Corporate social responsibility and financial performance : the moderating role of sustainability strategy and top management commitment | |
| Author | Phan Thi Minh Hue |
| Call Number | AIT Diss. no.DBA-SOM-25-02 |
| Subject(s) | Social responsibility of business--Vietnam Financial statements--Vietnam |
| Note | A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Business Administration |
| Publisher | Asian Institute of Technology |
| Abstract | This research investigates the correlation between corporate social responsibility (CSR) and the financial performance of companies in Vietnam, a developing nation. The study employs two measurement approaches, namely accounting efficiency (return on assets,or ROA) and market efficiency (Tobin’s Q), to assess the impact of CSR. This study additionally investigates the influence of internal factors, specifically firm characteristics such as age, size, sensitive industry, government ownership, and liquidity, on the disclosure of CSR. In order to shed light on the factors that contribute to the moderating relationship between CSR and Corporate Financial Performance (CFP), this study incorporates two less frequently utilized moderating variables, namely sustainability strategy (SST) and top management commitment (TMC).This study utilizes a sample of enterprises included in the VN100 index, which are publicly traded on the Ho Chi Minh Stock Exchange (HOSE) in Vietnam. The research data gathering period ranges from 2019 to 2022. However, banks will not be included in this research sample because of their unique financial systems.This research aims to assess CSR by utilizing the content analysis method, specifically by scoring the extent of CSR-related information disclosed in sustainability reports. We utilize regression techniques, specifically Ordinary Least Squares (OLS), Fixed Effect Model (FEM), Random Effect Model (REM), and Generalized Least Squares (GLS), following the completion of the panel data test. Several key findings indicate that internal factors of a firm influence the extent of social responsibility disclosure, although to varying degrees. In particular, there exists a strong and meaningful association between the firm's size (SIZ), the year company was established (AGE), and the firm's liquidity (LIQ) with regards to CSR. In addition, there is a direct relationship between environmentally sensitive industry (ISE) and state equity (GOW) with CSR, although this connection does not have statistical significance. There is strong evidence that demonstrates the beneficial influence of CSR on CFP, as assessed by both ROA and Tobin's Q. The research findings are fascinating as they contrast with the findings of previous studies. Specially, the moderating effects of both sustainability SST and TMC are highly significant. However, these effects greatly decrease the association between CSR and ROA, as well as between CSR and Tobin's Q. |
| Year | 2025 |
| Type | Dissertation |
| School | School of Management |
| Department | Other Field of Studies (No Department) |
| Academic Program/FoS | Doctor of Philosophy in Business Administration (Publication code = DBA-SM, SM) |
| Chairperson(s) | Venkatesh, Sundar |
| Examination Committee(s) | Badir, Yuosre F. M.;Huynh, Trung Luong |
| Degree | Thesis (Ph.D.) - Asian Institute of Technology, 2025 |