Corporate social responsibility and firm performance: Empirical evidence from listed companies in Vietnam
Published: August 4, 2026
Abstract
This study investigates the relationship between corporate social responsibility (CSR) expenditures and the financial performance of listed companies in Vietnam over the period 2015–2024. Employing a dynamic panel framework, the study utilizes the System GMM estimator alongside two-stage least squares (2SLS) to address endogeneity concerns and assess model robustness. Financial performance is measured using three indicators: EBIT/TA, EBT/TA, and EAT/TA. The empirical findings reveal a consistently positive association between CSR spending and firm financial performance across all measures, indicating that CSR engagement is linked to improved profitability among Vietnamese listed firms.
Keywords
corporate social responsibilityfinancial performancelisted companiesVietnam
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