Corporate social responsibility expenditure and financial performance: A comparison of Vietnamese listed and unlisted banks

References

• Adewale, M. T., & Rahmon, T. A. (2014). Does corporate social responsibility improve an organization’s financial performance?-Evidence from Nigerian banking sector. IUP Journal of Corporate Governance, 13(4), 52–19. Retrieved from. https://www.proquest.com/openview/d03a103465f8d490e8683fafafc2ad41/1?pq-origsite=gscholar&cbl=54446
   Google Scholar
• Almazari, A. A. (2014). Impact of internal factors on bank profitability: Comparative study between Saudi Arabia and Jordan. Journal of Applied Finance and Banking, 4(1), 125. Retrieved from https://scholar.google.com/citations?view_op=list_works&hl=vi&authuser=1&hl=vi&user=9qnR0DMAAAAJ&authuser=1 https://doi.org/10.9734/BJEMT/2014/5427
   Google Scholar
• Alpana, A. (2014). CSR standards and guidelines: An analytical review. IOSR Journal of Economics and Finance, 3(4), 53–60. https://doi.org/10.9790/5933-0345260
   Google Scholar
• Ashraf, M., Khan, B., & Tariq, R. (2017). Corporate social responsibility impact on financial performance of bank’s: Evidence from Asian countries. The International Journal of Academic Research in Business and Social Sciences, 7(4), 618–632. https://doi.org/10.6007/ijarbss/v7-i4/2837
   Google Scholar
• Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
   Google Scholar
• Bani-Khaled, S. M., El Dalabeeh, A. R. K., Al-Olimat, N. H., & Al Shbail, M. O. (2021). Relationship between corporate social responsibility expenditures and performance in Jordanian Commercial Banks. The Journal of Asian Finance, Economics and Business, 8(3), 539–549. https://doi.org/10.13106/jafeb.2021.vol8.no3.0539
   Web of Science ®Google Scholar
• Belasri, S., Gomes, M., & Pijourlet, G. (2020). Corporate social responsibility and bank efficiency. Journal of Multinational Financial Management, 54, 100612. https://doi.org/10.1016/j.mulfin.2020.100612
   Web of Science ®Google Scholar
• Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1–19. https://doi.org/10.1111/j.1468-0335.2009.00843.x
   Web of Science ®Google Scholar
• Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
   Google Scholar
• Carroll, A. B. (2016). Carroll’s pyramid of CSR: Taking another look. International Journal of Corporate Social Responsibility, 1(3), 1–8. https://doi.org/10.1186/s40991-016-0004-6
   Google Scholar
• Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20(2), 249–272. https://doi.org/10.1016/S0261-5606(00)00048-6
   Web of Science ®Google Scholar
• EC. (2001). Green paper: Promoting a European framework for corporate social responsibility. Retrieved from http://www.europarl.europa.eu/meetdocs/committees/deve/20020122/com%282001%29366_en.pdf [20 July. 2020]
   Google Scholar
• EC. (2011). Corporate Social Responsibility: A new definition, a new agenda for action. Retrieved from https://ec.europa.eu/commission/presscorner/detail/en/MEMO_11_730 [20 July. 2020]
   Google Scholar
• Ehsan, S., Nazir, M. S., Nurunnabi, M., Raza Khan, Q., Tahir, S., & Ahmed, I. (2018). A multimethod approach to assess and measure corporate social responsibility disclosure and practices in a developing economy. Sustainability, 10(8), 2955. https://doi.org/10.3390/su10082955
   Web of Science ®Google Scholar
• Esteban-Sanchez, P., Cuesta-Gonzalez, M. D. L., & Paredes-Gazquez, J. D. (2017). Corporate social performance and its relation with corporate financial performance: International evidence in the banking industry. Journal of Cleaner Production, 162, 1102–1110. https://doi.org/10.1016/j.jclepro.2017.06.127
   Web of Science ®Google Scholar
• Fayad, A. A., Ayoub, R., & Ayoub, M. (2017). Causal relationship between CSR and FB in banks. Arab Economic and Business Journal, 12(2), 93–98. https://doi.org/10.1016/j.aebj.2017.11.001
   Google Scholar
• Freeman, R. E., & Evan, W. M. (1990). Corporate governance: A stakeholder interpretation. The Journal of Behavioral Economics, 19(4), 337–359. https://doi.org/10.1016/0090-5720(90)90022-Y
   Google Scholar
• Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times, 32(13), 122–126.
   Google Scholar
• Galant, A., & Cadez, S. (2017). Corporate social responsibility and financial performance relationship: A review of measurement approaches. Economic Research-Ekonomska Istraživanja, 30(1), 676–693. https://doi.org/10.1080/1331677X.2017.1313122
   Web of Science ®Google Scholar
• Gbadamosi, W. A. (2016). Corporate social responsibility and financial performance of banks in the United States. ( Doctoral dissertation), College of Managemet and Technology, Walden University, Retrieved from https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=3315&context=dissertations
   Google Scholar
• Gonenc, H., & Scholtens, B. (2019). Responsibility and performance relationship in the banking industry. Sustainability, 11(12), 3329. https://doi.org/10.3390/su11123329
   Web of Science ®Google Scholar
• Hafez, H. (2015). Corporate social responsibility and financial performance: An empirical study on Egyptian banks. Corporate Ownership & Control, 12(2), 107–127. https://doi.org/10.22495/cocv12i2p9
   Google Scholar
• Huynh, J., Dang, V. D., & McMillan, D. (2021). Loan portfolio diversification and bank returns: Do business models and market power matter? Cogent Economics & Finance, 9(1), 1891709. https://doi.org/10.1080/23322039.2021.1891709
   Web of Science ®Google Scholar
• Iqbal, N., Ahmad, N., Hamad, N., Bashir, S., & Sattar, W. (2014). Corporate social responsibility and its possible impact on firm’s financial performance in Banking Sector of Pakistan. Arabian Journal of Business and Management Review (OMAN Chapter), 3(12), 150–155. https://doi.org/10.12816/0016562
   Google Scholar
• Kabir, M., & Qayum, M. (2016). CSR Expenditure and Bank’s Financial performance: A comparative study on Islamic Banks of Bangladesh. International Scholar Journal of Accounting and Finance, 2(2), 1–12.
   Google Scholar
• Kakakhel, S. J., Ilyas, M., Iqbal, J., & Afeef, M. (2015). Impact of corporate social responsibility on financial performance: Evidence from Pakistan’s Cement Industry. Abasyn University Journal of Social Sciences, 8(2).
   Google Scholar
• Khurshid, M. K., Shaheer, H., Nazir, N., Waqas, M., & Kashif, M. (2016). Impact of corporate social responsibility on financial performance: The role of intellectual capital. City university research journal, 247–263. Retrieved from https://www.proquest.com/openview/896d4982e6d2bd3924e64c6ddae1e1f8/1?pq-origsite=gscholar&cbl=2068970.
   Google Scholar
• Kiran, S. (2015). Corporate social responsibility and firm profitability: A case of oil and gas sector of Pakistan. City University Research Journal, 5(1).
   Google Scholar
• KsiężaK, P., & FischBach, B. (2017). Triple bottom line: The Pillars of CSR. Journal of Corporate Responsibility and Leadership, 4(3), 95–110. Retrieved from, https://apcz.umk.pl/czasopisma/index.php/JCRL/article/viewFile/JCRL.2017.018/14857
   Google Scholar
• Le, H. D. C. (2016). Effects of cash flow, systematic risk, unsystematic risk and securities liquidity on investment of Vietnamese enterprises. ( Doctoral dissertation), Ho Chi Minh City University of Economics. Retrieved from https://digital.lib.ueh.edu.vn/handle/UEH/54705
   Google Scholar
• Le, P. H. (2020). Research on the relationship between social responsibility, brand value and financial performance of joint stock commercial banks in the Mekong Delta. ( Doctoral dissertation), Can Tho University. Retrieved from http://luanvan.moet.edu.vn/?page=1.1&view=35350
   Google Scholar
• Leaniz, P. M. G. D., & Bosque, I. R. D. (2013). Intellectual capital and relational capital: The role of sustainability in developing corporate reputation. Intangible Capital, 9(1), 262–280. https://doi.org/10.3926/ic.378
   Google Scholar
• Lopatta, K., Canitz, F., & Tideman, S. A. (2022). Abnormal CSR and financial performance. European Accounting Review, 1–27. https://doi.org/10.1080/09638180.2022.2084134
   Web of Science ®Google Scholar
• Madugba, J. U., & Okafor, M. C. (2016). Impact of corporate social responsibility on financial performance: Evidence from listed banks in Nigeria. Expert Journal of Finance, 4(1), 1–9. Retrieved from. http://finance.expertjournals.com/ark:/16759/EJF_401madugba1-9-1.pdf
   Google Scholar
• Malik, M., Al Mamun, M., & Amin, A. (2019). Peer pressure, CSR spending, and long-term financial performance. Asia-Pacific Journal of Accounting & Economics, 26(3), 241–260. https://doi.org/10.1080/16081625.2018.1493933
   Web of Science ®Google Scholar
• Matuszaka, Ł., & Różańskaa, E. (2019). A non-linear and disaggregated approach to studying the impact of CSR on accounting profitability: Evidence from the Polish Banking Industry. Sustainability, 11(1), 1–21. https://doi.org/10.3390/su11010183
   Web of Science ®Google Scholar
• McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43(1), 1–18. https://doi.org/10.1111/j.1467-6486.2006.00580.x
   Web of Science ®Google Scholar
• Moshkin, J. (2019). Why the UN GLOBAL Compact is a CSR commitment that works. Retrieved from [20 July 2020], https://www.ethicalcorp.com/why-un-global-compact-csr-commitment-works
   Google Scholar
• Ngo, N. M., Cao, H. H., Nguyen, N. L., & Nguyen, N. T. (2020). Determinants of foreign direct investment: Evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 7(6), 173–183. https://doi.org/10.13106/jafeb.2020.vol7.no6.173
   Web of Science ®Google Scholar
• Oladele, P., & Mokuolu, J. (2020). Corporate Social Responsibility Expenditure and the Financial Performance of Quoted Firms in Nigeria. International Journal of Research and Innovation in Social Science (IJRISS), 4(4), 4–10.
   Google Scholar
• Pan, X., Sha, J., Zhang, H., & Ke, W. (2014). Relationship between corporate social responsibility and financial performance in the mineral Industry: Evidence from Chinese mineral firms. Sustainability, 6(7), 4077–4101. https://doi.org/10.3390/su6074077
   Web of Science ®Google Scholar
• Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of Business Ethics, 151(2), 451–471. https://doi.org/10.1007/s10551-016-3229-0
   Web of Science ®Google Scholar
• Quazi, A., Amran, A., & Nejati, M. (2016). Conceptualizing and measuring consumer social responsibility: A neglected aspect of consumer research. International Journal of Consumer Studies, 40(1), 48–56. https://doi.org/10.1111/ijcs.12211
   Web of Science ®Google Scholar
• Raihan, M. Z., Bakar, R., & Islam, M. A. (2015). Impact of corporate social responsibility (CSR) expenditures on financial performance of Islami Bank Bangladesh Ltd. Social Sciences, 10(2), 171–177.
   Google Scholar
• Rehman, Z. U., Zahid, M., Rahman, H. U., Asif, M., Alharthi, M., Irfan, M., & Glowacz, A. (2020). Do corporate social responsibility disclosures improve financial performance? A perspective of the Islamic banking industry in Pakistan. Sustainability, Digital Transformation and Fintech, 297.
   Google Scholar
• Scholtens, B. (2006). Finance as a driver of corporate social responsibility. Journal of Business Ethics, 68(1), 19–33. https://doi.org/10.1007/s10551-006-9037-1
   Web of Science ®Google Scholar
• Seifert, B., Morris, S. A., & Bartkus, B. R. (2004). Having, giving, and getting: Slack resources, corporate philanthropy, and firm financial performance. Business & Society, 43(2), 135–161. https://doi.org/10.1177/0007650304263919
   Google Scholar
• Sharma, R., & Aggarwal, P. (2022). Impact of mandatory corporate social responsibility on corporate financial performance: The Indian experience. Social Responsibility Journal, 18(4), 704–722.
   Web of Science ®Google Scholar
• Shukla, A. (2017). The Relationship Between Corporate Social Responsibility and Financial Performance of Indian Banks. IUP Journal of Corporate Governance, 16(2).
   Google Scholar
• Siddique, A., Khan, M. A., & Khan, Z. (2021). The effect of credit risk management and bank-specific factors on the financial performance of the South Asian commercial banks. Asian Journal of Accounting Research, 7(2), 182–194. https://doi.org/10.1108/AJAR-08-2020-0071
   Google Scholar
• Siueia, T. T., Wang, J., & Deladem, T. G. (2019). Corporate Social Responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. Journal of Cleaner Production, 226, 658–668. https://doi.org/10.1016/j.jclepro.2019.04.027
   Web of Science ®Google Scholar
• Su, R., Liu, C., & Teng, W. (2020). The heterogeneous effects of CSR dimensions on financial performance–a new approach for CSR measurement. Journal of Business Economics and Management, 21(4), 987–1009. https://doi.org/10.3846/jbem.2020.12394
   Web of Science ®Google Scholar
• Thompson, P., & Cowton, C. J. (2004). Bringing the environment into bank lending: Implications for environmental reporting. The British Accounting Review, 36(2), 197–218. https://doi.org/10.1016/j.bar.2003.11.005
   Google Scholar
• Tran, T. H. Y. (2016). Research on the impact of corporate social responsibility on financial performance at Vietnamese commercial banks ( Doctoral dissertation), University of Economics - Hanoi National University. Retrieved from https://repository.vnu.edu.vn/handle/VNU_123/17183
   Google Scholar
• Tran, T. H. (2019). Current status of social responsibility for employees at the Vietnam National Oil and Gas Group. Science Journal of Hue University, 128(5A), 109–127. https://doi.org/10.26459/hueuni-jed.v128i5A.5147
   Google Scholar
• Tran, T. T., Nguyen, H. A., & Nguyen, V. D. (2016). Environmental policy in credit activities of commercial banks in Vietnam. Retrieved from https://nature.org.vn/vn/wp-content/uploads/2017/03/230717_Vietnam-Banking-and-Env-Policy.pdf
   Google Scholar
• Uddin, M. B., Hassan, M., & Tarique, K. M. (2008). Three dimensional aspects of corporate social responsibility. Retrieved from http://hdl.handle.net/20.500.11948/655.
   Google Scholar
• UNGC. (2010). Overview of the UN Global Compact. Retrieved from [20 July. 2020], http://www.unglobalcompact.org/AboutTheGC/index.html
   Google Scholar
• Wang, J., Song, L., & Yao, S. (2013). The determinants of corporate social responsibility disclosure: Evidence from China. Applied Business Research (JABR), 29(6), 1833–1848. https://doi.org/10.19030/jabr.v29i6.8220
   Google Scholar
• Wu, M. W., & Shen, C. H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37(9), 3529–3547. https://doi.org/10.1016/j.jbankfin.2013.04.023
   Web of Science ®Google Scholar
• Wu, M. W., Shen, C. H., & Chen, T. H. (2017). Application of multi-level matching between financial performance and corporate social responsibility in the banking industry. Review of Quantitative Finance and Accounting, 49(1), 29–63. https://doi.org/10.1007/s11156-016-0582-0
   Web of Science ®Google Scholar
• Zhang, B., Yang, Y., & Bi, J. (2011). Tracking the implementation of green credit policy in China: Top-down perspective and bottom-up reform. Journal of Environmental Management, 92(4), 1321–1327. https://doi.org/10.1016/j.jenvman.2010.12.019
   PubMed Web of Science ®Google Scholar
• Zhou, G., Sun, Y., Luo, S., & Liao, J. (2021). Corporate social responsibility and bank financial performance in China: The moderating role of green credit. Energy Economics, 97, 105190. https://doi.org/10.1016/j.eneco.2021.105190
   Web of Science ®Google Scholar