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Senior managers can choose to use corporate social responsibility (CSR) practices to conceal their problems One of these acts is the implementation of earnings management (EM), causing serious effects for information disclosed to stakeholders Specifically, EM may distort financial statements, causing misunderstandings in judgments about the financial performance of enterprises (Jordaan et al., 2018; Hemingway and Maclagan, 2004; Healy and Wahlen, 1999)
In this research, we want to determine the relationship between corporate social responsibility and earnings management Accordingly, we evaluate businesses implementing social responsibility using the KLD scale, including 49 questions in all 5 aspects: Community, diversity, employees, environment, and products Research is limited to the economic market of Vietnam with the group of service industries and consumer services The number of research samples is 261 observed variables of 87 enterprises listed on HOSE and HNX in Viet Nam (in 3 financial years 2017, 2018, 2018)
The research results show that in the economic context of Vietnam (from 2017 to 2019), for the enterprises in the consumer goods and consumer service industries, the better they appear to be in terms of their social responsibilities (according to the KLD scale), the more likely that they would practice accrual profit management
Trang 7/Ӡ,&$0Ĉ2$1
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7ѭѫQJWӵ QKѭOêWKX\ӃWÿmSKiWELӇu, sӵ bҩWFkQ[ӭQJWK{QJWLQWURQJWKӵc tӃ FNJQJFyWKӇ xҧy ra khi mӝt doanh nghiӋp cӕ WuQKFKHGұ\FiFWK{QJWLQEҩt lӧi cӫa bҧQWKkQWKәi phӗQJFiFWK{QJWLQFyOӧLÿӇ WKXK~WFiFQKjÿҫXWѭQKѭWK{QJWLQYӅ thӵc hiӋn WUiFKQKLӋP[mKӝi ± CSR Tӯ ÿyGүQÿӃn viӋFQkQJFDRÿѭӧFKuQKҧnh cӫa bҧQWKkQGRDQKQJKLӋSÿҭ\JLiFә phiӃXOrQFDRKѫQVRYӟi thӵc tӃ cӫa doanh nghiӋp ViӋc thӵc hiӋQ&65FyWKӇ ÿѭӧFÿiQKJLiOjWURQJnhӳng yӃu tӕ JL~SQkQJFDRKuQKҧnh doanh nghiӋp trong mҳWQKjÿҫXWѭ7X\QKLrQQyWKӇ bӏ lӧi dөng nhҵm mөFÿtFKÿiQKOҥFKѭӟng, tҥRQrQFiFWK{QJWLQVDLOӋch trong mҳWQJѭӡi mua tӯ ÿyGүQÿӃQFiFOӵa chӑQÿӕi nghӏFKKD\FiFUӫLURÿҥRÿӭc VҩQÿӅ Qj\Jk\UDVӵ sai lӋch trong quyӃWÿӏnh tham gia thӏ tUѭӡng cӫDFiFFKӫ thӇ kinh tӃ, FyWKӇ Jk\ҧQKKѭӣng rҩt lӟn ÿӃn sӵ SKiWWULӇn cӫa thӏ WUѭӡng
Sӵ lӵa chӑQÿӕi nghӏch: vҩQÿӅ Qj\[ҧy ra bӣi sӵ bҩWFkQ[ӭQJWK{QJWLQ WUѭӟFNKLQKjÿҫXWѭtiӃQKjQKJLDRGӏch Lӵa chӑQÿӕi nghӏch xuҩt hiӋn bӣLFiF quyӃWÿӏnh sai lҫm cӫDQKjÿҫXWѭbӣi sӵ thiӃXWK{QJWLQFKtQK[iFYjNӏp thӡi &yWKӇ giҧLWKtFKUҵQJNKLFyKLӋQWѭӧng bҩWFkQxӭQJWK{QJWLQ[ҧ\UDWKuQKjÿҫXWѭVӁ NK{QJWKӇ [iFÿӏQKÿѭӧFFiFGRDQKQJKLӋSQjROjKRҥt ÿӝng yӃXNpPOүn hoҥWÿӝng tӕt, viӋFQj\GүQÿӃQFiFQKjÿҫu tӯ FyWKӇ sai lҫPNKLÿҫXWѭYjRFiFGRDQKQJKLӋSNpP7KHRÿyÿLӅXQj\Jk\UDҧQKKѭӣng lӟQÿӕi vӟLFiFGRDQKQJKLӋp hoҥt ÿӝng tӕWNKLNK{QJÿѭӧFQKjÿҫXWѭÿiQKJLiÿ~QJGүQÿӃQFiFYҩQÿӅ QJKLrPWUӑQJKѫQ RӫLURÿҥRÿӭc: xҧy ra trRQJWUѭӡng hӧp bҩWFkQ[ӭQJWK{QJWLQYjJk\ҧQKKѭӣng trӵc tiӃp ÿӃn lӧLtFKFӫDErQFzQOҥi bӣi nhӳQJKjQKÿӝQJFKHÿұ\WK{QJWLQEҩt lӧi hay thәi phӗQJFiFWK{QJWLQWӕt 7UrQWKӵc tӃ, rӫLURÿҥRÿӭc xuҩt hiӋn rҩt nhiӅXYjFyPӝt sӕ ÿһFÿLӇPFKtQKQKѭ
Trang 25mӝWErQWKDPJLDJLDRGӏFKNK{QJWKӇ JLiPViWKRҥWÿӝng cӫa ErQFyKjQKÿӝng ҭn giҩu %rQFyKjQKÿӝng ҭn giҩXGY{WuQKKD\Fӕ êVӁ OjPWăQJ[iFVXҩt xҧy ra hұu quҧ xҩu
/êWKX\Ӄt vӅ bҩWFkQ[ӭQJWK{QJWLQWURQJSKҥm vi nӝi bӝ chӭDÿӵng viӋFNKiFELӋt tK{QJWLQgiӳDFiFPӕi quan hӋ WURQJFQJGRDQKQJKLӋSQKѭQJOҥLFyOӧLtFKNKiFQKDXYӅ quyӅn sӣ hӳXYjTX\Ӆn quҧQOê+D\QyLFiFKNKiFWKuYҩQÿӅ vӅ QJѭӡLÿҥi diӋQFNJQJFyWKӇ dүQÿӃn FiFUӫi ro vӅ ÿҥRÿӭc
2.1.3.4 /êWKX\͇WWtQKL͏u (Signalling Theory)
/êWKX\ӃWWtQKLӋXÿѭӧFQJKLrQFӭXÿҫXWLrQEӣi Spence (1973), nhҵm mөFÿtFKOjPU}Vӵ bҩt ÿӕi xӭQJWK{QJWLQWURQJWKӏ WUѭӡQJODRÿӝQJĈӃQQăP QKjQJKLrQFӭu Ross sӱ dөQJÿӇ giҧLWKtFKYLӋFF{QJEӕ WK{QJWLQWURQJEiRFiRGRDQKQJKLӋp 1JKLrQFӭu cӫa Verrecchia (1983), chӍ ra rҵng viӋc doanh nghiӋp cӕ gҳng cung cҩSWK{QJWLQQKҩWÿӏnh nhҵm mөFÿtFKWKXK~WFiFQKjÿҫXWѭYjQkQJFDRGDQKWLӃQJ1JKLrQFӭu cӫa Richard D.Morris (2012), kӃt luұQÿѭӧc rҵQJFiFGRDQKQJKLӋSFyFKҩWOѭӧng cao sӁ FyWKӇ tiӃt lӝ nhiӅXWK{QJWLQKѫQWURQJNKLFiFF{QJW\FyFKҩWOѭӧng thҩp sӁ lӵa chӑQFKtQKViFKNӃ WRiQQKҵm giҩXÿLFiFWK{QJWLQFyKҥLĈLӅXQj\FyQJKƭDFiFGRDQKQJKLӋSFyFKҩWOѭӧng tӕt sӁ sҹQVjQJFXQJFҩSFiFWK{QJtin bӝ phұn vӅ rӫi ro, lӧi nhuұn mӝWFiFKFө thӇ&zQFiFGRDQKQJKLӋSFyFKҩWOѭӧQJNpPVӁ cӕ gҳng giҩXÿLWK{QJWLQFyWKӇ Jk\ҧQKKѭӣng xҩXÿӃn doanh nghiӋp
ViӋc thӵc hiӋQFiFFKtQKViFKYӅ WUiFKQKLӋP[mKӝLFNJQJPӝWWURQJFiFSKѭѫQJKѭӟQJFyWKӇ ÿѭӧc doanh nghiӋp lӵa chӑn nhҵPFKHÿұy nhӳng vҩQÿӅ ÿDQJFyWURQJEҧQWKkQGRDQKnghiӋS+D\QyLFiFKNKiFGRDQKQJKLӋSFyNKҧ QăQJVӱ dөng viӋc thӵc hiӋQWUiFKQKLӋP[mhӝLÿӇ tӵ tҥRUDFKRPuQKPӝWKuQKҧQKÿҽp trong mһt truyӅQWK{QJWURQJNKLÿyOҥi cӕ gҳng che dҩXFiFYҩQÿӅ yӃXNpPFӫa doanh nghiӋp vӅ mһt kinh tӃ Sӵ thiӃXWK{QJWLQFӫDQKjÿҫu WѭFyWKӇ dүQÿӃn viӋc suy diӉn ra viӉn cҧnh cӫa doanh nghiӋSWUrQFѫVӣ KuQKҧQKÿҽp vӅ mһt truyӅQWK{QJKѫQOjFiFPһt xҩXÿDQJÿѭӧFFKHÿұy
2.1.3.5 7yPW̷WFiFOêWKX\͇t
7yPWҳWFiFOêWKX\Ӄt nӅn cho thҩ\OêWhuyӃWQJѭӡLÿҥi diӋQOêWKX\Ӄt bҩWFkQ[ӭQJWK{QJWLQYjOêWKX\ӃWWtQKLӋXÿӅ xuҩt mӝt giҧ thuyӃt cho rҵng viӋc thӵFWKL&65OjPӝWFiFKWKӭc tҥo WtQKLӋXFKRF{QJFK~QJYӅ mӝWKuQKҧnh tӕt cӫa doanh nghiӋpWX\QKLrQÿҵQJVDXÿyOjEDQÿLӅXKjQKVӁ thӵc thi quҧn trӏ lӧi nhuұn hoһFYuOӧLtFKEҧQWKkQKRһFYuFiFÿӝQJFѫNKiFFӫa QKjTXҧQOê*Lҧ thuyӃWQj\QJѭӧc vӟi giҧ thuyӃt cӫD/êWKX\ӃWFiFErQKӳXTXDQWKHRÿyFKR
Trang 26rҵng doanh nghiӋp thӵc thi CSR nhҵm tҥRUDJLiWUӏ FKRFiFErQKӳu quan, nhҵm thӵFWKLFiFWUiFKQKLӋm cӫDPuQKEDRJӗm: WUiFKQKLӋm lӧi nhuұQWUiFKQKLӋPSKiSOXұWWUiFKQKLӋm ÿҥRÿӭFYjWUiFKQKLӋm tӯ thiӋn cӫa doanh nghiӋp (Wood, 2010; Chen, Chang, & Lin, 2012) VjGRYұ\OêWKX\ӃWQj\ kǤ vӑng rҵng doanh nghiӋp thӵc thi tӕW&65FNJQJJLҧPNKX\QKKѭӟng
thӵc hiӋn quҧn trӏ lӧi nhuұn Lu̵n YăQQj\K˱ͣQJÿ͇QWuPKL͋u gi̫ thuy͇WQjRWURQJKDLJL̫
thuy͇WQJ˱ͫFQKDXQrXWUrQVͅ ÿ˱ͫFWuPWK̭y t̩i th͓ WU˱ͥng Vi͏t Nam
2.2 &È&0Ð+Î1+1*+,Ç1&Ӭ875ѬӞC 2.2.1 1JKLrQFӭXWURQJQѭӟc
ĈӅ WjLYӅ WUiFKQKLӋP[mKӝLFzQWѭѫQJÿӕi mӟi ӣ ViӋW1DPWX\QKLrQOҥi nhұQÿѭӧc rҩt nhiӅu mӕLTXDQWkPFӫDFiFQKjQJKLrQFӭXĈһc biӋt, trong nhӳQJQăPJҫQÿk\WKuQJj\FjQJFyWKrPQKӳQJQJKLrQFӭu mӟi vӅ WUiFKQKLӋP[mKӝLĈӕi vӟLFiFÿӅ WjLYӅ quҧn trӏ lӧi nhuұQWKulҥLWѭѫQJÿӕi hҥn chӃ KѫQÿһc biӋWOjÿӕi vӟLFiFQJKLrQFӭu vӅ mӕi quan hӋ ÿӕi vӟLWUiFKnhiӋP[mKӝi &yWKӇ kӇ ÿӃn mӝt sӕ QJKLrQFӭu OLrQTXDQ cӫDFiFWiFJLҧ WURQJFiFQăPgҫn ÿk\QKѭ
2.2.1.1 1JKLrQFͱX³0͙i quan h͏ giͷDWtQKÿ͡c l̵p cͯa h͡Lÿ͛ng qu̫n tr͓ YjKjQKYLTX̫n tr͓ lͫi nhu̵Q´FͯDĈRjQ3K˱˯QJ1KL
1JKLrQFӭu thӵc hiӋQWK{QJTXDGӳ liӋu cӫa 279 doanh nghiӋSÿѭӧFF{QJEӕ WUrQVjQHOSE thuӝc rә 91;$OOVKDUH7iFJLҧ sӱ dөQJFiFF{QJFө ÿӏQKOѭӧQJÿӇ [iFÿӏnh mӕi quan hӋ ÿmÿӅ xuҩt MһFGÿӅ WjLNK{QJFyQJKLrQFӭu vӅ ÿһFÿLӇm cӫDWUiFKnhiӋP[mKӝLQKѭQJÿmWKӇ hiӋQÿѭӧFKjQKYLTXҧn trӏ lӧi nhuұn ӣ ViӋt Nam
2.2.1.2 1JKLrQ FͱX ³7KH 5HODWLRQVKLS EHWZHHQ 5HDO (DUQLQJV 0DQDJHPHQW DQG )LUPPerformance: The Case of (QHUJ\)LUPVLQ9LHWQDP´Fͯa Khuong, Nguyen Vinh & Nguyen, Tran Thai Ha (2019)
1JKLrQFӭXQj\ÿѭӧc thӵc hiӋQULrQJÿӕi vӟi QJjQK QăQJOѭӧQJYjYӟi bӝ dӳ liӋu cӫa dӳ liӋX F{QJW\QăQJOѭӧQJWUrQWKӏ WUѭӡng chӭQJNKRiQ9LӋW1DP +1;Yj+26( WURQJJLDLÿoҥn tӯ ÿӃQ1JKLrQFӭXÿѭӧc thӵc hiӋn dӵDWUrQFiFSKkQWtFKhӗLTX\ÿӇ [iFÿӏQKFiFPӕi quan hӋ giӳa quҧQOêOӧi nhuұn YjKRҥWÿӝng cӫa doanh nghiӋp KӃt quҧ cӫDQJKLrQFӭu cho thҩy viӋc sӱ dөQJSKѭѫQJSKiSTXҧn trӏ lӧi nhuұn mang lҥi nhӳQJWiFÿӝQJWtFKFӵc cho doanh nghiӋSWX\QKLrQFyNKҧ QăQJJk\Kҥi cho FiFErQOLrQTXDQYjEҧQWKkQGRDQKQJKLӋp WURQJGjLKҥn
Trang 272.2.1.3 T͝QJTXDQQJKLrQFͱX³7͝QJTXDQQJKLrQFͱu v͉ WKDRW~QJOͫi nhu̵QF{QJE͙ bͧi FiFQJkQKjQJWK˱˯QJP̩L´FͯDĈjR1DP Giang (2017)
%jLWәQJTXDQQJKLrQFӭXQj\WKӵc hiӋQWK{QJTXDWәng hӧSWUrQQJKLrQFӭu vӅ KjQKYLWKDRW~QJOӧi nhuұQF{QJEӕ WURQJOƭQKYӵFWjLFKtQKQJkQKjQJÿӇ tәng kӃt nhӳQJTXDQÿLӇm vӅ KjQKYLTXҧn trӏ lӧi nhuұn TәQJTXDQQJKLrQFӭu cho thҩy ÿѭӧc KjQKYLWKDRW~QJOӧi nhuұQEiRFiRWURQJOƭQKYӵFQJkQKjQJFyWKӇ ÿѭӧFSKkQORҥi WKjQKQKyPOӟQOjQJKLrQFӭu chҩWOѭӧQJFiFNKRҧn dӗQWtFK KjQKYLÿLӅu tiӃt sӕ liӋu ÿӇ ÿҥWÿѭӧFFiFPөFWLrXOӧi nhuұQ WKDRW~QJVӕ liӋXÿӇ әQÿӏnh lӧi nhuұQEiRFiRYj[HP[pWQKӳng chӍ EiRErQQJRjLYӅ EiRFiRVDL
2.2.1.4 1JKLrQFͱX³&65LQ'HYHORSLQJ&RXQWULHV &DVH6WXG\LQ9LHWQDP´FͯD3KDQ9ăQThanh (2018)
7K{QJTXDQKӳng nguӗn dӳ liӋu thӭ cҩp vӅ CSR ӣ ViӋW1DPYjFiFQѭӟFÿDQJSKiWtriӇQWiFJLҧ thӵc hiӋQSKkQWtFK ÿӇ P{Wҧ ÿѭӧc thӵc tӃ vӅ CSR KӃt quҧ cӫDQJKLrQcӭXÿmÿѭDUDNӃt luұn rҵng viӋc thӵc hiӋQWUiFKQKLӋP[mKӝi ӣ FiFQѭӟFÿDQJSKiWtriӇQÿLӇPKuQKOj9LӋW1DPOjY{FQJNKyNKăQ%ӣLFKtQKQKӳng hҥn chӃ vӅ mһt P{LWUѭӡQJSKiSOXұt, nguӗn lӵc Yj WUuQKÿӝ cӫa doanh nghiӋp
2.2.1.5 1JKLrQFͱX³7UiFKQKL͏P[mK͡i cͯa doanh nghi͏p - FiFQKkQW͙ ̫QKK˱ͧng tͣi thc hi͏QYjEiRFiRWUiFKQKL͏P[mK͡i cͯDFiFGRDQKQJKL͏p vi͏WQDP´Fͯa Pham Duc Hieu (2011)
1JKLrQFӭXÿѭӧc thӵc hiӋQWK{QJTXDYLӋc thu thұp dӳ liӋXVѫFҩp tӯ bҧQJFkXKӓi, Yjbao gӗm hai mүu: mӝt mүXGjQKFKRTXҧQOêFӫa 30 doanh nghiӋSÿѭӧc chӑn hoҥt ÿӝQJWURQJEDOƭQKYӵFFKtQKÿyOjQJkQKjQJQKjPi\ELDYjTXҫQiR GӋt may; mӝt mүXOjFӫDQJѭӡLWLrXGQJFӫDFiFGRDQKQJKLӋSÿѭӧc chӑQ7K{QJTXDYLӋFSKkQWtFKFiFPүu nhұQÿѭӧc, kӃt quҧ cӫDQJKLrQFӭu chӍ ra rҵng giӳa hoҥWÿӝng CSR cӫa QKjTXҧQOêYjNKiFKKjQJYүQFzQNKRҧQJFiFK1Kұn thӭc quҧQOêWtFKFӵc vӅ CSR OjFҫn thiӃWQKѭQJFKѭDÿӫ ÿӇ tҥRWKjQK&65WKjQKF{QJ
2.2.2 1JKLrQFӭXQѭӟFQJRjL
&iFQJKLrQFӭu vӅ mӕi quan hӋ giӳDWUiFKQKLӋP[mKӝLYjKjQKYLTXҧn trӏ lӧi nhuұn nhұn ÿѭӧc rҩt nhiӅu sӵ TXDQWkP tӯ FiFQKjQJKLrQFӭXWUrQWKӃ giӟiYjQJj\FjQJFyWKrPQKӳng ÿLӇm mӟLFNJQJQKѭFiFSKiWKLӋn mӟLWURQJÿӅ WjLQj\ĈLӇPTXDFiFQJKLrQFӭu nәi bұt trong
Trang 28nhӳQJQăPJҫQÿk\YӅ mӕi quan hӋ giӳDWUiFKQKLӋP[mKӝLYjKjQKYLTXҧn trӏ lӧi nhuұn 7URQJÿyFiFQJKLrQFӭu lҥLFyQKӳQJFiFKQKuQYjÿiQKJLiWѭѫQJÿӕLNKiFELӋt so vӟi nhӳng QJKLrQFӭXWUѭӟFÿk\ĈLӅXQj\FKӭQJPLQKÿѭӧFOjYүQFKѭDFyPӝt kӃt luұQQjROj WRjQGLӋn YjPDQJWtQKWKӕng nhҩt cӫDÿӅ WjL
2.2.2.1 1JKLrQFͱu cͯa Rezaee, Z., Dou, H., & Zhang, H (2019)
Thӵc hiӋQQJKLrQFӭXWK{QJTXDEӝ dӳ liӋu bao gӗm 2580 doanh nghiӋSQLrP\Ӄt cӫa Trung QuӕFWURQJFiFQăPWjLFKtQK ±2015 BҵQJFiFKVӱ dөQJFiFWKѭӟFÿRquҧQOêOӧi nhuұn dӵDWUrQGӗQWtFK $(0 TXҧQOêKRҥWÿӝng thӵc (RAM), thu nhұp әQÿӏQK (3 YjNKҧ QăQJdӵ ÿRiQGzQJWLӅQWURQJWѭѫQJODL (&) Fӫa thu nhұp KӃt quҧ cӫDQJKLrQFӭu cho thҩy rҵng FiFGRDQKQJKLӋp Trung QuӕFFyÿLӇP&65FDRKѫQVӁ tWWKDPJLDYjRKjQKYLTXҧn trӏ lӧi nhuұQKѫQVRYӟLFiFGRDQKQJKLӋSFyÿLӇm CSR thҩp hoһFNK{QJFy&651JRjLUDPӝt kӃt luұn rҩt quan trӑQJNKiFOjFiFGRDQKQJKLӋSNK{QJWKXӝc sӣ hӳu cӫDQKjQѭӟFFyQKLӅu khҧ QăQJWKDPJLDYjRKjQKYLTXҧn trӏ lӧi nhuұn
2.2.2.2 1JKLrQFͱu cͯa Bozzolan, S., Fabrizi, M., Mallin, C A., & Michelon, G (2015)
NghirQFӭXWK{QJTXDEӝ dӳ liӋu cӫa 1.141 doanh nghiӋp, bao gӗm 24 quӕFJLDNKiFQKDXWURQJJLDLÿRҥn 2003- 1JKLrQFӭu nhҵP[iFÿӏQKFiFGRDQKQJKLӋSÿӏQKKѭӟng CSR sӁ FyNKҧ QăQJWKDPJLDYjRquҧQOêOӧi nhuұn WKHRSKѭѫQJSKiSGӗQWtFK $EM) hay quҧQOêlӧi nhuұn thӵc tӃ (REM) KӃt quҧ cӫDQJKLrQFӭu cho thҩy rҵng doanh nghiӋSFyÿӏQKKѭӟng &65tWFyNKҧ QăQJWKDPJLDYjR5(0KѫQVRYӟi AEM
2.2.2.3 1JKLrQFͱu cͯD3ULRU'6XUURFD- 7ULEy-$
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