Ntegrated reporting by listed firms in vietnam

Nội dung text: Ntegrated reporting by listed firms in vietnam

1. Hội nghị Sinh viờn nghiờn cứu khoa học năm học 2018-2019 INTEGRATED REPORTING BY LISTED FIRMS IN VIETNAM GVHD: TS. Nguyen Huu Cuong SVTH: Nguyen Phan Minh Hoa, Tran Bich Hiep, Nguyen Thi Thien Nga, Hoang Le Thanh Thuy, Do Thi Thu Hien University of Economics – The University of Danang hoanpm2702@gmail.com ABSTRACT Comparing to other countries in the world, Vietnam is actually much slower in updating new reporting trends. Since the release of the integrated report has become a mandatory regulation, the number of firms knowing about this kind of reports in our country is very small. This is also understandable because our country is still a developing country, conditions to catch up the trend is still limited. The research carried out in this topic is necessary, according to having an academic meaning that contributes to reducing the gap in this field, this also contributes practical significance to help related parties have a better understanding of Vietnamese listed firms' information disclosure currently. This research indicated that many firms have gradually changed their focus on profitability and shifted to other values. This is a positive sign of information disclosure in our country. As a result of the content analysis, this research determined some deficiencies in current reporting practices of Vietnamese firms that may be overcome by the adoption of integrated reporting. Besides, the limitations that the study mentioned in the research are the guidelines for latter researchers. Keywords: Integrated reporting, Annual reports Voluntary disclosure, Sustainability reporting 1. Introduction 1.1. Overview of the research: Integrated reports present some similarities with annual reports and sustainability reports, whilst adding some related innovations, intended to overcome the limitations of the two traditional ways of reporting (Busco, 2013). Integrated reporting attempts to incorporate the reporting of different aspects of firm's activities on a general framework with a united objective (KPMG, 2011). Integrated reporting is a response to the difficulties that firms encounter to generate value and the related interests of stakeholders of receiving useful information related to decision making on the firms’ potential for future value creation (Haller & van Staden, 2014). One report is similar to a mean that represents a primary change in how managers consider the possibility of strategy and value creation – and also what and how they response to stakeholders (Higgins et al., 2014). The overall story of the firm was told by an integrated report in which the tactics, achievement, and operations of the firm were reported to users and allowed stakeholders to evaluate the capability of the firm to generate and maintain value over the short, medium and long-term (IIRCSA, 2011). 1.2. Significance of the research Compared to other countries in the world, Vietnam is actually much slower in updating new reporting trends. Firms that are supposed to be more advanced are adopting the GRI standard to disclose sustainability reports. Obviously, in information disclosure aspect, our country is always one step behind other countries, even compared to other countries in the region. Recognizing this issue, the study is conducted to consider the level of information disclosure of listed firms as well as identify factors affecting the level of information 1
2. Trường Đại học Kinh tế - Đại học Đà Nẵng disclosure. Scientific research articles are also one of the tools to convey information to people. Through workshops, researchers will update firms as well as the government knows about the existence of new trends in the world. Therefore, the research carried out in this topic is necessary, while having an academic meaning that contributes to reducing the gap in this field, and is of practical significance to help related subjects beat price effectiveness of information disclosure regulations for this type of financial report through actual compliance by firms. 1.3. Objectives of the research The first objective of this research is to measure the level of application in the IR of listed firms in Vietnam by relying on the number of indicators published in the integrated reporting of listed firms have large share capital. The second objective of the research is to analyze the factors affecting the compliance level of information disclosure on the integrated reporting of listed firms. By doing so, this research is expected to help firms in Vietnam have a comprehensive view of integrated reporting. And the final objective of the research is to suggest policy implications and provide the recommendation for further research. 1.4. Methodology of the research The primary sample for the study consisted of the 200 largest firms, based on market capitalization, which were listed in HOSE and HNX as of 31 December 2017. In the case of firms that were initially selected without publishing the annual report for 2017, we would take the next high-capitalization firm. These firms will include both financial and non-financial firms, so choosing the unmentioned industry will give a holistic view of the situation applying the integrated report of the business. This research applies descriptive statistics to determine whether a sample firm disclosed items within the integrated reporting disclosure checklist. For the study, six hypotheses are tested in a regression to see whether integrated reporting is related with information asymmetry. 1.5. Organization of the research: The content of this study includes three chapters. Specifically: - Chapter 1: Literature review and theoretical framework - Chapter 2: Research methodology - Chapter 3: Results and implications 2. Theoretical basis and Methodology of the research 2.1. Theoretical basis of the research 2.1.1. Importance and development of the integrated report Integrated report (IR) originated from previous developments in the firm's report, which has been developed over the past three decades (Stent & Dowler, 2015). The existence of the gaps and discreteness in the firm reports, the limitations of traditional financial reporting and the complexities within sustainability reporting of the firm (Dirk Beerbaum, 2014), lack of a framework and standard for presenting non-financial information that helps investors compare performance between the firm and another firm or some information that may be less important and reliable (Gianfelici et al., 2018). IR was born and became research topic of many analysts and the fever about IR is constantly developing. In 2004, the Prince’s Accounting for Sustainability Project was formed. One of its aims was to address this disconnect for many readers of sustainability reports (De Villiers et al., 2014). However, Owen (2013) argue that a more integrated and balanced approach to corporate reporting was recommended in 1970s. This means that IR has appeared very early but it exists in another form. In later years, before being named an integrated report, “connected reporting” was used to connect the major social, environmental and economic actions and the result is raw material for reporting organizations (Hopwood et al., 2010). 2
3. Hội nghị Sinh viờn nghiờn cứu khoa học năm học 2018-2019 Table 1. Timeline of the development of the integrated reporting Date Event 2004 The Prince’s Accounting for Sustainability Project(A4S) established 2007 A4S’s Connected thinking Framework launched A4S Forum consisting or international organizations and 19 international 2008 accounting bodies started A4S’s Connected Reporting-A practical guide with worked examples 2009 released Proposal to convene International Integrated Reporting Committee to Sep-Dec 2009 create generally accepted connected and integrated reporting framework Aug 2010 International Integrated Reporting Committee established Discussion paper, Towards Integrated Reporting: Communicating Value Sep-Dec 2011 in the 21st Century Jul 2012 Draft Outline of the Integrated Reporting Framework issued Nov 2012 Prototype of the International Framework Mar-Jul2013 Background papers for IR released Apr-2013 Pilot programmer investor network launched Apr-Jul 2013 Consultation draft of the International Framework exposure period Dec 2013 International Framework released From 2018, IIRC, the application of the integrated report would enter "Global Application Period", to place it firmly in the corporate governance center and corporate reports. There are nearly 2,000 participants in IR networks worldwide. 2.1.2. Integrated reporting disclosure studies An increasing number of studies have investigated issues related to integrated reporting despite the fact that this is in its early stages (De Villiers et al., 2017; Dumay et al., 2016; Velte & Stawinoga, 2017). In 2013, Abeysekera (2013) was firmly based on a theoretical foundation to develop a comprehensive view of the integration report from the definitions and information elements required to a framework of a complete integrated report. Many papers contributed to the debate from a critical perspective by indicating out the challenges and deficiencies in integrated reporting (Adams, 2015; Cheng et al., 2014; De Villiers et al., 2014; Dumay et al., 2017; Flower, 2015). Besides, interviews or surveys were used to gather information about the perception of different stakeholders such as firm management, financial analysts, professional service firms, academics on adopting integrated reporting (Atkins et al., 2015; Burke & Clark, 2016; Guthrie et al., 2017; Higgins et al., 2014; Steyn, 2014; Stubbs & Higgins, 2014; Van Bommel, 2014). Since integrated reporting is mandatory in South Africa, many researchers presented empirical evidence of a regulatory environment for integrated reporting (Ahmed Haji & Anifowose, 2016, 2017; Clayton et al., 2015; Hindley & Buys, 2012). In addition, many research studies have shown the motivation to perform integrated reporting (Frớas- Aceituno et al., 2013; J. C. Jensen & Berg, 2012; Rivera-Arrubla et al., 2017). 2.1.3. Theoretical framework of the integrated report and research questions As soon as the integrated reporting phrase appears, many pioneering firms have made this report. However, each firm has its own set of reporting frames and there is no consistency between the information. It just includes multiple reports into one report (Abeysekera, 2013). Previous studies have explored the 3
4. Trường Đại học Kinh tế - Đại học Đà Nẵng influence of firm characteristics on forward-looking disclosures which provided by agency theory (M. C. Jensen & Meckling, 1976) and signaling theory (Spence, 1973). Kılıỗ and Kuzey (2018) stated that firms should report a higher level of forward-looking information to diminish information asymmetry and agency expenses, which will maintain a better evaluation of the future outcomes of firms. The question is how firms can combine information in a platform and express the value that the business has created. Previously, there are several research papers mentioned about theories that support for the integrated reporting. In most studies, agency theory is the most frequently mentioned theory. However, this is not the only theory for implementing integrated reporting as well as explaining the reasons why firms should prepare an integrated report. Recently, a researcher has summarized necessary theories that are theoretical insight on integrated reporting (Camilleri, 2018). Specifically, this paper present about Agency theory, Stewardship theory, Institutional theory and Legitimacy theory. Turning to the framework, which shows clearly what items firms need to disclose in an integrated report. Abeysekera (2013) proposed a template for integrated reporting in organizations. In this paper, he also indicated how to prepare one report to meet the need of stakeholders. Another framework in this area is introduced by Novo Nordisk (De Villiers et al., 2014). Novo Nordisk's approach aimed at developing voluntary non-financial information disclosure with mandatory financial disclosure. The IRs’ framework has partly addressed the perennial criticisms and shortcomings of sustainability reporting, as it considered all of the organizational capitals (J. C. Jensen & Berg, 2012; Stacchezzini et al., 2016) . Other major change brought about by IIRC was an increased emphasis on materiality (Montecalvo et al., 2018). Through the factors selected for the study, we conducted the analysis of the results and outlined the characteristics of the business affecting the publication of the information elements according to the IIRC integrated reporting framework. Therefore, we offer the following research questions: Research question 1: What extent current firm reports include content elements of the integrated reporting framework? Research question 2: What are the factors impact on information disclosure level? 2.2. Methodology of the research 2.2.1. Hypothesis development Based on some relevant theories and previous studies, the research elaborates six hypotheses which represent for aspects of Vietnamese listed firms. Through testing these hypotheses, the research attempt to find out the factors that influence the level of integrated reporting of listed firms. a) Hypothesis one – Industry Type There have been many studies using the type of industry as an independent variable to measure the level of voluntary disclosure of firms. Wallace et al. (1994) found out that there are significant differences in the operating activities and reporting practices of a firm in the manufacturing industry and in another industry. Further, the study of Cohen et al. (2012) indicated that there was an industrial impact on non- financial firm disclosures. Particularly, the empirical finding found by Stanga (1976) reported a positive relationship between industry type and the extent of corporate disclosure. Therefore, the following hypothesis is proposed: H1. There is a difference in the level of integrated reporting disclosure between firms operating in the manufacturing industry and non-manufacturing industry. b) Hypothesis two – Board independence Evidence of the relationship between the proportion of non-executive directors on the board and corporate disclosure has been provided by many prior researches. Many prior studies indicated that independent directors play a critical role as controllers of management performance and actions, for instance: Fama and Jensen (1983); Brickley and James (1987); Weisbach (1988); Pearce and Zahra (1991). Forker 4
5. Hội nghị Sinh viờn nghiờn cứu khoa học năm học 2018-2019 (1992) found that a higher proportion of independent directors on board improved the monitoring of the disclosure quality and reduced the gains of withholding information. Thus, it is hypothesized that: H2. There is a positive relationship between the proportion of independent directors and the level of integrated reporting disclosure. c) Hypothesis three – Foreign ownership Haniffa and Cooke (2002) found a significant positive relationship between the percentage of foreign ownership and the level of voluntary disclosure by Malaysian listed firms. Similarly, Surendra Singh Singhvi (1968) conducted a study to research whether the firm foreigners owned a majority of stocks disclose more voluntary information or not. The expansion of trade, the privatization of firms, the listing of firms on HNX and HOSE has helped Vietnamese firms to approach foreign investors more conveniently. Hence, ownership by foreigners can be a significant determinant of the level of integrated reporting disclosure. Based on the discussion above, the following hypothesis is tested: H3. The is a positive relationship between the percentage of shares held by foreigners and the level of integrated reporting disclosure. d) Hypothesis three – Government ownership Governments normally invest in firms which are operating on the important aspects that may impact significantly to the country’s economy and absolutism. These non-economic thoughts suggest that firms with large government shareholdings might choose to reveal more to fulfill their accountability function to the public at large. In this case, agency costs are higher in government-owned firms because of conflicting objectives between the pure profit goals of a commercial firm, and goals related to the interests of the nation (Eng & Mak, 2003). Based on the discussion above, the following hypothesis is tested: H4: The is a positive relationship between the percentage of shares held by foreigners and the level of integrated reporting disclosure e) Hypothesis three – Audit quality A number of studies have investigated the relationship between audit firm size and corporate disclosure, e.g. Ahmed and Nicholls (1994), DeAngelo (1981), McNally et al. (1982), Surendra S Singhvi and Desai (1971). A positive association between audit quality and disclosure levels was presented by several previous studies, for example: Inchausti (1997), Street and Gray (2002), Glaum and Street (2003), Abdelsalam and Weetman (2007), Gallery et al. (2008), Dahawy (2009) and Uyar and Kilic (2012). Through hiring big our auditing firms, Vietnamese firms try to affirm their position and get the faith from their stakeholders by disclosing more voluntary information. Thus, it is hypothesized that: H5. There is a positive relationship between the level of integrated reporting disclosure and audit quality. f) Hypothesis three – Audit quality The positive association between firm size and disclosure levels has been researched in both cross and within country. There has been also a huge number of researchers showing this positive relationship in single country, for example: Surendra S Singhvi and Desai (1971); Terry E Cooke (1992); Wallace et al. (1994); Botosan (1997); Depoers (2000); Gallery et al. (2008); Palmer (2008); Dong and Stettler (2011). In Vietnam context large firms have several advanced characteristics rather than small one on disclosing voluntary information. They try to adopt the abroad reporting framework so as to get closer to foreign investors as well as response to their demand of disclosing. Consequently, it is hypothesized that: H6. There is a positive relationship between firm size and the level of integrated reporting disclosure. 5
6. Trường Đại học Kinh tế - Đại học Đà Nẵng 2.2.2. Sample selection and characteristics and data sources The sample comprise two hundred Vietnamese listed firms. Because there is no difference on the policy of stock exchanges so the firms selected from both HNX and HOSE as of 31 Dec 2017. Particularly, the basis to choose the firms for examining is market capitalization. It means two hundred firms are the firms which have the highest market capitalization on the Vietnamese stock exchange. In addition, these firms may be operating in manufacture, finance, construction, services, etc. In the case of firms that were initially selected without publishing the annual report for 2017, we would take the next high-capitalization firm. Specifically, we will conduct the annual report collection of these 200 listed firms and will measure manually the integrated information disclosed in firms' reports. 2.2.3. Research model and variable measurement a) Research model To explore the associations proposed in the research hypotheses, we performed a multivariate ordinary least squares regression. The following model are represented as: IRD = β0 + β1IND + β2BIND + β3FO + β4GO + β5BIG + β6FS + ԑ b) Dependent variable A most commonly used form of content analysis is analyzing the existence or absence of each item with a non-weighted disclosure approach (Krippendorff, 1980). This approach has been used in many prior studies (Ahmed Haji & Hossain, 2016; Garcớa-Sỏnchez et al., 2013; Oliveira et al., 2010). For reported item, we count one and zero otherwise. Hence, a firm received a score ranging from 0 to 50, depending upon the number of items disclosed. The IRD was calculated by dividing the items disclosed to a maximum number of items that a firm could disclose. The IRD is mathematically represented as: IRD = where: IRi = 0 or 1, as follows: IRi = 0 if the disclosure item was not found; IRi = 1 if the disclosure item was found; and t = the maximum number of integrated reporting disclosure items a firm could disclose. c) Independent variable The table below summarizes the list of independent used in this study as well as the way to measure them: Table 2. The method of measuring independent variables Independent variable Measurement "1" if a firm operates in the manufacturing industry; "0" if a firm Type of industry (IND) operates in the service industry Board independence (BIND) % of non-executive director to total director Foreign ownership (FO) % of shares held by foreign investors Government ownership % of shares held by government (GO) “1” if a firm is audited by Big Four, “0” if a firm is not audited by Big Big Four (BIG) Four Firm size (FS) The natural logarithm of total assets 6
7. Hội nghị Sinh viờn nghiờn cứu khoa học năm học 2018-2019 3. Results and implications 3.1. Results a) Integrated reporting disclosure level of the Vietnamese listed firms The descriptive statistics of the variables used are shown in Table 3.1. The IRD shows a considerable variance ranging between 0.16 and 0.80. Table 3. The integrated reporting disclosure level of listed firms N Minimum Maximum Mean Std. Deviation IRD 200 0.16 0.80 0.426 0.127 Valid N (listwise) 200 Grouping and observing the level of publication of each group indicates the level of publication of each group as well as the groups of information that firms have not published yet. Table 4. The integrated reporting disclosure level of each group in the framework Group N Minimum Maximum Mean G1 200 0.08 1.00 0.5458 G2 200 0.20 1.00 0.6920 G3 200 0.07 0.80 0.3610 G4 200 0.00 1.00 0.5825 G5 200 0.00 0.83 0.3458 G6 200 0.00 0.80 0.2990 G7 200 0.00 0.75 0.1450 In addition, the research also conducts the calculation of firms’ disclosure and the variations of disclosure. The average value of information disclosure of each group according to the IIRC framework varies from 15 percent (G7) to 69 percent (G2). There is also considerable variation within groups with the standard deviation across the firms. As indicated by the sample standard deviation, the disclosure of G1 (19.5). G4 (25.9) and G5 (18.8) show the largest variations in integrated reporting voluntary disclosure. As such, the variation in voluntary disclosure is likely to be driven by the variations of these groups including G1, G4, and G5. b) Factors influence integrated reporting disclosure level Table 5. The statistics describing the independent variables N Minimum Maximum Mean Std. Deviation IND 200 0.00 1.00 0.55 0.50 BIND 200 0.00 1.00 0.27 0.28 FO 200 0.00 62.30 15.57 16.39 GO 200 0.00 95.76 7.92 20.05 BIG 200 0.00 1.00 0.54 0.50 FS 200 11.39 20.91 15.52 1.60 Table 6. The results of multivariate regression model IRD = β0 + β1IND + β2BIND + β3FO + β4GO + β5BIG + β6FS + ԑ Variables Hypothesis Expected sign Coefficients t-stat p-value IND H1 ? 0.049 2.870 0.005 BIND H2 + 0.058 1.947 0.053 FO H3 + 0.001 2.685 0.008 GO H4 + 0.001 2.226 0.027 BIG H5 + 0.037 2.119 0.035 FS H6 + 0.014 2.521 0.013 Adj. R2 0.169 F - stat 7.737 0.000 7
8. Trường Đại học Kinh tế - Đại học Đà Nẵng Table 6 presents the regression results for anticipating IR disclosure level of listed firms in Vietnam. The results indicate that the model is statistically significant in explaining which factors affect the IR disclosure level of Vietnamese listed firms (F = 7.737, p < 0.001). The adjusted R2 represents that independent variables explain 16.9 per cent of the variations in IRD. Additionally, the statistical results also show that there is no multi-collinearity phenomenon in this model because the magnification coefficient of variance (VIF) has the largest value of 1.197 lower than the allowed threshold of 10 (Gujarati, 2003; Pallant, 2001). According to the results of multivariate regression model, all of six hypotheses are supported. It means the dependent variable is influenced by factors, including types of industry, the number of board independence, the ownership structure, the quality of auditing and the scale of the firms. 3.2. Implications The results of this study have a number of implications for regulatory authorities, public and private sector organizations as well as academic researchers. The evidence of the study is useful for stipulators because it helps them realize the actual situation of items that firms can publish in accordance with regulations. voluntary disclosure or even not reporting. From there, they will have changes in regulations on information disclosure to suit the context of Vietnam. The limitations of the study are the guidelines for later research papers. Firstly, this research only measures the applicability of 200 listed firms, which are still relatively few and may be limited in representing the whole of Vietnamese firms. Later researchers can increase the number of samples or study specifically for a particular industry. Because each industry has different characteristics so they also differ from the items they reported as well as the issue they concerned. Secondly, the research paper on the construction of measurement indicators includes basic indicators in each group. Therefore, the following studies may increase the number of indicators to gain more detailed measurement results. Thirdly, the paper is only done in one country, so it is not possible to indicate the application level of Vietnamese firms compared to other countries. Research in many countries will give us results that reflect a clear comparison between countries. In particular, the paper only focuses on measuring the data of 2017, if possible. future studies can analyze changes across different years to consider the situation of applying analytical reports country. The integrated report as well as information disclosure related to this report is a fairly new topic in Vietnam. Therefore, this is a great opportunity for economic researchers interested in integrated reports to learn and analyze. 4. Conclusion Most of the firms of our country have not released integrated reports. On the contrary. the application of integrated reporting has long been adopted around the world. Perhaps this comes from the fact that our country is a developing country. Thus, the general trend of firms in our country is still to pay attention to the interests and place firms' interests to the top. This research indicated that many firms have gradually changed their focus on profitability and shifted to other values. This is a positive sign of information disclosure in our country. This proves that firms are gradually accepting a trade-off between transparency and confidentiality. The paper measures the level of information disclosure according to the integrated reporting framework of IIRC. This contributes significantly to stipulators in considering to enhance additional indicators in the annual report. This will be a premise for adopting integrated report in Vietnam. In addition, the paper also analyzes the factors affecting the information disclosure of listed companies in Vietnam. As a result of the content analysis, this research determined some deficiencies in current reporting practices of Vietnamese firms that may be overcome by the adoption of integrated reporting. 8
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