Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market

Thai Hoang Nguyen, Lien Phuong Thi Vu, Anh Ngoc Mai and Tuyen Quang Tran

International Review of Financial Analysis, 2025, vol. 102, issue C

Abstract: This study examines the effect of narrative disclosures on firm value, based on a sample of listed companies in Vietnam from 2012 to 2021. In contrast to prior research, which typically focuses on a single facet of narrative disclosures, this study explores multiple dimensions. The results indicate that firms with a more optimistic tone and forward-looking statements tend to achieve higher firm value. However, no significant relationship is observed between the complexity of disclosures and firm value. Various robustness checks validate the explanatory power of narrative disclosures, highlighting their role in enhancing firm value by positively influencing earnings per share and overall financial performance.

Keywords: Annual report; Emerging market; Firm value; Narrative disclosures; GMM (search for similar items in EconPapers)
JEL-codes: G32 G41 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1057521925001644
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:102:y:2025:i:c:s1057521925001644

DOI: 10.1016/j.irfa.2025.104077

Access Statistics for this article

International Review of Financial Analysis is currently edited by B.M. Lucey

More articles in International Review of Financial Analysis from Elsevier
Bibliographic data for series maintained by Catherine Liu ().