A systematic literature review sustainability reporting and corporate value in vietnam

Abstract

Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) practices have become essential for enterprises seeking sustainable development and global integration. In Vietnam, government initiatives such as Circulars 155/2015/TT-BTC and 96/2020/TT-BTC have mandated sustainability disclosures, leading to significant improvements among listed firms. This study systematically reviews 40 empirical articles published between 2015 and 2025 on the relationship between sustainability reporting (SR) and corporate value (FV) in Vietnam. Using the PRISMA 2020 framework, articles were selected from Scopus and Google Scholar databases, filtered from 12,473 initial results to 40 relevant studies. The findings reveal a growing academic interest in the topic, with publications increasing notably after 2020. Most studies apply Global Reporting Initiative (GRI)- based frameworks to measure sustainability disclosure. At the same time, corporate value is predominantly assessed using Tobin’s Q, followed by ROA, ROE, and cost of capital indicators. Results across studies are mixed: several confirm a positive impact of sustainability reporting on firm value and performance, whereas others highlight short-term cost burdens that may reduce profitability, especially in emerging markets with incomplete institutional frameworks. Theoretical foundations such as stakeholder, legitimacy, and institutional theories are frequently applied. Future research should also investigate third-party assurance and stakeholder perceptions to enhance the credibility and market recognition of ESG disclosures in Vietnam’s evolving corporate environment. Research purpose: Research overview of sustainable development reporting and corporate value in the last 10 years to review the issues being researched in Vietnam. From there, have an overview of research trends and discuss, as well as find the next research direction. Research motivation: In the context of globalization and pressure from the community, Vietnamese enterprises face the challenge of balancing economic development and environmental and social protection. Sustainable development reports not only help enterprises enhance their reputation and build a positive image, but also attract investors, build market confidence, thereby increasing enterprise value. The author wants to conduct an overview of this issue to have a direction for further research. Research design, approach, and method: Collect, classify, and evaluate all relevant studies. Then, identify articles related to the topic. And use specific criteria to select and evaluate the reliability of the collected studies. In the article, the author uses the PRISMA 2020 diagram for statistics. Main findings: Most studies report a positive association between sustainability reporting (including environmental, social, and governance disclosures), corporate social responsibility (CSR) disclosure, and corporate value or financial performance. This pattern is observed across a range of statistical models and after controlling for firm characteristics. However, several studies report mixed or negative effects for specific sustainability dimensions or under certain conditions. Practical/managerial implications: From the overview of the relationship between sustainable development reports and corporate value, the author has identified future research directions for himself, as well as general statistics for researchers to find the next research gap.