Sự ảnh hưởng của đặc điểm giám đốc điều hành đến chất lượng báo cáo tài chính của các công ty nhóm ngành công nghiệp niêm yết trên sở giao dịch chứng khoán Thành Phố Hồ Chí Minh
Nội dung chính của bài viết
Tóm tắt
Nghiên cứu tập trung vào sự ảnh hưởng của đặc điểm giám đốc điều hành (CEO) đến chất lượng báo cáo tài chính của các công ty nhóm ngành công nghiệp niêm yết trên Sở giao dịch chứng khoán Thành phố Hồ Chí Minh (HOSE). Dữ liệu bảng cân bằng với 267 quan sát của 89 công ty nhóm ngành công nghiệp niêm yết cổ phiếu trên HOSE trong 3 năm (2018 - 2020) cùng với phương pháp hồi quy dữ liệu bảng POOL, FEM, REM và FGLS được sử dụng để kiểm chứng mô hình nghiên cứu. Kết quả phân tích cho thấy, chất lượng báo cáo tài chính của các công ty nhóm ngành công nghiệp chịu ảnh hưởng tích cực bởi tỷ lệ sở hữu, thu nhập của CEO và chịu ảnh hưởng tiêu cực bởi tuổi, quyền kiêm nhiệm của CEO. Khuyến nghị công ty nhóm ngành công nghiệp nên khuyến khích các CEO sở hữu cổ phần của công ty, khuyến khích tăng lương thưởng cho CEO cũng như không khuyến khích tuyển dụng hay bổ nhiệm CEO quá lớn tuổi và cần phải tách biệt vị trí Chủ tịch hội đồng quản trị với CEO để tăng chất lượng báo cáo tài chính.
Chi tiết bài viết
Từ khóa
Chất lượng báo cáo tài chính, Đặc điểm giám đốc điều hành, Kế toán hành vi
Tài liệu tham khảo
Al-Ajmi, J. (2008). Audit and reporting delays: Evidence from an emerging market. Advances in Accounting, 24(2), 217-226.
Armstrong, C.S., Jagolinzer, A.D., Larcker, D.F. (2010). Chief Executive Officer Equity Incentives and Accounting Irregularities. Journal of Accounting Research, 48(2), 225-271.
Alves, S. (2021). CEO duality, earnings quality and board independence. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-07-2020-0191.
Alves, S. (2012). Ownership Structure and Earnings Management: Evidence from Portugal. Australasian Accounting, Business and Finance Journal, 6(1), 57-74.
Ball, R., & Foster, G. (1982). Corporate Financial-Reporting-A Methodological Review Of Empirical-Research. Journal of Accounting Research, 20, 161-234.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of Accounting and Economics, 31(1-3), 77-104.
Beck, N., Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647
Beekes, W., Pope, P., Young, S. (2004). The link between earnings timeliness, earnings conservatism and board composition: evidence from the UK. Corporate Governance: An International Review, 12(1), 47-59.
Beest, F. V., Braam, G. J. M., & Boelens, S. (2009). Quality of financial reporting: measuring qualitative characteristics. NICE Working Paper; 09-108. http://www.ru.nl/nice/workingpapers.
Berle, A., & Means, G. (1932). The Modern Corporation and Private Property (Commerce Clearing House, New York). References-Scientific Research Publishing.
Brickley, J. A., Lease, R. C., & Smith, C. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20(1-2), 267-291.
Byard, D., Li, Y., & Weintrop, J. (2006). Corporate Governance and the Quality of Financial Analyst’s Information. Journal of Accounting and Public Policy, 25(5), 609-625.
Cheng, Q., & Farber, D.B. (2008). Earing statement, changes in CEO compensation, and firm performance. The Accounting Review, 83(5), 1217-1250
Dechow, P.M., Sloan, R.G., Sweeney, A.P. (1996). Causes and Consequences of Earnings Management Manipulation: An Analysis of firm Subject to Enforcement Action by SEC. Contemporary Accounting Research, 13(1), 1-36.
Donalson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49-64.
Fama, E.F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E.F., & Jensen, M.C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325.
Fan, J. P., Wong, J. (2002). Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33(3), 401-425.
Firth, M., Fung, P. M., & Rui, O. M. (2007). Ownership, two-tier Board Structure, and the Informativeness of Earnings: Evidence from China. Journal of Accounting and Public Policy, 26(4), 463-496.
Gujarati, D. N., & Porter, D. C. (2004). Basic econometrics, 4th edn, the MacGraw Hill. New York.
Harris, O., Karl, J. B., & Lawrence, E. (2019). CEO compensation and earnings management: Does gender really matter?. Journal of Business, 98, 1-14. https://doi.org/10.1016/j.jbusres.2019.01.013.
Huang, H.W., Rose-Green, E., & Lee, C. C. (2012). CEO Age and Financial Reporting Quality. Accounting Horizons, 26(4), 725–740.
Bamahros, H., & Wan-Hussin, W. N. (2016). Types of institutional investors and financial reporting timeliness: Empirical study in Malaysia. In International Conference on Accounting Studies (ICAS).
IASB (2018). The Conceptual Framework. https://www.iasplus.com/en/news/2018/03/cf.
Isidro, H., & Gonçalves, L. (2011). Earnings management and CEO characteristics in Portuguese firms. Corporate Ownership and Control, 1(1), 87-95.
Jensen, M.C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Kazemian, S., & Sanusi, Z. M. (2015). Earnings management and ownership structure. Procedia Economics and Finance, 31, 618-624. https://doi.org/10.1016/S2212-5671(15)01149-1.
Kim, H. J., & Yoon, S. S. (2008). The impact of corporate governance on earnings management in Korea. Management and Accounting Review (MAR), 7(1), 43-59.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400.
Knechel, W. R., & Sharma, D. S. (2012). Auditor-provided non-audit services and audit effectiveness and efficiency: Evidence from pre-and post-SOX audit report lags. Auditing: A Journal of Practice & Theory, 31(4), 85-114.
Mintzberg, H. (1973). The nature of managerial work. New York: Harper & Row.
Mohamad Naimi, M. N., Rohami, S., & Wan-Hussin, W. N. (2010). Corporate governance and audit report lag in Malaysia. Corporate Governance and Audit Report Lag in Malaysia (October 20, 2010). Asian Academy of Management Journal of Accounting and Finance, 6(2), 57-84.
Na, K., & Hong, J. (2017). CEO gender and earnings management. Journal of Applied Business Research (JABR), 33(2), 297-308.
Qawasmeh, S., & Azzam, M. (2020). CEO characteristics and earnings management. Accounting, 6(7), 1403-1410.
Quốc hội (2020). Luật doanh nghiệp (số 59/2020/QH14).
Ran, G., Fang, Q., Luo, S., & Chan, K.C. (2015). Supervisory board characteristics and accounting information quality: Evidence from China. International Review of Economics & Finance, 37, 18-32. https://doi.org/10.1016/j.iref.2014.10.011
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251–273. https://doi.org/10.1016/j.jcorpfin.2013.12.013
Yasser, Q.R., Mamun, A.A., & Hook. M. (2017). The impact of ownership structure on financial reporting quality in the east. International Journal of Organizational Analysis, 25(2), 178-197.
Yim, S. (2013). The Acquisitiveness of Youth: CEO Age and Acquisition Behavior. Journal of Financial Economics, 108(1), 250-273.
Zalata, A.M., & Roberts, C. (2017). Managing earnings using classification shifting: UK evidence. Journal of International Accounting, Auditing and Taxation, 29, 52–65. https://doi.org/10.1016/j.intaccaudtax.2017.04.001
Armstrong, C.S., Jagolinzer, A.D., Larcker, D.F. (2010). Chief Executive Officer Equity Incentives and Accounting Irregularities. Journal of Accounting Research, 48(2), 225-271.
Alves, S. (2021). CEO duality, earnings quality and board independence. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-07-2020-0191.
Alves, S. (2012). Ownership Structure and Earnings Management: Evidence from Portugal. Australasian Accounting, Business and Finance Journal, 6(1), 57-74.
Ball, R., & Foster, G. (1982). Corporate Financial-Reporting-A Methodological Review Of Empirical-Research. Journal of Accounting Research, 20, 161-234.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of Accounting and Economics, 31(1-3), 77-104.
Beck, N., Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647
Beekes, W., Pope, P., Young, S. (2004). The link between earnings timeliness, earnings conservatism and board composition: evidence from the UK. Corporate Governance: An International Review, 12(1), 47-59.
Beest, F. V., Braam, G. J. M., & Boelens, S. (2009). Quality of financial reporting: measuring qualitative characteristics. NICE Working Paper; 09-108. http://www.ru.nl/nice/workingpapers.
Berle, A., & Means, G. (1932). The Modern Corporation and Private Property (Commerce Clearing House, New York). References-Scientific Research Publishing.
Brickley, J. A., Lease, R. C., & Smith, C. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20(1-2), 267-291.
Byard, D., Li, Y., & Weintrop, J. (2006). Corporate Governance and the Quality of Financial Analyst’s Information. Journal of Accounting and Public Policy, 25(5), 609-625.
Cheng, Q., & Farber, D.B. (2008). Earing statement, changes in CEO compensation, and firm performance. The Accounting Review, 83(5), 1217-1250
Dechow, P.M., Sloan, R.G., Sweeney, A.P. (1996). Causes and Consequences of Earnings Management Manipulation: An Analysis of firm Subject to Enforcement Action by SEC. Contemporary Accounting Research, 13(1), 1-36.
Donalson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49-64.
Fama, E.F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E.F., & Jensen, M.C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325.
Fan, J. P., Wong, J. (2002). Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33(3), 401-425.
Firth, M., Fung, P. M., & Rui, O. M. (2007). Ownership, two-tier Board Structure, and the Informativeness of Earnings: Evidence from China. Journal of Accounting and Public Policy, 26(4), 463-496.
Gujarati, D. N., & Porter, D. C. (2004). Basic econometrics, 4th edn, the MacGraw Hill. New York.
Harris, O., Karl, J. B., & Lawrence, E. (2019). CEO compensation and earnings management: Does gender really matter?. Journal of Business, 98, 1-14. https://doi.org/10.1016/j.jbusres.2019.01.013.
Huang, H.W., Rose-Green, E., & Lee, C. C. (2012). CEO Age and Financial Reporting Quality. Accounting Horizons, 26(4), 725–740.
Bamahros, H., & Wan-Hussin, W. N. (2016). Types of institutional investors and financial reporting timeliness: Empirical study in Malaysia. In International Conference on Accounting Studies (ICAS).
IASB (2018). The Conceptual Framework. https://www.iasplus.com/en/news/2018/03/cf.
Isidro, H., & Gonçalves, L. (2011). Earnings management and CEO characteristics in Portuguese firms. Corporate Ownership and Control, 1(1), 87-95.
Jensen, M.C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Kazemian, S., & Sanusi, Z. M. (2015). Earnings management and ownership structure. Procedia Economics and Finance, 31, 618-624. https://doi.org/10.1016/S2212-5671(15)01149-1.
Kim, H. J., & Yoon, S. S. (2008). The impact of corporate governance on earnings management in Korea. Management and Accounting Review (MAR), 7(1), 43-59.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400.
Knechel, W. R., & Sharma, D. S. (2012). Auditor-provided non-audit services and audit effectiveness and efficiency: Evidence from pre-and post-SOX audit report lags. Auditing: A Journal of Practice & Theory, 31(4), 85-114.
Mintzberg, H. (1973). The nature of managerial work. New York: Harper & Row.
Mohamad Naimi, M. N., Rohami, S., & Wan-Hussin, W. N. (2010). Corporate governance and audit report lag in Malaysia. Corporate Governance and Audit Report Lag in Malaysia (October 20, 2010). Asian Academy of Management Journal of Accounting and Finance, 6(2), 57-84.
Na, K., & Hong, J. (2017). CEO gender and earnings management. Journal of Applied Business Research (JABR), 33(2), 297-308.
Qawasmeh, S., & Azzam, M. (2020). CEO characteristics and earnings management. Accounting, 6(7), 1403-1410.
Quốc hội (2020). Luật doanh nghiệp (số 59/2020/QH14).
Ran, G., Fang, Q., Luo, S., & Chan, K.C. (2015). Supervisory board characteristics and accounting information quality: Evidence from China. International Review of Economics & Finance, 37, 18-32. https://doi.org/10.1016/j.iref.2014.10.011
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251–273. https://doi.org/10.1016/j.jcorpfin.2013.12.013
Yasser, Q.R., Mamun, A.A., & Hook. M. (2017). The impact of ownership structure on financial reporting quality in the east. International Journal of Organizational Analysis, 25(2), 178-197.
Yim, S. (2013). The Acquisitiveness of Youth: CEO Age and Acquisition Behavior. Journal of Financial Economics, 108(1), 250-273.
Zalata, A.M., & Roberts, C. (2017). Managing earnings using classification shifting: UK evidence. Journal of International Accounting, Auditing and Taxation, 29, 52–65. https://doi.org/10.1016/j.intaccaudtax.2017.04.001
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