Các công ty có thao túng lợi nhuận kế toán trước sự kiện ESOP?
Nội dung chính của bài viết
Tóm tắt
Xuất phát từ thực trạng ngày càng phổ biến của chính sách ESOP trên thị trường chứng khoán Việt Nam, mục tiêu của bài báo này đi trả lời câu hỏi liệu có hiện tượng quản trị lợi nhuận kế toán trước khi phát hành ESOP hay không. Để trả lời câu hỏi trên chúng tôi đã chia công ty thành 2 nhóm, công ty có mức độ minh bạch cao và công ty có mức độ minh bạch thấp. Sau đó chúng tôi sử dụng phương pháp thống kê và hồi quy trên các khoản kế toán dồn tích cho các năm xung quanh sự kiện ESOP. Kết quả cho thấy, hầu hết các công ty đã làm đẹp báo cáo lợi nhuận vào năm phát hành ESOP và trước năm phát hành ESOP 1 năm để dễ dàng thuyết phục cổ đông. Tuy nhiên, sau khi phát hành ESOP chỉ có công ty minh bạch thấp tiếp tục quản trị lợi nhuận kế toán nhằm mục đích gia tăng tài sản cho nhà quản lý.
Abstract
Due to the increasing popularity of ESOP policies in the Vietnamese stock market, this article aims to answer whether there is a phenomenon of manipulating accounting earnings before issuing ESOPs. To address this question, we divided companies into two groups based on their transparency levels and used statistical and regression methods to assess accruals during the years surrounding the ESOP events. The results show that most companies embellish their earning reports in the year of ESOP issuance and one year preceding it to sway shareholders more easily. However, after ESOP issuance, only companies with low transparency persist in manipulating accounting earnings to augment assets for managers.
Từ khóa
ESOP; Kế toán dồn tích; Minh bạch; Quản trị lợi nhuận
Chi tiết bài viết
Lĩnh vực kinh tế (JEL Codes)
G01 - Financial Crises - General, G19 - Other - General Financial Markets, G29 - Other - Financial Institutions and Services, G35 - Payout Policy - Corporate Finance and Governance
Tài liệu tham khảo
Boone, J. P., Khurana, I. K., & Raman, K. K. (2023). Accounting estimation intensity, auditor estimation expertise, and managerial bias. Accounting Horizons, 37(2), 19-46. https://doi.org/10.2308/HORIZONS-2020-193
Cassell, C. A., Myers, L. A., & Seidel, T. A. (2015). Disclosure transparency about activity in valuation allowance and reserve accounts and accruals-based earnings management. Accounting, Organizations and Society, 46, 23-38. https://doi.org/10.1016/j.aos.2015.03.004
Chiraz, D., & Anis, J. (2013). Earnings management and performance of French IPO companies. Journal of Accounting and Taxation, 5(1), 1-14. https://doi.org/10.5897/JAT2013.0106
Dechow, P. M., Hutton, A. P., Kim, J. H., & Sloan, R. G. (2012). Detecting earnings management: A new approach. Journal of Accounting Research, 50(2), 275-334. https://doi.org/10.1111/j.1475-679X.2012.00449.x
Degeorge, F., Patel, J. & Zeckhauser, R. 1999. Earnings management exceeds thresholds. The Journal of Business, 72. https://www.jstor.org/stable/10.1086/209601
DuCharme, L. L., Malatesta, P. H., & Sefcik, S. E. (2001). Earnings management: IPO valuation and subsequent performance. Journal of Accounting, Auditing & Finance, 16(4), 369-396. https://doi.org/10.1177/0148558X0101600409
Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295–327. https://doi.org/10.1016/j.jacceco.2004.06.003
Ghofir, A., & Yusuf, Y. (2020). Effect of firm size and leverage on earning management. Journal of Industrial Engineering & Management Research, 1(3), 218-225. https://doi.org/10.7777/jiemar.v1i3.81
Hassen, R. B. (2014). Executive compensation and earning management. International Journal of Accounting and Financial Reporting, 4(1), 84. http://dx.doi.org/10.5296/ ijafr.v4i1.5453
Healy, P. M. & Wahlen, J. M. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13, 365-383.
Istrate, C. (2019). Detecting earnings management using Benford’s Law: The case of Romanian listed companies. Journal of Accounting and Management Information Systems, 18(2), 198-223. https://www.ceeol.com/search/article-detail?id=771010
Jiraporn, P. (2007). ESOPs and earnings management: An empirical note. Applied Financial Economics Letters, 3(5), 287-293. https://doi.org/10.1080/17446540601118335
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
Kim, Y., & Park, M. S. (2005). Pricing of seasoned equity offers and earnings management. Journal of Financial and Quantitative Analysis, 40(2), 435-463. https://doi.org/10.1017/S0022109000002374
La Rosa, F., Caserio, C., & Bernini, F. (2019). Corporate governance of audit firms: Assessing the usefulness of transparency reports in a Europe‐wide analysis. Corporate Governance: An International Review, 27(1), 14-32. https://doi.org/10.1111/corg.12235
Luu Thu, Q. (2023). Impact of earning management and business strategy on financial distress risk of Vietnamese companies. Cogent Economics & Finance, 11(1), 2183657. https://doi.org/10.1080/23322039.2023.2183657
McVay, S. (2006). Earnings management using classification shifting: An examination of core earnings and special items. The Accounting Review, 81(3), 501–531. https://doi.org/10.2308/accr.2006.81.3.501
Nguyen, A. H., & Duong, C. T. (2021). Earnings management and new listings: Evidence from Vietnam. Asian Academy of Management Journal, 26(2), 27-51. https://doi.org/10.21315/aamj2021.26.2.2
Nugroho, B. Y., & Eko, U. (2011). Board characteristics and earning management. Journal of Administrative Science & Organization, 18(1), 1-10. https://doi.org/10.20476/jbb.v18i1.969
Rennekamp, K., Rupar, K., & Seybert, N. (2020). Short selling pressure, reporting transparency, and the use of real and accruals earnings management to meet benchmarks. Journal of Behavioral Finance, 21(2), 186-204. https://doi.org/10.1080/15427560.2019.1663853
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/ j.jacceco.2006.01.002
Zang, A., Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. American Accounting Association, 87(2), 675–703. https://doi.org/10.2308/accr-10196
Zingales, L. (2009). The future of securities regulation. Journal of Accounting Research, 47(2), 391–425. https://doi.org/10.1111/j.1475-679X.2009.00331.x