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.
This research is conducted to assess the factors influencing financial performance of listed firms on Vietnam Stock Exchange. The factors include capital structure, firm size, short-term liquidity, fixed asset investment, growth rate and receivable management. Data were collected from audited financial statements of 269 large listed firms for the period from 2010 to 2016. Quantile regression and Ordinary Least Square regression (OLS) have been used for processing the multi-year dataset. The results show that firm size has a positive relationship with financial performance. In contrast, capital structure, short-term liquidity and fixed asset investment have negative relationship with financial performance. Meanwhile growth rate and receivable management has no impact on financial performance at the low level but different effects at different quantiles. In case of measuring ROS, ROA and ROE as proxies of financial performance, the results are heterogeneous. Contribution/ Originality: The contribution of this research is that it has examined the impact of determinants on financial performance. Quantile regression and OLS are employed. We found that firm size has a positive association, but capital structure, short-term liquidity and fixed asset investment have a negative relationship. Other factors have no impact on financial performance.
This study is conducted for investigating the impact of cost control on business efficiency of small and medium-sized enterprises (SMEs) in the area of Thai Binh, Vietnam for the period from 2012 to 2014. Impacting factors were built and verified on business efficiency of SMEs including (i) Cost of goods sold ratio, (ii) Financial expense ratio, (iii) Administration expense ratio, (iv) Firm size, (v) Financial leverage, (vi) Assets structure, and on Pre-tax return on sales ratio and Pre-tax return on assets ratio. The study employed regression models of OLS, FEM, REM and GLS with multi-year dataset of SMEs in Thai Binh province. The results show that the ratios of cost of goods sold, financial leverage, and administration expenses have negative relation with business efficiency, but affecting Return on sales (ROS) and Return on assets (ROA). In addition, financial leverage, assets structure and firm size have small impacts on ROS and ROA. Also, basing on the findings, SMEs operating in the form of joint stock company have higher business efficiency than those operating in the form of limited liability company.
This research is conducted to examine the relationship between components of risk assessment, environmental control and control activities of internal control system and the effectiveness of the audit program in Vietnamese firms. Data were collected by sending questionnaires to management, internal auditors, and accountants of Vietnam firms and feedback of 87 responses. By testing Cronbach's Alpha, Exploratory Factor Analysis (EFA), Analysis of Variables (ANOVA), the results show that control environment, risk assessment and control activities contribute significantly to an effective audit program. These results indicate that Vietnamese firms lack required experiences to cope with the current instruments of internal control assessment.
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