TÁC ĐỘNG CỦA CHẤT LƯỢNG LỢI NHUẬN ĐẾN TỶ SUẤT LỢI NHUẬN CỔ PHIẾU CỦA DOANH NGHIỆP PHI TÀI CHÍNH NIÊM YẾT TẠI VIỆT NAM

Abstract

This study examines the impact of earnings quality on stock returns for 380 non-financial companies listed on HOSE and HNX during the period 2019–2023. Using the Feasible Generalized Least Squares (FGLS) regression model, the study controls for firm size and inflation to assess the relationship between various aspects of earnings quality and stock returns. The results indicate that earnings quality, as measured by
earnings management, predictability, and the value relevance of information, has a significantly positive impact on stock returns. In the context of an emerging market, the study highlights the role of earnings quality in investment decisions, providing important insights for policymakers, investors, listed companies, and market regulators.