Supplying ESG Assurance in an Emerging Market: A Theory of Planned Behavior Study

Green public procurement and corporate ESG information disclosure: a dual institutional perspective

Analysis of the Relationship Between ESG and Firm Value with the Moderating Role of Earnings Management

Background: Environmental, Social, and Governance (ESG) has become an increasingly important non-financial factor in assessing corporate sustainability and long-term performance. Objective: This research seeks to analyze the impact of Environmental, Social, and Governance (ESG) factors on corporate value and to explore the role of earnings management as a moderating variable in the relationship between ESG and firm value. Methods: This research utilizes a quantitative methodology, drawing on panel data from consumer goods firms listed on the Indonesia Stock Exchange for the period spanning 2022 to 2025. The sample comprises 31 companies, yielding 124 firm-year observations, which were selected through purposive sampling. Environmental, Social, and Governance (ESG) performance is assessed via a disclosure index aligned with the Global Reporting Initiative (GRI) standards, while firm value is represented by Tobin’s Q. Results: This finding indicates that investors and consumers in the consumer goods sector continue to place greater emphasis on financial performance, product quality, price, and brand reputation than on sustainability-related information. Furthermore, earnings management is not proven to moderate the relationship between ESG and firm value. This study contributes to the literature by highlighting that the effectiveness of ESG in enhancing firm value depends not only on disclosure practices but also on market characteristics, investor perceptions, consumer behavior, and the firm's ability to integrate sustainability initiatives into business strategies that generate tangible economic benefits. Conclusion: The findings provide implications for managers and regulators in improving the quality of ESG implementation and ensuring that sustainability practices contribute to long-term value creation.

Impact of ESG Responsibility Performance on Corporate Resilience: The Case of Listed Companies in Vietnam

This study examines the impact of Environmental, Social, and Governance (ESG) disclosure on corporate resilience of listed firms on the Vietnamese Stock Exchange by using Bloomberg ESG data. Using Generalized Least Squares (GLS) to address model deficiencies, the findings show that overall ESG disclosure is positively associated with corporate resilience. However, disaggregated results (environmental and governance) reveal negative relationships between environment and governance disclosures with firm profitability, while social disclosure shows no significant effect. The empirical results provide a more nuanced analysis within the Vietnamese context and highlight the differentiated effects of each ESG pillar by assessing ESG both as a composite index and through its disaggregated components. Based on the findings, the paper provides important implications for not only policymakers but also managers of listed companies. Policymakers are encouraged to enhance ESG disclosure frameworks through clear regulatory guidelines, whereas corporate leaders should integrate ESG into risk management and strategic planning to improve long-term performance, compliance, and resilience.

Sustainable Accounting in Vietnam: Analysis of the Legal Framework and the Role of Auditing in Implementing the Net Zero 2050 Commitment

This research addresses a significant gap in existing Vietnamese studies by analyzing the readiness of the accounting and auditing ecosystem to support the country’s Net Zero 2050 commitment. The primary objective is to evaluate the current legal framework, corporate reporting practices, and the auditing profession’s capacity to handle sustainability disclosures, particularly those related to climate. The study employs a desk research methodology, systematically reviewing legal documents, international standards (such as IFRS S1 and S2), publicly disclosed corporate reports, and relevant scholarly articles. The findings reveal a substantial discrepancy between Vietnam’s ambitious climate goals and its actual capabilities, highlighting an incomplete legal system, low-quality and inconsistent corporate reporting, and an emerging sustainability assurance market lacking mandatory requirements and specialized expertise. These findings are significant as they expose critical institutional and capacity deficiencies that may hinder Vietnam’s progress toward Net Zero. Consequently, the study underscores the urgent need for a national roadmap mandating sustainability reporting and auditing aligned with global standards, alongside substantial capacity-building investments for both companies and auditors to establish a transparent and accountable information infrastructure.

Understanding fair value in public asset valuation: The role of regulatory and organizational factors in an emerging market context

This study examines the determinants of managerial awareness of fair value (FV) application in public asset valuation within public non-business units (PNBUs) in Vietnam, an emerging economy undergoing public sector accounting reform. Drawing on institutional theory (North, 2012), agency theory (Jensen & Meckling, 1976), and the International Accounting Standards Board (IASB) conceptual framework, the study develops a model incorporating regulatory, organizational, and informational factors, including legal regulations, autonomy, usefulness and reliability of accounting information, cost-benefit considerations, and accounting staff competence. Using survey data from 150 managers and chief accountants, the study employs Cronbach’s alpha, exploratory factor analysis (EFA), and multiple regression. The results indicate that all factors positively and significantly influence managerial awareness, with information reliability, cost-benefit considerations, and staff competence exerting the strongest effects. The model explains 53.2% of the variation in awareness. The study contributes to the limited empirical literature on FV awareness in the public sector of emerging economies by highlighting the role of regulatory frameworks alongside organizational and informational conditions. The findings suggest that strengthening regulatory clarity, enhancing professional capacity, and improving information systems are essential for promoting effective FV adoption and improving transparency and accountability in public asset valuation.

The Role of ESG Disclosure in Enhancing Corporate Decision-Making: Evidence from Emerging Markets

Extensive research on environmental, social, and governance (ESG) issues has been conducted, while established economies have implemented implications for emerging markets, which have largely been ignored and require more attention. The main objective of this study is to view the impact of ESG and corporate governance disclosure on corporate decision-making in the developing world, in addition to analyzing the current state of ESG reporting and its effect on corporate governance, performance, and investor behavior to illustrate its pluses and minuses when applied in different sectors. To achieve the study objectives, a lot of relevant literature was collected and reviewed; especially articles from 2015 to 2025 were searched by researchers in numerous academic databases, such as Scopus, Web of Science, and Google Scholar. The study findings revealed that emerging-market companies place ever-larger importance on ESG disclosures when making decisions. Present challenges in ESG reporting include a variety of reporting standards issued by many different organizations, low regulatory compliance requirements, and a lack of specialized research into this account. It also revealed that good ESG reporting enhances financial performance and investor behavior through long-term sustainability and risk reduction. The research paper suggested additional research to examine the processes and strategies of family firms in disclosing ESG and to evaluate the benefits of ESG disclosures in achieving social development objectives in the developing world