• 유통과학연구
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• 제21권6호
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• pp.91-97
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• 2023

Purpose: Interim financial statements provide timely and qualified financial information for users. Hence, the importance of the interim financial statement is increasingly noticeable among information users. This research studies determinants of interim financial statements disclosure in Vietnamese-listed enterprises. Research design, data and methodology: The sample is 55 enterprises listed in VNIndex and is in the list of Forbes top 100 largest companies in 2020. Data was collected from interim financial statements for four years, from 2018 to 2021. GMM is used in this study. Results: The regression analysis results show that reporting lag has a positive impact on the level of information distribution of interim financial reporting; companies audited by BIG4 tend to have a higher level of information disclosure. The higher the return on assets, the more disclosure is made; the larger the company size, the greater the disclosure level. Owner equity structure and Leverage do not affect the disclosure level of interim financial reporting. Conclusions: The information disclosure level on the interim financial statement should be improved to increase transparency. In addition to continuing to encourage these companies to provide more information voluntarily, government authorities should have effective regulations to require sufficient information disclosure from other listed companies.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.43-50
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• 2020

Disclosure level in interim financial reporting is important for information users to make business decisions. This has received much attention from the information users. The article is aimed at determining the factors of financial ratios, which impact on the disclosure level in interim financial reporting. The authors use the ordinary least squares to test. The sample consists of 418 VN100 over a 6-year period from 2014 to 2019. The results show that there are four factors that positively impact on the disclosure level in interim financial reporting: Enterprise size (SIZE); Liquidity (LIQI); Sales growth (GROW) and Profitability (ROE). The article proposes some policy recommendations to contribute to improving disclosure level in interim financial reporting. Accordingly, State Securities Commission of Vietnam should strengthen the regular inspection of VN100's disclosure level in interim financial reporting and also should enforce strict sanctions or may consider delisting in cases of listed enterprises with incomplete disclosure. The managers of VN100 need to raise the sense of responsibility of information providers to ensure adequate information in interim financial reporting. Investors should also pay attention to the financial ratios of VN100 such as firm size, return-on-equity, liquidity, and sales growth to get useful information and ensure sound business decisions.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.45-54
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• 2019

This study examines whether auditors restrain the analysts' opportunistic behavior as reviewing the companies' interim reports. Analysts' forecasts show a walkdown pattern in which their optimism has decreased as the earnings announcement date has approached. At the beginning of the year, there is a lack of high-quality benchmark information that enables information users to judge the accuracy of analyst's earnings forecasts. Thus, early in the year, analysts are highly inspired to disseminate optimistic forecasts in order to gain manager's favor. In this study, we examine adequate benchmarks prevent analysts from disclosing optimistically biased forecasts. We conjecture that auditors' efforts might mitigate analysts' walkdown pattern. To test this hypothesis, we use data from Korea, where it is mandatory to disclose auditor's review hours. We find that the analyst forecast's walkdown decreases with the ratio as well as the number of audit hours. It implies that an auditor's effort in reviewing interim financial information has a monitoring function that reduces analysts' opportunistic optimism at the beginning of the year. We conjecture that the tendency will be more pronounced when BIG4 auditors review the interim reports. Consistent with the prediction, BIG4 auditors' interim review effort is more effective in suppressing the analysts' walkdown.