The disclosure of Environmental, Social, and Governance reports of Small and Medium-sized Enterprises in the emerging market

Lan Thi Ngoc Uong; Nam Danh Nguyen

doi:10.46223/HCMCOUJS.econ.en.15.3.3701.2025

15(3)2025

The disclosure of Environmental, Social, and Governance reports of Small and Medium-sized Enterprises in the emerging market

Author - Affiliation:

Lan Thi Ngoc Uong - Thanh Dong University, Hai Duong Province , Vietnam

Nam Danh Nguyen - Thanh Dong University, Hai Duong Province , Vietnam

Corresponding author: Lan Thi Ngoc Uong - Uongngoclan98@gmail.com

DOI:10.46223/HCMCOUJS.econ.en.15.3.3701.2025

Submitted: 28-08-2024
Accepted: 31-12-2024
Published: 15-01-2025

Abstract

The study aims to explore the factors influencing the disclosure of ESG reports of Small and Medium-sized Enterprises (SMEs) in Vietnam, an emerging economy in Southeast Asia, using fundamental theories such as legitimacy theory, stakeholder theory, organizational theory, institutional theory, and agency theory. Using a survey dataset of 217 SMEs in Vietnam’s two largest cities obtained through convenience sampling, we tested hypotheses and structural equation models using SmartPLS software. The results indicate that legal regulations have the greatest impact on ESG report disclosure among SMEs in Vietnam, while the sector of an enterprise exerts the least influence. These findings provide insights into the factors influencing ESG disclosure in an emerging economy, offering valuable implications for companies, policymakers, and other stakeholders.

JEL codes

D22; F64; O44

Keywords

ESG disclosure; emerging market; SMEs

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Cite this paper as:

Uong, L. T. N., & Nguyen, N. D. (2025). The disclosure of Environmental, Social, and Governance reports of Small and Medium-sized Enterprises in the emerging market. Ho Chi Minh City Open University Journal of Science – Economics and Business Administration, 15(3), 107-123. https://doi.org/10.46223/HCMCOUJS.econ.en.15.3.3701.2025

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DOI: https://doi.org/10.46223/HCMCOUJS.econ.en.15.3.3701.2025