title: Environmental, social and governance factors and financial performance: the case of Vietnam companies
title: Ð²ÑÐ¿ÑÑÐºÐ½Ð°Ñ ÐºÐ²Ð°Ð»Ð¸ÑÐ¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½Ð°Ñ ÑÐ°Ð±Ð¾ÑÐ° Ð¼Ð°Ð³Ð¸ÑÑÑÐ°
titleType: Subtitle
Creators: name: ÐÐ³ÑÐµÐ½ ÐÐ¸ÐµÑ ÐÐ½Ñ
Publisher: name: Ð¡Ð°Ð½ÐºÑ-ÐÐµÑÐµÑÐ±ÑÑÐ³ÑÐºÐ¸Ð¹ Ð¿Ð¾Ð»Ð¸ÑÐµÑÐ½Ð¸ÑÐµÑÐºÐ¸Ð¹ ÑÐ½Ð¸Ð²ÐµÑÑÐ¸ÑÐµÑ ÐÐµÑÑÐ° ÐÐµÐ»Ð¸ÐºÐ¾Ð³Ð¾
Year: 2023
Subjects: ÑÑÑÐ¾Ð¹ÑÐ¸Ð²Ð¾ÑÑÑ
ÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÐµ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»Ð¸
ÑÐµÐ³ÑÐµÑÑÐ¸Ð¾Ð½Ð½ÑÐ¹ Ð°Ð½Ð°Ð»Ð¸Ð·
sustainability
financial performance
regression analysis

description: ÐÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ðµ Ð½Ð°Ð¿ÑÐ°Ð²Ð»ÐµÐ½Ð¾ Ð½Ð° Ð¸Ð·ÑÑÐµÐ½Ð¸Ðµ Ð²Ð·Ð°Ð¸Ð¼Ð¾ÑÐ²ÑÐ·Ð¸ Ð¼ÐµÐ¶Ð´Ñ Ð¸Ð½Ð´ÐµÐºÑÐ¾Ð¼ ESG Ð¸ ÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÐ¼Ð¸ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»ÑÐ¼Ð¸ Ð²ÑÐµÑÐ½Ð°Ð¼ÑÐºÐ¸Ñ Ð½ÐµÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ð² Ð¿ÐµÑÐ¸Ð¾Ð´ 2017â2021 Ð³Ð¾Ð´Ð¾Ð². Ð ÑÐ°ÑÑÐ½Ð¾ÑÑÐ¸, Ð´Ð»Ñ Ð´Ð¾ÑÑÐ¸Ð¶ÐµÐ½Ð¸Ñ ÑÑÐ¾Ð¹ ÑÐµÐ»Ð¸ Ð² ÑÑÐ¾Ð¼ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ð¸ Ð±ÑÐ´ÑÑ Ð¿ÑÐ¾Ð²Ð¾Ð´Ð¸ÑÑÑÑ ÑÐ»ÐµÐ´ÑÑÑÐ¸Ðµ Ð·Ð°Ð´Ð°ÑÐ¸: - Ð¿ÑÐ¾Ð²ÐµÑÑÐ¸ Ð¾Ð±Ð·Ð¾Ñ Ð»Ð¸ÑÐµÑÐ°ÑÑÑÑ Ð¿Ð¾ ÐºÐ¾Ð½ÑÐµÐ¿ÑÐ¸Ð¸ ESG Ð¸ ÐµÐµ Ð²Ð¾Ð·Ð¼Ð¾Ð¶Ð½Ð¾Ð¼Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð½Ð° Ð´ÐµÑÑÐµÐ»ÑÐ½Ð¾ÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹; - ÑÐ¾Ð±ÑÐ°ÑÑ Ð¸ Ð¿ÑÐ¾Ð°Ð½Ð°Ð»Ð¸Ð·Ð¸ÑÐ¾Ð²Ð°ÑÑ Ð¸ÑÑÐ¾Ð´Ð½ÑÐµ Ð´Ð°Ð½Ð½ÑÐµ; - Ð²ÑÐ±ÑÐ°ÑÑ Ð¼ÐµÑÐ¾Ð´Ð¸ÑÐµÑÐºÐ¸Ð¹ Ð¸Ð½ÑÑÑÑÐ¼ÐµÐ½ÑÐ°ÑÐ¸Ð¹ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ; - Ð¿Ð¾ÑÑÑÐ¾Ð¸ÑÑ ÑÐµÐ³ÑÐµÑÑÐ¸Ð¾Ð½Ð½ÑÐµ Ð¼Ð¾Ð´ÐµÐ»Ð¸ (OLS; REM; FEM); - Ð¸Ð½ÑÐµÑÐ¿ÑÐµÑÐ¸ÑÐ¾Ð²Ð°ÑÑ ÑÐµÐ·ÑÐ»ÑÑÐ°ÑÑ Ð¸ ÑÐ°Ð·ÑÐ°Ð±Ð¾ÑÐ°ÑÑ ÑÐµÐºÐ¾Ð¼ÐµÐ½Ð´Ð°ÑÐ¸Ð¸. ÐÐºÑÑÐ°Ð»ÑÐ½Ð¾ÑÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¾Ð±ÑÑÑÐ½ÑÐµÑÑÑ ÑÐ»ÐµÐ´ÑÑÑÐ¸Ð¼. Ð Ð½Ð°ÑÑÐ¾ÑÑÐµÐµ Ð²ÑÐµÐ¼Ñ ÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÐ¹ Ð°ÑÐ¿ÐµÐºÑ Ð±Ð¾Ð»ÑÑÐµ Ð½Ðµ ÑÐ²Ð»ÑÐµÑÑÑ Ð´Ð¾Ð¼Ð¸Ð½Ð¸ÑÑÑÑÐ¸Ð¼ ÑÐ°ÐºÑÐ¾ÑÐ¾Ð¼ Ð¿ÑÐ¸ Ð¿ÑÐ¸Ð½ÑÑÐ¸Ð¸ ÑÐµÑÐµÐ½Ð¸Ð¹ Ð´Ð»Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, Ð½Ð¾ Ð¾Ð¶Ð¸Ð´Ð°ÐµÑÑÑ, ÑÑÐ¾ Ð¿ÑÐ¾ÑÐ¸Ð²Ð¾Ð¿Ð¾Ð»Ð¾Ð¶Ð½Ð°Ñ ÑÐ¾Ð»Ñ Ð½ÐµÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÑ Ð°ÑÐ¿ÐµÐºÑÐ¾Ð² Ð±ÑÐ´ÐµÑ ÑÑÐ¸Ð¼ÑÐ»Ð¸ÑÐ¾Ð²Ð°ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ñ Ðº Ð´Ð¾ÑÑÐ¸Ð¶ÐµÐ½Ð¸Ñ Ð±Ð¾Ð»ÐµÐµ Ð²ÑÑÐ¾ÐºÐ¸Ñ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»ÐµÐ¹ ÑÑÑÐµÐºÑÐ¸Ð²Ð½Ð¾ÑÑÐ¸ Ð¸ Ð±Ð¾Ð»ÑÑÐµÐ¹ ÑÑÑÐ¾Ð¹ÑÐ¸Ð²Ð¾ÑÑÐ¸. ÐÐ¾ÑÑÐ¾Ð¼Ñ Ð¿ÑÐµÐ´ÑÑÐ°Ð²Ð»ÑÐµÑÑÑ Ð²ÐµÑÑÐ¼Ð° Ð¸Ð½ÑÐµÑÐµÑÐ½ÑÐ¼ Ð¸Ð·ÑÑÐ¸ÑÑ Ð²Ð·Ð°Ð¸Ð¼Ð¾ÑÐ²ÑÐ·Ñ Ð¼ÐµÐ¶Ð´Ñ ESG-Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»ÑÐ¼Ð¸ Ð¸ ÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÐ¼Ð¸ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»ÑÐ¼Ð¸. ÐÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ðµ Ð²ÑÐ¿Ð¾Ð»Ð½ÐµÐ½Ð¾ Ð½Ð° Ð¿Ð°Ð½ÐµÐ»ÑÐ½ÑÑ Ð´Ð°Ð½Ð½ÑÑ 100 Ð½ÐµÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ð² ÑÑÐµÑ ÐºÐ»ÑÑÐµÐ²ÑÑ ÑÐºÐ¾Ð½Ð¾Ð¼Ð¸ÑÐµÑÐºÐ¸Ñ ÑÐµÐ³Ð¸Ð¾Ð½Ð°Ñ Ð¡ÐµÐ²ÐµÑÐ½Ð¾Ð³Ð¾, Ð¦ÐµÐ½ÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ Ð¸ Ð®Ð³Ð° ÐÑÐµÑÐ½Ð°Ð¼Ð° Ð·Ð° Ð¿ÐµÑÐ¸Ð¾Ð´ 2017-2020 Ð³Ð³. Ð¤Ð¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÐµ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»Ð¸ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ð¸Ð·Ð¼ÐµÑÑÑÑÑÑ ÑÐµÑÐµÐ· ÑÐµÐ½ÑÐ°Ð±ÐµÐ»ÑÐ½Ð¾ÑÑÑ Ð°ÐºÑÐ¸Ð²Ð¾Ð² (ROA), Ð´Ð¾ÑÐ¾Ð´Ð½Ð¾ÑÑÑ ÑÐ¾Ð±ÑÑÐ²ÐµÐ½Ð½ÑÐ¹ ÐºÐ°Ð¿Ð¸ÑÐ°Ð» (ROE), ÑÐ¾ÑÑ Ð°ÐºÑÐ¸Ð²Ð¾Ð² (GOA) Ð¸ ÑÐ¾ÑÑ Ð²ÑÑÑÑÐºÐ¸ (GOR). ÐÐ¾ÑÑÑÐ¾ÐµÐ½Ð¸Ðµ ÑÐµÐ³ÑÐµÑÑÐ¸Ð¾Ð½Ð½ÑÑ Ð¼Ð¾Ð´ÐµÐ»ÐµÐ¹ (OLS; REM; FEM) Ð¾ÑÑÑÐµÑÑÐ²Ð»ÑÐµÑÑÑ Ñ Ð¿Ð¾Ð¼Ð¾ÑÑÑ STATA. Ð ÐµÐ·ÑÐ»ÑÑÐ°ÑÑ ÑÐºÐ°Ð·ÑÐ²Ð°ÑÑ Ð½Ð° Ð¿Ð¾Ð»Ð¾Ð¶Ð¸ÑÐµÐ»ÑÐ½Ð¾Ðµ Ð²Ð»Ð¸ÑÐ½Ð¸Ðµ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»ÐµÐ¹ ESG Ð½Ð° ROA Ð¸ ROE Ð¸ Ð¾ÑÑÑÑÑÑÐ²Ð¸Ðµ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð½Ð° GOA Ð¸ GOR Ð²ÑÐµÑÐ½Ð°Ð¼ÑÐºÐ¸Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹. ÐÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ðµ Ð²Ð½Ð¾ÑÐ¸Ñ Ð²ÐºÐ»Ð°Ð´ Ð² ÑÑÑÐµÑÑÐ²ÑÑÑÐ¸Ðµ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð² Ð¾Ð±Ð»Ð°ÑÑÐ¸ ÑÐ¿ÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ ÐºÐ¾ÑÐ¿Ð¾ÑÐ°ÑÐ¸Ð²Ð½Ð¾Ð¹ ÑÐ¾ÑÐ¸Ð°Ð»ÑÐ½Ð¾Ð¹ Ð¾ÑÐ²ÐµÑÑÑÐ²ÐµÐ½Ð½Ð¾ÑÑÑÑ (ÐÐ¡Ð), Ð¿ÑÐµÐ´Ð¾ÑÑÐ°Ð²Ð»ÑÑ Ð¿ÑÐµÐ´ÑÑÐ°Ð²Ð»ÐµÐ½Ð¸Ðµ Ð¾ Ð²Ð»Ð¸ÑÐ½Ð¸Ð¸ Ð´ÐµÑÑÐµÐ»ÑÐ½Ð¾ÑÑÐ¸ ESG Ð½Ð° ÑÑÑÐµÐºÑÐ¸Ð²Ð½Ð¾ÑÑÑ Ð²ÑÐµÑÐ½Ð°Ð¼ÑÐºÐ¸Ñ Ð½ÐµÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹. Ð ÐµÐ·ÑÐ»ÑÑÐ°ÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¿Ð¾Ð»ÐµÐ·Ð½Ñ Ð¸Ð½Ð²ÐµÑÑÐ¾ÑÐ°Ð¼ Ð´Ð»Ñ ÐºÐ¾ÑÐ¿Ð¾ÑÐ°ÑÐ¸Ð²Ð½Ð¾Ð³Ð¾ ÑÐ¿ÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ, Ð° ÑÐ°ÐºÐ¶Ðµ Ð¿ÑÐ°Ð²Ð¸ÑÐµÐ»ÑÑÑÐ²Ð°Ð¼, ÑÐµÐ³ÑÐ»Ð¸ÑÑÑÑÐ¸Ð¼ Ð¾ÑÐ³Ð°Ð½Ð°Ð¼ Ð¸ Ð¿Ð¾Ð»Ð¸ÑÐ¸ÐºÐ°Ð¼, ÐºÐ¾ÑÐ¾ÑÑÐµ Ð·Ð°Ð¸Ð½ÑÐµÑÐµÑÐ¾Ð²Ð°Ð½Ñ Ð² Ð´ÐµÑÑÐµÐ»ÑÐ½Ð¾ÑÑÐ¸ Ð¸ Ð¿Ð¾Ð»Ð¸ÑÐ¸ÐºÐµ ESG Ð²Ð¾ ÐÑÐµÑÐ½Ð°Ð¼Ðµ.
description: The study aims to examine the relationship between the ESG index and the financial performance across Vietnamese non-financial companies in the period of 2017 â 2021. Specifically, to achive this goal, this study will be conducted the following objectives: - to make a literature review of ESG concept and its potential influence on companiesâs activity; - to collect and analysis of the initial data; - to choice the methodological tools of tesearch; - to build the regression models (OLS; REM; FEM); - to interpret the results and to develop the recommendations. The revelance of research is explained by the following. Nowadays the financial aspect is no longer the dominant consideration in decision-making for companies, but the opposite role of the non-financial aspects is expected to drive a company to achieve better performance and more sustainable. Therefore, it seems rather interesting to examine the relationship between ESG-scores and financial performance. The research is performed on a panel data of 100 non-financial companies in three key economic regions North, Central and South of Vietnam in the period 2017 - 2020. The financial performance of companies is measured through return on assets (ROA), return of equity (ROE), growth of assets (GOA) and growth of revenue (GOR). The building of the regression models (OLS; REM; FEM) are carried out using STATA. The results indicate a positive effect of ESG- scores on ROA and ROE and no effect on GOA and GOR of Vietnamese companies. The study contributes to existing research on Corporate Social Responsibility (CSR) governance by providing insights into the impact of ESG activities on performance of Vietnamese non-financial firms. The research results are useful to investors for corporate management and helpful to the governments, regulators and policymakers who hold interests in ESG activities and policies in Vietnam.