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The Effect of Corporate Social Responsibility Disclosure on Corporate Financial Performance

Duong Thi Thu Thao


Mai Thi Le

Duong Thi Thu Thao 1
Mai Thi Le 2

  1. Department of Accounting, Oulu Business School, University of Oulu, Finland. 1

  2. International School, Vietnam National University, Hanoi, Vietnam. 2

Pages: 264-288

DOI: 10.18488/journal.62.2019.65.264.288

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Article History:

Received: 06 May, 2019
Revised: 12 June, 2019
Accepted: 17 July, 2019
Published: 13 September, 2019


Corporate social responsibility (CSR) is gradually turning into a critical issue in business management. Over the decades, both theoretical and empirical literature were concentrated on studying the effect of CSR disclosure on corporate financial performance (CFP). However, the results have been ambiguous and inconsistent. The purpose of this paper is to examine the relationship between CSR disclosure and CFP in Vietnamese large listed firms on short-term and long-term profitability. We performed linear regressions on the sample data to investigate the effect of CSR disclosure on corporate financial performance. CSR disclosure is measured by using a disclosure index which consists of environmental, social, economic and legal aspects. For CFP, return on assets (ROA) and Tobin’s Q ratio were employed as measures of short-term and long-term profitability respectively. The results indicated in the short run, there is no significant relationship between CSR disclosure and corporate financial performance. However, in the long run, there was a positive significant relationship between CSR disclosure and corporate financial performance. The results are encouraging since it provides empirical evidence that Vietnamese firms can be both socially responsible and financially successful. It is expected to make Vietnamese firms become more aware of the significance of CSR practice.
Contribution/ Originality
This study contributes to the existing literature by examining the effect of CSR disclosure on corporate financial performance (CFP).


Corporate social, Responsibility, Corporate financial performance CSR disclosure, Global reporting initiative Vietnamese listed firms.



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This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


Both authors contributed equally to the conception and design of the study.

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( 56 ) The Effects of Macroeconomic Variables on Bank Default: A Case Study in Brazil
( 57 ) Likely Effect of Gender and Education on Information Adoption and Utilization among Sugarcane Farmers in the Nyanza Region, Kenya
( 58 ) Non-Linear Effects of Intellectual Property Rights on Technological Innovation: Evidence from Emerging and Developing Countries
( 59 ) The Effect of Disruptive Factors on Inventory Control as a Mediator and Organizational Performance in Health Department of Punjab, Pakistan
( 60 ) International Financial Reporting Standards Adoption and Earnings Management: The Fundamental Effect Framework
( 61 ) Effect of Tax Administration on Tax Revenue of States in African Countries: Evidence from Nigeria
( 62 ) The Effect of Capital Structure Decisions on Profitability of Quoted Consumer Goods in Nigeria
( 63 ) Creative Marketing and Innovative Branding: An Effective Way to Attract Customers
( 64 ) Modelling Stock Returns Volatility and Asymmetric News Effect: A Global Perspective
( 65 ) The Effects of The Covid-19 Pandemic on Exploitative and Explorative Strategies of Pharmaceutical Industries in Brazil
( 66 ) IT Governance as Drivers of Dynamic Capabilities to Gain Corporate Performance Under the Effects of Environmental Dynamism
( 67 ) Relational Capabilities under Moderating and Mediating Effects to Understand their Impacts on Firm Financial Performance
( 68 ) Effects of Green Human Resource Management on Employee Green Behavior: Moderating Role of Employee Environmental Knowledge
( 69 ) Importance of Corporate Governance Quality and Voluntary Disclosures of Corporate Governance Information in Listed Malaysian Family Controlled Businesses
( 70 ) The Association Between Corporate Risk Disclosure and Firm Performance in Emerging Country – The Case of Egypt
( 71 ) Promoting Local Acceptability of International Oil Companies (IOCS) Through Corporate Social Responsibility (CSR): The Case of Tullow Oil in Ghana
( 72 ) Corporate Funding and Sustainability of Non- Governmental Organizations in Africa
( 73 ) Implications of Accountants Unethical Behavior and Corporate Failures
( 74 ) Relevance of Stakeholders Theory, Organizational Identity Theory and Social Exchange Theory to Corporate Social Responsibility and Employees Performance in the Commercial Banks in Nigeria
( 76 ) Determinants of Corporate Tax Avoidance Strategies among Multinational Corporations in Malaysia
( 78 ) Determinants of Profitability and its Implications on Corporate Values (Studies at Ceramic, Porcelain and Glass Sub Sector Listed in Indonesia Stock Exchange, 2009 - 2018)
( 79 ) Corporate Social Responsibility Disclosure in Indonesia: A Bibliographic Study
( 80 ) Influence of Corporate Characteristics on Firm Leverage: Evidence from Bangladesh
( 82 ) Analysis of Synergies in Indian Corporate M&A Deals: A Logit Regression Approach
( 83 ) CSR Themes Quality, Good Corporate Governance, and Earnings Management: Evidence from Indonesia
( 84 ) The Climate Change Menace, Food Security, Livelihoods and Social Safety in Northern Ghana
( 85 ) Social Sustainability of High-Rise Buildings
( 86 ) Social Security; A Public Policy for Good Governance in Nigeria: The Role of Nigerian Legislature
( 88 ) The Wider Vision of Social Policy: Exploring the Ways of Curbing Violence against Women in Four Wards of Shamva North Constituency (Zimbabwe)
( 89 ) The Investment Performance of Socially Responsible Investment in Japan
( 91 ) Analyzing Factors Affecting the Success of Social Media Posts for B2b Networks: A Fractional-Factorial Design Approach
( 93 ) Social Protection Programmes, Agricultural Production and Youth Employment in Nigeria: Analysis from LSMS-ISA
( 94 ) The Role of Social Entrepreneurship in Pakistan and its Impact on Economy
( 95 ) Social Protection and Agricultural Production in ECOWAS: The Youth Unemployment Question
( 96 ) Financial Market Predictions with Factorization Machines: Trading the Opening Hour Based on Overnight Social Media Data
( 97 ) Does Social Barriers Influence Women's Intention toward Entrepreneurship?
( 99 ) Perceived Poverty and Alleviation Efforts of Kogi State Community and Social Development Agencies in Kogi State: An Empirical Investigation
( 100 ) The Role of Social Security Program for Enhancing Seniors Longevity
( 101 ) Productive Welfare Policy: An Innovative Way in Social Safety Net in Malaysia
( 102 ) The Impact of Social Media on Economic Growth: Empirical Evidence of Facebook, YouTube, Twitter and Pinterest
( 104 ) The Role of Social Capital and Social Innovation in Economic Growth
( 114 ) Internal Audit Quality and Disclosure on Risk Management and Internal Control
( 130 ) Gaining Trust After the Financial Crisis in the Nigerian Economy: A Conceptual Framework
( 131 ) Financial Integration and International Risk Diversification
( 132 ) Teachers Characteristics and Students’ Performance Level in Senior Secondary School Financial Accounting
( 133 ) The Nexus between Financial Crisis and Household Consumption: Evidence from Emerging Countries
( 134 ) Relationships between Financial Development and Economic Growth: A New Approach by Inputs
( 135 ) The Impact of Dividend Policy on Shareholders’ Wealth before and After Financial Melt down: Evidence from FMCG Sector in India
( 137 ) Stock Market Index Prediction with Neural Network during Financial Crises: A Review on Bist-100
( 139 ) The Impact of the Global Financial Crisis on the Debt, Liquidity, Growth, and Volume of Companies in Palestine Stock Exchange
( 140 ) Managerial Judgement Versus Financial Techniques in Strategic Investment Decisions: An Empirical Study on the Syrian Coastal Region Firms
( 141 ) Financial Deepening, Interest Rate Spread and Economic Growth: New Evidence from Sub-Sahara Africa
( 142 ) Financial Tables Reports Gaps in Jordanian Islamic Banks
( 145 ) Leading Indicators and Financial Crisis: A Multi-Sectoral Approach Using Signal Extraction
( 146 ) Correlation between Financial Difficulties and Financing Strategies among Market Stallholders in Batangas City
( 147 ) The Relationship between Financial Development, Economic Growth, and Inflation: Evidence from Southeast Asia
( 150 ) Analyzing the Financial Soundness of Kuwaiti Banks Using CAMELS Framework
( 151 ) Analysing the Financial Strength of Nigeria: An Approach to Estimate the Index of Financial Safety
( 152 ) Determinants of Financial Performance and its Impact on the Growth of Islamic Bank Assets on Indonesia
( 153 ) Financial Inclusion and Poverty Alleviation: The Contribution of Commercial Banks in West Africa