The Impact of ESG Factors on Firm Value and Financial Performance: Empirical Evidence from Listed Retail Companies in Vietnam

Topic: The Impact of ESG Factors on Firm Value and Financial Performance: Empirical Evidence from Listed Retail Companies in Vietnam

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Abstract

This study examines the impact of ESG factors on firm value and financial performance (ROA) of listed retail companies in Vietnam, while investigating the moderating role of firm size. Grounded in stakeholder theory, resource-based view, signaling theory, legitimacy theory, and capital structure theory, the research integrates ESG with traditional financial variables (liquidity and leverage) in a comprehensive model. Using PLS-SEM on survey data from 497 valid responses, results reveal that ESG, current ratio, financial leverage, and firm size positively affect overall firm performance.

Firm size significantly and positively moderates these relationships, amplifying the effects of ESG and financial factors in larger firms. The findings highlight ESG as a long-term strategic driver, while effective financial management remains critical in the short to medium term, with scale enabling stronger translation of these factors into enhanced firm value and performance.

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Keywords:

ESG, Financial Performance, Firm Size, Firm Value, Retail Companies.

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