Hong, Nguyen Thi Phuong; My, Phan Thi T a
A icle
E ec s o inancial cha ac e is ics on accoun ing
conse a ism o lis ed companies in Vie nam s ock
exchange
Cogen Business & Managemen
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Sugges ed Ci a ion: Hong, Nguyen Thi Phuong; My, Phan Thi T a (2024) : E ec s o inancial
cha ac e is ics on accoun ing conse a ism o lis ed companies in Vie nam s ock exchange, Cogen
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Effec s o financial cha ac e is ics on accoun ing
conse a ism o lis ed companies in Vie nam
s ock exchange
Nguyen Thi Phuong Hong & Phan Thi T a My
To ci e his a icle: Nguyen Thi Phuong Hong & Phan Thi T a My (2024) Effec s o financial
cha ac e is ics on accoun ing conse a ism o lis ed companies in Vie nam s ock exchange,
Cogen Business & Managemen , 11:1, 2289199, DOI: 10.1080/23311975.2023.2289199
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Accoun ing, co po A e go e nAnce & Business e hics | eseA ch A icle
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2289199
E ec s o inancial cha ac e is ics on accoun ing conse a ism o
lis ed companies in Vie nam s ock exchange
nguyen hi phuong hong and phan hi a My
school o accoun ing, uni e si y o economics Ho Chi Minh Ci y, Vie nam
ABSTRACT
he esea ch objec i es is o analyze ac o s impac ing on accoun ing conse a ism
such as g ow h oppo uni y, e u n on equi y, sales g ow h, e u n on asse s, capi al
in ensi y, in es men oppo uni y, inancial dis ess, inancial le e age, global
di e si ica ion and unce ain y en i onmen . in his s udy, accoun ing conse a ism is
equal o non-ope a ing acc uals. he au ho s used balanced da a collec ed om 379
lis ed companies in ie nam s ock ma ke in a 5-yea pe iod om 2017 o 2021. he
au ho s compa ed 3 models including pooled ols, FeM and eM o choose he mos
app op ia e one. he es esul s show ha FeM is he mos app op ia e, bu his model
has he phenomenon o he e oscedas ici y, so he au ho s used Fgls o es he
hypo heses. he esea ch esul s show ha among he independen a iables included
in he model, he e a e i e a iables impac ing on he accoun ing conse a ism wi h
s a is ical signi icance o 5%. he independen a iable which is in es men oppo uni y
se has a posi i e impac on he accoun ing conse a ism. in con as , he independen
a iables including g ow h oppo uni ies, e u n on asse s, inancial le e age, and
unce ain y en i onmen ha e a nega i e impac on he accoun ing conse a ism.
Besides, he o he i e a iables o e u n on equi y, sales g ow h, capi al in ensi y,
inancial dis ess, global di e si ica ion ha e no impac on he accoun ing conse a ism
in e ms o s a is ical signi icance.
1. In oduc ion
Financial s a emen s a e a business manage ’s explana ion o he asse s, capi al, business si ua ion, and
cash low o a business. in o ma ion on inancial epo s is he basis o in e es ed pa ies o make a io-
nal decisions. Financial cha ac e is ics include inancial indica o s such as g ow h oppo uni ies, e u n on
equi y, sales g ow h, and e u n on asse s, capi al in ensi y, in es men oppo uni y se , global di e si i-
ca ion, and unce ain y en i onmen . hese indica o s will show he inancial heal h o he business, i s
de elopmen p ospec s and i s u u e going conce n. Financial cha ac e is ics, i p oblema ic, will cause
manage s o conside he possibili y o applying app op ia e accoun ing policies o mi iga e isks, hence
in es o s will moni o mo e e ec i ely he company’s pe o mance, o keep he in es men sa e om
possible u u e isks (sa agih e al., 2022).
Acco ding o uch and aylo (2015), accoun ing conse a ism is de ined as ‘ he endency owa ds
using policies and me hods o unde s a e he alue o ne asse s wi h ela ion o hei ne economic
alue’. Besides, s eenu e al. (2022) a gue ha accoun ing conse a ism is e y impo an and essen ial.
Addi ionally, hajawiyah e al. (2020) a i m ha accoun ing conse a ism is e y impo an o be used o
esol e unce ain ies in he economic and business ac i i ies o en e p ises.
companies need o main ain sus ainabili y wi h app op ia e business s a egies and policies o mini-
mize he abo e di icul ies and challenges. Applying accoun ing conse a ism is a iable ool o o e -
come he abo e challenges and enhance he inancial epo ing quali y. Because accoun ing conse a ism
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT nguyen hi Phuong Hong [email p o ec ed] school o accoun ing, uni e si y o economics Ho Chi Minh Ci y, Vie nam.
h ps://doi.o g/10.1080/23311975.2023.2289199
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
ecei ed 14 sep embe
2023
e ised 24 no embe
2023
Accep ed 24 no embe
2023
KEYWORDS
Accoun ing conse a ism;
inancial cha ac e is ics;
ie nam; inancial
s a emen ; acc uals; s ock
exchange
SUBJECTS
Financial Accoun ing;
Accoun ing conse a ism;
Business; Managemen
and Accoun ing
REVIEWING EDITOR
collins n im, Accoun ing;
sou hamp on Business
school, uni e si y o
sou hamp on,
sou hamp on, hampshi e,
uni ed Kingdom o g ea
B i ain and no he n i eland
2 n. . phuong hong AnD p. . A MY
plays an impo an ole in minimizing asymme ic in o ma ion, using accoun ing conse a ism helps cap-
i al ma ke s ope a e mo e e icien ly. Accoun ing conse a ism seems o be an impo an ac o de e -
mining he inancial epo ing quali y acco ding o Wa s (2003a, Al es, 2023), accoun ing conse a ism
educes manage s’ oppo unis ic beha io and compensa es o disc epancies in inancial epo ing.
hajawiyah e al. (2020) asse ed ha accoun ing conse a ism is impo an o be used o esol e unce -
ain ies in he economic and business ac i i ies o en e p ises. Accoun an s should ca e ully handle and
quickly eco d si ua ions ha lead o losses. cases ha ha e he po en ial o gene a e p o i s will be
delayed in eco ding un il ha si ua ion occu s signi ican ly.
Acco ding o no a i e al. (2021), i has been obse ed ha he disclosu e o inancial epo in o ma ion
mus be based on he p inciple o accoun ing conse a ism. Manage s should be cau ious o e o s and
aud and should highligh all signi ican ac o s o in es o s and o he use s in he company’s epo s.
Accoun ing conse a ism is an accoun ing p inciple equi ing a high deg ee o e i ica ion be o e a com-
pany can ecognize any p o i s. M ad, (2022), companies complying wi h accoun ing conse a ism will help
in es o s us he in o ma ion disclosed, make he company eliable and ha e a good epu a ion in he
inancial ma ke s, and enhance he possibili y ha companies will be lis ed in mul iple s ock ma ke s such
as he us s ock ma ke . Acco ding o pujiono e al. (2023), businesses can implemen applying accoun ing
conse a ism in o inancial s a emen as a eac ion o unce ain condi ions which companies a e acing.
Acco ding o Basu (1997), om a heo e ical pe spec i e, posi i e accoun ing heo y holds ha com-
panies can apply accoun ing skills, knowledge and unde s anding o apply app op ia e accoun ing poli-
cies o add ess u u e e en s o minimize in o ma ion asymme y in eco ding ‘good news’ and ‘bad news’.
conse a ism does no de ine in an absolu e manne bu should be de e mined in a con ex h ough
a ce ain ac o . s udies emphasize he impac o accoun ing conse a ism on he balance shee (consis-
en ly aluing asse s a lowe alues) o i s in luence on he income s a emen (using s ock e u ns as a
measu e o news).
ha he ac o s o inancial cha ac e is ics a ec ing accoun ing conse a ism is conside ed as an in e -
es ing esea ching opic. Accoun ing conse a ism has ecei ed nume ous esea che s’ a en ion wo ld-
wide. se e al ypical s udies include Basu (1997), gi oly and hayn (2000), Bea e and yan (2000), Qiang
(2007), Zhang (2008), Bea y e al. (2008), Xie (2015), uch and aylo (2015), Banke e al. (2016), Du a
and pa a oukas (2017), lin e al. (2018), ge e al. (2019), hajawiyah e al. (2020), Dai and ngo, (2021),
Khali a e al. (2023), e c. in ie nam, he e a e also s udies ela ed o accoun ing conse a ism such as
nguyen hi Bich huy (2019), ang i hung e al (2021), Doan huy Duong (2022), le uan Bach e al.
(2022), o hi huc (2023), and so on. howe e , o he bes o he au ho s’ knowledge so a , ie nam
has only a small numbe o esea ch on accoun ing conse a ism, pa icula ly, no any esea ch on he
in luence o inancial cha ac e is ics on accoun ing conse a ism. he e o e, his s udy objec i e is o
analyze he impac o inancial cha ac e is ics on accoun ing conse a ism in he ie namese con ex . o
achie e his esea ch objec i e, he esea ch ques ions a e posed as ollows: Wha is he impac o inan-
cial cha ac e is ics on he accoun ing conse a ism o companies lis ed on he ie nam s ock ma ke ?
some unc ions need o be p oposed.
Fi s , adding a heo e ical model on inancial cha ac e is ics a ec ing accoun ing conse a ism in he
ie namese con ex . second, he esea ch esul s a e a e e ence o u u e esea che s ela ed o his
opic. hi d, he esea ch esul s a e a use ul scien i ic basis o ele an subjec s o make app op ia e
decisions such as business manage s, in es o s, sha eholde s, s a e managemen agencies, and so on.
2. Backg ound
his esea ch is d i en wi h he co id-19 pandemic which has uly become he bigges conce n e e o
he economy, as mos coun ies a ound he wo ld ha e shu down, and he goods ade has been
enhanced, leading o a wa e o business bank up cies ha se iously impac he economies wo ldwide.
Mo eo e , a se ies o global e en s such as he con lic be ween ussia and uk aine, clima e change,
luc ua ing na u al gas ene gy sou ces ha e caused p ice ins abili y, and ha e heigh ened unce ain y
abou u u e e en s. in es o s in e es ed in accoun ing in o ma ion ha e become mo e cau ious, p uden ,
and isk-a e se in in es men ma e s. he a o emen ioned e en s u he exace ba e he unp edic abili y
o business ends and changing economic policies. hey ely mo e on undamen al in o ma ion whe e
cogen Business & MAnAgeMen 3
he accoun ing in o ma ion quali y and ela ed accoun ing disclosu es in inancial epo s become mo e
c ucial o use s o accoun ing in o ma ion du ing a ime when he global economy is acing signi ican
challenges. Financial s a emen s se e as an explana o y dashboa d o co po a e managemen and go -
e nance ega ding he s a e o asse s, capi al sou ces, business condi ions, and he cash low, bu hese
igu es mus be p epa ed based on accep ed s anda ds and p inciples. in addi ion, Zah o (2021) belie es
ha manage s p esen ing inancial s a emen s in an exagge a ed way can cause con usion o use s,
a ec ing he decision making o ele an agencies. Wi h such di icul ies, companies mus be ca e ul and
me iculous in p epa ing inancial s a emen s o a ac in es o s and c edi o s as use s o inancial
s a emen s.
Accoun ing conse a ism has been applied o mo e han a hund ed yea s and he e ha e been a
se ies o ie ce con o e sies o e he applica ion and elimina ion o accoun ing conse a ism in p epa -
ing and p esen ing inancial s a emen s. he iAsB (2018) has b ough accoun ing conse a ism back in o
he concep ual amewo k a e i s emo al in 2010, showing he impo ance o applying accoun ing
conse a ism in p epa ing and p esen ing inancial s a emen s.
ie nam is a de eloping coun y ecei ing a en ion om pa ne s and majo in es o s wo ldwide.
he e o e, businesses in ie nam need o c ea e a anspa en business en i onmen o a ac in es -
men om coun ies and co po a ions and p omo e hei own po en ial s eng h. in addi ion, he
ie namese economy needs o c ea e an e ec i e capi al low so ha he s ock ma ke can suppo and
p omo e he de elopmen o businesses. in addi ion, ie nam is on he pa h o manda o y iF s applica-
ion by 2025. he e o e, in o ma ion p esen ed on inancial epo s needs o be mo e anspa en and o
highe quali y o p o ide use s wi h a ional decision-making pu poses, while accoun ing conse a ism
has an image o quali y in o ma ion on he inancial s a emen s. Financial cha ac e is ics a e impo an
indica o s o a business o e alua e i s abili y o con inuously ope a e and de elop sus ainably. Fac o s
o good inancial cha ac e is ics will inc ease expec a ions o he business abou de elopmen oppo u-
ni ies and u u e cash low. he e o e, esea ch on he ela ionship be ween ac o s o inancial cha ac-
e is ics and accoun ing conse a ism in he con ex o businesses lis ed on he s ock ma ke in ie nam
is uly necessa y.
3.Theo e ical li e a u e e iew
he ela ionship be ween inancial cha ac e is ics and accoun ing conse a ism is explained by a numbe
o undamen al heo ies such as agency heo y, posi i e accoun ing heo y, signal heo y, con ac-
ual heo y.
3.1. Agency Theo y
Agency heo y is one o he undamen al heo ies in economic esea ch. his heo y is used o explain
he issue o asymme ic in o ma ion be ween manage s and ele an pa ies. he g oundwo k o his
heo y was laid by oss (1973), and i was u he de eloped by Jensen and Meckling in 1976. his
heo y e ol es in he con ex o di e ing coope a i e ag eemen ela ionships among manage s,
sha eholde s, and p o i s, and is iewed as a ela ionship be ween manage s and sha eholde s. he e,
he e is a di e gence o in e es s among company owne s, in es o s, and manage s. owne s o in es-
o s, who do no wan o incu high axes, would lose ou on he p o i s hey ha e ea ned. on he
o he hand, manage s a e conce ned abou highligh ing p o i s o main ain hei cu en posi ions.
Due o hese di e ing in e es s, he p inciple o conse a ism needs o be applied o achie e he
in e es s o all pa ies. Manage s apply he p inciple o accoun ing conse a ism in p o iding inancial
epo ing in o ma ion o he company. he e o e, adminis a o s need o es ablish mechanisms o
moni o manage ial beha io in eco ding asse s, capi al sou ces, e enue, cos s, and p o i s in o de
o enhance he quali y o inancial epo ing. Addi ionally, when a company has nume ous in es -
men oppo uni ies, i may ace high agency cos s. hus, applying accoun ing conse a ism can help
mi iga e in o ma ion asymme y and adjus he manipula ion o manage ial in e es s in line wi h
sha eholde in e es s.
4 n. . phuong hong AnD p. . A MY
Fu he mo e, in he e en o inancial c ises such as he isk o bank up cy, he agency cos s also
inc ease as he eliabili y o inancial s a emen s migh be ques ioned. Accoun ing conse a ism will help
educe agency cos s by mi iga ing in o ma ion asymme y and enhancing he inancial epo ing quali y.
3.2. Posi i e accoun ing heo y
he empi ical accoun ing heo y was s udied by Wa s and Zimme man (1986). his heo y aims o
explain and p edic a ious phenomena by applying accoun ing skills, knowledge, and unde s anding o
use app op ia e accoun ing policies o add ess u u e si ua ions. his heo y consis s o h ee iden i ied
hypo heses: (1) he bonus plan hypo hesis, (2) he deb co enan hypo hesis, and (3) he poli ical cos
hypo hesis. Zhang (2008) poin ed ou ha accoun ing conse a ism bene i s accoun ing in o ma ion
use s by p o iding imely signals o de aul isk and unce ain y. his heo y helps explain companies’
in es men oppo uni ies wi h accoun ing conse a ism o educe ea nings ola ili y. Addi ionally, com-
panies using mo e ope a ing asse s gene a e highe sales. Acco ding o pujiono e al. (2023), when
unce ain y condi ions exis in a business, manage s need o apply sui able accoun ing policies o mee
he assump ion o con inuous ope a ions in he u u e. sa agih e al. (2022) asse ha highe capi al
in ensi y leads o mo e e icien u iliza ion o all asse s o e enue gene a ion. his heo y is also
explained by he ac ha highe capi al usage esul s in highe poli ical cos s and a g ea e likelihood
o educed p o i s and mo e cau ious inancial epo ing.
3.3. Signal heo y
signal heo y explains abou he assyme ic in o ma ion be ween buye s and sales. Wolk e al. (2001)
assumes ha manage s’ epo posi i e signals o s akeholde s h ough inancial s a emen wi h a iew
o educing asymme ic in o ma ion ci cums ances. When applying accoun ing conse a ism, high-quali y
p o i is achie ed. companies wi h signi ican in es men oppo uni ies o en ha e many oppo uni ies
o in es in high-p o i p ojec s bu wi h ele a ed isks as well (he ma e al., 2023). he e o e, conse a-
i e accoun ing is applied in o de o mi iga e he po en ial isks, ensu e inancial s abili y, and p o ide
imely in o ma ion.
3.4. Con ac ual heo y
con ac s ha e go e ned economic ac i i ies since ancien imes, Jensen and Meckling (1976) i s in o-
duced he heo y o con ac s. his heo y s udies how ag eemen s and cons ain s wi hin con ac s a e
designed o minimize issues o asymme ic in o ma ion be ween pa ies. A con ac canno p edic all
u u e si ua ions. Accoun ing- ela ed ac o s a e indispensable in con ac s. Acco ding o Dang and an
(2020), accoun ing igu es in con ac s a e o en adjus ed o mee he condi ions o he con ac .
Acco ding o his heo y, as a company’s inancial le e age inc eases, he applica ion o accoun ing con-
se a ism also inc eases.
4. Empi ical li e a u e e iew and hypo heses de elopmen
4.1. G ow h oppo uni ies and accoun ing conse a ism
g ow h oppo uni ies a e an oppo uni y ha companies will in es in p o i -making ield. Based on
Agency heo y, p oxy con lic be ween sha eholde s and manage s will happen when he company has
high g ow h a e. Businesses wi h hidden ese es using o in es men will ha e a endency o apply
accoun ing conse a ism. he ade ad an age is when he ma ke alue is highe han he book alue
o equi y. Acco ding o holiawa i and Julian y (2017), when companies ha e g ow h oppo uni ies, i
ends o in es in possibly p o i -making ca ego y in he u u e ins ead o dis ibu ing p o i s by ecei -
ing di idends. he ela ionship be ween g ow h oppo uni ies and accoun ing conse a ism has also
been conduc ed by a numbe o s udies, bu he esea ch esul s a e also di e en . Acco ding o sa i
cogen Business & MAnAgeMen 5
(2020), holiawa i and Julian y (2017), de elopmen oppo uni ies posi i ely a ec accoun ing conse a-
ism, while nu aeni and ama (2019), penman and Zhang (2002) has he opposi e e ec . Besides, he
s udies o na i’lnaya i Zah o (2021) we e no in luen ial.
i is such s ong e idence ha i is he basis o he au ho o p opose he i s hypo hesis as ollows:
h1: g ow h oppo uni y has a posi i e e ec on he accoun ing conse a ism.
4.2. Re u n on equi y and accoun ing conse a ism
e u n on equi y is he company’s abili y o gene a e p o i s om i s capi al. A highe p o i abili y indi-
ca es a la ge company alue. he company mus p esen p o i in o ma ion ha is no excessi ely ol-
a ile as p o i abili y inc eases. Accoun ing conse a ism is a p inciple ha needs o be applied as pa o
ea nings managemen o p esen s able p o i igu es. he signaling heo y explains ha manage s will
p o ide a signal o high p o i abili y in he o m o he company’s u u e g ow h. high p o i s esul in
e ained ea nings, and his posi i ely a ec s he e u n on equi y, leading o an accoun ing conse a ism
app oach acco ding o Ma ani and Dini (2010) and el-habashy (2019). his demons a es ha p o i abil-
i y has a posi i e impac on accoun ing conse a ism. he ela ionship be ween e u n on equi y and
accoun ing conse a ism has also been conduc ed by a numbe o s udies, bu he esea ch esul s a e
also di e en . Acco ding o esea ch by Mohammand Fawzi (2021), e u n on equi y posi i ely a ec s
accoun ing conse a ism, while Abu nassa and Mohammad Al we qi (2021), pandey (2004), A iach and
cla kson (2013), and la a e al. (2011) ound ha e u n on equi y nega i ely a ec s accoun ing conse -
a ism. Mohammadi e al. (2013) and Ma ani and Dini (2010) s a ed e u n on equi y was no in luen ial.
Based on he abo e esul s, and based on he signal heo y explana ion, he au ho p oposes he nex
hypo hesis as ollows:
h2: e u n on equi y has a posi i e e ec on he accoun ing conse a ism.
4.3. Sales g ow h and accoun ing conse a ism
sales g ow h is he cu en change o e enue o one company in compa ison o he p e ious pe iod,
which can be seen in he income s a emen . Acco ding o Ba on e al. (1989), sales g ow h e lec s he
success o in es men in he pas and can be used o es ima e h i ing ac o s in he u u e. i he annual
sales g ow h is posi i e, he luc a i e po en ial can be highe . i he e enue inc eases signi ican ly, he
u u e alue o money (F ) o ecei ables om cus ome s o immedia ely in cash will go up. he e o e,
companies wi h posi i e sales g ow h ge in es o s’ a en ion. Acco ding o ahayu and ind a gunawan,
(2018), based on posi i e accoun ing heo y, he inc eased e enue esul s in he inc eased poli ical cos .
in o de o educe p o i s, accoun ing will apply conse a ism when he e enue soa s. Ahmed and
Duellman (2011) also ound a posi i e ela ionship be ween sales g ow h and accoun ing conse a ism.
he ela ionship be ween sales g ow h and accoun ing conse a ism has also been conduc ed by a num-
be o s udies, bu he esea ch esul s a e also di e en . ahayu and ind a gunawan (2018) ound ha
sales g ow h posi i ely a ec s accoun ing conse a ism, while go a and Muhya syah, (2022) s a ed ha
sales g ow h nega i ely a ec s accoun ing conse a ism. Besides, Achyani and lo i a (2021) concluded
sales g ow h had no e ec . he agency heo y oge he wi h p e ious s udies se es as he basis o he
au ho o pu o wa d he nex hypo hesis abou he sales g ow h and accoun ing conse a ism.
h3: sales g ow h has a posi i e e ec on he accoun ing conse a ism.
4.4. Re u n on asse s and accoun ing conse a ism
e u n on asse s is he measu e o how many p o i s ha one uni o asse s gene a es. e u n on asse s
ep esen s a company’s abili y o ea n p o i s om i s asse s (e.g. by selling asse s o gene a e ea nings).
his a io se es as a ool o analyze a company’s managemen e iciency, as he e u n on asse s
6 n. . phuong hong AnD p. . A MY
indica es he po en ial o gene a e p o i s. Acco ding o Ahmed e al. (2002), a p o i able company can
be ewa ded wi h lowe deb cos s. A highe e u n on asse s e lec s be e inancial e iciency and
demons a es he abili y o manage exis ing asse s o gene a e p o i s. he e o e, applying accoun ing
conse a ism is necessa y o ecognize he e u n on asse s in o de o educe poli ical cos s. he ela-
ionship be ween e u n on asse s and accoun ing conse a ism has also been conduc ed by a numbe
o s udies, bu he esea ch esul s a e also di e en . Mohammand Fawzi (2021), oc a ia (2022) ound
ha e u n on asse s posi i ely a ec s accoun ing conse a ism, while Ma ani and Dini (2010) claimed
ha e u n on asse s nega i ely a ec s accoun ing conse a ism. Besides, go a and Muhya syah (2022),
nu solichah and Fach u ozie (2019) claimed e u n on asse s do no a ec accoun ing conse a ism.
he nex hypo hesis is gi en as ollows:
h4: e u n on asse s has a posi i e e ec on he accoun ing conse a ism.
4.5. Capi al in ensi y and accoun ing conse a ism
capi al in ensi y is he o al amoun o company’s capi al known as asse s and shows he e ec i e le el
when using company’s asse s o making p o i s. companies wi h high-using capi al in ensi y e icien ly use
hei asse s o inc ease p o i s. Zmijewski and hage man (1981) said ha en e p ises wi h high-using capi al
in ensi y would ha e high p o i s, leading o su e om a numbe o poli ical cos s ( axa ion) and cu ing
down he abili y o ea n an income by applying accoun ing p inciples. By con as , Wa s and Zimme man
(1990) con inced ha i was because o manage s who u ged o educe p o i s so as o educe he hidden
poli ical cos s, inancial s a emen s we e expec ed o be conse a i e. he ela ionship be ween capi al in en-
si y and accoun ing conse a ism has also been conduc ed by a numbe o s udies, bu he esea ch esul s
a e also di e en . Acco ding o esea ch o na i’lnaya i Zah o (2021), Achyani and lo i a (2021), pu i e al.
(2020), capi al in ensi y posi i ely a ec s accoun ing conse a ism. Besides, sholikhah and Ba o oh (2021)
s a ed ha capi al in ensi y does no a ec accoun ing conse a ism. hus, he h5 hypo hesis in his s udy is:
h5: capi al in ensi y has a posi i e e ec on he accoun ing conse a ism.
4.6. In es men oppo uni y se and accoun ing conse a ism
he in es men oppo uni y se e e s o decisions ega ding in es men in asse s impac ing asse g ow h
and also ep esen s op ions o u u e in es men s. Acco ding o agency heo y, con lic s be ween manage s
and sha eholde s can be educed h ough in es men oppo uni ies achie ed by manage ial decisions. on
he o he hand, signaling heo y indica es ha manage s can a ac in es o s h ough in es men oppo u-
ni y se ; in es o s desi e mo e in es men oppo uni y se signals and ha e mo e speci ic e alua ions abou
he company’s in es men needs. inc easing in es men oppo uni y se will a ac in es o s willing o in es
in he company. Manage ial in es men decisions di ec ly a ec he company’s alue, he eby in luencing
s ock p ices. in ac , high s ock p ices impac he book alue- o-ma ke alue a io, which is a ep esen a ion
o accoun ing conse a ism. esea che s such as Mu waningsa i and achmawa i (2017), he ma e al. (2023),
ha e ound a posi i e ela ionship be ween in es men oppo uni y se and accoun ing conse a ism. he
ela ionship be ween in es men oppo uni y se and accoun ing conse a ism has also been conduc ed by
a numbe o s udies, bu he esea ch esul s a e also di e en . Acco ding o esea ch sholikhah and Ba o oh,
(2021), Mu waningsa i and achmawa i (2017), in es men oppo uni y se posi i ely a ec s accoun ing con-
se a ism. Besides, go a and Muhya syah (2022) concluded ha in es men oppo uni y se does no a ec
accoun ing conse a ism. hus, he h6 hypo hesis in his s udy is:
h6: in es men oppo uni y se has a posi i e e ec on he accoun ing conse a ism.
4.7. Financial dis ess and accoun ing conse a ism
Financial dis ess o a company is a majo conce n in academia and p ac ice, no only in e nally ( o
manage s and sha eholde s) bu also ex e nally ( o in es o s, c edi o s, e c.). Financial dis ess o
cogen Business & MAnAgeMen 7
inancial c isis e e s o a si ua ion whe e a company aces inancial di icul ies leading o bank up cy,
e idenced by pe iods o educed ne income (pujiono e al., 2023). cu en ly, he e is no a uni e sally
ag eed-upon de ini ion o inancial dis ess, esul ing in a ious iewpoin s. Acco ding o Dinh Khanh
nam (2022), s a es o inancial dis ess include ailu e, illiquidi y, de aul , bank up cy, and dissolu ion.
howe e , hashi (1997) no ed ha hese s a es could be challenging o obse e in eali y. Acco ding o
ohlson (1980), s ong co po a e esou ces we e mo e p onounced as a company’s scale inc eases. in
empi ical accoun ing heo y, manage s ocus on educing he le el o accoun ing conse a ism when
add essing high le els o inancial dis ess. poo inancial epo ing could h ea en manage s as i migh
isk con ac iola ions. Financial di icul ies could lead o manage ial dismissals due o ine ec i e man-
agemen . Financial dis ess was a scena io whe e inancial p oblems we e e iden , leading manage s o
educe he le el o accoun ing conse a ism. When acing wi h unce ain condi ions, companies need
o exe cise cau ion in educing economic e en s, po en ially bene i ing s akeholde s in e es ed in inan-
cial s a emen s. Al man (1968) de eloped an ea ly wa ning model o inancial dis ess using he Z-sco e.
poo go e nance mechanisms could con ibu e o inancial dis ess. Financial dis ess could e ode in es-
o con idence, dec ease company alue, and educe he ma ke - o-book a io. Accoun ing conse a ism
enhanced income quali y and dec eased he likelihood o inancial dis ess. chen’s s udy (2009) ound
an in e se ela ionship be ween accoun ing conse a ism and inancial dis ess. he ela ionship be ween
inancial dis ess and accoun ing conse a ism has also been conduc ed by a numbe o s udies, bu
he esea ch esul s a e also di e en . Acco ding o esea ch o Kao and sie (2016), sa i (2020), pujiono
e al. (2023), inancial dis ess posi i ely a ec s accoun ing conse a ism, while he ma e al. (2023),
chen e al. (2009), sholikhah and su yani (2020) ound ha inancial dis ess nega i ely a ec s accoun -
ing conse a ism. Besides, Meilinda e al. (2022) s a ed ha inancial dis ess does no a ec accoun ing
conse a ism. Along wi h he a gumen om he agency heo y, he au ho p oposes he nex hypo h-
esis as ollows:
h7: Financial dis ess has a nega i e e ec on he accoun ing conse a ism.
4.8. Financial le e age and accoun ing conse a ism
Financial le e age is a inancing ool in ol ing deb . When a company bo ows deb , c edi o s always
an icipa e ea nings e u ns om he bo owed unds. Agency heo y explains he con lic be ween man-
age s, sha eholde s, and in es o s, and manage s a e also moni o ed by c edi o s. Fo c edi o s and
sha eholde s, a company wi h high inancial isk ends o ha e high inancial le e age. in posi i e
accoun ing heo y, a company wi h high le e age ends o shi u u e p o i s o he p esen , limi ing he
impac o deb co enan s on he company’s alue. i a company has high inancial le e age, i can
educe i s appeal o in es o s due o conce ns abou epaymen isk, unless a ac i e and con incing
business plans a e p esen ed o in es o s. sajid e al. (2016) no ed ha high-g ow h companies can u i-
lize le e age o in es men as hey ha e su icien cash lows o mi iga e isks associa ed wi h le e age.
A dec ease in a company’s a ac i eness would lead o educed company and s ock alues, acco dingly
dec easing he ma ke - o-book a io. A lowe a io indica es less conse a ism. Acco ding o Ahmed and
Duellman (2007), highe le e age leads o highe po en ial con lic s be ween sha eholde s and equi y
holde s, impac ing he need o conse a ism. When unded h ough deb , manage s concen a ed o
p esen ‘ a o able’ inancial epo s when asse alues and p o i s inc eased o eassu e c edi o s.
esea che s like Ahmed and Duellman (2007), gigle e al. (2009), geimechi and Khodabakhshi (2015)
ound an in e se ela ionship be ween inancial le e age and accoun ing conse a ism. he ela ionship
be ween inancial le e age and accoun ing conse a ism has also been conduc ed by a numbe o s ud-
ies, bu he esea ch esul s a e also di e en . Acco ding o he s udy ge e al. (2019), Dang and an
(2020), oc a ia, (2022), pujiono e al. (2023), inancial le e age posi i ely a ec s accoun ing conse a ism,
while Khali a e al. (2022) claimed ha inancial le e age nega i ely a ec s accoun ing conse a ism.
Besides, Meilinda e al. (2022) and nu solichah and Fach u ozie (2019) s a ed ha inancial le e age
does no a ec accoun ing conse a ism. hus, he h8 hypo hesis in his s udy is:
h8: Financial le e age has a nega i e e ec on he accoun ing conse a ism.
14 n. . phuong hong AnD p. . A MY
B eusch and pagan lag angian mul iplie es o andom e ec s
ACC MB FIRM Xb u FIRM e FIRM _, ,
[]
= +
[]
+
[]
es ima ed esul s:
Va sd = sq (Va )
ACC_NAC 0.1949373 0.4415171
e0.151283 0.3889512
u8.57e-06 0.0029279
es : a (u) = 0
chiba 2(01) = 0.99
p ob > chiba 2 = 0.1597
consequen ly, om he combined esul s o he es s compa ing he h ee models pooled ols, FeM
and eM, i is shown ha he es ima ion o FeM is he mos sui able. able 8 below summa izes he
model selec ion es s: pooled ols, FeM and eM.
A e de e mining ha FeM model is he mos app op ia e among pooled ols, FeM and eM models,
he au ho s es he model assump ions such as no mul icollinea i y phenomenon, dis ibu ed esiduals,
no mal dis ibu ion, cons an a iance and no au o-co ela ion. he es esul s a e shown in he appen-
dix, speci ically: All he iF alues o each independen a iable o he model a e less han 4, showing
ha he e is no mul icollinea i y. he shape o he dis ibu ion cha o he esiduals shows ha he
esiduals ha e a no mal dis ibu ion. Addi ionally, he esul shows p ob > chi2 = 0.0000 (wi h s a is ical
signi icance o 1%), so his model has he e oscedas ici y phenomenon. A he same ime, he esul s
show ha F(1, 373) = 0.523 and p ob > F = 0.4701 (no pe sis en ly signi ican a 5% le el) showing ha
he e is no he au o-co ela ion. hus, one assump ion has been iola ed: cons an a iance. o sol e he
iola ion o his assump ion, he au ho s pe o m Fgls in o de o es he p oposed hypo heses.
6.2.5. Be a coe icien esul s and s a is ical signi icance
he esul s om able 9 below show among he independen a iables included in he model, he e a e
i e a iables impac ing on he accoun ing conse a ism wi h s a is ical signi icance o 5%. he indepen-
den a iable which is in es men oppo uni y se has a posi i e impac on he accoun ing conse a ism.
he independen a iables ha e a nega i e impac on he accoun ing conse a ism including g ow h
oppo uni ies, e u n on asse s, inancial le e age, unce ain y en i onmen . he o he i e a iables o
e u n on equi y, sales g ow h, capi al in ensi y, inancial dis ess, global di e si ica ion ha e no impac
on he accoun ing conse a ism in e ms o s a is ical signi icance.
A e conduc ing he Fgls model, he esul s show ha 5 ou o he 10 a iables ha e an impac on
accoun ing conse a ism. Among hese a iables, g ow h oppo uni ies, e u n on asse s, inancial le e -
age and unce ain y en i onmen ha e a signi ican in e se e ec a he 1% and 5% le els. he in es -
men oppo uni y se a iable has a posi i e impac wi h a signi icance le el o 1%. howe e , he
a iables e u n on equi y, sales g ow h, capi al in ensi y, inancial dis ess and global di e si ica ion do
no ha e an impac on accoun ing conse a ism.
Based on he abo e analysis esul s, he au ho s summa ize he esul s o hypo hesis es ing as ollows:
F om he esul s o ables 9 and 10, i can be seen ha he in luence o inancial cha ac e is ics on
accoun ing conse a ism is as ollows:
6.2.6. G ow h oppo uni ies and accoun ing conse a ism
he g ow h oppo uni y (g o) has a signi ican in e se impac on accoun ing conse a ism a a signi i-
cance le el o less han 5%, wi h a coe icien o -0.006. his implies ha companies wi h g ea e g ow h
Table 8. summa y o Pooled oLs, FeM and ReM model es s.
es Pooled oLs and ReM Pooled oLs and FeM FeM and ReM
F- es F (378,1506)=1.42 P ob > F = 0.0000
B eusch-Pagan es Chiba 2(01)=0.99 P ob > F = 0.1597
Hausman es no done
Conclusion selec Pooled oLs selec FeM
cogen Business & MAnAgeMen 15
oppo uni ies end o exhibi less conse a i e epo ing. Acco ding o he explana ion o p oxy heo y, he
highe he g ow h oppo uni y, he highe he accoun ing conse a ism. howe e , his esul shows he
opposi e di ec ion. his s udy aligns wi h he esea ch conduc ed by nu aeni and ama (2019), penman and
Zhang (2002). howe e , i con adic s he indings o sa i (2020), holiawa i and Julian y (2017). Addi ionally,
he s udy by na i’lnaya i Zah o (2021) ound no signi ican impac on accoun ing conse a ism.
6.2.7. Re u n on equi y and accoun ing conse a ism
he e u n on equi y ( oe) does no ha e an in luence on accoun ing conse a ism. his implies ha
e en companies wi h g ea e g ow h oppo uni ies do no in luence he applica ion o accoun ing con-
se a ism. he s udy by Mohammadi e al. (2013), Ma ani and Dini (2010) aligns wi h he esul s o his
esea ch, indica ing no impac on accoun ing conse a ism. his is no consis en wi h signaling heo y,
p oxy heo y and he esul s o some p e ious s udies. Manage s need o exe cise p udence so as no
o educe p o i s and ha m sha eholde s’ in e es s. Besides, he s udy by Mohammand Fawzi (2021) ound
a posi i e impac , whe eas he esea ch by Abu nassa & Mohammad Al we qi, pandey (2004), A iach
and cla kson (2013) epo ed a nega i e impac .
6.2.8. Sales g ow h and accoun ing conse a ism
he e enue g ow h (g s) does no ha e an impac on accoun ing conse a ism, wi h coe icien s o
0.002, espec i ely. his implies ha e enue g ow h does no signi ican ly in luence he applica ion o
conse a i e epo ing by businesses. companies always p omo e sales o achie e he expec ed p o i s
Table 9. Reg ession esul s FgLs es ima e o model.
aCC_naC Coe s .e - alue p- alue [95% Con in e al] sig
gRo −0.006 0.003 −2.23 0.026 −0.012 −0.001 **
Roe −0.04 0.024 −1.64 0.1 −0.088 0.008
gRs 0.002 0.002 1.20 0.232 −0.001 0.005
Roa −0.738 0.057 −12.92 0 −0.85 −0.626 ***
Cin 0 0 0.44 0.657 0 0
ios 0.047 0.011 4.18 0 0.025 0.069 ***
ZCo 0 0.006 0.08 0.936 −0.011 0.012
LeV −0.046 0.013 −3.65 0 −0.07 −0.021 ***
gDi 0.01 0.007 1.45 0.147 −0.003 0.023
uou −0.103 0.016 −6.46 0 −0.134 −0.072 ***
Cons . 0.066 0.012 5.71 0 0.043 0.089 ***
Mean dependen a −0.053 sD dependen a 0.442
numbe o obs 1895 Chi-squa e 381.190
***p < 0.01, **p < 0.05, *p < 0.1.
Table 10. summa y o hypo hesis es ing esul s.
Hypo hesis Hypo he ical con en Rela ed heo ies expec ed Resul s
H1 g ow h oppo uni ies has a posi i e e ec on he
accoun ing conse a ism
Posi i e accoun ing heo y + –
H2 Re u n on equi y has a posi i e e ec on he
accoun ing conse a ism
signal heo y + 0
H3 sales g ow h has a posi i e e ec on he
accoun ing conse a ism
agency heo y + 0
H4 Re u n on asse s has a posi i e e ec on he
accoun ing conse a ism
agency heo y + –
H5 Capi al in ensi y has a posi i e e ec on he
accoun ing conse a ism
Posi i e accoun ing heo y + 0
H6 in es men oppo uni y se has a posi i e e ec
on he accoun ing conse a ism
signal heo y
agency heo y Posi i e accoun ing heo y
+ +
H7 Financial dis ess has a nega i e e ec on he
accoun ing conse a ism
agency heo y – 0
H8 Financial le e age has a nega i e e ec on he
accoun ing conse a ism
signal heo y
agency heo y Con ac ual heo y
– –
H9 global di e si ica ion has a posi i e e ec on he
accoun ing conse a ism
signal heo y + 0
H10 unce ain y en i onmen has a posi i e e ec on
he accoun ing conse a ism
agency heo y + –
No es: (+) Posi i e e ec , (-) nega i e e ec , (0) no e ec .
16 n. . phuong hong AnD p. . A MY
o sha eholde s and in es o s. howe e , he e is no link be ween highe sales and manage s mus apply
accoun ing conse a ism, which p o es ha manage s a e only in e es ed in achie ing goals o sa is y
sha eholde s and in es o s igno e cau ion. his s udy is consis en wi h he esea ch by Achyani and
lo i a (2021), bu con adic s he indings o ahayu and ind a gunawan (2018) which ound a posi i e
impac , and he esea ch by go a and Muhya syah (2022) which epo ed a nega i e impac on accoun -
ing conse a ism.
6.2.9. Re u n on asse s and accoun ing conse a ism
he e u n on asse s ( oA) has a signi ican in e se impac on accoun ing conse a ism a a signi icance
le el o less han 1%, wi h a coe icien o –0.738. his implies ha as he e u n on asse s inc eases,
companies end o epo less conse a i ely. Acco ding o posi i e accoun ing heo y, when businesses
a e in he p ocess o p o i g ow h, inc eased p o i s will encou age companies o apply accoun ing
conse a ism o educe income o a oid ising cos s. his s udy aligns wi h he esea ch conduc ed by
Mohammand Fawzi (2021), oc a ia (2022). howe e , i con adic s he indings o Ma ani and Dini
(2010). Addi ionally, he esea ch by go a and Muhya syah (2022), nu solichah and Fach u ozie (2019)
ound no signi ican impac on accoun ing conse a ism.
6.2.10. Capi al in ensi y and accoun ing conse a ism
he capi al in ensi y (cin) does no ha e an impac on accoun ing conse a ism, wi h a coe icien o
0.000. his implies ha he capi al in ensi y does no signi ican ly in luence he applica ion o conse a-
i e epo ing by businesses. his esul is no consis en wi h posi i e accoun ing heo y because acco d-
ing o his heo y, asse s will gene a e e enue, and high capi al in ensi y will cause la ge poli ical cos s.
in ac , he mo e accoun ing conse a ism companies apply, he s udy esul s we e no in luen ial. his
s udy aligns wi h he esea ch by sholikhah and Ba o oh (2021). howe e , i con adic s he indings o
na i’lnaya i Zah o (2021), Achyani and lo i a (2021), pu i e al. (2020) which ound a posi i e impac on
accoun ing conse a ism.
6.2.11. In es men oppo uni y se and accoun ing conse a ism
in es men oppo uni y se (ios) has a posi i e impac on accoun ing conse a ism a a signi icance
le el o less han 1%, wi h a coe icien o 0.047. his implies ha companies wi h mo e in es men
oppo uni ies can choose o epo mo e conse a i ely. his s udy is consis en wi h signaling he-
o y. companies wi h high p o i abili y p ospec s in he u u e will inc ease in es men oppo uni ies,
making s ock alue go up, which will lead o he ac ha he a io o ma ke alue di ided by book
alue will inc ease signi ican ly. Accoun ing conse a ism is also mo e applied, enabling manage s o
g asp he business si ua ion, make p edic ions abou he company’s pe o mance and u u e in es -
men decisions in he hope o b inging high p o i s. his esul is co esponded o he esea ch o
sholikhah and Ba o oh (2021), Mu waningsa i and achmawa i (2017), bu he esea ch o go a and
Muhya syah (2022) does no he e is an impac o in es men oppo uni y se on accoun ing
conse a ism.
6.2.12. Financial dis ess and accoun ing conse a ism
Financial dis ess (Zco) does no ha e an impac on accoun ing conse a ism, wi h a coe icien o 0.000.
his implies ha inancial dis ess does no signi ican ly in luence he applica ion o conse a i e epo -
ing by businesses. his s udy is con a y o posi i e accoun ing heo y and because acco ding o posi i e
accoun ing heo y, companies will educe hei applica ion o accoun ing conse a ism when inancial
s ess inc eases. signaling heo y sugges s ha companies will apply high cau ion when he company
aces inancial di icul ies o educe in o ma ion asymme y and gene a e quali y p o i s o build us
wi h c edi o s and in es o s. his s udy aligns wi h he esea ch by Meilinda e al. (2022). howe e , i
con adic s he indings o Kao and sie (2016), sa i (2020), which ound a posi i e impac , and he
esea ch by he ma e al. (2023), chen e al. (2009), sholikhah and su yani (2020), which epo ed a neg-
a i e impac on accoun ing conse a ism.
cogen Business & MAnAgeMen 17
6.2.13. Financial le e age and accoun ing conse a ism
Financial le e age (le ) has a signi ican in e se impac on accoun ing conse a ism a a signi icance
le el o less han 1%, wi h a coe icien o -0.046. he e o e hypo hesis h8 is accep ed. ex e nal capi al
inancing in he o m o deb will c ea e a ela ionship be ween manage s and c edi o s acco ding o
delega ion heo y. Acco ding o he esea ch esul , he highe he le e age alue, he less cau ious he
manage is. he manage ies o inc ease in o ma ion asymme y o hide he abili y o manipula e p o -
i s o o e -p esen ing asse s o demons a e he abili y o pay all deb s. his implies ha lowe inancial
le e age co esponds o mo e conse a i e epo ing by companies. his s udy aligns wi h he esea ch
by ge e al. (2019), Dang and an (2020), oc a ia (2022), which ound a posi i e impac . howe e , he
esea ch by Khali a e al. (2022) epo ed a nega i e impac . Besides, he esea ch by Meilinda e al.
(2022), nu solichah and Fach u ozie (2019), Abu isheh e al. (2022), M ad (2022) ound no signi ican
impac on accoun ing conse a ism.
6.2.14. Global di e si ica ion and accoun ing conse a ism
global di e si ica ion (gDi) has no impac on accoun ing conse a ism, wi h a coe icien o 0.01. his
means ha whe he companies ha e e enue om in e na ional sou ce o no does no a ec he choice
o applying accoun ing conse a ism epo ing. When doing business in di e en geog aphical en i on-
men s, we will ace isks ha we do no ace domes ically, bu hese isks do no a ec he applica ion
o accoun ing conse a ism.
6.2.15. Unce ain y en i onmen and accoun ing conse a ism
he unce ain y ope a ing en i onmen (uou) has an in e se impac on accoun ing conse a ism a a
signi icance le el o less han 1%, wi h a coe icien o -0.103. his is con a y o expec a ions. his implies
ha as he le el o unce ain y in he ope a ing en i onmen inc eases, companies end o epo less
conse a i ely. When he en i onmen is unce ain wi h high isk, con e sely, in o ma ion asymme y and
he need o ca e ul accoun ing p ac ices a e educed, and he bene i s o deb ansac ions will become
mo e appa en (habib & hossain, 2013). he indings o his s udy a e linked o he esea ch conduc ed
by cui e al. (2023) and Ma ziyeh hej anijamil e al. (2020), which ound a posi i e impac on accoun ing
conse a ism.
6.3. Addi ional es
he au ho s u he es he abo e model wi h he measu emen o he accoun ing conse a ism a iable
acco ding o ano he measu emen me hod based on he a io o ma ke alue o book alue (Acc_MB)
o Bea e and yan (2000) and hen ex ended by Bea y e al. (2008), based on ma ke alue di ided by
book alue. he accoun ing conse a i e measu e (Acc_BM) model cap u es he di e ence be ween he
book alue and he ma ke alue o a i m’s o al ne asse s.
he au ho s pe o m da a analysis echniques o selec he mos app op ia e es ima ion model, and
hen es he model assump ions such as no mul icollinea i y phenomenon, dis ibu ed esiduals, no mal
dis ibu ion, cons an a iance, and no au oco ela ion. he esul s show ha he FeM model is he mos
sui able, and a he same ime, has he phenomenon o he e oscedas ici y and au oco ela ion. he e o e,
he au ho s use Fgls in o de o es he p oposed hypo heses.
he esea ch esul s ( able 11) show ha ou o 10 es ed ac o s, 5 ac o s ha e esul s simila o
hose o es ing he model wi h conse a i e accoun ing measu emen based on non-ope a ing acc ual
o gi oly and hayn (2000). speci ically, inancial le e age and unce ain y en i onmen ha e a nega i e
impac on accoun ing conse a ism. in con as , sales g ow h, inancial dis ess, and global di e si ica ion
ha e no impac on accoun ing conse a ism. he emaining ac o s ha e esul s dissimila o hose o
es ing he model wi h accoun ing conse a ism measu es based on non-ope a ing acc ual o gi oly and
hayn (2000), which a e g ow h oppo uni ies, e u n on asse s and capi al in ensi y which ha e a posi i e
impac . in he same di ec ion, e u n on equi y has a nega i e impac and in es men oppo uni y se
has no impac on accoun ing conse a ism.
18 n. . phuong hong AnD p. . A MY
hus, he addi ional es esul s show ha 5 ou o 10 ac o s included in he es ha e simila esul s
o wo me hods o measu ing accoun ing conse a ism which a e measu emen s based on he a io o
ma ke alue o book alue by Bea e and yan (2000) and measu emen based on nonope a ing acc ual
by gi oly and hayn (2000).
7. Summa y and conclusions
he main objec i e o he s udy is o analyze he e ec o inancial cha ac e is ics on accoun ing con-
se a ism. he esea ch esul s show ha ou o he 10 ac o s es ed, he e a e 5 ac o s a ec ing
accoun ing conse a ism, speci ically, g ow h oppo uni ies, e u n on asse s, inancial le e age, and en i-
onmen . he e is ce ainly a nega i e in luence and in es men oppo uni ies ha e a posi i e in luence
on accoun ing conse a ism. he emaining ac o s including e u n on equi y, sales g ow h, capi al
in ensi y, inancial dis ess and global di e si ica ion ha e no in luence on accoun ing conse a ism. hus,
based on hese esul s, he au ho s p opose some implica ions as ollows: he ca e ul applica ion o
accoun ing conse a ism by businesses in p epa ing and p esen ing inancial s a emen s will inc ease he
use ulness o hei inancial s a emen s. howe e , he abo e empi ical esea ch esul s show ha he e
a e 5 in luencing ac o s ha a ec accoun ing conse a ism. he e o e, s a e managemen agencies
need o s eng hen he p omulga ion o ele an egula ions so ha businesses s ic ly comply and a e
no in luenced by any mo i e. independen audi o s e e o hese esea ch esul s in pe o ming inan-
cial s a emen audi s, especially in isk assessmen p ocedu es. in addi ion, in es o s, supplie s, banks, e c.
e e o hese esea ch esul s, speci ically he ac o s a ec ing accoun ing conse a ism, and he ac o s
no a ec ing he accoun ing conse a ism o companies o e alua e he use ulness o in o ma ion in
inancial s a emen s, and hen make a ional decisions. in addi ion, unde unce ain condi ions, business
manage s mus be cau ious in making decisions, ensu ing he use ulness o in o ma ion on inancial
s a emen s p o ided by he business wi hou being a ec ed by a numbe o ac o s o inancial cha ac-
e is ics, o he wise he business can c ea e losses ha mus be bo ne by sha eholde s, c edi o s, in es-
o s, e c. his equi es manage s o ha e knowledge and unde s anding o accoun ing o apply app op ia e
policies o minimize isks in he business p ocess.
his s udy collec s a sample o 379 companies lis ed on he ie namese s ock ma ke in he 5-yea
pe iod 2017–2021. Fu u e s udies can inc ease he sample size and ex end he sample pe iod. in addi-
ion, his s udy only ocuses on ac o s ha belong o he main cha ac e is ics o he company. Fu u e
s udies can examine o he g oups o ac o s such as co po a e go e nance cha ac e is ics and owne ship
s uc u e and cha ac e is ics o he company, e c.
Au ho con ibu ions
Bo h au ho s we e in ol ed in he concep ion and design, analysis and in e p e a ion o he da a; he d a ing o
he pape , e ising i c i ically o in ellec ual con en ; and he inal app o al o he e sion o be published; and
bo h au ho s ag ee o be accoun able o all aspec s o he wo k.
Table 11. Reg ession esul s FgLs es ima e o model (aCC_MB).
aCC_MB Coe s .e - alue p- alue [95% Con in e al] sig
gRo 0.415 0.005 84.05 0 0.405 0.424 ***
Roe −0.138 0.051 −2.72 0.007 −0.237 −0.039 ***
gRs −0.002 0.002 −1.37 0.17 −0.005 0.001
Roa 1.453 0.13 11.15 0 1.198 1.709 ***
Cin 0 0 2.00 0.045 0 0 **
ios −0.033 0.034 −0.98 0.327 −0.1 0.033
ZCo −0.005 0.006 −0.77 0.442 −0.016 0.007
LeV −0.493 0.024 −20.69 0 −0.54 −0.446 ***
gDi 0.013 0.01 1.30 0.192 −0.007 0.033
uou −0.064 0.022 −2.89 0.004 −0.107 −0.02 ***
Cons an 1.028 0.017 59.04 0 0.994 1.062 ***
Mean dependen a 1.545 sD dependen a 0.898
numbe o obs 1895 Chi-squa e 10335.583
***p < .01, **p < .05, *p < .1.
cogen Business & MAnAgeMen 19
Disclosu e s a emen
All au ho s decla e ha hey ha e no con lic o in e es .
In o med consen
in o med consen was ob ained om all indi idual pa icipan s included in he s udy. We ha e used he s a a 16
so wa e o analyze he da a o ou esea ch and we ha e ob ained a copy igh license o his s a a 16 so wa e.
Funding
his esea ch is unded by uni e si y o economics ho chi Minh ci y, ie nam (ueh).
Abou he au ho
Nguyen Thi Phuong Hong is a phD and main lec u e o school o Accoun ing, uni e si y o
economics ho chi Minh ci y. he main esea ch a eas include issues ela ed o Accoun ing, Audi ing,
and ax.
ORCID
nguyen hi phuong hong h p://o cid.o g/0000-0003-0304-5549
phan hi a My h p://o cid.o g/0009-0002-5317-9203
Da a a ailabili y s a emen
Da a will be made a ailable on easonable eques .
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Appendix
Tes ing he de ec s o he model due o he iola ion o he assump ions
(1) The independen a iables a e no co ela ed wi h each o he (no mul icollinea i y)
he au ho uses a me hod o de e mine he common mul icollinea i y using he a iance exagge a ion ac o iF. i
an independen a iable has a iF g ea e han o equal o 10, hen ha a iable is said o ha e mul icollinea i y
wi h he emaining independen a iables.
he iF esul s a e as ollows:
Acco ding o he esul s in able A1 abo e, all he iF alues o each independen a iable o he model a e less
han 4, which show ha he e is no mul icollinea i y.
(2) Assump ion o a no mal dis ibu ion o esiduals
h ough he shape o he dis ibu ion cha o he esiduals (Figu e A1), i shows ha he esiduals in his
esea ch model ha e a no mal dis ibu ion.
(3) Assump ions ha he a iance o he e o is cons an
o de ec whe he he e is a phenomenon o a iance in he model, he au ho has pe o med a cons an a iance
es using he Modi ied Wald es using s A A 16 so wa e, he esul s a e as ollows ( able A2).
Table A1. ViF alue o independen a iables.
ViF 1/ViF
Roa 1.864 0.536
Roe 1.385 0.722
gRo 1.257 0.796
uou 1.253 0.798
LeV 1.14 0.877
gRs 1.139 0.878
gDi 1.035 0.966
ZCo 1.029 0.972
Cin 1.025 0.976
ios 1.006 0.995
Mean VIF 1.213
sou ce: own elabo a ion.
Figu e A1. Reg ession s anda dized esidual.
sou ce: own elabo a ion
Table A2. He e oskedas ici y es esul .
Modi ied Wald es o g oupwise he e oskedas ici y in ixed e ec eg ession model
H0: sigma(i)^2 = sigma^2 o all i
chi2 (374) = 2.0e + 06
P ob > chi2 = 0.0000
sou ce: own elabo a ion.
