Academy of Accounting and Financial Studies Journal (Print ISSN: 1096-3685; Online ISSN: 1528-2635)


Factors Affecting Disclosure of Information: Empirical Evidence from Listed Companies on Vietnam Stock Exchange

Author(s): Nguyen Vu Viet, Vu Thi Phuong Lien

Information disclosure plays an important role in the transformation of Vietnam's economy when conducting equitization and establishing listed public companies. Transparency in information disclosure reduces the instability of the capital market - the stock market by reducing market inefficiencies, thereby reducing macroeconomic uncertainties. Listed joint stock companies that adhere to the principles of transparency and disclosure in corporate governance will improve financial management and use. Determining the factors affecting the transparency of information disclosure of enterprises listed on the Vietnamese stock market. The study uses two-step least squares estimation method and general Moment to analyze, and conclude the number of independent members of the Board of Directors, company size, return on assets, value Company value has a positive effect on the level of transparency and information disclosure of listed companies. The level of transparency and disclosure in the past has a positive effect on the level of transparency and disclosure in the current period. Listed companies with large scale, high profit margin, and the company's Board of Directors with many independent members will provide more information and transparency in information disclosure. Listed companies with small scale, low profit - little growth, the Board of Directors of the company without independent members will have the ability to disclose less information. The effect of transparency and disclosure on the cost of equity of listed companies. The study uses the Moment estimation method to analyze and conclude that increasing the level of transparency and disclosure reduces the cost of equity in listed companies. The effect of reducing the cost of equity is a great motivation for listed companies to improve transparency and disclosure, and contribute to improving transparency and information disclosure on the Vietnamese stock market.

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