CORPORATE GOVERNANCE FACTORS AND VOLUNTARY INFORMATION DISCLOSURE AT COMPANIES LISTED ON HOSE

Abstract

This study empirically examines the impact of corporate governance factors on the extent of voluntary disclosure (VDI) of firms listed on the Ho Chi Minh Stock Exchange (HOSE). Using panel data from 2019–2023, a context reflecting the implementation of new transparency regulations, the study employs an FGLS regression model to ensure robust results. The findings reveal that board meeting frequency, audit quality, firm size, profitability, and financial Leverage positively affect the Level of VD. Conversely, a key finding is the negative relationship between transparency and managerial ownership, board independence, and CEO-chair duality. These results provide empirical evidence of the entrenchment effect from corporate insiders and the ceremonial nature of certain monitoring mechanisms in Vietnam, thereby contributing to the re-examination of Agency and Signaling theories in an emerging market context.