Ban kiểm soát và quản trị lợi nhuận: Bằng chứng thực nghiệm tại Việt Nam
Nội dung chính của bài viết
Tóm tắt
Nghiên cứu sử dụng mẫu dữ liệu của 174 công ty niêm yết trong giai đoạn 2015 đến năm 2019 để xem xét tác động của ban kiểm soát đến hành vi quản trị lợi nhuận tại Việt Nam. Nghiên cứu sử dụng mô hình Dechow và cộng sự (1995) đo lường mức dồn tích bất thường đại diện cho hành vi quản trị lợi nhuận. Kết quả hồi quy đa biến cho thấy có 3 biến thuộc ban kiểm soát có tác động đến quản trị lợi nhuận: quy mô ban kiểm soát có tác động ngược chiều với quản trị lợi nhuận, thành viên độc lập, tần suất họp của ban kiểm soát có tác động cùng chiều với quản trị lợi nhuận. Đồng thời kết quả nghiên cứu chưa tìm thấy bằng chứng chứng minh mối tương quan giữa trình độ chuyên môn ban kiểm soát với quản trị lợi nhuận. Ngoài ra, nghiên cứu này cũng thừa nhận quy mô công ty có mối tương quan cùng chiều với quản trị lợi nhuận nhưng hệ số nợ, dòng tiền thuần từ hoạt động kinh doanh có mối tương quan ngược chiều với quản trị lợi nhuận.
Chi tiết bài viết
Từ khóa
Ban kiểm soát, Dồn tích bất thường, Quản trị lợi nhuận
Tài liệu tham khảo
Abbott, L.J. Park, Y. & Parker, S. (2000). The effect of audit committee activity and independence on corporate fraud, Managerial Finance, 26(11), 55-68.
Abbott, L. J., Parker, S., & Peters, G. F. (2004). Audit committee characteristics and restatements. Auditing: A journal of practice & theory, 23(1), 69-87.
Anderson, D., Francis, J.R., & Stokes, D.J. (1993). Auditing, directorships, and the demand for monitoring. Journal of Accounting and Public Policy 12 (4), 353-375
Be´dard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A journal of practice & theory, 23(2), 13-35..
Beneish, M. D. (1998). Discussion of “Are accruals during initial public offerings opportunistic?”. Review of accounting studies, 3(1), 209-221.
Bowen, R. M., Rajgopal, S., & Venkatachalam, M. (2008). Accounting discretion, corporate governance, and firm performance. Contemporary accounting research, 25(2), 351-405.
Davidson, R., Goodwin – Stewart, J., & Kent, P. (2005). Internal governance structures and earnings management. Accounting & Finance, 45(2), 241 – 267.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193-225.
DeZoort, F. T, Hermanson, D.R., Archambeault,D.S & Reed,A.S. (2002). Audit committee effectiveness: a synthesis of the empirical audit committee literature. Jounal of Accounting Literature, 21, 38-75.
Dhaliwal, D. A. N., Naiker, V. I. C., & Navissi, F. (2010). The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting Research, 27(3), 787-827.
Duong, B. V., & Diep, N. H. (2017). Board characteristics and earnings management in listed companies of Vietnam's stock market. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 12(2), 113-126.
Ebrahim, A. (2007). Earnings management and board activity: an additional evidence. Review of Accounting and Finance, 6(1), 42-58.
Fama, E.F. & Jensen, M.C. (1983). Separation of ownership and control, Journal of Law and Economics, 26(2), 301-325.
Hoang, T. C., Abeysekera, I., & Ma, S. (2017). The effect of board diversity on earnings quality: An empirical study of listed firms in Vietnam. Australian Accounting Review, 27(2), 146-163.
Healy, P.M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1), 85 - 107
Jensen, M. C. (2005). Agency costs of overvalued equity. Financial management, 34(1), 5-19.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228.
Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting research, 43(3), 453-486.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
Laing, D. & Weir, C. (1999) Governance structures, size and corporate performance in UK firms, Management Decision, 37(5), 457 -464.
Leuz, C., Nada, D. & Wysocki P.D. (2003). Earnings management and investor protection: An international comparison, Journal of Financial Economics, 69(3), 505-527.
Li,J., Mangena, M. & Pike, R. (2012). The effect of audit committee Characteristics on intellectual Capital Disclosure, The British Accounting Review, 44(2), 98 -110.
Lin, J. W., & Hwang, M. I. (2010). Audit quality, corporate governance, and earnings management: A meta‐analysis. International journal of auditing, 14(1), 57-77.
Lin, J. W., Li, J. F., & Yang, J. S. (2006). The effect of audit committee performance on earnings quality. Managerial Auditing Journal, 21(9), 921-933.
Marrakchi, C. S., Bedard, J., & Courteau, L. (2001). Corporate governance and earnings management. Available at SSRN: https://ssrn.com/abstract=275053 or http://dx.doi.org/10.2139/ssrn.275053.
Menon, K., & Williams, J.D. (1994). The use of audit committees for monitoring, Journal of Accounting and Public Policy, 13(2), 121-139.
Moradi, M., Salehi, M., Bighi, S. J. H., & Najari, M. (2012). A Study of relationship between board characteristics and earning management: Iranian scenario. Universal Journal of Management and Social Sciences, 2(3),12-29.
Peasnell, K. V., Pope, P. F., & Young, S. (2005). Board monitoring and earnings management: do outside directors influence abnormal accruals?. Journal of Business Finance & Accounting, 32(7‐8), 1311-1346.
Persons, O. S. (2009). Audit committee characteristics and earlier voluntary ethics disclosure among fraud and no-fraud firms. International journal of disclosure and governance, 6(4), 284-297.
Roychowdhury, S. (2006). Earning Management through Real Activities Manipulation. Journal of Accounting and Economics, 42(3), 335-370.
Siregar, S.V., and Utama, S. (2008). Type of earnings management and the effect of ownership structure, firm size and corporate governance practices: Evidence from Indonesia. The international Journal of Accounting, 43(1), 1-27.
Soliman, M. M., & Ragab, A. A. (2014). Audit committee effectiveness, audit quality and earnings management: an empirical study of the listed companies in Egypt. Research journal of finance and accounting, 5(2), 155-166.
Waweru, N. M., & Riro, G. K. (2013). Corporate governance, firm characteristics and earnings management in an emerging economy. Journal of Applied Management Accounting Research, 11(1), 43.
Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of corporate finance, 9(3), 295-316.
Vafeas, N. (2005). Audit committees, boards, and the quality of reported earnings. Contemporary accounting research, 22(4), 1093-1122.
Yang, J. S., & Krishnan, J. (2005). Audit committees and quarterly earnings management. International journal of auditing, 9(3), 201-219.
Abbott, L. J., Parker, S., & Peters, G. F. (2004). Audit committee characteristics and restatements. Auditing: A journal of practice & theory, 23(1), 69-87.
Anderson, D., Francis, J.R., & Stokes, D.J. (1993). Auditing, directorships, and the demand for monitoring. Journal of Accounting and Public Policy 12 (4), 353-375
Be´dard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A journal of practice & theory, 23(2), 13-35..
Beneish, M. D. (1998). Discussion of “Are accruals during initial public offerings opportunistic?”. Review of accounting studies, 3(1), 209-221.
Bowen, R. M., Rajgopal, S., & Venkatachalam, M. (2008). Accounting discretion, corporate governance, and firm performance. Contemporary accounting research, 25(2), 351-405.
Davidson, R., Goodwin – Stewart, J., & Kent, P. (2005). Internal governance structures and earnings management. Accounting & Finance, 45(2), 241 – 267.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193-225.
DeZoort, F. T, Hermanson, D.R., Archambeault,D.S & Reed,A.S. (2002). Audit committee effectiveness: a synthesis of the empirical audit committee literature. Jounal of Accounting Literature, 21, 38-75.
Dhaliwal, D. A. N., Naiker, V. I. C., & Navissi, F. (2010). The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting Research, 27(3), 787-827.
Duong, B. V., & Diep, N. H. (2017). Board characteristics and earnings management in listed companies of Vietnam's stock market. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 12(2), 113-126.
Ebrahim, A. (2007). Earnings management and board activity: an additional evidence. Review of Accounting and Finance, 6(1), 42-58.
Fama, E.F. & Jensen, M.C. (1983). Separation of ownership and control, Journal of Law and Economics, 26(2), 301-325.
Hoang, T. C., Abeysekera, I., & Ma, S. (2017). The effect of board diversity on earnings quality: An empirical study of listed firms in Vietnam. Australian Accounting Review, 27(2), 146-163.
Healy, P.M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1), 85 - 107
Jensen, M. C. (2005). Agency costs of overvalued equity. Financial management, 34(1), 5-19.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228.
Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting research, 43(3), 453-486.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
Laing, D. & Weir, C. (1999) Governance structures, size and corporate performance in UK firms, Management Decision, 37(5), 457 -464.
Leuz, C., Nada, D. & Wysocki P.D. (2003). Earnings management and investor protection: An international comparison, Journal of Financial Economics, 69(3), 505-527.
Li,J., Mangena, M. & Pike, R. (2012). The effect of audit committee Characteristics on intellectual Capital Disclosure, The British Accounting Review, 44(2), 98 -110.
Lin, J. W., & Hwang, M. I. (2010). Audit quality, corporate governance, and earnings management: A meta‐analysis. International journal of auditing, 14(1), 57-77.
Lin, J. W., Li, J. F., & Yang, J. S. (2006). The effect of audit committee performance on earnings quality. Managerial Auditing Journal, 21(9), 921-933.
Marrakchi, C. S., Bedard, J., & Courteau, L. (2001). Corporate governance and earnings management. Available at SSRN: https://ssrn.com/abstract=275053 or http://dx.doi.org/10.2139/ssrn.275053.
Menon, K., & Williams, J.D. (1994). The use of audit committees for monitoring, Journal of Accounting and Public Policy, 13(2), 121-139.
Moradi, M., Salehi, M., Bighi, S. J. H., & Najari, M. (2012). A Study of relationship between board characteristics and earning management: Iranian scenario. Universal Journal of Management and Social Sciences, 2(3),12-29.
Peasnell, K. V., Pope, P. F., & Young, S. (2005). Board monitoring and earnings management: do outside directors influence abnormal accruals?. Journal of Business Finance & Accounting, 32(7‐8), 1311-1346.
Persons, O. S. (2009). Audit committee characteristics and earlier voluntary ethics disclosure among fraud and no-fraud firms. International journal of disclosure and governance, 6(4), 284-297.
Roychowdhury, S. (2006). Earning Management through Real Activities Manipulation. Journal of Accounting and Economics, 42(3), 335-370.
Siregar, S.V., and Utama, S. (2008). Type of earnings management and the effect of ownership structure, firm size and corporate governance practices: Evidence from Indonesia. The international Journal of Accounting, 43(1), 1-27.
Soliman, M. M., & Ragab, A. A. (2014). Audit committee effectiveness, audit quality and earnings management: an empirical study of the listed companies in Egypt. Research journal of finance and accounting, 5(2), 155-166.
Waweru, N. M., & Riro, G. K. (2013). Corporate governance, firm characteristics and earnings management in an emerging economy. Journal of Applied Management Accounting Research, 11(1), 43.
Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of corporate finance, 9(3), 295-316.
Vafeas, N. (2005). Audit committees, boards, and the quality of reported earnings. Contemporary accounting research, 22(4), 1093-1122.
Yang, J. S., & Krishnan, J. (2005). Audit committees and quarterly earnings management. International journal of auditing, 9(3), 201-219.