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Date Published:
30/03/2023
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30/03/2023
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Views PDF: 898
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Nguyen, H. V., Vu, D.-P. T., Pham, G. H., Phan, H.-G. T., & Le, K. G. (2023). Corporate social responsibility and financial performance in the banking industry: a comparative study of Australia and Vietnam. Journal of International Economics and Management, 23(1), 70-90. https://doi.org/10.38203/jiem.023.1.0062
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Corporate social responsibility and financial performance in the banking industry: a comparative study of Australia and Vietnam
Main Article Content
Abstract
While investigating the financial implications of corporate social responsibility (CSR) is important for all kinds of enterprises, such an examination is crucial for firms operating in the banking industry given their essential role in boosting economic development in any nation. Therefore, this study aims to examine the relationship between CSR and financial performance in a sample of banks in Australia and Vietnam. Content analysis was employed to evaluate CSR information and multivariate regressions were used to assess the financial effects of CSR practices. The research findings show a significantly positive association between CSR and financial performance. Moreover, this positive relationship is more pronounced among Vietnamese banks than among their Australian counterparts. Our empirical evidence remains unchanged in a battery of robustness tests. Consequently, these findings have practical implications for commercial bank managers, policymakers, and investors.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Keywords
Corporate social responsibility, Financial performance, Banking industry, Australia, Vietnam
References
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Bidari, G. and Djajadikerta, H.G. (2020), “Factors influencing corporate social responsibility disclosures in Nepalese banks”, Asian Journal of Accounting Research, Vol. 5 No. 2, pp. 209 - 224.
Bose, S., Podder, J. and Biswas, K. (2017), “Philanthropic giving, market-based performance and institutional ownership: evidence from an emerging economy”, The British Accounting Review, Vol. 49 No. 4, pp. 429 - 444.
Branco, M.C. and Rodrigues, L.L. (2006), “Communication of corporate social responsibility by Portuguese banks: a legitimacy theory perspective”, Corporate Communications: An International Journal, Vol. 11 No. 3, pp. 1356 - 3289.
Brooks, C. (2008), Introductory econometrics for finance (2nd ed.), Cambridge University Press, Cambridge.
Bui, H.T.T. (2021), “The relationship between corporate social responsibility and corporate financial performance: an empirical study of commercial banks in Vietnam”, The Journal of Asian Finance, Economics and Business, Vol. 8 No. 10, pp. 373 - 383.
Chronopoulos, D.K., Liu, H., McMillan, F.J. and Wilson, J.O. (2015), “The dynamics of US bank profitability”, The European Journal of Finance, Vol. 21 No. 5, pp. 426 - 443.
Clarkson, M.E. (1995), “A stakeholder framework for analyzing and evaluating corporate social performance”, Academy of Management Review, Vol. 20, pp. 92 - 117.
Cooke, T.E. (1989), “Voluntary corporate disclosure by Swedish companies”, Journal of International Financial Management & Accounting, Vol. 1 No. 2, pp. 171 - 195.
Cornett, M.M., Erhemjamts, O. and Tehranian, H. (2016), “Greed or good deeds: an examination of the relation between corporate social responsibility and the financial performance of US commercial banks around the financial crisis”, Journal of Banking & Finance, Vol. 70, pp. 137 - 159.
Dalwai, T., Chinnasamy, G. and Mohammadi, S.S. (2021), “Annual report readability, agency costs, firm performance: an investigation of Oman's financial sector”, Journal of Accounting in Emerging Economies, Vol. 11 No. 2, pp. 247 - 277.
Data Bank - World Bank. (2021), “World development indicators”, Available at https://databank.worldbank.org/ (Accessed on 29 August, 2021).
Devinney, T.M. (2009), “Is the socially responsible corporation a myth? The good, the bad, and the ugly of corporate social responsibility”, Academy of Management Perspectives, Vol. 23 No. 2, pp. 44 - 46.
Di Giuli, A. and Kostovetsky, L. (2014), “Are red or blue companies more likely to go green? Politics and corporate social responsibility”, Journal of Financial Economics, Vol. 111 No. 1, pp. 158 - 180.
El Ghoul, S., Guedhami, O. and Kim, Y. (2017), “Country-level institutions, firm value, and the role of corporate social responsibility initiatives”, Journal of International Business Studies, Vol. 48 No.3, pp. 360 - 385.
Esteban-Sanchez, P., de la Cuesta-Gonzalez, M. and Paredes-Gazquez, J. (2017), “Corporate social performance and its relation with corporate financial performance: international evidence in the banking industry”, Journal of Cleaner Production, Vol. 162, pp. 1102 - 1110.
Freeman, R.E. (1984), Strategic management: a stakeholder approach, Pitman, Boston, MA.
Friedman, M. (1970), “The social responsibility of business is to increase its profits”, New York Times Magazine, pp. 122 - 126.
Gaio, C. and Raposo, C. (2011), “Earnings quality and firm valuation: international evidence”, Accounting & Finance, Vol. 51 No. 2, pp. 467 - 499.
Gamerschlag, R., Moller, K. and Verbeeten, F.(2011), “Determinants of voluntary CSR disclosure: empirical evidence from Germany”, Review of Managerial Science, Vol. 5 No. 2, pp .233 - 262.
Greene, W.H. (1997), Econometric analysis, 3rd ed., Upper Saddle River, Prentice Hall, NJ.
Gregory, A., Tharyan, R. and Whittaker, J. (2014), “Corporate social responsibility and firm value: disaggregating the effects on cash flow, risk and growth”, Journal of Business Ethics, Vol. 124 No. 4, pp. 633 - 657.
Hair, J.F., Black, W.C., Babin, B.J. and Anderson, R.E. (2010), Multivariate data analysis: a global perspective, 7th ed., Upper Saddle River, Prentice Hall, NJ.
Harjoto, M. and Laksmana, I. (2018), “The impact of corporate social responsibility on risk taking and firm value”, Journal of Business Ethics, Vol. 151 No. 2, pp. 353 - 373.
Harjoto, M.A. and Jo, H. (2015), “Legal vs. normative CSR: differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value”, Journal of Business Ethics, Vol. 128 No. 1, pp. 1 - 20.
Higgins, C., Milne, M.J. and Van Gramberg, B. (2015), “The uptake of sustainability reporting in Australia”, Journal of Business Ethics, Vol. 129, pp. 445 - 468.
Jayachandran, S., Kalaignanam, K. and Eilert, M. (2013), “Product and environmental social performance: varying effect on firm performance”, Strategic Management Journal, Vol. 34 No. 10, pp. 1255 - 1264.
Jo, H. and Na, H. (2012), “Does CSR reduce firm risk? Evidence from controversial industry sectors”, Journal of Business Ethics, Vol. 110 No. 4, pp. 441 - 456.
Jones, D.A., Willness, C.R. and Madey, S. (2014), “Why are job seekers attracted by corporate social performance? Experimental and field tests of three signal-based mechanisms”, Academy of Management Journal, Vol. 57 No. 2, pp. 383 - 404.
Kitzmueller, M. and Shimshack, J. (2012), “Economic perspectives on corporate social responsibility”, Journal of Economic Literature, Vol. 50 No. 1, pp. 51 - 84.
Kosmidou, K. (2008), “The determinants of banks’ profits in Greece during the period of EU financial integration”, Managerial Finance, Vol. 34 No. 3, pp. 146 - 159.
Kruger, P. (2015), “Corporate goodness and shareholder wealth”, Journal of Financial Economics, Vol. 115 No. 2, pp. 304 - 329.
Liao, P.C., Shih, Y.N., Wu, C.L., Zhang, X.L. and Wang, Y. (2018), “Does corporate social performance pay back quickly? A longitudinal content analysis on international contractors”, Journal of Cleaner Production, Vol. 170, pp. 1328 - 1337.
Lu, W., Chau, K.W., Wang, H. and Pan, W. (2014), “A decade’s debate on the nexus between corporate social and corporate financial performance: a critical review of empirical studies 2002–2011”, Journal of Cleaner Production, Vol. 79, pp. 195 - 206.
Margaritis, D. and Psillaki, M. (2010), “Capital structure, equity ownership and firm performance”, Journal of Banking & Finance, Vol. 34 No. 3, pp. 621 - 632.
Margolis, J.D. and Walsh, J.P. (2003), “Misery loves companies: rethinking social initiatives by business”, Administrative Science Quarterly, Vol. 48 No. 2, pp. 268 - 305.
Masulis, R.W. and Reza, S.W. (2015), “Agency problems of corporate philanthropy”, The Review of Financial Studies, Vol. 28 No. 2, pp. 592 - 636.
Montiel, I., Husted, B.W. and Christmann, P. (2012), “Using private management standard certification to reduce information asymmetries in corrupt environments”, Strategic Management Journal, Vol. 33 No. 9, pp. 1103 - 1113.
Nguyen, B.N. (2018), “The effect of corporate social responsibility disclosure on financial performance: evidence from credit institutions in Vietnam”, Asian Social Science, Vol. 14 No. 4, pp. 109 - 122.
Nguyen, L.T. and Nguyen, K.V. (2021), “The impact of corporate social responsibility on the risk of commercial banks with different levels of financial constraint”, Asia-Pacific Journal of Business Administration, Vol. 13 No. 1, pp. 98 - 116.
Nguyen, V., Tran, A. and Zeckhauser, R. (2017), “Stock splits to profit insider trading: lessons from an emerging market”, Journal of International Money and Finance, Vol. 74, pp. 69 - 87.
Nguyen, X.H. and Trinh, H.T. (2020), “Corporate social responsibility and the non-linear effect on audit opinion for energy firms in Vietnam”, Cogent Business & Management, Vol. 7 No. 1, 1757841.
Peloza, J. (2009), “The challenge of measuring financial impacts from investments in corporate social performance”, Journal of Management, Vol. 35 No. 6, pp. 1518 - 1541.
Petersen, M.A. (2009), “Estimating standard errors in finance panel data sets: comparing approaches”, The Review of Financial Studies, Vol. 22 No. 1, pp. 435 - 480.
Platonova, E., Asutay, M., Dixon, R. and Mohammad, S. (2018), “The impact of corporate social responsibility disclosure on financial performance: evidence from the GCC Islamic banking sector”, Journal of Business Ethics, Vol. 151 No. 2, pp. 451 - 471.
Sanders, W.G. and Boivie, S. (2004), “Sorting things out: valuation of new firms in uncertain markets”, Strategic Management Journal, Vol. 25 No. 2, pp. 167 - 186.
Siueia, T., Wang, J. and Deladem, T. (2019), “Corporate social responsibility and financial performance: a comparative study in the Sub-Saharan Africa banking sector”, Journal of Cleaner Production, Vol. 226, pp. 658 - 668.
Soana, M.G. (2011), “The relationship between corporate social performance and corporate financial performance in the banking sector”, Journal of Business Ethics, Vol. 104 No. 1, pp. 133 - 148.
Su, W., Peng, M.W., Tan, W. and Cheung, Y.L. (2016), “The signaling effect of corporate social responsibility in emerging economies”, Journal of Business Ethics, Vol. 134 No. 3, pp. 479 - 491.
Surroca, J., Tribo, J.A. and Waddock, S. (2010), “Corporate responsibility and financial performance: the role of intangible resources”, Strategic Management Journal, Vol. 31 No. 5, pp. 463 - 490.
Tan, Y. (2016), “The impacts of risk and competition on bank profitability in China”, Journal of International Financial Markets, Institutions and Money, Vol. 40, pp. 85 - 110.
Trading Economics. (2021), “Vietnam - Stock market capitalization to GDP”, Available at https://tradingeconomics.com/vietnam/stock-market-capitalization-to-gdp-percent-wb-data.html (Accessed on 17 May, 2021).
Tregenna, F. (2009), “The fat years: the structure and profitability of the US banking sector in the pre-crisis period”, Cambridge Journal of Economics, Vol. 33 No. 4, pp. 609 - 632.
Turker, D. (2009), “Measuring corporate social responsibility: a scale development study”, Journal of Business Ethics, Vol. 85 No. 4, pp. 411 - 427.
Vilanova, M., Lozano, J.M. and Arenas, D. (2009), “Exploring the nature of the relationship between CSR and competitiveness”, Journal of Business Ethics, Vol. 87 No. 1, pp. 57 - 69.
Vo, D.H., Tran, N.P., Hoang, H.T.T. and Van, L.T.H. (2021), “Do corporate social responsibility and bank performance matter for financial inclusion in Vietnam?”, Journal of Asia Business Studies, Vol. 16 No. 4, pp. 639 - 651.
Wang, H. and Qian, C. (2011), “Corporate philanthropy and corporate financial performance: the roles of stakeholder response and political access”, Academy of Management Journal, Vol. 54 No. 6, pp. 1159 - 1181.
World Bank. (2021), “The World Bank in Vietnam”, Available at https://www.worldbank.org/en/country/vietnam/overview#1 (Accessed on 29 August, 2021).
Wu, M.W. and Shen, C.H. (2013), “Corporate social responsibility in the banking industry: motives and financial performance”, Journal of Banking & Finance, Vol. 37 No. 9, pp. 3529 - 3547.
Zhu, Y., Ly, S. and Leung, A.S. (2014), “Corporate social responsibility, firm reputation, and firm performance: the role of ethical leadership”, Asia Pacific Journal of Management, Vol. 31, pp. 925 - 947.
Berger, A.N. (1995), “The relationship between capital and earnings in banking, Journal of Money, Credit and Banking, Vol. 27 No. 2, pp. 432 - 456.
Bidari, G. and Djajadikerta, H.G. (2020), “Factors influencing corporate social responsibility disclosures in Nepalese banks”, Asian Journal of Accounting Research, Vol. 5 No. 2, pp. 209 - 224.
Bose, S., Podder, J. and Biswas, K. (2017), “Philanthropic giving, market-based performance and institutional ownership: evidence from an emerging economy”, The British Accounting Review, Vol. 49 No. 4, pp. 429 - 444.
Branco, M.C. and Rodrigues, L.L. (2006), “Communication of corporate social responsibility by Portuguese banks: a legitimacy theory perspective”, Corporate Communications: An International Journal, Vol. 11 No. 3, pp. 1356 - 3289.
Brooks, C. (2008), Introductory econometrics for finance (2nd ed.), Cambridge University Press, Cambridge.
Bui, H.T.T. (2021), “The relationship between corporate social responsibility and corporate financial performance: an empirical study of commercial banks in Vietnam”, The Journal of Asian Finance, Economics and Business, Vol. 8 No. 10, pp. 373 - 383.
Chronopoulos, D.K., Liu, H., McMillan, F.J. and Wilson, J.O. (2015), “The dynamics of US bank profitability”, The European Journal of Finance, Vol. 21 No. 5, pp. 426 - 443.
Clarkson, M.E. (1995), “A stakeholder framework for analyzing and evaluating corporate social performance”, Academy of Management Review, Vol. 20, pp. 92 - 117.
Cooke, T.E. (1989), “Voluntary corporate disclosure by Swedish companies”, Journal of International Financial Management & Accounting, Vol. 1 No. 2, pp. 171 - 195.
Cornett, M.M., Erhemjamts, O. and Tehranian, H. (2016), “Greed or good deeds: an examination of the relation between corporate social responsibility and the financial performance of US commercial banks around the financial crisis”, Journal of Banking & Finance, Vol. 70, pp. 137 - 159.
Dalwai, T., Chinnasamy, G. and Mohammadi, S.S. (2021), “Annual report readability, agency costs, firm performance: an investigation of Oman's financial sector”, Journal of Accounting in Emerging Economies, Vol. 11 No. 2, pp. 247 - 277.
Data Bank - World Bank. (2021), “World development indicators”, Available at https://databank.worldbank.org/ (Accessed on 29 August, 2021).
Devinney, T.M. (2009), “Is the socially responsible corporation a myth? The good, the bad, and the ugly of corporate social responsibility”, Academy of Management Perspectives, Vol. 23 No. 2, pp. 44 - 46.
Di Giuli, A. and Kostovetsky, L. (2014), “Are red or blue companies more likely to go green? Politics and corporate social responsibility”, Journal of Financial Economics, Vol. 111 No. 1, pp. 158 - 180.
El Ghoul, S., Guedhami, O. and Kim, Y. (2017), “Country-level institutions, firm value, and the role of corporate social responsibility initiatives”, Journal of International Business Studies, Vol. 48 No.3, pp. 360 - 385.
Esteban-Sanchez, P., de la Cuesta-Gonzalez, M. and Paredes-Gazquez, J. (2017), “Corporate social performance and its relation with corporate financial performance: international evidence in the banking industry”, Journal of Cleaner Production, Vol. 162, pp. 1102 - 1110.
Freeman, R.E. (1984), Strategic management: a stakeholder approach, Pitman, Boston, MA.
Friedman, M. (1970), “The social responsibility of business is to increase its profits”, New York Times Magazine, pp. 122 - 126.
Gaio, C. and Raposo, C. (2011), “Earnings quality and firm valuation: international evidence”, Accounting & Finance, Vol. 51 No. 2, pp. 467 - 499.
Gamerschlag, R., Moller, K. and Verbeeten, F.(2011), “Determinants of voluntary CSR disclosure: empirical evidence from Germany”, Review of Managerial Science, Vol. 5 No. 2, pp .233 - 262.
Greene, W.H. (1997), Econometric analysis, 3rd ed., Upper Saddle River, Prentice Hall, NJ.
Gregory, A., Tharyan, R. and Whittaker, J. (2014), “Corporate social responsibility and firm value: disaggregating the effects on cash flow, risk and growth”, Journal of Business Ethics, Vol. 124 No. 4, pp. 633 - 657.
Hair, J.F., Black, W.C., Babin, B.J. and Anderson, R.E. (2010), Multivariate data analysis: a global perspective, 7th ed., Upper Saddle River, Prentice Hall, NJ.
Harjoto, M. and Laksmana, I. (2018), “The impact of corporate social responsibility on risk taking and firm value”, Journal of Business Ethics, Vol. 151 No. 2, pp. 353 - 373.
Harjoto, M.A. and Jo, H. (2015), “Legal vs. normative CSR: differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value”, Journal of Business Ethics, Vol. 128 No. 1, pp. 1 - 20.
Higgins, C., Milne, M.J. and Van Gramberg, B. (2015), “The uptake of sustainability reporting in Australia”, Journal of Business Ethics, Vol. 129, pp. 445 - 468.
Jayachandran, S., Kalaignanam, K. and Eilert, M. (2013), “Product and environmental social performance: varying effect on firm performance”, Strategic Management Journal, Vol. 34 No. 10, pp. 1255 - 1264.
Jo, H. and Na, H. (2012), “Does CSR reduce firm risk? Evidence from controversial industry sectors”, Journal of Business Ethics, Vol. 110 No. 4, pp. 441 - 456.
Jones, D.A., Willness, C.R. and Madey, S. (2014), “Why are job seekers attracted by corporate social performance? Experimental and field tests of three signal-based mechanisms”, Academy of Management Journal, Vol. 57 No. 2, pp. 383 - 404.
Kitzmueller, M. and Shimshack, J. (2012), “Economic perspectives on corporate social responsibility”, Journal of Economic Literature, Vol. 50 No. 1, pp. 51 - 84.
Kosmidou, K. (2008), “The determinants of banks’ profits in Greece during the period of EU financial integration”, Managerial Finance, Vol. 34 No. 3, pp. 146 - 159.
Kruger, P. (2015), “Corporate goodness and shareholder wealth”, Journal of Financial Economics, Vol. 115 No. 2, pp. 304 - 329.
Liao, P.C., Shih, Y.N., Wu, C.L., Zhang, X.L. and Wang, Y. (2018), “Does corporate social performance pay back quickly? A longitudinal content analysis on international contractors”, Journal of Cleaner Production, Vol. 170, pp. 1328 - 1337.
Lu, W., Chau, K.W., Wang, H. and Pan, W. (2014), “A decade’s debate on the nexus between corporate social and corporate financial performance: a critical review of empirical studies 2002–2011”, Journal of Cleaner Production, Vol. 79, pp. 195 - 206.
Margaritis, D. and Psillaki, M. (2010), “Capital structure, equity ownership and firm performance”, Journal of Banking & Finance, Vol. 34 No. 3, pp. 621 - 632.
Margolis, J.D. and Walsh, J.P. (2003), “Misery loves companies: rethinking social initiatives by business”, Administrative Science Quarterly, Vol. 48 No. 2, pp. 268 - 305.
Masulis, R.W. and Reza, S.W. (2015), “Agency problems of corporate philanthropy”, The Review of Financial Studies, Vol. 28 No. 2, pp. 592 - 636.
Montiel, I., Husted, B.W. and Christmann, P. (2012), “Using private management standard certification to reduce information asymmetries in corrupt environments”, Strategic Management Journal, Vol. 33 No. 9, pp. 1103 - 1113.
Nguyen, B.N. (2018), “The effect of corporate social responsibility disclosure on financial performance: evidence from credit institutions in Vietnam”, Asian Social Science, Vol. 14 No. 4, pp. 109 - 122.
Nguyen, L.T. and Nguyen, K.V. (2021), “The impact of corporate social responsibility on the risk of commercial banks with different levels of financial constraint”, Asia-Pacific Journal of Business Administration, Vol. 13 No. 1, pp. 98 - 116.
Nguyen, V., Tran, A. and Zeckhauser, R. (2017), “Stock splits to profit insider trading: lessons from an emerging market”, Journal of International Money and Finance, Vol. 74, pp. 69 - 87.
Nguyen, X.H. and Trinh, H.T. (2020), “Corporate social responsibility and the non-linear effect on audit opinion for energy firms in Vietnam”, Cogent Business & Management, Vol. 7 No. 1, 1757841.
Peloza, J. (2009), “The challenge of measuring financial impacts from investments in corporate social performance”, Journal of Management, Vol. 35 No. 6, pp. 1518 - 1541.
Petersen, M.A. (2009), “Estimating standard errors in finance panel data sets: comparing approaches”, The Review of Financial Studies, Vol. 22 No. 1, pp. 435 - 480.
Platonova, E., Asutay, M., Dixon, R. and Mohammad, S. (2018), “The impact of corporate social responsibility disclosure on financial performance: evidence from the GCC Islamic banking sector”, Journal of Business Ethics, Vol. 151 No. 2, pp. 451 - 471.
Sanders, W.G. and Boivie, S. (2004), “Sorting things out: valuation of new firms in uncertain markets”, Strategic Management Journal, Vol. 25 No. 2, pp. 167 - 186.
Siueia, T., Wang, J. and Deladem, T. (2019), “Corporate social responsibility and financial performance: a comparative study in the Sub-Saharan Africa banking sector”, Journal of Cleaner Production, Vol. 226, pp. 658 - 668.
Soana, M.G. (2011), “The relationship between corporate social performance and corporate financial performance in the banking sector”, Journal of Business Ethics, Vol. 104 No. 1, pp. 133 - 148.
Su, W., Peng, M.W., Tan, W. and Cheung, Y.L. (2016), “The signaling effect of corporate social responsibility in emerging economies”, Journal of Business Ethics, Vol. 134 No. 3, pp. 479 - 491.
Surroca, J., Tribo, J.A. and Waddock, S. (2010), “Corporate responsibility and financial performance: the role of intangible resources”, Strategic Management Journal, Vol. 31 No. 5, pp. 463 - 490.
Tan, Y. (2016), “The impacts of risk and competition on bank profitability in China”, Journal of International Financial Markets, Institutions and Money, Vol. 40, pp. 85 - 110.
Trading Economics. (2021), “Vietnam - Stock market capitalization to GDP”, Available at https://tradingeconomics.com/vietnam/stock-market-capitalization-to-gdp-percent-wb-data.html (Accessed on 17 May, 2021).
Tregenna, F. (2009), “The fat years: the structure and profitability of the US banking sector in the pre-crisis period”, Cambridge Journal of Economics, Vol. 33 No. 4, pp. 609 - 632.
Turker, D. (2009), “Measuring corporate social responsibility: a scale development study”, Journal of Business Ethics, Vol. 85 No. 4, pp. 411 - 427.
Vilanova, M., Lozano, J.M. and Arenas, D. (2009), “Exploring the nature of the relationship between CSR and competitiveness”, Journal of Business Ethics, Vol. 87 No. 1, pp. 57 - 69.
Vo, D.H., Tran, N.P., Hoang, H.T.T. and Van, L.T.H. (2021), “Do corporate social responsibility and bank performance matter for financial inclusion in Vietnam?”, Journal of Asia Business Studies, Vol. 16 No. 4, pp. 639 - 651.
Wang, H. and Qian, C. (2011), “Corporate philanthropy and corporate financial performance: the roles of stakeholder response and political access”, Academy of Management Journal, Vol. 54 No. 6, pp. 1159 - 1181.
World Bank. (2021), “The World Bank in Vietnam”, Available at https://www.worldbank.org/en/country/vietnam/overview#1 (Accessed on 29 August, 2021).
Wu, M.W. and Shen, C.H. (2013), “Corporate social responsibility in the banking industry: motives and financial performance”, Journal of Banking & Finance, Vol. 37 No. 9, pp. 3529 - 3547.
Zhu, Y., Ly, S. and Leung, A.S. (2014), “Corporate social responsibility, firm reputation, and firm performance: the role of ethical leadership”, Asia Pacific Journal of Management, Vol. 31, pp. 925 - 947.