Bibliographic record
Abstract
This study examines the relationship between environmental, social, and governance (ESG) practices and firm value in Vietnam, with a specific focus on the moderating role of profitability. Using a panel dataset of publicly listed Vietnamese companies between 2014 and 2023, the study applies the Feasible Generalized Least Squares (FGLS) method to address potential heteroscedasticity and autocorrelation issues. The findings indicate that ESG engagement has a generally positive impact on firm value, measured by Tobin’s Q.; however, this effect varies significantly across firms depending on their profitability levels. Firms with higher profitability benefit more from ESG practices, while those with low profitability experience weaker or neutral effects. This suggests that financial health plays a critical role in shaping the outcomes of ESG adoptions. This study contributes to the growing ESG literature in emerging markets by highlighting how internal financial capacity affects the effectiveness of sustainability strategies. It also provides practical implications for managers and policymakers seeking to align ESG initiatives with value-creation goals.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".