Factors Affecting Earnings Management and Its Impact on Firm Value: The Case of Manufacturing Enterprises Listed on Vietnam Stock Exchange

The objective of the paper is to measure the impact of factors on earnings management and the impact of earnings management on the firm value of manufacturing enterprises listed on the Vietnamese stock market. The paper has built a research model with 15 research hypotheses belonging to 4 groups of factors affecting earnings management and firm value. Research data is collected from audited financial statements of 364 manufacturing enterprises listed on the Vietnamese stock market in the period 2012 - 2023. The paper uses the linear structural model analysis method with the support of STATA ver.17 software. The analysis results have identified 11 accepted hypotheses. Which, the factors: of financial leverage, operating capacity, operating cash flow, and managerial ownership harm earnings management. Growth opportunities, profitability, audit quality, and pandemic risk have positive effects on earnings management. Earnings management and growth opportunities have positive effects on firm value. The research results are an important scientific basis for providing management implications for stakeholders in making decisions. The paper gave some recommendations for stakeholders, listed firms in Vietnam, audit firms, and state agencies.