Exploring CSR disclosure practices in unlisted public enterprises: evidence from Vietnam

Purpose This study aims to examine the extent and determinants of corporate social responsibility (CSR) disclosure among firms listed on Vietnam’s Unlisted Public Company Market (UPCoM), offering critical insights into this underexplored context. Design/methodology/approach Using the Global Reporting Initiative (GRI) framework, this study assesses CSR disclosures for 189 leading unlisted public firms based on market capitalisation as of 31 December 2023. Data were extracted from annual reports, corporate governance reports and financial statements. A generalised least squares regression model was used to analyse the factors influencing CSR disclosure. Findings CSR disclosure among Vietnamese unlisted public firms remains voluntary and relatively low, with economic aspects receiving the most emphasis. Six variables – firm age, size, profitability, state ownership, board size and audit quality – positively influence CSR disclosure, highlighting the role of firm characteristics and governance quality. Conversely, liquidity, leverage, board independence and gender diversity negatively affect disclosure, suggesting that resource constraints and governance dynamics are critical factors. Research limitations/implications This study contributes to the CSR literature in developing economies by identifying the unique factors shaping disclosure practices among unlisted firms. Practical implications The findings offer actionable recommendations for policymakers to strengthen CSR governance frameworks and promote the adoption of global standards such as the GRI. Firms can leverage these insights to improve CSR practices, supporting sustainable development in Vietnam’s evolving market landscape. Originality/value This study pioneers a comprehensive analysis of CSR disclosure and its determinants among UPCoM-listed firms in Vietnam from 2020 to 2023. By targeting this underexplored segment of unlisted public companies, the research enriches the understanding of CSR practices in emerging markets and provides fresh insights into the factors influencing Vietnam’s reporting environment.