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This study aims to explore the suitability and challenges of implementing fair value accounting (FVA) in Vietnam, an emerging/transitioning economy. While such implementation would enable convergence with International Financial Reporting Standards, standard setters and auditors have raised practical concerns about its adoption.

This qualitative study uses semi-structured interviews with regulators and auditors, together with an analysis of two fraud cases that illustrate the business environment in Vietnam. Public, private and capture theories guide the analysis.

The business and institutional environment in Vietnam creates several impediments to FVA being effectively implemented and transparently applied. Given the major challenges identified regarding the infrastructure necessary for this valuation system, the premature adoption of FVA may become a catalyst for corporate misconduct.

The findings are derived from data aggregated from two fraud cases and interviews, and as such, the results may not be generalisable to other settings. However, these findings may inform future research, particularly after the Ministry of Finance provides further guidance on the use of FVA in Vietnam.

A timely and critical examination of the challenges of implementing FVA in a transitioning economy is provided, and the two fraud cases reveal the complexities of the business environment in Vietnam.

This research gives voice to the tensions that developing countries are confronting as they seek to balance external pressures with internal constraints. The introduction of an assemblage of three theoretical lenses enables insights into contemporary issues associated with applying FVA in such settings.

This study investigates the impact of board independence on firm risk of Vietnamese listed firms and the moderating effect of capital expenditure on this relationship.

This paper applies fixed effects and dynamic generalized method of moments (GMM) models to examine hypothesized associations between the proportion of nonexecutive directors and stock return volatility, as well as the moderating effect of capital expenditure. The robustness tests are implemented by applying alternative measures of overinvestment and firm risk.

The results show that the presence of nonexecutive directors on board increases firm risk. However, the combination of nonexecutive ratio and capital expenditure ratio has a significant negative impact on firm risk. The result is also confirmed by the difference between the monitoring role of nonexecutive directors in overinvesting and underinvesting firms.

The results imply that Vietnamese listed firms take stock return volatility into consideration before nominating and appointing nonexecutive directors into their board, especially in overinvesting firms. From another perspective, the shift toward having a majority of nonexecutive directors on boards can play a significant role in pursuing a stable or risky business strategy.

This paper investigates the influences of nonexecutive directors on firm risk in the context of Vietnam.

The purpose of this paper is to trace the modernisation of the retail structure of Vietnam from a closed market to one that is increasingly open to retail transnational corporation (TNC) entry and associated Western retail formats.

The authors undertake this study of retail change through the analysis of a wide range of governmental and industry secondary data – much of which has not entered western academic debate given the challenges of access and translation. In doing so, this period of adaptation is related to well‐known studies concerning the diffusion of western forms of retailing discussed across the social sciences.

As a country encountering the third wave of supermarket proliferation within emerging markets, Vietnam's experience is found to broadly fit the models of retail foreign direct investment (FDI) entry and retail “modernisation” suggested by Natawidjaja et al. and Dries et al. The retail change process was affected by a slow, progressive creep of market liberalisation where, as late as 2009, a foreign partner could hold only up to 49 per cent of capital in a joint venture. While analysis of the evidence suggests some retailers flouted these laws or employed creative approaches to mitigating their effects, such regulations clearly underpinned a less intense initial influx of retail FDI than had been experienced elsewhere in Asia and maintained a high domestic ownership level in the retail market. Retail modernisation has intensified in recent years, with greater international entry, expansion and retail format proliferation diffusing from cities to more rural locations, though the top five grocery operators still account for less than 4 per cent of the grocery market.

Studies within retail management of retail internationalisation have tended to focus on fully liberalised countries that have attracted high rates of retail capital. In contrast, this paper focuses on understanding the emergence of one of the countries somewhat later to these trends.

This study aims to take a whole-of-chain perspective to explore how entrepreneurial orientation (EO) influences collaborative performance in agri-food value-chains through enhancing the acquisition of knowledge.

Data were collected through a survey of 233 actors, including farmers, intermediaries and retailers in one beef cattle value-chain in the Central Highlands, Vietnam. Structural equation modeling was used to test hypotheses.

The actors’ level of EO within a value-chain is positively associated with collaborative performance within the beef value-chain. Additionally, knowledge acquisition partially mediates the relationship between EO and collaborative performance.

Generalizability is limited because of sampling constraints.

To the best of the authors’ knowledge, this is the first study of EO from a whole-of-chain perspective in agri-food value-chains in an emerging economy and has implications for policymakers and agri-food marketers.

The purpose of this exploratory study is to investigate the perceptions of key stakeholders in Vietnam on the impact on audit quality and independence after major reforms to audit.

Using new institutional sociology, this study seeks to explain how Vietnamese external auditors and accountants have responded to audit reforms and provides perceptions on how audit quality and independence may have been impacted. This study draws on semi-structured interviews conducted with 33 highly experienced participants, representing various stakeholder groups in Vietnam.

The findings indicate that after almost a decade since the full implementation of the Law of Independent Audit (2011) in Vietnam, the audit and assurance market in Vietnam is characterised by low quality audits, a lack of compliance with standards and auditor independence concerns, specifically amongst the smaller audit practitioners. Participants indicated that competition for new audit clients or retaining existing clients is a priority over improving audit quality and independence.

By examining a combination of different factors relating to audit quality and independence, the authors further demonstrate the impact of these factors in Vietnam, helping audit professionals and regulators to have a better and more meaningful understanding of that state of the audit profession. This study also considers audit concerns or issues arising because of the COVID-19 pandemic in Vietnam.

This research examines the impact of organisational culture on the ethical judgement and ethical intention of corporate accountants in Vietnam.

The study relies on survey data collected from 283 practising accountants in Vietnam. Organisational culture was measured using the Organisational Culture Assessment Instrument, developed by Cameron and Quinn (2011). The Instrument is developed based on the competing values framework comprised of four distinct cultures: clan, hierarchy, market and adhocracy. Ethical judgement and ethical intention were measured based on respondent responses to five ethical scenarios, each linked to a principle of professional conduct in the code of ethics.

The findings indicate that the clan culture (family oriented) is dominant and has a significant positive influence on accountants' ethical judgement and ethical intention. Respondents in the clan culture evaluate scenarios more ethically compared with accountants in the adhocracy and market cultures but not the hierarchy culture. Accountants who emphasise the adhocracy and market cultures display a more relaxed attitude towards unethical scenarios whereas respondents in the hierarchy culture (rule oriented) display the highest ethical attitude.

The code of ethics, its content and how it is interpreted and applied may differ between professions, organisations or cultures.

Organisational research on ethical decision-making is ample but few studies link organisational culture with ethical judgement and ethical intention from the perspective of individual accountants.

The purpose of this paper is to examine the impact of internal corporate governance mechanisms, including interest alignment and control devices, on the unrelated diversification level in Vietnam. Additionally, the moderation of free cash flow (FCF) on these relationships is also tested.

The study is based on a balanced panel data set of 70 listed companies in both stock markets, Ho Chi Minh Stock Exchange and Hanoi Stock Exchange, in Vietnam for the years 2007–2014, which gives 560 observations in total.

The results show that if executive ownership for CEOs is increased, then the extent of diversification is likely to be reduced. However, the link between unrelated diversification level and executive stock option, another interest alignment device, cannot be confirmed. Among three control devices (level of blockholder ownership, board composition and separation of CEO and chairman positions), the study finds a positive connection between diversification and blockholder ownership, and statistically insignificant relations between the conglomerate diversification level and board composition, or CEO duality. Additionally, this study discovers a negative link between diversification and state ownership, although there is no evidence to support the change to the effect of each internal corporate governance mechanism on the diversification level of a firm between high and low FCF.

The research can be a useful reference not only for investors and managers but also for policy makers in Vietnam. This study explores the relationship among corporate governance, diversification and firm value in Vietnam, where the topics related to effectiveness of corporate governance mechanisms to public companies has been increasingly attractive to researchers since the default of Vietnam Shipbuilding Industry Group (Vinashin) happened in 2010 and the Circular No. 121/2012/TT-BTC on 26 July 2012 of the Vietnamese Ministry of Finance was issued with regulations on corporate governance applicable to listed firms in this country.

This research, first, enriches current literature on the relationship between corporate governance and firm diversification. It can be considered as a contribution to the related topic with an example of Vietnam, a developing country in Asia. Second, the research continues to prove non-unification in results showing the relationship between corporate governance and conglomerate diversification among different nations. Third, it provides a potential input for future research works on the moderation of FCF to the effects of corporate governance on diversification.

By drawing on the institutional theory and contingency theory, this study aims to examine the effects of leadership and accounting capacity on the quality of financial reporting and accountability of public organisations in Vietnam. Furthermore, this paper is to determine the impact of financial reporting quality on accountability.

The research model and hypotheses have been tested by partial least squares structural equation modeling, with 177 survey samples obtained from accountants and managers working in the public sector in Vietnam.

The research results indicate that leadership and accounting capacity have a positive effect on financial reporting quality; leadership and accounting capacity positively influence accountability; and the quality of financial reporting has a positive impact on accountability.

The research results provide empirical evidence of the direct impact of leadership and accounting capacity on financial reporting quality and accountability of public organisations in a developing country. Moreover, the current work also provides important evidence for the impact of financial reporting quality on accountability.

Public sector organisations must realise that leadership and accounting capacity play a vital role in the accounting reform process. Public institutions likewise need to pay attention to develop accounting capacity and promote leadership. Moreover, the results respond to the continuing call for increased citizen trust in public organisations.

To the best of the authors’ knowledge, this study is the first to examine the chain from leadership, accounting capacity, financial reporting quality and accountability in the context of public sector organisations in an Asian transition market.