ESG performance and dividend policy: Evidence from VN100 firms
Authors
DOI: https://doi.org/10.57110/vnu-jeb.v5i6.419Keywords:
ESG performance, dividend payouts, VN100 firmsReferences
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114–138. https://doi.org/10.1016/j.ribaf.2018.07.005
Bilyay-Erdogan, S., Danisman, G. O., & Demir, E. (2023). ESG performance and dividend payout: A channel analysis. Finance Research Letters, 55, 103827. https://doi.org/10.1016/j.frl.2023.103827
Bloomberg Intelligence. (2024). Global ESG assets predicted to hit $40 trillion by 2030, despite challenging environment, forecasts Bloomberg Intelligence. https://www.bloomberg.com/company/press/global-esg-assets-predicted-to-hit-40-trillion-by-2030-despite-challenging-environment-forecasts-bloomberg-intelligence/
Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of Environmental Management, 345, 118829. https://doi.org/10.1016/j.jenvman.2023.118829
Chen, X., Li, W., Torsin, W., & Tsang, A. (2024). Dividend policy under mandatory ESG reporting. Journal of International Financial Markets, Institutions and Money, 93, 101986. https://doi.org/10.1016/j.intfin.2024.101986
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Dua, J., & Sharma, A. K. (2024). Unveiling the ESG-dividend nexus: The moderating role of investor protection and regulatory enforcement. Journal of Indian Business Research, 16(2), 265–286. https://doi.org/10.1108/JIBR-09-2023-0297
Ellili, N. O. D. (2022). Impact of environmental, social and governance disclosure on dividend policy: What is the role of corporate governance? Evidence from an emerging market. Corporate Social Responsibility and Environmental Management, 29(5), 1396–1413. https://doi.org/10.1002/csr.2277
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & de Colle, S. (2010). Stakeholder Theory: The State of the Art. Cambridge University Press. https://doi.org/10.1017/CBO9780511815768
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Jiraporn, P., Kim, J.-C., & Kim, Y. S. (2011). Dividend Payouts and Corporate Governance Quality: An Empirical Investigation. Financial Review, 46(2), 251–279. https://doi.org/10.1111/j.1540-6288.2011.00299.x
Khamisu, M. S., Paluri, R. A., & Sonwaney, V. (2024). Stakeholders’ perspectives on critical success factors for environmental social and governance (ESG) implementation. Journal of Environmental Management, 365, 121583. https://doi.org/10.1016/j.jenvman.2024.121583
Nguyen, T. H., & Nguyen, T. A. N. (2025). ESG performance, GHG disclosure and firm performance of listed companies in Vietnam. VNUHCM Journal of Economics - Law and Management, 9(2), 6123–6132. https://doi.org/10.32508/stdjelm.v9i2.1478
Nguyen, T. N. L., Nguyen, H. X. T., Nguyen, P. D., & Phan, N. A. Q. (2023). Oil shocks, esg disclosure and corporate payouts: An empirical study from Vietnam. International Journal of Information & Management Sciences, 34(3), 223. https://doi.org/10.6186/IJIMS.202309_34(3).0004
PwC Vietnam. (2022). Vietnam ESG Readiness Report 2022: From ambition to impact. PwC. https://www.pwc.com/vn/en/publications/vietnam-publications/esg-readiness-2022.html
Rakotomavo, M. T. J. (2012). Corporate investment in social responsibility versus dividends? Social Responsibility Journal, 8(2), 199–207. https://doi.org/10.1108/17471111211234833
Saeed, A., & Zamir, F. (2021). How does CSR disclosure affect dividend payments in emerging markets? Emerging Markets Review, 46, 100747. https://doi.org/10.1016/j.ememar.2020.100747
Salvi, A., Nirino, N., Battisti, E., & Gianfrancesco, I. (2024). Payout policy and ESG: A European investigation. Research in International Business and Finance, 68, 102189. https://doi.org/10.1016/j.ribaf.2023.102189
Salah, B. O., & Amar, B. A. (2022). Does corporate social responsibility affect dividend policy? Empirical evidence in the French context. Journal of Global Responsibility, 13(3), 268–289. https://doi.org/10.1108/JGR-10-2021-0082
Sheikh, M. F., Bhutta, A. I., Rehman, B., Bazil, M., & Hassan, A. (2021). Corporate social responsibility and dividend policy: A strategic choice in family firms. Journal of Family Business Management, 12(2), 296–315. https://doi.org/10.1108/JFBM-10-2020-0096
Spence, M. (2002). Signaling in Retrospect and the Informational Structure of Markets. The American Economic Review, 92(3), 434–459. https://www.jstor.org/stable/3083350
Taj, S. A. (2016). Application of signaling theory in management research: Addressing major gaps in theory. European Management Journal, 34(4), 338–348. https://doi.org/10.1016/j.emj.2016.02.001
Tang, H., Xiong, L., & Peng, R. (2024). The mediating role of investor confidence on ESG performance and firm value: Evidence from Chinese listed firms. Finance Research Letters, 61, 104988. https://doi.org/10.1016/j.frl.2024.104988
TPM Tax Agency. (2025). ESG trends in Vietnam: The wave of green FDI and business transformation strategies. https://tpm.com.vn/esg-trends-in-vietnam-the-wave-of-green-fdi-and-business-transformation-strategies/
VnEconomy. (2024). Shifting to green economy. https://en.vneconomy.vn/shifting-to-green-economy.htm
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593. https://doi.org/10.1016/j.frl.2020.101593
Zahid, R. M. A., Taran, A., Khan, M. K., & Chersan, I.-C. (2023). ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe. Borsa Istanbul Review, 23(2), 350–367. https://doi.org/10.1016/j.bir.2022.10.012
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371–3387.
Downloads
Published
Abstract View
PDF Downloaded
How to Cite
Issue
Section
License
Copyright (c) 2025 Tran Nguyen Tram Anh, Hoang Anh Binh Minh

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
by VNU Journal of Economics and Business


