Financial Performance of Enterprises Listed on Vietnam Stock Market
Author(s)
Phuong Hoa Le , Thi Duyen Vu , Thi Hoan Nguyen ,
Download Full PDF Pages: 154-173 | Views: 504 | Downloads: 146 | DOI: 10.5281/zenodo.5045098
Abstract
Based on the analysis of the impact of social responsibility reporting on the financial performance of listed companies, the study aims to measure the social responsibility disclosure situation of listed companies. listing on Vietnam's stock market and analyzing the positive impact of publishing social responsibility reports on financial performance. The paper has applied qualitative methods to synthesize previous studies and background theory to confirm the main contents in disclosing social responsibility information as well as the financial performance indicators used. used to measure relationships in research. In addition, the study also uses quantitative methods to examine the impact of social responsibility reporting on financial performance.
Keywords
financial performance, social responsibility disclosure
References
i. AA1000. AccountAbility 1000 framework, 2008. Standards, Guidelines and Professional Qualification. London: The Institute of Social and Ethical Account Ability. |
ii. Abagail McWilliams and Donald Siegel, 2000. Corporate Social Responsibility and Financial Performance: Correlation or Misspecification?. Strategic Management Journal, Vol. 21, No. 5, May, 2000, pp. 603-609. |
iii. Abbott W. E, Monsen R. J., 1979. On the Measurement of Corporate Social Responsibility: Self-Reported Disclosures and a Method of Measuring Corporate Social Involvement. Academy of Management Journal 22 (3): 501-5. |
iv. Ahmed K., Courtis J. K., 1999, Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review., 31, pp. 35-61. |
v. Alesina A., La Ferrara E., 2000. Participation in Heterogeneous Communities. Quarterly Journal of Economics, 847- 904. |
vi. Ball, R., & Shivakumar, L., 2005. Earnings quality in U.K. private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83–128 |
vii. Barth, M. E., Landsman, W. R., & Lang, M. H. , 2008. International Accounting Standards and Accounting Quality. Journal of Accounting Research, 46(3), 467–498. doi:10.1111/j.1475- 679X.2008.00287.x |
viii. Barth, M. E., Beaver, W. H., & Landsman, W. R. ,2001. The Relevance of the Value Relevance Literature For Financial Accounting Standard Setting : Another View. Journal of Accounting and Economics, 31(77), 104 |
ix. Bauman, C. W., and Skitka, L. J., 2012. Corporate social responsibility as a source of employee satisfaction. Research in Organizational Behavior. 32: 63-86. |
x. Becker-Olsen, K. L., Cudmore, B. A., Hill, R. P., 2006. The impact of perceived corporate social responsibility on consumer behavior. Journal of Business Research. 59/1: 46-53. |
xi. Bebbington, J., & Larrinaga, C. (2014). Accounting and sustainable development: An exploration. Accounting. Organizations and Society, 39(6), 395–413. doi:10.1016/j.aos.2014.01.003 |
xii. Bloom, P.N and Gundlach, G.T., 2001. Handbook of Marketing and Society. Sage Publications, Thousand Oaks, CA. |
xiii. Bowen, H. R., 1953. Social responsibility of the businessman. New York: Harper & Row. |
xiv. Bich ThiNgoc Nguyen, HaiThiThanh Tran, Oanh Hoang Le, 2015. Association between Corporate Social Responsibility Disclosures and Firm Value – Empirical Evidence from Vietnam. International Journal of Accounting and Financial Reporting, ISSN 2162-3082 2015, Vol. 5, No. 1 |
xv. Campbell, D. (2000) Legitimacy Theory or Managerial Reality Construction? Corporate Social Disclosure in Marks and Spencer Plc Corporate Reports, 1969-1997. Accounting Forum, 24, 80-100. |
xvi. Carnevale, C., Mazzuca, M., Venturini, S., 2012. Corporate social reporting in European banks: The effects on a firm’s market value. Corporate Social Responsibility and Environmental Management. 19/3: 159-177. |
xvii. Carroll, 1979. A three – dimensional Conceptual model of Corporate Performance. Academy of Management Review, Vol. 4, No. 4. 497-50 |
xviii. Carroll, A. B., 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons. 34/4: 39-48. |
xix. Chan, S.H., and D. Metcalf, 1970. Inhibition of bone marrow colony formation by normal and leukemic human serum. Nature, 227:845-846. |
xx. Ciliberti, F., Pontrandolfo, P., & Scozzi, B., 2008. Investigating corporate social responsibility in supply chains: a SME perspective. Journal of Cleaner Production, Volume 16, Issue 15, October 2008, Pages 1579-1588 |
xxi. Clarkson, M.B., 1995. A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, Vol. 20, No. 1 |
xxii. Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P., 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting. Organizations and Society, 33(4-5), 303–327. doi:10.1016/j.aos.2007.05.003 |
xxiii. Cho, C. H., & Patten, D. M., 2007. The role of environmental disclosures as tools of legitimacy: A research note. Accounting. Organizations and Society, 32(7-8), 639–647. doi:10.1016/j.aos.2006.09.009 |
xxiv. Cho, C. H., Freedman, M., & Patten, D. M., 2012. Corporate disclosure of environmental capital expenditures. Accounting, Auditing & Accountability Journal, 25(3), 486–507. doi:10.1108/09513571211209617 |
xxv. Cormier, D., & Magnan, M. (2007). The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: An international perspective. Ecological Economics, 62(3-4), 613–626. doi:10.1016/j.ecolecon.2006.07.030 |
xxvi. Patten, D. M., 2002. The relation between environmental performance and environmental disclosure: a research note. Accounting, Organizations and Society, 27, 763–773 |
xxvii. Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G., 2012. Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87(3), 723–759. doi:10.2308/accr-10218 |
xxviii. Deegan, C., 2002. Introduction: The legitimising effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountability Journal |
xxix. Deegan, C. And Samkin, G., 2009. New Zealand Financial Accounting. Sydney, Australia: McGraw-Hill. |
xxx. Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G., 2012. Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87(3), 723–759. Doi:10.2308/accr-10218 |
xxxi. Farook, S., Hassan, M.K., & Lanis, R., 2011. Determinants of Corporate Social Responsibility Disclosure: The Case of Islamic Banks. Journal of Islamic Accounting and Business Research |
xxxii. Frank Tuzzolino & Barry R. Armandi, 1981. A Need-Hierarchy Framework for Assessing Corporate Social Responsibility. Academy of Management Review 1981. Vol. 6, No. 1. 21-28 |
xxxiii. Freeman, R., 1984. Strategic Management: A Stakeholder Approach. Pittman. Boston. 280 pages. |
xxxiv. Garriga, E., & Mele, D., 2004. Corporate Social Responsibility Theories: Mapping the Territory. Journal of Business Ethics. August 2004, Volume 53, Issue 1–2, pp 51–71. |
xxxv. Gaeremynck, A. and Willekens, M., 2003. The Endogenous Relationship between Audit-Report Type and Business Termination: Evidence on Private Firms in a Non- Litigious Environment. Accounting and Business Research, 33(1), 65-79 |
xxxvi. Gelinas, Sutton & Oram, 1999. Accounting Information Syatem. South- Western |
xxxvii. Gelinas, J.U., et al, 2012. Accounting Information Systems. South Western: Cengage Learning. |
xxxix. GRI, 2002. GRI Guidelines, 2002. GRI, Amsterdam: GRI, 2002. |
xl. GRI, 2011. GRISustainability Reporting Guidelines, Version 3.1. Amsterdam, 2011. Global Reporting Initiative, 2011, 3-4. |
xli. Güler Aras Asl, Aybars Ozlem Kutlu, 2010. Managing corporate performance: Investigating the relationship between corporate social responsibility and financial performance in emerging markets. International Journal of Productivity and Performance Management, Vol. 59 Iss 3 pp. 229 – 254 |
xlii. Guthrie, J., & Parker, L.D.,1989. Corporate Social Reporting: A Rebuttal of Legitimacy Theory. Journal Accounting and Business Research, Volume 19, 1989 |
xliii. Giovanna Michelon, Silvia Pilonato, Federica Ricceri, 2015. CSR reporting practices and the quality of disclosure: An empirical analysis. Crit Perspect Account, YCPAC 1875 1–21 |
xliv. Hasan Fauzi, 2008. Institutional Ownership and Corporate Social Performance: Empirical Evidence from Indonesian Companies. Issues in Social and Environmental Accounting , Vol. 1, No. 2 December 2007 Pp 334-347 |
xlv. He, H., and Li, Y., 2011. CSR and service brand: The mediating effect of brand identification and moderating effect of service quality. Journal of Business Ethics, 100/4: 673-688. |
xlvi. Henry, J., & Journeault, M., 2010. Eco-control. The influence of management control systems on environmental and economic performance. Accounting, Organizations and Society, 35, 63-80. |
xlvii. Hill RC, Bowen P.,1997. Sustainable construction: principles and a framework for attainment. Construction Management and Economics 1997;15:223–39. |
xlviii. Ho Ngoc Thao Trang, Liafisu Sina Yekini, 2014. Investigating the link between TNXH and Financial performance – Evidence from Vietnamese listed companies; British Journal of Arts and Social Sciences, ISSN: 2046-9578 |
xlix. Hopwood, A.G., 2009. Accounting and the environment. Accounting, Organizations and Society, Vol. 34 Nos 3/4, pp. 433-9. |
l. Hoje Jo Maretno and A. HarjotoCorporate, 2011. Governance and Firm Value: The Impact of Corporate Social Responsibility, Journal of Business Ethics, 103:351–383 |
li. HOPE, O.-K., & Toronto, U. of., 2003. Accounting Policy Disclosures and Analysts’ Forecasts. Contemporary Accounting Research, 20(2), 295–321. doi:10.1506/la87-d1nf-bf06-fw1b |
lii. HR Bowen, 1953. Social responsibilities of the Businessmen, printed in the United States of America. |
liii. ISO 26000:2010. Guidance on social responsibility.ISO |
liv. ISO 9001:2015. Quality management systems — Requirements.ISO |
lv. ISO 14000. Environmental management.ISO |
lvi. James A. Hall, 2011. Accounting Information Syatem. South- Western |
lvii. Jegadeesh, N., & Livnat, J., 2006. Post-Earnings-Announcement Drift: The Role of Revenue Surprises. Financial Analysts Journal, 62(2), 22–34. doi:10.2469/faj.v62.n2.4081 |
lviii. John, M. & Decker, C., 2006. Voluntary Environmental Investment and Responsive Regulation. Environmental & Resource Economics, Springer; European Association of Environmental and Resource Economists, vol. 33(4), pages 425-439, April. |
lx. Joseph P. H. Fan & T.J. Wong, 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economies, Vol 33, pp 401- 425 |
lxi. Jong-Seo Choi, Young-Min Kwak and Chongwoo Choe, 2010. Corporate social responsibility and corporate financial performance: Evidence from Korea, Australian Journal of Management 35(3) 291–311. |
lxii. Kang, K.H., Lee, S., Huh, C., 2010. Impacts of positive and negative corporate social responsibility activities on company performance in the hospitality industry. International Journal of Hospitality Management.29: 72-82. |
lxiii. KPMG International. GRI’s G4 Guidelines, 2013: the impact on reporting. KPMG’s Climate Change & Sustainability Services, KPMG International, Zug: KPMG International Cooperative, 2013, 3-6. |
lxiv. KPMG. Sustainability Reporting Systems, 2013: A market review. KPMG Sustainability, 2012. |
lxv. Kempf, A., Osthoff, P., 2007. The effect of socially responsible investing on financial performance. European Financial Management 13, 908–922. |
lxvi. Kent Byus, Donald Deis, Bo Ouyang, 2010. Doing well by doing good: Corporate Social Responsibility and Profitability. S.A.M Advanced Management Juornal; Corpus ChristiVol.75, Is.1, (Winter 2010): 44-55,3. |
lxvii. Keith B.Murray & John R. Montanari, 1986. Strategic Management of the Socially Responsible Firm: Integrating Management and Marketing Theory. Academy ol ManagemeniReview. Vol. 11. No. 4. 815-827. |
lxviii. Keith Davis, 1973. The Case for and against Business Assumption of Social Responsibilities. The Academy of Management Journal, Vol. 16, No. 2, pp. 312-322 |
lxix. Leuz, C., Nanda, D., & Wysocki, P. D. ,2003. Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69(3), 505–527. |
lxx. Lee, M. D. P., 2011. Configuration of external influences: The combined effects of institutions and stakeholders on corporate social responsibility strategies. Journal of Business Ethics. 102/2: 281-298. |
lxxi. Lee, Y. K., Lee, K. H., and Li, D. X., 2012. The impact of CSR on relationship quality and relationship outcomes: A perspective of service employees. International Journal of Hospitality Management. 31/3: 745-756. |
lxxii. Marc Orlitzky, Frank L. Schmidt and Sara L. Rynes, 2003. Corporate Social and Financial Performance: A Meta-Analysis. Organization Studies 24(3): 403–441 |
lxxiii. McDonald, L. M., and Rundle-Thiele, S., 2008. Corporate social responsibility and bank customer satisfaction: a research agenda. International Journal of Bank Marketing. 26/3: 170-182. |
lxxiv. Milne, M., & Gray, R., 2013. W(h)ither Ecology? The triple bottom line, the global reporting initiative, and corporate sustainability reporting. Journal of Business 854 Ethics, 118(1), 13–29 |
lxxv. Moneva and Rivera-Lirio, 2007. The corporate stakeholder commitment and social and financial performance. Industrial Management & Data Systems Vol. 107 No. 1, 2007 pp. 84-102 |
lxxvi. Moodley, K., Smith, N., Preece, C.N., 2008. Stakeholder matrix for ethical relationships in the construction industry. Construction Management and Economics 26 (6), 625-632 |
lxxvii. Nikolaeva, R., & Bicho, M., 2011. The role of institutional and reputational factors in the voluntary adoption of corporate social responsibility reporting standards. Journal of the Academy of Marketing Science, 39, 136-157. |
lxxviii. Nguyen, M.D., Bensemann, J., & Kelly, S.J., 2018. Corporate social responsibility (CSR) in Vietnam: a conceptual framework. International Journal of Corporate Social Responsibility, 3, 1-12. |
lxxix. Öberseder, M., Schlegelmilch, B. B., and Murphy, P. E., 2013. CSR practices and consumer perceptions. Journal of Business Research. 66/10: 1839-1851. |
lxxx. O’Connor, M., & Spangenberg, J.H., 2008. A methodology for CSR reporting: assuring a representative diversity of indicators across stakeholders, scales, sites and performance issues. Journal of Cleaner Production. Volume 16, Issue 13, September 2008, Pages 1399-1415. |
lxxxi. O’Donovan, G., 2002. Environmental disclosures in the annual report. Accounting, Auditing & Accountability Journal, 15, 344-371. |
lxxxii. Polychronidou, P., Ioannidou, E., Kipouros, A., Tsourgiannis, L., & Simet, G. F., 2014. Corporate Social Responsibility in Greek Banking Sector–An Empirical Research. Procedia Economics and Finance, 9: 193-199. |
lxxxiii. Peters and Mullen, 2009. Some Evidence of the Cumulative Effects of Corporate Social Responsibility on Financial Performance. Journal of Global Business Issues – Volume 3, Issues 1. |
lxxxiv. R.K. Mittal Neena Sinha Archana Singh, 2008. An analysis of linkage between economic value added and corporate social responsibility. Management Decision, Vol. 46 Iss 9 pp. 1437 – 1443 |
lxxxv. Rhou, Y., Singal, M., and Koh, Y.,2016. CSR and financial performance: The role of CSR awareness in the restaurant industry. International Journal of Hospitality Management. 57: 30-39. |
lxxxvi. Robert Hay and Ed Gray, 1974. Social Responsibilities of Business Managers. The Academy of Management Journal, Vol. 17, No. 1 (Mar., 1974), pp. 135-143 |
lxxxvii. Richardson và Welker, 2001. Social disclosure, financial disclosure and the cost of equity capital, Accounting. Organizations and Society 26 (2001) 597–616. |
lxxxviii. SA8000® Standard – Social Accountability International. SA8000 |
lxxxix. Sadok El Ghoul, 2011. Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance 35 (2011) 2388–2406. |
xc. Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., and Saaeidi, S. A., 2015. How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research. 68/2: 341-350. |
xci. Sakr, D.A., Sherif, A., El-Haggar, S.M., 2010. Environmental management systems’awareness: an investigation of top 50 contractors in Egypt. Journal of Cleaner Production 18 (3), 210-218. |
xcii. Scholtens, B., 2009. Corporate social responsibility in the international banking industry. Journal of Business Ethics. 86/2:159-175. |
xciii. Sharfman, M.P., Fernando, C.S., 2008. Environmental risk management and the cost of capital. Strategic Management Journal 29, 569–592. |
xciv. Shen, L., Wu, Y., Chan, E.H., & Hao, J.L., 2005. Application of system dynamics for assessment of sustainable performance of construction projects. Journal of Zhejiang University-SCIENCE A, 6, 339-349. |
xcv. Shen, L.Y., Hao, J.L., Tam, V., Yao, H., 2007. A Checklist for Assessing Sustainability Performance of Construction Projects. Journal of Civil Engineering and Management 13 (4), 273-281. |
xcvi. Sonja Petrovic-Lazarevic, 2008. The development of corporate social responsibility in the Australian construction industry. Construction Management and Economics, Taylor & Francis Journals, vol. 26(2), pages 93-101. |
xcvii. Sparkes, R., and Cowton, C. J., 2004. The maturing of socially responsible investment: A review of the developing link with corporate social responsibility. Journal of Business Ethics. 52/1: 45-57. |
xcviii. Szekely, F., & Knirsch,M., 2005. Responsible Leadership and Corporate Social Responsibility. European Management Journal 23(6):628-647. |
xcix. Scholtens, 2008. A note on the interaction between corporate social responsibility and financial performance, Ecological Economics Volume 68, Issues 1–2, 1 December 2008, Pages 46-55. |
c. Schreck, 2011. Reviewing the Business Case for Corporate Social Responsibility: New Evidence and Analysis. Journal of Business Ethics (2011) 103:167–188 |
ci. Terry D. Warfield, Jerry J. Weygandt, Donald E. Kieso, 2007. Intermediate Accounting: Principles and Analysis. John Wiley & Sons, Inc. |
cii. Waris Ali, 2017. Determinants of Corporate Social Responsibility Disclosure in Developed and Developing Countries: A Literature Review, Corporate Social Responsibility and Environmental Management. Corp. Soc. Responsib. Environ. Management, 2017 |