Association between Corporate Social Responsibility Disclosures and Firm Value – Empirical Evidence from Vietnam

Nguyen, Bich Thi Ngoc; Tran, Hai; Le, Oanh Hoang; Nguyen, Phuoc Thi; Thien, Trinh Hiep; Le, Viet

doi:10.5296/ijafr.v5i1.7394

Cited by 27 publications

(42 citation statements)

References 15 publications

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“…The explanatory power of the model (R 2 ) is about 27.6%, while the adjusted R 2 is about 24.7%. The coefficient related to firm profitability (ROA) is positive (0.005) but not significant at conventional levels (t = 0.03 and p = 0.978), confirming the mixed results on the relationship between CSR disclosures and firm value (Hirigoyen & Rehm, 2015;Nguyen et al, 2015). This result does not support our first hypothesis.…”

Section: Results Of the Multiple Regression Modelscontrasting

confidence: 58%

“…Haryono and Iskandar (2015) classified empirical studies on the CSR-CFP relationship into three main categories: studies showing a positive relationship between the CSR and firm value (Aggarwal, 2013;Bidhari, Salim, & Aisjah, 2013); studies reporting no relationship between CSR and firm value because of the lack of understanding of their complex relationship (Tjia & Setiawati, 2012;Nyirenda, Ngwakwe, & Ambe, 2013). Finally, other studies showed a mixed or negative relationship between CSR disclosures and firm value (Hirigoyen & Rehm, 2015; Nguyen, Tran, Le, Nguyen, & Trinh, 2015). Dhaliwal, Li, Tsang, and Yang (2011) examined a potential benefit associated with the initiation of voluntary disclosure of CSR activities: a reduction in firms' cost of equity capital.…”

Section: Hypothesis Related To the Impact Of Csr On Firm Valuementioning

confidence: 99%

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Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies

Kolsi

Attayah²

2018

Corp Soc Responsibility Env

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Corporate social responsibility (CSR) disclosures have gained great attention in both the media and the academic community for many decades. In this paper, we shed light on three aspects of CSR disclosures, namely the determinants, measure and impact on firm value. Using a sample of 61 firms listed on the ADX for the period 2010-2014 and computing an eight-item index, our results are conclusive and show that listing history, governmental sector, board size, financial leverage and firm size have a positive impact on CSR disclosures. By contrast, firm profitability, industrial sector and ownership concentration have no impact on the extent of CSR disclosures.Finally, CSR disclosures have no impact on firm value as proxied by market-to-book ratio. Our results remain unchanged using additional robustness checks. Our study highlights the three aspects of social disclosures (i.e. determinants, measure and impact) in an emerging stock market (ADX). Our findings will help investors when assessing firm value and policy makers when issuing CSR disclosure rules.

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Section: Results Of the Multiple Regression Modelscontrasting

confidence: 58%

Section: Hypothesis Related To the Impact Of Csr On Firm Valuementioning

confidence: 99%

Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies

Kolsi

Attayah²

2018

Corp Soc Responsibility Env

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“…These findings supported Suhartati et al (2011) and Widyanti (2014), who proved that the area of CSR disclosure did not affect the firm value. These findings rejected Sarvaes & Tamayo (2012), Adeneye (2015) and Nguyen (2015), who proved the positive impact of CSR on firm value.…”

Section: Discussionmentioning

confidence: 75%

“…Sarvaes & Tamayo (2012) prove that CSR's activity and disclosure can add value to the company because CSR provides a good image so that loyal customers buy products produced by the company. Adeneye (2015) and Nguyen (2015) prove that CSR's disclosure and activity influence positively on firm value.…”

Section: Effect Of Corporate Social Responsibility On Price To Book Vmentioning

confidence: 99%

“…Various studies on CSR and the relation to firm value show inconsistent results. Nguyen (2015) and Adeneye (2015) prove that CSR has positive effect on the firm value, but Reddy & Gordon (2010) and Cui, et al (2012) find the negative relationship. Other results are shown by Sabbaghi & Xu (2013) who do not find a significant relationship between CSR and achievements of the firm value.…”

Section: |mentioning

confidence: 99%

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Mediation of CSR and Profitability on the Influences of GCG Mechanisms to the Firm Value

Umar¹

2017

Jurnal Keuangan Dan Perbankan

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The purpose of this research was to determine the causal relationship among GCG mechanism, financial performance, CSR and firm's value. The model of the research was constructed by using financial performance and CSR as intervening variables on the effect of GCG mechanism to firm's value. This research was accomplished on companies listed in Jakarta Islamic Index (JII) in Indonesia Stock Exchange for the period of 2007-2013. The result showed that GCG mechanism tended to reject every CSR financing. CSR was positively affected by Return on Investment (ROI). GCG mechanism represented by institutional ownership (INWN) had a positive effect to ROI. ROI had a positive effect to return on equity (ROE), and ROE had a positive effect to firm's value. This study proved that ROI was mediating significantly the effect of INWN to CSR, and ROE was mediating significantly the effect of ROI to firm's value. ABSTRAKTujuan penelitian ini adalah untuk menguji hubungan kausalitas antara mekanisme GCG, kinerja keuangan, CSR dan nilai perusahaan. Model penelitian dibangun dengan menempatkan kinerja keuangan dan CSR sebagai variabel intervening pada pengaruh mekanisme GCG terhadap nilai perusahaan. Penelitian dilalukan pada perusahaan Jakarta Islamic Index (JII) di Bursa Efek Indonesia untuk periode tahun 2007 penelitian menunjukkan bahwa mekanisme GCG cenderung menolak berbagai pembiayaan CSR. CSR dipengaruhi positif Return on Invesment (ROI). Mekanisme GCG yang diproksi Institutional Ownership (INWN) berpengaruh positif terhadap ROI. ROI berpengaruh positif terhadap Return on Equity (ROE), dan ROE berpengaruh positif terhadap nilai perusahaan. Penelitian ini membuktikan bahwa ROI memediasi secara signifikan pengaruh INWN terhadap CSR, dan ROE memediasi secara signifikan pengaruh ROI terhadap nilai perusahaan.

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Governance and sustainability in Southeast Asia

Tran

Beddewela

Ntim

2021

ARJ

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Purpose This paper aims to examine the relationship between a diverse set of corporate governance (CG) mechanisms and corporate sustainability disclosure (CSD) in Southeast Asian countries under national stakeholder reform. Design/methodology/approach Data analysis is based on 171 of the largest companies across six Southeast Asian countries using a 30-item CSD measure. Findings The authors find that there are wide variations in the levels of CSD across the countries. The findings indicate that board size, board gender diversity, block ownership and the presence of a sustainability committee are significant determinants of CSD. Additionally, whilst more stringent stakeholder governance reform motivates firms to publish more sustainability information, it fails to influence the effectiveness of the board of directors in promoting CSD. Practical implications Findings of this study highlight the essential role internal governance structure plays in monitoring corporate actions and enabling corporations to reduce their legitimacy gap. The findings further encourage regulators and policymakers to question, with utmost importance, the effectiveness of stakeholder reform in making significant organisational changes. Originality/value There is a dearth of studies that examine the CG-CSD nexus in relation to specific institutional characteristics. Existing studies mainly focus on a single country with similar institutional environments and thus limiting the ability to understand the “context specificity” of sustainability content development. This paper provides an overview of stakeholder reform in Southeast Asian countries and empirically substantiates the relationship between CG and CSD across six countries undergoing such reforms in the region.

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Association between Corporate Social Responsibility Disclosures and Firm Value – Empirical Evidence from Vietnam

Cited by 27 publications

References 15 publications

Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies

Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies

Mediation of CSR and Profitability on the Influences of GCG Mechanisms to the Firm Value

Governance and sustainability in Southeast Asia

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