Issue #1 (Volume 23 2026)

Type of the article: Research Article

Abstract
This study investigates how investment funds influence the stock price volatility of the firms in which they invest. Using a sample of 196 companies listed on the Vietnamese stock market during the period 2016–2022, the analysis captures the presence and influence of investment funds through their key proxies: the ownership ratio that each fund holds in a particular firm, the fund’s size, and the type of investment fund. These proxies and other vital control variables of stock price volatility are investigated using pooled OLS, fixed effects model, random effects model, and generalized linear squares (GLS) models, along with essential tests for model validity. The empirical results reveal that the fund ownership ratio mitigates stock price volatility, whereas fund size potentially exacerbates volatility. The type of investment fund does not significantly impact the stock price. This study offers important theoretical and practical insights for firm managers and investors, providing recommendations to optimize fund management strategies and contributing to the stability and sustainable development of the Vietnamese stock market.

Acknowledgment
The authors gratefully acknowledge the financial support from the Banking Academy of Vietnam.

Type of the article: Research Article

Abstract
Earnings management remains a persistent concern in African markets, particularly in environments where ownership structures are concentrated and regulatory frameworks are still evolving. This study examines how different forms of ownership shape earnings management practices in Morocco, using a panel of 34 non-financial firms listed on the Casablanca Stock Exchange over the period 2018–2022. Earnings management is measured through discretionary accruals estimated using the performance-adjusted Kothari model, and the empirical analysis relies on a two-step GMM estimator. The findings reveal a heterogeneous impact of ownership structure on earnings management. Institutional ownership and foreign ownership are both negatively associated with earnings management, indicating that firms with stronger institutional or international participation tend to exhibit more discipline in financial reporting. In contrast, family ownership and managerial ownership are positively associated with earnings management, suggesting a greater propensity for discretionary accounting practices in firms where control or decision-making power is concentrated among family members or managers. State ownership and ownership concentration do not exhibit significant effects, pointing to a limited role of public participation or dominant shareholders in constraining reporting discretion. These findings highlight that ownership composition is a key determinant of reporting behavior in the Moroccan context, with clear differences between monitoring shareholders and controlling shareholders.

Acknowledgments
This research was supported by the National Center for Scientific and Technical Research (CNRST) as part of the “PhD-Associate Fellowship – PASS” program, awarded to Aymane Chemmaa.

Type of the article: Research Article

Abstract
This study investigates the relevance of corporate governance mechanisms and ownership structure in shaping real earnings management behavior in an emerging market context. The objective of this investigation is to evaluate whether board characteristics and ownership types influence firms’ engagement in real earnings management. A balanced panel dataset comprising 434 non-financial firms listed in Vietnam over the period 2020–2024, totaling 2,170 firm-year observations, is utilized. The empirical analysis employs ordinary least squares, fixed-effects, random-effects, and feasible generalized least squares models to address heteroskedasticity and serial correlation, thereby ensuring robust estimates of the relationships. The results reveal systematic and statistically significant associations between governance attributes and real earnings management. Notably, larger boards are associated with lower levels of real earnings management, suggesting that expanded board structures enhance monitoring capacity and curb opportunistic managerial behavior. Additionally, institutional ownership and state ownership exhibit an inverse relationship with real earnings management, implying that these ownership structures bolster external oversight and discipline managerial discretion. Conversely, increased board independence, financial expertise among board members, and managerial ownership are associated with greater engagement in real earnings management, suggesting that formal governance frameworks do not invariably translate into effective substantive monitoring in emerging markets. Overall, these findings support the view that governance and ownership mechanisms operate asymmetrically in emerging markets, underscoring that strengthening the effectiveness of monitoring structures – beyond their mere formal adoption – is vital to improving financial reporting quality and promoting the sustainability of corporate performance.

Acknowledgments
This research is partly funded by University of Finance – Marketing.

Type of the article: Research Article

Abstract
The private sector remains the engine room for inclusive economic development, and its interaction with Foreign Capital Inflows (FCIs) is crucial for growth in emerging markets like Nigeria. This study examined the impact of FCIs (Foreign Direct Investment, Foreign Portfolio Investment, Foreign Debt, Foreign Aid & Foreign Remittances) on Private Sector Credit in Nigeria. To achieve this objective, time series data spanning a 26-year period (1998–2023) were harvested and used. The Augmented Dickey-Fuller test was used to ascertain the unit root, while the hierarchical regression technique provided the model estimates. From the results, foreign remittances emerged as the only significant contributor to private sector credit growth (β = 0.993, p < 0.05). This underscores the critical role of diaspora remittances in supporting financial intermediation and private sector development. The study concluded that foreign remittance is a major driver of private sector credit expansion in Nigeria. It is recommended that policy efforts should prioritize facilitating remittance inflows through a supportive regulatory framework. Emphasis should also be placed on leveraging remittances as a stable and development-oriented source of capital.