Thuy Thi Hong Tran, Malik Abu Afifa, Nha Minh Nguyen
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Does the Capital Structure Affect the Discretionary and Non-discretionary Firm Performance? Evidence from Vietnam
This study strives to describe how the nexus between capital structure (CAS) and firm performance (FIP) changes with and without earnings management (EAM), which previous studies have not fully addressed. For this purpose, we divide the FIP into discretionary performance (DIP) and non-discretionary performance (NDIP). Subsequently, we examine the effect of CAS on both with each studied separately to recognize the conceptual drivers in the nexus between CAS and FIP. We use the dataset of firms listed on Ho Chi Minh Stock Exchange (HOSE) during the period from 2018 to 2022. Our findings reveal that there is a negative and noteworthy impact of CAS proxied by leverage on both DIP and NDIP, which is in line with trade-off theory (TOT) and pecking-order theory (POT). Because non-discretionary accruals (NDA) play an important role in EAM, firm action is consistent with TOT or POT and, thus, this study suggests dividing EAM into discretionary accruals (DA) and NDA to test CAS theories. Additionally, Vietnamese firms use EAM to lessen the negative effect of CAS and firm size. Finally, besides the theoretical contributions, the findings of this study have important empirical implications for managers, shareholders and other stakeholders.
期刊介绍:
Global Business Review is designed to be a forum for the wider dissemination of current management and business practice and research drawn from around the globe but with an emphasis on Asian and Indian perspectives. An important feature is its cross-cultural and comparative approach. Multidisciplinary in nature and with a strong practical orientation, this refereed journal publishes surveys relating to and report significant developments in management practice drawn from business/commerce, the public and the private sector, and non-profit organisations. The journal also publishes articles which provide practical insights on doing business in India/Asia from local and global and macro and micro perspectives.