Social Involvement Disclosure and the Linkage with the Performance of Companies Listed on Vietnam’s Stock Market
Main Article Content
Abstract
In the context that Vietnam’s stock market develops with higher transparency, stakeholders’ needs for information provided by listed companies grow, too; information disclosure by companies including the information on their sustainable development is progressively noticed by stakeholders and the companies themselves. By surveying the social involvement disclosure in the annual reports within 3 years from 2017 to 2019 of listed companies on the stock market in Vietnam, and using a regression model on the relationship between the degree of disclosure of social involvement disclosure and the performance of enterprises, the articles provides an assessment of the current state of social involvement disclosure, and confirms its impact on the performance of the companies. In addition, the article also proposes some recommendations related to regulations on social involvement disclosure for listed companies in Vietnam.
Keywords:
Disclosure, CSR, social involvement, listing, performance, stock market, Vietnam
References
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[3] All Answers Ltd., “Importance of Social Responsibility Disclosure,” 2018, https://ukdiss.com/examples/social-responsibility-and-social-responsibility-disclosure.php?vref=1 (Accessed on 08/06/2021).
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[5] Lourenco, I., Branco, M., Curto, D. and Eugénio, T., “How Does the Market Value Corporate Sustainability Performance?,” Journal of Business Ethics, 108 (4) (2012) 417-428. http://dx.doi.org/10.1007/s10551-011-1102-8
[6] Cormier, D., Ledoux, M. and Magnan, M., “The Informational Contribution of Social and Environmental Disclosures for Investors,” Management Decision, 49 (8) (2011) 1276-1304. https://doi.org/10.1108/00251741111163124.
[7] El Ghoul, S., Guedhami, O., Kwok, C., & Mishra, D. “Does Corporate Social Responsibility Affect the Cost of Capital?,” Journal of Banking & Finance, 35 (9) (2011) 2388-2406.
[8] Arvidsson, S., “Communication of Corporate Social Responsibility: A Study of the Views of Management Teams in Large Companies,” J Bus Ethics 96 (2010) 339-354, https://doi.org/10.1007/s10551-010-0469-2.
[9] Mallin, C.A., Michelon G., Raggi, D., “Monitoring Intensity and Stakeholders’ Orientation: How Does Governance Affect Social and Environmental Disclosure?,” Journal of Business Ethics, Springer, 114 (1) (2013) 29-43. DOI: 10.1007/s10551-012-1324-4.
[10] Ching, H.Y., Gerab, F., Toste, T., “The Quality of Sustainability Reports and Corporate Financial Performance: Evidence from Brazilian Listed Companies,” Sage Open, 7(2): 215824401771202.
[11] Mohd I., S. and Reast, J., “Operationalising Corporate Social Responsibility (CSR) and the Development Debate,” Asian Academy of Management Journal (AAMJ), 19 (1) (2014) 1-29.
[12] Utami, W., “Financial Performance and the Quality of Sustainability Disclosure Based on Global Reporting Initiative: Value Relevances Study in Indonesia Stock Exchange,” Mediterranean Journal of Social Sciences, 6 (2015). DOI: 10.5901/mjss.2015.v6n5s5p243.
[13] Asuquo, A. I., Dada, E. T. & Onyeogaziri, U. R., “The Effect of Sustainability Reporting on Corporate Performance of Selected Quoted Brewery Firms in Nigeria,” International Journal of Business & Law Research, 6 (3) (2018) 1-10.
[14] Ayoola, T. J., & Olasanmi, O. O. “Business Case for Integrated Reporting in the Nigerian Oil and Gas Sector,” Issues in Social and Environmental Accounting, 7 (1) (2013) 30-54.
[15] Yonghong Liu, Lijun Lei, E. Holly Buttner, “Establishing the Boundary Conditions for Female Board Directors’ Influence on Firm Performance through CSR,” Journal of Business Research, 121 (2020) 112-120. https://doi.org/10.1016/j.jbusres.2020.08.026.
[16] Shahbaz, M., Karaman, A. S., Kilic, M. and Uyar, A., “Board Attributes, CSR Engagement, and Corporate Performance: What is the Nexus in the Energy Sector?,” Energy Policy, Elsevier, 143 (C) (2020).
[17] Deegan, C., and Unerman, J., Financial Accounting Theory, McGraw-Hill, Sydney, 2011.
[18] Omran, M. & Ramdhony, D., “Theoretical Perspectives on Corporate Social Responsibility Disclosure: A Critical Review,” International Journal of Accounting and Financial Reporting, 5 (2) (2015) 38-55.
[19] Freeman, R. E., Strategic Management: A Stakeholder Approach, Boston: Pitman, 1984.
[20] Spence, A., “Competitive and Optimal Responses to Signals: An Analysis of Efficiency and Distribution,” Journal of Economic Theory, 7 (3) (1974) 296-332.
[21] Green, S. B. “How Many Subjects Does It Take To Do A Regression Analysis?,” Multivariate Behavioral Research, 26 (3) (1991) 499-510.
[22] Tabachnick, B. G., & Fidell, L. S., Using Multivariate Statistics (5th ed.), Allyn & Bacon/Pearson Education, 2007.
[23] Jitaree, W., “Corporate Social Responsibility Disclosure and Financial Performance: Evidence from Thailand,” Pacific Sociological Review, 18 (2015) 122-136.
[24] Gunawan, J., Djajadikerta, H., & Smith, M., “An Examination of Corporate Social Disclosures in the Annual Reports of Indonesian Listed Companies,” Journal of Asia Pacific Centre for Environmental Accountability, 15 (1) (2009) 13-36.