Công bố thông tin ESG và hiệu quả tài chính: Bằng chứng thực nghiệm từ các doanh nghiệp sản xuất thực phẩm và đồ uống niêm yết tại Việt Nam giai đoạn 2020 – 2024

Abstract

This study assesses the impact of ESG disclosure on the financial performance (ROA, ROE) of listed food and beverage companies in Vietnam during the period 2020 – 2024. Based on the Trade-off Theory and the Resource Perspective, empirical results show that overall ESG disclosure and the Environment pillar have a negative impact on financial performance, reflecting the burden of short-term compliance costs ("costly signal"). Furthermore, the oneyear lag variable is not statistically significant, implying that the benefits of ESG require a longer accumulation period to offset investment costs. Therefore, the study recommends that businesses develop a phased ESG roadmap to optimize resources and transform challenges into sustainable competitive advantages.