T an, Quoc Thinh; T an, Khanh Lam
A icle
The in luence o manage s’ pe cep ion, s eady g ow h, economic scale,
and inancial capaci y on he abili y o adop in e na ional inancial
epo ing s anda ds o Vie namese en e p ises
Cogen Business & Managemen
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Sugges ed Ci a ion: T an, Quoc Thinh; T an, Khanh Lam (2024) : The in luence o manage s’
pe cep ion, s eady g ow h, economic scale, and inancial capaci y on he abili y o adop
in e na ional inancial epo ing s anda ds o Vie namese en e p ises, Cogen Business &
Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-17,
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The influence o manage s’ pe cep ion, s eady
g ow h, economic scale, and financial capaci y
on he abili y o adop in e na ional financial
epo ing s anda ds o Vie namese en e p ises
Quoc Thinh T an & Khanh Lam T an
To ci e his a icle: Quoc Thinh T an & Khanh Lam T an (2024) The influence o manage s’
pe cep ion, s eady g ow h, economic scale, and financial capaci y on he abili y o adop
in e na ional financial epo ing s anda ds o Vie namese en e p ises, Cogen Business &
Managemen , 11:1, 2391567, DOI: 10.1080/23311975.2024.2391567
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ACCOUNTING, CORPORATE GOVERNANCE &
BUSINESS ETHICS | RESEARCH ARTICLE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2391567
The in luence o manage s’ pe cep ion, s eady g ow h, economic
scale, and inancial capaci y on he abili y o adop in e na ional
inancial epo ing s anda ds o Vie namese en e p ises
Quoc Thinh T an and Khanh Lam T an
school o Finance and accoun ing, indus ial uni e si y o Ho Chi Minh Ci y, Ho Chi Minh Ci y, Vie nam
ABSTRACT
In e na ional Financial Repo ing S anda ds (IFRS) a e global accoun ing s anda ds.
Many coun ies ha e g adually applied in e na ional s anda ds o eplace na ional
accoun ing s anda ds. This s udy aims o es he ac o s ha a ec he abili y o
Vie namese en e p ises o apply IFRS. We su eyed 863 manage s and heads/depu ies
o he accoun ing depa men s o i ms loca ed in Ho Chi Minh Ci y, Vie nam.
C oss-sec ional da a we e collec ed in 2022. The s udy used he explo a o y ac o
analysis me hod and mul i a ia e eg ession o es he s udy’s hypo heses. The esul s
show ha s eady g ow h, economic scale, inancial capaci y, and manage s’ pe cep ions
posi i ely a ec he adop ion o IFRS by Vie namese en e p ises. The esea ch esul s
emphasize ha manage s o Vie namese en e p ises should change hei pe cep ion
and ha e a posi i e mindse o s a applying IFRS. The esul s demons a e ha
businesses need o be eady and ha e a plan o apply IFRS success ully. I is an
oppo uni y o Vie namese en e p ises o access inancial esou ces o g ow h and
de elopmen in he con ex o economic in eg a ion. This s udy also con ibu es
empi ical e idence on he ac o s in luencing IFRS adop ion in de eloping coun ies like
Vie nam and i is a solid basis o Vie namese managemen agencies o ha e app op ia e
policies and mechanisms o p omulga ing egula ions. Empi ical esul s suppo
manage s o Vie namese en e p ises in aising awa eness o he bene i s o applying
IFRS and planning o p epa e inancial esou ces and i m scales o apply IFRS
success ully. I is also a aluable documen ha guides and suppo s en e p ises in
applying IFRS e ec i ely.
1. In oduc ion
The In e na ional Accoun ing S anda ds (IAS) and In e na ional Financial Repo ing S anda ds (IFRS) we e
published by The In e na ional Accoun ing S anda ds Boa d (IASB) o o m a common language o
global accoun ing, which is an ine i able and objec i e endency in he de elopmen p ocess o eco-
nomic globaliza ion (Nobes & Pa ke , 2016). Manda o y IFRS adop ion has been supposed o enhance he
quali y o in o ma ion in e media ion in capi al ma ke s, and i ms’ in o ma ion en i onmen leading o
bene i ing o eign di ec in es men in lows, by imp o ing bo h in o ma ion quali y and accoun ing com-
pa abili y (Má quez-Ramos, 2011, Go don e al., 2012, Yip & Young, 2012, Ahmed e al., 2013, Ho on
e al., 2013, Ch is ensen e al., 2015, Lungu e al., 2017, Golube a, 2020, Si iopoulos e al., 2021). The
adop ion o IFRS, howe e , aces many challenges and di icul ies in addi ion o oppo uni ies and ad an-
ages, such as implemen a ion cos s, ai alue accoun ing applica ion, ju isdic ions’ eluc ance, and isk
exposu e issues (Ball, 2006, Mo is e al., 2014, De Geo ge e al., 2016, Sha ma e al., 2017, Nakamu a
e al., 2022).
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT Khanh Lam an [email p o ec ed] school o Finance and accoun ing, indus ial uni e si y o Ho Chi Minh Ci y,
Ho Chi Minh Ci y, Vie nam.
supplemen al da a o his a icle can be accessed online a h ps://doi.o g/10.1080/23311975.2024.2391567.
h ps://doi.o g/10.1080/23311975.2024.2391567
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 29 Feb ua y
2024
Re ised 4 Augus 2024
Accep ed 7 Augus 2024
KEYWORDS
Awa eness; business
communi y; economic
scale; inancial capaci y;
planned beha io
SUBJECTS
Financial Accoun ing;
Accoun ing; In e na ional
Accoun ing
JEL CLASSIFICATION
M41; M48; F15
2Q. T. TRAN AND K. L. TRAN
Some s udies examined he ac o s a ec ing IFRS adop ion in a pa icula coun y (Simegn, 2015,
Lahma & Asbi, 2017, Paknezhad, 2017, Al-H ayba , 2018, Bananuka e al., 2019, Nakamu a e al., 2022,
Khaghaany & Jabe , 2023). Se e al s udies ha e examined he pe cep ions o p o essional accoun an s
ega ding IFRS adop ion in speci ic coun ies o egions (Joshi e al., 2008, Bozku e al., 2013, Uya &
Güngö müş, 2013, Phan & Masci elli, 2014, Albask i, 2015, Joshi e al., 2016, Nu unnabi, 2017, Nu unnabi,
2018, Al-Absy & Ismail, 2019, O iz-Ma ínez e al., 2022). In addi ion, many s udies ha e sough o in es-
iga e he e ec s IFRS adop ion on a ious ypes o a iables, such as inancial s a emen s, inancial
a ios, ea nings managemen , s ock ma ke index, and audi ees (Ia idis & Dalla, 2011, Baig & Khan,
2016, Capkun e al., 2016, Shan & T oshani, 2016, Je makowicz e al., 2018, Mong u & Winkel ied, 2019,
Hasan & Rahman, 2020). Al hough he numbe o published pape s on IFRS adop ion is eno mous wo ld-
wide, esea ch on he Vie namese ma ke is s ill limi ed. I is since Vie nam is in he s age o olun a y
IFRS adop ion un il 2025, leading o a lack o da a o p o ide empi ical e idence. Mo eo e , Vie namese
en e p ises we e ound o be hesi an , skep ical, and eady o adop IFRS due o issues o awa eness,
business en i onmen , economic cha ac e is ics, and legal and cul u al ac o s (Doan e al., 2020, Diep,
2021). In his con ex , Vie namese i ms’ eadiness o adop IFRS is a majo conce n.
Ou conce n is ha we hope Vie namese en e p ises o be able o a ac capi al in egional and
in e na ional inancial ma ke s. To achie e ha , one o he essen ial issues is ha Vie namese en e p ises
mus imp o e he quali y o in o ma ion acco ding o in e na ional s anda ds. A p e equisi e o imp o -
ing in o ma ion quali y is ha Vie namese en e p ises mus apply IFRS. This has been demons a ed by
many coun ies ha ha e applied IFRS be o e. Howe e , conclusions om many p e ious s udies show
ha he e a e many ac o s in luencing IFRS applica ion (Gie usz e al., 2022; Khaghaany & Jabe , 2023;
Paknezhad, 2017; Simegn, 2015). The e o e, Vie namese en e p ises can iden i y ac o s o p edic di icul
p oblems ha can be de eloped o ha e app op ia e policies and oadmaps. I is he main mo i a ion
o us o conduc his esea ch.
The pu pose o he esea ch is o ind ac o s a ec ing he adop ion o IFRS by Vie namese en e -
p ises. Based on su ey ques ionnai e esponses om manage s and heads/depu ies o he accoun ing
depa men , we a emp o p o ide mo e empi ical e idence on he de e minan s a ec ing en e p ises’
IFRS adop ion abili y in Vie nam. We ha e used he heo y o planned beha io and he new ins i u ional
sociology o explain issues ela ed o manage s’ awa eness o he in en ion o apply IFRS. The p essu es
o en e p ises on inancial abili y and capaci y o ensu e esou ces and issues o synch onizing quali ica-
ions and expe ise imi a ing o he en e p ises o apply IFRS which is also explained by hose unde lying
heo ies. In ag eemen wi h Boumediene e al. (2016), Al-Absy and Ismail (2019), Diep (2021), and Nguyen
e al. (2023), we disco e ed ha manage s’ pe cep ions, s eady g ow h, economic scale, and inancial
capaci y cons i u e majo de e minan s o adop ing he IAS in Vie nam. Howe e , in con as wi h he
indings o Nguyen e al. (2023), we no e ha ac o s such as policy mechanisms, and p o essional ca ee s
ha e no signi ican ly a ec ed he decision o adop IFRS. Fu he mo e, we ound no signi ican impac
o he business communi y on he adop ion p ocedu e. Ou esul s ein o ce he conclusion ha manag-
e s should change hei pe cep ions and ha e a posi i e mindse o inno a e and app oach IFRS adop-
ion. We also highligh ha Vie namese en e p ises should conside lis ing ab oad as a channel o
a ac ing op imal capi al o expansion. I is essen ial o enhance he scale o en e p ises and inc ease
inancial capaci y o o e come challenges and ba ie s o IFRS adop ion in Vie nam. These a e use ul
documen s o manage s o Vie namese en e p ises o ha e app op ia e oadmaps and ully p epa e o
IFRS applica ion. I is also an expe ience o Vie namese managemen agencies o ha e policies and
mechanisms o suppo en e p ises o success ully implemen IFRS.
2. Backg ound
In e na ional Financial Repo ing S anda ds suppo businesses ac oss coun ies o imp o e he in o -
ma ion quali y o inancial epo s. This is he ounda ion o in o ma ion o be anspa en , compa a-
ble, and ensu e ele an . I is also he basis o imp o ing in o ma ion eliabili y o ele an pa ies.
Applying IFRS also aces di icul ies and challenges due o many in luencing ac o s. I is o e en g ea e
conce n o de eloping coun ies like Vie nam because o he awa eness o manage s, he economic
capaci y, and he adap abili y o he business communi y. Many s udies a e in e es ed in applying IFRS
COGENT BUSINESS & MANAGEMENT 3
in de eloped coun ies, bu ecen ly some opics ha e ocused on he issues o de eloping coun ies
(Al-H ayba , 2018; Khaghaany & Jabe , 2023). De eloping coun ies a e in he p ocess o p epa ing o
apply IFRS like Vie nam. This s udy add esses issues ela ed o he IFRS applica ion p ocess in de elop-
ing coun ies, speci ically in Vie nam. The issue o disco e ing ac o s a ec ing IFRS adop ion has
ecei ed much a en ion in de eloped coun ies, including bo h in e nal and ex e nal ac o s (Al-Absy
& Ismail, 2019; Lahma & Asbi, 2017). Howe e , di e en cul u al, legal, economic, and poli ical en i on-
men al issues ha e c ea ed dissimila ac o s be ween coun ies (Gie usz e al., 2022; Nobes & Pa ke ,
2016; Yip & Young, 2012). De eloping coun ies ace challenges in con e ing hei na ional accoun ing
s anda ds o IFRS. In pa icula , economic p oblems a e always di icul because he inancial esou ces
o en e p ises in de eloping coun ies a e no s ong enough o s and i mly in he global ma ke
(Golube a, 2020; Si iopoulos e al., 2021). En e p ises in de eloping coun ies ace many obs acles due
o compe i i e p essu e o ise o he ma ke . A ac ing capi al is always a di icul p oblem o en e -
p ises in de eloping coun ies, ypically like Vie nam. The capaci y and expe ise o manage s in hese
coun ies a e also obs acles because o accessing new and p og essi e knowledge sou ces o imp o e
and manage businesses e ec i ely (Nu unnabi, 2018; O iz-Ma ínez e al., 2022; Rosmianing um
e al., 2023).
To pu sue bene i s om applying IFRS, en e p ises a e always awa e o he impo ance o con e ing
he na ional s anda ds sys em. Mos coun ies a e encou aged o apply IFRS. I is he end owa d
egional in eg a ion and globaliza ion (Lahma & Asbi, 2017; Mong u & Winkel ied, 2019). This is also he
s a egy ha Vie namese en e p ises always pu sue o hei mission o enhance economic de elopmen .
This esea ch comes om he con ex o Vie namese en e p ises p epa ing o ully apply IAS/IFRS. This
shows ha s a e agencies and he Vie namese business communi y a e e y in e es ed in ele an ac o s
a ec ing he applica ion o IAS/IFRS in Vie nam. Empi ical e idence in iden i ying ac o s a ec ing IFRS
applica ion in Vie nam’s economic, legal, and cul u al condi ions is a use ul expe ience. I is a solid oun-
da ion o Vie namese en e p ises o p epa e app op ia ely o he IFRS applica ion oadmap soon.
3.Theo e ical li e a u e e iew
In he con ex o globaliza ion, coun ies a e g adually applying IFRS. IFRS is an in e na ional accoun ing
s anda ds sys em o p epa ing and p esen ing inancial epo s o en e p ises. IFRS is he eco ding,
e alua ion, p esen a ion, and disclosu e o in o ma ion o ensu e imp o ed in o ma ion quali y. IFRS
ensu es consis ency, anspa ency, ele ance, and compa abili y o s akeholde s o ensu e he eliabili y
o in o ma ion in business decisions. IFRS is becoming a common language globally ega ding inancial
epo ing in o ma ion (IFRS Founda ion, 2024).
Applying IFRS is unde s ood as he de elopmen p ocess owa ds a sys em o high-quali y global
accoun ing s anda ds. Ch is ensen e al. (2015) commen ed ha IFRS se s high-quali y s anda ds o
imp o e in e na ional compa ison o inancial in o ma ion and educe cos s o use s, in es o s, and audi-
o s o de elop he ma ke . global capi al. Yip and Young (2012) belie ed ha applying IFRS aims o
inc ease he compa abili y o in o ma ion on inancial epo s and aims o a se o highe quali y s an-
da ds. Nobes and Pa ke (2016) e alua ed he applica ion o IFRS as aiming a a single poin o achie e
consensus. The consensus on he iewpoin o apply IFRS is o each a sys em o high-quali y inancial
epo ing s anda ds o mee he in o ma ion needs o decision-making in he capi al ma ke and o he
equi emen s o he economy (Hallbe g & Pe sson, 2011, Lungu e al., 2017, Golube a, 2020).
Coun ies adop ing IFRS inc eased o e ime. Eu opean coun ies ha e adop ed IFRSs al hough he e
has been a ime lag in he adop ion o some ecen IFRSs (Ch is ensen e al., 2015). Aus alia and New
Zealand ha e adop ed accoun ing s anda ds equi alen o IFRS and ensu e en i ies ha e IFRS-complian
inancial s a emen s (Al-H ayba , 2018). Canada has ully adop ed IFRS. These Chinese s anda ds a e
essen ially equi alen o IFRS, excep o ce ain modi ica ions in some s anda ds. Singapo e has adop ed
he Singapo e equi alen o IFRS bu his coun y has made changes o he ecogni ion and measu e-
men p inciples in some IFRSs in some s anda ds (Joshi e al., 2016). The eplacemen o na ional accoun -
ing s anda ds o apply IFRS also s ems om many ac o s including in e nal (s eady g ow h, economic
scale, inancial capaci y, business communi ies, manage s’ pe cep ion, p o essional ca ee ) and ex e nal
ac o s (policy mechanisms). The e o e, coun ies mus conside in luencing ac o s o make lexible and
4Q. T. TRAN AND K. L. TRAN
app op ia e adjus men s o apply IFRS smoo hly (Al-Absy & Ismail, 2019; Boumediene e al., 2016;
Rosmianing um e al., 2023; Sha i , 2010; Simegn, 2015).
The heo y o planned beha io (TPB) indica es a pe son’s willingness o pe o m a beha io . The
in en ion o pe o m a beha io is mo e likely o inc ease he likelihood o he beha io being pe o med
(Ajzen, 1991). Planned beha io cla i ies human beha io , no jus p edic ion, and deals wi h ac o s ha
in luence beha io al in en ion, such as a i ude owa ds beha io , subjec i e no ms o beha io , and
pe cei ed con ol. This heo y also explains p o essional ca ee s, policy mechanisms, and he manage s’
pe cep ion o enhance hei abili y o adop IFRS (Simegn, 2015). A i udes a e de e mined by indi iduals’
belie s and judgmen s abou he esul s o beha io and a e a signi ican ac o in luencing he in en ion
o coun ies o adop IFRS (Dja ej e al., 2012; Phan e al., 2018).
The new ins i u ional sociology heo y holds ha en e p ises become s able and homogeneous a e
implemen ing ins i u ions. En e p ises a e ins i u ionalized by su ounding o ganiza ions o ensu e s able
main enance and de elopmen . Homogeniza ion is he p ocess by which en e p ises should change o
esemble o he o ganiza ions in he same indus y and scale o ope a ion (Dowling & P e e , 1975, Ma ch
& Olsen, 1976, God ey e al., 2010, Powell & DiMaggio, 2012). This heo y is conce ned wi h he possi-
bili y o gene a ing p essu es, such as coe cion and imi a ion, o adop IFRS. En e p ises in he same ield
o ac i i y ac simila ly and imi a e each o he . In he con ex o in eg a ion and o ensu e s eady g ow h,
economic scale, and inancial capaci y, en e p ises end o adop IFRS, and o he en e p ises also need
o adop i (Al-Absy & Ismail, 2019; Sha i , 2010). The business communi y also has a signi ican in luence
on en e p ises’ choices o adop IFRS o en e p ises (Albask i, 2015). Coe ci e p essu e en o ces compli-
ance wi h in e na ionally ecognized egula ions (Lahma & Asbi, 2017; Simegn, 2015).
4. Empi ical li e a u e e iew and hypo heses de elopmen
4.1. Empi ical li e a u e e iew
S udies on he ac o s a ec ing IFRS adop ion a e in e es ing o esea che s in many ways. Sha i (2010)
examined he ac o s a ec ing IAS adop ion in I aq. The au ho s used su ey ques ionnai es om 50
lis ed companies. The s udy analyzed he da a acco ding o he Like 5 scale and he o dina y leas
squa es (OLS) me hod was used o es he hypo hesis. The esul s show ha he capi al ma ke , educa-
ion le el, p o essional o ganiza ion, and company size in luence en e p ises’ adop ion o IAS. Hallbe g
and Pe sson (2011) es ed he ac o s a ec ing he olun a y adop ion o IAS by 84 lis ed companies in
Sweden. The au ho s demons a e ha he olun a y decision o adop IAS is ela ed o economic g ow h
by lis ing ab oad, using he audi and indus y ypes o companies. Dja ej e al. (2012) examined accoun -
ing p ac i ione s’ beha io al a ibu es owa d IFRS adop ion. The esea ch sample included 138 accoun -
ing p o essionals om mul ina ional companies in he US. This s udy used su ey ques ionnai es wi h a
Like scale o 7, and explo a o y ac o analysis was pe o med using OLS. The esul s indica e ha
subjec i e no ms and cogni i e con ol signi ican ly in luence ea ly IFRS adop ion. Moqbel e al. (2013)
es he pe cep ions o amilia i y, isk, and use ulness o IFRS. The ques ionnai e was designed using a
5-poin Like scale. The sample included 84 Ame ican accoun an s, and he da a we e p ocessed using
PLS-SEM. These indings sugges ha isk pe cep ion is a ba ie o he adop ion o IFRS. Ta ca e al.
(2013) conside ed he e ec o a i m’s inancial esou ces on IFRS use. The au ho s su eyed 408 lis ed
Ge man companies. OLS was used o es he hypo heses. The esul s con i m ha companies wi h
inancing om o eign owne ship a e mo e likely o adop IFRS.
In he ace o in eg a ion p essu e, coun ies wo ldwide enhance IFRS adop ion, sugges ing ha
esea che s con inue o pay a en ion o his opic. Speci ically, Simegn (2015) iden i ies he ac o s
a ec ing i ms’ adop ion o IFRS in E hiopia. Using he Like 5 scale o a sample o 70 accoun ing
expe s, he au ho uses he OLS me hod o es he hypo heses. This s udy explo es how he quali ica-
ions o p ac i ione s and he legal sys em, economic de elopmen , and capi al ma ke s a ec hei
in en ion o adop IFRS. Albask i (2015) examines accoun an s’pe cep ions a ec ing IFRS adop ion in
Libya such as go e nmen policies, capi al ma ke s, educa ional a ainmen , and p o essional o ganiza-
ions. The au ho uses Like 5 scale ques ionnai es o a sample o 288 accoun an s o companies. The
s udy concludes ha p o essional o ganiza ions and go e nmen policies posi i ely impac he
COGENT BUSINESS & MANAGEMENT 5
implica ions o IFRS adop ion. Boumediene e al. (2016) conside obs acles o he adop ion o IAS/IFRS
in Tunisia. The au ho s su eyed he opinions o 71 ce i ied public accoun an s in Tunisia h ough ques-
ionnai es designed on a i e-poin Like 5 scale. The esul s con i m ha he ac o s ha hinde he
adop ion o IAS/IFRS include he ax sys em, awa eness, a i udes o manage s, and inancial capaci y.
Lahma and Asbi (2017) examined he ac o s a ec ing he adop ion o IFRS by en e p ises in Libya. The
s udy collec s da a using a Like 5 scale ques ionnai e and ecei es a inal sample ha includes 274
expe s in he ield o accoun ing. The ou comes sugges ha he in luencing ac o s include he econ-
omy, he ax sys em, he legal sys em, cul u e, and language. Paknezhad (2017) iden i ies he ac o s
a ec ing IAS/IFRS adop ion in I an. The su ey sample consis ed o 176 pa icipan s wi h accoun ing
knowledge and he ques ionnai e was designed using a i e-poin Like 5 scale. The esul s show ha
ac o s such as economic g ow h, educa ion le el, legal sys em, and in es men in o eign coun ies sig-
ni ican ly impac he adop ion o IAS/IFRS.
Recen ly, Al-Absy and Ismail (2019) in es iga ed accoun an s’ pe cep ions o he ac o s a ec ing he
adop ion o IAS/IFRS in Yemen. The au ho s use a 5-poin Like ques ionnai e o su ey 41 accoun an s.
The esul s e i y ha in e na ional in eg a ion, go e nmen policy, capi al ma ke s, economic g ow h,
p o essional o ganiza ion, educa ion le el o accoun an s, size o i ms, and inancial capaci y signi ican ly
in luence he adop ion o IAS/IFRS. Bananuka e al. (2019) e iew he in luence o ac o s on IAS/IFRS
adop ion in Ugandans using a 5-poin Like scale ques ionnai e. Th ough a inal sample o 67 mic o i-
nance ins i u ions ha a e membe s o he Associa ion o Mic o inance Ins i u ions o Uganda, his s udy
demons a es ha he boa d o di ec o s’ e ec i eness and in ellec ual capi al posi i ely and signi ican ly
con ibu e o IFRS adop ion. Manage ial a i udes a e posi i ely connec ed wi h IFRS adop ion, bu hei
explana o y compe ence is subsumed by in ellec ual capi al. Nakamu a e al. (2022) in es iga e he ac-
o s a ec ing p epa e s’ a i udes owa ds IFRS by conduc ing an o iginal su ey o Japanese lis ed i ms.
This s udy uses an explo a o y ac o analysis wi h a Like scale o 7 on a su eyed sample ha includes
chie inancial o ice s om 26 lis ed Japanese companies. The esul s show ha p inciple-based accoun -
ing ep esen ed by IFRS leads some p epa e s o conside IFRS adop ion a good oppo uni y o eo ien
hei business, which con ibu es mo e i mly o p epa e s’ a i udes owa ds IFRS han he commonly
assumed ad an ages o IFRS adop ion. Khaghaany and Jabe (2023) s udied he impac o ac o s on he
IAS/IFRS adop ion o 18 banks in I aq om 2011 o 2020 by applying o dina y leas squa es o es he
hypo heses. The esul s indica e changes in cash lows and de ia ions in accoun ing es ima es a ec IAS/
IFRS adop ion.
Se e al s udies ha e been conduc ed on IFRS adop ion in Vie nam. Doan e al. (2020) examine he
ac o s a ec ing IFRS adop ion om he pe spec i e o audi o s and manage s. The s udy used a eg es-
sion es wi h a Like scale o 5. The esul s e i y ha legali y, business cha ac e is ics, employee qual-
i ica ions, and p o essional associa ions in luence en e p ises’ adop ion o IFRS. Diep (2021) explo ed 489
lis ed companies in Vie nam o conside IFRS adop ion. The s udy used a 5-poin Like scale and OLS o
es he hypo heses. The indings show ha in eg a ion, company size, legali y, p o essional o ganiza ion,
awa eness o manage s, accoun ing capaci y, and cos o implemen posi i ely in luence IFRS adop ion.
Nguyen e al. (2023) apply quali a i e combined wi h quan i a i e and s uc u al equa ion modeling
(SEM) o examine he causal ela ionship be ween in luencing ac o s and en e p ises’ willingness o
apply IFRS olun a ily. This s udy con i ms ha compliance wi h accoun ing egula ions and p inciples,
quali ica ions and expe ience o accoun an s, accoun ing egimes and go e nmen ci cula s, capabili ies,
and he bene i s o IFRS adop ion posi i ely impac he applica ion o IFRS. In addi ion, Ta e al. (2021)
and Nguyen (2022) es he ac o s o inancial indica o s a ec ing he adop ion o IFRS in lis ed compa-
nies in Vie nam and ind ha i m size, o al deb - o-equi y a io, p o i abili y, audi quali y, o eign
in es men , and inancial ins i u ion ca ego y ha e signi ican impac s.
Following an ex ensi e e iew o he li e a u e, we ind ha he e is po en ial o mo e esea ch on
he applicabili y o IFRS by i ms in Vie nam o p o ide mo e empi ical e idence on his opic. S udies
on lis ed companies and medium-sized en e p ises ha e no been examined om di e en comp ehen-
si e pe spec i es in Vie namese en e p ises. P e ious s udies ha e been in e es ed in many issues ega d-
ing cul u e, s a quali ica ions, and p o essional associa ions. This s udy ocuses on manage s’ pe cep ions,
in eg a ion, economic scale, inancial capaci y, and he business communi y, which ela e o he
Vie namese con ex . Mo eo e , he 7-poin Like scale se o a iables in he s udy ensu es he la es
6Q. T. TRAN AND K. L. TRAN
accu acy, and he su ey ques ionnai e is compiled based on expe s who a e scien is s and p ac i ione s
who ha e esea ched IFRS o a long ime. Based on he syn hesis o p e ious s udies and he sa u a ion
o expe s’ opinions, we p opose hypo heses o he esea ch model ela ed o s eady g ow h, economic
scale, inancial capaci y, policy mechanisms, manage s’ pe cep ions, he business communi y, and p o es-
sional ca ee s.
4.2. Hypo heses de elopmen
En e p ises end o main ain s able g ow h due o ins i u ional assimila ion wi hin businesses. S abili y is
he ounda ion o main aining con inuous ope a ion and pe pe ual g ow h. En e p ises choose o apply
IFRS as a condi ion o i he gene al con ex o he communi y and IFRS adop ion is a decisi e condi ion
(Paknezhad, 2017; Simegn, 2015). The highe he le el o economic in eg a ion, he mo e en e p ises
end o adop IFRS o a ac in es men capi al o de elopmen (Diep, 2021; Lahma & Asbi, 2017).
Globaliza ion in economic ac i i ies has p omp ed all economic ansac ions o be eco ded in compli-
ance wi h IFRS. In o ma ion om anspa en and compa able inancial s a emen s o ms he basis o
en e p ises o c ea e s abili y o g ow h (Al-Absy & Ismail, 2019; Nakamu a e al., 2022). Vie namese
en e p ises need o a ac in es men o mobilize esou ces o economic g ow h. Applying IFRS is an
oppo uni y o Vie namese en e p ises o imp o e in o ma ion quali y and is a condi ion o s able
g ow h. The e o e, we p opose he ollowing hypo hesis:
Hypo hesis 1. S eady g ow h in luences he abili y o Vie namese en e p ises o adop IFRS.
En e p ises wi h la ge economies o scale a e o en di e se in he business ield. Ins i u ional heo y
has explained he p essu es on he business scale, so i is he d i ing o ce o businesses o inc ease
scale o ensu e gene al de elopmen . To main ain inc eased economic scale, applying IFRS is an ad an-
age o ensu e de elopmen in he gene al egime when all en e p ises implemen IFRS. Complex eco-
nomic ansac ions equi e in o ma ion p ocessing o be s anda dized acco ding o IFRS (Hallbe g &
Pe sson, 2011; Nakamu a e al., 2022). La ge en e p ises ha e many inancial esou ces o accele a e o
implemen a ion IFRS adop ion (Al-Absy & Ismail, 2019; Diep, 2021; Sha i , 2010). This suppo s he in o -
ma ion quali y o Vie namese en e p ises o s akeholde s. T anspa ency and ele ance o in o ma ion in
IFRS suppo Vie namese en e p ises o inc ease in es o con idence. Based on he esul s o p e ious
s udies, he ollowing hypo hesis is p oposed:
Hypo hesis 2. The economic scale in luences he abili y o Vie namese en e p ises o adop IFRS.
En e p ises mus ca e ully conside hei inancial capaci y o adop IFRS. Financial capaci y is always
a challenge o businesses. Ins i u ional heo y has explained he p essu es on inancial esou ces in he
con ex o compe i ion o main ain e ec i e esou ces o de elopmen . I is one o he p essu es on
businesses when applying IFRS. This is also app op ia e when businesses mus pay a en ion o hei
inancial capaci y o p epa e o hei IFRS implemen a ion plan. The cos s o IFRS adop ion a e expensi e
because o he complex na u e o his s anda d sys em. The p ocedu es o con e ing o IFRS incu many
expendi u es, such as pe sonnel aining, adjus ing he accoun ing so wa e sys em, buying new accoun -
ing documen s, and consul ing se ices (Al-Absy & Ismail, 2019; Boumediene e al., 2016). Vie namese
en e p ises mos ly ha e mode a e esou ces. The e o e, implemen a ion cos s a e a challenge o
Vie namese en e p ises in applying IFRS. Acco dingly, he model’s hypo hesis is as ollows:
Hypo hesis 3. Financial capaci y in luences he abili y o Vie namese en e p ises o adop IFRS.
App op ia e policies ensu e he ope a ion o he en e p ises. Beha io al heo y has been explained in
he implemen a ion o mechanisms and policies. Policies demons a e he will o ake ac ion in applying
IFRS. Howe e , some mechanisms a e lame and inconsis en , c ea ing di icul ies in adop ing such egu-
la ions (Al-Absy & Ismail, 2019; Simegn, 2015). The ax sys em is an obs acle o IFRS adop ion when
accoun ing and axa ion a e closely linked (Lahma & Asbi, 2017). Tax-d i en accoun ing sys ems impede
IFRS adop ion. Inconsis en egula ions be ween axes and accoun ing con use en e p ises and educe
he compa ison o inancial in o ma ion be ween en e p ises (Boumediene e al., 2016; Paknezhad, 2017).
COGENT BUSINESS & MANAGEMENT 7
Vie nam is g adually s anda dizing egula ions acco ding o in e na ional s anda ds. Mechanism and pol-
icy issues a e ba ie s ha a ec Vie namese en e p ises in applying IFRS. Simila o p e ious s udies, his
s udy p oposes he ollowing hypo heses:
Hypo hesis 4. Policy mechanisms in luence he abili y o Vie namese en e p ises o adop IFRS.
Manage s who pionee inno a ion a e agen s o change in an o ganiza ion. Manage s’ awa eness is
clea ly shown in beha io al heo y. Doub o unce ain y is always he hesi a ion o manage s in apply-
ing IFRS. Manage s’ pe cep ions make impo an changes o IFRS adop ion (Moqbel e al., 2013). Manage s’
pe cep ions a ec he in o ma ion quali y o en e p ises’ inancial s a emen s in en e p ises (Dja ej e al.,
2012). Accoun ing in o ma ion is a managemen ool o checking and moni o ing he ac i i ies and
ope a ions o an en e p ise. Manage s’ pe cep ions play an impo an ole in acili a ing en e p ises’s
adop ion o IFRS by en e p ises (Bananuka e al., 2019). Addi ionally, manage s’ pe cep ions posi i ely
in luence hei choice o accoun ing policies in he p epa a ion o inancial s a emen s. Managemen wi h
a good sense o law compliance o ensu e ai h ul accoun ing in o ma ion will p omo e IFRS adop ion
(Boumediene e al., 2016; Diep, 2021). The cau ious na u e is a cul u al cha ac e is ic o Vie namese en e -
p ises. The conce n and skep icism o Vie namese manage s in applying IFRS a e also ob ious. The e o e,
we p opose he ollowing hypo hesis ha :
Hypo hesis 5. Manage s’ pe cep ion in luences he abili y o Vie namese en e p ises o adop IFRS.
The in luence o he business communi y is e lec ed in he g ow h o p o essional associa ions and
o ganiza ions ha include bo h inancial and managemen accoun ing. Beha io al heo y has in e p e ed
he iews o some indi iduals in he o ganiza ion. The business communi y is a ga he ing o business
adminis a o s. The iews o policies o he business communi y ha e in luenced manage s’ in en ions in
applying IFRS. The business communi y plays a dominan ole in decisions ega ding IFRS adop ion and
es ablishmen o an IFRS (Al-Absy & Ismail, 2019; Sha i , 2010). In addi ion, he de elopmen o business
communi y o ganiza ions con ibu es o p omo ing he adop ion o IFRS in en e p ises (Albask i, 2015).
Vie nam’s business communi y has an essen ial ole o play alongside manage s. The business communi-
y’s policies and o ien a ions in luence he in en ion o Vie namese en e p ises o apply IFRS. Based on
his, we p opose he ollowing hypo hesis:
Hypo hesis 6. The business communi y in luences he abili y o Vie namese en e p ises o adop IFRS.
IFRS adop ion depends ma kedly on he quali ica ions and knowledge o he accoun an . P o essional
expe ise o en has opinions and pe spec i es ha se e as a basis o consul ing manage s’ policies.
Ca ee s a e also in luenced by o ganiza ional beha io s. The in en ions o consul a ions o p o essional
o ganiza ions change he minds o manage s in applying IFRS. Coun ies wi h well- ained accoun ing
p ac i ione s ensu e ha adop ing he p inciples and me hods o accoun ing (Al-Absy & Ismail, 2019).
Simegn (2015) indica es a ela ionship be ween p o essional ca ee cha ac e is ics and IFRS adop ion. This
e lec s he impo an ole o a p o essional ca ee in complying wi h IFRS. Vie namese p o essional o ga-
niza ions ha e suppo ed en e p ises in hei expe ise. This e lec s he impo an ole in he p o ession’s
o ien a ion owa ds IFRS compliance o Vie namese en e p ises. Consequen ly, he las hypo hesis is p o-
posed as ollows:
Hypo hesis 7. A p o essional ca ee in luences he abili y o Vie namese en e p ises o adop IFRS.
F om he abo e hypo heses, we de elop he ollowing esea ch model:
ADOPTION GROWTH SCALE CAPACITY POLICY
PER
= +× + × + × + × ×
ββ β β β β
01 2 3 4 5
CCEPTION COMMUNITY PROFESSION+× +× +
β βε
67
whe e he dependen a iable (ADOPTION) is he abili y o Vie namese en e p ises o adop IFRS, The
independen a iables include s eady g ow h (GROWTH), economic scale (SCALE), inancial capaci y
(CAPACITY), policy mechanisms (POLICY), manage s’ pe cep ions (PERCEPTION), business communi ies
(COMMUNITY), and p o essional ca ee s (PROFESSION).
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