Corporate Social Responsibility Disclosure and Firm Value: Evidence from Vietnam

Corporate social responsibility (CSR) has become an increasingly important dimension of corporate strategy, particularly in emerging markets where stakeholder expectations and regulatory pressures are rising. In Vietnam, listed firms are gradually improving their CSR practices and disclosures, yet the extent to which these disclosures translate into firm value remains underexplored. This study examines the impact of CSR disclosure on firm value using panel data from 285 firms listed on the Ho Chi Minh City Stock Exchange (HOSE) between 2016 and 2023. By applying fixed-effect and system GMM method, the results show that CSR disclosure enhances firm value, with the most significant effects stemming from disclosures related to employees and the environment. Furthermore, the positive influence of CSR disclosure was amplified during the COVID-19 pandemic, underscoring its role in sustaining investor confidence and mitigating crisis-related risks. These findings contribute to the growing literature on CSR in emerging economies by highlighting the strategic importance of transparent and comprehensive CSR reporting in enhancing firm value. JEL code: M14, G32, Q56