{"id":"https://openalex.org/W7203447904","doi":"https://doi.org/10.21511/imfi.23(3).2026.18","title":"Corporate governance and corporate investment allocation: The moderating role of corporate social responsibility disclosure in Vietnamese listed firms","display_name":"Corporate governance and corporate investment allocation: The moderating role of corporate social responsibility disclosure in Vietnamese listed firms","publication_year":2026,"publication_date":"2026-08-14","ids":{"openalex":"https://openalex.org/W7203447904","doi":"https://doi.org/10.21511/imfi.23(3).2026.18"},"language":"en","primary_location":{"id":"doi:10.21511/imfi.23(3).2026.18","doi":"https://doi.org/10.21511/imfi.23(3).2026.18","is_oa":true,"landing_page_url":"https://doi.org/10.21511/imfi.23(3).2026.18","pdf_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/24963/MFI_2026_03_Nhung.pdf","source":{"id":"https://openalex.org/S2764412428","display_name":"Investment Management and Financial Innovations","issn_l":"1810-4967","issn":["1810-4967","1812-9358","1813-4998"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","erih-plus","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310321069","host_organization_name":"Business Perspectives","host_organization_lineage":["https://openalex.org/P4310321069"],"host_organization_lineage_names":["Business Perspectives"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Investment Management and Financial Innovations","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/24963/MFI_2026_03_Nhung.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5139839720","display_name":"Thi Nhung Le","orcid":"https://orcid.org/0009-0009-6134-2980","observed_orcids":["https://orcid.org/0009-0009-6134-2980"]},"institutions":[{"id":"https://openalex.org/I4210114739","display_name":"Academy of Policy and Development","ror":"https://ror.org/029a61c63","country_code":"VN","type":"nonprofit","lineage":["https://openalex.org/I4210114739"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Le Thi Nhung","raw_affiliation_strings":["Ph.D., Faculty of Economics, Academy of Policy and Development, Vietnam"],"raw_orcid":"https://orcid.org/0009-0009-6134-2980","affiliations":[{"raw_affiliation_string":"Ph.D., Faculty of Economics, Academy of Policy and Development, Vietnam","institution_ids":["https://openalex.org/I4210114739"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5109653130","display_name":"Minh Bui","orcid":"https://orcid.org/0009-0007-1123-002X","observed_orcids":["https://orcid.org/0009-0007-1123-002X"]},"institutions":[{"id":"https://openalex.org/I4210134588","display_name":"Academy Of Finance","ror":"https://ror.org/03qd55m24","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210134588"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Bui Thi Minh Nguyet","raw_affiliation_strings":["Master, Academy of Finance, Hanoi, Vietnam"],"raw_orcid":"https://orcid.org/0009-0007-1123-002X","affiliations":[{"raw_affiliation_string":"Master, Academy of Finance, Hanoi, Vietnam","institution_ids":["https://openalex.org/I4210134588"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":685,"currency":"EUR","value_usd":738},"apc_paid":{"value":685,"currency":"EUR","value_usd":738},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"23","issue":"3","first_page":"249\u2013263","last_page":"0"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9848999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9848999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.00930000003427267,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.00279999990016222,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.9760000109672546},{"id":"https://openalex.org/keywords/corporate-social-responsibility-disclosure","display_name":"corporate social responsibility disclosure","score":0.9850000143051147},{"id":"https://openalex.org/keywords/fixed-asset-investment","display_name":"fixed asset investment","score":0.8230000138282776},{"id":"https://openalex.org/keywords/financial-investment","display_name":"financial investment","score":0.9919999837875366},{"id":"https://openalex.org/keywords/board-size","display_name":"board size","score":0.8320000171661377},{"id":"https://openalex.org/keywords/board-independence","display_name":"board independence","score":1.0},{"id":"https://openalex.org/keywords/institutional-ownership","display_name":"institutional ownership","score":0.9940000176429749},{"id":"https://openalex.org/keywords/ceo-duality","display_name":"CEO duality","score":0.9829999804496765},{"id":"https://openalex.org/keywords/ownership-concentration","display_name":"ownership concentration","score":1.0},{"id":"https://openalex.org/keywords/principal-agent-problem","display_name":"principal-agent problem","score":0.5789999961853027},{"id":"https://openalex.org/keywords/vietnamese-listed-companies","display_name":"Vietnamese listed firms","score":0.6290000081062317},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.5429999828338623}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.7142000198364258},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.7132999897003174},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.5598000288009644},{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.503600001335144},{"id":"https://openalex.org/C103621254","wikidata":"https://www.wikidata.org/wiki/Q9199","display_name":"Vietnamese","level":2,"score":0.47369998693466187},{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.4345000088214874},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4043999910354614},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.3991999924182892},{"id":"https://openalex.org/C201305675","wikidata":"https://www.wikidata.org/wiki/Q852998","display_name":"Stakeholder","level":2,"score":0.39660000801086426},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.38040000200271606},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.373199999332428},{"id":"https://openalex.org/C200707436","wikidata":"https://www.wikidata.org/wiki/Q1053211","display_name":"Principal\u2013agent problem","level":3,"score":0.35929998755455017},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.3328999876976013},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.3172000050544739},{"id":"https://openalex.org/C147598955","wikidata":"https://www.wikidata.org/wiki/Q3427818","display_name":"Social responsibility","level":2,"score":0.31520000100135803},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.3061000108718872},{"id":"https://openalex.org/C138142054","wikidata":"https://www.wikidata.org/wiki/Q5035692","display_name":"Capital allocation line","level":3,"score":0.30489999055862427},{"id":"https://openalex.org/C2780060422","wikidata":"https://www.wikidata.org/wiki/Q178564","display_name":"Expropriation","level":2,"score":0.30309998989105225},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.29109999537467957},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.2906000018119812},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.289900004863739},{"id":"https://openalex.org/C2781009383","wikidata":"https://www.wikidata.org/wiki/Q15995636","display_name":"Earnings management","level":3,"score":0.2743000090122223},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.26969999074935913},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.2696000039577484},{"id":"https://openalex.org/C47702881","wikidata":"https://www.wikidata.org/wiki/Q1303118","display_name":"Internal financing","level":3,"score":0.26409998536109924},{"id":"https://openalex.org/C2780233690","wikidata":"https://www.wikidata.org/wiki/Q535347","display_name":"Transparency (behavior)","level":2,"score":0.2556000053882599},{"id":"https://openalex.org/C2776218570","wikidata":"https://www.wikidata.org/wiki/Q5326947","display_name":"Earnings quality","level":4,"score":0.2524000108242035}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.21511/imfi.23(3).2026.18","doi":"https://doi.org/10.21511/imfi.23(3).2026.18","is_oa":true,"landing_page_url":"https://doi.org/10.21511/imfi.23(3).2026.18","pdf_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/24963/MFI_2026_03_Nhung.pdf","source":{"id":"https://openalex.org/S2764412428","display_name":"Investment Management and Financial Innovations","issn_l":"1810-4967","issn":["1810-4967","1812-9358","1813-4998"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","erih-plus","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310321069","host_organization_name":"Business Perspectives","host_organization_lineage":["https://openalex.org/P4310321069"],"host_organization_lineage_names":["Business Perspectives"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Investment Management and Financial Innovations","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.21511/imfi.23(3).2026.18","doi":"https://doi.org/10.21511/imfi.23(3).2026.18","is_oa":true,"landing_page_url":"https://doi.org/10.21511/imfi.23(3).2026.18","pdf_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/24963/MFI_2026_03_Nhung.pdf","source":{"id":"https://openalex.org/S2764412428","display_name":"Investment Management and Financial Innovations","issn_l":"1810-4967","issn":["1810-4967","1812-9358","1813-4998"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","erih-plus","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310321069","host_organization_name":"Business Perspectives","host_organization_lineage":["https://openalex.org/P4310321069"],"host_organization_lineage_names":["Business Perspectives"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Investment Management and Financial Innovations","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7203447904.pdf","grobid_xml":"https://content.openalex.org/works/W7203447904.grobid-xml"},"referenced_works_count":17,"referenced_works":["https://openalex.org/W2184642986","https://openalex.org/W2506471097","https://openalex.org/W2752617332","https://openalex.org/W2891248158","https://openalex.org/W2898099048","https://openalex.org/W2943242069","https://openalex.org/W2953685899","https://openalex.org/W3015777503","https://openalex.org/W3176200878","https://openalex.org/W3185343995","https://openalex.org/W4212801628","https://openalex.org/W4223634427","https://openalex.org/W4312214540","https://openalex.org/W4313363049","https://openalex.org/W4385542271","https://openalex.org/W4389443187","https://openalex.org/W4396808046"],"related_works":["https://openalex.org/W7112854706","https://openalex.org/W4280619138","https://openalex.org/W3096532579","https://openalex.org/W2912331526","https://openalex.org/W4381955786","https://openalex.org/W2206605268","https://openalex.org/W4385659836","https://openalex.org/W7164397983","https://openalex.org/W4390232084","https://openalex.org/W3081619394"],"abstract_inverted_index":{"Type":[0],"of":[1,34,76,122,184,236],"the":[2,81,181,215,232],"article:":[3],"Research":[4],"ArticleAbstractCorporate":[5],"investment":[6,52,143,161,194,207],"allocation":[7,239],"is":[8,70],"essential":[9],"for":[10],"sustainable":[11],"firm":[12],"growth,":[13],"particularly":[14],"in":[15,53,240],"emerging":[16],"markets":[17],"where":[18],"firms":[19,57,78],"may":[20],"shift":[21],"resources":[22],"between":[23],"long-term":[24],"productive":[25],"assets":[26,31],"and":[27,39,50,58,86,100,107,117,134,144,153,162,189,199,212,222,234],"more":[28,223],"flexible":[29],"financial":[30,51,146,164,206],"under":[32],"conditions":[33],"agency":[35],"conflicts,":[36],"weak":[37],"monitoring,":[38],"limited":[40],"transparency.":[41],"This":[42],"study":[43,97],"investigates":[44],"how":[45],"corporate":[46,61,171,225,237],"governance":[47,220],"affects":[48],"real":[49],"Vietnamese":[54],"listed":[55,79],"non-financial":[56],"examines":[59],"whether":[60],"social":[62,172,226],"responsibility":[63,173,227],"disclosure":[64,174,228],"moderates":[65],"these":[66,176],"relationships.":[67],"The":[68,96,125,166],"analysis":[69],"based":[71],"on":[72,80,192,205],"a":[73],"balanced":[74],"panel":[75],"356":[77],"Ho":[82],"Chi":[83],"Minh":[84],"City":[85],"Hanoi":[87],"stock":[88],"exchanges":[89],"during":[90],"2017\u20132024,":[91],"yielding":[92],"2,848":[93],"firm-year":[94],"observations.":[95],"applies":[98],"firm-":[99],"year-fixed-effects":[101],"models":[102],"with":[103,140,158],"clustered":[104],"standard":[105],"errors":[106],"further":[108],"addresses":[109],"endogeneity":[110],"through":[111],"lagged-regressor":[112],"specifications,":[113],"fixed-effects":[114],"instrumental-variable":[115],"estimation,":[116],"two-step":[118],"system":[119],"generalized":[120],"method":[121],"moments":[123],"estimation.":[124],"results":[126],"show":[127],"that":[128,170,218],"larger":[129],"boards,":[130],"higher":[131,141,163],"board":[132,185,187],"independence,":[133,188],"greater":[135],"institutional":[136,190],"ownership":[137,154,191],"are":[138,156],"associated":[139,157],"fixed-asset":[142,160,193],"lower":[145,159],"investment,":[147],"whereas":[148],"chief":[149],"executive":[150],"officer":[151],"duality":[152],"concentration":[155],"investment.":[165],"moderating":[167],"estimates":[168],"indicate":[169,217],"strengthens":[175],"patterns.":[177],"Among":[178],"disclosing":[179],"firms,":[180],"marginal":[182],"effects":[183,204],"size,":[186],"increased":[195],"to":[196,209],"0.556,":[197],"0.521,":[198],"0.321,":[200],"while":[201],"their":[202],"corresponding":[203],"declined":[208],"\u20130.496,":[210],"\u20130.641,":[211],"\u20130.426.":[213],"Overall,":[214],"findings":[216],"stronger":[219],"quality":[221],"transparent":[224],"can":[229],"jointly":[230],"improve":[231],"orientation":[233],"sustainability":[235],"capital":[238],"Vietnam.":[241]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2026-08-15T00:00:00"}