Abstract: This study aims to analyze the factors affecting the operational efficiency of listed construction enterprises in Vietnam, while testing the mediating role of integrated information disclosure (IRC). Based on agency theory, resource-based theory, Modigliani–Miller theory, and integrated information disclosure theory, the study employs an unbalanced panel dataset from 49 listed construction enterprises during the period 2019–2024. The full dataset comprises 266 firm-year observations, while 260 firm-year observations are available for regressions involving ROA, ROE, and ATO due to lagged financial data requirements. The research methodology combines qualitative methods (focus group discussions to develop the IRC index) and quantitative methods (multivariate linear regression using FGLS combined with Sobel–Goodman mediation testing), with ROA, ROE, and ATO as dependent variables. The results indicate that firm size (Size), revenue growth rate (Growth), financial leverage (Lev), and firm age (Age) all have positive effects on the level of integrated information disclosure. IRC plays a statistically significant mediating role in the relationship between these four factors and operational efficiency. In contrast, the proportion of independent board members (Num) and Big4 auditing (Audit) do not have a significant impact on IRC. The study contributes to clarifying the transmission mechanism of integrated information disclosure in the construction industry within an emerging market context, while providing practical implications for enterprises and regulators to promote information transparency in order to enhance sustainable operational efficiency.

Keywords: Operational efficiency, Integrated information disclosure (IRC), Listed construction enterprises, Vietnam stock market, Agency theory, Financial leverage, Firm size, Mediating effect analysis

Pages: 1-11