Tax planning, foreign board membership, esg disclosure and firm value: Empirical evidence from companies listed on Ho Chi Minh stock exchange

Abstract

This study examined the impact of tax planning, foreign board membership, ESG disclosure on firm value of 206 companies listed on Ho Chi Minh stock exchange during the period from 2012 to 2021. ESG disclosure is a new factor in this study since there is still a lack of research investigating the relationship between ESG disclosure and firm value. By using GMM estimator, our research found that while tax planning measured by effective tax rate has a negative effect on firm value, foreign board membership and ESG disclosure exert a positive influence on firm value. Noticeably, leverage positively affects firm value. These findings are expected to make an outstanding contribution to the development of firm value in Vietnamese companies, and recommend several policy implications including improving tax planning, diversifying board structure, and encouraging ESG disclosure in order to increase firm value.