Các yếu tố tác động đến công bố thông tin trách nhiệm xã hội của doanh nghiệp trên thị trường chứng khoán Việt Nam
Nội dung chính của bài viết
Tóm tắt
Bài viết khảo sát thực trạng công bố thông tin trách nhiệm xã hội của các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam dựa theo chỉ số minh bạch thông tin trách nhiệm xã hội được xây dựng theo chuẩn GRI về công bố thông tin trách nhiệm xã hội. Dựa trên mẫu nghiên cứu gồm 900 quan sát, bài viết đã đánh giá các nhân tố tác động đến thực trạng thông tin trách nhiệm xã hội trên thị trường chứng khoán Việt Nam, trong đó các nhân tố được khẳng định bao gồm đòn bẩy tài chính, quy mô doanh nghiệp, mức độ độc lập của Hội đồng quản trị, tỷ trọng sở hữu nhà nước , tính kiêm nhiệm của CEO và việc sử dụng kiểm toán độc lập Big 4. Đây là nghiên cứu đầu tiên đánh giá thực trạng công bố thông tin trách nhiệm xã hội của các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam dựa trên chuẩn GRI thực hiện trên quy mô lớn; đồng thời, góp phần củng cố kết quả nghiên cứu trước đây liên quan đến các nhân tố ảnh hưởng đến việc công bố thông tin trách nhiệm xã hội trên thị trường trong bối cảnh các nền kinh tế đang phát triển, từ đó đề xuất các giải pháp thực tiễn cho các doanh nghiệp niêm yết và nhà đầu tư nhằm cải thiện tình trạng minh bạch thông tin trên thị trường.
Chi tiết bài viết
Từ khóa
Công bố thông tin trách nhiệm xã hội, Công ty kiểm toán big 4, Đòn bẩy tài chính, Hội đồng quản trị, Tính kiêm nhiệm của Giám đốc điều hành
Tài liệu tham khảo
Abeysekera, I. (2010). The influence of board size on intellectual capital disclosure by Kenyan listed firms. Journal of Intellectual Capital, 11(4), 504-518.
Ahmed Haji, A. (2013). Corporate social responsibility disclosures over time: evidence from Malaysia. Managerial Auditing Journal, 28(7), 647-676.
Akerlof, G. A. (1970). The Market for "Lemons". The Quarterly Journal of Economics, 84(3), 488-500.
Ali, W., Frynas, J. G., & Mahmood, Z. (2017). Determinants of corporate social responsibility (CSR) disclosure in developed and developing countries: A literature review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294.
Alsaeed, K. (2006). The association between firm‐specific characteristics and disclosure: The case of Saudi Arabia. Managerial Auditing Journal, 21(5), 476–496.
Alkhatib, K., & Marji, Q. (2012). Audit reports timeliness: Empirical evidence from Jordan. Procedia-Social and Behavioral Sciences, 62, 1342-1349.
Allegrini, M., & Greco, G. (2013). Corporate boards, audit committees and voluntary disclosure: Evidence from Italian listed companies. Journal of Management & Governance, 17(1), 187-216.
Aljifri, K., & Hussainey, K. (2007). The determinants of forward‐looking information in annual reports of UAE companies. Managerial Auditing Journal, 22(9), 881-894.
Amran, A., & Susela Devi, S. (2008). The impact of government and foreign affiliate influence on corporate social reporting: The case of Malaysia. Managerial Auditing Journal, 23(4), 386-404.
Arcay, M. R. B., & Vázquez, M. F. M. (2005). Corporate characteristics, governance rules and the extent of voluntary disclosure in Spain. Advances in Accounting, 21, 299-331.
Arosa, B., Iturralde, T., & Maseda, A. (2013). The board structure and firm performance in SMEs: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 127-135.
Boatright, J. R. (2003). Ethics and the conduct of business. Pearson Education International, New York.
Bowen, H. R. (1953). Social Responsibilities of the Businessman (1 ed). New York: Harper & Row.
Brammer, S., & Pavelin, S. (2006). Voluntary Environmental Disclosures by Large UK Companies. Journal of Business Finance Accounting, 33(7-8), 1168–1188. doi:10.1111/j.1468-5957.2006.00598.x
Braun, M., & Sharma, A. (2007). Should the CEO also be chair of the board? An empirical examination of family-controlled public firms. Family Business Review, 20(2), 111-126.
Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review, 4(4), 497-505.
Chen, C. W., Lin, J. B., & Yi, B. (2008). CEO duality and firm performance: An endogenous issue. Corporate Ownership and Control, 6(1), 58-65.
Cheng, E. C., & Courtenay, S. M. (2006). Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting, 41(3), 262-289.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327.
Deegan, C., & Unerman, J. (2011). Financial accounting theory (European edition). McGraw Hill.
Dillard, J. F., Rigsby, J. T., & Goodman, C. (2004). The making and remaking of organization context: Duality and the institutionalization process. Accounting, Auditing & Accountability Journal, 17(4), 506–542.
Ducassy, I., & Montandrau, S. (2015). Corporate social performance, ownership structure, and corporate governance in France. Research in International Business and Finance, 34, 383-396.
Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325-345.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach (1 ed). Pitman, Boston.
Gao, L. S., & Connors, E. (2011). Corporate environmental performance, disclosure and leverage: An integrated approach. International Review of Accounting, Banking and Finance, 1-34.
Graves, S. P., Waddock, S., & Kelly, M. (2001). How do you measure corporate citizenship?. Business Ethics: The Magazine of Corporate Responsibility, 15(2), 17-17.
Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate Social and Environmental Reporting: A Review of the Literature and A Longitudinal Study of UK Disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47–77. doi:10.1108/09513579510146996
Gul, F. A., & Leung, S. (2004). Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy, 23(5), 351-379.
Herman, E. S. (1981). Corporate control, corporate power (Vol. 98, p. 1). New York: Cambridge University Press.
Hidalgo, R. L., García-Meca, E., & Martínez, I. (2011). Corporate governance and intellectual capital disclosure. Journal of Business Ethics, 100(3), 483-495.
Holder-Webb, L., Cohen, J. R., Nath, L., & Wood, D. (2009). The supply of corporate social responsibility disclosures among US firms. Journal of Business Ethics, 84(4), 497-527.
Huafang, X., & Jianguo, Y. (2007). Ownership structure, board composition and corporate voluntary disclosure: Evidence from listed companies in China. Managerial Auditing Journal, 22(6), 604-619.
Inchausti, B. G. (1997). The influence of company characteristics and accounting regulation on information disclosed by Spanish firms. European Accounting Review, 6(1), 45-68.
Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of Business Ethics, 114(2), 207-223.
Larrinaga-González, C. (2010). Sustainability reporting: insights from neoinstitutional theory. In Sustainability accounting and accountability (pp. 169-186). Routledge.
Luo, S., Courtenay, S. M., & Hossain, M. (2006). The effect of voluntary disclosure, ownership structure and proprietary cost on the return–future earnings relation. Pacific-Basin Finance Journal, 14(5), 501-521.
Mahoney, L. S. (2012). Standalone CSR reports: A Canadian analysis. Issues in Social and Environmental Accounting, 6(1), 4-25.
Naser, K., & Nuseibeh, R. (2007). Determinants of audit fees: empirical evidence from an emerging economy. International Journal of Commerce and Management, 17(3), 239-254.
O’donovan, G. (2002). Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 344-371.
Oliver, C. (1991). Strategic responses to institutional processes. Academy of Management Review, 16(1), 145‐79.
Ong, T., Trireksani, T., & Djajadikerta, H, G. (2016). Hard and soft sustainability disclosures: Australia’s resources industry. Accounting Research Journal, 29(2), 198-217
Prado-Lorenzo, J. M., & Garcia-Sanchez, I. M. (2010). The role of the board of directors in disseminating relevant information on greenhouse gases. Journal of Business Ethics, 97(3), 391-424.
Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 8(2), 23–40. doi:10.2307/3003485
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355- 374.
Sutantoputra, A. W. (2009). Social disclosure rating system for assessing firms' CSR reports. Corporate Communications: An International Journal, 14(1), 34-48.
Thorne, L., Mahoney, L. S., & Manetti, G. (2014). Motivations for issuing standalone CSR reports: A survey of Canadian firms. Accounting, Auditing & Accountability Journal, 27(4), 686-714.
Uyar, A., & Kılıç, M. (2012). Value relevance of voluntary disclosure: evidence from Turkish firms. Journal of Intellectual Capital, 13(3), 363-376.
Verrecchia, R. E. (1983). Discretionary disclosure. Journal of Accounting and Economics, 5, 179-194.
Wearing, R. T. (2005). Cases in corporate governance. London: SAGE Publications.
Wong, S. C., & Barton, D. (2006). Improving board performance in emerging markets. McKinsey Quarterly, (1), 35-43. Available at SSRN: https://ssrn.com/abstract=899920
Ahmed Haji, A. (2013). Corporate social responsibility disclosures over time: evidence from Malaysia. Managerial Auditing Journal, 28(7), 647-676.
Akerlof, G. A. (1970). The Market for "Lemons". The Quarterly Journal of Economics, 84(3), 488-500.
Ali, W., Frynas, J. G., & Mahmood, Z. (2017). Determinants of corporate social responsibility (CSR) disclosure in developed and developing countries: A literature review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294.
Alsaeed, K. (2006). The association between firm‐specific characteristics and disclosure: The case of Saudi Arabia. Managerial Auditing Journal, 21(5), 476–496.
Alkhatib, K., & Marji, Q. (2012). Audit reports timeliness: Empirical evidence from Jordan. Procedia-Social and Behavioral Sciences, 62, 1342-1349.
Allegrini, M., & Greco, G. (2013). Corporate boards, audit committees and voluntary disclosure: Evidence from Italian listed companies. Journal of Management & Governance, 17(1), 187-216.
Aljifri, K., & Hussainey, K. (2007). The determinants of forward‐looking information in annual reports of UAE companies. Managerial Auditing Journal, 22(9), 881-894.
Amran, A., & Susela Devi, S. (2008). The impact of government and foreign affiliate influence on corporate social reporting: The case of Malaysia. Managerial Auditing Journal, 23(4), 386-404.
Arcay, M. R. B., & Vázquez, M. F. M. (2005). Corporate characteristics, governance rules and the extent of voluntary disclosure in Spain. Advances in Accounting, 21, 299-331.
Arosa, B., Iturralde, T., & Maseda, A. (2013). The board structure and firm performance in SMEs: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 127-135.
Boatright, J. R. (2003). Ethics and the conduct of business. Pearson Education International, New York.
Bowen, H. R. (1953). Social Responsibilities of the Businessman (1 ed). New York: Harper & Row.
Brammer, S., & Pavelin, S. (2006). Voluntary Environmental Disclosures by Large UK Companies. Journal of Business Finance Accounting, 33(7-8), 1168–1188. doi:10.1111/j.1468-5957.2006.00598.x
Braun, M., & Sharma, A. (2007). Should the CEO also be chair of the board? An empirical examination of family-controlled public firms. Family Business Review, 20(2), 111-126.
Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review, 4(4), 497-505.
Chen, C. W., Lin, J. B., & Yi, B. (2008). CEO duality and firm performance: An endogenous issue. Corporate Ownership and Control, 6(1), 58-65.
Cheng, E. C., & Courtenay, S. M. (2006). Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting, 41(3), 262-289.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327.
Deegan, C., & Unerman, J. (2011). Financial accounting theory (European edition). McGraw Hill.
Dillard, J. F., Rigsby, J. T., & Goodman, C. (2004). The making and remaking of organization context: Duality and the institutionalization process. Accounting, Auditing & Accountability Journal, 17(4), 506–542.
Ducassy, I., & Montandrau, S. (2015). Corporate social performance, ownership structure, and corporate governance in France. Research in International Business and Finance, 34, 383-396.
Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325-345.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach (1 ed). Pitman, Boston.
Gao, L. S., & Connors, E. (2011). Corporate environmental performance, disclosure and leverage: An integrated approach. International Review of Accounting, Banking and Finance, 1-34.
Graves, S. P., Waddock, S., & Kelly, M. (2001). How do you measure corporate citizenship?. Business Ethics: The Magazine of Corporate Responsibility, 15(2), 17-17.
Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate Social and Environmental Reporting: A Review of the Literature and A Longitudinal Study of UK Disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47–77. doi:10.1108/09513579510146996
Gul, F. A., & Leung, S. (2004). Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy, 23(5), 351-379.
Herman, E. S. (1981). Corporate control, corporate power (Vol. 98, p. 1). New York: Cambridge University Press.
Hidalgo, R. L., García-Meca, E., & Martínez, I. (2011). Corporate governance and intellectual capital disclosure. Journal of Business Ethics, 100(3), 483-495.
Holder-Webb, L., Cohen, J. R., Nath, L., & Wood, D. (2009). The supply of corporate social responsibility disclosures among US firms. Journal of Business Ethics, 84(4), 497-527.
Huafang, X., & Jianguo, Y. (2007). Ownership structure, board composition and corporate voluntary disclosure: Evidence from listed companies in China. Managerial Auditing Journal, 22(6), 604-619.
Inchausti, B. G. (1997). The influence of company characteristics and accounting regulation on information disclosed by Spanish firms. European Accounting Review, 6(1), 45-68.
Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of Business Ethics, 114(2), 207-223.
Larrinaga-González, C. (2010). Sustainability reporting: insights from neoinstitutional theory. In Sustainability accounting and accountability (pp. 169-186). Routledge.
Luo, S., Courtenay, S. M., & Hossain, M. (2006). The effect of voluntary disclosure, ownership structure and proprietary cost on the return–future earnings relation. Pacific-Basin Finance Journal, 14(5), 501-521.
Mahoney, L. S. (2012). Standalone CSR reports: A Canadian analysis. Issues in Social and Environmental Accounting, 6(1), 4-25.
Naser, K., & Nuseibeh, R. (2007). Determinants of audit fees: empirical evidence from an emerging economy. International Journal of Commerce and Management, 17(3), 239-254.
O’donovan, G. (2002). Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 344-371.
Oliver, C. (1991). Strategic responses to institutional processes. Academy of Management Review, 16(1), 145‐79.
Ong, T., Trireksani, T., & Djajadikerta, H, G. (2016). Hard and soft sustainability disclosures: Australia’s resources industry. Accounting Research Journal, 29(2), 198-217
Prado-Lorenzo, J. M., & Garcia-Sanchez, I. M. (2010). The role of the board of directors in disseminating relevant information on greenhouse gases. Journal of Business Ethics, 97(3), 391-424.
Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 8(2), 23–40. doi:10.2307/3003485
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355- 374.
Sutantoputra, A. W. (2009). Social disclosure rating system for assessing firms' CSR reports. Corporate Communications: An International Journal, 14(1), 34-48.
Thorne, L., Mahoney, L. S., & Manetti, G. (2014). Motivations for issuing standalone CSR reports: A survey of Canadian firms. Accounting, Auditing & Accountability Journal, 27(4), 686-714.
Uyar, A., & Kılıç, M. (2012). Value relevance of voluntary disclosure: evidence from Turkish firms. Journal of Intellectual Capital, 13(3), 363-376.
Verrecchia, R. E. (1983). Discretionary disclosure. Journal of Accounting and Economics, 5, 179-194.
Wearing, R. T. (2005). Cases in corporate governance. London: SAGE Publications.
Wong, S. C., & Barton, D. (2006). Improving board performance in emerging markets. McKinsey Quarterly, (1), 35-43. Available at SSRN: https://ssrn.com/abstract=899920