Title: The impact of corporate social responsibility disclosure and board characteristics on firm performance: evidence from Vietnam-listed firms

Authors: Quynh Lien Le; Van Thinh Vu; Quynh Trang Le; Anh Linh Nguyen; Phuong Anh Luong; Thi Tam Nguyen

Addresses: School of Accounting and Auditing, National Economics University, 207 Giai Phong Street, Hanoi, Vietnam ' School of Accounting and Auditing, National Economics University, 207 Giai Phong Street, Hanoi, Vietnam ' School of Accounting and Auditing, National Economics University, 207 Giai Phong Street, Hanoi, Vietnam ' School of Accounting and Auditing, National Economics University, 207 Giai Phong Street, Hanoi, Vietnam ' School of Accounting and Auditing, National Economics University, 207 Giai Phong Street, Hanoi, Vietnam ' School of Accounting and Auditing, National Economics University, 207 Giai Phong Street, Hanoi, Vietnam

Abstract: This study aims to investigate the influence of corporate social responsibility disclosure (CSRD) and board characteristics on firm performance, proxied by return on assets (ROA), earnings per share (EPS), and Tobin's Q (TQ) in 498 listed firms on the Vietnamese stock market between 2015 and 2019. To examine this impact, we conducted various statistical methods, including pooled ordinary least squares (OLS), fixed effects model (FEM), random effects model (REM), and generalised least squares (GLS) estimation. Our findings indicate a significant and positive association between CSRD and firm performance when evaluated by TQ, whereas a negative relationship is observed when measured by ROA and EPS. Furthermore, the impact of board characteristics on firm performance is partially significant when firm performance is assessed using all three variables (ROA, EPS, and TQ).

Keywords: board characteristics; CSRD; corporate social responsibility disclosure; firm performance; listed firms; non-financial; Vietnam; stakeholder; shareholders.

DOI: 10.1504/IJMEF.2024.137552

International Journal of Monetary Economics and Finance, 2024 Vol.17 No.1, pp.97 - 122

Received: 12 Mar 2023
Accepted: 30 Sep 2023
Published online: 25 Mar 2024 *

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