Trends Of Disclosing Csr Information In Annual Reports Of Vietnamese Enterprises.doc

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FOREIGN TRADE UNIVERSITY
FACULTY OF BUSINESS ENGLISH
………o0o………
GRADUATION THESIS
TRENDS OF DISCLOSING CSR INFORMATION
IN ANNUAL REPORTS OF
VIETNAMESE ENTERPRISES
Lã Kim Tiến
A2-K53-FBE
Ha Noi, May 2018

Kham thảo miễn phí – Kết bạn Zalo/Tele mình 0917.193.864
FOREIGN TRADE UNIVERSITY
FACULTY OF BUSINESS ENGLISH
………o0o………
GRADUATION THESIS
TRENDS OF DISCLOSING CSR INFORMATION
IN ANNUAL REPORTS OF
VIETNAMESE ENTERPRISES
SUBMITTED IN PARTIAL FULFILMENT
OF THE REQUIREMENTS FOR THE DEGREE
OF BACHELOR OF ARTS IN BUSINESS ENGLISH
Student : Lã Kim Tiến
Class : A2-K53-FBE
Supervisor : Trần Thị Hiền (Ph.D)
Ha Noi, May 2018

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TABLE OF CONTENTS
LIST OF ABBREVIATIONS ...................................................................................... iii
LIST OF FIGURES ........................................................................................................ iv
LIST OF TABLES .......................................................................................................... iv
ACKOWLEDGEMENTS................................................................................................v
ABSTRACT...................................................................................................................... vi
INTRODUCTION.............................................................................................................1
CHAPTER 1: LITERATURE REVIEW.................................................................. 11
1.1. Definition of Sustainable Development.......................................................... 11
1.2. Relation between CSR and Sustainable Development................................ 13
1.3.1. Trend of Sustainability report ..................................................................... 15
1.3.2. Reasons issuing sustainability report......................................................... 18
1.3.3. Content of Sustainability Report................................................................. 20
1.3.4. Disclosing Environmental and Social Information................................. 21
1.4. Firm Performance............................................................................................... 23
1.4.1. Market Capitalization, Return on Assets and Return on Equity........... 24
1.4.2. Significance of Market Capitalization ....................................................... 25
1.4.3. Previous Studies on Relationship between Firm Performance and
Environment and Social Disclosure...................................................................... 25
1.5. Conceptual Framework and Hypothesis development............................... 28
1.5.2. Research gap .................................................................................................. 29
1.5.3. Hypothesis....................................................................................................... 30
CHAPTER 2: METHODOLOGY.............................................................................. 31
2.1. Type of the Study ................................................................................................ 31
2.2. Research Design................................................................................................... 31

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2.3. Data Collection Methods ................................................................................... 31
2.4. Indicators Establishment................................................................................... 36
2.5. Variable Measurement....................................................................................... 38
2.6. Data Processing.................................................................................................... 39
2.7. Data Analysis Procedure ................................................................................... 39
2.8. Assessment and Comparison............................................................................ 40
CHAPTER 3: DATA ANALYSIS .............................................................................. 42
3.1. Descriptive Information of the Sample Companies .................................... 42
3.2. Items Disclosed by Sample Companies .......................................................... 44
3.4. Quality of CSR Disclosure Information between 2015 and 2016............. 52
3.5. Hypothesis Testing Results ............................................................................... 54
CHAPTER 4: DISCUSSIONS AND CONCLUSION............................................ 55
4.1. Discussions of Major Findings ......................................................................... 55
4.2. Implications of the Study................................................................................... 57
4.3. Recommendation................................................................................................. 58
4.4. Conclusion............................................................................................................. 59
4.5. Limitations of the Study .................................................................................... 60
APPENDIX A
REFERENCES

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LIST OF ABBREVIATIONS
CSR Corporate Social Responsibility
CFP Corporate Financial Performance
GRI Global Reporting Initiative
JSC Joint Stock Company
HNX Hanoi Stock Exchange
HOSE Ho Chi Minh City Stock Exchange
ROA Return on Assets
ROE Return on Equity

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LIST OF FIGURES
Figure 1.1. The semantics of Sustainable Development.............................................. 12
Figure 1.2: Development in sustainability reporting: from single issue reports to
holistic sustainability reporting....................................................................................... 17
Figure 1.3: Conceptual Framework................................................................................ 28
Figure 2.1: Data description based on report type........................................................ 36
Figure 3.1: Comparison level of disclosure information between 2015 and 2016... 52
LIST OF TABLES
Table 2.1. List of industry sectors of the sample companies ...................................... 32
Table 3.1. Descriptive information of the of the sample companies ......................... 42
Table 3.2. Statistics of the environmental and social and disclosures in Vietnam... 43
Table 3.3. Most items disclosed by any sample companies........................................ 45
Table 3.4. Items not disclosed by any sample companies........................................... 47
Table 3.5. Disclosure levels made by the sample Vietnam companies ..................... 48
Table 3.6: Relation firm performance and CSR disclosure in 2015 .......................... 50
Table 3.7: Relation between firm performance and CSR disclosure in 2016........... 51
Table 3.8. Paired samples T-Test of 2015 and 2016.................................................... 53

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ACKOWLEDGEMENTS
This research was successfully carried out as a result of the process in which I have
acquired knowledge in the last four years from Foreign Trade University (FTU).
However, it would not have been possible without the considerable support of
people around me.
Therefore, I would like to express my hearty gratefulness and deepest appreciation
to my thesis instructor, PhD. Tran Thi Hien, who has generously helped fulfil my
understanding, showed me what I should learn and how I should correct my
mistakes.
My sincere gratitude also goes to all lecturers in the Faculty of Business English
(FBE) who have provided me valuable knowledge and skills. Their lessons not only
gave me confidence in chasing my career path but also enthusiasm to pursue my
dreams.
Next, I would like to give a profound thank to my close friends from English 2
(FBE), Securities English Club – SIC (FTU), Quantitative Research Center (FTU)
for their tremendous support and care during my learning process in general and the
research period in particular.
Last but not least, I am deeply indebted to my family and my best friends Doan Thi
Thuy Tien, Luong Van Hoan, 509 Team, whose encouragement and sharing are
extremely important to my accomplishments today.
Hanoi, May 2018
La Kim Tien

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ABSTRACT
This thesis is designed to investigate the trend of disclosing Corporate Social
Responsibility (CSR) information in corporate annual reports of 76 companies
listed on Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange
(HNX) in 2015 and 2016. Specifically, based on a set of institutional factors to
measure the extent of disclosure made by companies in annual reports published by
Hossain et al. (2006), this study examines the relationship between firm
performance and CSR disclosure of 76 listed companies to find out whether or not a
link exists. Moreover, the differences in disclosing CSR information between 2015
and 2016 is paid attention. This study reports that Circular 155 issued on 10th June
2015 and became effective since 1st January 2016 provides guidelines for
information disclosure on Vietnam’s stock market has made a strong influence to
the quality of CSR disclosure between 2015 and 2016. The research discovers
correlation between firm performance and CSR disclosure in 10 groups of listed
firms which were stratified in alignment with 10 level of market capitalization. The
study finds that larger companies tend to disclose more CSR information, while
smaller companies do not significantly care about it.
Keywords: Corporate Social Responsibility, Disclosure, Annual Reports, Social
Reporting, Vietnam

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INTRODUCTION
1.1. Research Background
The growth of enterprises in business context poses more challenges to government
and community, of these challenges, awareness of Corporate Social Responsibility
(CSR) is being more or less considered. The history of the concept CSR has a long
and wide-ranging root. It is mostly a product of the twentieth century, especially
from the early 1950s up to our modern time (Carroll et al., 2009). Criticism about
the issue of environmental and social responsibility impact from multinational
enterprises has been developed over the past decade (Haniffa and Cooke, 2002), as
a result of a new wave of attention, after an earlier one that started in the 1970s
(Kolk, 2003). Kolk (2004) pointed out that the introduction of the initial separate
environmental reports in this period made a significant movement since after that
the number of enterprises grasping at this trend to publish information on its
environmental, social or sustainable policies and their impacts have increased
dramatically.
Many international organizations and experts indicated in their reports that
awareness of sustainable development has become an increasingly popular issue for
businesses around the world. In other words, an innovative content is required for a
new era of sustainability reporting. The days of describing a “pioneer” or “pre-
regulatory phase” are over (GRI, 2013). With the fast and furious development of
society, companies are progressively realizing that CSR reporting is about more
than simply being a good corporate citizen, it forces constant innovation and
promotes effective learning, which create opportunism for companies to grow their
business and increase the true values of organization (KPMG, 2011).
Kolk and Tulder (2010) argued that the existence of international guideline and
instruction on sustainable development could be regarded as both a challenge and
an opportunity for enterprises. It is due to a sustainability report including
disclosures on an enterprise impacts – maybe positive or negative – on the
environment, society and the whole economy. CSR, on the other hand, involves
costs which can negatively affect the company’s competitive position. Although

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thousands of companies now report their CSR information every year, the quality of
sustainability information is not increasing fast enough (GRI, 2013, Omar and
Zallom, 2016).
Along with the development trend, many researchers considered the level of CSR
disclosure in relation to other factors. There are concerns about the value of the
standalone CSR reports released by listed enterprises in both developed and
developing countries. It is doubtful whether CSR disclosure can provide
incremental informational value for investors. Moreover, chances are highly
possible that investment in some CSR activities will have a powerful influence on
the value of firms when taking into consideration the existing evidence on the
relationship between CSR activities and ﬁnancial and market performance (Wang
and Li, 2015, Bird et al., 2007).
In Vietnam, the concept of sustainable development was introduced by development
organizations such a long time; however, linkage between sustainable development
and business activities has not been properly considered. The companies that have a
high level of CSR disclosure in Vietnam are mainly in the garment and footwear
sectors due to the demand of foreign buyers. Up to now, only a few enterprises in
Vietnam are aware that CSR has become one of indispensable requirements for
businesses (Nguyen, 2010). In the context of globalization and international
integration, if enterprises do not comply with social responsibilities, they can not
access the world market.
Nguyen (2010) stated that barriers and challenges to CSR implementation in
Vietnam such as limited conceptual awareness of CSR or its productivity is the
result of not having coherent and strict policies. How a business discloses their CSR
information has not been emphasized until Ministry of Finance issued Circular 155
providing guidelines for information disclosure on Vietnam’s stock market in June
2015. This document presents basic instructions and orientations about how listed
companies should release information in their annual reports. Specifically, in the
sustainable development section, a company should include their main objectives,
development strategies in medium and long term, corporate objectives with regard

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to corporate environment, society and community sustainability, and risks affecting
the production and business operations or the realization of the company’s
objectives, including environmental risks. (Finance, 2015).
1.2. Problem Statement
The need for companies to undertake their activities that could be considered as
social responsibility has been discussed by many articles and reports. According to
Moir (2001), CSR expansion and the historical development of business
involvement leads to a re-examination of the nature of the correlation between
business, society and government. In other words, business only made a substantial
contribution to a community if it is efficient, profitable and socially responsible
enough. Therefore, the basic concept of CSR is that business and society should be
interconnected than distinct entities.
Accelerating economic growth is always accompanied by environmental and social
issues. For this matter to be solved thoroughly, it requires co-ordination of all
economic subjects, including enterprises stretching from small to large scale. Being
originated from developed countries, the concept of CSR has grown extensively in
developing countries in which Viet Nam has no exception. Especially, with the
requirement of integration and fierce competition in both domestic and international
market, businesses which play an important role in connecting economic subjects of
a country should be pioneers in implementing of global trends such as CSR
disclosure. It is undeniable that easily sharing information on a global scale have
made CSR disclosure become a growing trend for all types of organizations,
including both for-profit and non-profit organizations (Le and Luu, 2017).
Vietnam's increasingly deep integration into the global economy such as becoming
the 150th member of the WTO in 2007, signing new trade agreements and joining
the ASEAN Economic Community (AEC) in 2015 has opened up new prospects
and challenges for all Vietnamese enterprises. So far, there still have been
controversial issues related to environmental pollution, business ethics and lack of
responsibility for community safety of Vietnamese businesses. However, Le and
Luu (2017) noted that enterprises are making an attempt to affirm their social

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responsibility by promoting social activities such as donation, charity, protecting
living environment or replacing fossil fuels by alternative sources.
In recent years, CSR policies have been paid more attention. A number of focal
international organizations such as the United Nations, the World Bank, the
Organization for Economic Co-operation and Development (OECD), the
International Labor Organization (ILO) have issued guidelines to encourage
research and promote public awareness about sustainable development. As a result,
companies have gradually awarded their responsibility and started to release CSR
information in their annual reports. Along with the development of sustainability
reporting for many years, there has been the emergence of related international
organizations such as Global Reporting Initiative - GRI, International Integrated
Reporting Council - IIRC, UN’s Global Compact – UNGC, and international
standards such as ISO 14001, ISO 26000 (WGEA, 2013).
Vietnam Business Council for Sustainable Development - VBCSD (2014)
suggested that sustainable development has become a guiding principle of the Party
and the Government. A range of policies on sustainable development have been
issued, such as the Instruction No. 36CT/TW dated 25th June 1998 of the Politburo
on strengthening environmental protection in the period of industrialization and
modernization; the Strategic Orientation for Sustainable Development (the Agenda
21 of Vietnam); and the Economic and Social Development Strategy in the period
2011 – 2020. On the other hand, Vietnam has also signed international conventions
related to sustainable development, such as the Montreal Protocol on substances
that destroy the ozone layer; the Vienna Convention for the protection of the ozone
layer; the United Nations Convention on the Law of the Sea; the United Nations
framework Convention on Climate Change; the Convention on Biological Diversity
(1994) and the commitments to implement the Millennium Development Goals. In
2009, the Government of Vietnam established the National Council for Sustainable
Development which was renamed to the National Council for Sustainable
Development and Competitiveness Improvement in May 2012.

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Sustainable development and CSR reporting are a matter of great concern to
scholars, governments and the whole society, in which Vietnam - a developing
country is no exception. However, the fact that CSR reporting of Vietnamese
enterprises remains voluntary makes the perception of sustainable development of
the business has not breakthrough. It is believed that the newest introduction of
Circular 155 providing guidelines for information disclosure on Vietnam’s stock
market issued by Ministry of Finance in 2015 might put some hope in improving
quality of CSR information disclosure that listed companies release every year. As
one of those who have great concern for sustainable development and CSR in the
Vietnamese business environment, the author undertook this research with the
expectation of finding improvement of CSR reporting between 2015 - the time
before the Circular was released and 2016 - when the circular has been adopted by
enterprises.
1.3. Research Objectives:
The objectives of this research are stated as followed which shows the Overall
Research Objective and Specific Research Objectives.
Overall Research Objective: To determine the trends of disclosing CSR information
in annual reports of Vietnamese enterprises in the year 2015 and 2016
Specific Research Objectives:
 To investigate the tendency listedenterprises disclose CSR information
 To determine whether exists relationship between firm performance and CSR
disclosure
 To investigate whether there is any improvement in quality of CSR
disclosure between 2015 and 2016
1.4. Significance of the Study
Compared to other countries over the world, Vietnam still has limited awareness
about the issue of sustainable development. It is proved that other neighboring
Asian countries outdistance Vietnam in the field of sustainable development.

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According to VBCSD (2014), since 2006 many nations have required listed
companies on the stock exchange to disclose CSR information on a voluntary basis
or under specific guidelines of authorities. In 2006, China publicized a set of
requirements about sustainability reporting for state-owned enterprises. Bursa
Malaysia demanded listed companies to make an announcement about their CSR
activities or to give out a CSR statement instead in 2007. Follow by was the stock
exchanges of Shanghai and Shenzhen which publicized fundamental requirements
for listed companies to report on CSR in 2008.
In 2010, South Africa called off all companies listed on the Johannesburg stock
market to release the annual integrated reports about sustainable development
activities beside financial activities. In 2011, the Securities and Exchange Board of
India (SEBI) officially legalized business responsibility reports of all current listed
enterprises as one of the binding sections of the annual reports. This year also
witnessed announcement of the Counseling document on the environmental, social
and governance (ESG) report from Hong Kong Stock Exchange and Sustainability
Reporting Guidelines issued by The Singapore Exchange. Last but not least,
Thailand started using the ISO 26000 standard along with other international
guidelines, such as the UNGC & GRI from the year 2011 (VBCSD, 2014).
Limitations and delays in in Vietnam are originated in many causes that can be
mentioned the lack of understanding about sustainable development, shortage in
resources and government’s attention. Moreover, the number of reports and
research about this matter are moderately limited. Within 1.25 second, Google
Scholar only found 17.600 results for key word “sustainable development” in
Vietnamese. Through preliminary observations, extensive studies in Vietnam on
sustainable development are often undertaken by large organizations. Individual
researchers, however, have tendency to perform smaller model of research with
certain subjects. This is somewhat limiting the capacity of the researcher and
lowering the research quality.
Therefore, up-to-date and innovative studies are extremely necessary for the
development of the field. They are able to open up many aspects of the issue,

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thereby provide readers with a bunch of valuable knowledge which gradually
increases awareness of the whole society. The result of the studies, on the other
hand, is the premise for developers to propose policies to the government and
contribute to the improvement of policies on sustainable development in Vietnam.
1.5. Scope of Work
This study was conducted within the framework of CSR reporting of Vietnamese
listed enterprises. The study’s materials based on annual reports published by
companies after the end of a fiscal year. The firms in the population are listed
companies on Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock
Exchange (HNX) with the latest IPO is 2015. Accordingly, 76 firms was selected as
representatives in the sample and the study results will reflect the characteristics of
the listed companies on the two stock exchanges above. The type of companies’
report studied is annual report which was audited and widely publicized through
means of media. Annual report is considered to be a comprehensive review of a
company's performance during a year, which is also considered to be a measure of
the company's achievement in the matter of governance, environmental and social
performance.
To measure the level of CSR disclosure, this study applied the instruments of
Hossain et al. (2006) which estimates environmental and social information in
annual reports of listed firms in Bangladesh. Bangladesh is a developing country
that shares the same business context with Vietnam as both depends heavily on
foreign investment and export earnings
Being entitled " Trends of disclosing CSR information in annual report of
Vietnamese enterprises” this research explores trends of CSR disclosure of
companies listed on Vietnam stock exchanges. "Trend" refers to the highlight
information, the relationship between the observed variables and the difference in
level of disclosure over time. The selected years for study are 2015 and 2016 - an
important period before and after Circular 155 providing guidelines for information
disclosure on Vietnam’s stock market was released and made a certain impact on
businesses.

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The number of reports is 76 reports per year; the total number examined in this
study is 152 reports. This study was conducted over a period of 4 months, from
January to May 2018.
1.6. Summary of the Research Findings
After the process of researching, exploring the topic, this study came into an
important finding that the level of sustainable information disclosure is considerably
increasing between the year of 2015 and 2016. Over time, companies tend to be
more concerned about sustainable development and report related information in its
annual report. The correlation between firm performance and CSR disclosure in the
enterprise's annual report was found as well. In the scope of this research, firm
performance is measured by three variables: market capitalization, ROA and ROE.
It is indicated that the level of CSR information published has a strong relationship
with market capitalization of the sampled firms which was divided into 10 groups
from high to low market capitalization. Especially, the information quality of the
top group of market capitalization is quite comprehensive and detailed in
comparison with other groups. However, the quality of the information of big
companies in Vietnam is still much lower than that of other large enterprises over
the world.
1.7. Structure of the Thesis
This study consists of 5 main parts corresponding to the Introduction and 4 chapters
as follows:

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Figure: Structure of the research
The Introduction
This part establishes theoretical background in which theory are formulated and the
nature of research problem is stated through problem statement. This part also
answers the question why the topic is important and what scope the study involves.
Chapter 1: Literature Review
The Literature Review is presented as a review of scholar papers. Many studies of
outstanding scholars in the field of sustainable development are also explored
together. Surveyed documents in this research include books, journal articles,
reports, government data, web pages and any other sources relevant to the topic.
Valuable comments and opinions from these works are considered to bring an
overview from many directions.
Chapter 2: Methodology
Chapter 2 brings out steps of research design which provides information on design,
procedures, assumptions, approach, data and data analysis procedure. Each steps
have been gradually carried out to come into the conclusion and further
understanding on this research.
Chapter 3: Data Analysis

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Chapter 3 is the process of managing and analyzing large data set received from the
third step. It involves a great deal of information arranged in tables and figures with
comprehensive data description. The purpose of this section is to visualize and gain
insights from the data.
Chapter 4: Discussions and Conclusion
The Discussions and Conclusion summarizes main points of evidence and draw a
conclusion. It is noted that the author also mentions some suggestions,
recommendation for future research and even limitation that makes the report an
imperfect one.

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CHAPTER 1: LITERATURE REVIEW
1.1. Definition of Sustainable Development
It is widely agreed that sustainable development is a broadly used notion and idea
which has a bunch of different meanings and therefore provokes many responses.
Lele (1991) stated that the manner in which the concept sustainable development is
used and interpreted so complicated that while was called a “contradiction in
terms”. In an extensive way of interpreting, the phrase of sustainable development
is an attempt to illustrate growing concern about connection between environmental
issues with socioeconomic issues including poverty, inequality and humanity future
(Hopwood et al., 2005).
Hopwood et al. (2005) stated the first and foremost important concept appeared in
the World Conservation Strategy published in 1980 that mentioned reaching
sustainability by protecting living creatures. However, they only defined human
needs, concentrated entirely on environmental changes without discussing changes
in socioeconomic structures or distribution (IUCN, 1980). Years later, questions
related to environmental and socioeconomic were brought in 1987 by the
Brundtland commission who expressed economic growth as a force that should be
attached with social and environmental sustainable (Kolk and Tulder, 2010).
To reduce the confusion of the matter, Lele (1991) once broke the concept
“sustainable development” into two smaller terms: development and sustainability.
This has led to “sustainable development” commonly being explained as a changing
process which could be continued forever (see Figure 1.1).

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Figure 1.1. The semantics of Sustainable Development
(Source: Lele, 1991)
In the past decade, the concept triple P - People, Planet, Profit – has been
developed need for executives to simultaneously focus on the social, environmental
and economic measurement of corporate activity, in order to shape the sustainable
future of human being (Kolk and Tulder, 2010). Having developed from the
definition of sustainable development of Brundtland in 1987, sustainability in
business context can be defined as the meeting of the needs of a ﬁrm’s direct and
indirect stakeholders, including shareholders, employees, clients, pressure groups,
communities and so on. To meet this goal, firms have to sustain and develop their
economic, social and environmental base while actively contribute to sustainability
in the political domain (Dyllick and Hockerts, 2002). This opinion was inherited
from theory of Elkington’s (1997) called triple-bottom-line (TBL) thinking (Hahn
and Kühnen, 2013). Another definition of “corporate sustainability” is interpreted
by scholars as the ability of an enterprise to create its long-term values by taking
risks and opportunities from the economic, environmental and social developments
(Drivdal, 2015). On the other hand, Popa and Blidisel (2009) indicated that

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corporate sustainability might be represented through four pillars setting out the
company’s performance areas and strategies: environmental protection, social
justice and equity and economic development.
The concept of sustainable development will continue to be developed by many
experts in the years to come. Meanwhile, economic development associated with
sustainable development has become a familiar concept for many countries,
especially developing countries which are facing climate change and ecological
imbalance at a high level. Sustainability has become a hymn for the 21st century, it
embodies the promise of societal evolution towards a more equitable and wealthy
world in which the natural environment and our cultural achievements are preserved
for generations to come (Dyllick and Hockerts, 2002).
1.2. Relation between CSR and Sustainable Development
Sustainable development and CSR have only slowly been taken up as relevant
concepts (Kolk and Tulder, 2010). It is due to the area defined by activists of CSR
increasingly covers a wide range of issues related to sustainable development such
as factory management, employee relations, human rights, corporate ethics,
community relations and the environment. Along with the development of society,
the awareness of consequences of unsustainable practices among business context
has drawn an increasing attention of policymakers, researchers, and government
(Moir, 2001).
The importance of the concept CSR has led to many ways of defining and
conceptualizing during the past four centuries following a process of examination,
deliberation and disagreement around the theme. Therefore, in present time, the
evolution of the CSR in academic research is traced in order to bring about a better
understanding of the subsequent discussion (Tripathi and Bains, 2013).
Dahlsrud (2008) shown that there have been many attempts to establish an
enhanced knowledge of CSR and to develop a more robust definition in which
Carroll’s literature review of CSR definitions is regarded more or less trustful. It
extended CSR from the traditional economic and legal responsibility to moral and
charitable responsibility accompany by the rising concerns on ethical issues of

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enterprises. This point of view is reflected in the Business Dictionary that defines
the concept of CSR as an enterprise's sense of responsibility towards the community
and environment in which it operates. Companies express their responsibility
through the process of waste and pollution reduction, contributing educational and
communal programs and fair treatment with any type of employed resources.
Furthermore, CSR was described as a business system that supports the creation and
allocation of wealth for the improvement of its stakeholders through the application
and combination of moral structures and sustainable management practices.
Normally, CSR activities are considered as separated parts including social,
economic, environmental responsibility with its stakeholder or as straight
relationships rather than as an interrelated process (Smith, 2011).
CSR – a standard business practice in modern society - is a way for companies to
benefit themselves while also satisfy society. The establishment of a CSR strategy,
sometimes known as a sustainability strategy, is a fundamental component for
competitiveness of a company that should be managed by the firm itself. When an
enterprise develops its CSR activities, the attachment of strategic goodwill,
innovation, environmental sustainability and transparency demonstrate how diverse
and far-reaching CSR has become embedded into management strategy. This means
having policies and procedures in place which combines social, environmental,
ethical, human rights or consumer concerns into business management and
fundamental strategy – all in relationship with its stakeholders. It should be
considered to be a company’s commitment to reducing or getting rid of any risky
effects and maximizing its long-run substantial impact on society (Mohr et al.,
2001).
Due to corporate social responsibility stands for core values that deﬁne the
commitment of an enterprise to society, economy, and the environment that sustains
its activities and broad scope, it could contribute to the sustainable development of
the entire world.
1.3. Sustainability Report
Sustainability reporting is labeled as a tool to improve transparency and

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accountability of a business in the issues that traditional financial information is not
dealing with. According to Working Group on Environmental Auditing (WGEA),
these include the connection between environmental, social and economic issues as
well as long-term strategies. Reporting on sustainability matters has increased in the
private sector since the 1990s and some public sector organizations have also
started disclosing their sustainability performance.
Global Reporting Initiative augured that sustainability reporting is not only about
the business transparency and accountability but it also refers to business
transformation and innovation. Currently, making effort to produce a sustainability
report is becoming standard practice for the majority of the largest companies in the
world – something simply unbelievable only a decade ago. However, a large
number of businesses are still not reporting sustainability data that must be
published for investors and market analyst in order to bring about wider
transformation at a market level (GRI, 2013).
1.3.1. Trend of Sustainability report
At the first stage, reports considered as “sustainability reports” were mostly single-
issue reports that only focused on environmental performance. WGEA (2013) stated
that the perception of high priority given to environmental concerns rooted from the
difficulty in aborting what sustainability truly is. Later, the quality of sustainability
reports has been increased but in many cases sustainability reporting practices have
focused dominantly on the issue of environment and eco-efficiency. With the
development of education and technology, sustainability reporting has taken many
different forms. We can see stand-alone reports published annually or biannually
via a suite of reports that are also widely published online.
Sustainability reporting can be put into continuous developments since the 1980s. It
is reported that the first voluntary environmental reports were released in the late
1980s. Companies of which operations were sensitive with environment especially
started to develop sustainability reporting (WGEA, 2013). At the same time, the
introduction of voluntary codes of environmental management and eco-auditing led
to the development of environmental management systems (EMS) and the

16
formation of standards, such as the ISO14000 standard series. The ISO 14001
standard providing requirements for environmental management systems was first
launched in 1996. The European Union soon established its own Eco-Management
and Audit Scheme, EMAS.
WGEA (2013) reported that since the mid-1990s, sustainability reporting has
developed in various directions and forms, one of them being triple bottom line
(TBL) reporting mentioned above. Global organizations supporting sustainability
reporting such as Global Reporting Initiative (GRI) then was formed and
successfully developed a voluntary framework for sustainability disclosure.
The introduction of the ISO 26000 guidance for social responsibility in 2004
reached another step of development in controlling CSR reporting. It is recognized
as a voluntary guidance, but not used as a certification standard unlike other ISO
standards. According to ISO 26000, the core subjects of social responsibility are
issues related to organizational governance, human rights, labor practices, the
environment, fair operating practices, consumer issues, and community involvement
and development. However, it is noted that as society’s concerns change, its
expectations of organizations also change, and therefore the elements of social
responsibility are liable to change.
In the last decade, integrated reporting framework is promoted by The International
Integrated Reporting Council (IIRC). IIRC previously called the International
Integrated Reporting Committee was formed in August 2010 with an aim to create a
globally accepted framework for CSR reporting. This evaluation process is
described in chronological order in Figure 1.2.

17
Figure 1.2: Development in sustainability reporting: from single issue reports
to holistic sustainability reporting
(Source: WGEA, 2013)
The fact that guideline documents and international organization has been
established continuously results in an improvement of sustainability reporting
quality all over the world. Recent years have seen a growth in the voluntary
adoption of sustainability reporting in response to concern about social and
environmental performance (Kolk, 2003, Kolk, 2004). Research found that there
was a steady increase in reporting of Top 250 companies chosen by Fotune Global,
from 13% in 1993 to 41% in 2005 (Kolk, 2005). KPMG (2011) also illustrated that
95% of the largest 250 global companies selected from the Fortune Global 500
ranking issued their sustainable reports in the year 2011. With regard to difference
among sectors, it can be generally stated that in the last decade, the most polluting
companies traditionally have been most active in sustainability reporting (Kolk and
Tulder, 2010). In overall, the number of companies in top 250 Fortune Global
reporting CSR information has increased dramatically in the 21st century. The
number of reports is increasing; however, Wensen et al. (2011) realized that the sum
of companies still constitutes only a small share of global business which includes
roughly 82,000 MNEs and many more SMEs.

18
In order to understand the current knowledge and the need for developing
sustainability, in 2014 Vietnam Business Council for Sustainable Development
(VBCSD) – VCCI once conducted a survey among more than 150 outstanding
businesses, which represent industries such energy, manufacture and e-commerce in
Vietnam on the topic of “sustainable development”. They found that 38.73% of
respondents believed their companies have conducted sustainability reporting.
However, compared to the other answers, the percentage of businesses that have the
ability to do sustainability reporting was much lower, with the probability of
reliability being less than 10%. The result showed that only about 3.90% of the
businesses surveyed are actually conducting a sustainability report. Though the
number of sustainable reports in Vietnam remained at a low level, nearly half of
surveyed enterprises reported that they are planning to make sustainable report and
ready to utilize their resources to complete the process. In the near future, the
quantity and quality of sustainable reports in Vietnam are put much hope to be able
to catch up with the growing trend of the world.
1.3.2. Reasons issuing sustainability report
The connection between CSR and sustainable development revealed a fact that
sustainability reporting is the practice of measurement, information disclosure and
taking responsibilities for activities of businesses towards sustainable development.
Sustainability reporting, therefore, is a useful tool for businesses to give
stakeholders information about their performance in terms of responsibility with
environment and society, along with information about economic and governance
performance as usual (VBCSD, 2014).
OECD (2017) agreed sustainability reporting is an innovative way to enhance and
qualify the values of businesses. In international business context, investors are
paying more and more attention to the way sustainable activity management
strategy makes an improvement to the competitiveness and innovation of
businesses. Governments, on the other hand, are also making efforts to create
opportunities and provide incentives for sustainable development-oriented
businesses.

19
According to Global Reporting Initiative, sustainability reporting helps businesses
and organizations disclose information about sustainability in a way similar to their
financial reports. By making the report in a transparent, accountable and responsible
way, businesses are able to consolidate stakeholders’ belief in the actual state of
companies and the stable situation of the whole economy. The reporting process
also increases improvements in a number of aspects of business operations. It is
undeniable that the sustainability report is a tool to improve the ability of businesses
in identifying both potential risks and new business opportunities at a basic level.
From this viewpoint, sustainability reporting helps businesses to deal with any new
development trend, unformed responsibilities and improve their management
systems which progressively improve operational efficiency.
Sustainability reporting requires businesses to take stakeholders’ interests into
consideration. Stakeholders could be individuals or groups who might be affected
by business activities or the ones who pay attention to business activities and might
be affected in a certain way. Stakeholders include employees, customers, partners,
suppliers, non-governmental organizations, communities, investors, government
and the media (FEE, 2016). Consequently, sustainability reporting significantly
enhances the reputation and capacity of businesses by building trust with the
various groups of stakeholders.
Reporting on CSR issues had been reaching a significant position for several years,
as evidenced by the European Commission’s publication of Green Paper in 2001. It
has become a major political issue after the financial crisis in 2008 since there was
an undeniable need to rebuild both investors’ and consumers’ trust in domestic
markets all over the world. It could be done by issuing better information in order to
improve risk management and sustainability. Subsequently, both the European
Commission and Parliament have been active in promoting CSR reporting, not only
for society benefit but also as a mean to build up the competitiveness and
modernization of European businesses (FEE, 2016).

20
1.3.3. Content of Sustainability Report
Despite the fact that there has been growing attention to standardization, Kolk
(2005) noted a wide variety of reports with substantial differences in terms of titles,
length, approach, scope of work, intensity and contents. With different viewpoints
of scholars, sustainability reporting can cover various subjects. Basically,
environmental, social and governance (E-S-G) factors are considered to be the main
pillars of sustainability reporting (UNEP, 2013). However, emerging international
standards and practices have both widened and redefined the possibility of
sustainability reporting. For example, the content of sustainability reporting can be
guided by some rules and regulations such as the Organization for Economic Co-
operation and Development (OECD) Guidelines for Multinational Enterprises 11,
United Nations Global Compact (UNGC) Principles12 or ISO 26000. Although
there is no set boundary for the format or content of corporate sustainability
reporting, UN Environment (UNEP) once suggested that it might include
information about some or all of the following matters:
 Consumption of non-financial resources such as energy, fossil fuels, water,
forestry products, etc.;
 Production of waste and pollutants, such as waste sent to landfill,
greenhouse gas emissions, waste water discharges, etc.;
 Risks and opportunities associated, for example, with climate change,
resource shortage, demand for new products, regulation related to the
sustainability agenda, and supply chain resilience;
 Participation in the work of local community groups and NGOs towards
outcomes that benefit society;
 The policies, company arrangements and position taken on matters that relate
to corporate sustainability;
 Innovation to produce goods and services that support the sustainability
agenda;
 Human rights due diligence;
 Corporate governance;

21
 Human resources management;
 Social issues;
 Anti-corruption polices;
 Objectives, targets and performance in relation to sustainability related goals
and initiatives, performance management systems and stakeholder
engagement arrangements instigated to assess and achieve progress against
those goals.
(Source: UNEP, 2013)
Global Reporting Initiative (GRI) is another reliable organization in term of
promoting sustainability report globally. The GRI Standards represent global
paramount practices for publicly reporting on a range of economic, environmental
and social impacts. Sustainability reporting based on GRI Standards provides
information about both positive or negative contributions of organization to
sustainable development (WGEA, 2013). The newest 2016 G4 Standards is a set of
guideline with 37 matters closely related to sustainability report which are available
for downloading from their website.
GRI (2016) suggested that preparing a report in accordance with the GRI Standards
provides an overview picture of an organization’s material topics, their related
impacts, and how they are successfully managed. An organization can establish
their report base on all or parts of selected GRI Standards.
1.3.4. Disclosing Environmental and Social Information
Ganda and Ngwakwe (2014) considered social and environmental desires in the
global developmental context of society are three main factors to o assess the
sustainability and impact of the company. It is because environmental, social and
governance disclosures focus on long-term risks and opportunities in the investment
strategy
In its latest paper issued in 2016, Federation of European Accountants recollected
the distinction between financial and non-financial information (NFI) and the way
they could have a financial impact on companies. As stated in FEE (2016), NFI is

22
vital to annual reports as it informs the decisions of investors and the carriers of
corporate finance. It offers valuable insight on inner and external guidelines, vision
and values, risk management and perspectives. These highlight the steadiness and
robustness of the challenge, and its ability to be worthwhile within the future.
Moreover, it enables enterprises to cope with such questions as “can the venture
meet stakeholders’ expectations?”, “can it address growing macro traits?” and
especially, “is it suitable for motive?”. In any case, as highlighted in the World
Economic Forum’s The Global Risks Report 2016, most macro trends and risks that
might affect an undertaking in the future are non-financial information.
For environmental subjects, an undertaking need to document details of the current
and foreseeable impacts of the undertaking’s operations on the environment, which
include where suitable, on health and protection, using renewable and or non-
renewable strength, greenhouse gas emissions, water use, and air pollutants (FEE,
2016). Many preceding studies have successfully proven combined results in the
relationship among the overall performance of a company and the disclosure of
statistics about the environment. For instance, by means of developing a content
evaluation index based totally on the Global Reporting Initiative sustainability
reporting guidelines to assess the extent of discretionary disclosure, Clarkson et al.
(2008) found a positive association between environment performance and the level
of discretionary environment disclosures.
Inheriting from well-known international regulations and standards, Hossain et al.
(2006) published his own set of measuring environmental and social factors. That
involves 5 main sectors with 60 different items: Environmental Information,
Employees Information, Community and Others, Energy and Products. This
document can be found at Appendix A.
For social and employee-related topics, FEE (2016) suggested that the statistics
provided should element the moves taken to ensure gender equality, the
implementation of essential conventions of the International Labor Organization,
working conditions, social dialogue, appreciate for the proper of workers to be
informed and consulted, appreciate for trade union rights, health and safety at work

23
and the connection with local groups, or the moves taken to make certain the
protection and the development of those groups.
Implementing NFI factors can have long-term benefits for employers, particularly
by means of focusing its interest on the key risks and possibilities that could have an
impact on the mission. It also offers a way to communicate those aspects in which
the undertaking has taken an progressive technique in CSR matters, which may
offer them with a competitive advantage over less innovative competitors (FEE,
2016).
1.4. Firm Performance
Firm performance is a significant topic that attract the interest of not only a
company’s management but also customers, investors, rivals and so on. A measure
of performance of an enterprise that may not best depends on the performance of
the enterprise itself but additionally on the market in which it operates. In the
financial sector, it additionally called monetary stability or financial health.
According to Hagel et al. (2010), there are exceptional financial measures which
could be used in order to estimate the performance of an organization. Some of the
commonplace financial measures are: sales, return on equity, return on assets, profit
margin, growth of sales, capital adequacy, liquidity ratio, and inventory charges,
among others. Depending on the sector on which the enterprise operates, some
financial ratios might be greater significant than others. Researchers discovered that
another factor that can evaluate the performance of a business enterprise is the
relative value of the financial measures of the company to compare with its
competitors within the same specific sector, due to the fact every industry is unique
and making contrast throughout industries may provide bias interpretation about the
overall performance of a business enterprise (Mass, 2005). In this study, firm
performance is defined through 3 factors: Market capitalization, Return on Assets
and Return on Equity.

24
1.4.1. Market Capitalization, Return on Assets and Return on Equity
Market capitalization (or typically known as market value) of a publicly-traded
enterprise is described by Investopia as the price an asset would fetch in the
marketplace. It is acquired by multiplying the quantity of its outstanding stocks by
the current share price.
Market capitalization is another way of saying the entire market value of an
enterprise. Basically, if investors take the stock’s price per share and then multiply
it by the total number of shares, they will arrive at what it would hypothetically cost
to buy all of the shares of the business, or its total value (Myvoleo.com, 2016).
IVS (2016) defines market value as the predicted quantity for which a property
should exchange on the date of valuation between a willing buyer and a willing
seller in a particular transaction after appropriate marketing in which the parties had
each acted skillfully, logically and without any obligation.
When considering future of a company, traders additionally find potential in
Corporate Financial Performance (CFP) which is displayed by some factors such as
Return on equity (ROE) and Return on Assets (ROA). ROA and ROE are two of the
most important measures for evaluating how effectively a company's management
team is dealing with the capital that shareholders entrust to it (Investopedia).
It is widely known that ROE is generally net income divided by equity, while ROA
is net income divided by average assets. ROA tends to tell us how effectively a
business is taking earnings advantage of its base of assets. This was the most
famous way of comparing banks to each other — and for banks to monitor their
performance from one period to another. ROE, on the other hand, tends to inform
how effectively an organization is taking advantage of its source of equity or
capital. This has gained in reputation for several reasons and has turned out to be
the favored measure at bigger banks. Another massive reason for the growing
popularity of ROE is, simply, that it is not always asset-dependent. ROE can be
implemented to any line of business or any product (Hannagan, 2008).

25
1.4.2. Significance of Market Capitalization
Market capitalization is a superb indication of investors’ perceptions of its business
prospects. The range of market capitalization in the marketplace is widespread,
ranging from big corporation to the smallest companies, from the world’s biggest
and most successful companies to less wealthy ones (Investopedia).
It is widely accepted that market capitalization is the most straightforward way to
determine for exchange-traded instruments including stocks and future of a
business, since their market prices are widely distributed and easily available.
However, it is a little more challenging to determine other over-the-counter
instruments such as fixed income securities. The greatest difficulty in estimating
market capitalization only lies in determining the value of illiquid assets like real
estate and businesses, which might necessitate much effort to collect results.
Investors have a great concern with a company's assets since they not only compare
to its liabilities or book value, but also to the company's share price or market
capitalization. Book value is the value of a company according to its balance sheet,
or written documents (Gad, 2018). Market capitalization can be known as a tool to
define the value of the company in the eyes of the stock market. These are two
fundamentally different methods to measure the company's overall financial
strength.
1.4.3. Previous Studies on Relationship between Firm Performance and
Environment and Social Disclosure
While there have been some growing concerns about the adequacy of CSR
disclosure amongst Asian property companies (UBS, 2003b), facts indicates that
considerable improvement in the transparency of the Asian private and public
property markets in recent years is recorded (JLL, 2004).
The cause-effect relation of financial factors and information transparency, to some
extent, has been examined by many scholars and researchers. Newell et al. (2005)
once carried out a study about the impact of information transparency and market
capitalization on out-performance in Asian property companies. He found that

26
positive correlations between information transparency and out-performance might
also be influenced by a property company size effect, as the larger property
companies typically have more resources available to finance greater investor
relation activities and efforts, and hence have the resources to afford a high level of
information transparency. As such, a cause-effect relationship can not be directly
established, but rather whether there is an association between these two factors and
property company out-performance. Another possible contributing factor is
management quality, with the larger property companies being able to afford better
management which is able to grow the property company through reliably
delivering superior management of properties and projects, and hence enhance
overall out-performance. This out-performance might also lead to improved
information disclosure, as property companies may seek to highlight their better
success to investors.
Notably, Luo and Bhattacharya (2006) when establishing a report about corporate
social responsibility, customer satisfaction, and market value took notice that in
companies with a low level of innovation capability, CSR actually reduces customer
pleasure level and through the lowered pleasure, harms that firm’s market value. It
is because CSR affects market value of a business partially through the mediator of
customer contentment, and returns to CSR can be both positive and negative
depending on the levels of a firm's corporate abilities based on comprehensive
information.
Additional analyses illustrate that CSR initiators with high level of CSR reporting
quality and great credibility have higher market valuations than CSR initiators with
low CSR reporting quality and medium or low perceived credibility of CSR
reporting. (Wang and Li, 2015) examined a sample of Chinese listed companies;
however did not ﬁnd convincing evidence that CSR mandate, legal process risk and
prior stock returns influence market reactions to CSR reporting. In general, they
found that the market values standalone CSR reports and that CSR reporting quality
and great credibility are important factors in market estimation.

27
On the other hand, Bird et al. (2007) carried out a paper to find out what corporate
social responsibility activities are valued by the market. He analyzed the extent a
conflict actually exists by examining the link between positive (strengths) and
negative (concerns) CSR activities of an enterprise with its equity performance. In
general, his findings do suggest that the market is not only influenced by the
independent CSR activities, but also the sum of these activities and that the factors
they value considerably vary over time. It seems that recently, the market has
valued the firms that satisfied fundamental requirements in the areas of diversity
and environmental protection and the ones were most proactive in the area of
employee relations.
Another aspect of firm performance is measured by Raza et al. (2012) who intended
to analyze relationship between CSR and CFP by using content analysis from 1972
to 2012. In this research, studies of Margolis and Walsh (2001), Orlitzky et al.
(2003) and Dam (2008) are interpreted and financial measures such as stock market
returns and accounting profit ratios. Moreover, ROA, ROE and return on sales
(ROS) are also targeted. By using ROA, ROE, & ROS as financial performance
measures, the study comes to an conclusion that close and positive relationship
exists between CSR and CFP, and found negative relation between CSR and CFP
by using stock market returns as financial performance measures.
In contrast to the above research, Omar and Zallom (2016) discovered the
relationship of market capitalization and CSR disclosure of Jordan’s companies.
The study divides CSR into four sections: environmental, human resources,
community and products. Its aim is to examine the effect of each section on
effectiveness for three Jordanian industries: chemical, food and beverage, and P&M
for the period from 2006 to 2010. The findings displayed that environmental,
community and product activities reduced market capitalization in the food and
beverage sector; however, human resources activities had no significant influence
on market capitalization in the same sector. Furthermore, the community section
was discovered to have a harmful effect on market capitalization in the P&M sector,
while the three other sections were found to have no effect on market capitalization

28
in the same industry. Last but not least, it is noted that the four sections had no
effect on market capitalization in the chemical sector.
1.5. Conceptual Framework and Hypothesis development
1.5.1. Conceptual Framework
Conceptual framework of this report is based on the expectation of correlation
between firm performance and CSR disclosure. Firm performance are examined
through there main factors: Market capitalization, Return on Assets (ROA) and
Return on Equity (ROE). CSR disclosure or non-financial factors are examined
through two main factors: Environment Disclosure and Social Disclosure, the two
independent variables created a dependent variable, CSR disclosure. A specific
illustration for a conceptual framework is shown in Figure 1.3.
Figure 1.3: Conceptual Framework

29
1.5.2. Research gap
In this study, the number of samples is considered as a research gap. As mentioned
above, the research selected 76 random companies to be representatives for 753
companies listed on Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock
Exchange (HNX).
The sample group accounts for more than 10% of the total number companies on
HOSE and HNX which are two of the five biggest stock exchanges. UPCoM
(Unlisted Public Company Market), OTC (Over the counter) and Vnstockgame are
not included, however. Therefore, the results of this study can not be considered
completely accurate if we estimate the sample as all of the listed companies in
Vietnam.
It should be noted that there is a question raised at the beginning of this study. The
author would like to discover the latent relationship between firm performance of
76 companies and the level of CSR information, if any, which one effects the other.
The cause-effect relation between these factors has been examined and come to a
conclusion by previous studies. The 2013 Boston College Center for Corporate
Citizenship and Ernst & Young (EY) survey revealed that more than 50% of
respondents issuing sustainability reports reported that those reports helped improve
firm reputation. Focusing on sustainability is a solution for organizations to manage
their social and environmental impacts and improve functioning efficiency and
resource management. It also remains a fundamental component of shareholder,
employee, and stakeholder relations. Moreover, sustainability disclosure can serve
as a differentiator in competitive sectors and enhance investor confidence, trust and
employee faithfulness. Analysts often consider sustainability reporting of a
company in their estimation of management superiority and effectiveness, and
disclosures might provide firms better approach to capital (EY, 2013).
In the case of Vietnam, however, CSR disclosure is still voluntary due to not having
any mandatory provisions being passed and enforced by the government. In other
words, CSR information published on annual report is usually at the considerably
basic level or sometimes too vague to analyze. This makes the assessment CSR

30
disclosure on a only exploratory benchmark and survey impossible, and can not be
used to conclude the dependence of one variable on another. At the last attempt,
Regression has been performed by the author based on final results reported in
Chapter 3 but no positive results were found to suppose any relation. Regression,
therefore, is consider as unanswered question and not included in this research.
1.5.3. Hypothesis
In this study, there are 4 hypothesizes formulated using the proposed conceptual
framework:
H1: There is a correlation between market capitalization with CSR disclosure
H2: There is a correlation between ROA with CSR disclosure
H3: There is a correlation between ROE with CSR disclosure
H4: There is a difference in the level of CSR disclosure between 2015 and 2016
Therefore, this research is carried out in the hope of uncovering the relationship
between the level of CSR reporting and firm performance of 76 listed enterprises of
Vietnam. It is noted that firm performance is reflected in three factors: market
capitalization, ROA and ROE.

31
CHAPTER 2: METHODOLOGY
2.1. Type of the Study
This research takes advantage of “mixed methods” referring to an emergent
methodology of research that advances the systematic integration, or “mixing,” of
quantitative and qualitative data. CSR is such a difficult field to use numbers and
statistics for measurement, therefore, both qualitative and quantitative approaches
are employed flexibly to produce the most accurate findings in accordance with the
purpose of the study.
2.2. Research Design
The research was conducted to identify trends of CSR disclosure of Vietnamese
enterprises, and the correlation between firm performance and CSR disclosure.
Specially, firm performance is measured by market capitalization, ROA, ROE. To
find out the trend, this study was constructed in the 7 following steps:
2.3. Data Collection Methods
Selecting research context
According to the Ministry of Planning and Investment Vietnam, the country has had
about 612.000 enterprises in operation up to the day April 20th 2017 (Thanh, 2017).
However, the number of enterprises listed on stock exchange markets is more or
less modest. The data found from copyrighted software of Stoxplus Corporation
shows that there are 753 companies listed on Ho Chi Minh City Stock Exchange
(HOSE) and Hanoi Stock Exchange HNX, specifically HOSE has 361 enterprises
and HNX has 392 enterprises in total. This study only focuses on segmentation of
753 enterprises as above. Based on statistical disaggregation method, these
enterprises were divided into 10 groups distinguished by high to low market
capitalization. It should be noted that data of market capitalization in this research
based on accurate figures for of 2016 published by these companies. Therefore,
group 1 represents the top highest capital market while Group 10 represents the top
lowest market capitalization.

32
After being grouped, each group includes a number of 76 enterprises. To fit the
study’s scale, 8 enterprises which account for around 10% of the total number are
chosen to represent the whole group. 8 representative enterprises were selected from
the top down, but none of them were in the same industry sub-sector. The sub-
sector is based on data subdivision of Stoxplus’s software normally called L5. Thus,
we have 80 enterprises divided into 10 groups, representing all listed companies on
HOSE and HNX. In this study, the author determined only focus on non-financial
business, as a result, 4 companies in the financial sector, including Joint Stock
Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Bank for
Investment and Development of Vietnam (BIDV), Bamboo Capital JSC and Tri Viet
Securities were eliminated. In a nutshell, the targeted number of enterprises is 76.
List of industry sectors
Table 2.1. List of industry sectors of the sample companies
No. Sector Number of enterprises Percentage (%)
1 Manufacturing 30 39.47
2 Construction 15 19.75
3 Transportation 6 7.89
4 Information Technology 6 7.89
5 Utilities 6 7.89
6 Service 5 6.58
7 Wholesale 4 5.26
8 Extractive 3 3.95
9 Retail 1 1.32
Total 76 100

33
It is market capitalization, not industry sector that author relied on to divide and
group enterprises. However, the industry sector is also an additional factor for
selection. Sector statistics shown in Table 2.1 was collected in finance.vietstock.vn
– a reliable stock finance website which supplies all information of listed companies
for better understanding of investors and other types of stakeholders. Observing the
above table, readers could have a clear view on sector allocation among 76
surveyed enterprises. It can be seen that the sector of randomly selected companies
are prominently Manufacturing with 30 companies, accounting for 39.47% of the
total number. Followed by is the Construction industry sector with 15 companies,
accounting for 19.75%. Three sectors with 6 selected companies, accounting for
7.89% are Transportation, Information Technology, Utilities. Other sectors only
make up less than 6%.
List of companies
This study was conducted on a sample of 76 listed companies on HOSE and HNX.
The firms were selected randomly in alignment with 10 level of market
capitalization. Details of the names and abbreviations of the companies are listed
below:
1. Vietnam Dairy Products JSC – VNM
2. Vingroup JSC – VIC
3. PetroVietnam Gas JSC – GAS
4. Saigon Alcohol Beer and Beverages
Corporation – SAB
5. Masan Group Corporation – MSN
6. Hoa Phat Steel JSC – HPG
7. FPT Corporation – FPT
8. Binh Duong Water Environment JSC –
BWE
9. Phuoc Hoa Rubber JSC – PHR
10. Power Construction JSC No.1 – PC1
11. CII Bridges & Roads Investment JSC
– LGC
12. Ha Do Group JSC – HDG
13. Pomina Steel JSC – POM
14. Domesco Medical Import - Export
JSC - DMC
15. PetroVietnam Low Pressure Gas
Distribution JSC - PGD
16. CMC JSC - CVT
17. Fast Ferry Kien Giang JSC - SKG
18. Dien Quang Lamp JSC - DQC
19. Bien Hoa Confectionery JSC - BBC

34
20. Thanh Thanh Cong Tourist JSC -
VNG
21. Son La Sugar JSC - SLS
22. Becamex Infrastructure Development
JSC - IJC
23. Vietnam Tanker JSC – VTO
24. Electronics Communications
Technology Investment Development
Corporation - ELC
25. TNG Investment and Trading JSC -
TNG
26. Ba Ria Thermal Power JSC - BTP
27. Agriculture Printing and Packaging
JSC - INN
28. Global Electrical Technology
Corporation - GLT
29. The Southern Fretilizee JSC - SFG
30. American Vietnamese Biotech INC -
AMV
31. International Gas Product Shipping
JSC - GSP
32. Tin Nghia Industrial Park
Development JSC - TIP
33. Lam Dong Foodstuffs JSC -VDL
34. West Coach Station JSC - WCS
35. IDICO Infrastructure Development
Investment JSC - HTI
36. Van Dien Fused Magnesium
Phosphate Fertilizer JSC - VAF
37. Duyen Hai Multi Modal Transport
JSC - TCO
38. Song Da 6 JSC – SD6
39. Mirae Joint Stock Company - KMR
40. Vinacomin - Vang Danh Coal JSC -
TVD
41. Fecon Mining Joint Stock Company -
FCM
42. Innovative Technology Development
Corporation - ITD
43. PetroVietnam Gas City Investment
and Development JSC - PCG
44. Hanoi Education Development &
Investment JSC - EID
45. Cuu Long Petro Urban Development
& Investment Corporation - CCT
46. Thu Duc Electro Mechanical Joint
Stock Company - EMC
47. South-West PetroVietnam Fertilizer
and Chemicals JSC - PSW
48. Thanh An 96 Installation and
Construction JSC – TA9
40. Ben Thanh Water Supply JSC - BTW
50. Vinh Khanh Cable Plastic
Corporation - VKC
51. Can Tho Mineral & Cement JSC -
CCM
52. Atesco Industrial Cartering JSC -ATS
53. Hoi An Torurist Service JSC - HOT

35
54. Lilama 69.1 JSC – L61
55. Trang Corporation - TFC
56. Central Area Electrical Mechanical
JSC - CJC
57. Vien Lien JSC - UNI
58. Real Estate 11 JSC – D11
59. Danang Books & School Equipment
JSC - BED
60. Vegetable Oil Packing JSC – VPK
61. Consultancy Design & Urban
Development JSC - CDO
62. VTC Telecommunications JSC -
VTC
63. Vietnam Enterprise Investment And
Development JSC - FID
64. Vietnam Trading and Construction
Development Investment JSC - MBG
65. A Cuong Mineral Group JSC - ACM
66. Transportation and Trading Services
JSC - TJC
67. Soc Son Development Investment
JSC - DPS
68. Dong Nai Paint Corporation - SDN
69. CMISTONE Viet Nam JSC - CMT
70. HVA Investment Joint Stock
Company - HVA
71. Telecomunication Technical Service
JSC - TST
72. Sai Gon Vegetable Oil JSC - SGO
73. Constrexim No 8 Investment and
Construction JSC – CX8
74. Lilama5 JSC – LO5
75. Low Current - Telecom JSC - LTC
76. Ha Tinh Book And Equipment
Education JSC - HBE
Types of report
Types of annual report examined in this study is illustrated in detail in Figure 2.1.

36
Figure 2.1: Data description based on report type
2015 2016
Sustainability Report 11 16
Integrated Report 55 50
0
10
20
30
40
50
60
Sustainability Report Integrated Report
Secondary data is collected from 76 companies' annual reports. The report is
downloadable from Stoxplus’s software in the year 2015 and 2016. The total
number of research reports is 152. Overall, many companies are now capturing the
trend of CSR reporting by issuing sustainability report. Specifically, this rate
experienced a slightly increase over time, from 11/76 sustainability reports in 2015
to 16/76 reports in 2016 - which contributes 21.05% of the total. However, most
listed enterprises still have a habit of disclosing CSR information included in the
annual report The number of companies that integrated CSR reporting in their 2015
and 2016 annual report are 55 and 50 respectively.
2.4. Indicators Establishment
Firm performance and CSR disclosure are examined in this study by five: market
capitalization, return on assets (ROA), return on equity (ROE), environmental
disclosure and social disclosure. Market capitalization, ROA and ROE are the
available indicators with specific number published online which are considered in
the correlation with social and environmental disclosure indicators.

37
There is no generally accepted theory to predict the information that user would like
to see and there is an absence of an appropriate generally accepted model for the
selection of the items exactly measuring social and environmental information to be
included in a Disclosure Index (Hossain et al., 2006). However, in the purpose of
estimating the level of disclosing social and environmental information, Hossain
established his own Disclosure Index which was considered and selected from the
study of Wiseman (1992), Porwal and Sharma (1991), and Singh and Ahuja (1983).
Absorbing results from these great works, this study relied on a list of Disclosure
Index published by Hossain et al. (2006) about corporate social and environmental
disclosure in Bangladesh to estimate quality of social and environmental
information.
Generally, the items of and environmental information of Hossain et al. (2006)
which included in the social and environmental disclosure index have been
developed based on the following criteria:
i) Items of social and environmental information commonly required by the statutes
in Bangladesh.
ii) Disclosure items identified in other studies examining disclosure in Bangladesh
(if any).
iii) Disclosure indices generally used in developing countries other than Bangladesh
(e.g., Porwal and Sharma (1991) and Singh,and Ahuja (1983).
iv) Disclosure indices generally used in developed countries (e.g., Wiseman, 1992).
(Hossain et al., 2006)
The Disclosure Index constructed by Hossain included 60 items, which were used in
social and environmental index formulations. These index are divided into 5 groups:
Environmental Information, Employees Information, Community and Others,
Energy and Products. In this study, the author merged the section Energy into
Environmental Information and set the name Environmental Information for the
whole group. The list of this The Disclosure Index can be found in Appendix A.

38
2.5. Variable Measurement
Three are five independent variables analyzed in mixed measurement model:
market capitalization (cap), return of assets (roa), return of equity (roe) – which
illustrate corporate financial factor, while environmental disclosure (env) and social
disclosure (soc) display CSR disclosure
Capital market (cap)
10 representative groups of listed firms were stratified in alignment with 10 level of
market capitalization recorded in 2016. The top market capitalization enterprise was
assigned default 10 points. The second group was capped at 9 points. The point
decreases as the capital value of the group decreases. Thus, the lowest group based
on market capitalization was assigned 1 point.
Return of Assets (roa) and Return of Equity (roe)
Both ROA and ROE were picked from the standard data released by 10 groups of
listed firms in 2016. The average of each group is the final number to inserted in the
quantitative model with other variables.
Environmental disclosure (env) and social disclosure (soc)
The level of disclosing environmental and social information in annual reports is
significantly important to examine how an enterprise report CSR. To measure the
environmental and social disclosure, each of the 60 criteria in the Hossain’s
Disclosure Index was investigated annual reports determining whether the company
published this information or not. If a company discloses a social or environmental
information, it will be awarded `1' and if not it will be awarded `0'.
According to Hossain, the disclosure model for the unweighted social and
environmental disclosure thus measures the total disclosure (TD) score for a
company as additive as follows:
TD= di i n = 1
Where,
d=1 if the item di is disclosed

39
0 if the item di is not disclosed
n=number of items
(Hossain et al., 2006)
Total scores for environmental disclosure = total scores of items in Section A
(Environmental Information) in Appendix A.
Total scores for social disclosure = total scores of items in Section B (Employees
Information), C (Community and Others), D (Energy and Products) in Appendix A.
The maximum scores for environmental disclosure and social disclosure are 21 and
29 scores respectively.
2.6. Data Processing
Pilot Test
After defining how to score each item to give a score of 1 or 0, 10 random firms
were selected from 10 groups for the pilot test. In this pilot test, each report was
read and carefully considered finding out the information matching items. Thanks to
this trial process, the author was given a general view and tips to read the
complicated reports, to analyze report writing style, to detect metaphorical elements
hidden in words and to give scores.
Scoring Process
In the scoring process, the qualitative method was thoroughly applied in the hope of
guarantying accuracy. Author is the one and only get this process done, therefore,
final scores are somehow trustful under author's unique perspective. Sequentially,
top to last groups in turn was evaluated and graded in a specific amount of time.
A final scoreboard was compiled on an excel file as a result of environmental and
social disclosure level of 76 enterprises, based on 152 reports in 2 years.
2.7. Data Analysis Procedure
The scores of each group items, enterprise and group are aggregated into a
qualitative comparison. It can be easily seen that the amount of CSR information
released in 2016 is significantly higher than that of 2015. Moreover, there are

40
differences of information disclosure between groups, especially between the top
group with the rest.
Quantitative models were initiated to validate the provisional conclusions of the
qualitative assessment. This study uses two quantitative models for verification as
follows:
Module A: Bivariate Correlation
Bivariate (Pearson) Correlation is a statistical procedure which could show whether
and how closely pairs of variables are related. Statistics is examined to find out
relationship between 5 variables: Market Capitalization, ROA, ROE, Environmental
Disclosure and Social Disclosure in both 2015 and 2016.
Module B: Pair Samples T-Test
The paired sample T-Test, also named the dependent sample T-Test, is a statistical
technique used to examine whether the mean difference between two sets of
variables. Researchers use this module to compare expectations and perceptions of a
product or service before and after having objective impact. In this case, paired
sample T-Test helped author estimate the difference in the quality of the CSR
reporting between 2015 and 2016.
2.8. Assessment and Comparison
The quantitative models were proceeded 3 times through SPSS software in order to
ensure result accuracy, whereby conclusion about relationship between market
capitalization and level of disclosure CSR information as well as 2015-2016 quality
was brought about based on all findings.
Final conclusion was considered in relation with other previous studies, namely the
following two studies:
Research A: HOSSAIN, M., ISLAM, K. & ANDREW, J. 2006. Corporate Social
and Environmental Disclosure in Developing Countries: Evidence from
Bangladesh.

41
Research B: GRAEME NEWELL, LIOW KIM HIANG, JPSEJH OOI, ZHU
HAIHONG. The impact of information transparency and market capitalization on
out-performance in Asian property companies.
The accuracy of findings is considered in the correlation with Vietnam business
environment, the influence of foreign factors, the impact of newly issued decrees
and circular related to disclosing CSR information in annual reports. The
concluding and analyzing in detail are explained in Chapter 3 below.

42
CHAPTER 3: DATA ANALYSIS
3.1. Descriptive Information of the Sample Companies
Table 3.1 shows descriptive information including mean, maximum value and
minimum value of the two variables environmental disclosure and social disclosure
in 2015 and 2016.
Table 3.1. Descriptive information of the of the sample companies
Description Variable’s
name
Mean Minimum Maximum
2015 2016 2015 2016 2015 2016
Environmental
disclosure
Env 1.39 2.55 0.00 0.00 7.00 11.00
Social
disclosure
Soc 4.69 5.90 0.00 0.00 16.00 18.00
It can be seen that the average level of environmental information disclosure in
2015 was significantly low, only reached 1.39 points, in 2016, this number had an
increase to 2.55 points. By 2015, the social disclosures score only reached 4.69 then
increased to more than 1 point by 2016.
The minimum value of all years is 0 (there are always unpublished items existing),
the maximum value of environmental disclosure and social disclosure in 2016 is 11
and 18 scores respectively.
Hossain et al. (2006) shown descriptive information about environmental items,
namely its mean is 5.69 points, minimum value and maximum value are 0 and 19
respectively. This figure investigated the extent and nature of social and
environmental reporting in corporate annual reports of Bangladesh companies in
2006. The collected data is more or less close to the number of Vietnam in the year
2016.

43
Table 3.2. Statistics of the environmental and social and disclosures in Vietnam
Group Total Cap Average
(Bil VND – 2016)
2015 2016
EVN SOC ENV SOC
1 1,062,914.83 28 64 58 93
2 29,035.68 10 34 18 54
3 8421.33 10 38 21 43
4 4538.41 12 33 15 46
5 2446.91 12 23 17 35
6 1,772.15 13 44 26 45
7 1,145.78 4 15 14 37
8 665.29 10 34 14 34
9 352.87 6 35 10 33
10 168.38 1 29 1 29
Total 1,111,411.63 106 349 194 449
454 643
The score received by all individual companies in the sample has been made. A
summary descriptive statistics of values based on groups’ ranking are provided in
Table 3.2.
Table 3.2 shows the comparison of the number of environmental and social
disclosures in two years, based on the arranged market capitalization group
represented in column 2 (Total cap). As can be seen, group 1 - the group with the
largest market capitalization, has an outstanding level of information published by
this group is also outstanding with 58 environmental scores and 93 social scores in
2016.

44
Generally, the environmental scores had risen from 106 (in 2015) to 194 (in 2016).
In 2016, in addition to group 1, there are 6 groups that score is over 30. This result
is not extremely high but better than those of 2015 when most of the groups are
under 15 scores. Notably, in 2015, 8 enterprises of group 10 only released one item,
which is too restrictive and remained unchanged though one year passed by.
In terms of social disclosures, the overall score in 2015 and 2016 of enterprises is
has no large difference, there was a small the improvement but not too unexpected.
Score 2016, the scores increased by 100 points compared to 2015.
3.2. Items Disclosed by Sample Companies
This section focuses on exploring the special kinds of information revealed by
companies such as most items disclosed, items not disclosure, or disclosure level
ranked companies into some groups. Table 3.3 shown 10 most items disclosed
which combines data of both 2015 and 2016.

45
Table 3.3. Most items disclosed by any sample companies
Items
Number
Name Total Scores
2015 2016
9 Number of employees in the company 58 66
19 Conservation of energy in the conduct of business
operations
20 36
21 Discussion of the company’s efforts to reduce energy
consumption
19 34
22 Human Resource Development (e.g. Training
Program/Scheme)
45 55
24 Health and Safety Arrangements (i.e. safety of the
employees).
47 56
25 Salary 36 46
35 Environmental policies or company concern for the
environment
30 49
37 Providing information on the qualification of
employees recruited
38 48
43 Donations to the charity, arts, sports, etc 24 36
59 Information on the quality of the company’s product
as reflected in prizes/awards received
15 18
Vietnamese companies have the tendency to report items related to the massively
basic and non-secret problems that any business can display in front of public. First
and foremost, these information is usually about employees that any entity must
prompt when determine their business. Specially, number of employees in the
company and polices for employees have been updated in many reports. In 2016,
66/76 published their total staff number, 48/76 companies took notice to provide

46
information on the qualification of employees recruited and 46/76 businesses were
willing to show the salary for each employee in a year. Basic polices for workers
including human resource development (e.g., training program/scheme) and health
and safety arrangements (i.e. safety of the employees) were displayed annually with
the number 55/76 and 56/76 repetitively.
Out of the most publicized items felt into the group of environment. Specifically, 3
items: conservation of energy in the conduct of business operations, discussion of
the company’s efforts to reduce energy consumption and environmental policies or
company concern for the environment proved that Vietnamese enterprises are not
completely indifferent to the issue of environmental protection.
The table also brings us an evidence about the increase over time of most items
disclosed. Although those mentioned items are the most common ones which any
companies can publish, to some extent, they shows that awareness level of CSR
disclosures in Vietnamese enterprises has increased as time passes, but not standing
still or following a decrease trend (see more detail in Figure 3.1).

47
Table 3.4. Items not disclosed by any sample companies
Items
Number
Name Total Scores
2015 2016
1 Past and current expenditure for pollution control
equipment and facilities.
0.00 0.00
2 Past and current operating costs of pollution control
0.00 0.00
3 Future estimates of expenditures for pollution control
0.00 0.00
34 Policies for the company’s remuneration
package/scheme
0.00 0.00
51 Parks and Gardens 0.00 0.00
52 Public Hall and/or Auditorium 0.00 0.00
54 The amount/percentage figures of research and
development expenditures and/or its benefits
0.00 0.00
There are some items of information, which were not disclosed by any of the
companies in the sample countries under study. These items of information belong
to the category of voluntary disclosure. Table 3.4 shown 7 items not disclosed in
both 2015 and 2016.
Vietnamese enterprises have expressed their concern about the environment, but
most of them only gave superficial attention which led to only simple items released
in their annual reports. 3/7 items not disclosed by any companies related to
environment: past and current expenditure for pollution control equipment and
facilities; past and current operating costs of pollution control equipment and
facilities; future estimates of expenditures for pollution control equipment and
facilities. It can be listed as deep and sustainable development issues that takes time

48
to research and are not interestingly applied. These three items met with Hossain's
unpublished items.
In addition, the public hall in the employment category is also an unpublished
factor, recorded both in Bangladeshi companies by Hossain and Vietnamese
companies by the study. Parks and gardens; policies for the company’s
remuneration package/scheme and thee amount/percentage figures of research and
development expenditures and/or its benefits are the other unmentioned.
It is noted that these 7 items accounted for an amount of more than 10% of the total
60 items. They seem to be so complicated to announce or unnoticeable that were
missed in both 2015 and 2016 though other progressive sides were found between
the two years. More detail discussion will be found in Chapter 4.
Table 3.5. Disclosure levels made by the sample Vietnam companies
Score Range Companies with Disclosure
Total number of items
in Disclosure index
No. of companies % in the sample
2015 2016 2015 2016
0-5 50 28 65.79 36.85
6-10 12 27 15.79 35.52
11-15 9 11 11.84 14.47
16-20 3 5 3.95 6.58
20-Over 2 5 2.63 6.58
Total 76 76 100.00 100.00
Table 3.5 shows the distribution of disclosure performance by expressing the
number of items disclosed as percentages of the total of 76 comprising the social
and environmental disclosure score. Column “No. of companies” distinguishes

49
ranges of disclosure performances of these terms in 2015 and 2016. In 2015, the
modal disclosure to be less than 6 items made by in Vietnamese companies in their
corporate annual reports is up to 50 companies Luckily, it gradually decreased
nearly a half, from 50 to 28 companies in 2016. However, this slight change does
not come into a conclusion for an improvement since these 28 companies still make
an account for a large proportion of 36.85%.
The companies sum of which modal disclosure is over 20 makes up only 2
companies in 2015 (2.63%). This group increased by 3 more enterprises one year
later, however, it still accounts for a small rate of nearly 7%.
3.3. Correlation between Firm Performance and CSR Disclosure
Correlations of firm performance and CSR disclosure estimated by quantitative
software in 2015 and 2016 were displayed in Table 3.6 and 3.7.

50
Table 3.6: Relation firm performance and CSR disclosure in 2015
Correlation Matrix – 2015 data
Cap Roe Roa Env2015 Soc2015
Cap
Pearson Correlation 1 .873** .830** .746* .510
Sig. (2-tailed) .001 .003 .013 .132
N 10 10 10 10 10
Roe
Pearson Correlation .873** 1 .972** .694* .457
Sig. (2-tailed) .001 .000 .026 .184
N 10 10 10 10 10
Roa
Pearson Correlation .830** .972** 1 .722* .525
Sig. (2-tailed) .003 .000 .018 .119
N 10 10 10 10 10
Env201
5
Pearson Correlation .746* .694* .722* 1 .823**
Sig. (2-tailed) .013 .026 .018 .003
N 10 10 10 10 10
Soc201
5
Pearson Correlation .510 .457 .525 .823** 1
Sig. (2-tailed) .132 .184 .119 .003
N 10 10 10 10 10
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).

51
Table 3.7: Relation between firm performance and CSR disclosure in 2016
Correlation Matrix – 2016 data
Cap Roe Roa env2016 soc2016
cap
Pearson Correlation 1 .873** .830** .727* .779**
Sig. (2-tailed) .001 .003 .017 .008
N 10 10 10 10 10
roe
Pearson Correlation .873** 1 .972** .707* .660*
Sig. (2-tailed) .001 .000 .022 .038
N 10 10 10 10 10
roa
Pearson Correlation .830** .972** 1 .715* .653*
Sig. (2-tailed) .003 .000 .020 .041
N 10 10 10 10 10
env201
6
Pearson Correlation .727* .707* .715* 1 .943**
Sig. (2-tailed) .017 .022 .020 .000
N 10 10 10 10 10
soc2016
Pearson Correlation .779** .660* .653* .943** 1
Sig. (2-tailed) .008 .038 .041 .000
N 10 10 10 10 10
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
Table 3.7 clearly shown the close relationship between firm performance and CSR
disclosure. When Pearson correlation is close to 1, this means there is a strong
relationship between two variables. In other words, changes in one variable are

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