Real Earnings Management And Subsequent Stock Price Crash. Empirical Evidence From Vietnam

Abstract

This thesis investigates the impact of Real Earnings Management (REM) on stock price crash risk among Vietnamese listed companies under COVID-19 circumstances. Utilizing a dataset from non-financial firms on the Ho Chi Minh Stock Exchange (HOSE) from 2013 to 2022, the findings indicate that REM practices significantly increase the risk of stock price crashes, especially during the pandemic due to increased managerial incentives to manipulate earnings. The study also reveals that older firms and those with higher institutional ownership exhibit a less pronounced relationship between REM and crash risk, underscoring the importance of robust corporate governance