A number of studies in Corporate Social Responsibility (CSR) have suggested that corporates accountable for social responsibilities had better financial performance. However, this (HOSE) and Hanoi (HNX) were investigated from 2010 to 2013. Content of annual reports were analyzed to measure corporate social responsibilities, and Tobin's Q ratio was proxied for firm value. Regression analysis tests indicated that social responsibility disclosures are associated with following year's firm value. Specifically, the relationship between environmental information provision and following year's firm value was positive, while that between employee disclosures and firm value was negative. The results show a positive sign for Vietnamese firms that take on environmental responsibilities.
This study examines whether the labor market rewards directors for individual excellence. We use national director awards to capture large, positive shocks to individual reputation. We find strong evidence that the labor market recognizes and rewards “superstar” directors. Award events lead to positive announcement returns and increase awardees’ chances of gaining new board seats at prestigious firms. Consistent with theories of career concerns and labor market signaling, the reputational effects are greater for younger directors and for nonoverboarded directors. Overall, our findings offer new insights into the nature of reputation and rewards in the upper echelon of the director labor market.
This paper analyzes the economic obstacles faced by small and medium sized enterprises (SMEs) in Vietnam during the process of integration into ASEAN Economic Community (AEC). It also examines the level of awareness of those obstacles within SMEs and the preparation they made, if any, to overcome those obstacles. To achieve the research objectives, quantitative methods are used. With surveyed data that covered 2,575 SMEs in Vietnam from the Central Institute of Economic Management (CIEM) and the data from the Asian Kenan Institute (OSMEP), the results showed that Vietnamese SMEs are facing major obstacles, such as: (1) intense competition from domestic as well as foreign businesses (2) difficulty in consumer markets, (3) lack of capital, and (4) limited understanding of relevant laws. Lastly, the study provides some suggestions to help Vietnamese SMEs overcome these obstacles and prepare to actively integrate into regional markets.
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