ACKNOWLEDGEMENTS First and foremost, I would like to thank Dr Dominic Mwenja for his valuable supports during the process of learning and completing my dissertation My greatest thanks also go to him b[.]
iv ACKNOWLEDGEMENTS First and foremost, I would like to thank Dr Dominic Mwenja for his valuable supports during the process of learning and completing my dissertation My greatest thanks also go to him because of his effort to organize the doctorate program and create chances for me to access the worldwide knowledge Secondly, my dissertation would not have been possible without the help of Dr Pham Thi Nhuan Through the beginning to the end of the process of doing my research, she was enthusiastic to encourage and provide me with precious advices I can fulfill my dissertation thanks to her advices Thank you very much! I am truly indebted and thankful Dr Pham Hung, the director of Center for System Development – Hanoi National University for his attempt to organize the program Moreover, I would like to thank all of the faculties and staffs of the Center and California Miramar University, U.S as well because their knowledge and support me during my learning process Last but not least, it is great pleasure to thank all of my family members and my friends for their encouragement and inspiration given to me on my way of learning and doing my dissertation v Table of Contents Page Dedication .iv Acknowledgements v Table of Contents vi List of Tables x List of Figures .xiii Abstract xiv Chapter I: Introduction ……………………………….…………… …… General introduction of the research Report of the issues The purposes of the study The research questions and hypothesis .5 Significance of the research Definition of the terms Scope and limitations of the study Chapter II: Literature Review Introduction .9 Literature review .9 Transparency and Disclosure of Financial Information Financial Information Transparency 10 Requirements of Financial Information Disclosure 12 Business Administration 15 Agency theory 15 Management theory 16 Stakeholder theory 18 Corporate Social Responsibility .19 Efficient market hypothesis 20 Investor behavior 22 Reality research .23 Financial information transparency and disclosure 23 Financial information transparency 23 Requirements of financial information disclosure 26 vi Ownership structure 29 Business administration 30 Management model 34 Stakeholder theory 37 Corporate social responsibility 41 Efficient market hypothesis 45 Investor behavior 48 Summary and Interpretation 51 Literature review .51 Practical bases 55 Chapter III: Research Methodology .62 Introduction .62 Research structure 62 Research questions and hypotheses 62 Quantitative method 63 Independent variables .64 Semi-independent variables 65 Dependent variables 66 Processes 67 Principle of behavior .68 Tools .69 Introduction .69 Rationale of selected tool 70 Development of questionnaire 71 Questionnaire construction .73 Rate of response 74 Reliability and validity 74 General sample and sampling plan 75 Valid standards 76 System sample (probability) .77 Data collection 77 Data analysis 78 Introduction .78 Methods of Data Analysis 78 vii Summary 81 Chapter IV: Findings Of The Research 83 Introduction .83 Research Questions 83 Hypotheses 84 Descriptive features of respondents 85 Analysis of research questions 1,2,3 .87 Descriptive analysis of Investors’ behavior and three independent variables 87 Correlation analysis between Investors’ behavior and three independent variables 88 Analysis of research question 91 The analysis of Descriptive and Independent sample t-test for Research question 91 ANOVA for Question 93 ANOVA Comparison in the Ownership Structure variable based on the age groups 93 ANOVA in financial transparency variable based on age groups 95 ANOVA in the variable of the Structure of management board based on age groups 97 ANOVA in Ownership structure based on Income groups 99 ANOVA in the Financial transparency variable based on income groups .102 ANOVA in the Structure of Management Board based on Income group .104 ANOVA analysis in the variable of investors’ behavior based on the groups of experience 107 Hypotheses 109 Multiple regression analysis to test the hypothesis 109 Estimate of the validity of the structure using factor analysis 111 Estimates of reliability using Cronbach’s Alpha coefficient 114 Chapter V: Summary, Discussion, Conclusion, Limitation And Research in the future Research summary 116 Discussion of findings 117 Research question 1,2,3 118 Research question 118 viii Practical inference 121 Conclusion 122 Research limitations 123 Recommendation for the further research .124 References 126 Appendix .134 ix LIST OF TABLES Table 4.1: The result of Frequency of Investors' Behavior, and Three Appendices indepenent variables (Ownership Structure, Financial Transparency, Structure of Management Board) N = 305 Table 4.2: The results of the Pearson correlation coefficients among the independent variables (Ownership Structure, Finance Transparency, Structure of Management Board) N = 305 Table 4.3: The results of Pearson correlation analysis of Investors' behaviors and Independent variables (Ownership Structure, Financial Transparency, Structure of Management Board) N = 305 Table 4.4: Results of the Means and Independent sample t-test of Male and Female Table 4.5: The results of ANOVA Comparison and Post Hoc of the considerable disparities in the Ownership structure variable based on Age groups N = 305 Table 4.6: The results of the descriptive information of each age group in the Ownership Structure variable Table 4.7: The results of the ANOVA and Post Hoc Comparisons of the considerable disparities in the financial transparency variable based on age groups N = 305 Table 4.8: The results of the descriptive information of each age group in the financial transparency variable x Table 4.9: The results of the ANOVA and Post Hoc Comparisons of the considerable disparities in the variable of the Structure of management board based on age groups N = 305 Table 4.10: The results of the Descriptive Information of Each age group in the variable of the Structure of Management board Table 4.11: The results of the ANOVA and Post Hoc Comparisons of the considerable disparities in the Ownership structure based on Income groups N = 305 Table 4.12: The results of the Descriptive information of each income group in the Ownership Structure variable Table 4.13: Results of the ANOVA and Post Hoc Comparisons on the Considerable disparity in Financial transparency variable based on Income groups N = 305 Table 4.14: The results of the Descriptive information of Each income group in the Financial transparency variable Table 4.15: The results of the ANOVA and Post Hoc Comparisons of the Considerable disparity in the variable of the Structure of Management Board based on income groups N = 305 Table 4.16: The results of the Descriptive information of Each Income Group for the variable of the Structure of management board Table 4.17: The results of ANOVA and Post Hoc comparisons of significant differences in the variable of investors’ behavior xi by the groups of experience N=305 Table 4.18: Descriptive information’s results of each investment experience group for the variable of investors’ behaviors Table 4.19: Multiple regression analysis of the variable of investor behavior Table 4.20: KMO and Bartlett’s test of Distribute for investor behavior Table 4.21: Explained total variance of initial eigenvalues about the questionnaire design Table 4.22: Rotated component matrix Table 4.23: Cronbach’s Alpha coefficient of the 4-component scale of investor behavior (N= 305) xii LIST OF FIGURES Appendices Figure 2.1: Preliminary model of variables in this research p 61 Figure 4.1: Age distribution of the samples in this study p 85 Figure 4.2: Educational level distribution of the samples in this study p 86 Figure 4.3: Income distribution of the respondents in this study p 86 Figure 4.5: Scree Plot p 112 xiii Abstract Nowadays, business management is no longer a new topic all over the world However it is necessary to research clearly about the effects of the transparency of financial information on investors' behaviors in stock market With a large number of accounting frauds and misleading reports which occurred in the past six years, since Vietnam's stock market came into being, the fidelity of financial and business information becomes an increasingly important topic to investors and the public There are a few empirical researches conducted with the aim of exploring the transparency of financial information in the Vietnamese stock market The purpose of this study is to find out the relationship between the transparency of financial information and investors' behaviors The study examined the perceptions of investors in Ho Chi Minh Stock Exchange (HOSE) on the variable components of the financial information transparency, investor demography and investors' experience as the variables significantly explained the behaviors of investors in HOSE This study utilized mixed methodology, used 19 closed questions, along with open questions in the survey instrument The questionnaire, with Likert's scale from to points, is used to ask participants about their level of agreement or disagreement (9 = Strongly Agree, = Neutral, = Strongly Disagree) Collected data was analyzed using SPSS analysis tool Five different statistical analysis tools were used in the research; descriptive statistics, correlation analysis, analysis to verify independent samples, ANOVA analysis, and multivariate regression analysis ... the financial information transparency and the confidence level of investors This study aims at investigating the influence of financial information transparency on Vietnamese investors; and offering... .9 Transparency and Disclosure of Financial Information Financial Information Transparency 10 Requirements of Financial Information Disclosure 12 Business Administration... theories on transparency of financial information and impacts of business governance on belief of investors It starts with the concepts and theories on financial information transparency, and then