How the application of strategic management accounting techniques influences investment decisions: Evidence from Vietnamese manufacturing enterprises

Strategic management accounting techniques play a vital role in manufacturing enterprises by integrating financial and non-financial information to support strategy formulation and investment decision-making. Strategic management accounting techniques offer businesses a comprehensive view of internal operations and external market conditions, enhancing competitiveness and enabling more effective resource allocation. This study investigates how Strategic management accounting (SMA) techniques enhance investment decision-making by integrating financial and non-financial information. A survey of 650 manufacturing firms in Vietnam was conducted, and data were analyzed using Structural Equation Modeling to examine the impact of various factors on SMA adoption and investment decisions. The findings reveal eight significant factors influencing SMA adoption, with effect sizes as follows: accounting staff quality (0.258), business strategy (0.200), accounting information systems (0.199), perceived environmental uncertainty (0.178), risk acceptance (0.148), technology adoption (0.093), managerial characteristics (0.085), and cost-benefit considerations (0.056). Furthermore, firm size was found to moderate the relationship between SMA application and investment decision-making with an effect size of 0.02. The study concludes with several managerial implications aimed at improving SMA adoption and enhancing the effectiveness of strategic investment decisions. AcknowledgmentWe would like to express our sincere gratitude to all individuals and organizations who contributed to this study.First and foremost, we thank the manufacturing enterprises in Vietnam for facilitating our research process. We also acknowledge and highly appreciate the support and valuable contributions of colleagues and experts who assisted us in collecting materials, analyzing data, and finalizing this paper.Finally, we would like to express our deepest gratitude to our families and friends for their constant support and encouragement throughout the research process.