Information transparency and its determinants – empirical evidence from Vietnam
Main Article Content
Abstract
Based on the foundation theories of information transparency, the set of transparency indicators and information provision of Standard & Poor’s, Vietnam’s legal documents on corporate governance and information disclosure, we set up indicators to quantify the information transparency level and analyze the factors that affect the information transparency of listed companies on Vietnam’s stock market. After collecting and processing the sample data of 300 enterprises listed on Vietnam’s stock market in 2018 (excluding enterprises operating in the fields of finance, banking, securities and insurance), we use the OLS (Ordinary Least Squares) method to verify and estimate the proposed regression model. The results show that both financial factors (firm scale, asset utilization productivity, audit firm) and management factors (the duality between the Chairman and the General Director) affect the information transparency of enterprises listed on Vietnam’s stock market. From the results, we propose a number of recommendations relating to subjects about solutions to improve information transparency which contribute to the potential of investment and sustainable development of Vietnam’s stock market
Article Details
Keywords
Listed enterprises, information transparency, stock market
References
Chính phủ, 2017. Hướng dẫn về quản trị công ty áp dụng đối với công ty đại chúng. Nghị định số 71/2017/ NĐ-CP ngày 06/06/2017.
Bộ Tài chính, 2015. Hướng dẫn công bố thông tin trên thị trường chứng khoán. Thông tư số 155/2015/TT- BTC ngày 06/10/2015.
Bộ Tài chính, 2017. Hướng dẫn một số điều của Nghị định số 71/2017/NĐ-CP ngày 6/6/2017 của Chính phủ hướng dẫn về quản trị công ty áp dụng đối với công ty đại chúng. Thông tư số 95/2017/TT-BTC ngày 22/09/2017.
Lê Quang Cảnh và Nguyễn Vũ Hùng, 2016. Công bố và minh bạch thông tin với kết quả kinh doanh của doanh nghiệp niêm yết ở Việt Nam. Tạp chí Phát triển Kinh tế (số 27(6), trang 64-79).
Lê Thị Mỹ Hạnh, 2015. Minh bạch thông tin tài chính của các công ty niêm yết trên thị trường chứng khoán Việt Nam. Luận án tiến sĩ kinh tế, Trường Đại học Kinh tế Thành phố Hồ Chí Minh.
Trương Đông Lộc và Nguyễn Thị Kim Anh, 2017. Xây dựng chỉ số minh bạch và công bố thông tin cho các công ty niêm yết trên thị trường chứng khoán Việt Nam. Tạp chí Ngân hàng, số 19, tháng 10/2017.
Tiếng Anh
Albert S. Kyle, 1985. Continuous Auctions and Insider Trading. Econometrica, Vol. 53, No. 6. (Nov., 1985), pp. 1315-1336
Andrew Ellul, Tullio Jappelli, Marco Pagano, Fausto Panunzi, 2015. Transparency, Tax Pressure, and Access to Finance. Review of Finance, Volume 20, Issue 1, March 2016, Pages 37–76.
Anne Chambers and Stephen Penman, 1984. Timeliness of Reporting and the stock-price reaction to earnings announcements. Journal of Accounting Research, 1984, vol. 22, issue 1, 21-47.
Antonino Vaccaro and Peter Madsen, 2009. Corporate dynamic transparency: the new ICT-driven ethics?
Ethics and Information Technology, June 2009, Volume 11, Issue 2, pp 113–122.
Barbara G. Tabachnick and Linda S. Fidell, 2007. Using Multivariate Statistics. Copyright © 2007 by Pearson Education, Inc
Bagnoli, Mark, K. William, and Susan G. Watts, 2002. The Information in Management’s Expected Earnings Report Date: A Day Late, a Penny Short. Journal of Accounting Research 40, pp.1275 – 1296, 2002.
Basel Committee on Banking Supervision. Enhancing Bank Transparency – Oct 1998.
Dan Givoly and Dan Palmon, 1982. Timeliness of Annual Earnings Announcements: Some Empirical Evidence. The Accounting Review, Vol. 57, No. 3 (Jul., 1982), pp. 486-508.
Eugene F. Fama and Michael C. Jensen, 1983. Agency Problems and Residual Claims. The Journal of Law and Economics 26, no. 2 (Jun, 1983): pp.327-349.
George A. Akerlof, 1970. The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, Vol. 84, No. 3 (Aug., 1970), pp. 488-500.
Joy Begley and Paul E. Fischer, 1998. Is there Information in an Earnings Announcement Delay? Review of Accounting Studies, December 1998, Volume 3, Issue 4, pp 347–363.
Kulzick, 2004. Sarbanes-Oxley (2004): Effects on financial transparency. SAM Advanced Management Journal 69(1), p.43-49.
Michael C. Jensen and William H. Meckling, 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Volume 3, Issue 4, October 1976, Pages 305- 360
Micheal Spence, 1973. Job Market Signaling. The Quaterly Journal of Economics. Vol. 87, No. 3 (Aug, 1973), pp. 355-374.
OECD, 2004. Jurisdictions committed to transparency and effective exchange of information [http://www. oecd.org, Accessed 27 April 2019]].
Ray Ball and Philip Brown, 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research, Autumn, 1968, pp.159-178.
Robert. A. Haugen, 2001. The Inefficient Stock Market. (2001-06-23) Paperback – 1656.
Samuel A. DiPiazza and Robert G. Eccles, 2002. Building public trust: The future of corporate reporting.
Wiley, first edition (June 14, 2002).
Samuel B. Green, 1991. How Many Subjects Does It Take To Do A Regression Analysis. Multivariate Behavioral Research, Volume 26, 1991 – Issue 3, p.499-510
Shleifer, 2000. Inefficient markets an introduction to behavioral finance. Oxford University Press Inc., New York, First published 2000.
Standard & Poor’s, 2002. Transparency and Disclosure: Overview of Methodology and Study Results - United States. (October 16, 2002). Available at SSRN: https://ssrn.com/abstract=422800, [Accessed 27 April 2019].
Tara Vishwanath and Daniel Kaufmann, 1999. Towards Transparency in Finance and Governance [https:// papers.ssrn.com/sol3/papers.cfm?abstract _id=258978, [Accessed 28 April 2019].
William Kross and Douglas A. Schroeder, 1984. An Empirical Investigation of the Effect of Quarterly Earnings Announcement Timing on Stock Returns. Journal of Accounting Research Vol. 22, No. 1 (Spring, 1984), pp. 153-176.
Winkler, B., 2000. Which kind of transparency? On the need for clarity in monetary policy-making. European Centre Bank, Working Paper 26.
Các website: www.mof.gov.vn, www.ssc.gov.vn, www.ssc.gov.vn, www.hsx.vn, www.hnx.vn, www.cafef.vn, www.vietstock.vn, www.vacpa.org.vn, www.bsc.com.vn, www.tinnhanhchungkhoan.vn
Most read articles by the same author(s)
- Ho Thuy Tien, Pham Thanh Truyen, Ho Thu Hoai, Relationship between insurance market development and economic growth in Vietnam , Journal of Finance and Marketing: No. 55 (2020)