Determinants of corporate social responsibility strategy in Vietnamese listed companies: The critical role of management perceptions

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Abstract

This study examines the drivers of corporate social responsibility (CSR) practices among publicly listed companies in Vietnam, with a focus on CSR disclosures and the influence of internal and external factors. Using partial least squares structural equation modeling (SmartPLS), data from various sectors are analysed to examine how management and employee perceptions, company characteristics, organisational culture, and competitive dynamics affect CSR. The findings show that employee perceptions, competitive context, and firm traits significantly influence CSR adoption, while organisational culture and management perceptions affect CSR practices both directly and indirectly. The research highlights the critical role of management commitment to CSR, which shapes organisational culture and employee implementation. It also suggests that CSR strategies should be tailored to company-specific factors, such as size, industry, and ownership structure. Although limited to publicly listed firms in Vietnam, the study provides valuable insights for enhancing CSR integration in emerging markets and calls for further research on private enterprises. Itan et al. (2025) highlight similar dynamics regarding firm performance and CSR governance in Indonesia, providing additional context to CSR practices in emerging markets.

Keywords: CSR Application, Perception, Competitive Context, Firm’s Characteristics, Organisational Culture

Authors’ individual contribution: Conceptualization — N.H.T.; Methodology — T.T.H.N.; Investigation — T.T.H.N.; Resources — T.T.H.N.; Writing — N.H.T.; Supervision — N.H.T.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: M41, M42, M48

Received: 05.10.2025
Revised: 16.01.2026; 27.01.2026; 05.03.2026
Accepted: 25.03.2026
Published online: 27.03.2026

How to cite this paper: Nguyen, T. T. H., & Tran, N. H. (2026). Determinants of corporate social responsibility strategy in Vietnamese listed companies: The critical role of management perceptions. Corporate and Business Strategy Review, 7(2), 140–152. https://doi.org/10.22495/cbsrv7i2art13