Tác động của quyền lực giám đốc điều hành đến quản trị lợi nhuận tại các công ty niêm yết ở Việt Nam
Nội dung chính của bài viết
Tóm tắt
Bài viết được thực hiện nhằm đánh giá tác động của quyền lực giám đốc điều hành đến hành vi quản trị lợi nhuận tại các công ty niêm yết ở Việt Nam trong giai đoạn 2016 đến 2020. Nghiên cứu sử dụng dữ liệu của 485 công ty niêm yết trên hai sàn chứng khoán HOSE và HNX thông qua hồi quy dữ liệu bảng với biến phụ thuộc đại diện đo lường quản trị lợi nhuận theo mô hình Dechow và cộng sự (1995) và Kothari và cộng sự (2005). Kết quả nghiên cứu thừa nhận quyền lực giám đốc điều hành có tác động tích cực và có ý nghĩa đến quản trị lợi nhuận (theo mô hình Dechow và cộng sự, 1995), có nghĩa là giám đốc điều hành vừa là nhà sáng lập và có chuyên môn về tài chính có khả năng làm tăng hành vi quản trị lợi nhuận. Ngoài ra, nghiên cứu cũng cho thấy, các biến kiểm soát như tỷ suất sinh lời trên tài sản, dòng tiền thuần từ hoạt động kinh doanh cũng có tác động đến quản trị lợi nhuận tại cả hai mô hình đo lường dồn tích bất thường. Như vậy, kết quả nghiên cứu đóng góp rất lớn trong xây dựng cơ chế quản lý hiệu quả, góp phần giúp các chủ sở hữu có các chính sách thích hợp nhằm nâng cao chất lượng thông tin trên báo cáo tài chính và hạn chế quản trị lợi nhuận.
Chi tiết bài viết
Từ khóa
Quyền lực CEO, Quản trị lợi nhuận, Việt Nam
Tài liệu tham khảo
Abernethy, M. A., Kuang, Y. F., & Qin, B. (2014). The influence of CEO power on compensation contract design. The Accounting Review, 90(4), 1265–1306
Adams, R., Almeida, H., & Ferreira, D. (2009). Understanding the relationship between founder–CEOs & firm performance. Journal of Empirical Finance, 16(1), 136–150
Ali, A., & Zhang, W. (2015). CEO tenure & earnings management. The Journal of Accounting & Economics, 59(1), 60 -79.
Ali, S. M., Salleh, N. M., & Hassan, M. S. (2008). Ownership structure & earnings management in Malaysian listed companies: The size effect. Asian Journal of Business & Accounting, 1(2), 89–116.
Alzoubi, E. S. S. (2018). Audit quality, debt financing, and earnings management: Evidence from Jordan. Journal of International Accounting, Auditing and Taxation, 30(C), 69-84.
Aier, J., Comprix, J., & Gunlock, M. (2005). The financial expertise of CFOs & accounting restatements. The Accounting Horizons, 19(3), 123-135.
Baldenius, T., Melumad, N., & Meng, X. (2014). Board composition & CEO power. Journal of Financial Economics, 112(1), 53–68.
Barton, J., & Simko, P. J. (2002). The balance sheet as an earnings management constraint. The accounting review, 77(s-1), 1-27.
Barua, A., Davidson, L. F., Rama, D. V., & Thiruvadi, S. (2010). CFO gender and accruals quality. Accounting Horizons, 24(1), 25-39.
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.
Bowen, R. M., Rajgopal, S., & Venkatuchalam, M. (2008). Accounting Discretion, Corporate Governance & Firm Performance. Contemporary Accounting Research, 25(2), 351 – 405.
Chen, T. (2011). Analysis on accrual-based models in detecting earnings management Analysis on Accrual-Based Models in Detecting. Lingnan Journal of Banking, Finance & Economics, 2(1), 1-10.
Chen, K. Y., Elder, R. J., & Hsieh, Y.-M. (2007). Corporate governance & earnings management: The implications of corporate governance best-practice principles for Taiwanese listed companies. Journal of Contemporary Accounting & Economics, 3(2), 73–105.
Choe, C., Dey, T., & Mishra, V. (2014). Corporate diversification, executive compensation & firm value: Evidence from Australia. Australian Journal of Management, 39(3), 395–414
Chung, R., Firth, M., & Kim, J.-B. (2002). Institutional monitoring & opportunistic earnings management. Journal of Corporate Finance, 8(1), 29–48
DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. Accounting Review, 61(3), 400–420.
Dechow, P. M., Sloan, R., & Sweeney, A.P. (1995). Detecting earnings management. The Accounting Review. 70(2), 193-225.
Dechow, P.M., R.G.Sloan, R.G., & Sweeney, A.P., (1996). Causes & Consequences of Earnings Management Manipulation: An Analysis of firm Subject to Enforcement Action by SEC. Comtemporary Accounting Research, 13(1), 1-36.
Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The accounting review, 77(s-1), 35-59.
DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation & manipulation of accruals. Journal of Accounting & Economics, 17(1-2), 145–176.
Donaldson, L., & Davis, J.H. (1991). Stewardship theory or agency theory: CEO governance & shareholder returns. Australian Journal of Management, 16(1), 49-64.
Essa, S. A. G., Kabir, M. R., & Nguyen, H. T. (2016, November). Does Corporate Governance Affect Earnings Management?: Evidence from Vietnam?. In 2016 Vietnam symposium in Banking and Finance (VSBF).
Farber, D. (2005). Restoring trust after fraud: Does corporate governance matter? The Accounting Review. 80(2), 539 -561.
Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011). Why do CFOs become involved in material accounting manipulations?. Journal of accounting and economics, 51(1-2), 21-36.
Fraser, S., & Greene, F. J. (2006). The effects of experience on entre - preneurial optimism & uncertainty. Economica, 73(290), 169–192.
Francis, J., Huang, A. H., Rajgopal, S., & Zang, A. Y. (2008). CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109-147.
Friedman, H. L. (2014). Implications of power: When the CEO can pressure the CFO to bias reports. Journal of Accounting & Economics, 58(1), 117–141
Gao, N., & Jain, B. A. (2012). Founder management & the market for corporate control for IPO firms: The moderating effect of the power structure of the firm. Journal of Business Venturing, 27(1), 112–126
Gounopoulos, D., & Pham, H. (2018). Financial expert CEOs and earnings management around initial public offerings. The International Journal of Accounting, 53(2), 102-117.
H Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of management review, 32(2), 334-343.
Hambrick, D.C. & Mason, P.A. (1984), Upper echelons: the organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
Hambrick, D.C. Finkelstein,S. & Mooney, A.C. (2005). Executive job Demands: New insights for explaining strategic Decisions and leader behaviors. Academy of Management Review, 30(3), 472 – 491.
Healy, P.M. (1985). The effect of bonus schems on accounting decisions. Journal of Accounting & Economics, 7(1-3), 85-107
Hoàng Trọng và Chu Nguyễn Mộng Ngọc (2017). Thống kê ứng dụng trong kinh tế và kinh doanh. Nhà xuất bản Kinh tế TPHCM.
Holmstrom, B. (1982). Moral hazard in teams. The Bell Journal of Economics, 13(2), 324–340.
Huang, H.W., Rose-Green, E., & Lee, C.C. (2012). CEO age & financial reporting quality. Accounting Horizons, 26(4), 725-740
International Finance Corporation (IFC) (2016). ASEAN Corporate Governance Scorecard 2015–2016: Assessment Vietnamese listed firms: 2015–2016. In Vietnamese.
Jensen, M.C. (1986). Agency costs of free cash flow, corporate finance, & takeovers. The American Economic Review, 76(2), 323-329
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs & ownership structure. Journal of Financial Economics, 3(4), 305–360
Jian, M., & Lee, K. W. (2011). Does CEO reputation matter for capital investments?. Journal of Corporate Finance, 17(4), 929-946.
Jiang, W., Lee, P., & Anandarajan, A. (2008). The association between corporate governance and earnings quality: Further evidence using the GOV-Score. Advances in Accounting, 24(2), 191-201.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228
Lakhal, F. , Zouari, Z., & Nekhili, M. (2015). Do CEO’s Characteristics Affect Earnings Management? Evidence from France. The international Journal of Innovation & Applied Studies, 12(4), 801 – 819.
Le, H. T. M., Kweh, Q. L., Ting, I. W. K., & Nourani, M. (2022). CEO power and earnings management: Dual roles of foreign shareholders in Vietnamese listed companies. International Journal of Finance & Economics, 27(1), 1240-1256. doi:10.1002/ijfe.2211
Li, F., & Srinivasan, S. (2011). Corporate governance when founders are directors. Journal of Financial Economics, 102(2), 454–469.
Lobo, G. J., & Zhou, J. (2006). Did conservatism in financial reporting increase after the Sarbanes-Oxley act? Initial evidence. Accounting Horizons, 20(1), 57–73.
Lopes, A. P. (2018). Audit Quality and Earnings Management: Evidence from Portugal. Athens Journal of Business & Economics, 4(2), 179-192.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68(2), 233-262.
Moradi, M., Salehi, M., Bighi, S.J.H., & Najari, M. (2012). A Study of Relationship between Board Characteristics & Earning Management: Iranian Scenario, Universal Journal of Management & Social Sciences, 2(3), 12-29.
OECD (2018), OECD Investment Policy Reviews: Viet Nam 2018, OECD Investment Policy Reviews, OECD Publishing, Paris, https://doi.org/10.1787/9789264282957-en.
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.
Phạm Thị Bích Vân (2012). Nghiên cứu mô hình nhận diện hành vi điều chỉnh lợi nhuận của các doanh nghiệp niêm yết trên sàn chứng khoán TPHCM. Tạp chí Phát triển kinh tế, 258, 35-42.
Phung, D. N., & Mishra, A. V. (2016). Ownership structure & firm performance: Evidence from Vietnamese listed firms. Australian Economic Papers, 55(1), 63–98.
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25(C), 251-273.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.
Ross, S. (1977). The determination of capital structure: the incentive signaling approach. The Bell Journal of Economics, 40(8), 23-40.
Stockmans, A., Lybaert, N., & Voordeckers, W. (2010). Socioemotional wealth & earnings management in private family firms. Family Business Review, 23(3), 280–294.
Wang, L., & Yung, K. (2011). Do state enterprises manage earnings more than privately owned firms? The case of China. Journal of Business Finance & Accounting, 38(7-8), 794–812.
Worldbank (2005). Báo cáo phát triển thế giới 2005, Nhà xuất bản Văn hóa -Thông tin, 1-394. http://thuvien.ajc.edu.vn:8080/dspace/handle/123456789/6830
Wu, Y. C., Ting, I. W. K., Lu, W. M., Nourani, M., & Kweh, Q. L. (2016). The impact of earnings management on the performance of ASEAN banks. Economic Modelling, 100(53), 156-165.
Yang, T., & Zahao, S. (2014). CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. Journal of banking and finance, 49(12), 534-552.
Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of financial economics, 108(1), 250-273.
Adams, R., Almeida, H., & Ferreira, D. (2009). Understanding the relationship between founder–CEOs & firm performance. Journal of Empirical Finance, 16(1), 136–150
Ali, A., & Zhang, W. (2015). CEO tenure & earnings management. The Journal of Accounting & Economics, 59(1), 60 -79.
Ali, S. M., Salleh, N. M., & Hassan, M. S. (2008). Ownership structure & earnings management in Malaysian listed companies: The size effect. Asian Journal of Business & Accounting, 1(2), 89–116.
Alzoubi, E. S. S. (2018). Audit quality, debt financing, and earnings management: Evidence from Jordan. Journal of International Accounting, Auditing and Taxation, 30(C), 69-84.
Aier, J., Comprix, J., & Gunlock, M. (2005). The financial expertise of CFOs & accounting restatements. The Accounting Horizons, 19(3), 123-135.
Baldenius, T., Melumad, N., & Meng, X. (2014). Board composition & CEO power. Journal of Financial Economics, 112(1), 53–68.
Barton, J., & Simko, P. J. (2002). The balance sheet as an earnings management constraint. The accounting review, 77(s-1), 1-27.
Barua, A., Davidson, L. F., Rama, D. V., & Thiruvadi, S. (2010). CFO gender and accruals quality. Accounting Horizons, 24(1), 25-39.
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.
Bowen, R. M., Rajgopal, S., & Venkatuchalam, M. (2008). Accounting Discretion, Corporate Governance & Firm Performance. Contemporary Accounting Research, 25(2), 351 – 405.
Chen, T. (2011). Analysis on accrual-based models in detecting earnings management Analysis on Accrual-Based Models in Detecting. Lingnan Journal of Banking, Finance & Economics, 2(1), 1-10.
Chen, K. Y., Elder, R. J., & Hsieh, Y.-M. (2007). Corporate governance & earnings management: The implications of corporate governance best-practice principles for Taiwanese listed companies. Journal of Contemporary Accounting & Economics, 3(2), 73–105.
Choe, C., Dey, T., & Mishra, V. (2014). Corporate diversification, executive compensation & firm value: Evidence from Australia. Australian Journal of Management, 39(3), 395–414
Chung, R., Firth, M., & Kim, J.-B. (2002). Institutional monitoring & opportunistic earnings management. Journal of Corporate Finance, 8(1), 29–48
DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. Accounting Review, 61(3), 400–420.
Dechow, P. M., Sloan, R., & Sweeney, A.P. (1995). Detecting earnings management. The Accounting Review. 70(2), 193-225.
Dechow, P.M., R.G.Sloan, R.G., & Sweeney, A.P., (1996). Causes & Consequences of Earnings Management Manipulation: An Analysis of firm Subject to Enforcement Action by SEC. Comtemporary Accounting Research, 13(1), 1-36.
Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The accounting review, 77(s-1), 35-59.
DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation & manipulation of accruals. Journal of Accounting & Economics, 17(1-2), 145–176.
Donaldson, L., & Davis, J.H. (1991). Stewardship theory or agency theory: CEO governance & shareholder returns. Australian Journal of Management, 16(1), 49-64.
Essa, S. A. G., Kabir, M. R., & Nguyen, H. T. (2016, November). Does Corporate Governance Affect Earnings Management?: Evidence from Vietnam?. In 2016 Vietnam symposium in Banking and Finance (VSBF).
Farber, D. (2005). Restoring trust after fraud: Does corporate governance matter? The Accounting Review. 80(2), 539 -561.
Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011). Why do CFOs become involved in material accounting manipulations?. Journal of accounting and economics, 51(1-2), 21-36.
Fraser, S., & Greene, F. J. (2006). The effects of experience on entre - preneurial optimism & uncertainty. Economica, 73(290), 169–192.
Francis, J., Huang, A. H., Rajgopal, S., & Zang, A. Y. (2008). CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109-147.
Friedman, H. L. (2014). Implications of power: When the CEO can pressure the CFO to bias reports. Journal of Accounting & Economics, 58(1), 117–141
Gao, N., & Jain, B. A. (2012). Founder management & the market for corporate control for IPO firms: The moderating effect of the power structure of the firm. Journal of Business Venturing, 27(1), 112–126
Gounopoulos, D., & Pham, H. (2018). Financial expert CEOs and earnings management around initial public offerings. The International Journal of Accounting, 53(2), 102-117.
H Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of management review, 32(2), 334-343.
Hambrick, D.C. & Mason, P.A. (1984), Upper echelons: the organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
Hambrick, D.C. Finkelstein,S. & Mooney, A.C. (2005). Executive job Demands: New insights for explaining strategic Decisions and leader behaviors. Academy of Management Review, 30(3), 472 – 491.
Healy, P.M. (1985). The effect of bonus schems on accounting decisions. Journal of Accounting & Economics, 7(1-3), 85-107
Hoàng Trọng và Chu Nguyễn Mộng Ngọc (2017). Thống kê ứng dụng trong kinh tế và kinh doanh. Nhà xuất bản Kinh tế TPHCM.
Holmstrom, B. (1982). Moral hazard in teams. The Bell Journal of Economics, 13(2), 324–340.
Huang, H.W., Rose-Green, E., & Lee, C.C. (2012). CEO age & financial reporting quality. Accounting Horizons, 26(4), 725-740
International Finance Corporation (IFC) (2016). ASEAN Corporate Governance Scorecard 2015–2016: Assessment Vietnamese listed firms: 2015–2016. In Vietnamese.
Jensen, M.C. (1986). Agency costs of free cash flow, corporate finance, & takeovers. The American Economic Review, 76(2), 323-329
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs & ownership structure. Journal of Financial Economics, 3(4), 305–360
Jian, M., & Lee, K. W. (2011). Does CEO reputation matter for capital investments?. Journal of Corporate Finance, 17(4), 929-946.
Jiang, W., Lee, P., & Anandarajan, A. (2008). The association between corporate governance and earnings quality: Further evidence using the GOV-Score. Advances in Accounting, 24(2), 191-201.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228
Lakhal, F. , Zouari, Z., & Nekhili, M. (2015). Do CEO’s Characteristics Affect Earnings Management? Evidence from France. The international Journal of Innovation & Applied Studies, 12(4), 801 – 819.
Le, H. T. M., Kweh, Q. L., Ting, I. W. K., & Nourani, M. (2022). CEO power and earnings management: Dual roles of foreign shareholders in Vietnamese listed companies. International Journal of Finance & Economics, 27(1), 1240-1256. doi:10.1002/ijfe.2211
Li, F., & Srinivasan, S. (2011). Corporate governance when founders are directors. Journal of Financial Economics, 102(2), 454–469.
Lobo, G. J., & Zhou, J. (2006). Did conservatism in financial reporting increase after the Sarbanes-Oxley act? Initial evidence. Accounting Horizons, 20(1), 57–73.
Lopes, A. P. (2018). Audit Quality and Earnings Management: Evidence from Portugal. Athens Journal of Business & Economics, 4(2), 179-192.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68(2), 233-262.
Moradi, M., Salehi, M., Bighi, S.J.H., & Najari, M. (2012). A Study of Relationship between Board Characteristics & Earning Management: Iranian Scenario, Universal Journal of Management & Social Sciences, 2(3), 12-29.
OECD (2018), OECD Investment Policy Reviews: Viet Nam 2018, OECD Investment Policy Reviews, OECD Publishing, Paris, https://doi.org/10.1787/9789264282957-en.
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.
Phạm Thị Bích Vân (2012). Nghiên cứu mô hình nhận diện hành vi điều chỉnh lợi nhuận của các doanh nghiệp niêm yết trên sàn chứng khoán TPHCM. Tạp chí Phát triển kinh tế, 258, 35-42.
Phung, D. N., & Mishra, A. V. (2016). Ownership structure & firm performance: Evidence from Vietnamese listed firms. Australian Economic Papers, 55(1), 63–98.
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25(C), 251-273.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.
Ross, S. (1977). The determination of capital structure: the incentive signaling approach. The Bell Journal of Economics, 40(8), 23-40.
Stockmans, A., Lybaert, N., & Voordeckers, W. (2010). Socioemotional wealth & earnings management in private family firms. Family Business Review, 23(3), 280–294.
Wang, L., & Yung, K. (2011). Do state enterprises manage earnings more than privately owned firms? The case of China. Journal of Business Finance & Accounting, 38(7-8), 794–812.
Worldbank (2005). Báo cáo phát triển thế giới 2005, Nhà xuất bản Văn hóa -Thông tin, 1-394. http://thuvien.ajc.edu.vn:8080/dspace/handle/123456789/6830
Wu, Y. C., Ting, I. W. K., Lu, W. M., Nourani, M., & Kweh, Q. L. (2016). The impact of earnings management on the performance of ASEAN banks. Economic Modelling, 100(53), 156-165.
Yang, T., & Zahao, S. (2014). CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. Journal of banking and finance, 49(12), 534-552.
Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of financial economics, 108(1), 250-273.
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