베트남 기업의 이사회 구조와 이익조정

This study empirically examined whether the board structure is related to the earnings management of Vietnamese firms. We classified the characteristics of the board structure into three categories: board size, board independence, and board ownership structure. As the proxy variables for board independence, we used the ratio of outside directors and CEO-chairman duality, and for the board ownership structure, we used the stock ownership of inside and outside directors. As the proxy variable for earnings management, we used discretionary accruals based on the modified Jones model. We used data based on Vietnamese firms listed on the Ho Chi Minh stock exchange (HOSE) and the Hanoi stock exchange (HNX) for 6 years from 2012 to 2017. We found that the size of the board had a negative effect on earnings management. Also, the inside director stock ownership had a positive effect on earnings management. This means that earnings management is suppressed as the board size grows, and the higher the inside director stock ownership, the better the earnings management. Unlike existing papers on earnings management, this study focused on the structure of the board of directors. Our findings show the importance of the board of directors, which is the core of corporate governance, and suggests ways to improve the financial transparency of Vietnamese firms.