Effects of characteristics of directors board on the level of information disclosure of listed companies: Empirical evidences from Ho Chi Minh Stock Exchange

Abstract

The main objective of this study is to measure the effects of characteristics of directors board on the level of information disclosure of listed companies on Ho Chi Minh Stock Exchange (HOSE). Data used in the study were collected from financial statements and annual reports of 207 companies listed on HOSE in 2015. The empirical findings show that the level of information disclosure of the companies, on average, is 73.1 points. In addition, results derived from the regession model reveal that the total number of directors and the percentage of women in the board have a positive relationship with the level of the companies’ information disclosure. However, companies that have one individual who serves as both chairman of director board and chief executive officer have a lower extent of information disclosure. Moreover, this study find that size and profitability of the companies have positive relationships with the level of information disclosure of the companies while companies audited by the four biggest auditing companies (Big Four) are better the others in the level of information disclosure