The impact of corporate governance and corporate social responsibility disclosure on intellectual capital efficiency: The case of Vietnamese enterprises

Abstract

The study analyzed a model examining the impact of corporate governance, corporate social responsibility disclosure on intellectual capital efficiency among Vietnamese enterprises during the 2021–2022 period. Using a sample of 101 observations from companies recognized for leading in sustainable development, the study applied partial least squares structural equation modeling (PLS-SEM) to assess both the direct effect of corporate governance on intellectual capital efficiency and the indirect effect through the mediating variable of corporate social responsibility disclosure. The results indicate that the corporate governance influences corporate social responsibility disclosure, which in turn impacts intellectual capital efficiency both directly and indirectly. Specifically, a higher level of corporate social responsibility disclosure positively contributes to aspects of intellectual capital, and governance characteristics are indirectly associated with intellectual capital performance through this disclosure. Conversely, the quality of corporate governance has a direct effect on intellectual capital efficiency, independent of social responsibility disclosure. These findings suggest that enterprises should simultaneously prioritize corporate governance and corporate social responsibility to enhance intellectual capital performance by improving governance quality, developing leadership, adopting human-centered management strategies, and advancing social and environmental initiatives, in order to promote innovation, create a positive working environment, and improve employee welfare.