CSR DISCLOSURE AND FIRM VALUE: EMPIRICAL EVIDENCE FROM VIETNAM’S LISTED FIRMS

Abstract

Corporate Social Responsibility (CSR) disclosure has become a strategic trend for firms aiming for long-term and sustainable development, particularly among companies listed on the stock market. In Vietnam, empirical studies over the past decade have begun to confirm a positive correlation between CSR disclosure and firm value. This study surveyed 182 investors in Vietnam and employed the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach for data analysis. The findings indicate that economic and social disclosures exert a positive impact on firm value, whereas environmental disclosure does not yet show a significant influence. This reflects a prevalent reality among Vietnamese listed enterprises, where the focus of disclosure remains heavily skewed toward financial and economic factors. The results suggest that Vietnamese listed firms need to enhance the comprehensiveness and balance of their CSR reporting. While an excessive focus on economic elements may yield short-term benefits, achieving sustainable development and long-term firm value appreciation requires expanding the scope of disclosure to environmental and social dimensions, in alignment with global ESG trends.