Research On The Correlation Between CSR Information Disclosure Of Vietnam Listed Companis And The Fluctuation Of Their Stock Prices Performance

Corporate Social Responsibility(CSR)has now become a development trend of world companies and a hot topic of research.Despite many different interpretations,but many companies in many countries have realized that CSR can bring economic benefits.Many companies in developing countries realize that corporate social responsibility can help improve the role of administrators,the company's financial situation,improve employee motivation,consolidate customer loyalty,enhance company reputation,and promote its sustainable development.Especially for listed companies,companies with good social responsibility can not only improve the company's reputation in the capital market,but also make the company more and more concerned by investors.So that,companies can attract more capital and the stock price continues to grow.In fact,the world has done a lot of research on the corporate social responsibility of listed companies and their stock prices.However,this relationship has not been discovered in Vietnam.In October 2015,the Vietnam Finance Government issued Circular No.155/2015/TT-BTC to explicitly require listed companies to disclose social responsibility information.It shows that,corporate social responsibility is no longer a dispensable thing,but has become the only way for enterprises to achieve sustainable development.So what is the current status of CSR disclosure by listed companies in Vietnam?What are the characteristics of the report?Does the quality of information disclosure affect the fluctuation of corporate stock prices?This paper will clarify these issues.Based on relevant theories,including:stakeholder theory,sustainable development theory,information asymmetry theory,efficient market theory,past academic research on listed companies'CSR and corporate stock price volatility,guidelines for sustainable development of international organizations,and relevant laws and regulations in Vietnam,this paper selected 154 listed companies that have continuously issued social responsibility reports on the Ho Chi Minh City(HOSE)Stock Exchange and Hanoi(HNX)Stock Exchange from 2016 to 2018 for the three years.In order to clarify whether the quality of disclosure of listed companies' CSR reports affects the price fluctuation of their stock prices,the article adopts the event research method and multiple regression analysis to test the relationship between the two.The results of this paper through empirical research show that there is a positive correlation between the disclosure of corporate social responsibility information of Vietnamese listed companies and their stock price fluctuations.The reason may be that the current demand for CSR in the Vietnamese capital market is not large,the company itself does not have a comprehensive understanding of the concept of social responsibility and the benefits of social responsibility,the CSR of the investor is still very weak,and the media has not focused on the public publicizes the knowledge about corporate social responsibility,and the Vietnamese laws and regulations do not punish companies for violating CSR.