Ảnh hưởng của kiểm soát quản trị đến mối quan hệ giữa minh bạch trách nhiệm xã hội và hiệu quả tài chính: Bằng chứng thực nghiệm từ Việt Nam

Lưu Thị Thái Tâm * và Ngô Mỹ Trân

* Tác giả liên hệ (ltttam@agu.edu.vn)

Article Sidebar

Full Text: PDF

Ngày nhận bài: 19-03-2020
Ngày duyệt đăng: 28-08-2020
Ngày xuất bản: 28-08-2020
Title: The moderating role of corporate governance on the relationship between corporate social responsibility and financial performance: Evidence from Vietnam
DOI: 10.22144/ctu.jvn.2020.101
Lượt xem
415
Downloads
425
Crossref
Scopus
Google Scholar
Europe PMC
Trích dẫn
Tâm, L. T. T., & Trân, N. M. (2020). Ảnh hưởng của kiểm soát quản trị đến mối quan hệ giữa minh bạch trách nhiệm xã hội và hiệu quả tài chính: Bằng chứng thực nghiệm từ Việt Nam. Tạp chí Khoa học Đại học cần Thơ, 56(4), 219-237. https://doi.org/10.22144/ctu.jvn.2020.101
Số báo
Tập. 56 Số. 4 (2020)
Chuyên mục
Kinh tế xã hội

Abstract

The study is aimed to analyze the moderating effect of corporate governance on the relationship between corporate social responsibility tranparency (CSR) and financial performance. The data was collected from 323 non-financial listed companies listed on Ho Chi Minh and Hanoi Stock Exchange from 2013 to 2017. The results showed that there was positive influence of the total CSR transparency on return on total assets, but the composition aspects had different influences on financial performance. In addition, three intermediate variables including the Board independence, the foreign ownership, and the audit quality played positive moderating role in the relationship between CSR transparency and financial performance. Based on the results, some policy implications were proposed such as increasing CSR transparency, attracting foreign investment, increasing the level of independent supervision of the Board and gradually considering the use of audit service supplied by BIG4.
Keywords: Corporate governance; financial performance; non-financial listed companies; social responsibility transparency; Pooled OLS, REM, FEM, social responsibility transparency, Pooled OLS, REM, FEM

Tóm tắt

Nghiên cứu phân tích sự ảnh hưởng trung gian của đặc điểm kiểm soát quản trị đến mối quan hệ giữa minh bạch trách nhiệm xã hội (CSR) và hiệu quả tài chính. Số liệu sử dụng được thu thập từ 323 công ty phi tài chính niêm yết trên Sở giao dịch chứng khoán Hồ Chí Minh và Hà Nội giai đoạn 2013-2017. Kết quả phân tích cho thấy có sự ảnh hưởng tích cực của tổng minh bạch CSR chung đến hiệu suất sinh lời của công ty. Tuy nhiên, các khía cạnh minh bạch thành phần có sự ảnh hưởng khác nhau đến hiệu suất sinh lời của công ty. Ngoài ra, ba biến trung gian kiểm soát quản trị gồm sự độc lập của hội đồng quản trị, sở hữu nước ngoài và chất lượng kiểm toán đã cho thấy có sự ảnh hưởng tích cực đến mối quan hệ giữa minh bạch CSR với hiệu quả tài chính công ty. Dựa trên kết quả phân tích, một số hàm ý chính sách được đề xuất như gia tăng sự minh bạch CSR, thu hút đầu tư của cổ đông nước ngoài, tăng mức độ giám sát độc lập của hội đồng quản trị và từng bước xem xét việc sử dụng dịch vụ kiểm toán của bốn công ty kiểm toán lớn trên thế giới (BIG4).
Từ khóa: công ty niêm yết phi tài chính, hiệu quả tài chính, hồi quy Pooled OLS, REM, FEM, kiểm soát quản trị, minh bạch trách nhiệm xã hội

Article Details

Tài liệu tham khảo

Abdullah, S.N., 2004. Board composition, CEO duality and performance among Malaysian listed companies. Corporate Governance: The international journal of Business in Society, 4 (4): 47-61. doi: 10.1108/14720700410558871

Ali, S., Zhang, J., Naseem, M.A., and Ahmad, F., 2019. Moderating role of ownership in relationship between CSRD and firm performance. The Journal of Developing Areas, 53(3), .

Anderson, J.C. and Gerbing, D.W., 1988. Structural equation modeling in practice: A review and recommended two-step approach. Psychological Bulletin, 103(3): 411-423.

Baird, P.L., Geylani, P.C. and Roberts, J.A., 2012. Corporate social and financial performance re-examined: Industry effects in a linear mixed model analysis. Journal Of Business Ethics, 109(3), 367-388.

Baltagi, B. H., 2005. Econometric analysis of panel data. 3rd Edition England JW & Sons, 335 pages

Bayoud, N. S., Kavanagh, M., and Slaughter, G., 2012. An empirical study of the relationship between corporate social responsibility disclosure and organizational performance: Evidence from Libya. International Journal of Management and Marketing Research, 5(3): 69-82.

Branco, M.C. and Rodrigues, L.L., 2009. Exploring the importance of social responsibility disclosure for human resources. Journal of Human Resource Costing & Accounting,13(3): 186-205.doi:10.1108/14013380910995494

Brown, T. J., and Dacin, P. A., 1997. The company and the product: Corporate associations and consumer product responses. Journal of Marketing, 61(1): 68-84.doi:10.1177/002224299706100106

Cadbury, A., 1992. Report of the committee on the financial aspects of corporate governance (Vol. 1). Gee.

Chapple, W. and Moon, J., 2005. Corporate social responsibility (CSR) in Asia: A seven-country study of CSR web site reporting. Business & Society, 44(4): 415–441.doi:10.1177/0007650305281658

Cheung, P., and Mak, W., 2010. The relation between corporate social responsibility disclosure and financial performance: Evidence from the commercial banking industry. A Thesis Submitted to the University of Beedie School of Business-Segal for the Degree of Doctor of Philosophy.

Chou, L,C., Chang, T.C., Darcy, J., and Yan, Y.., 2017. The Impact of Social Responsibility on Corporate Performance: Evidence from Taiwan. Accounting and Finance Research, 6(2): 181-189.

David, A. (2012). La recherche-intervention, cadre général pour la recherche en management? (No. hal-01635111).

Dewi, K. and Monalisa, M., 2016. Effect of corporate social responsibility disclosure on financial performance with audit quality as a moderating variable. Binus Business Review, 7(2): 149-155.

Dhaliwal, D.S., Li, O.Z., Tsang, A. and Yang, Y.G.G., 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1): 59-100. doi: 10.2308/accr.00000005

Dias, A., Lima Rodrigues, L. and Craig, R., 2017. Corporate governance effects on social responsibility disclosures. Australasian Accounting, Business and Finance Journal, 11(2): 3–22.

Douma, S., George, R. and Kabir, R., 2006. Foreign and domestic ownership, business groups, and firm performance: Evidence from a large emerging market. Strategic Management Journal, 27(7): 637-657. doi:10.1002/smj.535

Feng, Y., Chen, H.H. and Tang, J., 2018. The impacts of social responsibility and ownership structure on sustai nable financial development of China’s energy industry. Sustainability (Switzerland), 10(2): 1-16. doi:10.3390/su10020301

Freeman, R. E., 1984. Strategic Management: A Stakeholder Approach. Latest edition. Boston, MA: Pitman.

Global Reporting Initiative-GRI, 2006. Sustainability Reporting Guidelines, Version 3.1 GRI. Amsterdam.

Griffin, J.J. and Mahon, J.F., 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & Society, 36(1): 5-31. doi: 10.1177/000765039703600102

Gruca, T.S. and Rego, L.L., 2005. Customer satisfaction, cash flow, and shareholder value. Journal of Marketing, 69(3): 115–130. doi: 10.1509/jmkg.69.3.115.66364

Gugler, K., 1998. Corporate ownership structure in Austria. Empirica, 25(3): 285-307.

Haniffa, R.M. and Cooke, T.E., 2005. The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24(5): 391-430. doi:10.1016/j.jaccpubpol.2005.06.001

Heenetigala, K., and Armstrong, A. F. (2011, December). The impact of corporate governance on firm performance in an unstable economic and political environment: Evidence from Sri Lanka. In 2012 Financial Markets & Corporate Governance conference.

Hossain, M.M., Alamgir, M. and Alam, M., 2016. The mediating role of corporate governance and corporate image on the CSR-FP link: Evidence from a developing country. Journal of General Management, 41(3): 33-51. doi: 10.1177/030630701604100303

Hossain, M., Islam, K. and Andrew, J., 2006. Corporate social and environmental disclosure in developing countries : evidence from Bangladesh. Asian Pacific Conference on International Accounting Issues, Hawaii,(October 2006): 1-23.

Ibrahim, A.H. and Hanefah, M.M., 2016. Board diversity and corporate social responsibility in Jordan. Journal of Financial Reporting and Accounting, 14(2): 279-298. doi:10.1108/JFRA-06-2015-0065

Inchausti, B.G., 1997. The influence of company characteristics and accounting regulation on information disclosed by Spanish firms. European Accounting Review, 6(1): 45-68. doi: 10.1080/096381897336863

Jensen, M.C. and Meckling, W.H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360.

Kansal, M., Joshi, M. and Batra, G.S., 2014. Determinants of corporate social responsibility disclosures: Evidence from India. Advances in Accounting, 30(1): 217-229. doi: 10.1016/j.adiac.2014.03.009

Khan, I., Chand, P.V. and Patel, A., 2013. The impact of ownership structure on voluntary corporate disclosure in annual reports: Evidence from Fiji. Accounting & Taxation, 5(1): 47-58.

Klassen, R.D. and McLaughlin, C.P., 1996. The impact of environmental management on firm performance. Management Science, 42(8): 1199-1214. doi: 10.1287/mnsc.42.8.1199

Laufer, W.S., 2003. Social Accountability and Corporate Greenwashing. Journal of Business Ethics, 43(3): 253-261.

Lesser, E.L. and Storck, J., 2001. Communities of practice and organizational performance. IBM systems journal, 40(4): 831-841.doi: 10.1147/sj.404.0831

Lev, B., 2000. Intangibles: Management, measurement, and reporting. Brookings institution press. R.R Donnelly and Sons Harrisonburg, Virginia.

Li, Q., Luo, W., Wang, Y., 2013. Firm performance, corporate ownership, and corporate social responsibility disclosure in China. Business Ethics, 22(2): 159-173. doi: 10.1111/beer.12013

Lii, Y.-S., 2011. The effect of Corporate Social Responsibility (CSR) initiatives on consumers’ identification with companies. African Journal of Business Management, 5(5): 1642-1649. doi: 10.5897/AJBM10.508

Liu, X. and Zhang, C., 2017. Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, 142(2): 1075-1084. doi:10.1016/j.jclepro.2016.09.102

Lu, W.L., 2013. An exploration of the associations among corporate sustainability performance, corporate governance and corporate financial performance. A Thesis Submitted to the University of Texas Arlington for the Degree of Doctor of Philosophy.

Magdi, R., and Nadereh, C. (2002). Corporate governance practice and performance. Dave Publishers, New York

Mazurkiewicz, P., 2004. Corporate environmental responsibility: Is a common CSR framework possible. World Bank,2: 1-18.

McWilliams, A. and Siegel, D., 2000. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal, 21(5): 603-609.

Menassa, E., 2010. Corporate social responsibility: An exploratory study of the quality and extent of social disclosures by Lebanese commercial banks. Journal of Applied Accounting Research, 11(1): 4-23.

Mishra, S., and Suar, D., 2010. Does corporate social responsibility influence firm performance of Indian companies?. Journal of Business Ethics, 95(4): 571-601.

Mithas, S., Morgeson III, Forrest VFornell, C. and Krishnan, M.S., 2006. Customer satisfaction and stock prices: High returns, low risk. Journal of Marketing, 70(1): 3-14. doi: 10.1509/jmkg.70.1.003.qxd

Moon, J. and Vogel, D., 2009. Corporate social responsibility, government, and civil society. A. Crane et al. (eds.), Oxford University Press.Online Publication Date: Sep 2009.doi: 10.1093/oxfordhb/9780199211593.003.0013

Nguyen, B.T.N., Tran, H.T.T., Le, O.H., Nguyen, P.T., Trinh, T.H. and Le, V., 2015. Association between corporate social responsibility disclosures and firm value- empirical evidence from Vietnam. International Journal of Accounting and Financial Reporting, 5(1): 212-228.

Nguyen, N., 2018. The effect of corporate social responsibility disclosure on financial performance: Evidence from credit institutions in Vietnam. Available at SSRN Electronic Journal 3101658. [online]

Pan, X., Sha, J., Zhang, H. and Ke, W., 2014. Relationship between corporate social responsibility and financial performance in the mineral industry: Evidence from Chinese Mineral Firms. Sustainability, 6(7): 4077-4101. doi: 10.3390/su6074077

Peng, C.-W. and Yang, M.-L., 2013. The effect of corporate social performance on financial performance: the moderating effect of ownership concentration. Journal of Business Ethics, 123(1): 171-182.

Platonova, E., Asutay, M., Dixon, R., and Mohammad, S., 2018. The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of Business Ethics, 151(2): 451-471.

Roberts, R.W., 1992. Determinants of corporate social responsibility disclosure. Accounting, Organizations and Society, 17(6): 595-612.

Rashid, K., 2008. A comparison of corporate governance and firm performance in developing (Malaysia) and developed (Australia) financial markets. A Thesis Submitted to the University of Victoria for the Degree of Doctor of Philosophy.

Saka, C. and Oshika, T., 2014. Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1): 22-45. doi: 10.1108/SAMPJ-09-2012-0030

San Ong, T. and Teh, B.H., 2009. The use of financial and non-financial performance measures in the Malaysian manufacturing companies. IUP Journal of Accounting Research & Audit Practices, 8(1): 23-30.

Shawn L. Berman, Andrew C. Wicks, S.K. and T.M.J., 1999. Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5): 488-506. doi: 10.5465/256972

Suteja, J., Gunardi, A. and Mirawati, A., 2016. Moderating effect of earnings management on the relationship between corporate social responsibility disclosure and profitability of banks in Indonesia. International Journal of Economics and Financial Issues, 6(4): 1360-1365.

Tagesson, T. et al., 2009. What explains the extent and content of social and environmental disclosures on corporate websites: a study of social and environmental reporting in Swedish listed corporations. Corporate Social Responsibility and Environmental Management, 16(6): 352-364. doi: 10.1002/csr.194

Usman, A.B. and Amran, N.A.B., 2015. Corporate social responsibility practice and corporate financial performance: Evidence from Nigeria companies. Social Responsibility Journal, 11(4): 749-763. doi: 10.1108/SRJ-04-2014-0050

Vo, D., and Phan, T., 2013. Corporate governance and firm performance: Empirical evidence from Vietnam. Journal of Economic Development, 7(1): 62-78. doi: 10.24311/jed/2013.218.08

Wang, J., 2007. Foreign equity trading and emerging market volatility: Evidence from Indonesia and Thailand. Journal of Development Economics, 84(2): 798-811. doi: 10.1016/j.jdeveco.2006.05.001

Yaparto, M., Frisko, D. and Eriandani, R., 2013. Pengaruh corporate social responsibility terhadap kinerja keuangan pada sektor manufaktur yang terdaftar di bursa efek Indonesia pada periode 2010-2011. Calyptra, 2(1): 1-19.

Yusoff, H., Mohamad, S. S., and Darus, F., 2013. The influence of CSR disclosure structure on corporate financial performance: Evidence from stakeholders’ perspectives. Procedia Economics and Finance, 7: 213-220. doi: 10.1016/S2212-5671(13)00237-2

Yermack, D., 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2): 185-211.