SỐ 217 | Tháng 4/2024
Công bố trách nhiệm xã hội và hiệu quả tài chính: Tiếp cận theo hồi quy Bayes
Phan Thị Minh Huệ
Tóm tắt:
Bài viết phân tích ảnh hưởng của công bố trách nhiệm xã hội của doanh nghiệp (CSR) lên hiệu quả tài chính (HQTC) của doanh nghiệp ở Việt Nam. Sử dụng dữ liệu của 83 doanh nghiệp phi tài chính niêm yết ở Việt Nam, bài viết đóng góp một kênh mới để liên kết mối quan hệ này thông qua hồi quy Bayes. Kết quả cho thấy các doanh nghiệp có điểm công bố CSR cao hơn (thông qua điểm ESG) thì có HQTC lớn hơn. Cụ thể, điểm công bố CSR có tác động cùng chiều với xác suất cao đến ROA và tác động cùng chiều nhưng xác suất thấp hơn đối với ROE và Tobin’s Q. Bên cạnh đó, kết quả cho thấy ba thành phần của môi trường (E) – xã hội (S) – quản trị (G) cũng có ảnh hưởng cùng chiều lên ROA và ROE. Tuy nhiên, với chỉ tiêu Tobin’s Q, tác động riêng lẻ từng thành phần là không đồng bộ. Nhìn chung, các phát hiện của bài viết này cho thấy công bố CSR có tác động cùng chiều đến HQTC doanh nghiệp.
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Corporate Social Responsibility Disclosure and Financial Performance: A Bayesian Regression Approach
Abstract:
This article examines the influence of corporate social responsibility (CSR) disclosure on the financial performance of companies in Vietnam. This paper establishes a novel connection between non-financial listed firms in Vietnam by employing Bayesian regression analysis based on data from 83 such enterprises. The findings indicate a positive correlation between organizations with elevated CSR disclosure scores (measured by ESG scores) and better financial performance. More precisely, the announcement of corporate social responsibility (CSR) has a strong likelihood of positively affecting the return on assets (ROA) and a similar but less probable impact on the return on equity (ROE) and Tobin's Q. In addition, the findings indicate that the three elements of the environment (E), society (S), and governance (G) equally impact both return on assets (ROA) and return on equity (ROE). Nevertheless, Tobin's Q indicator does not exhibit consistent impacts for each component. In summary, the results of this study indicate that the disclosure of corporate social responsibility (CSR) has a beneficial effect on the financial performance of companies.