The study investigates the impact of accrual anomaly on stock return ratio of listed firms in Vietnam. Data were collected from listed firms for the period from 2008 to 2018. To learn about the causes of accrual anomaly in returns and future rate of returns on the Vietnamese stock market, this research is based on accrual analysis of Richardson, Sloan, Soliman, and Tuna (2006) on growth and effective components. We employ GLS regression model for examining the impact of accrual anomaly on stock return ratio and T-test for checking the difference between the lowest and the highest portfolio. The results show that accounting distortion is the main factor impacting the stock return, not growth determinant. Both two determinants of accounting distortion and growth contribute the explanation of the impact of accrual anomaly on profit and future stock return ratio. Experimental evidence confirms an abnormal existence of accrual in the  Vietnam stock market. Aggregate accrual is negatively correlated with future operating profit and future stock return. However, after considering the factors contributing to the impact of future profitability and return on stock returns, the study results show that accounting distortion can account for low sustainability of income that is not growth.

Abstract
1. Introduction
2. Literature Review and Research Hypotheses
    2.1. Accrual Anomaly
    2.2. Accrual Anomaly Analysis
3. Research Methodology
    3.1. Accrual Measurement
    3.2. Analysis of Growth and Efficiency
    3.3. Measurement of Stock Return Ratio
    3.4. Research Model
    3.5. Research Data
4. Results and Discussion
5. Conclusions and Recommendations
Reference

• Hung Ngoc DANG(Hanoi University of Industry, Vietnam.)
• Dung Manh TRAN(National Economics University, Vietnam.) Corresponding Author