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24/11/2021
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Pham , M. H., & Nguyen, D. Q. (2021). Earnings quality measurements and determinants: the case of listed firms in Vietnam. Journal of International Economics and Management, 21(3), 22-46. https://doi.org/10.38203/jiem.021.3.0034
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Earnings quality measurements and determinants: the case of listed firms in Vietnam
Main Article Content
Abstract
The study aims to review different measurements of earnings quality and investigate its determinants, mainly derived from firm characteristics of Vietnamese listed companies from 2011 to 2019. Panel data analysis is implemented, and fixed-effect regression is employed along with post-estimation tests to achieve robust findings. The research results indicate that dividend yield and firm size are positively related to earnings quality while financial leverage, growth, profitability, and accounting losses negatively impact on earnings quality. Meanwhile, firm age and the Circular 200 have a positive partial impact on the quality of earnings of listed firms in Vietnam.
Article Details
Keywords
Earnings management, Earnings quality, Accruals quality
References
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Brav, A., Graham, J. and Harvey, C. (2005), “Payout policy in the 21st century”, Journal of Financial Economics, Vol. 77 No. 3, pp. 483 - 527.
Chen, F., Hope, O.K., Li, Q. and Wang, X. (2010), “Financial reporting quality and investment efficiency of private firms in emerging markets”, Accounting Review, Forthcoming, Available at https://ssrn.com/abstract=1722804 (Accessed 28 September, 2020).
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Cohen, D.A. (2008), “Does information risk really matter? An analysis of the determinants and economic consequences of financial reporting quality”, Asia-Pacific Journal of Accounting and Economics, Vol. 15 No. 2, pp. 69 - 90.
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an analysis of firms subject to enforcement actions by the SEC”, Contemporary Accounting Research, Vol. 13 No. 1, pp. 1 - 36.
DeFond, M. and Jiambalvo, J. (1994), “Debt covenant violation and manipulation of accruals”, Journal of Accounting and Economics, Vol. 17 No. 1-2, pp. 145 - 176.
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Driscoll, J. and Kraay, A. (1998), “Consistent covariance matrix estimation with spatially dependent data”, Review of Economics and Statistics, Vol. 80, pp. 549 - 560.
Dumontier, P. and Labelle, R. (1998), “Accounting earnings and firm valuation: the French case”, European Accounting Review, Vol. 7 No. 2, pp. 163 - 183.
Duong, N.T.T. (2013), “Tac dong cua cau truc no den chat luong loi nhuan cua doanh nghiep”, Tap chi Cong nghe Ngan hang, Tap 85, So 4, tr. 51 - 59.
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Francis, J., LaFond, R., Olsson, P. and Schipper, K. (2004), “Costs of equity and earnings attributes”, The Accounting Review, Vol. 79 No. 4, pp. 967 - 1010.
Francis, J., Lafond, R., Olsson, P. and Schipper, K. (2005), “The market pricing of accrual quality”, Journal of Accounting and Economics, Vol. 39 No. 2, pp. 295 - 327.
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Ghosh, A., Gu, Z. and Jain, P. (2005), “Sustained earnings and revenue growth, earnings quality, and earnings response coefficients”, Review of Accounting Studies, Vol. 10 No. 1, pp. 33 - 57.
Gopalan, R. and Jayaraman, S. (2012), “Private control benefits and earnings management: evidence from insider-controlled firms”, Journal of Accounting Research, Vol. 50 No. 1, pp. 117 - 157.
Gul, F., Fung, S. and Jaggi, B. (2009), “Earnings quality: some evidence on the role of auditor tenure and auditors’ industry expertise”, Journal of Accounting and Economics, Vol. 47, pp. 265 - 287.
Hamidzadeh, S. and Zeinali, M. (2015), “The asset structure and liquidity effect on financial reporting quality at listed companies in Tehran Stock Exchange”, Arabian Journal of Business Management and Review, Vol. 4 No. 7, pp. 121 - 127.
Hassan, S. and Bello, A. (2013), “Firm characteristics and financial reporting quality of listed manufacturing firms in Nigeria”, International Journal of Accounting, Banking and Management, Vol. 1 No. 6, pp. 47 - 63.
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Barth, M., Beaver, W. and Landsman, W. (2001), “The relevance of the value relevance literature for financial accounting standard setting: another view”, Journal of Accounting and Economics, Vol. 31 No. 1-3, pp. 77 - 104.
Barton, J. and Waymire, G. (2004), “Investor protection under unregulated financial reporting”, Journal of Accounting and Economics, Vol. 38, pp. 65 - 116.
Barua, A. (2006), “Using the FASB’s qualitative characteristics in earnings quality measures”, Working paper, Louisiana State University.
Basu, S. (1997), “The conservatism principle and the asymmetric timeliness of earnings”, Journal of Accounting and Economics, Vol. 24 No. 1, pp. 3 - 37.
Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V. (2001), “Capital structure in developing countries”, The Journal of Finance, Vol. 56, pp. 87 - 130.
Bui, V.D. and Ngo, H.D. (2017), “Dac diem hoi dong quan tri va hanh vi quan tri loi nhuan cua cac cong ty niem yet tren thi truong chung khoan Viet Nam”, Tap chi Khoa hoc Dai hoc Mo TP.HCM, Tap 54, So 3, tr. 71 - 84.
Brav, A., Graham, J. and Harvey, C. (2005), “Payout policy in the 21st century”, Journal of Financial Economics, Vol. 77 No. 3, pp. 483 - 527.
Chen, F., Hope, O.K., Li, Q. and Wang, X. (2010), “Financial reporting quality and investment efficiency of private firms in emerging markets”, Accounting Review, Forthcoming, Available at https://ssrn.com/abstract=1722804 (Accessed 28 September, 2020).
Cheng, C., Ferris, K., Hsieh, S. and Su, Y. (2005), “The value relevance of earnings and book value under pooling and purchase accounting”, Advances in Accounting, Vol. 21, pp. 25 - 59.
Cohen, D. (2003), “Quality of financial reporting choice: determinants and economic consequences”, Working paper, Kellogg School of Management, Northwestern University.
Cohen, D.A. (2008), “Does information risk really matter? An analysis of the determinants and economic consequences of financial reporting quality”, Asia-Pacific Journal of Accounting and Economics, Vol. 15 No. 2, pp. 69 - 90.
Collins, D., Maydew, E. and Weiss, I. (1997), “Changes in the value-relevance of earnings and book values over the past forty years”, Journal of Accounting and Economics, Vol. 24 No. 1, pp. 39 - 67.
Dang, N.H. (2015), “Nghien cuu xu huong quan tri loi nhuan do thay doi thue suat thu nhap doanh nghiep cua cac cong ty niem yet tren thi truong chung khoan Viet Nam”, Tap chi Kinh te va Phat trien, So 21, tr. 46 - 54.
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DeAngelo, H., DeAngelo, L. and Skinner, D. (1994), “Accounting choice in troubled companies”, Journal of Accounting and Economics, Vol. 17 No.1-2, pp. 113 - 143.
DeAngelo, L. (1986), “Accounting numbers as market valuation substitutes: a study of management buyouts of public stockholders”, Accounting Review, Vol. 61 No. 3, pp. 400 - 420.
Dechow, P. and Dichev, I. (2002), “The quality of accruals and earnings: the role of accrual estimation errors”, The Accounting Review, Vol. 77, pp. 35 - 59.
Dechow, P., Ge, W. and Schrand, C. (2010), “Understanding earnings quality: a review of the proxies, their determinants and their consequences”, Journal of Accounting and Economics, Vol. 50, pp. 344 - 401.
Dechow, P., Sloan, R. and Sweeney, A. (1995), “Detecting earnings management”, The Accounting Review, Vol. 70 No. 2, pp. 193 - 225.
Dechow, P., Sloan, R. and Sweeney, A. (1996), “Causes and consequences of earnings manipulation:
an analysis of firms subject to enforcement actions by the SEC”, Contemporary Accounting Research, Vol. 13 No. 1, pp. 1 - 36.
DeFond, M. and Jiambalvo, J. (1994), “Debt covenant violation and manipulation of accruals”, Journal of Accounting and Economics, Vol. 17 No. 1-2, pp. 145 - 176.
Deng, L., Li, S. and Liao, M. (2017), “Dividends and earnings quality: evidence from China”, International Review of Economics and Finance, Vol. 48, pp. 255 - 268.
Doyle, J., Ge, W. and McVay, S. (2007), “Accruals quality and internal control over financial reporting”, The Accounting Review, Vol. 82 No. 5, pp. 1141 - 1170.
Driscoll, J. and Kraay, A. (1998), “Consistent covariance matrix estimation with spatially dependent data”, Review of Economics and Statistics, Vol. 80, pp. 549 - 560.
Dumontier, P. and Labelle, R. (1998), “Accounting earnings and firm valuation: the French case”, European Accounting Review, Vol. 7 No. 2, pp. 163 - 183.
Duong, N.T.T. (2013), “Tac dong cua cau truc no den chat luong loi nhuan cua doanh nghiep”, Tap chi Cong nghe Ngan hang, Tap 85, So 4, tr. 51 - 59.
Ericson, R. and Pakes, A. (1995), “Markov-perfect industry dynamics: a framework for empirical work”, The Review of Economic Studies, Vol. 62 No. 1, pp. 53 - 82.
Frank, M.Z. and Goyal, V.K. (2009), “Capital structure decisions: which factors are reliably important?”, Financial Management, Vol. 38 No. 1, pp. 1 - 37.
Francis, J., Hanna, J. and Vincent, L. (1996), “Causes and effects of discretionary asset write-offs”, Journal of Accounting Research, Vol. 34, pp. 117 - 134.
Francis, J., LaFond, R., Olsson, P. and Schipper, K. (2004), “Costs of equity and earnings attributes”, The Accounting Review, Vol. 79 No. 4, pp. 967 - 1010.
Francis, J., Lafond, R., Olsson, P. and Schipper, K. (2005), “The market pricing of accrual quality”, Journal of Accounting and Economics, Vol. 39 No. 2, pp. 295 - 327.
Friedlan, J. (1994), “Accounting choices of issuers of initial public offerings”, Contemporary Accounting Research, Vol. 11 No. 1, pp. 1 - 31.
Ghosh, A., Gu, Z. and Jain, P. (2005), “Sustained earnings and revenue growth, earnings quality, and earnings response coefficients”, Review of Accounting Studies, Vol. 10 No. 1, pp. 33 - 57.
Gopalan, R. and Jayaraman, S. (2012), “Private control benefits and earnings management: evidence from insider-controlled firms”, Journal of Accounting Research, Vol. 50 No. 1, pp. 117 - 157.
Gul, F., Fung, S. and Jaggi, B. (2009), “Earnings quality: some evidence on the role of auditor tenure and auditors’ industry expertise”, Journal of Accounting and Economics, Vol. 47, pp. 265 - 287.
Hamidzadeh, S. and Zeinali, M. (2015), “The asset structure and liquidity effect on financial reporting quality at listed companies in Tehran Stock Exchange”, Arabian Journal of Business Management and Review, Vol. 4 No. 7, pp. 121 - 127.
Hassan, S. and Bello, A. (2013), “Firm characteristics and financial reporting quality of listed manufacturing firms in Nigeria”, International Journal of Accounting, Banking and Management, Vol. 1 No. 6, pp. 47 - 63.
He, W., Ng, L., Zaiats, N. and Zhang, B. (2017), “Dividend policy and earnings management across countries”, Journal of Corporate Finance, Vol. 42, pp. 267 - 286.
Hoang, K. (2016), “Cac nhan to tac dong toi chat luong chi tieu loi nhuan trong bao cao tai chinh doanh nghiep niem yet tai Viet Nam”, Tap chi Kinh te va Phat trien, Tap 22, So 230, tr. 71 - 80.
Hoang, T.V.H. and Dang, N.H. (2018), “Yeu to anh huong den quan tri loi nhuan: nghien cuu truong hop cac doanh nghiep niem yet tai Viet Nam”, Tap chi Khoa hoc và Cong nghe Dai hoc Cong nghiep Ha Noi, Tap 46, So 6, tr. 60 - 67.
Jones, J. (1991), “Earnings management during import relief investigations”, Journal of Accounting Research, Vol. 29 No. 2, pp. 193 - 228.
Kamau, R. and Waweru, N. (2013), “Corporate governance and level of internet reporting in Kenya”, Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2310098 (Accessed 20 November, 2020).
Karami, A. and Akhgar, M. (2014), “Effect of company’s size and leverage features on the quality of financial reporting of companies listed in Tehran Stock Exchange”, Interdisciplinary Journal of Contemporary Research in Business, Vol. 6 No. 5, pp. 71 - 81.
Kothari, S., Leone, A. and Wasley, C. (2005), “Performance matched discretionary accrual measures”, Journal of accounting and Economics, Vol. 39 No. 1, pp. 163 - 197.
Lang, M. and Lundholm, R. (1993), “Cross-sectional determinants of analyst ratings of corporate disclosures”, Journal of Accounting Research, Vol. 31 No. 2, pp. 246 - 271.
Lee, C., Li, L. and Yue, H. (2006), “Performance, growth and earnings management”, Review of Accounting Studies, Vol. 11 No. 2-3, pp. 305 - 334.
Leuz, C., Nanda, D. and Wysocki, P. (2003), “Earnings management and investor protection: an international comparison”, Journal of Financial Economics, Vol. 69 No. 3, pp. 505 - 527.
Lev, B. (1989), “On the usefulness of earnings and earnings research: lessons and directions from two decades of empirical research”, Journal of Accounting Research, Vol. 27, pp. 153 - 192.
Li, Q. and Wang, T. (2010), “Financial reporting quality and corporate investment efficiency: Chinese experience”, Nankai Business Review International, Vol. 1 No. 2, pp. 197 - 213.
Lin, Y. and Wu, L. (2014), “Exploring the role of dynamic capabilities in firm performance under the resource-based view framework”, Journal of Business Research, Vol. 67 No. 3, pp. 407 - 413.
Lintner, J. (1956), “Distribution of incomes of corporations among dividends, retained earnings, and taxes”, The American Economic Review, Vol. 2, pp. 97 - 113.
Lipe, R. (1990), “The relation between stock returns and accounting earnings given alternative information”, Accounting Review, Vol. 65 No. 1, pp. 49 - 71.
Liu, M., Shi, Y., Wilson, C. and Wu, Z. (2017), “Does family involvement explain why corporate social responsibility affects earnings management?”, Journal of Business Research, Vol. 75, pp. 8 - 16.
McNichols, M. (2002), “Discussion of the quality of accruals and earnings: the role of accruals estimation errors”, The Accounting Review, Vol. 77 No. 1, pp. 61 - 69.
Ministry of Finance. (2014), Circular 200/2014/TT-BTC dated December 22, 2014 on guidelines for accounting policies for enterprises.
Mohammady, A. (2010), “Earnings quality constructs and measures”, Available at https://papers.ssrn. com/sol3/papers.cfm?abstract_id=1678461 (Accessed 12 January, 2021).
Mora, A. and Walker, M. (2015), “The implications of research on accounting conservatism for accounting standard setting”, Accounting and Business Research, Vol. 45 No. 5, pp. 620 - 650.
Ngoc, V. and Thanh, H (2020), “Sau kiem toan, Hoang Anh Gia Lai bat ngo tu lai chuyen sang lo nghin ty dong”, Available at https://vtc.vn/sau-kiem-toan-hoang-anh-gia-lai-bat-ngo-tu-lai-chuyensang-lo-nghin-ty-dong-ar539418.html (Accessed 10 December, 2020).
Nguyen, A.H. and Nguyen, R.D. (2019), “Nhan to anh huong den chat luong loi nhuan cua cac cong ty niem yet tren HOSE”, Tap chi Tai chinh, Tap 715, So 10, tr. 64 - 66.
Nguyen, D.Q. and Tran, Q.H. (2018), “Hanh vi quan tri loi nhuan va hieu qua hoat dong cua cac doanh nghiep niem yet tren thi truong chung khoan Viet Nam”, Tap chi Kinh te doi ngoai, So 99, tr. 57 - 71.
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