha, T. T. P. (2024). The relationship between business strategy and internal control in aquaculture firms. Corporate & Business Strategy Review, 5(3), 17–26. https://doi.org/10.22495/cbsrv5i3art2
