Corporate governance and ownership on voluntary information disclosure case study for listed firms in ho chi minh stock exchange

UNIVERSITY OF ECONOMICS ERASMUS UNVERSITY ROTTERDAM HO CHI MINH CITY INSTITUTE OF SOCIAL STUDIES VIETNAM THE NETHERLANDS VIETNAM – NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS CORPORATE GOVERNANCE AND OWNERSHIP ON VOLUNTARY INFORMATION DISCLOSURE: CASE STUDY FOR LISTED FIRMS IN HO CHI MINH STOCK EXCHANGE By PHAN HOA THAO NGUYEN MASTER OF ARTS IN DEVELOPMENT ECONOMICS HO CHI MINH CTITY, October 2017 UNIVERSITY OF INSTITUTE OF SOCIAL ECONOMICS HO CHI MINH STUDIES THE HAGUE CITY VIETNAM THE NETHERLANDS VIET NAM – NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS CORPORATE GOVERNANCE AND OWNERSHIP ON VOLUNTARY INFORMATION DISCLOSURE: CASE STUDY FOR LIESTED FIRMS IN HO CHI MINH HO CHI MINH CTITY, October 2017 STOC K EXC HAN GE A thesis submitted in partial fulfillment of the requirement for the degree of MASTER OF ARTS IN DEVELOPMENT ECONOMICS By PHAN HOA THAO NGUYEN Academic Supervisor: VU VIET QUANG HO CHI MINH CTITY, October 2017 DECLARATION I certify that this thesis entitled “Impact of corporate governance and ownership on Voluntary Information Disclosure of firms on Ho Chi Minh stock exchange (HOSE)”, which is submitted by me for completing the degree of Master of Art in Development Economics to Vietnam – Netherlands Programme (VNP) I certify this thesis has not been submitted for any degree and all materials and assistance in this dissertation have been acknowledged in the text Phan Hoa Thao Nguyen | Page i Phan Hoa Thao Nguyen | Page i ACKNOWLEGDEMENT This thesis would not be completed without any assistance and instruction from many people Sincerely, I would like to give my acknowledgement to my supervisor, friends, family because of their support and motivation for me during the time of performing this research for completing Degree of Master of Art in Development and Economics First of all, I would like to express my endless gratitude and thank to my supervisor, Dr Vu Viet Quang Thank to his instructions and motivation, I had many useful advices for my thesis His great generosity and enthusiasm encouraged me to develop my thesis topic more persuadable and attractive Despite of being busy, he spent a lot of time explaining econometric model and data settling method to me His useful comments supported me improving thesis more qualified and effective Moreover, I am grateful to Dr Truong Dang Thuy for his assistance in constructing research design Next, I would like to express my thank to all friends at VNP Spending a long time together from the first day to the completion of the course, I learned a lot from you about knowledge, spirit, assiduousness in studying Beside that, I also want to thank VNP officers for their support in my learning and studying at here Finally, I would like to express thankfulness to my parents, my brother and his wife for their supporting in my life My special thank comes to most important person in my life, my husband, who has walked by my side, takes care of our baby that is about to be born, and assists unconditionally for me to pursue my dreams Phan Hoa Thao Nguyen | Page ii Phan Hoa Thao Nguyen | Page ii ABBREVIATIONS CEO: Chief executive officer GMM: Generalized Moment Method HOSE: Ho Chi Minh stock exchange OLS: Ordinary Least Square SEM: Stock exchange market SOE: State-owned enterprises UK: United Kingdom USA: United State of America Phan Hoa Thao Nguyen | Page Phan Hoa Thao Nguyen | Page TABLE OF CONTENTS Declaration i Acknowledgement ii Abbreviations iii Table of contents iv List of table v List of figures vi List of appendix vi Abstract vii Chapter 1: Introduction Chapter 2: Literature view and hypothesis development .5 Chapter 3: Sample data and research methodology .16 Chapter 4: Empirical results 25 Chapter 5: Conclusion 47 References 50 Appendix .57 Phan Hoa Thao Nguyen | Page 50 Technology, International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 8(4), 1057-1063 Barako, D G., Hancock, P., & Izan, H Y (2006) Factors influencing voluntary corporate disclosure by Kenyan companies Corporate Governance: An International Review, 14(2), 107-125 Bartholomeusz, S., & Tanewski, G A (2006) The relationship between family firms and corporate governance Journal of small business management, 44(2), 245-267 Berle, A., & Means, G (1932) The modern corporate and private property McMillian, New York, NY Binh, T Q (2012) Voluntary disclosure information in the annual reports of non financial listed companies: the case of Vietnam Journal of Applied Economics and Business Research, 2(2), 69-90 Botosan, C A (1997) Disclosure level and the cost of equity capital.Accounting review, 323-349 Byrd, J., Hickman, K., 1992 Do outside directors monitor managers? 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