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

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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.

Acknowledgment
We 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.

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    • Figure 1. Proposed research model
    • Figure 2. Path model based on SMARTPLS 4.0
    • Table 1. Results of the evaluation of the outcome measurement model
    • Table 2. Direct effect hypothesis testing
    • Table 3. Indirect effect hypothesis testing
    • Table A1. Scale measuring factors in the research model
    • Table B1. Measurement scales for factors influencing the application of strategic management accounting
    • Table B2. Strategic management accounting techniques and their level of application
    • Table B3. Types of investment decisions and level of application
    • Table C1. Descriptive statistics about the samples
    • Table C2. SMA application level
    • Table C3. Variance inflation coefficient statistics
    • Conceptualization
      Thi Quynh Nhu Mai, Phuoc Vu Ha
    • Data curation
      Thi Quynh Nhu Mai, Duc Toan Le
    • Formal Analysis
      Thi Quynh Nhu Mai
    • Investigation
      Thi Quynh Nhu Mai, Duc Toan Le, Phuoc Vu Ha
    • Project administration
      Thi Quynh Nhu Mai, Duc Toan Le, Phuoc Vu Ha
    • Resources
      Thi Quynh Nhu Mai
    • Software
      Thi Quynh Nhu Mai
    • Supervision
      Thi Quynh Nhu Mai, Duc Toan Le, Phuoc Vu Ha
    • Validation
      Thi Quynh Nhu Mai, Duc Toan Le, Phuoc Vu Ha
    • Writing – original draft
      Thi Quynh Nhu Mai
    • Writing – review & editing
      Thi Quynh Nhu Mai, Duc Toan Le, Phuoc Vu Ha
    • Methodology
      Duc Toan Le, Phuoc Vu Ha
    • Visualization
      Duc Toan Le, Phuoc Vu Ha
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Problems and Perspectives in Management
Problems and Perspectives in Management