The impact of corporate social responsibility disclosure and board characteristics on firm performance: evidence from Vietnam-listed firms

This study aims to investigate the influence of corporate social responsibility disclosure (CSRD) and board characteristics on firm performance, proxied by return on assets (ROA), earnings per share (EPS), and Tobin's Q (TQ) in 498 listed firms on the Vietnamese stock market between 2015 and 2019. To examine this impact, we conducted various statistical methods, including pooled ordinary least squares (OLS), fixed effects model (FEM), random effects model (REM), and generalised least squares (GLS) estimation. Our findings indicate a significant and positive association between CSRD and firm performance when evaluated by TQ, whereas a negative relationship is observed when measured by ROA and EPS. Furthermore, the impact of board characteristics on firm performance is partially significant when firm performance is assessed using all three variables (ROA, EPS, and TQ).