Research on the impact of green accounting on firm value in Vietnam

Abstract

This study aims to analyze and evaluate the impact of green accounting (GA) on corporate value (FV) among sustainable enterprises in Vietnam, using data published by“the Vietnam Business Council for Sustainable Development (VBCSD)”from 2016 to 2023. Employing an exploratory quantitative approach with secondary data, including financial statements, annual reports, sustainability reports and corresponding CSI scores, the research focuses on five recognized sustainable enterprises:“Bao Viet Holdings, Vietnam Dairy Products Joint Stock Company (Vinamilk), Phu Nhuan Jewelry Joint Stock Company (PNJ), TNG Investment and Trading Joint Stock Company, and Traphaco Joint Stock Company. The findings confirm that GA has a significant positive impact on FV (H3), supporting previous studies in this field. Additionally, financial performance (FP) acts as a mediating factor, as GA positively influences FP (H1), which in turn enhances FV (H2). Firm size (FS) is also identified as a contributing factor to FV (H4). These results highlight the crucial role of GA in shaping both financial and non-financial value for businesses. By establishing a robust foundation for understanding the relationship between green accounting and corporate value, this research offers valuable insights for policymakers and business leaders aiming to enhance sustainable practices. Future studies may expand the scope by examining additional influencing factors, assessing the impact of external conditions, or evaluating the role of emerging technologies in advancing green accounting adoption among Vietnamese enterprises