Corporate internet reporting by unlisted public firms in Vietnam

Abstract

This article examines the extent of corporate internet reporting (CIR) among firms on Vietnam’s Unlisted Public Company Market (UPCoM) and explores the factors influencing CIR disclosure levels. Using a sample of 143 unlisted firms from 2018, the research develops a disclosure framework with 70 indices, covering both content and format items. Ordinary least squares
(OLS) regression is applied to test the influence of firm characteristics and corporate governance factors on CIR. The findings reveal that CIR levels are generally low, with firms focusing more on mandatory disclosures than voluntary ones. Firm size, profitability, and Big4 auditors positively impact CIR disclosure, while leverage, board size, board independence, CEO role duality, and major shareholding show no significant relationship. These results suggest that firm-specific factors are key drivers of CIR disclosure in Vietnam’s developing securities market. This article contributes to the limited body of research on CIR in Vietnam, particularly among unlisted firms. It underscores the need for improved regulatory frameworks and
clearer guidelines for voluntary disclosures. The study also encourages firms to leverage the Internet as a tool for enhancing transparency and attracting investors.