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

Abstract

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.