Nghiên cứu về tác động của trách nhiệm xã hội đến thành quả hoạt động của các doanh nghiệp ở Việt Nam.doc

Viết đề tài giá sinh viên – ZALO: 0917.193.864 -
VIETKHOALUAN.COM
Tải tài liệu tại kết bạn zalo :
0917.193.864
THE UNIVERSITY OF DA NANG
UNIVERSITY OF ECONOMICS
LE HA NHU THAO
INVESTIGATING THE IMPACT OF
CORPORATE SOCIAL RESPONSIBILITY ON
FIRM PERFORMANCE IN VIETNAM
SUMMARY OF DOCTORAL THESIS
Danang, 2023

VIETKHOALUAN.COM
Tải tài liệu tại kết bạn zalo : 0917.193.864
The thesis is completed at
UNIVERSITY OF ECONOMICS - THE UNIVERSITY OF DA NANG
Supervisor: Assoc. Prof. Doan Ngoc Phi Anh
Reviewer 1: Assoc. Prof. Dr. Nguyen Thi Thu Lien
Reviewer 2: Dr. Huynh Loi
Reviewer 3: Assoc. Prof. Dr. Le Duc Toan
The dissertation will be defended at the doctoral defence
committee from University of Economics, The University
of Danang on October 27th, 2023.
The dissertation can be found at:
- National Library of Vietnam
- The University of Da Nang - The Center for Learning Information
Resources and Communication.

VIETKHOALUAN.COM
1
INTRODUCTION
1. The necessity of the research
Vietnam is among the most vulnerable nations to climate
change impacts therefore the companies need to concern the
corporate social responsibility (CSR). Besides, managers are
increasingly focusing on performance measurement systems with
combination of financial and non-financial information.
Research on the impact of CSR on firm performance (FP) is
attracting various of scholars, especially in the field of accounting.
According to findings of some authors such as Preston and Obannon
(1997); Moneva et al (2007); Byus et al., (2010); Moneva and Ortas
(2011); Li et al (2013), Mercedes et al (2021), CSR had a positive
effect on FP, supporting the view that the implementation of CSR
helps businesses increase their reputation, attract customers, thus
improve FP. On the contrary, some arguments of the parties who
support the theory of shortage resource debate that the
implementation of CSR will cause some wasteful costs, and
businesses should only use their limited resources to ensure the
safety of their employees and profit maximization objective (Hillman
and Kein, 2001; Oliztky et al., 2003; Brammer and Pavelin, 2006).
Meanwhile, Nelling and Webb (2009), Wuttichindanon (2017) did
not find a relationship between CSR and FP.
In addition, the empirical results of most studies on the
impact of CSR on FP in Vietnam show that CSR has a positive effect
on performance. Most of the studies have assessed CSR performance
according to the level of CSR disclosure index collected in annual
reports (Ho Ngoc Thao Trang and Yekini, 2014; Nguyen Thi Ngoc
Bich et al., 2015; Ho Viet Tien and Ho Thi Van Anh, 2017; Nguyen
Thi Thu Nguyet, 2021). However, the indicators measuring the level
of social responsibility disclosure in these studies are focusing only
on assessing the amount of information disclosed, so they do not
reflect the actual implementation of CSR activities. The content of
CSR has not been based on international standards such as GRI or
ISO2600. Study on the relationship between financial performance
and social responsibility of the studies has produced many results,

VIETKHOALUAN.COM
2
some studies show a positive relationship, whereas others proved a
negative relationship. Moreover, the studies mainly evaluate the
financial performance, not focusing on the non-financial
performance. Therefore, it is necessary to expand research on the
impact of CSR on FP based on financial and non-financial
measurement systems in Vietnam.
This is the reason why author chose the topic on
Investigating the impact of CSR on FP in Vietnam.
2. Research objectives
The thesis is carried out the objectives as following:
(1) Measuring the implementation of CSR and FP (including
finance and non-finance aspect) in Vietnam.
(2) Assess the direct impact of CSR on FP in terms of
financial aspects, customer aspects, learning and growth aspects,
internal process aspects of enterprises in Vietnam.
(3) Assessing the intermediate role of non-finance
performance including the customer aspects, the learning and
development aspects, the internal process aspect in the indirect
impact of CSR on financial performance of the enterprise in
Vietnam.
3. Research questions
o How does CSR have impact on FP in terms of finance of
enterprises in Vietnam?
o How does CSR have impact on FP in terms of non-finance
(ex. Customer, learning and growth, internal process) of enterprises
in Vietnam?
o How does CSR has indirect impact on financial performance
with the intermediary being the customer aspects, the of learning and
development aspects, the internal process aspect of the enterprise in
Vietnam?
4. Research object
The research object of the thesis is the impact of CSR on FP
of enterprises in Vietnam. Social responsibility is based on the
assessment of activities showing responsibility according to GRI’s
contents. The impact of social responsibility is considered through
assessing the direct impact of social responsibility on performance in
the financial and non-financial aspects, and the indirect impact of
social responsibility on the performance in the financial aspect

VIETKHOALUAN.COM
3
through intermediaries as customer performance, internal process
performance, and learning and growth performance.
5. Research scope
- Scope of content: The thesis analyzes the impact of CSR on FP
in Vietnam. In which, social responsibility is based on the contents
of the Global Reporting Initiative (GRI) including economic,
environmental and social aspects. Business performance is followed
the balanced scorecard (Kaplan, 1992) including financial
performance and non-financial performance as customer aspect,
internal process aspect, learning and growth aspect.
- Scope of time: CSR and FP are assessed in the period of 2017
to 2019.
- Scope of space: The thesis studies enterprises in different
industries and in three regions of North, Central and South of
Vietnam.
6. Research methodology
- - Data collection:
o Collecting primary data by questionaire to obtain
empirical information on CSR and FP in Vietnam. Primary data was
surveyed on a sample of 336 enterprises. In addition, primary data
collection by semi-structured in-depth interviews was also carried
out to clarify the causes of empirical research results.
o Collecting secondary data by document analyzing of
typical cases from 10 listed companies on the stock exchange to
exploit the contents of CSR and FP.
- Data processing by analyzing PLS-SEM (Partial Least
Square - Structural Equation Modeling): This partial square
statistical method is used to analyze the impact of CSR on FP
(finance, customers, internal processes, learning and growth).
Besides, descriptive statistics are also included in the analysis in this
thesis.
7. Thesis contributions
7.1. Academic contributions
The study has presented the systematic review related to
corporate social responsibility and firm performance, thereby
providing a theoretical framework for domestic research. This
research has applied and completed the scale of CSR according to
GRI in case of enterprises in Vietnam. Furthermore, the firm

VIETKHOALUAN.COM
4
performance is measured in financial aspects and non-financial
aspects such as learning and development, internal processes, and
customers in this study. The research results provide evidence on the
current state of corporate social responsibility, firm performance and
the impact of social responsibility on the firm performance of
enterprises in Vietnam. Some research results on the influence of
social responsibility on social relations are consistent with previous
studies in the world while others do not. This may be due to a
number of distinctive features of Vietnam's emerging economy.
7.2. Practical contributions
This thesis is the comprehensive studies on the impact of
corporate social responsibility on firm performance in Vietnam, in
which the content of social responsibility is assessed according to
GRI, firm performance is based on a balanced scorecard including
financial aspects and non-financial. The thesis has used a mixed
research method with a combination of data collection and
processing to analyze the influence of corporate social responsibility
on firm performance in Vietnam. Based on SEM, the endogeneity
problems commonly seen in previous studies have been solved. The
research results help business administrators to have an overview of
the business activities, thereby building appropriate strategies to both
improve social responsibility and reaching better achievement.
Moreover, it helps state management agencies to consider and
introduce a stricter monitoring mechanism for the implementation of
corporate social responsibility.
7. Structure
The structure of the thesis is determined as follows:
Chapter 1: Theoretical framework and literature review on
CSR and FP.
Chapter 2: Research design.
Chapter 3: Research results
Chapter 4: Discussion and policy implications

VIETKHOALUAN.COM
5
CHAPTER I: THEORETICAL FRAMEWORK AND
LITERATURE REVIEW ON CORPORATE SOCIAL
RESPONSIBILITY AND FIRM PERFORMANCE
1.1. Corporate social responsibility
1.1.1. Definition: CSR is understood as the responsibility of an
enterprise for the impacts on society from its decisions and business
activities. CSR is carried out on the basis of respecting the law and
commitment to stakeholders, being able to link business activities
with solving social, ethical and environmental issues, protecting
human rights and responding to customer concerns, aiming to
maximize the benefits of business owners, stakeholders and society
as a whole, identifying, preventing and reducing the possible
negative impacts from business activities of enterprises to ensure
sustainable development goals.
1.1.2. CSR content: Regarding to GRI: economic aspects
(responsibility for sustainable economic development), environment
(effective use of fuel, protection and preservation of natural
resources), social (contribution to the community).
1.1.3. CSR measurement: There are three common measurement
methods: assessment of CSR performance (interview or survey),
reputation index (KLD, DJSI, ...), index of level of CSR disclosure
(document research or content analysis of sustainability reports).
1.2. Firm performance
1.2.1. Definition: A collection of financial and non-financial
information to evaluate business performance, compare with the
goals, and consider the ability to effectively use the resources of the
enterprise, including financial resources, human resources, the ability
to innovate and create, to meet customer needs... Operational results
provide effective information for managers in analyzing and
forecasting business operations.
1.2.2. The development of performance measurement systems
- The period in the late 1880s and continued through the
1980s: traditional financial indicators.
- The period from the late 1980s to the present: development
of non-financial indicators.

VIETKHOALUAN.COM
6
1.2.3. Firm performance measurement
- Financial performance measurement: assessed by
measurements in the form of information expressed through
monetary units and indexes.
- Non-financial performance measurement: based on non-
monetary units and metrics. Using non-financial measures requires
performance-based measures from the roots of management
accounting systems.
- Financial and non-financial combination measurement:
Several performance measurement frameworks (e.g. SMART
pyramids and balanced scorecards). In which, the balanced scorecard
method is used quite commonly in the research. Accordingly,
operational performance is considered on four aspects: finance,
learning and growth, internal processes, customers.
1.3. The impact of CSR on FP
1.3.1. Theories related to CSR and FP: Stakeholder Theory;
Resource based theory; Agency Theory; Legitimacy Theory.
1.3.2. The impact of CSR on FP of enterprises in the world
a. The impact of CSR on FP interms of finance aspect
- CSR has positive impact on firm performance in terms of
finance aspect (Murray et al., 2006; Moneva et al., 2007; Moneva
and Ortas 2010; Wang, 2015; Blasi et al., 2018; Na and Jian, 2013;
Saleh et al. 2011; Maqbool and Zameer 2018; Platonova et al.,
2016).
- CSR has no impact on firm perfsormance in terms of
finance aspect (Velde et al., 2005; Fiori et al., 2007; Seifert et al.,
2004; Wuttichindanon, 2017).
- CSR has negative impact on firm performance in terms of
finance aspect (Barnett and Salomon, 2006; Perrini et al., 2011).
b. The impact of CSR on FP interms of non-finance aspect
- CSR has effect on non-finance performance in aspect of
learning and growth (Turban and Greening, 2000; Backhaus et al.,
2002; Smith, 2004; Brammer et al., 2007).
internal process (Costa, 2015; Cegarra-Navarro et al., 2016; Marin et
al., 2017; Ruggiero and Cupertino, 2018; Wei Wang et al., 2019).

VIETKHOALUAN.COM
7
customer (Dawkins and Lewis, 2003; Baron, 2008; Birth, 2008;
Sweeney, 2009; Kaur, 2013; Andrea, 2014; Mathew et al., 2020).
c. The impact of CSR on FP (combination of finance and
non-finance aspect)
- CSR has positive impact on firm performance (Hull and
Rothenberg, 2008; Mishra and Suar, 2010; Wagner, 2010; Gallardo-
Vázquez and Sanchez-Hernandez, 2014; Martinez-Conesa et al.,
2017; Maqbool and Zameer, 2018; Zia et al., 2020; Mercedes et al.,
2021)
- CSR has negative impact on firm performance (Hillman
and Keim, 2001; Gallego et al., 2011)
1.3.3. The impact of CSR on FP of enterprises in Vietnam
The empirical results of most studies on the impact of CSR
on FP in Vietnam show that CSR has a positive impact on FP. Most
of the studies have assessed CSR according to the level of CSR
disclosure index collected in annual reports (Ho Ngoc Thao Trang
and Yekini, 2014; Nguyen Thi Ngoc Bich et al., 2015; Ho Viet Tien
and Ho). Thi Van Anh, 2017). FP is assessed from a financial
perspective, some study is interested in non-financial indicators but
in a small scale (Chau Thi Le Duyen et al., 2014, Phan Thi Thu
Hien, 2019).
1.3.4. Research gaps
- The contents of CSR in research in developed countries are
more and more diverse than in developing countries. Therefore, there
is a need for research on the implementation of CSR with
multidimensional and broader contents in the context of enterprises
in Vietnam.
- The measurement method in Vietnam often uses an index
to assess the level of CSR disclosure. Therefore, there is a need for
using mixed methods that combine multiple methods of data
collection and processing to have a more comprehensive view of
CSR.
- The content of the assessment of FP, in relation to CSR, it
is necessary to consider the financial and non-financial aspects.
Therefore, it is necessary to have studies on the impact of social
responsibility on the performance relationship analyzed based on the
balanced scorecard.

VIETKHOALUAN.COM
8
- The impact of CSR on financial performance through
intermediaries as non-financial aspects such as customer loyalty,
employee satisfaction will increase has been proven in previous
studies. Therefore, there should be studied in the case of Vietnam.
- The causal relationship of the evaluation aspects of the
social relationship, has been proven according to the balanced
scorecard framework developed by Norton and Kaplan (1992).
However, there are very few empirical studies on the causal
relationships between different aspects of the balanced scorecard,
especially in the case of Vietnam.
CHAPTER II: RESEARCH DESIGN
2.1. Research hypothesis
H1: The better the enterprise implements CSR, the higher the
financial performance.
H2: The better the enterprise implements CSR, the higher its
performance in the aspect of learning and growth.
H3: The better the enterprise implements CSR, the higher its
performance in the aspect of internal process.
H4: The better the enterprise implements CSR in social
aspect, the higher its performance in the aspect of custormer.
H5: Performance in terms of learning and growth positively
affects performance in terms of internal processes.
H6: Performance in terms of internal processes positively
affects performance in terms of customer.
H7: Performance in terms of customer positively affects
performance in terms of finance.
H8: CSR positively and indirectly affects financial
performance through the intermediary of non-financial performance.

Viết đề tài giá sinh viên – ZALO: 0917.193.864 - VIETKHOALUAN.CO
9
2.2. Research model
Learning and
H2c growth
Economics H2a
H2b
H4c H5
H3c
H3b
Internal Process
Enviroment
H3a
H4b
H6
Society
H7
Customer
H1b
H1a
H4a
H1c
Picture 2.2. Research Model
Source: Author’s building
2.3. Research variable measurement
The research variables are measured through surveys on the
implementation of CSR and FP of enterprises.
2.3.1. CSR measurement
Table 2.1. Synthetic results of the contents of measuring
CSR
No. Social aspect Previous studies
1. Employee welfare (For example: Clarkson (1995),
reducing the severance rate, ensuring Davenport (2000),
fair benefits for full-time and part-time Gallardo (2014),
employees, ensuring maternity GRI

VIETKHOALUAN.COM
10
benefits, etc.)
2. Clarkson (1995),
Occupational safety and health for Davenport (2000),
employees Gallardo (2014),
GRI
3. Employee training program, work Gallardo (2014),
performance evaluation and career Martinez (2017),
development for employees GRI
4. Diversity in management and equality Mishra (2010),
between men and women Gallardo (2014),
(remuneration and opportunities) GRI
5. Non-discriminatory towards Mishra (2010), GRI
employees, customers, suppliers…
6. Employeesarefreetoform GRI
associations/join trade unions at
enterprises
7. Do not use child labor or engage in GRI
forced labor
8. Train security staff on human rights GRI
policies or procedures to prevent
violence at businesses
9.
Local community activities to promote
Moore (2001), Ruff
et al. (2001),
development and minimize negative
Martinez (2017),
impacts on the local economy
GRI
10. Preliminary assessment of new Mishra (2010), GRI
suppliers using social criteria
11. Contribute to the political system Mishra (2010), GRI
(participating in commenting,
developing or strictly implementing
legal documents)
12. Davenport (2000),
Comply with regulations on ensuring Mishra (2010),
the health and safety of customers Gallardo (2014),
GRI
13. Comply with regulations on marketing Davenport (2000),
communications; ensure the Mishra (2010),

VIETKHOALUAN.COM
11
requirements for the trademark Gallardo (2014),
information of the product/service GRI
14.
Right to confidentiality of customer
Davenport (2000),
Gallardo (2014),
information
GRI
15. Comply with laws and social Gallardo (2014),
regulations GRI
Environment
16.
Efficient use of natural resources (For
Turner (2002),
Spiller (2000),
example, saving raw materials, or
Mishra (2010),
using recycled materials in the
Gallardo (2014),
production or packaging of products...)
GRI
17. Turner (2002),
Monitor, control, have solutions to Spiller (2000),
save energy consumption (including Mishra (2010),
water) Gallardo (2014),
GRI
18.
Comply with regulations on emission
Ruff et al. (2001),
Mishra (2010),
(greenhouse gas), wastewater and
Gallardo (2014),
waste
GRI
19. Evaluate new suppliers using Mishra (2010), GRI
environmental criteria in the supply
chain
20. Comply with environmental laws and GRI
regulations
Economics
21. Ensure the fulfillment of obligations Mishra (2010), GRI
regarding payables to the state
22. Clarkson (1995),
Guarantee starting salary higher than
Hopkins (2003),
Mishra (2010),
the regional minimum wage, ensuring
Gallardo (2014),
equal pay for male and female workers
Ashridge (2005),
GRI

VIETKHOALUAN.COM
12
23. Invest more in infrastructure and Gallardo (2014),
support services for the community GRI
24. Contribute to local or national Gallardo (2014),
economic development GRI
25.
Prioritize choosing local or female
Mishra (2010),
Gallardo (2014),
suppliers
GRI
26. Prevent and handle fraud and GRI
corruption within the organization
27. Ensure fair competition or take Mishra (2010), GRI
antitrust measures
Source: Author's own synthesis
2.3.2. FP measurement
Table 2.2. Synthetic results of the FP indicators
No. Finance Previous studies
1. Profit growth rate Douglas (1998); Moore (2001)
2. Revenue growth rate Douglas (1998); Moore (2001)
3. Profit-to-sales ratio Douglas (1998); Moore (2001)
4.
Return on Assets (ROA)
Waddock and Graves (1997),
Moneva and Ortas (2010)
5.
Return on Equity (ROE)
Waddock and Graves (1997),
Moneva and Ortas (2010)
Customer
6. Otley (1999); Drury et al.,
(1993); Drury (1996); Chenhall
Customer satisfaction on and Langfield-Smith (1998a);
product/service quality Lipe (2000), Hoque (2001);
Itner (2003), Banker (2004),
Iselin and Lockman (2008)
Customer satisfaction on
and Langfield-Smith (1998a);
product/service prices
Lipe (2000), Hoque (2001);
Itner (2003), Banker (2004),

VIETKHOALUAN.COM
13
after-sales policy Lipe (2000), Hoque (2001);
Itner (2003), Banker (2004),
customer service Lipe (2000), Hoque (2001);
Itner (2003), Banker (2004),
10. Customer loyalty (having a Mori (2003), Sweeney (2009),
positive opinion of the Trần Văn Tùng (2018)
company, recommending its
products to other customers)
11. Market share (Number of Kaplan (1996), Iselin (2010)
customers)
12. Ability to attract new Gildea (2001), Sweeney
customers (2009), Trần Văn Tùng (2018)
13. The brand of the enterprise Trần Văn Tùng (2018)
is recognized
Internal process
14.
Ability to research and Mishra (2010); Wang (2013)
forecast market demand
15. Ability to improve existing Mishra (2010); Gallardo
products/services (in terms (2014), Martinez (2017)
of quality and appearance)
16. The probability of success Mishra (2010); Gallardo
of the new product/service (2014), Martinez (2017)
17. Ability to search and choose New applied
suppliers who are ready to
meet demand
18. Ability to control supply New applied
quality

VIETKHOALUAN.COM
14
19. Ability to complete projects, Drury (1996)
products/services on
schedule
20. Rate of products damaged or Iselin and Lockman (2008)
having to be redone
21. Ability to optimize Drury (1996)
production costs
Learning and growth
22. Qualifications and Lipe (2000), Itner (2003),
professional knowledge of Banker (2004)
employees
23. “Soft” skills of employees Lipe (2000), Itner (2003),
Banker (2004)
24. Employee productivity Kaplan and Norton (1992,
1996, 2001)
25. Employee satisfaction Kaplan and Norton (1992,
1996, 2001)
26. Ability to attract and recruit Sweeney (2009)
new employees
27. Ability to retain former Sweeney (2009)
employees
28. Ability to improve working Martinez (2017)
conditions and environment
29. Employee understanding of New applied
strategic direction
30. Coherence between personal Trần Văn Tùng (2018)
and organizational goals
31. Relationship between Iselin (2010)
managers and employees
32. Ability to apply information Lipe (2000); Iselin (2010); Rae
technology in management (2011)
information system
33. Information infrastructure to Lipe (2000); Iselin (2010); Rae
meet business and (2011)
management requirements
(Example: Hardware,

VIETKHOALUAN.COM
15
software or communication
network)
Source: Author's own synthesis
2.3.3. Survey design
The survey is designed in three parts as follows:
Part 1: General information about the business
Part 2: Comments of enterprises on implementing CSR in
their enterprises.
Part 3: Assessment of firm performance
Respondents choose the appropriate level on a 5 likert scale
from 1 to 5. Specifically:
1: Totally disagree
Aspects of CSR: completely unaware of and do not perform
CSR activities in the period 2017 – 2019
Aspects of FP: operating results decreased continuously in
the period of 2017 – 2019
2: Disagree
Aspects of CSR: know but do not perform activities that
demonstrate CSR in the period 2017 – 2019
Aspects of FP: operating results fluctuated but generally
decreased in the period 2017 – 2019
3: Neutral opinion
Aspects of CSR: know about CSR and implement activities
showing CSR but not regularly in the period 2017 – 2019
Aspects of FP: operating results have not changed in the
period 2017 – 2019
4: Agree
Aspects of CSR: know and regularly perform responsibilities
in the period 2017 - 2019
Aspects of FP: operating results fluctuated but generally
increased in the period 2017 - 2019
5: Totally agree
Aspects of CSR: regularly implement and continuous
increase of activities demonstrating CSR in the period 2017 - 2019
Aspects of FP: firm performance increased continuously in
the period of 2017 - 2019

VIETKHOALUAN.COM
16
2.4. Data collection
2.4.1. Primary data by questionnaire
The primary data collection by questionnaire was carried out
in two stages:
* Pilot study:
- Research sample: 50 enterprises in Da Nang, Hanoi and Ho
Chi Minh cities.
- Sampling method: non-probability, namely snow-ball
sampling and convenience sampling to facilitate rapid sampling, with
analytical results to verify the appropriate scale.
- Interviewee: Business managers.
* Formal research:
- Research sample: 2,258 enterprises, information at
www.trangvangdoanhnghiep.vn;
- Sampling method: convenient sampling.
- Subjects of interview and survey: Business managers.
2.4.2. Primary data by semi-structured in-depth interview
In order to clarify some research results after analyzing the
model by PLS-SEM, the author conducts semi-structured in-depth
interviews. Interview format: Before conducting the interview, the
author exchanged interview objectives and contents with a number of
business managers by phone and received the consent of 15
representatives (04 enterprises interviewed directly, 11 enterprises
received the consent of 15 representatives).
2.4.3. Secondary data collection by document analyze of case
studies
To understand more about the implementation of CSR in
Vietnam, the author used a case study method by analyzing
documents of enterprises. Through studying the annual reports of 10
listed joint stock companies, some information on the current state of
CSR has been analyzed in chapter 3.
2.5. Data processing
2.5.1. Primary data processing by PLS-SEM analysis
The final sample is 336 enterprises, of which the majority
are enterprises with more than 20 years of operation, accounting for
61%. The labor size of enterprises with the number of 100 - 500
accounts for the majority of the sample (53%). Enterprises in the
service sector accounted for the highest proportion in the sample

VIETKHOALUAN.COM
17
(52%), followed by industry and construction (42%) and the lowest
was agriculture, forestry and fishery (6%).
2.5.2. Primary data processing in in-depth interview method
The author uses the statistical method of the answers and
quotes some answers according to the semi-structured questionnaire
to make comments and evaluate the causes of some research results
on CSR and FP of the enterprise.
2.5.3. Secondary data processing for case studies
Based on the indexes of interest in the survey form used in
PLS-SEM analysis, the research team of 3 people wrote down all the
relevant content related to each economic, environmental, and social
aspects. Information collected from 10 corporate sustainability
reports were included in this case study. Duplicate content between
all three people was selected and aggregated into a common report.
CHAPTER III: RESEARCH RESULTS
3.1. Corporate social responsibility in Vietnam
- CSR in terms of social aspect: The average value is greater
than 3.8, approximately 4; Responsibility for employees in basic
needs such as salary, bonus and welfare is very well taken care of;
Meanwhile, issues related to human rights, evaluating suppliers by
social criteria, and contributing to the political system have not been
paid attention.
- CSR in terms of environment aspect: The average value of
the variable environmental compliance (MT5) is the highest;
enterprises pay much attention to saving raw materials and energy;
However, supplier assessment in terms of environment (MT4) and
emissions (MT3) has not been focused on implementation.
- CSR in terms economic aspect: The guarantee of payables
to the state, the starting salary higher than the regional salary, the
creation of local jobs, and the investment in infrastructure for
community activities, considerable interest to businesses. In addition,
other obligations related to suppliers or business environment have
not been considered.
3.2. Firm performance in Vietnam
- Firm performance in financial aspect: The average value of

VIETKHOALUAN.COM
18
the indicators reflecting the growth rate of profit and revenue are
both above level 4; The average value of TC1 – “Profit growth rate”
(4,318) is higher than TC2 – “Sales growth rate” (4,238); Return on
Equity TC5 – “Return on Equity (ROE)” has the lowest average
value (3,562), the lowest value is 1; TC4 – “Return on Assets
(ROA)” and TC3 – “Return on Sales” have an average value of
about 3.7 and the lowest value is 2.
- Firm performance in customer aspect: The average value of
all observed variables is greater than 4 and the median value is 4;
The results in the customer aspect for customer satisfaction (KH1,
KH2, KH3, KH4) are higher than others; Loyalty, market expansion
and brand recognition have not been focused (KH5, KH6, KH7,
KH8).
- Firm performance in terms of internal process aspect: The
mean and median values are within the range of 4; The highest mean
value is observed variable NB2, showing that businesses focus on
product/service improvement; Production efficiency such as
optimizing costs, improving quality by reducing the rate of defective
products have not been appreciated in enterprises (NB7 and NB8).
- Firm performace in terms of learning and growth aspect:
The average value of the observed variables is greater than 4;
Developing professional knowledge and soft skills for employees to
increase labor productivity (PT1, PT2, PT3) has been well
implemented; Organizational culture, the connection between
individuals and organizations has not been focused (PT4, PT5, PT6,
PT7); Information infrastructure has not kept up with development
needs (PT11, PT12).
3.3. The impact of CSR on FP
3.3.1. Empirical results from PLS_SEM analysis on the impact of
CSR on FP
- Evaluation of the measurement model:
+ General reliability: The results show that the measurement
level of variables KH, NB, PT, TC, XH, MT, and KT expressed
through Cronbach's Alpha coefficient are all greater than 0.6.
Besides, CR values are all greater than 0.7, AVE is greater than 0.5.
Therefore, it can be commented that the measurement sample has no
error and the interview results are consistent with the actual data.
+ Convergence value of the scale: In order to ensure the

VIETKHOALUAN.COM
19
requirement of convergent value of measurement, the observed
variables with external loading coefficient have to be greater than or
equal to 0.7. However, observed variables including KH1, KH8,
KT3, KT5, KT7, MT1, MT5, NB6, NB8, PT10, PT11, PT12, PT3,
PT5, TC2 , XH10, XH11, XH5, XH8 have external loading
coefficients between 0.4 and 0.7 so they are taken into consideration
to evaluate the influence on the combined reliability of deleting these
variables. Through the analysis, the deletion of the these observed
variables does not increase the value of the aggregate reliability
coefficient. Therefore, the author retains all of the above observed
variables to continue the next evaluation.
+ Discriminant validity: The square root AVE of each
measurement factor is larger than the correlation coefficient between
that factor and others, showing their discriminant and reliability. This
means: the measurement factors clearly have differences; the scales
of the factors do not overlap and influence each other.
- Evaluate structural model:
+ The collinearity problems: VIF coefficients of all observed
variables are less than 5. Therefore, multicollinearity is not found in
this model.
+ The fit of the structural model: The estimated SRMR value
of the model is 0.092 (smaller than 0.1), so the model is evaluated as
suitable.
+ The significance and relevance of relationships in the
structural model
The results show that all path coefficients have positive
values (+), showing that the effects of the variables in the model are
all in the same direction.
(1) The direct impact of CSR on FP
Table 3.19 Estimated results “Boostrap” of structural model
Hyp Rela
Path
Path
Standa
t-value p- Re
coeficient rd
othe tions coeficie (Bootst val sul
Original deviati
sis hip nt (M) rap) ue ts
Sample (O) on
The impact of CSR on FP (Hypothesis H1, H2, H3, H4)

VIETKHOALUAN.COM
20
XH -
0.0
Ac
H1a > 0.139 0.141 0.045 3.069 cep
02
TC ted
MT
0.0
Ac
H1b -> 0.133 0.133 0.068 1.985 cep
47
TC ted
KT -
0.0
Ac
H1c > 0.362 0.361 0.059 6.180 cep
00
TC ted
XH - 0.0
Ac
H2a 0.212 0.212 0.064 3.293 cep
> PT 01
ted
MT
0.0
Ac
H2b -> 0.253 0.257 0.064 3.986 cep
00
PT ted
KT - 0.0
Ac
H2c 0.204 0.205 0.071 2.885 cep
> PT 04
ted
XH -
0.0
Ac
H3a > 0.141 0.140 0.050 2.838 cep
05
NB ted
MT
0.0
Ac
H3b -> 0.304 0.303 0.059 5.174 cep
00
NB ted
KT -
0.0
Ac
H3c > 0.241 0.238 0.058 4.150 cep
00
NB ted
XH -
0.0
Ac
H4a > 0.176 0.177 0.057 3.066 cep
02
KH ted
MT
0.3
Rej
H4b -> 0.053 0.058 0.058 0.901 ect
68
KH ed

VIETKHOALUAN.COM
21
H4c
KT -
>
KH
0.159 0.159 0.057 2.761
0.0
06
Ac
cep
ted
Causality of aspects performance (Hypothesis H5, H6, H7)
PT -
0.0
Ac
H5 > 0.264 0.269 0.064 4.150 cep
00
NB ted
NB -
0.0
Ac
H6> 0.428 0.426 0.062 6.936 cep
00
KH ted
KH -
0.0
Ac
H7 > 0.227 0.227 0.055 4.130 cep
00
TC ted
Source: Author's own
synthesis
Table 3.19 presents the "boostrap" estimated results of the
structural model with direct effects. The results show that eight out
of the fifteen hypotheses given above, are accepted at the
significance level of 1% due to p value is smaller than 0.01 and t
value is larger than 2.57 (hypothesis H1c, H2a, H2b, H3b, H3c, H5,
H6, H7), four hypotheses were accepted at 5% significance level due
to p-value is smaller than 0.05 and t-value is larger than 1.96
(Hypothesis H1a, H2c, H3a, H4a), one hypothesis was accepted. at
10% significance level due to p-value is smaller than 0.1, t-value is
larger than 1.65 (Hypothesis H4c). At the same time, there is a
hypothesis H4b that is not sufficient to conclude that the impact of
CSR in the environmental aspect on FP in the customer aspect (p =
0.368 > 0.1, t = 0.901).
The research results are consistent with the study of Mishra
and Suar (2010); Ho Thi Van Anh (2018), Chau Thi Le Duyen
(2014), Phan Thi Thu Hien (2019). However, the results are contrary
to the study of Wagner (2005) in study of European enterprises in the

VIETKHOALUAN.COM
pulp industry and the study of McWilliams and Siegel (2000) and
Elijido-Ten (2007).

VIETKHOALUAN.COM
22
(2) Indirect impact of CSR on financial performance
The mediating role of the learning and growth aspect is most
appreciated in the mediating effects of the CSR on financial
performance. Indeed, human resources play an important role in this
impact, which is understood as the more satisfied employees are in
terms of economic benefits (salary, benefits, and benefits) and
morale (social security, working conditions), the higher the impact of
corporate CSR activities on financial performance (Surroca et al.,
2010; Martinez et al., 2017).
3.3.2. Results from in-depth interview
- The results on the impact of CSR on FP are not the same in
different aspects. This is partly explained by the difference in
awareness of CSR among enterprises.
- CSR in the social aspect has a positive impact on the
performance in the customer aspect: Implementing social
responsibility will increase the reputation of the business in the
market as well as in the global supply chain (Sweeney, 2009).
- CSR in social aspect has a positive impact on performance
in terms of learning and growth: Most businesses believe that
implementing social responsibility helps to connect employees. Once
an enterprise well implements CSR to ensure a better working
environment, pay attention to the life and welfare of employees, it is
fully guaranteed.
- CSR in terms of the environment has a positive impact on
performance in terms of internal processes: When enterprises
implement CSR well, the production process is also improved.
Specifically, the "green" production process from finding and
selecting environmentally friendly materials, not destroying natural
resources; applying international standards in case of exporting
goods to foreign countries; shipping to delivery are also under strict
quality control.
- CSR in terms of the environment has no impact on the FP
in terms of customers: In general, customers' awareness of
environmental protection, green and clean raw materials has
increased. However, this number of customers is often concentrated
with knowledge objects, accounting for a small number in the market
share of enterprises. In addition, the criteria of environmental social

VIETKHOALUAN.COM
23
responsibility is not attracted a large number of customers, or retain
customers. Therefore, CSR in terms of the environment has not been
found to have an impact on FP in terms of customers.
CHAPTER IV: DISCUSSION AND POLICY IMPLICATIONS
4.1. Discussion
The results show that CSR in both social and economic
aspects has an impact on performance in all aspects of finance,
learning and growth, internal processes, customers. In addition, all
the path coefficients have positive signs, indicating that the direction
of the effect between the factors is positive. The research results are
consistent with the study of Mishra and Suar (2010); Ho Thi Van
Anh (2018), Chau Thi Le Duyen (2014), Phan Thi Thu Hien (2019).
However, the results are contrary to the study of Wagner (2005) in
the study of European enterprises in the pulp industry and the study
of McWilliams and Siegel (2000) and Elijido-Ten (2007).
In terms of the magnitude of the coefficient, CSR in
economic aspect has stronger impact CSR in social and
environmental aspects.
Next, the impact of CSR in the environmental aspect on FP
of internal process is at the level of 0.304. Thereby, it is found that
the implementation of social responsibility related to the
environment has a great influence on the internal processes at the
enterprises.
Firm performance in the aspect of learning and growth are
influenced by CSR in all three aspects of economy, environment and
society at the level of 0.2, proving that enterprises are interested in
implementing CSR in different areas. CSR has an impact on learn
and growth performance.
CSR was found to have a relatively small impact on
customer performance (path coefficients are about 0.159 and 0.176),
in which environmental CSR did not find impact on performance in
terms of customer aspect.
The relationships between the aspects of performance are
positive at the 1% significance level, in which the impact of
performance in the internal process and customer aspect is the most

VIETKHOALUAN.COM
24
powerful (0.428).
Besides, the impact of learning and growth performance on
internal process performance is almost same as the impact of
customer performance on financial performance (at a level of more
than 0.2).
Customer performance is the mediator in the relationship
between social responsibility, economic and financial performance.
Performance at the internal process and customer,
respectively, are mediators in the impact of CSR in all three aspects
of economy, environment and society on financial performance
(Surroca et al., 2010; Martinez et al., 2017).
The causal relationship between the aspects of performance
measurement followed the balanced scorecard has been
demonstrated. CSR in the social and economic aspects does not
affect the causal chain of performance aspects in the direction from
learning and growth to internal process achievement, followed by
customer and financial performance. However, CSR in terms of the
environment found a positive impact on this cause-and-effect
relationship.
4.2. Recommendations and policy implications
4.2.1. For managers and enterprises
- CSR in social aspect: fairness in paying wages and benefits
for employees; a safe and healthy working environment; training to
improve staff capacity.
- CSR in environmental aspect: technical and technological
solutions; training environmental experts.
- CSR in economic aspect: strategic planning on social
responsibility; Link business development plans with local and
community economic development; Selective investment.
4.2.2. For state management agencies
- CSR in social aspect: Propaganda, education, support
mechanisms and policies; Enhance the role of professional
associations.
- CSR in environmental aspect: Completing the legal system
on environmental protection; Inspection, examination, supervision.
- CSR in economic aspect: Create a clear and open
mechanism; Support policies for businesses to develop regional,
regional and local economies.

VIETKHOALUAN.COM
25
4.2.3. Limitations of the study and future research directions
Besides the achievement, the thesis still has some certain
shortcomings that future research needs to overcome:
- Interviewees are not diverse. CSR and FP are both contents
related to many stakeholders such as customers, employees,
investors… However, the thesis is only evaluated based on the views
of managers.
- The objectivity of the time lag of the data does not really
reflect the meaning when the interview time is still carried out at one
point in time.
- Research results have not been compared between
industries
- The sample size of the study is limited
In the future, the author proposes some possible directions
for the development of the topic as follows:
- Diversity of interview subjects
- Research in many different timelines for comparison
- Make comparisons between different professions
- Expanding the sample size of the study

VIETKHOALUAN.COM
26
CONCLUSION
Thesis studies on the impact of CSR on fp in Vietnam with
the aim of assessing the awareness of enterprises about CSR and
analyzing the direct and indirect influence of CSR on FP in both
financial and non-financial aspects.
The content of the thesis has synthesized and analyzed the
concepts of CSR and FP. In which, CSR is considered as the
responsibility for economic development and ensures the
harmonization of benefits between economic, environmental and
social aspects. On that basis, an adjusted set of criteria for measuring
CSR according to GRI was developed to suit the context of
enterprises in Vietnam. In addition, the business performance is
evaluated according to balanced scorecard framework with a system
of combined financial and non-financial performance measures
(learning and growth, internal processes, customers).
Mixed research method combines quantitative research
(statistics using PLS_SEM technique) and qualitative research
(Document analysis method and in-depth interview). Based on the
database of 336 enterprises of different industries in different
geographical locations in Vietnam. Research results have found a
positive impact of social responsibility in all three aspects of
economy, environment, society on financial performance. In
addition, social responsibility in both economic and social aspects
has a positive influence on FP in terms of learning and growth,
internal processes, and customers. However, no evidence has been
found on the relationship between CSR in terms of environment and
FP in terms of customers. In addition, CSR was found to have a
stronger impact on financial performance through intermediaries as a
result of learning and growth, internal processes, and customers.
Furthermore, a causal relationship between the outcome factors
according to the balanced scorecard was also found in the
quantitative study.
From the found results, recommendations for business
managers and state management agencies are also proposed to
increase the effectiveness of CSR implementation as well as promote
the positive impacts of CSR on FP.

VIETKHOALUAN.COM
LIST OF SCIENTIFIC WORKS DISCLOSED
1) Nghiên cứu về mối quan hệ giữa trách nhiệm xã hội và hiệu
quả hoạt động của các doanh nghiệp trên địa bàn TP Đà Nẵng. Đề tài
Nghiên cứu khoa học cấp Bộ B2016-DNA-16-TT.
2) Le Ha Nhu Thao, Doan Ngoc Phi Anh, Jólan Velencei, 2019.
Measuring Coprorate Social Performance, Serbian Journal of
Management, Vol 14, No.1, DOI number: 10.5937/sjm14-18009.
3) Lê Hà Như Thảo, Công bố thông tin trách nhiệm xã hội của
doanh nghiệp: Cơ sở lý thuyết và phương pháp đo lường. Tạp chí Kế
toán và kiểm toán. Số ISSN: 1859-1914, tháng 1+2/2019 (184), tr 64 –
68.
4) Lê Hà Như Thảo và Võ Văn Cương, 2019. Nghiên cứu về tác
động của trách nhiệm xã hội đến thành quả hoạt động của doanh nghiệp
trên địa bàn Thành phố Đà Nẵng. Hội thảo khoa học quốc gia CITA
2019.
5) Đoàn Ngọc Phi Anh, Lê Hà Như Thảo, Võ Văn Cương,
2019. Nghiên cứu ảnh hưởng của mức độ công bố thông tin trách nhiệm
xã hội đến thành quả tài chính của doanh nghiệp niêm yết trên thị trường
chứng khoán Việt Nam. Hội thảo Việt Nam về kế toán, kiểm toán
(VCAA) lần 1 năm 2019.
6) Đoàn Ngọc Phi Anh, Võ Văn Cương, Lê Hà Như Thảo,
2021. Ảnh hưởng của nhân tố thuộc đặc tính của cổ đông đến mức độ
công bố thông tin trách nhiệm xã hội của doanh nghiệp niêm yết ở Việt
Nam. Hội thảo khoa học quốc gia CITA 2021, tr. 430 – 439.
7) Lê Hà Như Thảo, Nguyễn Thị Kim Ngọc, 2021. The
overview on firm performance. Hội thảo khoa học quốc gia CITA 2021,
tr. 340 – 349.
8) Le Ha Nhu Thao, Jólan Velencei, 2018. Literature review:
The impact of corporate social responsibility on firm performance, 16th

VIETKHOALUAN.COM
International Conference on Management, Enterprises and
Benchmarking, Hungary, ISBN: 978-963-449-097-5.
9) Đoàn Ngọc Phi Anh, Võ Văn Cương, Lê Hà Như Thảo,
2020. Examining the Effects of the Features of Corporate Governance
on the Level of Corporate Social Responsibility Disclosure of Listed
Enterprises in Vietnam. The 3rd International Conference on Finance,
Accouting and Auditing (ICFAA 2020). ISBN: 978-604-946-957-3, tr.
477 – 478.
10) Đoàn Ngọc Phi Anh, Võ Văn Cương, Lê Hà Như Thảo, Ảnh
hưởng của hội đồng quản trị đến mức độ công bố thông tin trách nhiệm
xã hội của doanh nghiệp sản xuất niêm yết ở Việt Nam, Tạp chí Nghiên
cứu kinh tế 2022. Số ISSN: 0866 - 7489, 2(525), tr. 76 – 85.

Nghiên cứu về tác động của trách nhiệm xã hội đến thành quả hoạt động của các doanh nghiệp ở Việt Nam.doc

Recommended

Recommended

More Related Content

Similar to Nghiên cứu về tác động của trách nhiệm xã hội đến thành quả hoạt động của các doanh nghiệp ở Việt Nam.doc

Similar to Nghiên cứu về tác động của trách nhiệm xã hội đến thành quả hoạt động của các doanh nghiệp ở Việt Nam.doc (20)

More from dịch vụ viết đề tài trọn gói 0973287149

More from dịch vụ viết đề tài trọn gói 0973287149 (20)

Recently uploaded

Recently uploaded (20)

Nghiên cứu về tác động của trách nhiệm xã hội đến thành quả hoạt động của các doanh nghiệp ở Việt Nam.doc