How to cite this paper
Anh, N. (2022). Corporate social responsibility disclosure, CEO integrity and earnings management: Evidence from the Vietnam stock market.Accounting, 8(2), 197-208.
Refrences
Agrawal, A., & Cooper, T. (2017). Corporate governance consequences of accounting scandals: Evidence from top management, CFO and auditor turnover. Quarterly Journal of Finance, 7(01), 1650014.
Audi, R., & Murphy, P. E. (2006). The many faces of integrity. Business Ethics Quarterly, 3-21.
Bauman, D. C. (2013). Leadership and the three faces of integrity. The leadership quarterly, 24(3), 414-426.
Belgаcem, I., & Omri, A. (2015). Dоes cоrpоrаte sоciаl disclosure affect earnings quality? Empirical evidence from Tunisia. Internаtiоnаl Jоurnаl, 3(2), 73-89.
Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28.
Brammer, S., & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business strategy and the environment, 17(2), 120-136.
Brickley, J. A., & James, C. M. (1987). The takeover market, corporate board composition, and ownership structure: The case of banking. The Journal of law and economics, 30(1), 161-180.
Brown, H. S., de Jong, M., & Levy, D. L. (2009). Building institutions based on information disclosure: lessons from GRI's sustainability reporting. Journal of cleaner production, 17(6), 571-580.
Carmines, E. G., & Zeller, R. A. (1979). Reliability and validity assessment. Sage publications.
Carroll, A. B. (2008). A history of corporate social responsibility: Concepts and practices. The Oxford handbook of corporate social responsibility, 1.
Chakravarthy, J., DeHaan, E., & Rajgopal, S. (2014). Reputation repair after a serious restatement. The Accounting Review, 89(4), 1329-1363.
Cheng, Q. (2014). Family firm research–A review. China Journal of Accounting Research, 7(3), 149-163.
Cheng, B., Ioannou, I. & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35 (1), 1-23.
Choi, T. H., & Pae, J. (2011). Business ethics and financial reporting quality: Evidence from Korea. Journal of Business Ethics, 103(3), 403-427.
Chung, R., Ho, S., & Kim, J. B. (2004). Ownership structure and the pricing of discretionary accruals in Japan. Journal of International Accounting, Auditing and Taxation, 13(1), 1-20.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327.
Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of financial Economics, 79(2), 431-468.
Colleoni, E. (2013). CSR communication strategies for organizational legitimacy in social media. Corporate Communications: An International Journal, 18(2), 228-248.
Cornelissen, J. P. (2008). Corporate communication. The International Encyclopedia of Communication.
Cornett, M. M., Marcus, A. J., & Tehranian, H. (2008). Corporate governance and pay-for-performance: The impact of earnings management. Journal of financial economics, 87(2), 357-373.
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management journal, 42(6), 674-686.
Dechow, P., Sloan, R. & Sweeney, A. (1995). Detecting EM. The Accounting Review,70, 93-225.
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3).
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.
Dichev, I. D., & Skinner, D. J. (2002). Large–sample evidence on the debt covenant hypothesis. Journal of Accounting Research, 40(4), 1091-1123.
Dulewicz, V., & Herbert, P. (2004). Does the composition and practice of boards of directors bear any relationship to the performance of their companies?.
Dvořák, T. (2005). Do domestic investors have an information advantage? Evidence from Indonesia. The Journal of Finance, 60(2), 817-839.
Fink, A., & Litwin, M. S. (1995). How to measure survey reliability and validity (Vol. 7). Sage.
Francis, J. R. (2004). What do we know about audit quality?. The British accounting review, 36(4), 345-368.
Francis, J. R., & Krishnan, J. (1999). Accounting accruals and auditor reporting conservatism. Contemporary accounting research, 16(1), 135-165.
Guiral, A. (2011). Corporate Social Performance, Innovation Intensity and Their Impacts on Financial Performance: Evidence from Lending Decision. Innovation Intensity and Their Impacts on Financial Performance: Evidence from Lending Decisions (April 27, 2011).
Guo, F., & Ma, S. (2015). Ownership characteristics and earnings management in China. The Chinese Economy, 48(5), 372-395.
Haryudanto, D., & Yuyetta, E. N. A. (2011). Effect of earnings management on the level of corporate social responsibility and corporate value. Journal of Accounting and Finance, 3(5), 23-25.
Hassan, O. A., & Marston, C. (2019). Corporate financial disclosure measurement in the empirical accounting literature: a review article. The International Journal of Accounting, 54(02), 1950006.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Hribar, P., & Collins, D. W. (2002). Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research, 40(1), 105-134.
Ioannou, I., & Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics. Strategic Management Journal, 36(7), 1053-1081.
Jensen, M. C., & Meckling, W. H. (1976). Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228.
Jones, S., & Hensher, D. A. (2007). Evaluating the behavioural performance of alternative logit models: an application to corporate takeovers research. Journal of Business Finance & Accounting, 34(7‐8), 1193-1220.
Kelton, A. S., & Yang, Y. W. (2008). The impact of corporate governance on Internet financial reporting. Journal of accounting and Public Policy, 27(1), 62-87.
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?. The Accounting Review, 87(3), 761-796.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
Laksmana, I., & Yang, Y. W. (2009). Corporate citizenship and earnings attributes. Advances in Accounting, 25(1), 40-48.
Lang, M., & Lundholm, R. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246-271.
Mansfield, E. R., & Helms, B. P. (1982). Detecting multicollinearity. The American Statistician, 36(3a), 158-160.
Marston, C. L., & Shrives, P. J. (1991). The use of disclosure indices in accounting research: a review article. The British Accounting Review, 23(3), 195-210.
McWilliаms, A., Siegel, D. S., & Wright, P. M. (2006). Cоrpоrаte sоciаl respоnsibility: Strаtegic implicаtiоns. Jоurnаl оf mаnаgement studies, 43 (1), 1-18.
García‐Meca, E., & Sánchez‐Ballesta, J. P. (2009). Corporate governance and earnings management: A meta‐analysis. Corporate governance: an international review, 17(5), 594-610.
Michelon, G. (2011). Sustainability disclosure and reputation: A comparative study. Corporate reputation review, 14(2), 79-96.
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical perspectives on accounting, 33, 59-78.
Murwaningsari, E. (2008). Simultaneous Testing: Some Factors Affecting Earnings Response Coefficient (Erc). In National Symposium on Accounting (Sna) Ke Xi Pontianak (Vol. 23, pp. 1-26).
Muttakin, M. B., Khan, A., & Azim, M. I. (2015). Corporate social responsibility disclosures and earnings quality. Managerial Auditing Journal.
Ong, T., Trireksani, T., & Djajadikerta, H. G. (2016). Hard and soft sustainability disclosures: Australia’s resources industry. Accounting research journal.
Palanski, M. E., & Yammarino, F. J. (2007). Integrity and leadership:: clearing the conceptual confusion. European Management Journal, 25(3), 171-184.
Pearce, J. A., & Zahra, S. A. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29(4), 411-438.
Pham, H. S. T., & Tran, H. T. (2020). CSR disclosure and firm performance: The mediating role of corporate reputation and moderating role of CEO integrity. Journal of Business Research, 120, 127-136.
Press, E. G., & Weintrop, J. B. (1990). Accounting-based constraints in public and private debt agreements: Their association with leverage and impact on accounting choice. Journal of accounting and economics, 12(1-3), 65-95.
Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate governance: An international review, 16(3), 160-177.
Rezаee, Z., & Tuо, L. (2017). Are the Quаntity аnd Quаlity оf Sustаinаbility Disclоsures Assоciаted with the Innаte аnd Discretiоnаry Eаrnings Quаlity?. Jоurnаl оf Business Ethics, 1-24.
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370.
Saidu, S. (2019). CEO characteristics and firm performance: focus on origin, education and ownership. Journal of Global Entrepreneurship Research, 9(1), 1-15.
Salewski, M., & Zülch, H. (2014). The Association between corporate social responsibility (CSR) and earnings quality–evidence from European blue chips.
Schaltegger, S., Bennett, M., & Burritt, R. (2006). Sustainability accounting and reporting: development, linkages and reflection. An introduction. In Sustainability accounting and reporting (pp. 1-33). Springer, Dordrecht.
Scott, W. R., & O'Brien, P. C. (1997). Financial accounting theory (Vol. 3, pp. 335-360). Upper Saddle River, NJ: Prentice hall.
Shleifer, A., & Vishny, R. W. (1997). lA Survey of Corporate Governance, mJournal of Finance. Vol: II, (2).
Skinner, D. J., & Sloan, R. G. (2002). Earnings surprises, growth expectations, and stock returns or don't let an earnings torpedo sink your portfolio. Review of Accounting Studies, 7(2), 289-312.
Sun, L., & Rath, S. (2010). Earnings management research: a review of contemporary research methods. Global Review of accounting and Finance, 1(1), 121-135.
Sutantoputra, A. W. (2009). Social disclosure rating system for assessing firms' CSR reports. Corporate Communications: An International Journal.
Sweeney, A. P. (1994). Debt-covenant violations and managers' accounting responses. Journal of accounting and Economics, 17(3), 281-308.
Van Thanh, P., & Podruzsik, S. (2018). CSR in Developing Countries: Case Study in Vietnam. Management (18544223), 13(4).
Wang, X., Cao, F., & Ye, K. (2018). Mandatory corporate social responsibility (CSR) reporting and financial reporting quality: Evidence from a quasi-natural experiment. Journal of Business Ethics, 152(1), 253-274.
Ward, H. (2004). Public sector roles in strengthening corporate social responsibility: taking stock. Washington, DC: World Bank.
Warfield, T. D., Wild, J. J., & Wild, K. L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of accounting and economics, 20(1), 61-91.
World Bank (2020). Doing business in Vietnam 2020. at https://www.doingbusiness.org/content/dam/doingBusiness/country/v/vietnam/VNM.pdf
Yip, E., Van Staden, C., & Cahan, S. (2011). CSR reporting and EM: The role of political costs. Australasian Accounting Business and Finance Journal, 5(3), 17-33.
Audi, R., & Murphy, P. E. (2006). The many faces of integrity. Business Ethics Quarterly, 3-21.
Bauman, D. C. (2013). Leadership and the three faces of integrity. The leadership quarterly, 24(3), 414-426.
Belgаcem, I., & Omri, A. (2015). Dоes cоrpоrаte sоciаl disclosure affect earnings quality? Empirical evidence from Tunisia. Internаtiоnаl Jоurnаl, 3(2), 73-89.
Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28.
Brammer, S., & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business strategy and the environment, 17(2), 120-136.
Brickley, J. A., & James, C. M. (1987). The takeover market, corporate board composition, and ownership structure: The case of banking. The Journal of law and economics, 30(1), 161-180.
Brown, H. S., de Jong, M., & Levy, D. L. (2009). Building institutions based on information disclosure: lessons from GRI's sustainability reporting. Journal of cleaner production, 17(6), 571-580.
Carmines, E. G., & Zeller, R. A. (1979). Reliability and validity assessment. Sage publications.
Carroll, A. B. (2008). A history of corporate social responsibility: Concepts and practices. The Oxford handbook of corporate social responsibility, 1.
Chakravarthy, J., DeHaan, E., & Rajgopal, S. (2014). Reputation repair after a serious restatement. The Accounting Review, 89(4), 1329-1363.
Cheng, Q. (2014). Family firm research–A review. China Journal of Accounting Research, 7(3), 149-163.
Cheng, B., Ioannou, I. & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35 (1), 1-23.
Choi, T. H., & Pae, J. (2011). Business ethics and financial reporting quality: Evidence from Korea. Journal of Business Ethics, 103(3), 403-427.
Chung, R., Ho, S., & Kim, J. B. (2004). Ownership structure and the pricing of discretionary accruals in Japan. Journal of International Accounting, Auditing and Taxation, 13(1), 1-20.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327.
Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of financial Economics, 79(2), 431-468.
Colleoni, E. (2013). CSR communication strategies for organizational legitimacy in social media. Corporate Communications: An International Journal, 18(2), 228-248.
Cornelissen, J. P. (2008). Corporate communication. The International Encyclopedia of Communication.
Cornett, M. M., Marcus, A. J., & Tehranian, H. (2008). Corporate governance and pay-for-performance: The impact of earnings management. Journal of financial economics, 87(2), 357-373.
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management journal, 42(6), 674-686.
Dechow, P., Sloan, R. & Sweeney, A. (1995). Detecting EM. The Accounting Review,70, 93-225.
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3).
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.
Dichev, I. D., & Skinner, D. J. (2002). Large–sample evidence on the debt covenant hypothesis. Journal of Accounting Research, 40(4), 1091-1123.
Dulewicz, V., & Herbert, P. (2004). Does the composition and practice of boards of directors bear any relationship to the performance of their companies?.
Dvořák, T. (2005). Do domestic investors have an information advantage? Evidence from Indonesia. The Journal of Finance, 60(2), 817-839.
Fink, A., & Litwin, M. S. (1995). How to measure survey reliability and validity (Vol. 7). Sage.
Francis, J. R. (2004). What do we know about audit quality?. The British accounting review, 36(4), 345-368.
Francis, J. R., & Krishnan, J. (1999). Accounting accruals and auditor reporting conservatism. Contemporary accounting research, 16(1), 135-165.
Guiral, A. (2011). Corporate Social Performance, Innovation Intensity and Their Impacts on Financial Performance: Evidence from Lending Decision. Innovation Intensity and Their Impacts on Financial Performance: Evidence from Lending Decisions (April 27, 2011).
Guo, F., & Ma, S. (2015). Ownership characteristics and earnings management in China. The Chinese Economy, 48(5), 372-395.
Haryudanto, D., & Yuyetta, E. N. A. (2011). Effect of earnings management on the level of corporate social responsibility and corporate value. Journal of Accounting and Finance, 3(5), 23-25.
Hassan, O. A., & Marston, C. (2019). Corporate financial disclosure measurement in the empirical accounting literature: a review article. The International Journal of Accounting, 54(02), 1950006.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Hribar, P., & Collins, D. W. (2002). Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research, 40(1), 105-134.
Ioannou, I., & Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics. Strategic Management Journal, 36(7), 1053-1081.
Jensen, M. C., & Meckling, W. H. (1976). Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228.
Jones, S., & Hensher, D. A. (2007). Evaluating the behavioural performance of alternative logit models: an application to corporate takeovers research. Journal of Business Finance & Accounting, 34(7‐8), 1193-1220.
Kelton, A. S., & Yang, Y. W. (2008). The impact of corporate governance on Internet financial reporting. Journal of accounting and Public Policy, 27(1), 62-87.
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?. The Accounting Review, 87(3), 761-796.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
Laksmana, I., & Yang, Y. W. (2009). Corporate citizenship and earnings attributes. Advances in Accounting, 25(1), 40-48.
Lang, M., & Lundholm, R. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246-271.
Mansfield, E. R., & Helms, B. P. (1982). Detecting multicollinearity. The American Statistician, 36(3a), 158-160.
Marston, C. L., & Shrives, P. J. (1991). The use of disclosure indices in accounting research: a review article. The British Accounting Review, 23(3), 195-210.
McWilliаms, A., Siegel, D. S., & Wright, P. M. (2006). Cоrpоrаte sоciаl respоnsibility: Strаtegic implicаtiоns. Jоurnаl оf mаnаgement studies, 43 (1), 1-18.
García‐Meca, E., & Sánchez‐Ballesta, J. P. (2009). Corporate governance and earnings management: A meta‐analysis. Corporate governance: an international review, 17(5), 594-610.
Michelon, G. (2011). Sustainability disclosure and reputation: A comparative study. Corporate reputation review, 14(2), 79-96.
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical perspectives on accounting, 33, 59-78.
Murwaningsari, E. (2008). Simultaneous Testing: Some Factors Affecting Earnings Response Coefficient (Erc). In National Symposium on Accounting (Sna) Ke Xi Pontianak (Vol. 23, pp. 1-26).
Muttakin, M. B., Khan, A., & Azim, M. I. (2015). Corporate social responsibility disclosures and earnings quality. Managerial Auditing Journal.
Ong, T., Trireksani, T., & Djajadikerta, H. G. (2016). Hard and soft sustainability disclosures: Australia’s resources industry. Accounting research journal.
Palanski, M. E., & Yammarino, F. J. (2007). Integrity and leadership:: clearing the conceptual confusion. European Management Journal, 25(3), 171-184.
Pearce, J. A., & Zahra, S. A. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29(4), 411-438.
Pham, H. S. T., & Tran, H. T. (2020). CSR disclosure and firm performance: The mediating role of corporate reputation and moderating role of CEO integrity. Journal of Business Research, 120, 127-136.
Press, E. G., & Weintrop, J. B. (1990). Accounting-based constraints in public and private debt agreements: Their association with leverage and impact on accounting choice. Journal of accounting and economics, 12(1-3), 65-95.
Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate governance: An international review, 16(3), 160-177.
Rezаee, Z., & Tuо, L. (2017). Are the Quаntity аnd Quаlity оf Sustаinаbility Disclоsures Assоciаted with the Innаte аnd Discretiоnаry Eаrnings Quаlity?. Jоurnаl оf Business Ethics, 1-24.
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370.
Saidu, S. (2019). CEO characteristics and firm performance: focus on origin, education and ownership. Journal of Global Entrepreneurship Research, 9(1), 1-15.
Salewski, M., & Zülch, H. (2014). The Association between corporate social responsibility (CSR) and earnings quality–evidence from European blue chips.
Schaltegger, S., Bennett, M., & Burritt, R. (2006). Sustainability accounting and reporting: development, linkages and reflection. An introduction. In Sustainability accounting and reporting (pp. 1-33). Springer, Dordrecht.
Scott, W. R., & O'Brien, P. C. (1997). Financial accounting theory (Vol. 3, pp. 335-360). Upper Saddle River, NJ: Prentice hall.
Shleifer, A., & Vishny, R. W. (1997). lA Survey of Corporate Governance, mJournal of Finance. Vol: II, (2).
Skinner, D. J., & Sloan, R. G. (2002). Earnings surprises, growth expectations, and stock returns or don't let an earnings torpedo sink your portfolio. Review of Accounting Studies, 7(2), 289-312.
Sun, L., & Rath, S. (2010). Earnings management research: a review of contemporary research methods. Global Review of accounting and Finance, 1(1), 121-135.
Sutantoputra, A. W. (2009). Social disclosure rating system for assessing firms' CSR reports. Corporate Communications: An International Journal.
Sweeney, A. P. (1994). Debt-covenant violations and managers' accounting responses. Journal of accounting and Economics, 17(3), 281-308.
Van Thanh, P., & Podruzsik, S. (2018). CSR in Developing Countries: Case Study in Vietnam. Management (18544223), 13(4).
Wang, X., Cao, F., & Ye, K. (2018). Mandatory corporate social responsibility (CSR) reporting and financial reporting quality: Evidence from a quasi-natural experiment. Journal of Business Ethics, 152(1), 253-274.
Ward, H. (2004). Public sector roles in strengthening corporate social responsibility: taking stock. Washington, DC: World Bank.
Warfield, T. D., Wild, J. J., & Wild, K. L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of accounting and economics, 20(1), 61-91.
World Bank (2020). Doing business in Vietnam 2020. at https://www.doingbusiness.org/content/dam/doingBusiness/country/v/vietnam/VNM.pdf
Yip, E., Van Staden, C., & Cahan, S. (2011). CSR reporting and EM: The role of political costs. Australasian Accounting Business and Finance Journal, 5(3), 17-33.