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.