ESG performance and dividend policy: Evidence from VN100 firms


Authors

  • Tran Nguyen Tram Anh University of Economics - The University of Danang
  • Hoang Anh Binh Minh University of Economics - The University of Danang
DOI: https://doi.org/10.57110/vnu-jeb.v5i6.419

Keywords:

ESG performance, dividend payouts, VN100 firms

Abstract

The paper examines the relationship between ESG performance and dividend policy. Using a sample of non-financial VN100 firms listed on the Ho Chi Minh Stock Exchange from 2017 to 2023, we find a positive association between overall ESG performance and dividend payouts. This suggests that firms with stronger ESG engagement tend to distribute a larger share of earnings to shareholders. Further analyses indicate that the environmental component has a positive impact on dividend payouts while the social and governance components do not exhibit statistically significant effects. These results remain robust after controlling for the potential impact of the COVID-19 pandemic and outliers. This study contributes to the growing body of literature on sustainable finance in emerging markets and offers practical implications for corporate managers, investors, and policymakers aiming to align ESG strategies with financial outcomes. 

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Published

25-12-2025

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How to Cite

Tran Nguyen Tram Anh, & Hoang Anh Binh Minh. (2025). ESG performance and dividend policy: Evidence from VN100 firms. VNU University of Economics and Business, 5(6). https://doi.org/10.57110/vnu-jeb.v5i6.419

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Original Articles