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Within recent decades, researches on corporate social responsibility (CSR) has been receiving more attention over the world. The existing literature on CSR is very diverse, both in evaluating the performance of CSR activities as well as and the relationship between CSR disclosure and firms’ outcome. This paper extends the literature of the latter case, that is, not only it aims to purely examine the relationship between CSR disclosure activities and corporate financial performance (CFP), but also consider this nexus under economic policy uncertainty (EPU) context. Our primary data is collected from more than 500 listed companies in the Vietnamese stock market from 2013 through 2017, while secondary data (CSR and EPU) are self-calculated under serial criteria. Our results support the hypothesis that the more companies intensively disclose CSR, the higher financial performance (both ROA and Tobin’s Q) they could obtain. More interestingly, we find that while EPU seems to weakly moderate the relationship between CSR disclosure and “internal financial performance” (ROA), it will significantly diminish the effect of CSR toward “external financial performance” (Tobin’s Q). The research shed light on an approach to measure CSR disclosure indexes for the emerging market as in Vietnam. Our findings encourage the firm’s managers to pay more attention to CSR disclosure activities due to the positive benefit that their firm could obtain and suggest policymakers to maintain a stable economic background for a sustainable market.

According to deduction principle in China's tax law, the excess transaction costs of enterprises are limited. Therefore, the higher the rate of enterprise transaction costs, the higher the transaction costs cannot be deducted before tax, resulting in the taxable income tax greater than the accounting profit. From the dynamic perspective, it is difficult to reduce the income tax burden when the accounting profit of the enterprise decreases, which will enhance the stickiness of the enterprise tax burden. On the basis of this theoretical analysis, this paper empirically tests the relationship between transaction costs and corporate tax stickiness with the big data samples of Chinese listed companies from 2009 to 2018. The empirical results show that with the increase of transaction cost rate, the stickiness of corporate tax burden will be strengthened.

Using a 2005–2020 sample of A-share listed companies in China’s heavily polluting industries, this paper divides environmental investment strategies into “light green,” “medium green,” and “deep green” dimensions and constructs a panel threshold model to investigate the impact of different environmental strategies on China’s stock market. The study found that environmental investment intensity has a double threshold effect on stock returns, “medium green” behavior helps improve stock returns, and “light green” and “deep green” behaviors are not conducive to stock returns. Institutional investors are more accurate than ordinary investors in identifying heterogeneous environmental strategies. The mechanism test shows that different environmental strategies affect stock returns through internal “value enhancement” and external “government subsidy” mechanisms. Moreover, “greenwashing” benefits for companies are short-lived; the market eventually imposes punitive pricing. These findings provide a reference for enterprise- and market-oriented green development systems.

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