The study aims to investigate the impact level of earnings quality on firm value. The study has used data with 3,910 observations at listed firms on Vietnam Stock Exchange for the period from 2010 to 2018, and GLS regression analysis is employed in this research. Earnings quality is measured in the aspects of earnings management, earnings persistence, and timeliness of profitability. This study also considers a number of controlled variables that positively influence the firm's value such as firm size, fixed asset investment rate and dividend payout ratio. The results show that earnings quality is positively associated with firm value with having statistical significance. In contrast, some determinants negatively influence firm value such as financial leverage, ratio of market value to book value, and revenue growth. Determinants of firm size, the rate of investment in fixed assets, the rate of dividend payment positively affect the firm value. In contrast, determinants of financial leverage, revenue growth rate and market value to book value ratio are inversely related to firm value according to economic value, Tobin"s Q or Price. Based on the findings, some recommendations are proposed for investors, management and policy makers as well in the context of emerging countries including Vietnam.
The paper examines the impact of dividend policy on corporate value. Data collection is the result of listed companies on the Vietnamese stock market in the period of 2006-2017 with 2,278 observations. Using the general least square (GLS) approach, the authors have identified three factors that have a positive and significant impact on corporate value: dividend payout, profitability, and corporate sizes; and one factor that has a negative impact on corporate value is the degree of financial leverage. The study found that dividend policy has a significant impact on the corporate value of companies that implement a higher dividend payout policy. Conversely, firms that do not pay dividends or pay low dividends do not experience a significant impact of dividend policy on corporate value. The results of the study will be meaningful for businesses on dividend policy implementation.
This study is conducted to analyse the relationship between accounting information in the financial statements and the stock returns of listed firms in Vietnam Stock Market. Using OLS, FEM, REM, GLS, and GMM regression models, the study examines the relationship of earnings, volatility in the rate of return, size, levering ratios and growth rates to the stock returns of 274 firms in the period from 2012 to 2016. Findings from the study show that the rate of return, the change in the rate of return, gearing ratio and growth rate are positively correlated to the stock returns, while the size of firm by assets is negatively related to stock returns. Based on the research's results, the authors also provide some recommendations for investors, firm management and policy makers.
Article History
JEL Classification:M40, M419. This paper studies the factors affecting the timeliness of financial reports (FR) of enterprises in Vietnam. This research uses panel data with 1070 observations, at 214 companies listed on Vietnam's stock market in the period 2012 -2016. Retrieved results using the GLS method shows that there are 04 independent variables, including consolidated financial reports (CON), the audit firm (AUDIT), profitability (ROA) and the size of the business (SIZE) with relation to the timeliness of financial reports and statistical significance. There are two factors, including financial leverage (LV) and industry (INDUSTRY) which do not affect the timeliness of financial reports. In addition, the research results show that there are differences and statistical meanings in the publishing time of different types and starting times of financial reports. Based on those results, the authors have proposed a suggestion to boost the timeliness of FR.Contribution/ Originality: This study uses new estimation methodology, GLS method analysis to measure the factors affecting the timeliness of financial reports. Applying these exhaustive empirical methods result in: including consolidated financial reports, the audit firm, profitability and the size of the business with relation to the timeliness of financial reports.
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