Impact of the level of information disclosure and financial performance to the stock price of the listed enterprises on Ho Chi Minh stock exchange

Abstract

The main goal of this study is to research the influence of the level of information disclosure and financial performance on stock prices of JSC in 4 industries on Vietnam stock market - the case of HOSE. The independent variables selected by the authors include: Basic EPS (EPS), Return on Assets (ROA), Debt ratio (DR) and Current ratio (CR); Firm size; Information disclosure list. The dependent variable is the stock price taken from the end of the fiscal year and 1, 3 and 6 months after the end of the fiscal year. The research period is within 5 years from 2018 to 2022. All data are processed and analyzed using STATA software. The research uses Ordinary Least Squares model (OLS), Fixed Effects Models (FEM), Random Effects Models (REM) and Generalized Least Squares (FGLS). Based on the FGLS model, the authors come to the final conclusion that these independent variables EPS, ROA, DR, and Firm size are all statistically significant at all times. The independent variables EPS, ROA, Firm size have a positive impact on stock prices at all the time of research, and the variable DR has a negative impact on stock prices. Two variables: Information disclosure and CR are not statistically significant at all times and areas of the study. Through the results of the research, the authors have proposed some recommendations to improve the quality of corporate financial information and expand firm size, creating a financial basis for investors to select reference information.