Các nhân tố ảnh hưởng đến mức độ công bố thông tin trách nhiệm xã hội của các doanh nghiệp ngành thực phẩm và đồ uống niêm yết trên thị trường chứng khoán Việt Nam
Working Paper 2021.2.3.06
- Vol 2, No 3
CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN MỨC ĐỘ CÔNG BỐ THÔNG TIN
TRÁCH NHIỆM XÃ HỘI CỦA CÁC DOANH NGHIỆP NGÀNH THỰC PHẨM
VÀ ĐỒ UỐNG NIÊM YẾT TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM
Phạm Minh Anh1
Sinh viên K56 CLC Kế toán Kiểm toán định hướng nghề nghiệp ACCA – Khoa Kế toán Kiểm
toán
Trường Đại học Ngoại thương, Hà Nội, Việt Nam
Nguyễn Thị Thanh Loan
Giảng viên Khoa Kế toán Kiểm toán
Trường Đại học Ngoại thương, Hà Nội, Việt Nam
Tóm tắt
Luận án này nghiên cứu về các nhân tố ảnh hưởng đến mức độ công bố thông tin trách nhiệm xã
hội của các doanh nghiệp thuộc ngành thực phẩm và đồ uống niêm yết trên thị trường chứng khoán
Việt Nam. Nghiên cứu sử dụng phương pháp chỉ số công bố thông tin không trọng số để đo lường
mức độ công bố thông tin trách nhiệm xã hội của 48 công ty ngành thực phẩm và đồ uống niêm yết
trên sàn chứng khoán Việt Nam. Kết quả cho thấy mức độ công bố thông tin trách nhiệm xã hội
của các doanh nghiệp này là 46,99%. Kết quả của nghiên cứu cũng xác định bốn biến có tác động
tích cực ở mức thống kê đến mức độ công bố thông tin trách nhiệm xã hội bao gồm quy mô doanh
nghiệp, tỷ lệ sở hữu của cổ đông nhà nước, tỷ suất sinh lời trên tài sản và đòn bẩy tài chính. Trong
khi đó, khả năng thanh toán có tác động tiêu cực ở mức thống kê đến mức độ công bố thông tin
trách nhiệm xã hội. Bên cạnh đó, mức độ độc lập của hội đồng quản trị và tỷ lệ sở hữu của cổ đông
nước ngoài đều không ảnh hưởng đáng kể đến mức độ công bố thông tin trách nhiệm xã hội. Từ
đó, tác giả tiến hành đề xuất một số kiến nghị cho phía doanh nghiệp, nhà nước và sở giao dịch
chứng khoán nhằm khắc phục tình trạng doanh nghiệp chưa nhận thức được tầm quan trọng của
việc công bố thông tin trách nhiệm xã hội.
Từ khóa: Công bố thông tin trách nhiệm xã hội, thị trường chứng khoán Việt Nam, thông tin trách
nhiệm xã hội.
FACTORS AFFECTING CORPORATE SOCIAL RESPONSIBILITY
INFORMATION DISCLOSURE OF FOOD AND BEVERAGE COMPANIES
LISTED ON VIETNAM’S STOCK MARKET
Abstract
1 Tác giả liên hệ, Email: k56.1718820010@ftu.edu.vn
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 71
The thesis studies on factors affecting the level of corporate social information disclosure of food
and beverage enterprises listed on Vietnam’s stock market. The research uses the unweighted
disclosure index method to measure the level of corporate social responsibility disclosure of 48
food and beverage companies listed on vietnamese stock exchange. The results show that the level
of corporate social responsibility information disclosure is 46,99%. The results also identify that
four variables have a statistically significant positive effect, including firm size, government
ownership, return on assets, and financial leverage while the current ratio has a statistically
significant negative effect on corporate social responsibility disclosure. Besides, the independence
of board of directors and foreign ownership do not have a significant influence on the level of
corporate social responsibility disclosure. From which, the author proposes numerous implications
for enterprises, the state, and the stock exchange to overcome the circumstance that enterprises have
not recognized the importance of corporate social responsibility information disclosure.
Keywords: Corporate social responsibility information disclosure, Vietnam stock market, Social
responsibility information.
In 1953, the term corporate social responsibility (CSR) was first mentioned in Social
Responsibility of Businessman by Howard Bowen. Accordingly, the term corporate social
responsibility refers to the link between the enterprise's sustainable development and core values
in business operations, in order to create shared value for the business and the whole society. This
term then became popular in developed countries from the last decades of the twentieth century.
Practicing social responsibility and disclosing business social responsibility information is now
mandatory in developed countries while CSR is still voluntary and has not been widely realized in
developing countries according to the research of Ali et al. (2017).
In the current context, Vietnam takes part in trade agreements such as the European Union
Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Pacific Partnership
(CPTPP),... The awareness and implementation of the social responsibility of Vietnamese
businesses have never been more necessary than now. However, the official and transparent
disclosure of CSR information in Vietnam is still limited. Studies of social responsibility are
mostly in theory. There is very little research on the status of this topic. In addition, research that
studies the status of CSR information disclosure mainly focuses on large firms. There are few
studies implemented in small businesses or specific industries. in recent years, the F&B industry
is currently evaluated as one of Vietnam’s most potential and attractive business lines.
According to a research by Vietnam Report, the food & beverage (F&B) industry has the
largest proportion in Vietnamese spending expenditure, accounting for 35% of monthly spending
and 15% of the country’s GDP, this number is still expected to increase in the upcoming years.
BritCham Vietnam (2020) reported that Vietnam is the third fastest growing country in ASIA in
terms of food expenditure. Along with the potential development, implementing social
responsibility activities and disclosing social responsibility information of the F&B industry are
also being posed. In the context of participating in trade agreements, foreign markets highly
appreciate the implementation of CSR. This is considered as one of the first criteria for the export
of food and beverages. In addition, the Vietnamese market is increasingly attractive to foreign
enterprises. Implementing social responsibility is highly perceived by these enterprises as a
competitive advantage (Hoang Ngoc Hai, 2019). Consumers are also more increasingly concerned
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 72
about social responsibility activities of enterprises. They are willing to pay 2-4 times more than
the current price for products from large and reputable businesses (Vietnam Report, 2020).
It can be seen that implementing CSR in the F&B industry will create a significant advantage
for businesses, which are the priority conditions to access the global market, competitive
advantage compared to FDI companies, and build a strong brand in domestic consumers.
1. Literature review
In the world, there has been much research done on CSR information disclosure and the
influence of factors on CSR information disclosure, both theoretically and experimentally.
Andrikopoulos et al. (2014) conduct research to study the determinants of implementing online
CSR information disclosure on the websites of 93 financial institutions in 4 major sectors
(banking, insurance, financial services, and investment) listed on the Euronext stock exchange for
the period 2009 - 2013. The results show that corporate size, financial leverage, and profitability
have a positive relationship, while market to book value has a negative relationship with the level
of information disclosure. Suttipun (2015) concludes the research results after analyzing the data
of 100 companies listed on the Stock Exchange of Thailand in 2013-2014. Factors as size of
company, type of industry have a certain influence on the level of information disclosure for
sustainable development.
In Vietnam, research focuses more on factors affecting transparency on information disclosure
in general or on compulsory or voluntary disclosure of enterprises in particular. The topic of social
responsibility or CSR disclosure has been studied recently but has a lot of limitations. And it is
still a quite new concept for information users or many businesses. Le Thi Na (2015) presents a
study on the influence of factors on the level of social responsibility information disclosure in
Vietnam by analyzing annual reports of 78 large-scale companies listed on HOSE in 2014.
Research results confirm that the factors of firm size, profitability, and firm age are positively and
significantly related to the level of CSR disclosure. Meanwhile, foreign ownership, financial
leverage, and business characteristics do not affect the level of information disclosure of
researched enterprises. The latest research is by Dang Ngoc Hung et al. (2018) on factors affecting
the level of information disclosure on social responsibility, sustainable development of listed
companies in Vietnam. The study used the index method and content analysis to measure the level
of CSR and sustainable development information disclosure in the annual reports of 289
companies. The results show that the level of disclosure of CSR and sustainable development
information in the annual report is relatively low at 37.23%. The study identified three factors
affecting information disclosure level, namely profitability, business size, and independent audit.
Three other factors of financial leverage, the number of board members, and the chairman of BOD
cum CEO do not affect the level of information disclosure on CSR and sustainable development.
2. Theoretical framework
2.1. Agency Theory
Developed by Jensen and Meckling in 1976, agency theory describes and addresses the
relationship between managers (agent) and shareholders (principal). Shareholders entrust
managers with the right to manage and run the business and they expect managers to do well to
increase their benefits. However, there are conflicts of interest between these two parties because
of the same goal of maximizing their own interests. Since managers want to be seen as protecting
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 73
shareholder interests (Jensen and Meckling, 1976). One of the means by which managers signal
that they are acting in a way that protects shareholder interests is annual reports, sustainability
reports, and others (Watts, 1977). Agency theory also suggests that when information is
incomplete and asymmetric between owners and managers, conflicts will increase. And this issue
can be solved by increasing the level of information disclosure from business managers.
2.2. Sinaling Theory
Signaling theory was first introduced by Michael Spence in 1973. This theory considers
disclosure as a signal to the market to reduce information asymmetry, optimize financial costs, and
increase business value. By disclosing CSR information with financial information, businesses
will prove to investors that operational efficiency is accurate and reliable.
2.3. Political Economy Theory
Political economy theory is mentioned in a publication on positive accounting theory by
Watts and Zimmerman (1986). According to this theory, managers such as the state, trade unions,
and community groups can make policies related to the interests of enterprises (tax policies, fees,
monopoly restrictions, etc.) to promote corporate information disclosure. This forces companies
to disclose CSR information voluntarily if they want to avoid state inspection and control.
2.4. Proprietary Cost Theory
Proprietary cost theory states one of the biggest limitations in disclosure, which is the
competitive position of firms. Small and medium enterprises, if they disclose information to a
substantial extent, will adversely affect their competitive position in the market. However, the
disclosure of CSR information may create a barrier to entry for other enterprises or force
competitors to downsize. Thereby, the business is likely to receive competitive benefits and future
cash flows will increase. Thus, when choosing what information to disclose, managers will
consider the risks and benefits that may affect the competitive position of the enterprise.
3. Hypothesis development
3.1. Firm size and corporate social responsibility disclosure
As stated in political economy theory of Watts and Zimmerman (1986) as well as the research
by Cowen et al. (1987), large firms tend to disclose large amounts of CSR information voluntarily
to avoid control and inspection from authorities. Thereby, it also saves political costs and creates
a positive image for the business. Therefore, the following hypothesis is put forward:
H1: There is a positive relationship between firm size and the level of CSR disclosure.
3.2. Return on assets and corporate social responsibility disclosure
Research by Singhvi and Deasi (1971) suggests that when businesses operate effectively,
managers will actively disclose more information to agree on their reward level. Additionally, this
is also an opportunity to show the competence of managers and increase their value in the labor
market (Barako et al., 2007). Agency theory and signaling theory also confirm that businesses with
higher profits will tend to disclose more CSR information to create a strong impression and a
positive reputation of the company with investors. At the same time, the disclosure of more
information also positively affects the share price of the company. Therefore, the second
hypothesis is:
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 74
H2: There is a positive relationship between the level of return on assets and the level of CSR
disclosure.
3.3. Current ratio and corporate social responsibility disclosure
Cooke (1989) showing that firms with low solvency also try to disclose as much information
as possible to explain why these firms are low solvency. Moreover, one might argue that corporate
managers of companies with a low liquidity ratio may publish more voluntary information in their
annual reports to satisfy stakeholders' information requirements. If this information is disclosed
reasonably, it will receive positive attention from investors and creditors. The third hypothesis is:
H3: There is a negative relationship between the level of current ratio and the level of CSR
disclosure.
3.4. Leverage and corporate social responsibility disclosure
Platonova et al. (2018) argue that companies with high debt ratios may have closer
relationships with creditors, so these companies must disclose more CSR information in their
annual reports. Research by Yang et al. (2008) and Pham Thi Thu Dong (2013) also find a
significant relationship between financial leverage and the level of CSR information disclosure.
Signaling theory has confirmed that the disclosure of CSR information is a positive signal,
informing the market about the performance of companies. From there, companies can build a
reliable image in the eyes of investors and creditors and easily access additional sources of loans.
The fourth hypothesis is proposed that:
H4: There is a positive relationship between the level of financial leverage and the level of
CSR disclosure.
3.5. Board independence and corporate social responsibility disclosure
Research conducted by Singhvi and Desai (1971) and Nguyen Thi Thanh Phuong (2013)
reveals a positive correlation between the independence of the BOD and the level of CSR
information disclosure. As stated in agency theory, to minimize information asymmetry between
inside and outside the company, independent board members often focus on developing long-term
and sustainable strategies instead of financial purposes. This also facilitates transparency and
sustainability of CSR information disclosure. To be consistent with the orientation of corporate
governance regulations for listed companies in Vietnam the fifth hypothesis is proposed that:
H5: There is a positive relationship between the independence level of the Board of Directors
and the level of CSR disclosure.
3.6. Foreign ownership and corporate social responsibility disclosure
The research results of Singvhi and Desai (1971) also suggest that most companies want to
approach and satisfy foreign investors. To do this, increasing information on CSR in annual reports
is imperative. Research by Haniffa and Coke (2005) has also found a positive relationship between
the rate of foreign ownership and the level of CSR information disclosure of listed companies in
Malaysia. Agency theory has affirmed that there is the information asymmetry that exists between
investors and managers. The disclosure of CSR information is a means which helps the
shareholders as well as managers to monitor their business activities. The following hypothesis is
proposed:
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 75
H6: There is a positive relationship between the level of foreign ownership and the level of
CSR disclosure.
3.7. Government ownership and corporate social responsibility disclosure
The research by Chang and Zhang (2015) shows that once the state owns capital in companies,
it will impose a rather strict supervisory mechanism. At the same time, the disclosure of CSR
information affirms transparency and objectivity in corporate governance and helps to improve
trust in businesses for the public. Recently, research by Nguyen Thai Son (2019) also states that
two main key players that can promote CSR practices in Vietnam are government and enterprises
who can mainly affect the implementation of CSR practices in Vietnam. So, the hypothesis no. 7
is expressed as following:
H7: There is a positive relationship between the level of government ownership and the level
of CSR disclosure.
4. Data and research methodology
4.1. Data collection
The author collects necessary information and data from the company’s website, Hanoi Stock
Exchange, Hochiminh Stock Exchange, and securities information sites (Vietstock, CafeF, etc.).
The research sample data includes 48 F&B companies listed on the Vietnamese stock market in
the period 2017 – 2019. Documents of those F&B listed companies collected by the author include:
- Financial statements (audited) for the years 2017, 2018, 2019;
- Annual reports for the years 2017, 2018, 2019;
- Corporate social responsibility reports or sustainability development reports (if any).
4.2. Research model
From the above hypotheses, the author develops a multivariate regression model using the
ordinary least squares (OLS) method with the support of STATA software to evaluate the influence
of 7 hypotheses on the disclosure of CSR information as follows:
CSRI = β0 + β1FS + β2ROA + β3CR + β4 LVR + β5BI + β6FO + β7GO + ε
Where, CSRI: Corporate social responsibility index; β: Free parameter; ε: Random error; FS:
Firm size; ROA: Return on assets; CR: Current ratio; LVR: Financial leverage; BI: Board
independence; FO: Foreign ownership; GO: Government ownership.
4.3. Variables measurement
4.3.1. Dependent variables
To evaluate the level of CSR information disclosure in the annual report, this study is based
on the provisions of Circular 155/2015/TT-BTC guiding the disclosure of information on the stock
market of the Ministry of Finance issued on 6/10/2015 and the Standards for Sustainability
Reporting of GRI. This research has proposed a list of CSR information disclosure includes 32
categories. Each category is coded by scoring “1” for the company when such information is
disclosed in the annual report and “0” if this CSR information is not disclosed. The scores for these
categories are then added together and divided by the maximum total number of items relevant to
the business.
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 76
The extent of CSR disclosure is measured through the CSRI (Corporate Social Responsibility
Index) as follows:
푛j
i=1
∑
푑i
CSRI =
x 100
푛
Where, CSRI: Corporate Social Responsibility Index (0≤CSRI≤1); di = 1 if the item of CSR
information is disclosed; di = 0 if the item of CSR information is not disclosed; n = the maximum
score that a company can obtain (nj=30).
4.3.2. Independent variables
Table 1 below presents independent variables and their measurements.
Table 1. The measurement of independent variables
Expected
NO
Code
Variable
Measurement
relationship
1
FS
Firm size
Logarithm of total assets
+
2
3
4
5
ROA
CR
Return on assets
Current ratio
Profit after tax / Total assets
Current assets / Current liabilities
Total liabilities / Total equity
+
-
Financial
leverage
LVR
BI
+
+
Board
independence
Number of non-executive directors /
Total number of BOD members
Share numbers owned by foreign
shareholders / Total number of
shares issued
Foreign
ownership
6
7
FO
+
+
Share numbers owned by state
shareholders / Total number of
shares issued
Government
ownership
GO
In 2017: 1
Other years: 0
In 2018: 1
8
9
YEAR2017 Dummy variable
YEAR2018 Dummy variable
Other years: 0
Source: Collected by the author
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 77
5. Results and Discussion
5.1. Descriptive statistics of variables in research model
The Corporate Social Responsibility Index of companies in the F&B sector listed on the
Vietnamese stock market averaged at 46.99%. The highest was 68%, while the lowest was just
12%. The standard deviation ratio of 11.83% indicates a significant disparity between the lowest
and greatest levels of disclosure. The F&B companies have the average firm size is 13.99, the
average return on assets is 7.79%, the average current ratio is 1.8636, the average financial
leverage is 1.2063, the average number of non-executive directors is 67.44%, the average foreign
ownership ratio is 9.36%, and the government ownership ratio is 13.51%.
Table 2. Descriptive statistics of variables in the model
Variable
Obs
Mean
Std. Dev.
Min
Max
CSRI
FS
144
144
144
144
144
144
144
144
0.46993
13.99111
7.791667
1.863611
1.206319
67.44009
9.368264
13.51604
0.118324
1.573877
7.715953
5.221486
1.30013
0.12
11.5311
-18.99
0.13
0.04
0
0.68
18.3933
32.15
59.02
11.28
100
ROA
CR
LVR
BI
22.57398
14.72801
27.20792
FO
0
59.79
99.65
GO
0
Source: Collected from STATA software
There were 48 F&B businesses sampled in the three years from 2017 to 2019, which equals a
total of 144 samples. According to the data in Table 3 below, the number of observed samples
with a CSR index of 40% to 60% is the highest, accounting for roughly 51% of the entire sample,
with 73 observations. There are only 2 observations that had a CSR disclosure index of less than
20%. They are annual reports of Mekong Fisheries Joint Stock Company in 2017 and 2018.
However, none of the observations examined had a CSR disclosure index between 80% and 100%.
Masan Group Joint Stock Company has the highest CSR disclosure index of 68%.
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 78
Table3. ThelevelofCSRdisclosureontheannualreportsof48listedF&Bcompaniesperiod2017-2019
Maximum
score
Disclosure
percent
Topic
Real score
Environment
Labor
744
876
1872
1584
0.4
0.55
Customers and
products
94
432
0.22
Social activities
519
864
0.6
2233
4752
0.47
Source: Collected from Excel
5.2. A correlation analysis of variables in the model
Correlation analysis demonstrates how the variables in a research model are related. If the r-
value is between 0.8 and 1, there is a strong correlation between the two variables, but if it is less
than 0.8, there is little correlation.
Table 4. Correlation analysis results
CSRI
1
FS
ROA
CR
LVR
BI
FO
GO
Y2017 Y2018
CSRI
FS
0.2155
1
0.2442 0.1713
1
ROA
-
-
0.0018
1
CR
LVR
BI
0.2873 0.1671
-
0.0928
-
-0.242
1
0.0529
0.1401
-
0.1135 0.1113 -0.049
0.0786
-
1
0.2618
-
-
0.5115 0.1494
0.0087
0.1394
0.1241
1
FO
0.0661 0.1609
-
-
-
-
0.2466
0.1351
1
GO
0.2211
0.0549 0.1045
0.1023
-
-
-
-0.182
-
-0.044 0.1371 0.0893
0.0162
1
Y2017
Y2018
0.0233
0.0949
0.0126
-
-
-
-
0.0203 0.0425 0.0354
-0.5
1
0.0021 0.0051 0.0116 0.0765 0.0087
Source: Collected from STATA14
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 79
From Table 4, it can be concluded that the FS, ROA, LVR, BI, GO variables have a positive
relationship with the CSRI variable, while the CR, FO variables have a negative relationship with
the CSRI variable. Besides, the correlation level among independent variables is still quite small.
Foreign ownership (FO) and firm size (FS) have the strongest connection between the independent
variables, with a correlation value of 0.5115, indicating that there is no correlation coefficient
between any two independent variables greater than 70%. It shows that the model is less likely to
exhibit multicollinearity throughout the regression run, according to Drury (2008)'s criteria.
5.3. Testing the multicollinearity of research model
From Table 5 below, the mean VIF value is 1.26, and all of the research variables' VIF values
are less than 2. This result draws the conclusion that the research model is not multicollinear.
Table 5. Test for multicollinearity using VIF index
Variable
VIF
1.49
1.43
1.4
1/VIF
0.669638
0.700017
0.716651
0.738494
0.873958
0.875133
0.877233
0.878909
0.883531
FS
FO
YEAR 2017
1.35
1.14
1.14
1.14
1.14
1.13
1.26
YEAR 2018
CR
LVR
GO
BI
ROA
Mean VIF
Source: Collected from STATA software
5.4. Regression results
The thesis employs a multivariable regression model with OLS method to test hypotheses
concerning the correlation between independent variables and dependent variable
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 80
Table 6. Multivariate regression results
Number of
obs
=
144
Source
Model
SS
df
9
MS
=
=
=
6.01
0
F(9, 134)
Prob > F
R-squared
0.575722
1.42637717
0.063969
0.010645
0.2876
134
Residual
Adj R-
squared
=
=
0.2397
2.002099
Coef.
143
0.014001
P>t
0.10317
Total
CSRI
FS
Root MSE
Std. Err.
t
[95% Conf. Interval]
0.02103***
0.003164***
-0.00441**
0.014135**
-1.8E-05
0.006699
0.00119
3.14
2.66
-2.49
1.99
-0.04
-1.53
3.53
-2.42
-1.41
1.71
0.002
0.009
0.014
0.048
0.966
0.128
0.001
0.017
0.16
0.00778
0.0342788
0.0055168
-0.0009097
0.0281647
0.0007887
0.0003126
0.0018635
-0.0094761
0.0119963
0.3554733
0.000811
-0.0079
ROA
CR
0.001768
0.007094
0.000408
0.0007
0.000104
-0.00082
-0.00246
0.000524
-0.0947
LVR
BI
-0.00107
FO
0.001194***
-0.05209**
-0.02998
0.000339
0.021545
0.021224
0.096476
GO
YEAR2017
YEAR2018
_cons
-0.07196
-0.02615
0.164661*
0.09
Source: Collected from STATA software
Note: *: the variable is statistically significant at the 10% level
**: the variable is statistically significant at the 5% level
***: the variable is statistically significant at the 1% level
From the table of the regression model analysis given above, it can state that:
Firstly, the adjusted R2 index = 0.2397, implies that the independent variables account for
23.97% of the variation in the dependent variable. It also refers that the remaining 76.03% of the
research model, which is explained by a number of other factors, has not been included in the
model.
Secondly, the model's goodness-of-fit F-test has a value of F(9, 134) = 6.01, which
corresponds to a p-value <0.01, indicating that the model is statistically significant at the 1% level.
In other words, it can be confirmed at 99% that at least one regression coefficient of the variables
in the model is non-zero.
Thirdly, it can be seen that the FS, ROA, CR, LVR, GO, YEAR2017 variables are statistically
significant because the p-value is less than 0.05, whereas the other three variables, BI, FO,
YEAR2018, have no statistical significance in the model. More specifically:
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 81
The firm size (FS) variable has a p-value = 0.002 < α =0.05, so we reject H0 and conclude
that the FS variable is statistically significant. The regression coefficient of FS variable is 0.021,
indicating that if FS increases by one unit, the CSRI will increase by 2.1%, in case all other factors
remain the same. This is in accordance with Jensen and Meckling's (1976) agency theory, which
states that in large corporations, managers disclose more CSR information to lower monitoring
expenses and associated costs arising from control business activities of shareholders. It also aligns
with Watts and Zimmerman's (1986) political economy theory, which identified CSR disclosure
as a strategy to prevent government supervision and inspection of large scale corporations.
The ROA, which is the profitability variable, is statistically significant at the 1% level (T test
= 2.66 and p-value = 0.009). The ROA’s regression coefficient is 0.0031, indicating that if ROA
increases by 1%, CSRI increases by 0.31%. In other words, the higher the ROA, the more CSR
information is disclosed. This result contradicts to Nguyen Thi Thanh Phuong’s (2013) findings,
but similar to the findings of Singhvi and Deasi (1971), and Barako et al. (2007. According to
these authors, when businesses are operating effectively, managers will willingly share more CSR
information in order to demonstrate competence (Singhvi and Deasi, 1971) and as a basis for
agreement on their reward levels (Barako et al., 2007).
The regression coefficient for the current ratio (CR) variable is -0.004. The negative
regression coefficient suggests that the company has a high level of CSR disclosure when its
liquidity ratio is low. According to Cooke (1989), firms with low payout ratios reveal more
information as part of their accountability to shareholders, creditors, and other stakeholders who
utilize the company’s annual report. If this information is appropriately disclosed, it will minimize
creditors' concern and boost creditors' and investors' confidence. As the Ttest has a value of -2.49
and a p-value = 0.014, the correlation between CR and CSRI is statistically significant at the 1%
level.
In the debt/total assets (LVR) variable, the T-test is 1.99, with a p-value of 0.048. This
suggests that the independent variable LVR has a substantial effect on the dependent variable CSRI
at the 5% significance level. The LVR’s regression oefficient is 0.0141, indicating that when LVR
increases by 1%, CSRI increases by 0.0141%. In other words, the higher the debt-to-total-assets
ratio, the more CSR information will be disclosed. This study contributes to the findings of
Platonova et al. (2018), Yang et al. (2008), and Pham Thi Thu Dong et al. (2013). Consequently,
the H4 hypothesis is accepted.
As P-value = 0.996>0.05, the Level of Board of Directors Independence (BI) variable has no
statistical significance. This finding contradicts the studies of Singhvi & Desai (1971) and Nguyen
Thi Thanh Phuong (2013). As a result, it cannot be proven that the enterprise's supervisory system,
which is reflected by the proportion of non-executive members, has an impact on the disclosure of
social responsibility information.
Due to the p-value = 0.128 > 0.05, the Foreign Ownership (FO) variable does not attain
statistical significance. This finding contrasts with previous research of Singvhi and Desai (1971),
and Haniffa and Coke (2005), which all resulted a positive relationship between foreign ownership
rate and CSR disclosure level.
The Government ownership (GO) variable has a regression coefficient of 0.00119, the T-test
has a corresponding value of 3.53 with p-value = 0.001 < α= 0.05. This demonstrates that the GO
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 82
variable has a significant positive impact on the dependent variable. And, the higher the number
of shares owned by the government, the more CSR information is disclosed.
Due to p-value = 0.017 < α= 0.05, the dummy variable YEAR2017 has a negative effect on
the dependent variable and is statistically significant. Because pvalue = 0.160 > 0.05, the dummy
variable YEAR2018 has a negative effect on the dependent variable and is not statistically
significant. This suggests that, if 2019 is used as the baseline, the degree of information disclosure
in 2017 is lower than in 2019, while the information disclosure in 2018 is not significantly different
from in 2019. This finding indicates that publicly traded corporations in the F&B industry become
increasingly interested in this information, as well as publish it.
As a result, a sample regression equation is as follows:
CSRI = 0.1646 + 0.0210 FS + 0.0031 ROA – 0.0044 CR + 0.0141 LVR – 0.00001 BI -
0.0010 FO + 0.0011 GO – 0.0520 YEAR 2017 – 0.0299 YEAR 2018 + ε
6. Conclusion
After implementing the study of factors affecting corporate social responsibility disclosure of
Food and Beverage companies listed on Vietnam’s stock market in the 2017-2019 period, some
considerable conclusions have been presented as follows:
Firstly, the CSR information disclosure level of F&B companies listed on Vietnam's stock
market in the research period is relatively low. The CSR information disclosure score of F&B
companies listed on Vietnam’s stock market in the research period from 2017 to 2019 reaches the
mean value of 46.99%. Meanwhile, the average CSR disclosure score of developed countries is
53,5% and that of developing countries is 49,4% (Aparna Bhatia and Binny Makkar, 2019).
Secondly, the standard deviation of the dependent variable (CSRI) is 11.83%, indicating a
significant disparity of information disclosure between the lowest (12%) and the highest (68%).
This implies that the disclosure of CSR information of listed companies in the F&B industry is
still limited. CSR information disclosure level is different based on the disclosed information topic.
Thirdly, disclosure on social issues, human resources, and environmental issues are conducted
by more companies with the percentage of published information items being 60%, 50%, and 40%
respectively. The increasing interest of firms on labors and society information disclosure is a
positive sign.
Fourthly, there are a total 7 factors in the research model but only 5 factors that influence the
CRS information disclosure. In which, 4 factors positively affect the CSR information disclosure
are firm size, return on assets, leverage and government ownership. Only the current ratio has a
negative impact on CSR information disclosure.
The author believes that the key to overcoming this issue is to raise the awareness and
coordination between managers and information departments in enterprises, the participation of
policymakers and the state administrative agencies, particularly agencies that manage the
information disclosure such as the State Security Commission and stock exchanges in Vietnam.
For F&B enterprises, they should strengthen marketing and training to raise accounting staff’
and leaders’ awareness of information disclosure in general and CSR information disclosure in
specific. Moreover, the research results show that the influence of corporate governance factors
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 83
on CSR information disclosure are not strong enough. So, it is essential to have more studies of
the quality of corporate governance of F&B companies listed on Vietnam’s stock market as well
as the effect of this factor on CSR information disclosure. Enterprises should enact apparent reward
and punishment policies associating with the interests of managers to ensure CSR information
disclosure more effectively.
The States should promulgate policies to support SMEs in accessing knowledge of CSR
disclosure. Additionally, creating an efficient and low-cost information disclosure system is
crucial to reduce the cost of approaching, training, and disseminating knowledge for the employees
of these companies. The government must continue propagating and raising business managers’
awareness of the importance of constructing a good governance system. the trend of integration
with international standards and practices requires the SSC to consider constructing the route, and
setting the goal towards the Corporate Governance Code that has been approved by the world or
has come to develop its own Corporate Governance Code. Next, it is necessary to have institutions
as a mandatory responsibility in reporting CSR information. The state agencies need to establish
relevant legal documents of sustainable information disclosure to ensure the compliance of
enterprises.
The stock exchange should innovate and perfect the process of receiving and processing
information from companies in order that the information is disclosed punctually, accurately, and
appropriately. the Security Commission must issue regulations for the stock exchanges to test
periodically, review all the information declared, and strictly punish enterprises that violate the
information disclosure.
These thesis results help identify the shortcomings of CSR information disclosure and the
importance of CSR information disclosure for information users on Vietnam’s stock market. The
results of the author’s thesis allow the report users, regulators, investors, and other stakeholders to
better understand the characteristics of CSR disclosure, then assisting to their decision-making
process. The author also proposes numerous implications for enterprises, the state, and the stock
exchange to overcome the circumstance that enterprises have not recognized the importance of
CSR information disclosure. Implications proposed in this thesis can contribute to adding more
feasible options for policy makers and relevant researchers.
However, due to the limitations of time, resources, and financial supports, the author can
collect data from only 48 F&B companies listed from 2017 to 2019. So, the research is restrained
regarding the number of samples, observations, the scope of time and geography, which results in
erroneous estimates in the research as the input data is small and the influence of factors at
different levels has not been fully classified through CSR information disclosure. Moreover, the
criterias and factors proposed by the author are still highly personal. So, it is not easy to avoid
errors and biases during the research.
FTU Working Paper Series, Vol. 2 No. 3 (09/2021) | 84
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