The Impact of Pressure for IFRS Transparency and the Moderating Role of Personal Resilience on the Anxiety Symptoms of Financial Managers in Vietnamese Commercial Banks
DOI:
https://doi.org/10.56294/saludcyt20252297Keywords:
Anxiety symptoms, commercial banks, International Financial Reporting Standards, IFRS, resilience, VietnamAbstract
This study explores the "human cost" behind the transition to International Financial Reporting Standards (IFRS) in Vietnam, one of the emerging markets in the pioneering phase of adoption. The objective of the study is to develop and test a moderated model to clarify the conditional impact mechanism of the pressure for IFRS transparency on the anxiety symptoms of financial managers, while also considering the role of personal resilience and the organizational context. Using a quantitative method with a cross-sectional survey design, data were collected from 424 mid-level financial managers in Vietnamese commercial banks. Structural Equation Modeling (SEM) and multi-group analysis were used to test the research hypotheses. The research findings show that, when considering the entire sample, IFRS pressure does not have a significant direct impact on anxiety. However, this impact is deeply conditional and dependent on personal resources. Specifically, in the low-resilience group, IFRS pressure is a statistically significant detrimental factor, whereas in the high-resilience group, this effect is completely nullified. The study also indicates that the organizational context plays a moderating role, with the impact of pressure being most pronounced in state-owned banks and almost negligible in foreign banks. The main conclusion of the study is that the impact of IFRS pressure on mental health is not a constant, but a variable shaped by both the individual's psychological "shield" and the organizational environment. Theoretically, the study enriches the JD-R model by demonstrating a complex cross-over interaction effect. Practically, these findings provide a scientific basis for banks to shift their focus from eliminating pressure to building resilience capacity for their staff, while also suggesting to policymakers the importance of managing cultural change in the IFRS adoption roadmap.
Keywords: Anxiety symptoms; commercial banks; International Financial Reporting Standards; IFRS; resilience; Vietnam.
References
1. Daske H, Hail L, Leuz C, Verdi RS. Mandatory IFRS reporting around the world: Early evidence on the economic consequences. J Account Res. 2008;46(5):1085-1142. https://doi.org/10.1111/j.1475-679X.2008.00306.x
2. Abdul G, Abdullah M. Adoption of international financial reporting standard: a literature review. American Journal of Economics and Business Innovation. 2022;1(3):36-43. https://doi.org/10.54536/ajebi.v1i3.586
3. Hung PH. The influence of cultural, legal and institutional factors on auditors' roles, responsibilities and perceptions of audit quality. Eur J Theor App Sci. 2023;1(5):1131-45.
4. Ministry of Finance. Decision No. 345/QD-BTC dated March 16, 2020 approving the Project on applying international financial reporting standards in Vietnam. 2020. Available from: https://thuvienphapluat.vn/van-ban/Tai-chinh-nha-nuoc/Quyet-dinh-345-QD-BTC-2020-phe-duyet-De-an-ap-dung-chuan-muc-bao-cao-tai-chinh-tai-Viet-Nam-437190.aspx
5. Pastiranová O, Witzany J. IFRS 9 and its behavior in the cycle: The evidence on EU countries. J Int Financ Manage Account. 2021;33(1):5-17. https://doi.org/10.1111/jifm.12140
6. Gubareva M. How to estimate expected credit losses – ECL – for provisioning under IFRS 9. J Risk Financ. 2021;22(2):169-90. https://doi.org/10.1108/jrf-05-2020-0094
7. Christensen HB, Hail L, Leuz C. Mandatory IFRS reporting and changes in enforcement. J Account Econ. 2013;56(2-3):147-77. https://doi.org/10.1016/j.jacceco.2013.10.007
8. Kaipova G, Assanova A, Serikbayeva S. Advantages and problems of IFRS implementation within the framework of unification of the financial reporting process. Bulletin of Turan University. 2022;(2):305-12. https://doi.org/10.46914/1562-2959-2022-1-2-305-312
9. Bakker AB, Demerouti E. The Job Demands-Resources model: State of the art. J Manag Psychol. 2017;22(3):309-28. https://doi.org/10.1108/02683940710733115
10. Schaufeli WB, Taris TW. A critical review of the Job Demands-Resources Model: Implications for improving work and health. In: Bauer GF, Hämmig O, editors. Bridging occupational, organizational and public health. Dordrecht: Springer; 2013. p. 43-68. https://doi.org/10.1007/978-94-007-5640-3_4
11. Deef A, Radi M. Adopting IFRS as a moderating variable on the relationship between accounting information and market responses. Int J Cust Relat Mark Manag. 2022;13(1):1-15. https://doi.org/10.4018/ijcrmm.308467
12. Tugade MM, Fredrickson BL. Resilient individuals use positive emotions to bounce back from negative emotional experiences. J Pers Soc Psychol. 2004;86(2):320-33. https://doi.org/10.1037/0022-3514.86.2.320
13. Luthans F. The need for and meaning of positive organizational behavior. J Organ Behav. 2002;23(6):695-706. https://doi.org/10.1002/job.165
14. Sisto A, Vicinanza F, Campanozzi LL, Ricci G, Tartaglini D, Tambone V. Towards a transversal definition of psychological resilience: a literature review. Medicina (Kaunas). 2019;55(11):745.
15. Bakker AB, Demerouti E. Job demands–resources theory: Taking stock and looking forward. J Occup Health Psychol. 2017;22(3):273-85. https://doi.org/10.1037/ocp0000056
16. Zhou Y, Liu J, Lei D. The effect of financial reporting regimes on audit report lags and audit fees: Evidence from firms cross-listed in the USA. J Financ Report Account. 2024;22(4):917-41. https://doi.org/10.1108/jfra-09-2021-0261
17. Zasadnyi B, Mykhalska O, Feshchenko Y. The influence of professional judgment on the use of elements of the accounting method under the application of IFRS. Technol Audit Prod Reserv. 2022;5(4/67):16-21. https://doi.org/10.15587/2706-5448.2022.267325
18. Sikka P. Financial crisis and the silence of the auditors. Account Organ Soc. 2009;34(6-7):868-73. https://doi.org/10.1016/j.aos.2009.06.004
19. Bansal M. Culture clash or collaboration? Unraveling the role of hierarchical organizational culture in international financial reporting standards adoption. Manag Decis Econ. 2024;45(1):118-29. https://doi.org/10.1002/mde.3989
20. van der Molen HF, Nieuwenhuijsen K, Frings-Dresen MH, de Groene G. Work-related psychosocial risk factors for stress-related mental disorders: an updated systematic review and meta-analysis. BMJ Open. 2020;10(7):e034849.
21. Sweeney JT, Summers SL. The effect of the busy season workload on public accountants' job burnout. Behav Res Account. 2002;14(1):223-45. https://doi.org/10.2308/bria.2002.14.1.223
22. Hobfoll SE. Social and psychological resources and adaptation. Rev Gen Psychol. 2002;6(4):307-324. https://doi.org/10.1037/1089-2680.6.4.307
23. Fredrickson BL. The role of positive emotions in positive psychology: The broaden-and-build theory of positive emotions. Am Psychol. 2001;56(3):218-26. https://doi.org/10.1037/0003-066X.56.3.218
24. Hu T, Zhang D, Wang J. A meta-analysis of the trait resilience and mental health. Pers Individ Dif. 2015;76:18-27. https://doi.org/10.1016/j.paid.2014.11.039
25. Kermott CA, Johnson RE, Sood R, Jenkins SM, Sood A. Is higher resilience predictive of lower stress and better mental health among corporate executives? PLoS One. 2019;14(6):e0218092.
26. Luceño-Moreno L, Talavera-Velasco B, García-Albuerne Y, Martín-García J. Symptoms of posttraumatic stress, anxiety, depression, levels of resilience and burnout in Spanish health personnel during the COVID-19 pandemic. Int J Environ Res Public Health. 2020;17(15):5514.
27. Bakker AB, Demerouti E, Euwema MC. Job resources buffer the impact of job demands on burnout. J Occup Health Psychol. 2005;10(2):170-80. https://doi.org/10.1037/1076-8998.10.2.170
28. Masten AS, Barnes AJ. Resilience in children: Developmental perspectives. Children (Basel). 2018;5(7):98. https://doi.org/10.3390/children5070098
29. Yıldırım M, Arslan G. Exploring the associations between resilience, dispositional hope, cognitive flexibility, perceived social support and psychological wellbeing. Psychol Health Med. 2022;26(5):623-31. https://doi.org/10.1080/13548506.2020.1773322
30. Podsakoff PM, MacKenzie SB, Lee JY, Podsakoff NP. Common method biases in behavioral research: A critical review of the literature and recommended remedies. J Appl Psychol. 2003;88(5):879-903. https://doi.org/10.1037/0021-9010.88.5.879
31. Hair JF. Multivariate data analysis. 2009.
32. Parker DF, DeCotiis TA. Organizational determinants of job stress. Organ Behav Hum Perform. 1983;32(2):160-77.
33. Smith BW, Dalen J, Wiggins K, Tooley E, Christopher P, Bernard J. The brief resilience scale: Assessing the ability to bounce back. Int J Behav Med. 2008;15(3):194-200.
34. Spitzer RL, Kroenke K, Williams JB, Löwe B. A brief measure for assessing generalized anxiety disorder: The GAD-7. Arch Intern Med. 2006;166(10):1092-7.
35. Beck AT, Epstein N, Brown G, Steer RA. An inventory for measuring clinical anxiety: Psychometric properties. J Consult Clin Psychol. 1988;56(6):893-7.
36. Kock N. Common method bias in PLS-SEM: A full collinearity assessment approach. Int J e-Collab. 2015;11(4):1-10. https://doi.org/10.4018/ijec.2015100101
37. Nunnally JC. Psychometric theory. New York: McGraw-Hill; 1978.
38. Fornell C, Larcker DF. Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research. 1981 Feb;18(1):39-50.
39. Hung PH. Factors affecting the application of international financial reporting standards of enterprises: A literature review. J Posit Sch Psychol. 2022;6(7):1633-48.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Huy Oanh Nguyen, Thi Ngoc Diep Nguyen (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
The article is distributed under the Creative Commons Attribution 4.0 License. Unless otherwise stated, associated published material is distributed under the same licence.
