The Impact of Firm Characteristics on the Intellectual Capital Disclosure of Listed Companies on the Vietnamese Stock Market

Abstract

In the context of the knowledge-based economy, intellectual capital has become a core resource for corporate value creation. However, traditional accounting systems struggle to adequately reflect this type of asset, increasing information asymmetry between firms and investors. Voluntary intellectual capital disclosure (ICD) is considered a mechanism to bridge this gap. This study aims to systematize and critically evaluate the impact of firm characteristics on the level of ICD by listed companies on the Vietnamese stock market. Using a desk research method-synthesizing, analyzing, comparing, and critically evaluating domestic and international studies through a multi-theoretical lens (signaling theory, agency theory, legitimacy theory, stakeholder theory, and information asymmetry theory)-the study constructs a three-layer analytical framework comprising firm characteristics, mediating theoretical mechanisms, and the moderating layer of Vietnam's institutional context. The results show that firm size, foreign ownership, industry specifics, and audit quality tend to have a relatively consistent positive impact, while financial leverage and profitability yield mixed results due to the tension between signaling motives and proprietary costs. Notably, concentrated ownership structures, the role of state ownership, and an incomplete legal framework for voluntary disclosure weaken or even reverse some relationships established in developed markets. Based on these findings, the study proposes specific, feasible policy implications for regulators, listed companies, investors, and professional organizations, while also suggesting avenues for future quantitative testing.