- The study intends to make practical contributions to the literature on information disclosure and corporate governance in the context of integration in Vietnam through investigating annual reports. - Secondly, the fact that there are no ownership structures that influence levels of voluntary disclosure are surprisingly, especially for the case of foreign and institutional ownership, since these factors have been seen as important elements in the corporations’ characteristics to encourage the transparency of voluntary disclosure to the public. - There were considerable researches that concerned voluntary disclosure information in annual reports of companies and most of them centered in developed countries. - Recently, there were several studies touched upon the voluntary disclosure in annual reports of developing countries. - This paper is one of the first researches about the voluntary disclosure information in corporate annual reports of another developing country- Vietnam, follows the calling of Sarikas et al. - Moreover, Okeahalam (2004) emphasized an urgent requirement of examining the relationship between the level of voluntary disclosure and corporate governance in each country. - Various studies concerned the influences of factors on voluntary disclosure of listed firms. - In Vietnam, there are a few studies which investigate the relationship between influencing factors and voluntary disclosure. - (2011), which obtained the data from annual reports of 110 randomly selected Vietnamese firms in 2009 and showed out the significant relationship between firms’ size, state ownership and Big4 and voluntary disclosure. - Binh (2012) has involved listening to the gap between Financial Analysts’ requirements and Financial Managers’ viewpoints of information disclosure with the meeting ability of available information in the Vietnamese non- financial listed companies’ annual reports.. - The following parts examine the impact of ownership structure and auditing teams’ existence on voluntary disclosure in the annual reports of Vietnamese non-financial listed companies.. - Vu et al. - H1: There is a negative association between the extent of voluntary disclosure and. - government ownership in the annual reports of Vietnamese non- financial listed firms.. - They found a positively significant relationship between the level of voluntary disclosure and foreign ownership. - H2: The higher the percentage of shares held by foreign investors, the higher the level of voluntary disclosure.. - rights and wealth as well as improve voluntary disclosure strategy. - Carson and Simnett (1997) demonstrated a significantly positive association between the percentage ownership by institutional investors and voluntary disclosure of corporate governance practices by listed companies in Australia. - (2003) and Khlifi and Bouri (2007) suggested a negative relation between institutional ownership and the extent of voluntary disclosure.. - H3: The extent of voluntary disclosure in annual report is positively related to the level of institutional ownership.. - Yuen et al. - A number of previous studies provided empirical evidence of a positive association between the presence of an audit committee with its activities and the voluntary disclosure practices in the U.S. - H4: The higher level of voluntary disclosure is associated with firms that have internal audit activities.. - H5: The extent of voluntary disclosure is higher for firms that are audited by the Big Four auditing firms.. - Two components were developed to measure the level of voluntary disclosure: (1) establishing an item list of voluntary disclosure. - The items of voluntary disclosure. - Marston and Shrives (1991) stated that followed Ceft (1961), many studies have measured disclosure quality, but there is no concrete explanation or general guide for the selection of items to measure the extent of voluntary disclosure. - In general, voluntary disclosure is considered as the primary importance of disclosure. - For the purpose of this research, voluntary disclosure is understood as the financial and non- financial information through annual reports over and above the mandatory requirements, either with regard to the Vietnamese company laws, professional accounting standards or any other relevant regulatory requirements. - In the first step, the author establishes a checklist of voluntary disclosure items. - The checklist is referred to voluntary items in the actual annual reports of previous papers.. - Relevant to establishing the disclosure items of this study, many prior studies on voluntary disclosure have been researched, especially in the developing countries such as India, South Africa, Nigeria, Mexico, Kuwait, Malaysia, Kenya and China (in Singhvi, 1968. - This study uses the multiple regression model (Ordinary Least Squares (OLS)) as the primary to examine the significant association between independent variables of corporate ownership structure, and the dependent variable of the whole Vietnamese voluntary disclosure. - V: voluntary disclosure index scores for sample companies i: number of indices according to overall disclosure. - It reported that the level of average voluntary disclosure in the sample companies is at medium level with the mean of 45.4% (ranged from 2.9% to 87.4. - DSL= Extent of Voluntary disclosure of all non-financial listed companies of 72 voluntary items. - The items shown in the following tables are based on data quoted in the annual reports of non-financial companies in the Vietnamese Stock Market. - Table 3 states the regression results of the relationship between ownership structure, corporate governance, companies’ characteristics and the extent of voluntary disclosure. - The negative and insignificant relationship between state ownership and the level of voluntary disclosures among sample of 465 Vietnamese listed firms and again, in the opposite of predicted direction indicate that Hypothesis 1 could not be supported. - characteristics to encourage the transparency of voluntary disclosure to the public. - (2003) and Khlifi and Bouri (2007) which state that the institution ownership is not significantly associated with voluntary disclosure. - The statistical results in Table 3 reveal that there is a significantly positive relationship between the extent of voluntary disclosure and the existence of internal audit activities. - But because of the importance of the audit activities information in the process of monitoring and early detecting of faults in the financial statements, management of publicly-listed firms should disclose more of this kind of information to fulfill the needs of shareholders and potential investors (Yuen et al., 2009).. - It simply means that the size of audit firms does not influence the level of voluntary disclosure. - This model shows only one variable that is positively associated with level of voluntary disclosure: AUDI. - This study is one of the first empirical papers that investigate the relationship between the ownership structures, the auditing teams’ existence and the level of information disclosure in the Vietnamese firms’ annual reports.. - Firstly, the above analyses illustrated that the existence of internal audit and its activities is positively associated with the level of voluntary disclosure. - Because of the importance of the audit activities information in the process of monitoring and early detecting of faults in the financial statements, management of publicly-listed firms should disclose more of this kind of information to fulfill the needs of shareholders and potential investors in the future (Yuen et al., 2009).. - Secondly, the fact that there are no ownership structures that influence levels of voluntary disclosure is surprisingly, especially for the case of foreign and institutional ownership, since these factors have been seen as important elements in the corporations’. - 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