Thao Bui Thi Thu

Real earnings management comprises the intervention by managers intending to change business strategies or policies to achieve specific goals. The paper aims to examine trends and levels of real earnings management in the context of the COVID-19 pandemic in Vietnam. The study uses time series data, and the sample includes 1,800 observations from 2016 to 2021. The methods of the study are regression analyses of the real earnings management model. The results indicate that the COVID-19 pandemic positively and significantly affected real earnings management of companies listed on the Vietnamese stock exchange. The trends and levels of real earnings management in the context of the COVID-19 pandemic increase depending on the severity of the pandemic. In terms of applications, the study provides evidence that the quality of financial reporting is lower during the pandemic. Listed enterprises in Vietnam are using high financial leverage, leading to a higher vulnerability to shocks such as the pandemic. Therefore, the real earnings management technique mainly used by managers is operating cash flow adjustment by using income maximization strategies to increase the ability to borrow capital to maintain business operations. The study suggests that the choice of income maximization or income minimization strategy depends mainly on commitments with the capital provider (credit institutions), specific contexts, and economic factors.

Corporate social responsibility (CSR) disclosure plays a pivotal role in expanding investment opportunities, enhancing operational efficiency, and strengthening transparency and accountability to meet stakeholder demands. This study investigates the determinants influencing CSR disclosure’s extent and quality, aiming to provide a comprehensive understanding of how organizational, institutional, and stakeholder-driven factors shape transparent reporting practices. Using time-series data spanning six years (2017–2022) collected from 200 Vietnamese-listed enterprises annually, this research employs the ordinary least squares (OLS) method for quantitative analysis. The findings reveal that board independence, awards, company size, and financial performance significantly and positively influence both the extent and quality of CSR disclosure. Conversely, industry sensitivity negatively impacts CSR disclosure, while financial leverage exhibits mixed effects – positively affecting the extent but negatively influencing the quality of disclosures. Notably, company size emerges as the strongest determinant of CSR disclosure, underscoring the critical role of larger firms in driving transparent reporting practices. In contrast, industry sensitivity demonstrates the weakest effect on the extent of CSR reporting, suggesting that internal firm characteristics may outweigh industry-specific pressures. Based on these findings, the study recommends that Vietnamese regulatory bodies prioritize company size over industry type when designing CSR disclosure policies. This study provides valuable insights into the evolving dynamics of CSR disclosure in emerging markets like Vietnam, highlighting the need for context-specific strategies to enhance corporate accountability and sustainable development.

Acknowledgment
The author thanks everyone who helped make this study possible.