Title: THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON FIRM VALUE: EVIDENCE FROM LISTED FOOD AND BEVERAGE COMPANIES IN VIETNAM
Authors:
Thi Thu Hang Nguyen, Lan Huong Nguyen, Duc Hoang Le, Thi Thu Huong Dao, Phuong Thao Le and Viet Hoang Phan
Abstract:
This study examines the impact of Corporate Social Responsibility (CSR) on the firm value of listed food and beverage companies in Vietnam. Using panel data of 66 firms over the period 2014–2024, the research applies Pooled OLS, Fixed Effects Model (FEM), Random Effects Model (REM), and Panel-Corrected Standard Errors (PCSE) to estimate the relationship between CSR and Tobin’s Q. The results indicate that CSR has a statistically significant impact on firm value, and firm size plays a moderating role in strengthening this relationship. Control variables such as revenue growth, liquidity, leverage, profitability (ROA), and financial risk (Z-score) are also considered. Robustness tests using lagged CSR confirm the stability of the results. The findings contribute to the CSR–firm value literature in emerging markets and provide managerial implications for listed firms in Vietnam’s food and beverage industry.
Keywords: Corporate Social Responsibility, Firm Value, Tobin’s Q, Panel Data, Vietnam, Food and Beverage Industry.
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