Nguyen Thi Phuong Dung

Environmental, social, and governance disclosure (ESGD) increasingly forms part of firms' communication with external capital providers. However, its association with financial performance remains unclear, especially in emerging markets where reporting formats, assurance practices, and enforcement mechanisms remain uneven. Using annual reports of 201 listed manufacturing firms in Vietnam over 2016–2024, this study constructs a dictionary‐based measure of ESG disclosure intensity, expressed as dictionary‐matched ESG occurrences per 1000 n ‐grams, and examines its association with return on assets (ROA), return on equity (ROE), and Tobin's Q . The central finding is a negative association between ESG disclosure intensity and ROE. This is the only association that retains the same direction across the baseline two‐way fixed‐effects and supplementary dynamic system GMM specifications. The baseline models also show a weakly positive association with ROA and a positive association with Tobin's Q , but neither positive association is corroborated by the dynamic specifications. The results therefore show that the financial associations of ESG disclosure intensity depend on the performance outcome examined and on model specification. For corporate sustainability strategy, the findings suggest that higher ESG disclosure intensity should not be interpreted as uniformly associated with stronger financial performance. Rather, the financial relevance of sustainability reporting depends on the outcome against which it is assessed. The negative ROE association, which runs against the prediction of the monitoring argument, raises a specific theoretical puzzle concerning the relationship between disclosure, shareholders' capital, financing, and the timing of returns.

In the era of global digitalization, digital transformation of student management is crucial for any university worldwide. Digital transformation in student management involves building infrastructure and adopting new technologies to improve the quality of student services. It has been proven that digital applications can improve transparency, accountability, and efficiency in administrative work (Alshawabkeh & Al Jasmi, 2025). In Vietnam, a significant research gap persists in the digitalization of university student management. Therefore, the objective of this research is to analyze the factors that affect the digital transformation of student management in Vietnamese universities. Using an extensive scale survey and structural equation modeling (SEM), we collected and analyzed 286 responses from lecturers/staff and students at the universities. It is found that digital transformation leadership, information technology (IT) staff competencies, application of new technology, technology infrastructure, financial capacity, university culture and skills positively affect the digital transformation of student management. financial capacity is found to be the strongest factor in digital transformation of student management. Hence, we propose suggestions to enhance financial resources for digitalization, leadership in digital transformation, technology infrastructure, staff training, and fostering a digital culture within universities in Vietnam.

Nghiên cứu này phân tích vai trò của kế toán bền vững trong việc ngăn chặn hành vi “tẩy xanh” (greenwashing) trong bối cảnh nền kinh tế tuần hoàn, đồng thời làm rõ cách thức hệ thống kế toán bền vững minh bạch giúp biến các cam kết ESG thành hành động có trách nhiệm và đo lường được. Nghiên cứu sử dụng phương pháp nghiên cứu tại bàn và phân tích tài liệu hệ thống kết hợp tham chiếu mô hình định lượng từ dữ liệu của 40 doanh nghiệp niêm yết tại Singapore năm 2024. Nền tảng lý luận của nghiên cứu được xây dựng dựa trên sự kết hợp giữa Lý thuyết Bất đối xứng Thông tin và Lý thuyết Phụ thuộc Tài nguyên (RDT). Kết quả nghiên cứu chỉ ra rằng kế toán bền vững là giải pháp nền tảng giúp giảm thiểu sự chênh lệch thông tin và hỗ trợ các bên liên quan phân biệt tính thực chất với tính biểu tượng trong các báo cáo phát triển bền vững. Việc áp dụng các chuẩn mực quốc tế như GRI, ISSB và TCFD được xác định là công cụ then chốt để nâng cao chất lượng báo cáo và uy tín doanh nghiệp. Nghiên cứu khẳng định kế toán bền vững giúp giảm ràng buộc tài chính và chi phí nợ. Dựa trên các phát hiện này, nhóm đề xuất các khuyến nghị cho Việt Nam nhằm phát hiện, ngăn chặn hành vi “tẩy xanh” để hướng tới mục tiêu phát triển bền vững.

With the increasing adoption and usage of social and environmental accounting, sustainable development has become the goal and priority of countries and organizations. In this global trend, Vietnam has already integrated 17 Sustainable Development Goals (SDGs) of the United Nations with 115 targets into its sustainable national development strategy. Social and Environmental Accounting (SEA) is vital to help governments and organizations achieve sustainable practices journeys. However, SEA is still new for most enterprises in Vietnam. Therefore, this paper reviewed the literature on SEA to identify its characteristics and potential for future research in Vietnam. We employed desk research and systematic literature reviews as research methods. We found a big gap in Vietnamese language-published articles on SEA and international publications. We summarized SEA literature in other countries and Vietnam to see the characteristics of SEA and realized that the number of articles on SEA is still limited in Vietnam. Hence, we proposed the research potentials of SEA in the Vietnamese context for sustainable development, emphasizing the potential impact of this research on the future of sustainable development in Vietnam. Our paper sheds light on a new accounting tool for researchers and practitioners to expand their research and business toward the goal of sustainable development in Vietnam.

Countries around the world are taking further steps toward transparency and corporate sustainability. Environmental, social, and governance (ESG) reporting will be required for all firms listed on European exchanges as of 2026 according to the Corporate Sustainability Reporting Directive. Meanwhile, the companies’ rate in Vietnam reporting and disclosing ESG information is still limited. There is an empirical gap between the theory and practices of ESG reporting in Vietnam. Therefore, this study aims to investigate the determinants affecting the readiness for ESG reporting in Vietnamese enterprises. Survey questionnaires and quantitative analysis are employed based on the structural models using SmartPLS4 software to analyze the sample of 169 manufacturing, commercial, and service enterprises in Vietnam. The findings show that accountant qualifications, management processes, women on management boards, and information technology systems positively affect Vietnamese firms’ readiness to report ESG. The relationship between business executives’ ESG awareness, public media pressure, governmental guidelines, and the readiness for ESG reporting is not statistically supported. Based on the research results, Vietnamese enterprises should increase women’s participation on management boards, facilitate professional development and training for accountants, invest in information technology systems, and improve management processes to enhance the adoption of ESG reporting in Vietnam.

Management accounting is essential in supporting strategic decision-making and organizational competitiveness. However, the majority of Vietnamese businesses have not paid enough attention to management accounting practices (MAPs) (Doan, 2012; Nguyen et al., 2019). This study aims to analyze the factors influencing the evolution of management accounting in Vietnam based on the International Federation of Accountants (IFAC) model. Primary data were collected from 250 enterprises in Vietnam, and SPSS 26 was employed to examine the hierarchical multiple regression model. The findings show that production technology, intensity of competition, business environment stability, business strategy, and age of enterprises influence the evolution of management accounting in Vietnam. However, the research model was unable to verify the anticipated correlation between the characteristics of products, the information demands of managers, the qualifications of accountants, the information technology systems, and the management accounting evolution in Vietnamese companies. A variety of related parties may benefit from this study’s results. Corporate managers could identify the determinants influencing management accounting development in their companies. In addition, the research findings provide scholars, and practitioners with empirical evidence about the evolutionary stages of management accounting and the factors influencing its progress in an emerging market. Furthermore, the state authorities may consult these factors to establish a framework guiding the application of strategic management accounting in Vietnam.

The global business landscape has seen a growing necessity for companies to implement and disclose environmental, social, and governance (ESG) information (AlHares et al., 2023). Driven by the expectations of investors and society, companies find themselves obligated to publish ESG reports. Therefore, this study focuses on exploring the impact of ESG information on the investment decisions made by individual investors in Vietnamese stock markets. By employing the theory of planned behavior (TPB) and conducting a comprehensive survey, coupled with logistic regression analysis on a sample of 232 individual investors, our research uncovers a significant influence of ESG information on the stock decision-making process of these investors. Notably, our findings reveal that investors place greater emphasis on governance (G) information compared to social (S) and environmental (E) information when making investment decisions. This trend aligns with the conclusions drawn by Sultana et al. (2018) and Mehwish et al. (2022) but diverges from the findings of Rounok et al. (2023). These findings are poised to catalyze the disclosure of ESG reports among listed companies. They also impel policymakers to craft and implement policies actively promoting ESG reporting. Such initiatives will likely foster increased interest and bolster investments in companies adhering to ESG criteria, particularly among individual investors in emerging stock markets.

Purpose: This article aims to clarify the current situation and the factors influencing the early stages of applying environmental, social, and governance (ESG) in the Vietnamese economy. Design/methodology/approach: We employed a large-scale survey with 130 responses from November 2023 to January 2024 and statistics analysis using SPSS 26.0. Findings: We found that awareness of leaders, accountants' levels, pressure on ESG, state guidance, management process, information base, and women on boards, respectively, influence the early stages of applying environmental, social, and governance in Vietnamese enterprises. Research, Practical & Social Implications: This study illuminates the factors that influence the early stages of ESG performance in Vietnam, an emerging Asian economy. The findings highlight the crucial role of leaders' awareness and accountants’ levels in this process. This understanding can guide the country's leaders and policymakers in formulating strategies to promote ESG adoption for the sustainable development of the whole economy. Originality/value: This study stands out for its originality. It comprehensively analyzes the early period of ESG adoption in an emerging Asian country, particularly Vietnam. Its findings offer objective evidence to understand the situation and impacted factors on ESG application, aiding governments and related parties in formulating appropriate policies for sustainable development with ESG.

Purpose: This article aims to clarify the current situation and the factors influencing the early stages of applying environmental, social, and governance (ESG) in the Vietnamese economy. Design/methodology/approach: We employed a large-scale survey with 130 responses from November 2023 to January 2024 and statistics analysis using SPSS 26.0. Findings: We found that awareness of leaders, accountants' levels, pressure on ESG, state guidance, management process, information base, and women on boards, respectively, influence the early stages of applying environmental, social, and governance in Vietnamese enterprises. Research, Practical & Social Implications: This study illuminates the factors that influence the early stages of ESG performance in Vietnam, an emerging Asian economy. The findings highlight the crucial role of leaders' awareness and accountants’ levels in this process. This understanding can guide the country's leaders and policymakers in formulating strategies to promote ESG adoption for the sustainable development of the whole economy. Originality/value: This study stands out for its originality. It comprehensively analyzes the early period of ESG adoption in an emerging Asian country, particularly Vietnam. Its findings offer objective evidence to understand the situation and impacted factors on ESG application, aiding governments and related parties in formulating appropriate policies for sustainable development with ESG.

Purpose: This article clarifies the factors influencing individual investors' Bitcoin investments in the Vietnamese stock market. Design/methodology/approach: We employed the Theory of Planned Behavior (TPB) and Technology Acceptance Model (TAM), a comprehensive survey with 300 responses, and quantitative analysis using SmartPLS from December 2022 to March 2023. Findings: The findings reveal that the perceived usefulness of the Bitcoin market, subjective norms, self-efficacy, and herd behavior positively impact the Bitcoin investment decisions of individual investors in Vietnam. Research, Practical & Social Implications: This study provides regulators and relevant agencies with more practical evidence regarding the Bitcoin market, facilitating the formulation of appropriate management policies in an emerging economy. Originality/value: There is a shortage of research on the Bitcoin cryptocurrency investment market from the perspective of individual investors in emerging countries like Vietnam. Therefore, this study tries to shed light on individual investors with a comprehensive and objective overview to consider before making investment decisions. Additionally, the results can offer managers and relevant agencies empirical evidence to promulgate future regulations on the Bitcoin market.