Effect of corporate governance on corporate social responsibility in Vietnam: state-ownership as the moderating role

Ho Xuan Thuy, Nguyen Vinh Khuong, Le Huu Tuan Anh and Pham Nhat Quyen

Journal of Financial Reporting and Accounting, 2022, vol. 22, issue 3, 701-727

Abstract: Purpose - This study aims to investigate the association between corporate governance (CG) and the corporate social responsibility (CSR) information disclosure as well as the moderating role of state-ownership between CG and CSR disclosure. Design/methodology/approach - To examine the relationship between CG and CSR disclosure, this study used the feasible general least squares and generalized method of moments method on a sample of 165 non-financial quoted companies over the 2015–2018 period, which account for about three-fourths of the Vietnamese stock exchange. Findings - The findings suggest that enterprises with smaller board size consisting mainly of independent directors have a higher CSR disclosure level. Moreover, when the chief executive officer is concurrently the chairman of the board, the level of CSR disclosure falls. Additionally, the moderating role of state ownership enhances CSR disclosure. Research limitations/implications - The empirical results of this study form a solid foundation for policymakers and other stakeholders’ decisions in investing or establishing policies. Originality/value - This study provides empirical evidence on the relationship between CG and CSR disclosure in Vietnam – a developing country with no legal requirement on CSR disclosure. Moreover, this study emphasizes the moderating role of state ownership between CG and CSR disclosure, which clarifies the role of state ownership in establishing CG mechanisms.

Keywords: Corporate governance; Corporate social responsibility; Moderating effect; State-ownership; Vietnam (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrapp:jfra-10-2021-0367

DOI: 10.1108/JFRA-10-2021-0367

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