The Impact of Leadership and Corporate Culture on Investment Decisions – The Case of Listed Companies on the Ho Chi Minh Stock Exchange

Abstract

Based on a survey of 585 investors and managers from companies listed on the HOSE stock exchange, this study evaluates the impact of ethical leadership and corporate ethical culture on ESG compliance and the influence of ESG factors on investment decisions. By employing data analysis methods such as Cronbach’s alpha reliability test, exploratory factor analysis (EFA), measurement models, and partial least squares structural equation modeling (PLS-SEM) using SPSS and SMART-PLS 3 software, the study has yielded significant findings. Specifically, ethical values demonstrated by ethical leadership contribute to fostering an internal ethical culture, thereby enhancing the effectiveness of ESG compliance. Additionally, corporate ethical culture positively impacts the implementation of environmental protection strategies, promotes social responsibility, and supports the development of a transparent governance system. Furthermore, ESG compliance, influenced by ethical leadership and corporate ethical culture, has a clear positive effect on investment decisions, as companies committed to sustainable values attract greater interest from investors.