Số 236 | Tháng 11/2025
Phát triển bền vững, quản trị công ty và hiệu quả tài chính: Vai trò điều tiết của chất lượng kiểm toán
Trần Hoàng Trúc Linh, Nguyễn Văn Điệp, Phan Thị Minh Huệ
Tóm tắt:
Mục tiêu nghiên cứu: Bài viết phân tích tác động của báo cáo phi tài chính gồm phát triển bền vững (PTBV) và quản trị công ty (QTCT) đến hiệu quả tài chính (HQTC) của doanh nghiệp niêm yết (DNNY) tại Việt Nam. Đồng thời, nghiên cứu xem xét vai trò điều tiết của chất lượng kiểm toán (CLKT) trong mối quan hệ này.
Thiết kế nghiên cứu/phương pháp/tiếp cận: Bài viết sử dụng phương pháp phân tích nội dung để mã hóa thông tin PTBV và QTCT của 83 doanh nghiệp phi ngân hàng có vốn hóa lớn nhất trên HOSE giai đoạn 2019–2023. Mô hình hồi quy tác động cố định (FEM) được áp dụng, đồng thời kiểm định độ tin cậy bằng ước lượng GLS.
Kết quả nghiên cứu chính: Sự công bố thông tin PTBV và QTCT đều có tác động đến HQTC (ROA, ROE, Tobin’s Q), nhưng theo hướng trái ngược: PTBV có ảnh hưởng cùng chiều, trong khi QTCT có ảnh hưởng ngược chiều. CLKT đóng vai trò điều tiết, làm thay đổi mức độ và chiều hướng tác động của hai loại thông tin này.
Giá trị đóng góp mới: Nghiên cứu cung cấp bằng chứng thực nghiệm về tác động của báo cáo phi tài chính đến HQTC trên cả giá trị kế toán và thị trường. Đồng thời, bài viết củng cố lý thuyết Các bên liên quan và Chi phí đại diện (CPĐD), đề xuất nâng cao chất lượng báo cáo và vai trò kiểm toán trong quản trị doanh nghiệp.
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Sustainability Development, Corporate Governance, and Financial Performance: The Moderating Role of Audit Quality
Abstract:
Purpose: The study investigates the effect of non-financial reporting, including sustainable development reports (SUS) and corporate governance reports (CG), on the financial performance (FP) of listed firms on the Vietnamese stock market. Simultaneously, investigate the moderating influence of audit quality on the aforementioned relationships in the context of Vietnam.
Design/methodology/approach: The content analysis method is utilized to encode SUS and CG information for 83 non-bank listed firms with the highest market capitalization on HOSE between 2019 and 2023. The FEM regression estimation technique is utilized in conjunction with reliability testing via FGLS estimation.
Findings: The disclosure of SUS and CG information has an impact on FP (ROA, ROE, and Tobin's Q), though in distinct directions. FP is positively impacted by SUS information dissemination and negatively by CG information disclosure. Audit quality plays a twofold moderating impact in the above correlations.
Originality/value: The study provides empirical evidence on the impact of non-financial reporting on financial performance, as measured in both accounting-based and market-based terms. It also reinforces stakeholder and agency theories, proposing improvements in report quality and the auditing role in corporate governance.