The impact of ownership structure and board composition on voluntary disclosure - The case of listed companies on Ho Chi Minh stock exchange
Abstract
The main purpose of this study is to analyze the relationship between
ownership structure, board compostion and voluntary disclosure of Vietnamese nonfinancial companies quoted at Hochiminh City Stock Exchange (HOSE). The sample of
the study consists of all non-financial firms in 2012 and 2013 data available on their
websites and HOSE website. Ownership structure in this paper is measured by 3 kinds:
managerial ownership, foreign ownership and state ownership.
The results show that the relationship between voluntary disclosure and
managerial is negatively significant. The foreign and state ownership is positive
associated with voluntary disclosure. However, board composition is not related to
voluntary disclosure. Additionally, firm size is found to have a significant effect on
voluntary disclosure. Other control variables such as debt and profitability are not
associated with voluntary disclosure. Therefore results suggest that managerial, foreign
and state ownership and firm size play important role in determination of financial mix of
the firms.