This article aims to investigate how large shareholders affect the information environment, as measured by stock price synchronicity, of listed firms in the Vietnam stock exchanges. Upon applying fixed effects and instrumental variables fixed effects with firm-level clustered standard errors for a sample of 160 listed firms in the Vietnam stock exchanges over the period 2008–2017, the results show that stock price synchronicity is negatively associated with the two largest shareholders’ ownership and positively related to state ownership. The findings support that non-state large ownership plays an important role in improving the information environment in emerging markets where investor protection laws are relatively weak.

本文旨在调查大股东如何影响越南证券交易所上市公司的信息环境（通过股价同步性衡量）。在对越南证券交易所160家2008年至2017年上市公司的样本应用固定效应和工具变量的固定效应以及企业水平的聚类标准误差后，结果显示，股票价格同步性与两个最大股东负相关所有权与国家所有权成正比。研究结果表明，非国有的大型所有权在改善投资者保护法律相对薄弱的新兴市场的信息环境中起着重要作用。