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AbstractThe current study aims at examining the impact of earnings management on equity liquidity in the Vietnam stock market when considering the direction of earnings management. We used two proxies of equity liquidity, namely quoted spread and effective spread, and analyzed the data using ordinary least squares (OLS), fixed and random effect models (FEM, REM), and regression with generalized least squares (GLS) to determine the most suitable model. The findings of the study indicate that when downward earnings management increases, the quoted spread also decreases, thus the bid-ask spread is low, meaning that the liquidity is high. This can be explained by the fact that when firms conduct downward earnings management to reduce taxes, investors may expect to buy stocks from these firms at a better price, leading to an increase in trading demand on the market. Whereas upward earnings management has no impact on quoted spread. Our results also showed that there is no evidence to suggest that earnings management has an impact on the effective spread. This means that, in the absence of other factors, an increase in earnings management in either upward or downward directions does not affect the difference between buying and selling prices.

AbstractThis paper aims to research factors that affect corporate social responsibility (CSR) disclosure in the context of listed companies in Vietnam. Our research uses data from listed companies in the Hanoi and Ho Chi Minh City Stock Exchanges from 2015 to 2020. We conduct the quantitative research by analyzing regression models therefore the relation between factors and CSR disclosure is found. We measure CSR disclosure in two ways: by total score and percentage. The result found that in both ways of measuring, the percentage of women on board and company age have a positive impact on CSR disclosure. In contrast to this, board size and board age have a negative effect on CSR disclosure. The other independent variables have no impact on CSR disclosure. Therefore, we have given some practical implications for companies that want to improve their CSR disclosure.

AbstractThis paper contributes to the literature by separately examining the impact of board characteristics and ownership structure on upward and downward earnings management of non-financial firms listed on Hanoi Stock Exchange and Ho Chi Minh Stock Exchange. In our research, we conduct Pooled OLS, Fixed and Random effect models, and Generalized least squares. Then, we run a regression with the System Generalized Method of Moments (System GMM) to find the most appropriate model. Firms with high average board age, high ownership concentration, and high financial leverage tend to manage earnings downward. High managerial ownership tends to reduce downward earnings management. Firms with high state ownership reduce upward earnings management. Stakeholders should be more cautious of firms with high average board age, high ownership concentration, high financial performance, and high financial leverage as they tend to manage earnings. Previous studies combined upward and downward earnings management in one regression model, therefore ignoring the chance to investigate the impact of board characteristics and ownership structure on earnings management in each case. The impact of a factor on upward and downward earnings management may be different, and the combination of them in one regression model can drive the findings of previous studies toward errors of unknown directions. Therefore, assessing the effects of board characteristics and ownership structure on earnings management in each case is necessary. To the best of our knowledge, this paper is the first to do so.

In this study, we aimed to test whether embryonic development of blastocysts following injection of mouse induced pluripotent stem (iPS) cells can be improved by the supplementation of antioxidants during in vitro maturation. For this, we evaluated the effects of chlorogenic acid (CGA) and insulin–transferrin–selenium (ITS) supplementation either alone or in combination during oocyte in vitro maturation on the quality of porcine blastocysts and the embryonic development after injection of mouse iPS cells. Our results demonstrate that, prior to injection of mouse iPS cells, CGA or ITS supplementation either alone or in combination had no effects on the rates of oocyte maturation, oocyte DNA fragmentation, fertilization, and blastocyst formation. However, the combination of CGA and ITS significantly increased the total cell number in blastocysts compared with the control group (P

This paper examines the relationship between ownership structure and earnings management in Vietnam. The governance structure of companies in Vietnam is characterized by the dominance of largest shareholders, who often makes significant influences on direct or indirect management decisions. Existing literature shows that the ownership structure has a significant effect on earnings management. Therefore, the main purpose of this paper is to analyze how the company’s ownership structure affects earnings management. Using the sample from 489 non-financial companies listed on the Vietnam stock market, we found that ownership concentration and state ownership positively affect earnings management. In contrast, the managerial ownership and foreign ownership negatively affects earnings management. Furthermore, among the five control variables, Board size; Cash flow are positively related, while financial performance, company size and financial leverage negatively affect earnings management.