资本结构对可自由支配和非可自由支配企业绩效的影响?来自越南的证据

IF 2.3 Q3 BUSINESS Global Business Review Pub Date : 2023-09-24 DOI:10.1177/09721509231194810
Thuy Thi Hong Tran, Malik Abu Afifa, Nha Minh Nguyen
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引用次数: 0

摘要

本研究试图描述资本结构(CAS)和公司绩效(FIP)之间的关系在有盈余管理(EAM)和没有盈余管理(EAM)的情况下是如何变化的,这是以前的研究没有完全解决的。为此,我们将FIP分为可自由支配绩效(DIP)和非可自由支配绩效(NDIP)。随后,我们分别研究了CAS对两者的影响,以识别CAS与FIP之间联系的概念驱动因素。我们使用2018年至2022年期间在胡志明证券交易所(HOSE)上市的公司数据集。研究结果表明,以杠杆为代理的CAS对DIP和NDIP都有显著的负向影响,这与权衡理论(TOT)和啄食顺序理论(POT)一致。由于非可操纵性应计利润(NDA)在EAM中发挥着重要作用,企业行为与TOT或POT一致,因此,本研究建议将EAM分为可操纵性应计利润(DA)和NDA来检验CAS理论。此外,越南企业使用EAM来减轻CAS和企业规模的负面影响。最后,除了理论贡献之外,本研究的发现对管理者、股东和其他利益相关者都具有重要的实证意义。
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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.
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来源期刊
CiteScore
7.10
自引率
12.50%
发文量
107
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.
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