Corporate Governance Disclosure and Firm Value: An Analysis of Vietnamese Listed Companies

Abstract

From 2011 the Vietnamese corporate bond market has developed significantly, especially after the COVID-19 pandemic, and currently has been strongly supporting by the Government. In accordance with Vietnam Chamber of Commerce and Industry (VCCI) reports (2025), the size of corporate bond market reached approximately 21% of national GDP by the end of 2025 illustrating a considerable attention of investors and local enterprises on this typical capital market. From both academic research and society perspectives, corporate bond issuance therefore has been becoming a considerable topic in Vietnam which is an emerging economy and has experienced several devastating financial scandals. The paper proposes a comprehensive understanding of the literature on the relationship between corporate bond issuance and cost of capital by applying the recently popularised methods of systematic literature review and bibliometric analysis. From the data of 176 academic publications on Scopus database from 1957 to 2025, the bibliometric mapping and citation analyses are graphically performed by VOSviewer and R bibliometric analysis. The visualization of the conceptual interrelations among all articles reveals the most influential themes in the existing literature. In addition, the theoretical background of research issues including agency theory, information asymmetry and bonds market liquidity are systematically reviewed.