The impact of social responsibility strategy on the performance of listed firms

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Abstract

This study is conducted to investigate the impact level of social responsibility practice on the performance of listed firms in an emerging country and Vietnam is a case study. Data are collected from the actual situations of social responsibility practices of Vietnamese listed firms for the period from 2019–2023. The list of 115 manufacturing companies was selected from the list of enterprises operating on the Vietnamese stock exchange system, namely the Ho Chi Minh Stock Exchange (HOSE), Hanoi Stock Exchange (HNX), and Unlisted Public Company Market (UPCOM) in 2019–2023. The study conducted data analysis through descriptive statistics and used multiple linear regression analysis methods based on Stata software. The study found a linear relationship between the net revenue variable and the practice of corporate social responsibility (CSR) according to the aspects of stakeholders (Zhang et al., 2012). The results illustrate the positive relationship between the social responsibility practice and performance which is proxied by the net revenue of listed firms. When listed firms guarantee income on shares to shareholders, advances in turnover payable to sellers, carry out good responsibility with customers, positive social work, and rational investment in the treatment of human resources, firms increase their performance.

Keywords: Corporate Social Performance, Corporate Social Responsibility, Social Responsibility Practice, Net Revenue, Vietnam

Authors’ individual contribution: Conceptualization — T.P.D.H. and M.D.T.; Methodology — T.P.D.H. and M.D.T.; Software — V.T.P. and T.L.A.N.; Validation — V.T.P. and N.T.T.D.; Formal Analysis — V.T.P. and V.T.T.; Investigation — T.L.A.N. and V.T.T.; Resources — M.D.T. and N.T.T.D.; Data Curation — T.P.D.H. and V.T.P.; Writing — Original Draft — V.T.T. and N.T.T.D.; Writing — Review & Editing — M.D.T. and V.T.T.; Visualization — T.P.D.H. and V.T.T.; Supervision — T.P.D.H. and T.L.A.N.; Project Administration — T.P.D.H. and N.T.T.D.; Funding Acquisition — T.L.A.N. and V.T.T.

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

JEL Classification: Q30, Q32, Q34

Received: 18.05.2024
Revised: 09.09.2024; 05.02.2025
Accepted: 24.02.2025
Published online: 27.02.2025

How to cite this paper: Ha, T. P. D., Tran, M. D., Phi, V. T., Nguyen, T. L. A., Truong, V. T., & Diep, N. T. T. (2025). The impact of social responsibility strategy on the performance of listed firms [Special issue]. Corporate & Business Strategy Review, 6(1), 317–326. https://doi.org/10.22495/cbsrv6i1siart8