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研究生： Nguyen, Tuyet Trinh
Nguyen, Tuyet Trinh
論文名稱： The Effect of Debt Maturity, Firm Size and Firm Profitability on Earnings Management: Evidence from Vietnamese listed company
The Effect of Debt Maturity, Firm Size and Firm Profitability on Earnings Management: Evidence from Vietnamese listed company
指導教授： 劉代洋
Day-Yang Liu
口試委員: 謝劍平
Joseph C.P. Shieh
鄭仁偉
Jen-Wei Cheng
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2019
畢業學年度： 108
語文別： 英文
論文頁數： 57
中文關鍵詞： Debt maturity 、Vietnamese 、Total accruals 、Earnings management 、Firm Profitability 、Firm Size
外文關鍵詞： Debt maturity, Vietnamese, Total accruals, Earnings management, Firm Profitability, Firm Size
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    • Numerous factors have been proposed within the prior literature that ultimately have impacts upon the earnings management. The objective of this study is to examine the effects of debt maturity, firm size and firm profitability on earnings management behavior.
    The final sample includes financial data of 312 companies listed on Ho Chi Minh Stock Exchange over the period 2014-2017. Using a panel data approach, the empirical evidences reveal that the firms with longer-term maturity debt have incentives to engage in more aggressive management of earnings issue because of less frequent monitoring of lender. The result also shows that firm size has positive relationship with earnings management meanwhile the profitability variable does not have any economic significance with earnings quality. This result is consistent with the prior studies which reveal that debt maturity, firm size and firm profitability are responsible, at least in part, for the earnings quality of firms following certain major corporate events.

    Numerous factors have been proposed within the prior literature that ultimately have impacts upon the earnings management. The objective of this study is to examine the effects of debt maturity, firm size and firm profitability on earnings management behavior.
    The final sample includes financial data of 312 companies listed on Ho Chi Minh Stock Exchange over the period 2014-2017. Using a panel data approach, the empirical evidences reveal that the firms with longer-term maturity debt have incentives to engage in more aggressive management of earnings issue because of less frequent monitoring of lender. The result also shows that firm size has positive relationship with earnings management meanwhile the profitability variable does not have any economic significance with earnings quality. This result is consistent with the prior studies which reveal that debt maturity, firm size and firm profitability are responsible, at least in part, for the earnings quality of firms following certain major corporate events.

    CHAPTER 1: INTRODUCTION 1 1.1. Research background 1 1.2. Purpose of study 3 1.3. Organization of study 3 CHAPTER 2: LITERATURE REVIEW 5 2.1. Theory of Earnings management 5 2.1.1. Definition 5 2.1.2. Chanel of Earning management 6 2.1.2.1. Real earnings managements 6 2.1.2.2. Accrual-based earnings management 6 2.1.3. Impact of Earnings management: 7 2.2. Effect of debt maturity on earnings management: 8 2.2.1. Effect of accounts payable on earnings management 8 2.2.2. Effect of short-term debt on earnings management 9 2.2.3. Effect of long-term debt on earnings management 10 2.3. Effect of firm size on earnings management 11 2.4. Effect of firm profitability on earnings management 12 2.5. The summary of literature review 12 2.5. Proposed hypotheses 14 CHAPTER 3: METHODOLOGY 18 3.1. Variables 18 3.1.1. Accrual ratio 18 3.1.2. Durations of debt maturity 20 3.1.3. Firm size 21 3.1.4. Firm profitability 21 3.1.5. Dummy variable: 21 3.2. Data sources and description 24 3.3. Modelling 24 3.3.1. Pooled Ordinary Least Squares model 25 3.3.2. Fixed effects model (FEM) 26 3.3.3. Random effects model (REM): 26 3.3.4. Testing for individual specific effects 27 3.3.4.1. Testing for fixed effects (F-test) 27 3.3.4.2. Testing between FEM and REM (Hausman Test) 27 3.3.4.3. Testing for random effects (Breusch – Pagan LM test) 28 CHAPTER 4: EMPERICAL RESULT AND DISCUSSION 29 4.1. Descriptive statistics and testing 29 4.1.1. Descriptive statistics 29 4.1.2. Testing for multicollinearity
 30 4.2. Regression result 32 4.2.1. Testing for fixed effects 33 4.2.2. Testing between FEM and REM 33 4.3. Fixed effects regression – Result and discussion 35 4.3.1. The effect of accounts payable on earnings management 37 4.3.2. The effect of short–term debt on earnings management 37 4.3.3. The effect of long–term debt on earnings management 38 4.3.4. The effect of firm size on earnings management 39 4.3.5. The effect of firm profitability on earnings management 40 CHAPTER 5: CONCLUSION AND RECOMMENDATION 42 5.1. Conclusion 42 5.2. Recommendation for future research 43 REFERENCE 44

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