Factors Influencing Corporate Social Responsibility Disclosure and Its Impact on Financial Performance: The Case of Vietnam

The study examines the impact of company size, industry sensitivity, government ownership, liquidity and company age on Corporate Social Responsibility Disclosure (CSRD) in 2019 annual reports of listed companies on the Vietnam stock market. We also consider the relationship between CSRD and the financial performance measured by return on assets (ROA) and return on equity (ROE). This study uses descriptive statistics and regression methods to test research hypotheses. The empirical findings show that company characteristics, including firm size, liquidity, government ownership and environmental industry sensitivity, are positively associated with firms’ CSRD level. Firm age does not influence the CSRD of listed companies. The CSRD significantly affects both ROA and ROE. Our study provides several suggestions to promote the CSR information disclosure of listed companies and enhance their social responsibility for sustainable development.