Luu Thi Thai Tam * and Ngo My Tran

* Corresponding author (ltttam@agu.edu.vn)

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

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