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

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

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.

Suggested Citation

  • Nguyen, Thai Hoang & Vu, Lien Phuong Thi & Mai, Anh Ngoc & Tran, Tuyen Quang, 2025. "Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market," International Review of Financial Analysis, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:finana:v:102:y:2025:i:c:s1057521925001644
    DOI: 10.1016/j.irfa.2025.104077
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    More about this item

    Keywords

    Annual report; Emerging market; Firm value; Narrative disclosures; GMM;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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