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1 INTRODUCTION Background Corporate social responsibility (CSR) is a part of non-financial information showing interaction of enterprises with society and living environment Through this information, stakeholders can assess the level of practice of social responsibility of enterprises So corporate social responsibility disclosures (CSRD) play a significance role in promoting an enterprise’s image with related parties to enhance competitive capacity, attract investment, improve the financial performance of enterprises Many companies in the world have had certain achievements through practice and disclosures of CSR For instance, Microsoft has become the leading prestigious technology company in the world surveyed by Reputation Institute in 2012 with community support programs, charity programs Another example is the revival of Nike after a sales slump due to accusations and lawsuits related to scandals involving Nike’s suppliers exploiting workers with cheap wages This issue revealed by the publicity of Nike’s suppliers was monitored by nongovernmental organizations in 2004 Indeed, achievements from practice and disclosures of CSR have also been proved by scientific works of researchers in the world that practice and disclosures of CSR can help to enhance credibility of enterprises (Hess et al., 2002; Brammer and Millington, 2005; Yingjun Lu et al., 2015), increase market value (Belkaoui, 1976; Frankle and Anderso,1980; Robert,1978; Martin Freedman and Stagliano, 1991; Berthelot et al., 2012; Clarkson et al., 2013; Klerk et al., 2015, Cahan et al., 2015), reduce capital costs (Dhaliwal et al., 2011; Orens et al., 2010), enhance employee satisfaction (Kim et al., 2010) Thanks to these benefits, the practice and disclosures of CSR has become a global trend supporting survival and sustainable development of enterprise Vietnam is not an exception to this global trend as the Government and enterprises have placed an increasing attention to CSR with the purpose of sustainable development The Government also provides mechanisms to support and guide enterprises to implement and report social responsibility activities to aim at sustainable development For example, in 2012 the State Securities Commission in conjunction with a number of organizations such as VCCI, IFC, ACCA, GRI issued guidelines for developing sustainability reports based on global reporting standards 2015 is the marking year of the increasing pressure of the State towards Vietnamese enterprises when the establishment of the Circular No 155/2015/TT-BTC dated October 6, 2015 of the Ministry of Finance was considered as the first legal document requiring disclosure of sustainable development of listed companies Regarding Vietnamese enterprises, in recent years, social responsibility activities have been partly integrated into production and business activities but mostly in listed companies on the stock market Some listed companies have been pioneer in CSRD even when there are no legal regulations required to prepare sustainable development reports such as Bao Viet Group, Vietnam Dairy Products Joint Stock Company and Ho Chi Minh City Securities Corporation, Hoa Sen Group Joint Stock Company However, the question is whether all Vietnamese enterprises are interested in and implement CSR and whether the practice and disclosures of CSR actually bring benefits to Vietnamese enterprises as evidence shown in the world In order to figure out the answer, many researchers have also conducted surveys on Vietnamese enterprises and provided evidence that CSR enhances financial performance (Chau Thi Le Duyen, 2013; Tran Thi Hoang Yen, 2016), increase customer loyalty (Nguyen Thi Anh Binh and Pham Long, 2015), affect buying behaviors of consumers (Nguyen Phuong Mai, 2015) Furthermore, there has been some research on CSRD showing that CSRD affects corporate financial performance such as studies of Ho Ngoc Thao Trang and Liafisu Sina Yekini (2014), Nguyen Thi Bich Ngoc et al (2015), Nguyen Xuan Hung and Trinh Hiep Thien (2016), Ta Thi Thuy Hang (2017), Ho Thi Van Anh (2018) However, these studies have inconsistent results and small research samples with limited observations, short research time and only use common multiple regression (OLS, FEM, REM) to understand the impact of CSRD on financial performance of enterprises but could not resolve the endogenous phenomena in the research model as CSRD and financial performance variables may have reciprocal relationship At the same time, practice of CSR in Vietnam is increasing, but no research has been conducted to determine whether the increasing practice of CSR can lead to the increase of financial performance of enterprises Therefore, it is critical to use the additional model estimation method to overcome the endogenous phenomenon between variables and looking for differences over time in the impact of CSRD on financial performance to confirm reliable and complete conclusions concerning impact of CSRD on financial performance of enterprise For all the above reasons, it is necessary to expand previous studies on the impact of CSRD on the financial performance of enterprises, to come into clearer and more reliable conclusions Therefore, this paper aims at investigating “The impact of corporate social information disclosure on financial performance of listed companies on Vietnam's stock market” Objectives and research questions 2.1 Objectives As stated above, the main purpose of this study is to investigate the impact of CSRD on financial performance of listed companies on Vietnam's stock market 3 2.2 Research questions Chapter 5: Discussion, recommendations and conclusion CHAPTER 1: LITERATURE REVIEW Based on the research, this study aims at answering following questions: Is there any difference between CSRD of manufacturing enterprises and nonmanufacturing enterprises on the Vietnam's stock market? Do CSRD affect the financial performance of listed companies on the Vietnam’s stock market? Is there any difference in different time periods? Does CSRD of certain year affect the financial performance in the following year? 1.1 Review of previous studies on the impact of corporate social responsibility disclosures on corporate financial performance 1.1.1 CSR was approached in different ways by researchers with varied contents 1.1.2 Corporate financial performance was measured by different indicators by researchers Research subjects and scope Research measuring corporate financial performance by market value 3.1 Research subjects: Research measuring corporate financial performance by accounting data Level of CSRD, financial performance of enterprises, impact of CSRD on financial performance of enterprises listed on the Vietnam’s stock market 3.2 Research scope + Content: In the research, CSRD is measured based on the level CSRD and financial performance of enterprises is measured by two indicators which are return on Overview of studies on the impact of CSRD on corporate financial performance showed that most research found a positive relationship between these two variables However, there are some studies showing negative or no relationship between these two variables This is explained by some of the following reasons: First, differences in research contexts assets ROA and the market value Tobin’Q The content of CSR is a combination of information components: Information of environmental responsibility, Information of labor responsibility, Information of community responsibility, Information of consumer responsibility Second, differences in methodology + Subjects: Listed companies disclosing non-financial information on the stock market in both Ho Chi Minh and Hanoi Enterprises listed on the Unlisted Public Company Market (UPCOM) are not covered in the thesis Fifth, differences in research time + Time: Data of the companies listed on the Ho Chi Minh City and Hanoi Stock Exchange are publicized from 2006 to 2016 The companies listed after 2006 and delisted during the period from 2006 to 2016 are not covered in this thesis Structure Except introduction, conclusion, appendices and references, the thesis has main chapters: Chapter 1: Literature review Chapter 2: Theoretical foundation of the impact of corporate social responsibility disclosures on corporate financial performance Chapter 3: Methodology Chapter 4: Research results Third, differences in control variables of research models Fourth, differences in measurements of CSRD and corporate financial performance 1.2 Research gap Thus, based on literature review of studies in Vietnam and abroad, there exist following research gaps: Firstly, research context and time can be factors influencing results of studies on the impact of CSRD on corporate financial performance Secondly, the majority of studies measured the level of CSRD based on the method of content analysis However, there exist differences among studies and reliability of scales remains controversial Thirdly, diversity in using indicators of corporate financial performance can lead to inconsistent conclusions about the impact of CSRD on corporate financial performance Fourthly, previous studies use common multivariate regression (OLS, FEM, REM) to investigate the impact of CSRD on corporate financial performance but fail to take into account endogenous phenomenon in the research model as CSRD and corporate financial performance may have reciprocal relationship 5 CHAPTER 2: THEORETICAL BACKGROUND OF THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY DISCLOSURES ON CORPORATE FINANCIAL PERFORMANCE 2.1 Theories of corporate social responsibility and corporate social responsibility disclosures CSR 2.1.1 Corporate social responsibility Firstly, United Nations Global Compact (UNGC) UNGC provide a fundamental direction for enterprises to establish, implement and disclose information of sustainable policies and responsible actions UNGC wants companies to integrate in their production and business strategies according to 10 principles set by UNGC Furthermore, enterprises and member organizations are required to prepare annual Communication of Progress to display actual activities that enterprises implemented or had plans to implement 10 principles of UNGC Social responsibility is a complex concept which is defined according to many different standards Although definitions of CSR may be different, the main concept of CSR is that in addition to the development of each enterprise in accordance with the current law, companies’ activities should be associated with the common interests of the social community 2.1.2 Corporate social responsibility disclosures Secondly, Global Reporting Initiative (GRI) GRI provides guidelines for voluntary application of sustainable development reports for all types of companies This standard sets out reporting principles as well as economic, environmental and social indicators In the latest version G4 released in 2013 GRI provides a guide to disclose information according to groups: economic, environmental and social category 2.1.2.1 Nature of corporate social responsibility disclosures Thirdly, International Standards Organization (ISO) 26000:2010 CSRD derives from CSR Specifically, CSRD is a critical tool used by enterprises to communicate information of implementation of corporate social responsibility to stakeholders Rob Gray et al (1995) supposed that CSRD is a process providing information of social and environmental impact caused by economical activities to interested parties ISO 26000 provides guidelines for voluntary implementation of corporate social responsibility for all organizations in both public and private sectors, in developed and developing countries, as well as transition economies This set of standards identifies the core objectives of CSR with categories: corporate governance, human rights, labor practices, the environment, fair practices, consumer issues, community development 2.1.2.2 Methods of disclosing corporate social responsibility Fourthly, International integrated reporting Council (IIRC) There are many channels and ways for enterprise to implement disclosing information such as meetings, public events, forums, reports, news, magazines, posters, advertisements, electronic mails, videos, websites, podcast, blog, packaging, interviews Integrated reports are established on the basis of available financial statements, combined with non-financial criteria Enterprises can choose to publish sustainability reports independently and/or integrate them in the content of annual reports 2.1.3 Measurement of corporate social responsibility disclosures 2.2 Financial performance and measurement of financial performance Level of CSRD is measured by amount of information through counting symbols, number of words, sentences, pages, and ratio of social responsibility over total information a company public on reports CSRD is measured by indicators Accordingly, researchers develop a list of different aspects of social responsibility to get a broad picture of practice of CSR Based on the list, researchers conduct indicator of CSRD by labeling CSR with numbers 2.2.1 Financial performance Performance: According to British – English dictionary performance is defined as activities or processes of performing or completing specific tasks and work Performance concept is used in all areas of life, economy and society (from production and business to health, education, defense ) It reflects the level of human using necessary elements to participate in activities to achieve desired results In addition to the above content analysis method, some studies use assessment of CSRD of a third party to assess the level of CSRD 2.1.4 Standards for corporate social responsibility disclosure and regulations in Vietnam In the course of business, Venkatraman and Ramanujam (1987) supposed that corporate performance reflects context of managing strategies Regarding small scale, performance of enterprises is measured by financial indicators reflecting the completion of economic objectives of enterprises These indicators reflect financial performance (Venkatraman and Ramanujam,1987) These indicators may be indicators reflecting revenue growth, profitability (ROA, ROE, ROI), earnings per share (EPS) or indicators measured through market prices such as stock prices, market to book values or its variants 2.2.2 Measurement of financial performance 2.3.3 Signaling theory Signaling theory was introduced by Michael Spence in 1974 in the context of imperfect market and asymmetry of information Information asymmetry arises between those parties who hold information and those who are able to make better decisions if they have this information CHAPTER 3: METHODOLOGY The first group is traditional financial indicators Traditional measures are used to evaluate financial performance based on accounting databases According to Nguyen Thi Thanh Hai (2015), there are four groups of basic groups of indicators to assess financial performance of enterprises: the first group reflects profitability, the second group reflects the efficiency of using assets, the third group reflects solvency and the fourth group reflects operating capital 3.1 Hypothesis Based on the stakeholder theory, legitimacy theory and signaling theory, following hypothesis is proposed: H1: Corporate social responsibility disclosures has a positive impact on corporate financial performance The second group is modern financial indicators 3.2 Conceptual framework Financial performance of enterprises can be measured based on market values such as Earnings Per Share (EPS), Economic Value Added (EVA), Price to Earnings (P/E), Market Value Added (MVA), market value Tobin'Q These indicators are more interested by investors because these indicators are directly related to investors’ interests to make decisions to buy stocks or invest in other sectors 2.3 Theoretical background of the relationship between corporate social responsisbility disclosure and corporate financial performance 2.3.1 Stakeholder theory In this study, quantitative method is used to examine the impact of CSRD on control variables size, financial leverage and growth rate of enterprises CSRD FP EMP TBQ COM CUS ENV can be generated 2.3.2 Legitimacy theory Guthrie and Parker (1989) provided that enterprises operating in society must sign a social contract in which managers agree to fulfill certain social requirements to achieve their goals The terms of this contract may be obvious such as requirements of the law but may not be clearly defined depending on the expectations of the social community with enterprises SIZE LEV Freeman (1983) provided that if an enterprise only care about interests of shareholders and ignore needs of other stakeholders - those who can affect or be affected in the course of achieving corporate goals, that enterprise may have to close down Freeman concluded that the goal of businesses is to meet the needs of stakeholders who are affected by decisions of enterprises, if this is achieved, profits ROA VARIABLES GRW Figure 3.1: Conceptual framework Corporate social responsibility disclosures (CSRD) Corporate social responsibility is classified into most typical and popular groups which receive the most concerns from stakeholders in Vietnam including: Information on environmental responsibility (ENV), information on responsibility to employees (EMP), Information on responsibility to community (COM), information on responsibility to customers (CUS) Corporate financial performance In this study, two indicators were used to measure corporate financial performance, namely: Return on Assets (ROA), market value (Tobin'Q) to show the diversity of indicators 9 Control variables In this study, control variables include corporate size (SIZE), financial leverage (LEV) and revenue growth (GRW) as these variables were used by many researchers when analyzing the impact of practice and disclosures of corporate social responsibility of enterprises 3.3 Quantitative research methods To test the hypothesis mentioned above with the variables identified in the research model, the author builds the regression equation as follows: The following hypothesis is tested: CSRD has a positive impact on corporate financial performance which is reflected in the following regression equation: Model 1: ROAi,t= βo + β1CSRDi,t + β2SIZEi,t + β3LEVi,t+ + β4GRWi,t+ ui,t Model 2: TBQi,t= βo + β1CSRDi,t + β2SIZEi,t + β3LEVi,t + β4GRWi,t+ ui,t The impact of corporate social responsibility disclosures of previous year on financial performance of the following year is calculated by two regression equations as follows: Model 3: ROAi,t= βo + β1CSRDi,t -1+ β2SIZEi,t + β3LEVi,t+ β4GRWi,t+ ui,t Model 4: TBQi,t = βo + β1CSRDi,t -1+ β2SIZEi,t + β3LEVi,t+ β4GRWi,t+ ui,t The impact of corporate social information disclosure on financial performance taking into account changes over time is estimated as follows: Model 5: ROAi,t= βo+β1CSRDi,t+β2CSRDi,t*Di,t + β3SIZEi,t + β4LEVi,t+β5GRWi,t+ 10 Specific steps of the process of analyzing content of enterprises’ reports are conducted through the following steps: Step 1: Establish a temporary list of indicators of corporate social responsibility Four groups of CSR: environment, employees, community connection, products are established based on several sources Specifically, those groups are inherited from a study of Gunawan (2007) (Gunawan et al., 2008)) and Jitaree (2015) In addition, they come from documents in Vietnam: firstly, the guideline to prepare sustainability reports 2012 (BCBV 2012) issued by the State Securities Commission and the International Financial Organization; secondly, Circular 155/2015/TT- BTC (TT 155) dated 06/10/2015 on guidelines for disclosures of information on the stock market; thirdly, a study of Nguyen Thi Kim Chi (2016) Based on these documents, 35 indicators of information was established and classified as four main groups: Information on environmental responsibility – ENV (10 indicators), information on responsibility to employees – EMP (11 indicators), information on responsibility to the community – COM (6 indicators) and information on responsibility to customers – CUS (3 indicators) Step 2: Conduct a pilot test to establish a complete list of indicators of CSR A pilot test was conducted to check the appropriateness of the indicators of information established in step After the test, adjustment and supplement were made so that the list of indicators are more suitable to disclosures of information of listed companies on Vietnam stock market ui,t Based on the results, a complete list of indicators of CSR was established to identify the level of CSRD The author with the support of assistants assessed level of CSRD by analyzing content of annual reports and sustainability reports of enterprises which disclose CSR In which D is a dummy variable with value of in the years 2006 and 2007, and with value of since the year 2008 After determining the level of corporate social responsibility disclosures (CSRD), total level of CSRD of each enterprise in each year is determined as following formula: ui,t Model 6: TBQi,t= βo+β1CSRDi,t+β2CSRDi,t*Di,t + β3SIZEi,t + β4LEVi,t+β5GRWi,t+ 3.4 Measurement of variables in the research model 3.4.1 Corporate social responsibility disclosure In the context of Vietnam, the results of indicators of CSR are not available Therefore, in this study, the content analysis method is used in reports disclosing CSR (annual reports, sustainability reports), thereby identify the level of CSRD by converting qualitative information into quantitative information CSRDj= ij In which: CSRDj: Indicator of information disclosures of the jth enterprise Xij = if ith indicator of information is not disclosed in the jth enterprise Xij = if ith indicator of information disclosed in the jth enterprise is general information or quantitative information without specific explanation (3.1) 11 12 Xij = if ith indicator of information disclosed in the jth enterprise is detailed information about specific activities The final research sample consisted of 43 companies listed on the stock market of Vietnam excluding financial companies, credit institutions banks, companies delisted during the research period, and companies that the author could not find annual reports or sustainability reports Thus, with 43 enterprises during the period of 11 years, the author 3.4.2 Measurement of financial performance Return on assets ROA This indicator measures how well a company is generating profits from its total assets This indicator is identified by the following formula: could collect all necessary data with total number of observations of 43×11=473 Enterprises in the sample are divided into two groups: 27 manufacturing enterprises and 16 non-manufacturing enterprises Data Profits before taxes ROA = (3.2) Average total assets Profits before taxes are used as corporate income taxes of Vietnam during the period from 2006 to 2016 varied: 28%, 25%, 22%, 20% Corporate market value Tobin’Q (TBQ): TBQ is a modern financial measuring tool introduced by James Tobin in 1971 to the market value of total assets compared to book value of total assets (Tobin, 1971) In this study, TBQ is calculated as follows: Market value VCSH + Book value of liabilities TBQ = (3.3) Book value of total assets In which: market value VCSH = Share price x the number of outstanding shares Financial data for calculating indicators of the research was collected directly from the financial statements of enterprises Data of CSRD was collected directly by analyzing the content of annual reports and sustainability reports in Vietnamese version of enterprises in the sample which was collected from the page http://finance.vietstock.vn/ 3.6 Research method In this study, the author used panel data in regression analysis Panel data has many advantages over time-series data and spatial data (cross-section data) because it allows studying of complex models fluctuating in both directions In this study, author used the Ordinary Least Squares regression (Pooled OLS), Fixed effects model (FEM), Random effects model (REM), The Generalized Least Square (GLS), Two-stage least squares (2SLS), Generalized method of moment (GMM) regression to find the best model for research data 3.4.3 Measurement of control variables Abbreviation Description CHAPTER 4: RESULTS Formula SIZE Enterprise size Ln (assets) LEV Leverage Total liabilities /total capital GRW Revenue growth 4.1 Characteristics of the Vietnam stock market and listed companies on the Vietnam stock market 4.2 Descriptive statistics Revenue of year (t ) – revenue of year (t-1) 4.2.1 Descriptive statistics of corporate social responsibility disclosures Revenue of year (t-1) 4.2.1.1 Descriptive statistics of corporate social responsibility disclosures of the sample 3.5 Research data Sample The statistic results of the level of CSRD of 43 listed enterprises during the period from the 2006 to 2016 showed that the average level of CSRD increased steadily This indicates that enterprises have placed increasing concern on implementing and disclosing CSR 13 14 Detailed information on average levels of CSRD on environment (ENV), responsibility to employees (EMP), responsibility to community (COM), responsibility to customers (CUS) indicates that the level of environmental disclosure is the lowest 4.2.2 Descriptive statistics of ROA and TBQ Specifically, by examining each indicator of CSR of total of 473 observations (11 ROA: Return on assets During the period from 2006 - 2016 there is a significant difference between enterprises In 2009 ROA of enterprises has the highest value of 14.5% In 2008 and 2014, ROA has the lowest value of 9.8% and 9.6% respectively year x 43 enterprises), it is found that information about salaries, bonus, production process and developing products is published the most by enterprises Information disclosed the least is preventing and resolving environmental consequences caused by TBQ: Corporate market value This variable also varies between enterprises during the period from 2006 to 2016 This variable reflects the attractiveness of corporate shares In 2011, the average value of TBQ has the lowest value of 0.955 because 2011 is enterprises considered as the year of the strongest decline of the Vietnam stock market In 2006 and 2007, TBQ has the highest value of 2.64 and 2,502 respectively This is explained by the fact that 2006 and 2007 is the booming year of the Vietnam stock market In another aspect, level of concern of 43 enterprises in the sample on CSRD was examined through reporting activities The results showed that from 2006 - 2016, the number of enterprises implementing CSRD as a separate item in the report is very small 4.3 Correlation analysis Correlation analysis showed that: - ROA has a significant positive correlation with independent variable CSRD and negatively correlated with control variable LEV This shows that the higher the level of CSRD, the higher the efficiency of using assets and the higher the rate of liabilities over capital, the lower the efficiency of using assets Figure 4.4: listed enterprises disclosing CSRD separately from 2006 to 2016 Source: calculations of the author 4.2.1.2 Descriptive statistics of corporate social responsibility in manufacturing - TBQ has a significant positive correlation with independent variable CSRD and insignificant correlation with other variables this indicates that the higher the level of CSRD, the higher the corporate market value 4.4 Regression analysis and non-manufacturing enterprises The regression analysis is conducted in as following order: By examining the level of CSRD in manufacturing and non-manufacturing enterprises, it is proved that the levels of CSRD in manufacturing enterprises and non- Step 1: Selecting Fixed effect and Random effect manufacturing enterprises are significantly different Step 2: Comparing model selected in step and model Pooled OLS to select the best model Step 3: Checking limitations of model selected in step The author conducted tests to check limitations of the model: multi-collinearity, heteroskedasticity, auto-correlation and endogenous phenomenon If the multi-collinearity exists, one of two variables having multi-collinearity from the model If endogenous phenomenon exists, suitable adjustment should be made to Figure 4.5: Levels of CSRD in manufacturing and non-manufacturing enterprises during the period from 2006 to 2016 Source: calculations of the author reduce limitations of the model Limitations of the models are displayed in the following table: Table 4.12: Limitations of research models 15 Model Dependent Auto- variable correlation 16 Heteroskedasticity Endogenous phenomenon model showed positive relationship between CSRD of previous year and corporate market value Tobin’Q of the following year (β = 0.044 and sig=0.00) Model with dependent variable TBQ ROA No Yes Yes (LEV) TBQ Yes Yes Yes(CSRD) ROA No Yes Yes (LEV) TBQ Yes Yes No ROA No Yes Yes (LEV) TBQ Yes Yes To overcome the endogenous phenomena in model 2, in this study, two-stage least Yes (CSRD) squares regression model (2SLS) was used to examine the relationship between corporate social responsibility disclosure and corporate value In this study, instrument variables can be used for two-stage least squares regression 2SLS for the endogenous relationship between corporate social responsibility disclosure and corporate value TBQ are audit quality (AUDIT) and law (LAW) The first variable AUDIT means enterprises audited by large auditing firms (Big 4) have a higher level of corporate social responsibility disclosure than other enterprises The second variable LAW means the more mandatory requirements (Source: compilation of the author) by the law, the higher the level of corporate social responsibility disclosures The author conducted regression analysis OLS, FEM, REM to verify the relationship between instrument variables AUDIT, LAW and endogenous variable CSRD The regression results To overcome limitations of models, the author used different regression methods showed that the selection of instrument variables is appropriate This indicates that listed companies audited by Big auditing companies and the legal requirements increase result in higher level of CSRD 4.4.4 Regression results depending on the type of problems Model and model with dependent variable ROA: The endogenous phenomenon exists in these two models as LEV is endogenous, in this case, regression method GMM is used Regression results of model showed that implementation and disclosures of CSR have impact on return on assets (ROA) of enterprises In particular, CSRD immediately affect ROA during the year with 0.0032% at a significance level of 1% This result is consistent with the hypothesis and studies of Mahoney and Roberts (2007); Mustaruddin Saleh et al (2011); Nagib Salem Bayoud et al (2012); Dewi and Monalisa (2016), Elena Platonova et al (2016) Regression results of model showed that implementation and disclosures of CSR in the past also have impact on return on assets (ROA) of enterprises in the following year Specifically, CSRD immediately affect ROA in the following year with 0.0032% at a significance level of 1% This result is consistent with the hypothesis and studies of Ngoc Thao Trang and Liafisu Sina Yekini (2014), and Ho Thi Van Anh (2018) with the same context of enterprises listed on the Vietnam stock market Model with dependent variable TBQ In order to overcome the phenomenon of heteroskedasticity and auto-correlation in the research model, Generalized Least Square (GLS) is used The regression results of GLS of Next, the author conducted 2SLS (IV (2SLS) estimation) with dependent variable TBQ, independent variable CSRD and instrument variables AUDIT, LAW The regression results showed that there exists a positive relationship between CSRD and corporate market value Tobin'Q (β = 0.081 and sig = 0.03) Model with dependent variable ROA The endogenous phenomenon exists in model as LEV is endogenous similar to model and 3, thus regression method GMM is used to overcome this phenomenon Regression results showed that CSRD has a positive impact on ROA of enterprises, but the levels of impact of CSRD on ROA in the period of 2006 and 2007 are higher than period since 2008 (P_value = 0.007
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