Insights into voluntary disclosure quality and determinants: Evidence from Vietnamese listed companies during COVID-19

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This paper examines the voluntary disclosure quality of listed firms in Vietnam during the COVID-19 pandemic and identifies key determinants. Focusing on the top 100 listed firms by market capitalization on the Hanoi (HNX) and Ho Chi Minh (HOSE) as of December 31, 2021, the study uses a tailored reporting framework to evaluate COVID-19-related disclosures. Disclosure quality is measured by comparing each firm’s score with the industry mean. A binary logistic regression model analyses the factors influencing disclosure quality, including corporate governance and firm characteristics such as size, age, industry, and the audit committee. The findings reveal that while voluntary disclosure quality in Vietnam is moderately fair, most firms do not demonstrate high-quality practices. A positive association is found between disclosure quality and firm size, age, industry, and the audit committee. This pioneering study provides empirical evidence on voluntary disclosure during the pandemic, offering valuable insights for corporate managers, stakeholders, and policymakers seeking to enhance disclosure standards in future crises. The results underscore the importance of strengthening disclosure practices to improve transparency and stakeholder trust during uncertain times.