Factors Impacting on Social and Corporate Governance and Corporate Financial Performance: Evidence from Listed Vietnamese Enterprises

This study aims to investigate the factors, which impact the social and corporate governance performance and corporate financial performance of listed Vietnamese enterprises. A survey was carried out with listed Vietnamese enterprises on HOSE, HNX and UPCOM, gathering 280 usable respondents, with data and theoretical model analyzed by using SPSS, AMOS with SEM method. The results show that the social and corporate governance (ESG) performance and corporate financial performance were driven by elements including the size of enterprise, the institutional ownership, the managerial ownership, the broad structure, the government ownership, and the managerial perception. The study findings suggest that in larger the enterprises, more institutional and state-owned shareholders and modern managerial members can help to enhance the corporate governance performance and therefore help to improve the corporate financial performance. However, this study's results only account for 60.6% of the impact factors on the social and corporate governance performance and corporate financial performance in listed Vietnamese enterprises, so there are still some other factors that should be identified in future research. This study contributes not only to the existing empirical literature on corporate governance performance and corporate financial performance, but also on practical management in Vietnam and other developing economies.