Luận án: Thuế TNDN, quản trị lợi nhuận, CSRD, hiệu quả & vai trò QTCĐ tại VN

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY Thuy, Doan Thi Thu CORPORATE TAX, EARNINGS MANAGEMENT, CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND CORPORATE PERFORMANCE: MODERATING ROLE OF CORPORATE GOVERNANCE - EVIDENCE FROM VIETNAM A DOCTORAL THESIS Major: Accounting Code: 9340301 Ho Chi Minh City, August, 2024. MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY Thuy, Doan Thi Thu CORPORATE TAX, EARNINGS MANAGEMENT, CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND CORPORATE PERFORMANCE: MODERATING ROLE OF CORPORATE GOVERNANCE - EVIDENCE FROM VIETNAM A DOCTORAL THESIS Major: Accounting Code: 9340301 Supervisor: Dr. Hong, Nguyen Thi Phuong Ho Chi Minh City, August, 2024. i STATEMENT OF AUTHENTICATION I hereby declare that the thesis content, including all materials, has never been applied before for a degree in each single university other than where otherwise regulated and other sources acknowledged by clear references.

Furthermore, I declare that this thesis is available for interline library and copy so that titles and abstracts are made available to all researchers. Doan Thi Thu Thuy August 6th, 2024. Signed………Thuy ………… ii ACKNOWLEDGMENT This thesis was made possible thanks to the strong and great support of many people for whom I would be grateful to express my special thanks and appreciation. One of the most important of whom is my supervisor, Nguyen Thi Phuong Hong, who supported me to complete my doctoral thesis as well as encouraged and guided me throughout the research process.

I cannot tell her how much I appreciate it and it is hard to express my deep gratitude to her enough. Special thanks to the professors, lecturers, and University of Economics Ho Chi Minh City for giving me a good opportunity to pursue postgraduate studies and doctoral programs in Accounting. I would also like to express my deep gratitude to my good friends and classmates for their effective comments and feedback during my work. I am grateful to my parents, my siblings, and my dearest friends for instilling in me a desire to accomplish my goals and a commitment to accomplish what I started no matter how long it takes and how much they need me to be by their side.

Their encouragement and trust for me have given me motivation for this job. Without their love and support, I would never have completed my journey. Finally, I would like to express my special thanks and deepest affection to my husband and my sons and my daughter for their unremitting patience and tolerance during this time of work. I thank you for your love and have been there to encourage and support me all the way.

iii TABLE OF CONTENTS INTRODUCTION. Motivation for the Research. Research Objectives and Research Questions:. Subject and Scope of the Study.

Contribution of the Study. Structure of the Thesis. CONCEPTUAL AND THEORETICAL FRAMEWORKS. LITERATURE REVIEW AND RESEARCH HYPOTHESES.

Corporate Tax Factors and Earnings Management. Corporate Social Responsibility Disclosure and Earnings Management. Corporate Governance Factors and Earnings Management. Earnings Management and Corporate Performance.

Corporate Social Responsibility and Corporate Performance. Earnings Management, Corporate Social Responsibility and Corporate Performance: Moderating Role of Corporate Governance. Regression Model and Measurement of Variables. Data Analysis Technique.

FINDINGS AND DISCUSSION. Coporate Tax, Coporate Governance, Corporate Social Responsibility Disclosure and Earnings Management. Earnings management, Corporate Social Responsibility Disclosure and Corporate Performance. Earnings Management, Corporate Social Responsibility Disclosure, and Corporate Performance: Moderating Role of Corporate Governance.

CONCLUSION AND IMPLICATIONS. Implications and recommendations. Limitations and future research direction .139 v ABBREVIATIONS AR Annual Reports AAC Accrual Accounting BA Average Age of Board Members BC Board Characteristics BD Board of Directors BI Board Independence BM Board Meeting BS Board Size BW Women on the Board CA Corporate Age CEO Chief Executive Officer CFO Operating Cash Flow CG Corporate Governance CP Corporate Performance CS Corporate Size CSR Corporate Social Responsibility CSRD Corporate Social Responsibility Disclosure CT Corporate Tax CTE Current Tax Expense vi CV Corporate Value DA Discretionary Accruals DAAC Discretionary Accrual Accounting DAC Discretionary Accruals DAD Depreciation, Amortization and Depletion DEM Discretionary Earnings Management DTA Deferred Tax Asset DTE Deferred Tax Expense DTL Deferred Tax Liability EM Earnings Management EQ Earnings Quality ESG Environmental, Social, and Governance FEM Fixed Effects Model FGLS Feasible Generalized Least Squares FS Financial Statements GAAP Generally Accepted Accounting Principles GRI Global Reporting Index HNX Hanoi Stock Exchange HOSE Ho Chi Minh Stock Exchange MCS Control Management Systems NAAC Discretionary Accrual Accounting vii NI Net Operating Profit OLS Ordinary Least Square REM Random Effects Model ROA Return on Assets ROE Return on Equity SASB Sustainability Accounting Standards Board SEM Structural Equation Modeling SG Sales growth TP Tax Planning TBQ Tobin’s Q VAS Vietnamese Accounting Standards viii LIST OF TABLES Table 1. Earnings management models.

Approaches to measure CSRD. Explanation of the roles of variables in research framework. Operationalization of Variables. List of CSRD standard.

Summary of Pooled OLS, FEM and REM - 1st model tests. Comparison results between Pooled OLS, FEM, REM and FGLS model 1. Summary of Pooled OLS, FEM and REM - Model 2a Tests. Comparison results between Pooled OLS, FEM, REM and FGLS - model 2a.

Summary of Pooled OLS, FEM and REM - Model 2b tests. Comparison results between Pooled OLS, FEM, REM and FGLS model 2b. Regression results FGLS for model 2a & model 2b. Summary of Pooled OLS, FEM and REM Model 3a Tests.

Comparison results between Pooled OLS, FEM, REM and FGLS model 3a. Summary of Pooled OLS, FEM and REM 3a model tests. Comparison results between Pooled OLS, FEM, REM and FGLS model 3b. Regression Results FGLS for Corporate Performance (ROA & TBQ) 116 ix LIST OF FIGURES Figure 1.

The Pyramid of Corporate Social Responsibility. CP (ROA) of listed corporates 2019-2021. CP (TBQ) of listed corporates 2019-2021. EM of Listed Corporates 2019-2021.

CSRD of Listed Corporates 2019-2021. LIST OF SAMPLE SELECTED CORPORATES. Regression results of the Pooled OLS model 1. Comparison results between Pooled OLS and FEM model 1.

Comparison Results between Pooled OLS and REM model 1. Results between FEM and REM model 1. Regression Results FGLS Estimate of Model 1a. Regression results of the Pooled OLS model 2a.

Comparison results between Pooled OLS and FEM model 2a. Comparison results between Pooled OLS and REM model 2a. Results between FEM and REM model 2a. Regression results FGLS estimate of model 2a.

Regression results of the Pooled OLS model 2b. Comparison results between Pooled OLS and FEM model 2b. Comparison results between Pooled OLS and REM model 2b. Results between FEM and REM model 2b.

Regression results FGLS estimate of model 2b. Regression results of the Pooled OLS model 3a. Comparison Results between Pooled OLS and FEM model 3a. Comparison results between Pooled OLS and REM model 3a.

Results between FEM and REM model 3a. Regression Results FGLS Estimate of Model 3a. Regression Results of the Pooled OLS Model 3b. Comparison Results between Pooled OLS and FEM model 3b.

Comparison Results between Pooled OLS and REM model 3b. Results between FEM and REM model 3b. Regression Results FGLS Estimate of Model 3b. Results of multicollinearity assumption test - Model 1.

Results of standard distribution residual assumption test- Model 1. Results of constant variance assumption test - Model 1. Results of autocorrelation assumption test - Model 1. Results of multicollinearity assumption test - Model 2a.

Results of standard distribution residual assumption test - Model 2a. Results of constant variance assumption test - Model 2a. Results of autocorrelation assumption test - Model 2a. Results of multicollinearity assumption test - Model 2b.

Results of standard distribution residual assumption test - Model 2b. Results of constant variance assumption test - Model 2b. Results of autocorrelation assumption test - Model 2b. Results of multicollinearity assumption test - Model 3a.

Results of standard distribution residual assumption test- Model 3a. Results of constant variance assumption test - Model 3a. Results of autocorrelation assumption test - Model 3a. Results of multicollinearity assumption test - Model 3b.

Results of standard distribution residual assumption test - Model 3b. Results of constant variance assumption test - Model 3b. Results of autocorrelation assumption test - Model 3b .223 xii ABSTRACT The aim of this study is to analyze 3 groups of relationships, including: The first relationship group is the effects of corporate tax factors (CT) (including (tax planning (TP), corporate tax expense (CTE), deferred tax expense (DTE), deferred tax asset (DTA), deferred tax liability (DTL)), corporate governance factors (CG) (board characteristics: board independence (BI), board size (BS), board age (BA), board meeting (BM), and board women (BW)), and corporate social responsibility disclosure (CSRD) on earnings management (EM). The second relationship group is the effects of EM and CSRD on corporate performance (CP).

The third and last relationship group is the effects of EM and CSRD on corporate performance (CP) with the moderating role of corporate governance factors (CG) in the corporates listed on the Vietnamese stock market (HOSE and HNX). The author uses balance sheet data collected from financial statements and annual reports of 267 corporates listed on the Vietnamese stock market (HOSE and HNX) in the period 3 years 2019 - 2021, a total of 801 observations. The author has performed tests to select the most suitable model among 3 models of Pooled OLS, FEM and REM. Because the model has heteroskedasticity and auto-correlation, the author used FGLS to overcome these phenomena.

The research results show that TP and CTE have a positive effect on EM. In contrast, DTA has a negative effect on EM. However, DTE and DTL do not impact EM. Board independence (BI) has a positive effect on EM, whereas board size (BS) and women on the board (BW) have negative effects on EM.

Correspondingly, BW has a negative effect on EM. However, average age of board members (BA) and board meeting (BM) do not affect EM. CSRD does not affect EM. Besides, EM and CSRD have a positive effect on corporate performance (CP) (measured in both ways ROA & Tobin's Q (TBQ)).

In addition, board independence (BI), board meeting (BM) and women on the board (BW) have a role of weakening the influence of EM on CP (measured by ROA). However, the rest of corporate governance (CG) factors such as BS and BA have no role in moderating the influence of EM on CP (measured by ROA). BS, BA and BW have a role in moderating the relationship between xiii CSRD-CP (measured ROA). Specifically, BS and BA enhance the influence of CSRD on CP (measured by ROA).

In contrast, BW weakens the influence of CSRD on CP (measured by ROA). The rest of CG factors such as BI and BM have no role in moderating the influence of CSRD on CP (measured by ROA). In addition, BI and BS moderate the relationship between EM-CP (measured by TBQ). Specifically, BS enhances the influence of EM on CP (measured by TBQ), while BI weakens this influence.

The rest of corporate governance (CG) factors such as BA, BM and BW have no role in moderating the influence of EM on CP (measured by TBQ). Specifically, all 5 factors of corporate governance (CG) do not moderate the influence of CSRD on CP (measured by TBQ). Based on these research results, the author has suggested some theoretical and practical implications, proposed recommendations for a number of relevant subjects such as researchers, managers of corporates listed on the stock market (HOSE and HNX), state management agencies, investors, and other related entities. Keywords: Corporate performance, earnings management, corporate social responsibility, corporate governance, corporate tax.

Motivation for the Research Corporates are currently experiencing a competition to exist in the globalization market.