What does this research mean for the field?

Environmental protection investment negatively impacts short-term sustainable firm growth due to immediate financial costs, but this relationship is positively moderated by external green investors rather than internal managerial awareness. Novelty: ClaimNovelty.INCREMENTAL. Consensus alignment: ConsensusAlignment.SUPPORTS_CONSENSUS.

What question did this study set out to answer?

To assess how environmental protection investment affects sustainable firm growth in an emerging market and evaluate the moderating impact of internal and external corporate governance mechanisms.

August 28, 2026International Journal of Emerging Markets

Green investment, corporate governance and firm growth: evidence from Vietnam

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Authors

CNChi Dieu Thi Nguyen

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Overview

Panel study finds that green investment impairs short-term growth in non-financial firms, indicating that external green investors are needed to unlock environmental efficiency gains.

Key Points

To assess how environmental protection investment affects sustainable firm growth in an emerging market and evaluate the moderating impact of internal and external corporate governance mechanisms.
Analyzed an unbalanced panel dataset of Vietnamese non-financial firms spanning 2015 to 2024.
Applied fixed-effects regression modeling to control for unobserved firm heterogeneity, with robustness confirmed through alternative specifications and lagged variables.
Environmental protection investment is negatively associated with short-term sustainable firm growth due to immediate expenditure demands preceding gradual financial returns.
Green executive cognition shows no significant moderating influence on the relationship between green investment and sustainable growth.
Green investors significantly moderate the relationship, offsetting their direct monitoring and compliance costs by improving investment efficiency and curbing governance-related inefficiencies.

Cite This Study

Chi Dieu Thi Nguyen (2026) studied this question.

synapsesocial.com/papers/6a91466cd15324a1df3aa05f https://doi.org/10.1108/ijoem-02-2026-0286

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August 28, 2026International Journal of Emerging Markets

Green investment, corporate governance and firm growth: evidence from Vietnam

View Full Paper

Ask AI

Bookmark

Authors

CNChi Dieu Thi Nguyen

Discussion

Member takes

Overview

Panel study finds that green investment impairs short-term growth in non-financial firms, indicating that external green investors are needed to unlock environmental efficiency gains.

Key Points

To assess how environmental protection investment affects sustainable firm growth in an emerging market and evaluate the moderating impact of internal and external corporate governance mechanisms.
Analyzed an unbalanced panel dataset of Vietnamese non-financial firms spanning 2015 to 2024.
Applied fixed-effects regression modeling to control for unobserved firm heterogeneity, with robustness confirmed through alternative specifications and lagged variables.
Environmental protection investment is negatively associated with short-term sustainable firm growth due to immediate expenditure demands preceding gradual financial returns.
Green executive cognition shows no significant moderating influence on the relationship between green investment and sustainable growth.
Green investors significantly moderate the relationship, offsetting their direct monitoring and compliance costs by improving investment efficiency and curbing governance-related inefficiencies.

Cite This Study

Chi Dieu Thi Nguyen (2026) studied this question.

synapsesocial.com/papers/6a91466cd15324a1df3aa05f https://doi.org/10.1108/ijoem-02-2026-0286

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