Tóm tắt Luận án Determinants of international financial reporting standards adoption in Vietnamese enterprises

ag (2009) in Turkey, research by Sawan and Alsaqqa (2013) on the application of IFRS in the UAE, study of Fearnley and Hines (2007) in the United Kingdom, or the Study of Bahadir et al (2016) in Turkey. 1.2 Previous studies in Vietnam: The two popular research groups in Vietnam related to IFRS are the research on the harmony between VAS and IFRS, and the research group of factors affecting the application of IFRS. Because Vietnam has not yet officially adopted IFRS, most of the enterprises that have made reports under IFRS are on a voluntary basis. And therefore, the research on factors affecting IFRS application in Vietnam also revolves around those who voluntarily apply IFRS. On the other hand, due to the fact that Vietnam has not applied IFRS, most of the relevant studies are of an exploratory nature, relying on primary data sources to solve research problems. In this overview, only typical studies conducted in Vietnam with specific research models and research hypotheses will be tested. 8 1.2.1 Study on the harmonization between VAS and IFRS Typical studies in this group include Tran Hong Van (2014) 's study of the harmony in preparing and presenting the consolidated financial statements between Vietnamese and international accounting; The study of Tran Quoc Thinh (2014) on convergence between VAS and IFRS. Research by Pham Hoai Huong (2016) on convergence between VAS and IFRS or new research of Tran Quoc Thinh and Nguyen Thi Cam Thuy (2018) also on convergence between VAS and IFRS. 1.2.2 Research on the factors affecting the application of IFRS For research on the factors affecting the application of IFRS, because Vietnam has not applied IFRS, the number of related publications is not much and they are all quantitative, discoverable and resource-based research. Primary data to solve research problems. Given the limited number of IFRS studies in Vietnam, this overview will include a number of studies on the factors affecting IFRS adoption for small and medium-sized enterprises as well as the application of VAS for an overview of research issues. Researching the influencing factors in small and medium-sized enterprises of Tran Dinh Khoi Nguyen (2011), or study of Tran Thi Thanh Hai (2015) when studying the establishment and application of the legal framework for accounting for Vietnamese enterprises Small and medium scale. An international publication by Dang Duc Son (2011) identified five factors that affect the application of technical expertise in Vietnam to small and medium-sized enterprises. Or a recent research on how external actors affect SMEs in Vietnam when applying IFRS of Nguyen Thi Anh Linh (2018). The study of influencing factors at large scale enterprises including research of Phan et al (2014), authors used data collected from Vietnam to study advantages, difficulties, and challenges in the application of IFRS, research by Phan et al. (2016) have demonstrated that institutional factors in Vietnam have an influence on IFRS application. Research by Dang Ngoc Hung (2017) on the factors affecting the level of application of VAS in Vietnam. Research by Nguyen Thi Kim Cuc and Nguyen 9 Le Van Khanh (2018) on factors affecting voluntary application of IFRS in Vietnam. Research by Le Tran Hanh Phuong (2018) has identified at the national level including 4 macro factors and 3 micro factors, Nguyen Ngoc Hiep (2017) research on conversion of financial statements from VAS to IFRS, Research Ha Xuan Thach and Nguyen Ngoc Hiep (2018) on factors affecting the conversion of financial statements from VAS to IFRSm or the study of Thi Cam Thanh Tran et al (2019) on the factors affecting the application of IFRS Vietnam. 1.3 Research gap From the above analysis of overseas and domestic studies, it can be seen that the gap of the IFRS study can be summarized as follows:  Research on the application of IFRS in the direction of behavior in this period is still more suitable to the Vietnamese context, when the number of enterprises applying IFRS is still limited, the study of business environment factors is still need more time and quantity of businesses.  Virtually no research in the aspect of behavior, especially in the country, applied the background theory which is the intended behavioral theory or the institutional isomorphic theory thoroughly from theory to model. research to identify factors influencing IFRS application.  In addition, there have been no studies on IFRS application in foreign countries and in the country that have combined these two theories into the same research model. The research model of the previous studies is relatively simple, with only factors that directly affect the application of IFRS without considering indirect factors, i.e. the factors that affect the photo factor. affect the application of IFRS.  Survey subjects of previous studies are still scattered, including accountants, auditors, researchers and regulators in the same study with the same set of questions, while the main subjects IFRS application is an enterprise, there is almost no independent research. 10 Therefore, the author chooses the topic "Researching the factors affecting the application of IFRS in Vietnamese enterprises" with the main objective of identifying the influencing factors in the context that Vietnam is about to apply IFRS. next time. Thereby, it can contribute to the theory of factors affecting the application of IFRS in Vietnam as well as to expect certain practical contributions when businesses apply IFRS. CHAPTER 2: THEORETICAL FRAMEWORK 2.1 Overview of IFRS 2.1.1 IFRS development process According to the IFRS Foundation (2018), more than one third of global financial transactions are cross-border transactions. The number of countries participating in the IFRS network has been increasing over the past decade, and up to now there have been 166 jurisdiction profiles completed by IFRS Foundation. IFRS Foundation (2018) believed that IFRS's core objective is to help businesses around the world follow a universally acceptable set of standards for preparing financial statements. IFRS can increase the transparency and comparability of financial information then lead to better investment decision making. Likewise, IFRS reinforces accountability by decreasing the information gap between investors and businesses. IFRS also brings economic efficiency to investors in order to recognize prospects and threats across the world. In addition to studying IFRS application in European countries or developed countries, according to Lin (2012), research in less developed countries is also essential, since applying IFRS in such countries will reduce the asymmetry of information between businesses and foreign investors, thereby it is much easier to attract foreign investment, and investors will be able to seize the opportunity to thrive in these countries. 2.1.2 IFRS adoption around the world The adoption of IFRS is an almost inevitable tendency in accounting. By region, The EU has the highest adoption rate with 44 countries applying IFRS (100%). By Gross Domestic Product (GDP), this number of all countries and territories has been applying and are 11 intending to apply IFRS accounts for 98.8% of the world's GDP (IFRS Foundation, 2018). However, among 166 countries in the IFRS network, there are several countries yet to adopt or fully adopt even they are large economies such as the US and China, along with some developing countries as India and Vietnam. For instance, in the US, domestic public companies must use US GAAP, while IFRS is only permitted for listings by foreign companies. In Japan, IFRS Standards are permitted but not required for domestic public companies. For China, according to IFRS Foundation (2018), China has made commitment to adopt IFRS by some local enterprises, however there is no specific schedule for accomplishment of the process. Another instance is Vietnam, although Vietnam has filled jurisdiction profile to IASB a few years ago, until now the current status of this country recorded by IASB on ifrs.org website is still not applicable to IFRS. However, Vietnam is also aware of the importance of IFRS and the Ministry of Finance has made important moves on the application roadmap through the Project on adoption of IFRS issued earlier this year. 2.1.3 IFRS adoption in Vietnam 2.1.3.1 Current situation of IFRS application in domestic enterprises According to the IFRS Foundation, as of July 2019, Vietnam is still one of the few countries that have not applied IFRS. So far, early adopters in Vietnam are banks and several large corporations in order to attract domestic investors as well as get great attention from foreign investors. Establishing financial statements based on IFRS to attract foreign capital is indispensable. For other enterprises, the application of IFRS (not including FDI enterprises or joint ventures because IFRS is required to make corporate reports) is only voluntary. However, in order to meet the integration needs, many businesses have actively applied the preparation of financial statements based on VAS and IFRS, although this causes a lot of ffort and money of businesses. 2.1.3.2 The enterprise accounting system in Vietnam According to Narayan and Godden (2000), Vietnamese accounting was influenced by China (in the 1960-1969 period), followed by the former Soviet Union (1969- 1989), France and the United States (1989-1995). A memorable milestone of Vietnamese accounting in the open period was in 1995 when the Ministry of Finance issued Decision 1141-TC/QD/CDKT on the new business proposal, and in 2001 12 when the first VAS standards were based on the issued IAS. In 2009, Circular 210/2009 /TT-BTC, issued on 6 November 2009, although referring to the application of IFRS on financial instruments for information presentation and disclosure, there was no regulation on measurement of financial instruments at fair value. The official enactment and application of Circular 200 at the end of 2014 or Circular 133 issued at the end of August 2016 on guidelines for accounting regime is a necessary step to reach the goal of applying IFRS. In addition, the Ministry of Finance's promulgation of Circular 202/2014/TT-BTC to guide the method of preparing and presenting the consolidated financial statements shows certain orientations on the application of international standards at the press level. Report of domestic corporations. In addition, the Circular 210/2014/TT - BTC dated 30/12/2014 on accounting guidelines for securities companies that allow the application of fair value is also a big move towards IFRS preparation. 2.1.3.3 Scheme on application of IFRS in Vietnam The official version of the Scheme on the application of IFRS in Vietnam was issued under Decision 345/QĐ-BTC on March 16, 2020. The Ministry of Finance has built a clearer roadmap inn order to build an international system of standards which must be consistent with the situation in Vietnam. The proposal shows that IFRS implementation will be phased into voluntary stage and mandatory stage. 2.2 Background theories In the field of accounting, there are many theories that can be applied in research with primary data as well as secondary data. However, when studying the factors affecting the application of IFRS in Vietnam according to behavioral research, the application of background theory is essential to well solve the research problem, especially for studies of primary data. In particular, the above summary shows that there are two theories that play important role in making the factors affecting the application of IFRS in Vietnam, that is the theory of planned behavior of Ajzen ( 1985, 1991) and theory of institutional isomorphism of DiMaggio and Powell (1983). 13 2.3 Hypotheses development Hypotheses related to the original TPB model  H1: Attitude has a positive effect on IFRS application in Vietnamese enterprises.  H2: Perceived social pressure has a positive effect on IFRS application in Vietnamese businesses.  H3: Perceived behavioral control has a positive effect on IFRS application in Vietnamese enterprises. Hypotheses related to the extension of the TPB model  H4: Perceived usefulness has a positive effect on IFRS application in Vietnamese enterprises.  H5: Perceived usefulness has a positive effect on attitude.  H6: Perceived complexity of IFRS has a negative effect on attitude.  H7: Coercive pressure has a positive effect on Perceived social pressure.  H8: Mimetic pressure has a positive effect on Perceived social pressure.  H9: Professional pressure has a positive effect on Perceived social pressure.  H10: Perceived resource have a positive effect on Perceived behavioral control.  H11: Facilitating conditions have positive effect on Perceived behavioral control. 14 CHAPTER 3: RESEARCH METHODOLOGY 3.1 Research process The research process in this thesis includes the following basic steps (based on the process of verifying the scientific theory of Nguyen Dinh Tho 2012, page 53):  Step 1: Research overview to find research gaps, thereby identifying research issues; Summary of relevant theories to build the proposed research model and propose research hypotheses, build scales  Step 2: Pilot study, including qualitative research with preliminary quantitative research experts with businesses  Step 3: Main study (Official quantitative research)  Step 4: Evaluation of research results and discussion 3.2 Constructs of research concepts From the proposed research model in chapter 2, it can be seen that the research concepts presented in the thesis are latent variables, i.e. these variables cannot be identified specifically, different from concepts are not implicit, such as sales or profits) so they must be measured through scales rather than directly defined. These research concepts are divided into two groups, endogenous variables and exogenous variables. The endogenous variables belong to the original TPB model, while the exogenous variables belong to the extension of the TPB model with a combination of the models presented in chapter two. The research papers related to the scales of the research concept are detailed in the first two chapters of the thesis, most of them are in international ranked journals. Specifically, the main scales that are inherited, adjusted and supplemented to be suitable to the thesis's research issues include:  The contructs of Liu et al. (2008) compared with that of Djatej et al. (2012). In particular, the scale of Djatej et al. (2012) applied the original TPB 15 model, and the scale of Liu et al. (2008) applied the expanded TPB model. When building the scale, Djatej et al. (2012) admitted to inheriting and reducing the scale of Liu et al. (2008), so these two scales have many similarities with each other despite different research issue. Therefore, in the process of inheriting scales, the author of the thesis always combines these two scales to ensure the accuracy of the scale as well as to ensure that survey questions are not missed.  Phang and Mahzan (2013) scale of IFRS application in Malaysia. This is a scale related to the institutional isomorphic model.  Rezaee et al. (2010) on IFRS benefits and barriers in the US. This study is inherited by many of the IFRS-related studies mentioned in the overview chapter. However, Rezaee et al. (2010) did not apply any specific theory, so the inheritance of observed variables in the original scale of the authors will be selected to suit the background theories as well as the research context in Vietnam. 3.3 Research design This research is divided into two phases: the preliminary research phase and the main phase. In which the preliminary phase includes qualitative research and preliminary quantitative research; The latter is formal quantitative research. The objective of the preliminary study was to calibrate the scale, which carried out expert interviews to complete the draft scale; Then conduct a test survey to verify the scale. The result of the preliminary study was a revised scale for use at the formal research stage. More specifically, the preliminary research phase includes qualitative research with experts in the field of accounting by in-depth interviews with managers and knowledge of business accounting, lecturers, auditors, and IFRS expert in Vietnam to adjust the scale; and preliminary quantitative research to test the scale. Subsequent quantitative research will then be conducted to test the research model. 16 CHAPTER 4: DATA ANALYSIS AND DISCUSSION In this chapter, the author presents the research results from the process proposed in chapter 3, that is, from the qualitative research, the author will remove inappropriate observation variables, from which questionnaire will be sent for preliminary quantitative research and data processing with SmartPLS software version 3.2.8. After eliminating unsatisfactory variables, the questionnaire will be revised and sent to managers from the accounting department and above to synthesize and process data with PLS-SEM technique. 4.1 Pilot study results 4.1.1 Qualitative research Basically, the qualitative research results show that most of the scales are agreed in terms of content, thus achieving the main goal set out in chapter 3 of the qualitative research section on content value and unidirection of the scale. The review of experts' opinion shows that most of the scales have received agreement, in which experts have some new proposals for some constructs such as perceived usefulness, perceived resources and Facilitating conditions. In particular, the scales of perceived usefulness are highly appreciated by experts. After the end of the qualitative research phase with the agreement of experts, author added an observation variable to perceived usefulness (by separating the variable HI4 into two different sentences), removed the constructs of perceived complexity, removed the HI3 variable because it may overlap with the HI5 variable), removed the old NL3 variable and replaced it with new NL3, removed the old DK 3, add a new DK3 variable, and correct some sentences in the observed variables to clarify the meaning as the expert's suggestion. 4.1.2 Preliminary quantitative research The results of testing the scale after surveying 102 enterprises showed that there were 3 observed variables, namely ACC4, AMP4 and HI5, with external load factors of 0.642, 0.689 and 0.568 respectively, which is unsatisfactory due to lower than thresholds allowed which is 0.7. In addition, the reliability of these observed variables 17 is 0.412, 0.475, and 0.323 respectively, which means they do not reach the allowed threshold of 0.5. Therefore, the author will remove these variables from the ACC, AMP and HI scales to ensure the convergence value for the scales. Before eliminating variables, the author considered whether the content of the scale was affected or not and compared with expert opinion in the qualitative research on these observed variables and assessed that the removal of this variable is still consistent with the content value in the context of Vietnam. After eliminating these 3 variables, the author runs the second official PLS Algorithm procedure with the results showing that the reliability of the scale and the convergence value of the observed variables increased compared to the first result, which suggests that it is appropriate to exclude all three variables. The results of the second PLS Algorithm show that the indicators of the convergence value of the scale and the intrinsic consistency reliability of the scales in the model are satisfactory. 4.2 Main study results 4.2.1 Research sample Official questionnaires were sent to businesses in Ho Chi Minh City, Hanoi, Binh Duong, and Dong Nai, using non-probability sampling methods. Besides Ho Chi Minh City, the official sample was expanded mainly in big cities including Hanoi, Binh Duong, Dong Nai, Khanh Hoa, where many large enterprises and diverse industries were concentrated. The official survey was conducted from December 2019 to the beginning of March 2020 with the number of official responses of 221 after filtering inappropriate data. As in the preliminary study, all participants were selected as business managers or manager of accounting department, most of them have seniority in accounting field from 5-10 years or above. 10 years. Table 4. 28: Summary of hypotheses test results Num ber Hypotheses Co- efficient P Values Results 18 H1 Attitude has a positive effect on IFRS application in Vietnamese enterprises. 0.290 0.000 Accepted H2 Perceived social pressure has a positive effect on IFRS application in Vietnamese enterprises. 0.248 0.000 Accepted H3 Perceived behavioral control has a positive effect on IFRS application in Vietnamese enterprises. 0.229 0.000 Accepted H4 Perceived usefulness has a positive effect on IFRS application in Vietnamese enterprises. 0.211 0.012* Rejected at the 1% significance level H5 Perceived usefulness has a positive effect on attitude. 0.760 0.000 Accepted H6 Coercive pressure has a positive effect on Perceived social pressure. 0.200 0.005 Accepted H7 Mimetic pressure has a positive effect on Perceived social pressure. 0.240 0.000 Accepted H8 Professional pressure has a positive effect on Perceived social pressure. 0.457 0.003 Accepted H9 Perceived resource have a positive effect on Perceived behavioral control. 0.491 0.000 Accepted H10 Facilitating conditions have positive effect on Perceived behavioral control. 0.343 0.005 Accepted (Source: author) 19 4.3 Summary of results and discussion 4.3.1 Summary of results Based on the results presented above from measurement model 1 (which is the official research model of the thesis), it is shown that all hypotheses are accepted with a 5% significance level. There is only one point to note that for the H4 hypothesis, if the significance level is more rigorous at 1%, then this hypothesis will be rejected. The research results show the appropriateness of TPB model or TPB model when assessing intent of behavior, especially in the context that Vietnam is in the process of application. The calculation results of R² show that the model has quite strong endogeneous structure, that is, ensure the quality of the model. And when we look at the f² and Q², q² coefficients, the results also show that exogenous variables are all predictive of endogenous variables from the mean upwards. 4.3.2 Discussion 4.3.2.1 Impact of Attitudes, Perceived social pressure, and Perceived behavioral control on the Application of IFRS These are variables in the original TPB model and directly affect the application of IFRS in Vietnam. Among these, the attitude variable has the strongest impact with the impact coefficient of 0.290, followed by the Perceived social pressure (0.248) and Perceived behavioral control (0.229), respectively. 4.3.2.2 Impact of variables in the original TPB model extension on Attitude, Perceived social pressure, and Perceived behavioral control The impact of Perceived usefulness on attitudes variables is very strong (0.760). Although the previous studies ignore this relationship, the results of the thesis test show that this effect is very suitable with Ajzen's original TPB theory (1991) or Taylor's and Todd extended TPB model (1995b). Professional pressure has the greatest impact on the perception of social pressure, followed by mimetic pressure and coercive pressure, respectively. 20 The enterprise resources and facilitating conditions required have a relatively strong impact on Perceived behavioral control with the impact levels of 0.491 and 0.343 respectively. The research results have shown the very important role of enterprise resources, and even have an indirect impact (0.12) on the application of IFRS. 4.3.3.3 The impact of the extension components in the research model on the application of IFRS The first component of the attitude variable, which is Perceived usefulness, also affects the application of IFRS with a coefficient of 0.211. This relationship has been demonstrated by the claims of Kurt and Ucma (2013), Moqbel et al. (2013), Rezaee et al. (2010), or Joshi et al. (2008). However, the p-value of this relationship shows that, i