Factors affecting corporate social responsibilities disclosure of listed companies in Vietnam

Figures & data

Table 1. Independent variable

Independent variables	Symbol	Measurement
Company size	SIZE	Natural logarithm of the book value of total assets
Financial leverage	LEV	Debts on assets
Profitability	PROF	Return on sales
CEO duality	DUAL	Dummy variable (value 1 = CEO and Chairman, value 0 = otherwise)
Board size	BOARD	Number of directors on the company’s board
Board age	BAGE	The average age of members of the Board of Directors
Woman on board	WOMAN	Percentage of women on board
Company age	FAGE	The number of years from the company was founded to the time of data collection
Big 4	BIG4	Dummy variable showing auditor firm being one of the Big Four auditors or not

Table 2. Descriptive statistics of research variables

Variable	Obs	Mean	Std. Dev.	Min	Max
CSRD1	2,495	1.789.889	342.402	778.151	2.619.093
CSRD2	2,495	198.031	187.066	11.628	965.116
SIZE	2,486	272.989	1.568.997	2.344.062	3.363.179
LEV	2,486	2.748.753	3.719.181	−151.436	1.412.599
PROF	2,483	45.247	1.258.996	−499.936	2.438.191
DUAL	2,49	237.349	425.544	0	1
BOARD	2,49	5.426.908	116.173	0	11
BAGE	2,483	4.950.099	5.385.672	24	69
WOMAN	2,489	147.657	169.309	0	1
FAGE	2,495	268.517	1.383.769	7	92
BIG4	2,463	272.432	445.301	0	1

Table 3. Correlation matrix of research variables

	CSRD1	CSRD2	SIZE	LEV	PROF	DUAL	BOARD	BAGE	WOMAN	FAGE	BIG 4
CSRD1	1.0000
CSRD2	0.9184	1.0000
SIZE	0.0127	0.0197	1.0000
LEV	−0.0125	−0.0088	0.1409	1.0000
PROF	−0.0056	0.0014	0.0326	−0.0033	1.0000
DUAL	−0.0240	−0.0270	−0.0566	−0.0165	−0.0057	1.0000
BOARD	−0.0267	−0.0332	0.3142	−0.0450	0.0093	−0.0450	1.0000
BAGE	−0.0295	−0.0171	0.0288	−0.0269	0.0224	−0.0571	0.0864	1.0000
WOMAN	0.0284	0.0284	−0.0106	−0.0459	0.0085	0.0688	0.0515	−0.0825	1.0000
FAGE	0.0275	0.0390	−0.0033	0.0400	0.0300	−0.0133	0.0100	0.1707	−0.0152	1.0000
BIG 4	−0.0225	−0.0151	0.4845	0.0045	0.0198	−0.0788	0.1565	0.0002	−0.0156	−0.0079	1.0000

Table 4. Pooled OLS regression results

	Coef		P > t		VIF	1/VIF
	CSRD1	CSRD2	CSRD1	CSRD2
SIZE	0.0102863	0.0064038	0.054	0.028	1.46	0.683623
LEV	−0.0020465	−0.0010104	0.284	0.332	1.32	0.757896
PROF	−0.0018362	−0.0000821	0.736	0.978	1.13	0.883498
DUAL	−0.0242046	−0.0139379	0.139	0.118	1.05	0.952602
BOARD	−0.0107751	−0.0075666	0.091	0.029	1.04	0.96129
BAGE	−0.0021216	−0.0007684	0.107	0.284	1.03	0.967936
WOMAN	0.0587516	0.0302171	0.154	0.179	1.02	0.982726
FAGE	0.0008488	0.00059	0.093	0.032	1.02	0.985174
BIG4	−0.0314956	−0.014809	0.077	0.127	1	0.997533
R-Squared	0.0063	0.0069		Mean VIF	1.37

Table 5. Results of the Hausman test

	CSRD1				CSRD2
	Coefficients				Coefficients
	FEM	REM	Difference	S.E.	FEM	REM1	Difference	S.E.
SIZE	0.093865	0.010748	0.0831174	0.0286779	0.0499734	0.006542	0.0434314	0.015592
LEV	−0.00127	−0.00202	0.0007482	0.0016685	−0.0009375	−0.0010084	0.0000708	0.0009079
PROF	−0.00209	−0.0018	−0.0002957	0.0014768	−0.0004266	−0.0000798	−0.0003468	0.0007386
DUAL	−0.01162	−0.02417	0.0125577	0.0271843	−0.0125411	−0.0140269	0.0014858	0.0148081
BOARD	−0.0196	−0.01106	−0.008541	0.0108853	−0.00921	−0.0076389	−0.0015711	0.0059293
BAGE	−0.00869	−0.00218	−0.0065076	0.0027954	−0.0042142	−0.0007801	−0.0034341	0.001522
WOMAN	0.102798	0.059993	0.0428045	0.0757724	0.024203	0.0304059	−0.0062029	0.0412691
FAGE	0.024741	0.000874	0.0238669	0.0053588	0.0207009	0.0005992	0.0201017	0.0029128
BIG4	−0.08112	−0.03231	−0.0488135	0.0482824	−0.0328289	−0.0150452	−0.0177837	0.0262744
	Prob > chi2 = 0.0000				Prob > chi2 = 0.0000

Table 6. The results of the Xttest3 and Wooldridge test

	CSRD1	CSRD2
The xttest3 Heteroscedasticity test	Prob > chi2 = 0.0000	Prob > chi2 = 0.0000
The Wooldridge autocorrelation test	Prob > F = 0.0508	Prob > F = 0.0002

Table 7. OLS, FEM, REM, and FGLS model estimation results

	OLS		FEM		REM		GLS
	CSRD1	CSRD2	CSRD1	CSRD2	CSRD1	CSRD2	CSRD1	CSRD2
SIZE	0.0103*	0.00640**	0.0939***	0.0500***	0.0107**	0.00654**	0.00897**	0.00277
	[1.93]	[2.20]	[3.21]	[3.15]	[1.96]	[2.22]	[2.00]	[1.40]
LEV	−0.00205	−0.00101	−0.00127	−0.000938	−0.00202	−0.00101	−0.00198	−0.000673
	[−1.07]	[−0.97]	[−0.50]	[−0.68]	[−1.05]	[−0.96]	[−1.32]	[−1.10]
PROF	−0.00184	−8.2E-05	−0.00209	−0.000427	−0.0018	−0.0000798	−0.003	−0.000775
	[−0.34]	[−0.03]	[−0.37]	[−0.14]	[−0.33]	[−0.03]	[−0.52]	[−0.25]
DUAL	−0.0242	−0.0139	−0.0116	−0.0125	−0.0242	−0.014	−0.016	−0.00765
	[−1.48]	[−1.56]	[−0.36]	[−0.72]	[−1.45]	[−1.56]	[−1.17]	[−1.36]
BOARD	−0.0108*	−0.00757**	−0.0196	−0.00921	−0.0111*	−0.00764**	−0.0119**	−0.00840***
	[−1.69]	[−2.18]	[−1.55]	[−1.34]	[−1.70]	[−2.18]	[−2.22]	[−3.62]
BAGE	−0.00212	−0.00077	−0.00869***	−0.00421**	−0.00218	−0.00078	−0.00258**	−0.000921*
	[−1.61]	[−1.07]	[−2.80]	[−2.50]	[−1.62]	[−1.08]	[−2.34]	[−1.88]
WOMAN	0.0588	0.0302	0.103	0.0242	0.06	0.0304	0.0916***	0.0370**
	[1.43]	[1.34]	[1.19]	[0.51]	[1.43]	[1.34]	[2.65]	[2.39]
FAGE	0.000849*	0.000590**	0.0247***	0.0207***	0.000874*	0.000599**	0.00102**	0.000564***
	[1.68]	[2.14]	[4.60]	[7.07]	[1.68]	[2.15]	[2.33]	[2.81]
BIG4	−0.0315*	−0.0148	−0.0811	−0.0328	−0.0323*	−0.015	−0.0273*	−0.00973
	[−1.77]	[−1.53]	[−1.57]	[−1.17]	[−1.77]	[−1.53]	[−1.80]	[−1.49]
_cons	1.660***	0.0916	−0.89	−1.455***	1.651***	0.0886	1.692***	0.163***
	[11.07]	[1.12]	[−1.15]	[−3.47]	[10.72]	[1.07]	[13.36]	[2.94]
N	2454	2454	2454	2454	2454	2454	2454	2454
R-sq	0.006	0.007	0.03	0.048

Notes: t statistics in brackets; *p < 0.1, **p < 0.05, ***p < 0.01

Table 8. Testing result of hypotheses

Hypotheses	Contents	Testing results
		CSRD1	CSRD2
H1	Company size has a positive impact on CSR disclosure.	Proved	Disproved
H2	Financial leverage has a positive relationship with CSR disclosure.	Disproved	Disproved
H3	Profitability has a positive impact on CSR disclosure.	Disproved	Disproved
H4	CEO duality has a negative impact on CSR disclosure.	Disproved	Disproved
H5	Board size has a positive impact on CSR disclosure.	Disproved	Disproved
H6	Board age has a positive effect on CSR disclosure.	Disproved	Disproved
H7	The percentage of Women on board has a positive influence on CSR disclosure.	Proved	Proved
H8	Company age has a positive impact on CSR disclosure.	Proved	Proved
H9	Big 4 has a positive effect on CSR disclosure.	Disproved	Disproved