Pham, Duc Hieu; Vu, Quang T ong
A icle
Owne ship s uc u es, boa d cha ac e is ics and he ex en
o accoun ing conse a ism in ie namese lis ed i ms
Cogen Business & Managemen
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Owne ship s uc u es, boa d cha ac e is ics
and he ex en o accoun ing conse a ism in
ie namese lis ed fi ms
Duc Hieu Pham & Quang T ong Vu
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Owne ship s uc u es, boa d cha ac e is ics and he ex en o
accoun ing conse a ism in ie namese lis ed i ms
Duc hieu phama and Quang ong ub
aDean o he ins i u e o accoun ing & audi ing, huongmai uni e si y, Hà nội, Vie nam; bDepa men o Manage ial
accoun ing, huongmai uni e si y, Hà nội, Vie nam
ABSTRACT
he pape in es iga es he in luence o owne ship s uc u es and boa d o di ec o s’
cha ac e is ics on he ex en o conse a i e accoun ing p ac iced by lis ed companies
in ie nam co e ing 558 i ms wi h 2,161 obse a ions in he pe iod o 2011–2022. he
au ho s ely on he quan i a i e me hod and mul i a ia e eg ession analyses o e i y
he p oposed hypo heses. conce ning he in luence o owne ship a iables, he indings
explo e ha s a e owne ship (so) and o eign owne ship (Fo) demons a e a signi ican
nega i e associa ion wi h i ms’ conse a ism le el, whe eas la ge owne ship (lo)
indica es a signi ican posi i e associa ion wi h i ms’ conse a ism deg ee. no associa ion
be ween managemen owne ship (Mo) and i m’s conse a i es was ound in his
s udy. Wi h ega d o boa d o di ec o s’ cha ac e is ic a iables, he s udy esul s show
ha size o he boa d (Bs), independence o he boa d (Bi), and women on he boa d
(gD) posi i ely associa ed wi h i ms’ conse a ism epo , while duali y (DuAl)
demons a es a signi ican nega i e associa ion wi h i ms’ conse a ism le el. he
esea ch sugges s some implica ions and ecommenda ions o egula o y agencies,
lis ed i ms, in es o s, and o he s akeholde s o ha e app op ia e beha io al decisions
ela ed o owne ship s uc u es and boa d cha ac e is ics o lis ed i ms o ensu e high
le el o accoun ing conse a ism in a on ie ma ke as ie nam.
1. In oduc ion
conse a i e accoun ing is impo an o dealing wi h unce ain ies in he ope a ional ac i i ies o busi-
nesses. he conse a i e p inciple is one o he undamen al accoun ing p inciples (gAAp) ha equi es
a business o p epa e i s inancial s a emen s wi h a highe deg ee o cau ion and o exe cise a highe
deg ee o e i ica ion unde condi ions o unce ain y. Accoun ing conse a ism (o p udence) imposes
igo ous equi emen s o e i ica ion o ecognizing posi i e news as gains a he han o ecognizing
nega i e news as losses in a company’s inancial s a emen s. consequen ly, asse s and e enues a e no
o e s a ed, while liabili ies and expenses a e no unde s a ed.
conse a i e accoun ing should ac as a subs i u e o good co po a e go e nance because i helps
a oid oppo unis ic managemen beha io and minimizes agency cos s. p e ious s udies ha e shown
ha mo e conse a i e accoun ing is equi ed by companies wi h mo e se e e agency p oblems (laFond
& oychowdhu y, 2008; amalingegowda & Yu, 2012). Mohammed e al. (2017) conclude ha companies
wi h s ong co po a e go e nance end o adop a high accoun ing conse a ism le el.
empi ically, nume ous s udies in de eloped and de eloping coun ies ha e examined he impac o
owne ship s uc u es and he cha ac e is ics o he boa d o di ec o s on i ms’ accoun ing conse a ism
le els (Ahmed & Duellman, 2007; Ahmed & hen y, 2012; Al-saidi, 2020; Al es, 2019, 2023; chi e al., 2009;
ga cía la a e al., 2007; lim, 2011; Mohammed e al., 2017). howe e , he indings om p e ious esea ch
may no be adequa ely ele an o ie nam, which is s ill classi ied as a on ie ma ke . o he bes o
ARTICLE HISTORY
ecei ed 7 May 2024
e ised 2 oc obe 2024
Accep ed 18 no embe
2024
KEYWORDS
conse a i e accoun ing;
owne ship s uc u es;
boa d o di ec o s’
cha ac e is ics; ie nam;
lis ed i ms
JEL CODES
M40; M41; M48
SUBJECTS
Business, Managemen
and Accoun ing; Finance;
economics
2 D. h. phAM AnD Q. . u
ou knowledge, ew s udies ha e been ecen ly ca ied ou on his opic in he con ex o ie nam
(nguyen & phan, 2024; nguyen e al., 2022; uan e al., 2023; le & Moo e, 2022; Dang & an; 2020; le
e al., 2017); and p e ious esea ch mainly ocused on he in luence o indi idual dimension o owne -
ship s uc u es like s a e owne ship (le & Moo e, 2022), o eign owne ship (le e al., 2017), and owne -
ship concen a ion (nguyen e al., 2022) o only ocused on he impac o boa d o di ec o s ( uan e al.,
2023), o inancial cha ac e is ics (Dang & an, 2020; nguyen & phan, 2024) on i ms’ conse a ism
epo . consequen ly, his pape is seen as one o he i s empi ical endea o s o u nish p oo s on he
associa ion o bo h owne ship s uc u es and cha ac e is ics o he boa d o di ec o s and accoun ing
conse a ism p ac iced by ie namese lis ed i ms. esea ch on he associa ion be ween owne ship
s uc u es, cha ac e is ics o he boa d o di ec o s, and conse a i e accoun ing in ie nam becomes
essen ial, as i na ows he li e a u e gaps on his associa ion in an eme ging coun y. i also con ibu es
o he ield o conse a i e accoun ing and i s associa ed ac o s in ie nam o p ac i ione s and
academics.
his s udy examines whe he owne ship s uc u es and boa d o di ec o s’ cha ac e is ics a ec he
le el o conse a i e accoun ing among non- inancial lis ed companies on he ie nam s ock exchange
( se). o add ess his objec i e, he s udy elies on da a om a sample co e ing 558 lis ed i ms wi h
2,161 obse a ions om 2011 o 2022 combined wi h ou owne ship a iables (managemen owne ship
(Mo), o eign owne ship (Fo), la ge owne ship (lo), and s a e owne ship (so)) and ou boa d o di ec-
o s’ cha ac e is ic a iables (boa d size (Bs), boa d independence (Bi), duali y (DuAl), and boa d gende
(gD)). ie namese lis ed i ms p o ide a p ope en i onmen o his s udy because o he ollowing
easons. Fi s , ie namese go e nmen is p epa ing o upg ade he se o an eme ging ma ke om a
on ie ma ke . hus, in es iga ing he in luence o owne ship s uc u es and boa d o di ec o s’ cha ac-
e is ics on i ms’ accoun ing conse a ism applica ion du ing his pe iod is o c i ical impo ance o
egula o s, p ac i ione s, and esea che s o gain knowledge on he ela ionships ela ed o a i m’s cap-
i al s uc u es, i s boa d o di ec o s’ cha ac e is ics, and conse a i e epo ing p ac ices. second, as lim-
i ed esea ch has ye examined he in luence o owne ship s uc u es and boa d o di ec o s’ cha ac e is ics
on he deg ee o conse a i e accoun ing, his s udy aims o na ow he cu en gap by conside ing he
si ua ion in ie nam in he hope ha i can p o ide meaning ul implica ions o policy make s, in es o s,
lis ed companies, and academic esea che s.
he pape enla ged he exis ing li e a u e on accoun ing conse a ism in se e al ways. Fi s ly, he
pape added o he accoun ing conse a ism li e a u e by u nishing empi ical e idence o he mul iple
ace s o owne ship s uc u es and boa d o di ec o s’ cha ac e is ics and hei ela ionships wi h i ms’
accoun ing conse a ism p ac ices in he ie namese business en i onmen . secondly, mos o he p e-
ious s udies in ie nam ocused on he in luence o indi idual dimension o owne ship s uc u es o
ha o boa d o di ec o s on i ms’ conse a ism epo (le e al., 2017; le & Moo e, 2022; nguyen e al.,
2022; uan e al., 2023). his pape in eg a es bo h owne ship s uc u es and boa d o di ec o s’ cha ac-
e is ics on i ms’ conse a ism deg ee, which is missing in he p e ious ela ed li e a u e. hi dly, his
pape has con ibu ed o he agency heo y and boa d composi ion li e a u e on boa d size, boa d inde-
pendence, and gende di e si y as e ec i e moni o s o e accoun ing conse a ism p ac ices in ie nam.
Mo eo e , his esea ch pape was agains he duali y as i s yielding a nega i e impac on i ms’ conse -
a ism epo . las ly, he esea ch pape has also con ibu ed o he agency heo y and i m’s owne ship
s uc u e li e a u e as explo ing ha s a e owne ship and o eign owne ship yielded a nega i e associa-
ion wi h i ms’ conse a ism while owne ship concen a ion posi i ely encou aged i ms’ conse a ism
deg ee. he e o e, i can be said ha he s udy ills a gap in he li e a u e by p o iding empi ical e i-
dence o coun y-speci ic cha ac e is ics ega ding owne ship s uc u es and boa d o di ec o s’ a ibu es
on accoun ing conse a ism p ac ices in ie nam.
he emainde o his pape is o ganized as ollows. sec ion 2 p esen s a li e a u e e iew, he heo-
e ical amewo k o he s udy, and o mula ion o es able esea ch hypo heses. sec ion 3 explains he
esea ch me hodology, while sec ions 4 and 5 p esen he main indings, esul s o he addi ional anal-
ysis, and discussion. sec ion 6 p esen s he es s o endogenei y. sec ion 7 p o ides he esul s o addi-
ional es s. Finally, he pape ends wi h sec ion 8 concludes he s udy and highligh s he limi a ions and
di ec ions o u u e esea ch.
cogen Business & MAnAgeMen 3
2. Li e a u e e iew and hypo hesis de elopmen
2.1. Conse a i e accoun ing
Accoun ing conse a ism (p udence) is one o he ancien concep s in accoun ing. i is he sou ce o a
long and igo ous deba e among s anda d se e s, policy make s, p ac i ione s, and academics. i may
bo h be de ined in he con ex o accoun ing s anda ds and accoun ing heo y.
F om no ma i e accoun ing pe spec i es, de ini ions o accoun ing conse a ism unde di e en
accoun ing s anda ds such as iAsB’s F amewo k o he p epa a ion and p esen a ion o Financial
s a emen s, u.s. gene ally Accep ed Accoun ing p inciples (u.s. gAAp), and ie namese Accoun ing
s anda ds ( As) a e mo e o less simila . he e a e some de ini ions o conse a ism illus a ed as ollows:
p udence is he inclusion o a cau ion deg ee in exe cising he judgemen s needed in making he
es ima ion equi ed unde unsu e condi ions, so ha asse s o incomes a e no o e s a ed while liabili ies
o expenses a e no unde s a ed. (iAsB F amewo k 1989, pa ag aph 37).
ecen ly, in iAsB F amewo k 2018, he iAsB ein oduced conse a ism o p udence in i s cu en
amewo k as a ibu e o neu ali y:
neu ali y is assis ed by he p ac ice o p udence. p udence is he p ac ice o cau ion in making judge-
men s unde unce ain condi ions. he p ac ice o p udence implies ha asse s and e enues a e no
o e s a ed as well as liabili ies and expenses a e no unde s a ed. (iAsB F amewo k 2018, pa ag aph 2.16)
in u.s. gAAp, conse a ism was in e p e ed as a cau ions eac ion o unce ain y o s i e o make su e
ha unce ain y and isks inhe i ed in business si ua ions a e p ope ly aken in o accoun . (FAsB concep s
s a emen no. 2, 1980)
in ie namese Accoun ing s anda d no.1 ( As 01, F amewo k 2002):
p udence can be de ined as he examina ion, conside a ion, and cau ion needed when making he
accoun ing es ima es ha a e equi ed unde unce ain condi ions. he p inciple o p udence s a es ha :
(i) he ese es mus be c ea ed, bu no be oo la ge; (ii) asse s o incomes a e no o e es a ed; (iii)
liabili ies o expenses a e no unde es a ed; (i ) e enues o gains should be eco ded only i eliable
e idences ega ding he exis ence o a aining economic bene i s a e exis ed, whe eas expenses should
be ecognized as ea ly as possible when e idences ega ding he possibili y o incu ing cos s a e a isen.
( As 01, F amewo k 2002, pa ag aph 08)
F om academic pe spec i es, many p e ious s udies ha e examined he concep o accoun ing con-
se a ism. howe e , he e is no uni ied de ini ion o conse a i e accoun ing. Acco ding o Basu (1997),
conse a ism e e s o he endency o equi e high ecogni ion o good news a he han bad news in
a company’s p o i and loss accoun . gi oly and hayn (2000) a gue ha conse a ism is an accoun ing
ea men ha leads o as e expense ecogni ion, bu slowe e enue ecogni ion. Wa s (2003) desc ibes
conse a ism as asymme ic imeliness in ecognizing loss e sus gain. adi ionally, accoun ing conse -
a ism has been desc ibed by he known p inciple o ecognizing all losses bu an icipa ing no p o i s
o as he unde s a emen o asse s and e enues and he o e s a emen o liabili ies and expenses (Wa s
& Zimme man, 1990). Bea e and yan (2005) conside ed conse a i e accoun ing, such as he a e age
unde alua ion o he book alue o ne asse s in compa ison wi h hei ma ke alue. Acco dingly, con-
se a i e accoun ing an icipa es ha , in he long un, eco ded ne asse s will be lowe han he ma ke
alue (Fel ham & ohlson, 1995).
Fo he aims o his s udy, accoun ing conse a ism concep will be in es iga ed in ela i e senses
desc ibed by Bea e and yan (2005), penman and Zhang (2002), and Fel ham and ohlson (1995). ha
means, when wo al e na i e accoun ing app oaches a e a ailable, he one ha esul s in a lowe alue
o ne asse s will be labeled as mo e conse a i e, and ice e sa (hellman, 2008). he accoun ing con-
se a ism is consequen ly desc ibed as aking he mos conse a i e app oach when se e al accoun ing
al e na i es a e made a ailable (s e ling, 1967).
conse a ism is also subjec o c i icism because i in oduces bias in o accoun ing and a ec s he
neu ali y o epo ed accoun ing in o ma ion (penman & Zhang, 2002). howe e , ad oca es o conse a-
i e accoun ing a gue ha he concep has al eady exis ed o mo e han en decades, and i has been
ecognized in he cu en in e na ional inancial epo ing amewo k and conside ed as one o he gen-
e ally accep ed accoun ing p inciples (gAAp). Mo ing away om he conse a i e accoun ing p inciple
4 D. h. phAM AnD Q. . u
would a ec managemen beha io s, esul ing in magni ying inancial pe o mance igu es o ob ain
mo e ewa ds o managemen eams (Whi ing on, 2008). in his espec , conse a i e accoun ing can
es ic managemen ’s in en ion o in la e business esul s o pe sonal bene i . hence, conse a ism is an
impo an accoun ing p inciple o managing po en ial isks and unce ain ies in business ac i i ies. i is
an e ec i e mechanism o imp o e he c edibili y o epo ed in o ma ion and can be employed o
secu e he in e es s o in es o s, c edi o s, and o he s akeholde s (lin & chen, 1999).
2.2. Theo e ical amewo k
Agency heo y de eloped by Jensen and Meckling (1976) examines he agency ela ionship be ween he
owne and manage o a company. Jensen and Meckling (1976) emphasized ha he sepa a ion be ween
managemen and p op ie o ship gene a es con lic s o in e es and asymme ic in o ma ion, hence s imu-
la ing manage s o beha e oppo unis ically (Fama & Jensen, 1983). hese p oblems can be esol ed by
implemen a ion o an e ec i e mechanism o good co po a e go e nance ha helps educe agency con-
lic s and asymme ic in o ma ion be ween he p incipals and agen s h ough moni o ing and con olling
he company’s ac i i ies (sub amaniam, 2006; Wa s, 2003). An e ec i e moni o ing mechanism will help
imp o e he c edibili y and eliabili y o inancial epo s and as a esul , minimize he capabili y o man-
age s o manipula e company’s p o i s (Klein, 2002). co po a e go e nance o e s a se o es ic ions o
lessen he agency p oblems s emming om he i m’s nexus o con ac s o a amewo k o assu e sha e-
holde s o ob aining a a ge e u n on hei in es ed capi al (i u iaga & ho mann, 2005; shlei e & ishny,
1997). Acco ding o Bushman and smi h (2003), i m’s co po a e go e nance s uc u e plays an impo an
ole in inancial epo ing as i ensu es i m’s compliance wi h applicable inancial epo ing amewo k and
as a esul , o assu e he c edibili y and eliabili y o epo ed inancial s a emen s. he e o e, an adequa e
co po a e go e nance s uc u e is an icipa ed o in luence p ac ices o accoun ing conse a ism in he i m
as i supplies e ec i e moni o ing mechanisms o managemen o e he inancial epo ing p epa a ion
p ocess. in ligh o he agency heo y, i can be in e ed ha owne ship s uc u e and boa d cha ac e is ics
a e c i ical ac o s o co po a e go e nance ha can a ec conse a i e accoun ing p ac ices. Acco dingly,
his s udy ocuses on ou undamen al owne ship s uc u es (managemen owne ship, o eign owne ship,
la ge owne ship, and s a e owne ship) and ou common dimensions o boa d cha ac e is ics (boa d size,
boa d independence, duali y, and boa d gende ) and in es iga es whe he hese c i ical a iables impac
he conse a i e accoun ing p ac ices o lis ed i ms in ie nam.
2.3. Hypo hesis de elopmen
2.3.1. Managemen owne ship and he ex en o conse a i e accoun ing
Managemen owne ship is he p opo ion o sha es held by he managemen o he o al sha es o he
business. in ligh o agency heo y, i has been ecognized ha g ea e managemen owne ship helps
educe con lic s o in e es be ween sha eholde s and manage s, hus mi iga ing agency p oblems (Demse z,
1983; Jensen & Meckling, 1976). he ex en o which manage ial owne ship a ec s he le el o conse a i e
accoun ing emains con o e sial, depending on he iewpoin . some au ho s conside ha he e exis s a
posi i e ela ionship be ween managemen owne ship and he le el o accoun ing conse a ism based on
he idea o he con e gence o in e es s (el-habashy, 2019; ellili, 2013; song, 2015). howe e , in posi i e
accoun ing heo y, managemen can ely on he ad an age o boos ing ea nings o imp o e hei pe sonal
bene i s (Ball, 2001). Many s udies suppo posi i e accoun ing heo y, showing ha managemen owne -
ship has a nega i e e ec on he le el o conse a i e accoun ing (laFond & oychowdhu y, 2008; liu,
2019; Mohammed e al., 2017). howe e , Ahmed and Duellman (2007) and Abu isheh e al. (2022) docu-
men ha managemen owne ship has no signi ican associa ion wi h conse a i e accoun ing among us
i ms. ha e al. (2023) also ound a non-signi ican associa ion be ween managemen owne ship and con-
se a i e accoun ing in ie nam, while pham and hoang (2023) epo ed a nega i e bu insigni ican impac
o manage ial owne ship on i ms’ ea nings manipula ion ac i i ies. owing o inconclusi e empi ical ind-
ings om p io esea ch, ou i s hypo hesis is non-di ec ional and o mula ed:
h1: he e exis s a signi ican associa ion be ween managemen owne ship and he ex en o conse a i e
accoun ing in ie namese lis ed companies.
cogen Business & MAnAgeMen 5
2.3.2. Fo eign owne ship and he ex en o conse a i e accoun ing
Fo eign owne ship is he p opo ion o sha es owned by o eign in es o s o he o al sha es o he
company. Fo eign sha eholde s a e usually la ge in es o s, such as mu ual unds o o he ins i u ional
in es o s (Dahlquis & obe son, 2001; nguyen e al., 2021), which helps educe in o ma ion asymme-
y (Jensen & Meckling, 1976; laFond & Wa s, 2008). hus, o eign in es o s a e expec ed o yield a
posi i e impac on accoun ing conse a ism. empi ically, he e ec o o eign owne ship on accoun ing
conse a ism a ies. An (2015) p o ides empi ical e idence ha o eign owne ship is posi i ely ela ed
o conse a ism, which means ha o eign in es o s impai managemen oppo unism, hus enhancing
he quali y o epo ed inancial s a emen s. liu (2019) also ecognizes ha o eign in es o s’ owne -
ship is posi i ely associa ed wi h he conse a ism epo ed in Jo dan. Khalil e al. (2020) also docu-
men ed a posi i e ela ionship wi h he sample in u key. howe e , s udies in ie nam ha e shown
opposi e esul s. le e al. (2017), le and Moo e (2022), and Dang and an (2020) epo a nega i e
ela ionship be ween o eign sha eholde s and conse a i e accoun ing, whe eas pham and hoang
(2023) documen no s a is ical connec ion be ween o eign owne ship and i ms’ ea nings in o ma ion
quali y. Due o he mixed empi ical e idence om p io esea ch, ou second hypo hesis is
non-di ec ional and es ed:
h2: he e exis s a signi ican associa ion be ween o eign owne ship and he ex en o conse a i e accoun -
ing in ie namese lis ed companies.
2.3.3. S a e owne ship and he ex en o conse a i e accoun ing
s a e owne ship o go e nmen owne ship is he p opo ion o sha es held by he go e nmen o he
o al sha es o he company. empi ically, he indings o s udies on he in luence o s a e owne ship on
i ms’ conse a i e accoun ing le els emain con o e sial because o he mixed e idence (cullinan e al.,
2012). Zhu and li (2008) and nawang and selahudin (2015) ecognize ha s a e sha eholde s weaken
co po a e go e nance and se e mo e agency p oblems, hus esul ing in less conse a i e epo s.
Alku di e al. (2017) p o ide e idence ha s a e owne ship nega i ely impac s conse a i e accoun ing
in Jo dan. cullinan e al. (2012) indica e ha s a e owne ship is un ela ed o conse a i e accoun ing in
china. liu (2019) also indica ed ha s a e owne ship is un ela ed o accoun ing conse a ism. e idence
om s udies in ie nam is inconsis en . nguyen e al. (2022) and le and Moo e (2022) highligh ha
s a e owne ship is nega i ely associa ed wi h conse a i e accoun ing among lis ed ie namese i ms.
howe e , Dang and an (2020) show no s a is ical associa ion be ween s a e owne ship and conse a-
i e accoun ing, while ly (2022) demons a es a signi ican and also posi i e associa ion be ween s a e
owne ship and conse a i es. owing o inconclusi e empi ical indings in p e ious s udies, ou hi d
hypo hesis is non-di ec ional and s a ed:
h3: he e exis s a signi ican associa ion be ween s a e owne ship and he ex en o accoun ing conse a ism
in ie namese lis ed companies.
2.3.4. La ge owne ship and he ex en o conse a i e accoun ing
he concep o la ge owne ship o blockholde e e s o he p opo ion o sha es possessed by
in es o s who hold a leas 5% in he o al numbe o ou s anding sha es o a company du ing he
inancial pe iod. Blockhode s can be conside ed po en ial con olle s o equi y agency p oblems
because hei la ge pe cen age o sha es can ende hem s onge incen i es o moni o i m man-
agemen beha io s o secu e hei la ge in es men s (Al es, 2019; Demse z, 1983). compa ed o
small sha eholde s, la ge sha eholde s also ha e di e en ways o induce managemen decisions and
exe in luence on manage s when e alua ing bad news (chen e al., 2009). hus, as owne ship con-
cen a ion inc eases, demand o conse a ism is expec ed o inc ease. empi ically, he in luence o
owne ship concen a ion on conse a i e accoun ing a ies. haw e al. (2012) documen ed a posi i e
ela ionship be ween owne ship concen a ion and he le el o conse a i es. on he o he side, Fan
and Wong (2002) ind ha owne ship concen a ion educes he low o inancial in o ma ion o
ex e nal in es o s, esul ing mo e in o ma ion asymme y p oblems ha limi he anspa ency le el
6 D. h. phAM AnD Q. . u
o inancial disclosu es. nguyen e al. (2022) also documen ed a nega i e ela ionship be ween own-
e ship concen a ion and conse a i es among a sample o 165 ie namese lis ed companies. in
con as , pham and hoang (2023) epo no ela ionship be ween blockholde owne ship and ea n-
ings managemen p ac ices in a sample o 51 lis ed i ms in ie nam. he e o e, he en enchmen
e ec expec s owne ship concen a ion o educe he le el o inancial epo ing quali y, which low-
e s he le el o conse a ism.
Due o disag eemen in p io esea ch on he associa ion be ween la ge owne ship and accoun ing
conse a ism, ou ou h hypo hesis is non-di ec ional and de eloped:
h4: he e exis s a signi ican associa ion be ween owne ship concen a ion and he ex en o conse a i e
accoun ing in ie namese lis ed companies.
2.3.5. Boa d size and he ex en o conse a i e accoun ing
Boa d size e e s o he numbe o boa d membe s. Boa d size is impo an because i a ec s he ways
in which he boa d can ob ain consensus and employ he ad an ages o he knowledge and expe ise
o each membe . in heo y, he e a e con lic ing pe spec i es on boa d size (nas & n im, 2018). on
he one hand, a small boa d size is p e e ed because i a oids di icul ies in coo dina ion and com-
munica ion, esul ing in imesa ing in decision making; hus, i is mo e e icien (Fo bes & Milliken,
1999; he malin & Weisbach, 2000). on he o he hand, a la ge boa d size is conside ed mo e e ec i e
because i could b ing mo e ex e nal in e ela ionships and expe ise, esul ing in mo e capabili ies
and esou ces o so ou g oup asks (eb ahim & Fa ah, 2015). empi ical s udies on he associa ion
be ween boa d size and conse a i e accoun ing ha e p o ided inconclusi e esul s. some au ho s
ha e p o ided e idence ha a la ge boa d demands a lowe le el o conse a i es (chi e al., 2009).
By con as , o he s epo ha a la ge boa d esul s in mo e conse a ism (Ahmed & hen y, 2012).
howe e , o he empi ical indings sugges ha boa d size has no s a is ical impac on conse a i e
accoun ing (Ahmed & Duellman, 2007; elshandidy & hassanein, 2014). in ie nam, uan e al. (2023)
epo ha boa d size has a posi i e in luence on he conse a i es o n100 lis ed i ms, while pham
and hoang (2023) do no ind any s a is ical ela ionship be ween he wo a iables in e ms o epo -
ing quali y. conside ing he inconclusi e empi ical indings om p io esea ch, we o mula e he i h
non-di ec ional hypo hesis as ollows:
h5: he e exis s a signi ican associa ion be ween boa d size and he ex en o conse a i e accoun ing in
ie namese lis ed companies.
2.3.6. Women on he boa d and he ex en o conse a i e accoun ing
he p esence o women on he boa d is p oxied by he p opo ion o emale membe s, which p o es
he managemen o gende di e si y. he in ol emen o women in he boa d a ec s companies’
accoun ing conse a ism p ac ices. Acco ding o hillman e al. (2007), in compa ison wi h hei coun e -
pa s, emale di ec o s a e, in gene al, less con iden and isk-a e se, so hey y o a oid unce ain ies
when making decisions. hey do no wan o ace inancial isks o ake ac ion ha damages hei ep-
u a ions. on he o he hand, emale di ec o s a e mo e sensible o make judgemen s ela ed o ecog-
nize bad news, as a esul , bad news may be ea lie epo ed (ho e al., 2015). companies managed by
emale di ec o s a e also less in ol ed in ea nings manipula ion han a e hose managed by male di ec-
o s (Al-Absy, 2022). likewise, Boussaid e al. (2015), in hei esea ch conduc ed in F ance, ound a pos-
i i e ela ionship be ween gende di e si y and he le el o conse a i e accoun ing. o he s udies by
huang and Kisgen (2013), pal ia e al. (2015), Makhlou e al. (2018), and Al es (2023) also epo ed
signi ican ly consis en esul s. howe e , Degenha e al. (2021) did no ind a signi ican associa ion
be ween gende di e si y and he le el o conse a ism in accoun ing among lis ed i ms in B azil. pham
and hoang (2023), in hei s udy in ie nam, also asse ed no e idence o p o e o he ela ionship
be ween he p esence o emale di ec o s on boa d and ea nings managemen , while Khan e al. (2022)
ecognized ha , in he pakis ani con ex , he emale di ec o s a e posi i ely ela ed o ea nings manipu-
la ion e o s.
cogen Business & MAnAgeMen 7
gi en he mixed empi ical indings om p io s udies, ou nex hypo hesis is non-di ec ional and
s a ed as ollows:
h6: he e exis s a signi ican associa ion be ween he p esence o women on boa d and he ex en o conse -
a i e accoun ing in ie namese lis ed companies.
2.3.7. Boa d independence and he ex en o conse a i e accoun ing
Boa d independence is p oxied by he p opo ion o independen (ex e nal) di ec o s on a boa d. An inde-
penden boa d o di ec o s is conside ed one o he mos e ec i e co po a e go e nance mechanisms, as
ex e nal di ec o s a e independen o ela ionships and a ilia ions wi h inside membe s and sha eholde s
(haque & n im, 2018; lim, 2011). independen membe s a e ee om in e nal in luences, and objec i e
wo k elies on good co po a e go e nance p ac ices (Wis awan e al., 2015). wo ca ego ies o empi ical
s udies ela ing o independence o he boa d and he deg ee o conse a i es a e ecognized. he i s
ca ego y highligh s ha a highe pe cen age o independen di ec o s yields a posi i e e ec on he deg ee
o conse a i es. Ahmed and Duellman (2007), el-habashy (2019), and Al-saidi (2020) epo a posi i e ela-
ionship be ween independen di ec o s and conse a i es, no ing ha a highe p opo ion o boa d inde-
pendence allows he boa d o exe cise con ol o e managemen ac i i ies and, as a esul , in luences
conse a ism le els in a posi i e manne . con e sely, he second ca ego y asse s ha he e is no signi i-
can consequence be ween independence o he boa d and he le el o conse a i es. lim (2011) ecog-
nizes a weak ela ionship be ween independen boa d membe s and conse a i e accoun ing. Findings o
ga cía la a e al. (2007) asse ed ha he e exis s no ela ionship be ween di ec o independence and he
ex en o conse a i e accoun ing in spanish i ms. in ie nam, uan e al. (2023) empi ically showed ha
boa d independence p oduces mo e conse a i e inancial s a emen s. Based on he inconclusi e empi ical
indings in p io esea ch, we o mula e he nex non-di ec ional hypo hesis:
h7: he e exis s a signi ican associa ion be ween boa d independence and he ex en o conse a i e accoun -
ing in ie namese lis ed companies.
2.3.8. CEO duali y and he ex en o conse a i e accoun ing
ceo duali y e e s o he p ac ice in which he ceo is also he chai pe son o he boa d. heo e ically, wo
con lic ing pe spec i es exis : agency heo y does no suppo ceo duali y because duali y educes moni-
o ing capabili y, mul iplies agency p oblem, and exace ba es asymme ic in o ma ion, and i is he e o e
ecognized as a weak co po a e go e nance p ac ice (nas & n im, 2018). in con as , s ewa dship heo y
is in a o o ceo duali y because i enables he educ ion o in e nal con lic and es ic s in e e ences
om he boa d as i p oduces a mechanism o uni y boa d leade ship (B ickley e al., 1997; Wei e al.,
2002). empi ical esea ch on he connec ion be ween ceo duali y and le el o conse a i es has yielded
mixed esul s. he i s g oup ecognized a a o able linkage be ween he sepa a ion oles and he ex en
o conse a i es (elshandidy & hassanein, 2014). he second g oup epo s ha companies wi h ceo dual-
i y a e likely o disclose inancial s a emen s wi h highe le els o conse a ism (chi e al., 2009). he au ho s
asse ed ha as ceo duali y is ecognized as a weak co po a e go e nance p ac ice, when ceo and chai -
man unc ions a e combined, he company is likely o be mo e conse a i e o eimbu se o i s weakness
in co po a e go e nance mechanisms. he hi d g oup o s udies iden i ies no connec ion be ween ceo
duali y and he ex en o conse a i es (Ahmed & Duellman, 2007; elsayed, 2010). owing o he di e ences
in heo ies and p io empi ical esea ch, he ollowing non-di ec ional hypo hesis is o mula ed:
h8: he e exis s a signi ican associa ion be ween ceo duali y and he ex en o conse a i e accoun ing in
ie namese lis ed companies.
3. Resea ch design
3.1. Sample
he popula ion o his s udy is he non- inancial companies lis ed on he ie nam s ock exchange ( se)
o a pe iod o 12 yea s om 2011 o 2022. e e ed o p e ious s udies, all inancial companies (35) a e
14 D. h. phAM AnD Q. . u
o conse a i es. ou indings also suppo agency heo y, sugges ing ha companies wi h mo e
independen boa d membe s a e mo e likely o employ conse a i e accoun ing as a subs i u e
mechanism o educe agency con lic and acili a e moni o ing ac i i ies o e execu i e manage s.
Fo gende di e si y, ou esul s a e in ag eemen wi h p e ious s udies by ho e al. (2015), Boussaid
e al. (2015), pal ia e al. (2015), and Makhlou e al. (2018), who ound a posi i e associa ion
be ween he p esence o women on he boa d and accoun ing conse a ism. in con as , able 5
indica es a signi ican nega i e connec ion be ween ceo duali y and he le el o accoun ing conse -
a ism in ie namese lis ed i ms; hus, hypo hesis h8 was con i med. his esul is inconsis en wi h
chi e al. (2009) indings ha demons a e a posi i e linkage be ween ceo duali y and he ex en
o conse a i e accoun ing and ag ees wi h p e ious esea ch ha indica ed ha i ms wi h he
sepa a ion o oles be ween ceo and chai men inc ease he incidence o accoun ing conse a ism
(elshandidy & hassanein, 2014). he e o e, i can be concluded ha he sepa a ion o he wo posi-
ions, chie execu i e o ice and chai man, enhances boa d independence and hus es ic s agg es-
si e epo ing.
Wi h ega d o he con ol a iables, ou indings a e in line wi h he esul s o p e ious s udies.
i is e iden ha la ge companies, companies wi h highe le e age, and high-p o i abili y companies
demons a e highe le els o conse a i es (Ahmed & hen y, 2012; Al es, 2021; sun & liu, 2011).
conce ning he associa ion be ween secu i ies ading cen e s and he deg ee o accoun ing conse -
a ism, he indings indica e a signi ican nega i e associa ion, sugges ing ha accoun ing conse -
a ism is signi ican ly g ea e o i ms ading on hnX han on hsX. his can be explained by he
ac ha highe ading condi ions would dec ease he ex en o conse a i es o lis ed companies
in ie nam. howe e , a posi i e bu insigni ican associa ion be ween audi quali y and conse a i e
accoun ing eme ges. his empi ical e idence om ie namese lis ed i ms suppo s he conclusions
o Yaşa (2013), who ecognizes no s a is ical di e ence be ween audi quali y p o ided by big4 and
nonbig4 audi i ms in mi iga ing agg essi e epo ing p ac ices in he con ex o an eme g-
ing ma ke .
5. Addi ional analysis
As a sensi i i y check, we include ec o s o yea - and indus y- ixed e ec s in he models. he e o e,
h ee empi ical models a e subjec ed o o dina y leas squa es eg essions wi h ixed yea and indus y
ac o s, as shown in Models 4, 5, and 6.
Model 4: he impac o owne ship s uc u es on accoun ing conse a ism le el
ACC MO FO SO LO LEV ROA FS AQ
i
=+ ++++ + ++
ββ ββββ β ββ
01 2 3 4 5 6 7 8
∗ ∗ ∗ ∗∗ ∗ ∗∗
++ + + +
β ε
9∗FL Yea Fixed E ec s Indus y Fixed E ec s (4)
Model 5: he impac o boa d cha ac e is ics on accoun ing conse a ism le el
ACC BS BI GD DUAL LEV ROA FS
i
=+++ + + + + +
ββ β β β β β β β
01 2 3 4 5 6 7 8
∗ ∗∗ ∗ ∗ ∗ ∗ ∗
AA Q
FL Yea Fixed E ec s Indus y Fixed E ec s++ + +
β ε
9∗ (5)
Model 6: he impac o owne ship s uc u es and boa d cha ac e is ics on accoun ing conse a ism le el
ACC MO FO SO LO BS BI GD DUAL
i
=+ +++++++
ββ βββββββ
01 2 3 4 5 6 7 8
∗ ∗ ∗ ∗ ∗ ∗∗ ∗
++ + + + + + +
β β ββ β
9 10 11 12 13
∗ ∗ ∗∗ ∗LEV ROA FS AQ FL Yea Fixed E ec s Induus y Fixed E ec s +
ε
(6)
Addi ional analysis by o dina y leas squa es eg essions wi h ixed yea and indus y ac o s can help
con ol o unobse able ac o s (guja a i, 2004). he combined models wi h yea ixed e ec s and
cogen Business & MAnAgeMen 15
indus y ixed e ec s allow he elimina ion o bias om unobse ables ha change o e ime bu a e
cons an o e businesses, and con ol o ac o s ha di e ac oss businesses bu a e cons an o e ime
(guja a i, 2004). Fo example, in his s udy, an unobse able ac o is indus y he e ogenei y ha could
be co ela ed wi h he dependen a iable, he le el o conse a i e accoun ing; consequen ly, he esul s
migh be biased o a ce ain ex en .
he esul s o he addi ional analysis p o ided impo an conclusions. he signi icance o some inde-
penden a iables wi h he le el o conse a i e accoun ing is emo ed, such as o eign owne ship
(Fo), duali y (DuAl), and boa d independence (Bi) (see Model 6 in able 6). his migh be because
o dina y leas squa es wi h ixed e ec s eg ession yields biased es ima ions when he independen
a iables ob iously change among companies, bu he e is s abili y o e he yea s wi h he same com-
pany (Woold idge, 2013). in his esea ch, o eign owne ship, duali y, and boa d independence change
om one company o ano he bu a e likely o emain cons an o e he yea s wi hin he same
company.
6. Endogenei y es
in he eg ession model, lu e al. (2018) no i y ha endogenei y a ises i an explana o y a iable (called
independen one) is co ela ed wi h he esiduals (named as he e o e m o dis u bance e m). i
endogenei y is no con olled app op ia ely, in alid conclusions migh be ob ained due o inaccu a e
es ima es o he coe icien s. his migh lead o misleading policy sugges ions and ambiguous di ec ions
o u u e esea ch (ullah e al., 2021). in his esea ch, an ins umen al a iables s a egy elied on he
wo-s age leas squa es (2sls) was employed o add ess endogenei y p oblems. he wo-s age leas
squa es app oach is a equen ly employed ins umen al a iables es ima ion echnique (ullah e al.,
2021). Acco dingly, he Du bin-Wu-hausman es s we e pe o med and he esul s shown in he able 7
below indica e ha no p- alues we e less han 0.05, p o ing ha endogenei y is ee om ou
esea ch models.
7. Addi ional es
We addi ionally e i y he abo e models wi h ano he measu emen me hod o he accoun ing conse -
a ism a iable ollowing Ahmed and Duellman (2007) who measu e he deg ee o accoun ing conse -
a ism h ough accumula ed non-ope a ing acc uals. Acco dingly, he accoun ing conse a ism le el is
measu ed by he a e age accumula ed non-ope a ing acc uals o each i m by yea om -1 o + 1, wi h
he yea is a cen e . We ha e pe o med se e al da a analysis echniques o e i y all he mul i a ia e
eg ession assump ions, such as: no mal dis ibu ion o he da a, no mul icollinea i y p oblem, no au o-
co ela ion, and no he e oscedas ici y. he esul s showed ha all he unde lying assump ions we e sa -
is ied o conduc ing mul iple eg ession analysis. able 8 summa ies he esul s o eg ession analysis
wi h accoun ing conse a ism a iable measu ed by Ahmed and Duellman (2007)’s a e age accumula ed
non-ope a ing acc uals.
he addi ional es esul s o able 8 show ha 5 ou o 8 es ed a iables ha e he same esul s o
hose o models es ing wi h conse a i e le el measu ed by he a io o ma ke - o-book alue p oposed
by Al es (2019, 2021) and Bea e and yan (2000, 2005). speci ically, la ge owne ship (lo), boa d size
(Bs), and boa d independence (Bi) ha e a signi ican ly posi i e associa ion wi h i ms’ accoun ing conse -
a ism le el. in con as , o eign owne ship (Fo) con i ms a nega i e impac on i ms’ accoun ing conse -
a ism deg ee while managemen owne ship (Mo) has no associa ion wi h i ms’ accoun ing conse a ism
le el. he h ee emaining a iables, which a e s a e owne ship (so), gende di e si y (gD), and duali y
(DuAl), exhibi he esul s di e en om hose o models es ing wi h accoun ing conse a ism measu es
elied on he ma ke - o-book a io alue o Al es (2019, 2021) and Bea e and yan (2000, 2005). While
s a e owne ship (so) imposes a signi ican posi i e impac on i ms’ accoun ing conse a ism le el, gen-
de di e si y (gD) and duali y (DuAl) ha e a nega i e bu non-signi ican in luence on he le el o
accoun ing conse a ism.
16 D. h. phAM AnD Q. . u
8. Conclusion
his s udy analyzes he e ec o owne ship s uc u es and he cha ac e is ics o he boa d o di ec-
o s on accoun ing conse a ism in ie namese lis ed companies. Wi h ega d o he in luence o
owne ship a iables, he indings show ha h ee ou o he ou owne ship a iables signi ican ly
impac he deg ee o accoun ing conse a ism: s a e owne ship (so), o eign owne ship (Fo), and
blockholde owne ship (lo). While he i s wo a iables, s a e owne ship and o eign owne ship,
impac s a is ically and nega i ely on he conse a i e le el, blockholde owne ship indica es a sig-
ni ican posi i e associa ion wi h conse a i e epo ing. Wi h ega d o he impac o he boa d o
di ec o s’ cha ac e is ics, ou indings show ha all ou a iables signi ican ly a ec he ex en o
conse a i e accoun ing, speci ically, boa d size (Bs), boa d independence (Bi), gende di e si y (gD),
and ceo duali y (DuAl). ou indings show ha while boa d size, gende di e si y, and boa d inde-
pendence posi i ely a ec conse a i e le els, ceo duali y signi ican ly es ains conse a i e le els.
hese indings imply ha he boa d o di ec o s’ a ibu es play a powe ul ole in enhancing accoun -
ing conse a ism. ou indings also suppo agency heo y; hence, i asse s ha sepa a ing chai pe -
son and ceo posi ions will inc ease he le el o conse a i e epo ing. he indings u he ein o ce
agency heo y, sugges ing ha mo e non-execu i e di ec o s a e mo e likely o employ accoun ing
Table 6. indus y and yea ixed e ec s eg essions.
Model 4 Model 5 Model 6
aCC aCC aCC
Mo 0.0027 0.308
[0.368] [0.429]
Fo 0.0942 0.00036
[0.180] [0.184]
so −0.224*** −0.146*
[0.0826] [0.0852]
Lo 0.358*** 0.334***
[0.0932] [0.0946]
Roa 4.905*** 4.856*** 4.847***
[0.322] [0.323] [0.323]
LeV 0.243** 0.302*** 0.312***
[0.111] [0.110] [0.111]
Fs 0.0960*** 0.0792*** 0.0819***
[0.0152] [0.0155] [0.0158]
aQ 0.129*** 0.151*** 0.132***
[0.0446] [0.0435] [0.0446]
FL −0.187*** −0.186*** −0.188***
[0.0450] [0.0445] [0.0451]
Bs 0.237** 0.243***
[0.0837] [0.0863]
gD 0.324*** 0.298***
[0.0994] [0.102]
DuaL −0.0675 −0.0830
[0.0588] [0.0634]
Bi 0.206* 0.150
[0.112] [0.116]
_cons −2.146*** −2.071*** −2.315***
[0.450] [0.452] [0.459]
indus y ixed e ec included included included
Yea ixed e ec included included included
no o obse a ions 2,161 2,161 2,161
F-s a is ics 13.95*** 14.24*** 13.15***
adj. R-sq 0.169 0.172 0.176
No es: S anda d e o s in b acke s. * p < 0.1, ** p < 0.05, *** p < 0.01 (Sou ce: Da a analysis).
Table 7. es s o endogenei y: Du bin-Wu-Hausman es s.
Models wi h owne ship s uc u e a iables Models wi h boa d cha ac e is ic a iables
Models wi h bo h owne ship s uc u e &
boa d cha ac e is ic a iables
Du bin (sco e) chi2(4) Du bin (sco e) chi2(4) Du bin (sco e) chi2(8)
8.2487 (p = 0.0829) 1.2092 (p = 0.8766) 8.9380 (p = 0.3475)
Wu-Hausman F(4,1424) Wu-Hausman F(4,1424) Wu-Hausman F(8,1416)
2.0539 (p = 0.0846) 0.2996 (p = 0.8783) 1.1070 (p = 0.3553)
(Sou ce: Da a analysis).
cogen Business & MAnAgeMen 17
conse a ism as a ool o mi iga ing agency con lic and accele a ing he moni o ing p ocess o e
execu i e manage s. hence, i can be concluded ha he e a e he ewe independen di ec o s on
he boa d, he less accoun ing conse a ism will be mani es ed. o e all, ou indings s ongly ecom-
mend ha he exis ence o independen di ec o s is conside ed as an e ec i e co po a e go e nance
mechanism ha imp o es he magni ude o accoun ing conse a ism. con a y o ou expec a ions,
his s udy did no ind an associa ion be ween managemen owne ship and conse a i e accoun ing.
his inding is inconsis en wi h he hypo hesis on in e es alignmen , sugges ing ha manage s who
possess a la ge pa o i m’s equi y ha e a s ong mo i a ion o epo in o ma ion o conse a i e
accoun ing in inancial s a emen s. on he o he hand, con ol a iables o he han audi quali y a e
conside ed because o hei signi ican associa ion wi h lis ed i ms’ accoun ing conse a ism
applica ion.
some implica ions and ecommenda ions can be de i ed om he empi ical indings. Fi s , as ou
indings highligh he impo ance o owne ship concen a ion in p omo ing conse a i e accoun ing,
blockholde owne ship in ie namese lis ed companies is a aluable ool o suppo ing conse a i e
accoun ing. he empi ical indings ecommend ha block sha eholde s may ha e s ong mo i a ions o
pe o m conse a i e accoun ing o lessen agency cos s. second, boa d size, boa d independence, and
gende di e si y a e also shown as e ec i e co po a e go e nance mechanisms ha can be e e ed o
by bo h s a e managemen au ho i ies and lis ed i ms o ensu e a high le el o conse a i e accoun ing
applica ion. in a ci il law coun y like ie nam ha is cha ac e ized by poo in es o p o ec ion and weak
go e nance p ac ices, a small size o he boa d is seen as a weak co po a e go e nance mechanism, so
manage s should be conse a i e in hei inancial epo ing o eimbu se o his.
he indings o his esea ch make se e al con ibu ions, as ollows: Fi s , he indings indica e ha
owne ship concen a ion, boa d size, boa d independence, and gende di e si y a e e ec i e moni o ing
mechanisms o accoun ing conse a ism in ie namese lis ed companies. second, he indings a e ele-
an o o he exchange ma ke s wi h he same ins i u ional en i onmen , mainly concen a ed owne ship
Table 8. Reg ession analysis o accoun ing conse a ism wi h ahmed and Duellman (2007).
Model 1 Model 2 Model 3 Model 4 Model 5 Model 6
aCC aCC aCC aCC aCC aCC
Mo −0.081* −0.0075 −0.0540 0.0024
[0.0481] [0.0540] [0.0470] [0.0522]
Fo −0.0630** −0.0681** −0.0298 −0.0420*
[0.0214] [0.0220] [0.0219] [0.0223]
so 0.0575*** 0.0647*** 0.0441*** 0.0504***
[0.0101] [0.0105] [0.0101] [0.0104]
Lo 0.0493*** 0.0430*** 0.0331** 0.0287**
[0.0115] [0.0117] [0.0114] [0.0115]
Roa −0.260*** −0.214*** −0.252*** −0.238*** −0.218*** −0.237***
[0.0386] [0.0394] [0.0388] [0.0393] [0.0396] [0.0392]
LeV −0.0440** −0.0459*** −0.0365** −0.0231* −0.0236* −0.0178
[0.0135] [0.0137] [0.0136] [0.0135] [0.0136] [0.0135]
Fs −0.0088*** −0.0074*** −0.010*** −0.0090*** −0.0080*** −0.0104***
[0.0018] [0.0019] [0.0019] [0.00196] [0.00191] [0.00192]
aQ −0.0026 −0.0064 −0.0030 −0.00647 −0.0108** −0.00732
[0.0056] [0.0055] [0.0056] [0.00544] [0.00534] [0.00542]
FL 0.0072 −0.0035 0.0047 0.00727 −0.00168 0.00473
[0.0056] [0.0057] [0.0056] [0.00548] [0.00546] [0.00548]
Bs 0.010 0.0306** 0.0248** 0.0385***
[0.0107] [0.0108] [0.0103] [0.0105]
gD −0.0396** −0.0121 −0.0310** −0.0126
[0.0124] [0.0126] [0.0122] [0.0124]
DuaL −0.0120* −0.00106 −0.00827 −0.00048
[0.0072] [0.0076] [0.00721] [0.00771]
Bi 0.0628*** 0.0576*** 0.0523*** 0.0500***
[0.0140] [0.0143] [0.0138] [0.0142]
_cons 0.257*** 0.205*** 0.199*** 0.350*** 0.288*** 0.295***
[0.0476] [0.0492] [0.0489] [0.0548] [0.0555] [0.0558]
indus y ixed e ec excluded excluded excluded included included included
Yea ixed e ec excluded excluded excluded included included included
no o obse a ions 2,161 2,161 2,161 2,161 2,161 2,161
F-s a is ics 23.52 14.47 18.78 14.09 13.17 13.61
adj. R-sq 0.086 0.053 0.097 0.171 0.161 0.182
No es: S anda d e o s in b acke s. * p < 0.1, ** p < 0.05, *** p < 0.01 (Sou ce: Da a analysis).
18 D. h. phAM AnD Q. . u
and ceo duali y, such as he se. Finally, in es o s may also bene i om hese esul s by e e ing o he
in luence o owne ship s uc u es and cha ac e is ics o he boa d o di ec o s on i ms’ conse a i e
accoun ing applica ions. i is ecommended ha cu en and po en ial in es o s bea in mind how di e -
en owne ship s uc u es migh assis hem in p o ec ing hei equi y bene i s, and mi iga ing asymme ic
in o ma ion by conse a i e accoun ing. in addi ion, he indings would also be aken in o conside a ion
by egula o s ega ding co po a e go e nance e o ms in e ms o owne ship s uc u es and cha ac e is ics
o he boa d which may modi y he numbe o boa d membe s, boa d gende di e si y, duali y, he ela-
i e powe be ween managemen and block sha eholde s, execu i e and non-execu i e membe s, and
which may esul in g ea e anspa ency o inancial epo s o ie namese lis ed companies.
his s udy canno a oid some limi a ions. i mainly elies on he ma ke alue-based p oxy o measu e
accoun ing conse a ism le els wi hin 2,161 obse a ions o he 2011–2022 pe iod. Fu u e s udies can
employ o he conse a ism measu emen s p oposed by gi oly and hayn (2000), Ball and shi akuma
(2005), and Khan and Wa s (2009) as well as enla ge he sample size and sample pe iod. Due o sample
selec ion c i e ia selec ing only i ms wi h ma ke - o-book a io abo e one, i c ea es a s ongly unbal-
anced panel wi h gaps meaning ha se e al i ms ha e only one obse a ion o he whole pe iod o
2011–2022. Fo his eason, we canno use o he eg essions me hods like ixed-e ec and/o andom-e ec
eg ession wi h cu en da abase. he e o e, when ha ing mo e i m-yea obse a ions u u e s udies
could employ o he eg essions, such as ixed-e ec eg ession and/o andom-e ec eg ession, o e i y
he indings o his s udy.
No es
1. h ps://www.hsx. n
2. h ps://www.hnx. n
3. h ps:// ie s ock. n
Au ho s’ con ibu ions
Duc hieu pham: concep ualiza ion, Da a cu a ion, Fo mal analysis, in e p e a ion o esul s, W i ing – o iginal d a ,
W i ing – e iew and edi ing, and alida ion. Quang ong u: Da a cu a ion, Fo mal analysis, in e p e a ion o
esul s, W i ing – o iginal d a , and alida ion.
Disclosu e s a emen
no po en ial con lic o in e es was epo ed by he au ho (s).
Abou he au ho s
Duc Hieu Pham is an associa e p o esso , Dean o he ins i ue o Accoun ing & Audi ing, huongmai uni e si y
( Mu), hanoi, ie nam. his majo esea ch ocuses on co po a e social esponsibili y, co po a e go e nance, ea nings
managemen , inancial accoun ing quali y, human esou ce accoun ing, i m pe o mance, and in e nal con ol.
Quang T ong Vu is a senio lec u e o he ins i ue o Accoun ing & Audi ing, huongmai uni e si y ( Mu), hanoi, ie nam.
his majo esea ch ocuses on co po a e social esponsibili y, co po a e go e nance, and inancial accoun ing quali y.
ORCID
Duc hieu pham h p://o cid.o g/0000-0003-2362-5911
Da a a ailabili y s a emen
he da a ha suppo he indings o his s udy a e a ailable upon easonable eques om he co espond-
ing au ho .
cogen Business & MAnAgeMen 19
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