The Impact of Corporate Governance and Ownership Structure on The Level Of Corporate Social Responsibility Disclosure of Listed Manufacturing Companies on The Ho Chi Minh Stock Exchange – Vietnam

Abstract

Purpose: The study has provided an overview of the theoretical foundation and empirical evidence on the impact of corporate governance on the level of corporate social responsibility (CSR) disclosure among listed manufacturing companies on the Ho Chi Minh Stock Exchange in 2021, utilizing secondary data from 118 manufacturing firms.   Theoretical framework: In accordance with Agency Theory, the Separation of Ownership and Management, and the Stakeholder Theory, this study aims to investigate the influence of corporate governance characteristics on the extent of corporate social responsibility (CSR) disclosure in the manufacturing sector.   Results and conclusion: The quantitative research model is constructed with five corporate governance factors and one control variable related to company characteristics, including the board size, the proportion of female members in the board, the proportion of independent board members, the foreign ownership ratio, the state ownership ratio, and the company size. The results from the Ordinary Least Squares (OLS) regression analysis indicate that the majority of the corporate governance variables are correlated with the level of CSR disclosure, except for the proportion of independent board members.   Research implications: The study suggests managerial implications to help businesses recognize the importance of corporate governance in CSR disclosure, aiming to enhance reputation and attract investments.   Originality/value: Additionally, the results also demonstrate that company-specific factors, such as company size and financial leverage, significantly impact the company's profitability.