Factors Influencing the Timing of Financial Reporting Disclosure for Listed Companies in Vietnam

  • Hung Hoang Dau VNU - University of Economics and Business
Keywords: financial reporting disclosure; listed companies; Hanoi Stock Exchange; Ho Chi Minh Stock Exchange.


The disclosure time of financial reports is calculated from the end of a company's financial year to the date of announcing the audit report. This allows for the measurement of the duration a company requires to complete the preparation and auditing process of their financial reports after the conclusion of a financial year. The timely, accurate, and prompt disclosure of financial statements plays a crucial role for both businesses and the investment community in making informed decisions. It reflects the efficiency with which financial information is disseminated and holds significance in the decision-making processes of both enterprises and the investing public. The article investigates the factors influencing the disclosure time of financial information by listed companies in Vietnam. Utilizing the Feasible Generalized Least Squares (FGLS) model, the study conducts linear regression analysis with data comprising 1,716 observations collected from 429 listed companies during the period from 2018 to 2021 on two stock exchanges: Hanoi Stock Exchange (HNX) and Ho Chi Minh Stock Exchange (HOSE). The research results indicate that variables such as "AuditOpinion," "Big4," "ConcOwn," "StateOwn," "TobinQ," and "Listedyear" all have an impact on the disclosure time of financial reports. Among them, the variable with the most significant influence is AuditOpinion, followed by StateOwn, ConcOwn, TobinQ, InstOwn, and Listedyear. These variables all tend to lead to more timely disclosure of financial information. In contrast, the Big4 variable has the effect of delaying the disclosure of financial reports. This underscores the importance of these factors in determining the timing of financial information disclosure by management. Although not all these factors exert identical influences, they still have a significant impact on this process.