Determinants of Environmental Information Disclosure in Annual Reports

<p><span style="color: black;">This study investigates the determinants of environmental information disclosure (EID) among listed manufacturing firms in Vietnam. The sample consists of 232 firms over the period 2021–2024, with data collected from Annual Reports to examine the effects of firm characteristics, corporate governance mechanisms, ownership structure, and audit quality on the degree of disclosure. Content analysis is employed to measure disclosure through an 11-item EID constructed in line with Circular 96/2020/TT-BTC, which regulates information disclosure in the Vietnamese stock market. Panel data regression techniques, including pooled-ordinary least squares (OLS), the fixed effects model (FEM), and the random effects model (REM), are applied, and the FEM is identified as the most appropriate specification. The empirical results indicate that foreign ownership, firm size, audit quality, and board size have positive and statistically significant effects on the degree of EID, whereas CEO duality and financial leverage have a negative effect. By contrast, listing age is not found to be a significant determinant of EID. These findings highlight the important role of firm characteristics, corporate governance mechanisms, and external monitoring in promoting environmental transparency among listed manufacturing firms in Vietnam.</span></p>