Real earning management and firm performance of firms listing on Hanoi stock exchange in the context of promoting sustainability disclosure
持続可能性開示促進の文脈におけるハノイ証券取引所上場企業の実体的利益管理と企業業績 (AI 翻訳)
La Soa Nguyen, Phuong Anh Tran Thi, Phuong Anh, Nguyen Thi, Viet Ha Hoang, Van Anh Nguyen Thi
🤖 gxceed AI 要約
日本語
本研究は、ハノイ証券取引所上場192社を対象に、実体的利益管理（REM）が企業財務業績に与える影響と、ESG開示の媒介効果を分析。REMは業績に負の影響を与え、ESG開示がその関係を媒介することを発見。短期的利益操作を抑制し、ESG実践を強化する必要性を示唆。
English
This study examines the impact of real earnings management (REM) on financial performance (ROA and Tobin's Q) and the mediating role of ESG disclosure, using 192 Hanoi-listed firms (2019-2023). REM negatively affects performance, and ESG disclosure mediates this relationship, highlighting the need to curb earnings manipulation and strengthen sustainability practices.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ基準や有報でのサステナビリティ開示が進む中、利益操作とESG開示の関係を実証した点は、開示の質と企業行動の関連を考察する上で参考になる。ただし、ベトナム市場に特化した分析であり、日本企業への直接適用には注意が必要。
In the global GX context
This paper contributes to the global debate on the interplay between earnings management and sustainability disclosure, relevant to ISSB and CSRD frameworks. It provides evidence from an emerging market, showing that ESG disclosure can mitigate the negative effects of real earnings manipulation on firm performance.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mediating role of ESG disclosure in the REM-performance relationship in an emerging market context.
🏢実務担当者:Suggests that integrating ESG standards can help mitigate the adverse effects of short-term earnings manipulation on financial performance.
🏛政策担当者:Highlights the importance of promoting sustainability disclosure to curb earnings management and enhance market transparency.
📄 Abstract（原文）
This study investigates the impact of earnings management through real transactions (REM) on corporate financial performance (FP), mediated by sustainability disclosure. Using a sample of 192 companies listed on the Hanoi Stock Exchange (HNX) from 2019 to 2023, the authors analyze the effect of REM on FP, measured by Return on Assets (ROA) and Tobin’s Q, representing accounting-based and market-based performance, respectively. The study also examines the mediating role of environmental, social, and governance (ESG) disclosure in this relationship, given its growing importance. Control variables include company size (SIZE), financial strength (Z-SCORE), growth (GROWTH), and audit quality (AUDIT). Secondary data from financial statements and primary ESG scores based on the Global Reporting Initiative (GRI) Standard are analyzed using STATA. Findings reveal that REM negatively impacts FP, with ESG disclosure acting as a significant mediator. The results suggest that firms engaging in REM undermine their financial performance, particularly when sustainability transparency is considered. Consequently, the study emphasizes the need for businesses to prioritize long-term development, strengthen ESG practices, and curb REM activities to sustain financial health and stakeholder trust. Practical implications highlight the importance of integrating ESG standards into corporate strategy to mitigate the adverse effects of short-term earnings manipulation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.55493/5002.v15i6.5397first seen 2026-05-05 19:08:18
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