Investigating income smoothing: Empirical evidence from Vietnam's listed companies

Income smoothing is a dimension of the accounts manipulation theme that has been attracting great attention in the accounting literature. A goal of manipulation is widely ascribed to managers who wants income smoothing. The author has tried to investigate income smoothing at listed companies on the Stock Exchange. For this purpose, we chose a stratified random sample of 285 companies from formula listed companies on Vietnam Stock Exchange. We carried the mechanism for smooth and non-smoothing companies Eckel model (coefficient of variation of the distribution of profits to sales). We have compared 111 smoothing companies and 174 non-smoothing companies. The study results suggest that the Eckel index is suitable for the Vietnam stock market and shows a slight increase compared to the previous research

Factors Effect on Corporate Cash Holdings of the Energy Enterprises Listed on Vietnam's Stock Market

This study examines the factors effect on corporate cash holdings of the energy enterprises listed on Vietnam's stock market. Our data set includes 28 energy companies on Vietnam stock markets (HNX and HOSE) in the period from 2010 to 2016, with a total of 196 firm-year observations being collected. We used GMM estimator to test our hypotheses. The results show a negative association between leverage, return on assets, operating cash flow and corporate cash holdings while a tangible asset has a positive relationship. Keywords: corporate cash holdings, energy enterprises, Vietnam. JEL Classifications: G33 G3

The impact of capital structure choice on firm’s financial performance: An empirical analysis of delisted firms in Viet Nam

The purpose of this study is to examine the impact of capital structure choice on firm’s financial performance delisted companies on the stock market. Based on the data collected from 80 companies delisted from Vietnam stock markets (HNX and HOSE) in the period from 2012 to 2015, using quantitative research methods, we find a correlation between the capital structure and the financial performance of the firms. The study results have some implications for investors and managers in making decisions to optimize their financial performance

The Relationship between Real Earnings Management and Firm Performance: The Case of Energy Firms in Vietnam

This investigation analyses the influence of real activities earnings management on firm performance of the energy listed firms on Vietnam's stock market. Our data collection constitutes 29 energy companies on Vietnam stock markets (HNX and HOSE) in the period from 2010 to 2016. We used regression analysis in accordance with panel data, namely fixed effects model and random effects model. The results determine that real activity earnings management positively impacts on firm performance. This implies that increasing current sales activities will have a positive impact on current earnings. However, this may be pernicious to the company in the future. There is a positive association between firm size, cash from operating activities, growth opportunities and firm performance while firm leverage and tangible asset have a negative association. Research results are significant for regulators and investors in emerging markets. Keywords: real earnings management, firm performance, energy firms, Vietnam. JEL Classifications: M41; G32 DOI: https://doi.org/10.32479/ijeep.746

El trauma de los niños vietnamitas que viven en familias incompletas

Children living in incomplete families have to suffer from more hardships than others including psychological trauma that could never be cured without safe approaches. In this paper, we used the Children Behavior Checklist (CBCL test) by Achenbach to initially filter the incidence of children in incomplete families with psychological trauma, the extent of childhood trauma, and the signs of trauma. Moreover, the Self-esteem scale of Toulouse was also utilized to investigate children's self-esteem and determine the impact of psychological trauma on the self-assessment of children. Based on these tools, the research conducted a correlation analysis of psychological trauma of children in incomplete families through indicators of awareness of, emotions with, and behaviors towards family and social life (self-evaluated by children). The results showed that there are differences in psychological trauma of children in terms of awareness, emotions, and behaviors. The differences allow for a better definition of children's causes, influences, and degrees of psychological trauma. This is the basis for proposing timely filtering solutions and effective psychological support measures for these children. Keywords: correlation analysis; signs of psychological trauma; children; incomplete family; Vietnam.Los niños que viven en familias incompletas tienen que sufrir más dificultades que otros, incluido el trauma psicológico que nunca podría curarse sin enfoques seguros. En este artículo, se utiliza la Lista de Verificación de Comportamiento Infantil (prueba CBCL) de Achenbach para filtrar inicialmente la incidencia de niños en familias incompletas con trauma psicológico, el alcance del trauma infantil y los signos de trauma. Además, la escala de autoestima de Toulouse también se utilizó para investigar la autoestima de los niños y determinar el impacto del trauma psicológico en la autoevaluación de los niños. Con base en estas herramientas, la investigación realizó un análisis de correlación del trauma psicológico de los niños en familias incompletas a través de indicadores de conciencia, emociones y comportamientos hacia la vida familiar y social (autoevaluados por los niños). Los resultados mostraron que existen diferencias en el trauma psicológico de los niños en términos de conciencia, emociones y comportamientos. Las diferencias permiten una mejor definición de las causas, influencias y grados de trauma psicológico de los niños. Esta es la base para proponer soluciones de filtrado oportunas y medidas de apoyo psicológico eficaces para estos niños. Palabras clave: análisis de correlación; signos de trauma psicológico; niños; familia incompleta; Vietnam

Perceived Audit Quality, Earnings Management and Cost of Debt Capital: Evidence from the Energy Listed Firms on Vietnam's Stock Market

This study examines the impact of perceived audit quality and accrual-based earnings management on cost of debt capital of the energy listed firms on Vietnam's stock market. Our data set includes 29 energy companies on Vietnam stock markets (HNX and HOSE) in the period from 2010 to 2016. We used FEM and REM estimator to test our hypotheses. The results confirm that there is no significant statistical association between accrual-based earnings management and cost of debt. There is a negative association between audit quality, firm size, return on assets and cost of debt while firm leverage and the tangible asset has a positive association. Moreover, global financial crisis has no statistically significant influence on the cost of debt capital. The research results have implications for regulators and investors about the stability of the economy in emerging markets. Keywords: cost of debt, earnings management, audit quality, energy enterprises, Vietnam. JEL Classifications: M42; G32 DOI: https://doi.org/10.32479/ijeep.699

Outpatient antibiotic prescribing for acute respiratory infections in Vietnamese primary care settings by the WHO AWaRe (Access, Watch and Reserve) classification: An analysis using routinely collected electronic prescription data

Background: This study aims to investigate patterns of antibiotic prescribing and to determine patient-specific factors associated with the choice of antibiotics by the World Health Organization's Access-Watch-Reserve (WHO AWaRe) class for acute respiratory infections (ARIs) in rural primary care settings in northern Vietnam. Methods: We retrospectively reviewed health records for outpatients who were registered with the Vietnamese Health Insurance Scheme, visited one of 112 commune health centres in 6 rural districts of Nam Dinh province, Vietnam during 2019, and were diagnosed with ARIs. Patient-level prescription data were collected from the electronic patient databases. We used descriptive statistics to investigate patterns of antibiotic prescribing, with the primary outcomes including total antibiotic prescriptions and prescriptions by WHO AWaRe group. We identified patient-specific factors associated with watch-group antibiotic prescribing through multivariable logistic regression analysis. Findings: Among 193,010 outpatient visits for ARIs observed in this study, 187,144 (97.0%) resulted in an antibiotic prescription, of which 172,976 (92.5%) were access-antibiotics, 10,765 (5.6%) were watch-antibiotics, 3366 (1.8%) were not-recommended antibiotics. No patients were treated with reserve-antibiotics. The proportion of watch-antibiotic prescription was highest amongst children under 5-years old (18.1%, compared to 9.5% for 5–17-years, 4.9% for 18–49-years, 4.3% for 50–64-years, and 3.7% for 65-and-above-years). In multivariable logistic regression, children, district, ARI-type, comobid chronic respiratory illness, and follow-up visit were associated with higher likelihood of prescribing watch-group antibiotics. Interpretation: The alarmingly high proportion of antibiotic prescriptions for ARIs in primary care, and the frequent use of watch-antibiotics for children, heighten concerns around antibiotic overuse at the community level. Antimicrobial stewardship interventions and policy attention are needed in primary care settings to tackle the growing threat of antibiotic resistance

Implementation of point-of-care testing of C-reactive protein concentrations to improve antibiotic targeting in respiratory illness in Vietnamese primary care: a pragmatic cluster-randomised controlled trial

Background In previous trials, point-of-care testing of C-reactive protein (CRP) concentrations safely reduced antibiotic use in non-severe acute respiratory infections in primary care. However, these trials were done in a research-oriented context with close support from research staff, which could have influenced prescribing practices. To better inform the potential for scaling up point-of-care testing of CRP in respiratory infections, we aimed to do a pragmatic trial of the intervention in a routine care setting. Methods We did a pragmatic, cluster-randomised controlled trial at 48 commune health centres in Viet Nam between June 1, 2020, and May 12, 2021. Eligible centres served populations of more than 3000 people, handled 10–40 respiratory infections per week, had licensed prescribers on site, and maintained electronic patient databases. Centres were randomly allocated (1:1) to provide point-of-care CRP testing plus routine care or routine care only. Randomisation was stratified by district and by baseline prescription level (ie, the proportion of patients with suspected acute respiratory infections to whom antibiotics were prescribed in 2019). Eligible patients were aged 1–65 years and visiting the commune health centre for a suspected acute respiratory infection with at least one focal sign or symptom and symptoms lasting less than 7 days. The primary endpoint was the proportion of patients prescribed an antibiotic at first attendance in the intention-to-treat population. The per-protocol analysis included only people who underwent CRP testing. Secondary safety outcomes included time to resolution of symptoms and frequency of hospitalisation. This trial is registered with ClinicalTrials.gov, NCT03855215. Findings 48 commune health centres were enrolled and randomly assigned, 24 to the intervention group (n=18 621 patients) and 24 to the control group (n=21 235). 17 345 (93·1%) patients in the intervention group were prescribed antibiotics, compared with 20 860 (98·2%) in the control group (adjusted relative risk 0·83 [95% CI 0·66–0·93]). Only 2606 (14%) of 18 621 patients in the intervention group underwent CRP testing and were included in the per-protocol analysis. When analyses were restricted to this population, larger reductions in prescribing were noted in the intervention group compared with the control group (adjusted relative risk 0·64 [95% CI 0·60–0·70]). Time to resolution of symptoms (hazard ratio 0·70 [95% CI 0·39–1·27]) and frequency of hospitalisation (nine in the intervention group vs 17 in the control group; adjusted relative risk 0·52 [95% CI 0·23–1·17]) did not differ between groups. Interpretation Use of point-of-care CRP testing efficaciously reduced prescription of antibiotics in patients with non-severe acute respiratory infections in primary health care in Viet Nam without compromising patient recovery. The low uptake of CRP testing suggests that barriers to implementation and compliance need to be addressed before scale-up of the intervention. Funding Australian Government, UK Government, and the Foundation for Innovative New Diagnostics

Safety and efficacy of fluoxetine on functional outcome after acute stroke (AFFINITY): a randomised, double-blind, placebo-controlled trial

Background Trials of fluoxetine for recovery after stroke report conflicting results. The Assessment oF FluoxetINe In sTroke recoverY (AFFINITY) trial aimed to show if daily oral fluoxetine for 6 months after stroke improves functional outcome in an ethnically diverse population. Methods AFFINITY was a randomised, parallel-group, double-blind, placebo-controlled trial done in 43 hospital stroke units in Australia (n=29), New Zealand (four), and Vietnam (ten). Eligible patients were adults (aged ≥18 years) with a clinical diagnosis of acute stroke in the previous 2–15 days, brain imaging consistent with ischaemic or haemorrhagic stroke, and a persisting neurological deficit that produced a modified Rankin Scale (mRS) score of 1 or more. Patients were randomly assigned 1:1 via a web-based system using a minimisation algorithm to once daily, oral fluoxetine 20 mg capsules or matching placebo for 6 months. Patients, carers, investigators, and outcome assessors were masked to the treatment allocation. The primary outcome was functional status, measured by the mRS, at 6 months. The primary analysis was an ordinal logistic regression of the mRS at 6 months, adjusted for minimisation variables. Primary and safety analyses were done according to the patient's treatment allocation. The trial is registered with the Australian New Zealand Clinical Trials Registry, ACTRN12611000774921. Findings Between Jan 11, 2013, and June 30, 2019, 1280 patients were recruited in Australia (n=532), New Zealand (n=42), and Vietnam (n=706), of whom 642 were randomly assigned to fluoxetine and 638 were randomly assigned to placebo. Mean duration of trial treatment was 167 days (SD 48·1). At 6 months, mRS data were available in 624 (97%) patients in the fluoxetine group and 632 (99%) in the placebo group. The distribution of mRS categories was similar in the fluoxetine and placebo groups (adjusted common odds ratio 0·94, 95% CI 0·76–1·15; p=0·53). Compared with patients in the placebo group, patients in the fluoxetine group had more falls (20 [3%] vs seven [1%]; p=0·018), bone fractures (19 [3%] vs six [1%]; p=0·014), and epileptic seizures (ten [2%] vs two [<1%]; p=0·038) at 6 months. Interpretation Oral fluoxetine 20 mg daily for 6 months after acute stroke did not improve functional outcome and increased the risk of falls, bone fractures, and epileptic seizures. These results do not support the use of fluoxetine to improve functional outcome after stroke