Paper 5 - New

Does foreign ownership
affect corporate sustainability disclosure

in Pakistan?
A sequential mixed methods approach
Nhóm 5
Phạm Tấn Phát

Phạm Thị Bích Ngọc
Triệu Mỹ Ngọc
Nguyễn Ngọc Yến Nhi
Abstract
Abstract
The objective of this study is to investigate the potential impacts of foreign
ownership on the corporate sustainability disclosure of leading non-financial
companies in the context of an emerging economy of Pakistan. The study
employed data from the year 2006 to 2018 gathered from the Pakistan stock
exchange. Further, the data on foreign ownership and corporate sustainability
disclosure obtained from the firm’s annual reports and the global reporting
Components Y/N
initiatives (GRI) database. This study employed a sequential mixed methods
Start with the issue or problem leading technique. The empirical results indicate that foreign ownership has a
significant impact on total sustainability disclosure (TCSRI). Whereas having
to a need for the research. an individual assessment, we found that foreign ownership is positively
Indicate the purpose of the study. associated with each component (economic, social, and environmental)
disclosure respectively. Moreover, our findings prove that firm size and growth
state what data will be collected to are positively related to foreign ownership, TCSRI, and its aspects. In contrast,
the study reveals a negative relationship among financial leverage, TCSRI,
address this purpose and economic, social, and environmental sustainability exposure. Summing
indicate qualitative themes, quantitative up, the study indicates that foreign ownership effectively improves
sustainability governance mechanism, and at the same time, it is also found
statistical results, or the mixed methods that higher financial leverage restricts the sustainability disclosure capacity of
integrative findings that will likely arise firms. Results from this study have technical, theoretical, and policy
in your study implications for regulatory institutions, corporate management, and investors
in emerging economies. Hence, we put forward the policy implications that the
mentioning the practical implications of regulatory institutions need to reconsider the policy guidelines subject to
diversification of ownership and activism of foreign shareholders in both
the study small/large size firms to enhance the sustainability disclosure practices. Also,
reduce the increasing level of financial leverage, which is curbing the firm’s
economic, social, and environmental reporting activities.
Abstract
The objective of this study is to investigate the potential impacts of
foreign ownership on the corporate sustainability disclosure of leading
non-financial companies in the context of an emerging economy of
Pakistan. The study employed data from the year 2006 to 2018 gathered from
the Pakistan stock exchange. Further, the data on foreign ownership and
corporate sustainability disclosure obtained from the firm’s annual reports and
the global reporting initiatives (GRI) database. This study employed a
sequential mixed methods technique. The empirical results indicate that foreign
Indicate the purpose of the study. ownership has a significant impact on total sustainability disclosure (TCSRI).
Whereas having an individual assessment, we found that foreign ownership is
positively associated with each component (economic, social, and
Mục tiêu của nghiên cứu này là xem xét tác
environmental) disclosure respectively. Moreover, our findings prove that firm
động có thể có của sở hữu nước ngoài vào size and growth are positively related to foreign ownership, TCSRI, and its
thuyết minh (công bố thông tin) phát triển bền aspects. In contrast, the study reveals a negative relationship among financial
leverage, TCSRI, and economic, social, and environmental sustainability
vững trách nhiệm doanh nghiệp của các công exposure. Summing up, the study indicates that foreign ownership effectively
ty phi tài chính trong bối cảnh của một nước improves sustainability governance mechanism, and at the same time, it is also
mới nổi Paskistan. found that higher financial leverage restricts the sustainability disclosure
capacity of firms. Results from this study have technical, theoretical, and policy
implications for regulatory institutions, corporate management, and investors in
emerging economies. Hence, we put forward the policy implications that the
regulatory institutions need to reconsider the policy guidelines subject to
small/large size firms to enhance the sustainability disclosure practices. Also,
Abstract
employed data from the year 2006 to 2018 gathered from the Pakistan
stock exchange. Further, the data on foreign ownership and corporate
sustainability disclosure obtained from the firm’s annual reports and the
What data will be collected to address this global reporting initiatives (GRI) database. This study employed a
purpose. sequential mixed methods technique. The empirical results indicate that foreign
ownership has a significant impact on total sustainability disclosure (TCSRI).
Whereas having an individual assessment, we found that foreign ownership is
Nghiên cứu sử dụng dữ liệu từ năm 2006 đến positively associated with each component (economic, social, and
2018 trên sàn chứng khoán Pakistan. Ngoài ra, environmental) disclosure respectively. Moreover, our findings prove that firm
size and growth are positively related to foreign ownership, TCSRI, and its
dữ liệu sở hữu nước ngoài và báo cáo thông
aspects. In contrast, the study reveals a negative relationship among financial
tin phát triển bền vững được thu thập từ báo leverage, TCSRI, and economic, social, and environmental sustainability
cáo thường niên của các doanh nghiệp cũng exposure. Summing up, the study indicates that foreign ownership effectively
improves sustainability governance mechanism, and at the same time, it is also
như Cơ sở dữ liệu GRI (các công ty tự đăng ký found that higher financial leverage restricts the sustainability disclosure
báo cáo CSR trên website capacity of firms. Results from this study have technical, theoretical, and policy
https://www.globalreporting.org/). implications for regulatory institutions, corporate management, and investors in
emerging economies. Hence, we put forward the policy implications that the
regulatory institutions need to reconsider the policy guidelines subject to
small/large size firms to enhance the sustainability disclosure practices. Also,
Abstract
indicate qualitative themes, quantitative employed data from the year 2006 to 2018 gathered from the Pakistan
statistical results, or the mixed methods stock exchange. Further, the data on foreign ownership and corporate
sustainability disclosure obtained from the firm’s annual reports and the
integrative findings that will likely arise in global reporting initiatives (GRI) database. This study employed a
your study sequential mixed methods technique. The empirical results indicate that
foreign ownership has a significant impact on total sustainability
disclosure (TCSRI). Whereas having an individual assessment, we found
Bài nghiên cứu sử dụng phương pháp that foreign ownership is positively associated with each component
sequential mixed methods. Kết quả thực (economic, social, and environmental) disclosure respectively. Moreover,
our findings prove that firm size and growth are positively related to
nghiệm cho thấy […]. Ngoài ra, khi đánh giá
foreign ownership, TCSRI, and its aspects. In contrast, the study reveals
độc lập từng biến, chúng tối nhận thấy tỷ lệ sở a negative relationship among financial leverage, TCSRI, and economic,
hữu nước ngoài biến động […]. Thêm nữa, kết social, and environmental sustainability exposure. Summing up, the
study indicates that foreign ownership effectively improves sustainability
quả của chúng tôi chứng minh quy mô công ty governance mechanism, and at the same time, it is also found that higher
và tang trưởng […]. Dù vậy, nghiên cứu cũng financial leverage restricts the sustainability disclosure capacity of firms.
chỉ ra tương quan âm giữ […]. Nhìn chung, Results from this study have technical, theoretical, and policy implications for
regulatory institutions, corporate management, and investors in emerging
nghiên cứu này cho thấy sở hữu nước ngoài economies. Hence, we put forward the policy implications that the regulatory
cải thiện [….] một các hiệu quả. institutions need to reconsider the policy guidelines subject to diversification of
ownership and activism of foreign shareholders in both small/large size firms to
enhance the sustainability disclosure practices. Also, reduce the increasing
level of financial leverage, which is curbing the firm’s economic, social, and
environmental reporting activities.
Abstract
practical implications of the study initiatives (GRI) database. This study employed a sequential mixed methods
technique. The empirical results indicate that foreign ownership has a
Kết quả nghiên cứu này chứa nhiều ngụ ý significant impact on total sustainability disclosure (TCSRI). Whereas having an
individual assessment, we found that foreign ownership is positively associated
mang tính kỹ thuật, lý thuyết và chính sách cho with each component (economic, social, and environmental) disclosure
các các đơn vị quản lý chính sách, các nhà respectively. Moreover, our findings prove that firm size and growth are
positively related to foreign ownership, TCSRI, and its aspects. In contrast, the
quản lý doanh nghiệp và các nhà đầu tư vào
study reveals a negative relationship among financial leverage, TCSRI, and
các thị trường mới nổi. Chúng tôi đưa ra economic, social, and environmental sustainability exposure. Summing up, the
khuyến nghị rằng các nhà chính sách cần ủng study indicates that foreign ownership effectively improves sustainability
governance mechanism, and at the same time, it is also found that higher
hộ cho sở hữu nước ngoài đối với các doanh financial leverage restricts the sustainability disclosure capacity of firms.
nghiệp vừa và nhỏ […]. Đồng thời, giảm sự gia Results from this study have technical, theoretical, and policy
tăng đòn bẫy tài chính […]. implications for regulatory institutions, corporate management, and
investors in emerging economies. Hence, we put forward the policy
implications that the regulatory institutions need to reconsider the policy
guidelines subject to diversification of ownership and activism of foreign
shareholders in both small/large size firms to enhance the sustainability
disclosure practices. Also, reduce the increasing level of financial
leverage, which is curbing the firm’s economic, social, and environmental
reporting activities.
Abstract
Components Y/N
initiatives (GRI) database. This study employed a sequential mixed methods
Start with the issue or problem leading N technique. The empirical results indicate that foreign ownership has a
significant impact on total sustainability disclosure (TCSRI). Whereas having an
to a need for the research. individual assessment, we found that foreign ownership is positively associated
Indicate the purpose of the study. Y with each component (economic, social, and environmental) disclosure
respectively. Moreover, our findings prove that firm size and growth are
state what data will be collected to Y positively related to foreign ownership, TCSRI, and its aspects. In contrast, the
study reveals a negative relationship among financial leverage, TCSRI, and
address this purpose economic, social, and environmental sustainability exposure. Summing up, the
indicate qualitative themes, quantitative Y study indicates that foreign ownership effectively improves sustainability
governance mechanism, and at the same time, it is also found that higher
statistical results, or the mixed methods financial leverage restricts the sustainability disclosure capacity of firms. Results
integrative findings that will likely arise from this study have technical, theoretical, and policy implications for regulatory
in your study institutions, corporate management, and investors in emerging economies.
Hence, we put forward the policy implications that the regulatory institutions
mentioning the practical implications of Y need to reconsider the policy guidelines subject to diversification of ownership
and activism of foreign shareholders in both small/large size firms to enhance
the study the sustainability disclosure practices. Also, reduce the increasing level of
financial leverage, which is curbing the firm’s economic, social, and
environmental reporting activities.
Introduction
Components Paragraph
State the research problem – part 1 P1-3
Introduction
Corporate sustainability […] [P1]
Review studies n.a. Ownership mechanism is an essential […] [P2]
Indicate deficiencies in the studies. P9 Even though extensive research has been […] [P3]
Advance the significance of the P10 The reason for selecting Pakistan is that in […] [P4]
study for particular audiences. Secondly, weak enforcement mechanism […] [P5]
State the purpose statement. P11 Thirdly, Fatima et al. (2018) and Fatima […] [P6]
On the other side, the economy is also […] [P7]
Lastly, the main economic challenges […] [P8]
Sustainability reporting remains an evasive […] [P9]
In light of these theoretical shortcomings, […] [P10]
To fill the aforementioned research gaps, […] [P11]
Introduction
The research problem part 1 – P1-3
State the research problem – part 2 P4-8 [P1] Corporate sustainability disclosure is an effective channel to interact with
various stakeholders (Bae et al. 2018). Nowadays, corporate entities are
Review studies n.a. progressively struggling for the sustainability of governance and sustainability
disclosure to attract shareholders. Blowfield and Murray (2008) indicates that
Indicate deficiencies in the studies. P9 corporate sustainability comprises “intra-generational and intergenerational
Advance the significance of the P10 equity and the impression of eco-justice and eco-efficiency.” Sustainability
reporting is defined by GRI as, “the report produced by a company about the
study for particular audiences. economic, environmental and social effects […]” (GR1 2010).
State the purpose statement. P11 [P2] Ownership mechanism is an essential component in sustainability
disclosure (Eyigege 2018). Firms in which ownership concentration is robbing
into domestic influences, sustainability disclosure inclined to be miserable
(Katmon et al. 2017). Corporate ownership explains the share of left-over claims
• P1: introduce an issue “Corporate sustainability and a decision rule that has effects on company behavior and delimits the
association between stakeholders and outside directors (Katmon et al. 2017;
disclosure” [not the problem] Jensen and Meckling 1976). In the case of foreign ownership by international
• P2: describe why an independent variable firms, compliance with sustainability exposure principles is anticipated to be
high, due to the lack of acknowledgment of sustainability reporting voluntarily.
“Ownership” is important to the issue at hand
Such as studies by Jensen and Meckling (2012) and Gill et al. (2011) argued
• P3: State the research problem: Còn thiếu that disclosure of other aspects, i.e., economic, social, and environmental, is a
nghiên cứu thực nghiệm trên góc độ từng widespread activity in the globe. Similarly, there is a new tendency of companies
reporting on nonfinancial elements of the business […].
công ty hoặc ở cấp 1 quốc gia trong nhóm
[P3] Even though extensive research has been conducted to assess the
CSA để kiểm tra mối quan hệ giữa việc báo complementarities of CSRD and corporate governance (CG) relationship. But,
cáo phát triển bên vững và tỷ lệ sở hữu nước the focus of the research remained towards developed countries. Still, there is
ngoài trong bối cảnh của một nền kinh tế mới a lack of empirical study addressing the individual and country-wise
examination of CSA economies corporate FOWN and sustainability
nổi. - Pakistan disclosure in the context of emerging economies. To extend the existing
knowledge, this study emphasizes the economy of Pakistan.
Introduction
State the research problem – part 2 P4-8 [P4] The reason for selecting Pakistan is that in the past, the economy has
undergone worse governance, sustainability, and economic challenges, as Lu et
Review studies n.a. al. 2015), and Waluyo (2017) argued that Pakistan is tackling worse
governance and management issues. The existing literature addresses a
Indicate deficiencies in the studies. P9 variety of governance challenges, the major challenge includes firstly, fragile
Advance the significance of the P10 governance reforms (i.e., amendments in company law 1984, inconsistency of
CG code 2002 due to weak overlapping regulatory) which support the
study for particular audiences. concentrated family business instead of protecting minority stakeholders (Gul et
al. 2017; Ali et al. 2017a, b; Javid and Iqbal 2010; Draz 2014).
State the purpose statement. P11
[P5] Secondly, weak enforcement mechanism and lack of investors
protection (e.g., minority rights protection, insider trading protection) were
reported by Ashraf and Ghani (2005). Most of the businesses were owned by
the concentration of single or multiple groups (Eyigege 2018; Kouser et al.
2012); domination of family ownership, e.g., family-owned business including
• P4-8: Giải thích lý do chọn Pakistan, trích dẫn các “textile sector, leather industry, construction companies, chemicals” (Fatima
2016; Khan and Nouman 2017; Khan and Hassan 2019); (Ullah et al. 2014) and
nghiên cứu chỉ ra: lack of transparency and accountability, integrated board of directors,
• [P4] Pakistan đang đối mặt với các vấn đề crossshareholding mechanism, and amplified system (Ashraf and Ghani 2005;
Mahmood et al. 2018; Masud et al. 2018).
quản lý và quản trị doanh nghiệp
• [P5] Cơ chế bảo vệ cổ đông yếu và hầu hết [P6] Thirdly, Fatima et al. (2018) and Fatima (2016) reported that inappropriate
compliance with CG standards and violations of CG principles is the root
doanh nghiệp thuộc sở hữu gia đình cause of recent failures of corporate governance (CG) in Pakistan for example;
• [P6] Nguyên nhân của quản trị kém đến từ violations of CG codes in “Pakistan International Airlines (PIA), Pakistan
Telecommunication Company Limited (PTCL), malgovernance in National Bank
không tuân thủ các nguyên tắc quản trị of Pakistan (NBP), and 28 million corruption scandal of National Insurance
Company Limited (NICL)” is the big governance mala fides in Pakistan.
Similarly, the privatization of PTCL is another CG failure in Pakistan, which
created a significant financial gap (Fatima et al. 2018).
Introduction
State the research problem – part 2 P4-8 [P7] On the other side, the economy is also going through sustainability
challenges, for example, climate change, environmental pollution, and
Review studies n.a. deforestation (Masud et al. 2018; Shouket et al. 2019). According to Global
Climate Risk Index (GCRI) (2018), Pakistan is among 10 economies suffered
Indicate deficiencies in the studies. P9 most from climate changes. In addition, Pakistan is ground zero for global
Advance the significance of the P10 warming effects and the minimum rate of greenhouse gases (GHG) and CO2
emission globally (World Bank Climate Change Report 2018). However, in the
study for particular audiences. private sector, many firms with quality sustainability reporting policies and
consciousness are not good at full sustainability disclosure (PICG (Pakistan
State the purpose statement. P11 Institute of Corporate Governance) 2013). Therefore, other sustainability issues
involve lack of green transportation and eco-friendly transportation policies
(Hassan et al. 2019); unsustainable energy policy and energy shortage
(Salahuddin and Gow 2019; Shah et al. 2018); food production, water scarcity,
and biodiversity (Khan and Hassan 2019); and changing demographics,
geopolitical instability, and inequality (Kanwal et al. 2019).
• P4-8: Giải thích lý do chọn Pakistan, trích dẫn các
nghiên cứu chỉ ra: [P8] Lastly, the main economic challenges encountering Pakistan among
others for instance increasing trade deficit of goods and services,
• [P7] Nền kinh tế Pakistan đang phải đối phó devaluation, and monetary uncertainty are decreasing economic
với các thử thách từ thay đổi khí hậu, ô sustainability in Pakistan (Hassan et al. 2017; Almas 2008), decrease in
economic growth, rising debt exhibiting significant vulnerabilities towards
nhiễm môi trường… tightening of internal/extrinsic financing situation (World Bank 2018), increasing
• [P8] Điều kiện kinh tế Pakistan không bền dependence on imported energy sources (Naeem Nawaz and Alvi 2018),
vững: thâm hụt thương mại, mất giá đồng insufficiency of intra-regional trade and investment, advance technology, stable
macroeconomic policies, and sound institutional governance (Husain 2018).
tiền và chính sách kinh tế không ổn định Similarly, the governmental potential is not enough to meet long-term
development goals (World Bank 2015).
Introduction
Review studies n.a.
Indicate deficiencies in the studies. P9
Advance the significance of the P10
study for particular audiences.
State the purpose statement. P11
• Trong inductrion của bài không thực hiện review

ngắn ngọn các nghiên cứu
Introduction
Deficiencies of previous studies– P9
State the research problem – part 2 P4-8 [P9] Sustainability reporting remains an evasive target in Pakistan (Mahmood et
al. 2018). The reform in governance and managerial conditions is needed to
Review studies n.a. deliver the sustainable development targets of the economy (Faisal 2017).
However, currently, the economy started improving its global image according to
Indicate deficiencies in the studies. P9 recent World Bank Doing Business Report (2019); the shareholder’s power index
Advance the significance of the P10 is 7.0, and investor protection index is 6.7 in Pakistan, as higher than developed
economies (e.g., USA and Germany) and neighboring CSA countries. After all
study for particular audiences. these issues and changing governance order, the sustainability governance
needs more to be explored in Pakistan. Moreover, it can be stated that the
State the purpose statement. P11 existing state of the knowledge neglects and overlooks the presence of
corporate foreign ownership as an essential component of corporate
governance influencing corporate sustainability disclosure practices at all
levels.
• P9: Cơ sở kiến thức hiện tại đã bỏ qua sự hiện
[P10] In light of these theoretical shortcomings, the issue is whether the firm’s
diện của sở hữu nước ngoài như một nhân tố ownership structure (foreign ownership) has any influence on sustainability
quan trọng trong quản trị doanh nghiệp, qua đó disclosure in the context of an emerging economy like Pakistan? How does
foreign ownership assure sustainability reporting in the presence of concentrated
ảnh hưởng đến việc công bố thông tin về các vấn
family ownership? Whether foreign shareholders can exercise their power to
đề phát triển bền vững ở các cấp độ (từng công control management decisions in the interest of society and environment? How
ty/từng quốc gia). foreign shareholders show involvement and activism to disclose more
information? There is ample need to analyze the possible complementarities
• P10: Thông qua các câu hỏi suy luận between external ownership and sustainability disclosure in the business
“Inferential”, chỉ ra “Không có nghiên cứu nào environment of an emerging economy. However, no study addresses the
association and effects of foreign ownership on sustainability disclosure in
xem xét mối quan hệ và sự ảnh hưởng của sở the context of Pakistan.
hữu nước ngoài đến việc công bố thông tin phát
triển bên vững tại Pakistan”
Introduction
Deficiencies of previous studies– P9
State the research problem – part 2 P4-8 [P10] In light of these theoretical shortcomings, the issue is whether the firm’s
ownership structure (foreign ownership) has any influence on sustainability
Review studies n.a. disclosure in the context of an emerging economy like Pakistan? How does
foreign ownership assure sustainability reporting in the presence of concentrated
Indicate deficiencies in the studies. P9 family ownership? Whether foreign shareholders can exercise their power to
Advance the significance of the P10 control management decisions in the interest of society and environment? How
foreign shareholders show involvement and activism to disclose more
study for particular audiences. information? There is ample need to analyze the possible complementarities
between external ownership and sustainability disclosure in the business
State the purpose statement. P11 environment of an emerging economy. However, no study addresses the
association and effects of foreign ownership on sustainability disclosure in the
context of Pakistan.
• P10: sử dụng các câu hỏi suy luận “Inferential”

nêu lên các vấn đề nhấn mạnh sự sự cần thiết
của nghiên cứu: “Có sự cần thiết để phân tích
những ảnh hưởng giữa sở hữu nước ngoài và
việc công bố thông tin phát triển bên vững”
• Kết luận, “Tuy vậy, không có nghiên cứu nào xem

xét mối quan hệ và sự ảnh hưởng của sở hữu
nước ngoài đến việc công bố thông tin phát triển
bên vững tại Pakistan”
Introduction
Purpose statement – P11
State the research problem – part 2 P4-8 [P11] To fill the aforementioned research gaps, the present study first
empirically examines the impact of foreign ownership (FOWN) on different
Review studies n.a. aspects of sustainability (Economic, Social, and Environmental)
disclosure. Second, the study investigates the perceptions of corporate
Indicate deficiencies in the studies. P9 management about the effect of foreign ownership on sustainability
Advance the significance of the P10 disclosure. This study contributes to the existing literature by addressing the
theoretical and empirical shortcoming and assess the effect of foreign
study for particular audiences. ownership on the corporate sustainability disclosure of listed Pakistani firms, by
the integration of both qualitative and quantitative aspects. The remaining paper
State the purpose statement P11 is organized into four sections. “Theoretical significance, literature review, and
hypotheses development” explains the theory, literature review, and hypothesis
development and conceptual framework; “Materials and methods” represents
the research methodology. Furthermore, “Empirical results” exhibits the
• Purpose statement: empirical analysis and discussion. Finally, “Conclusion and policy
• 1. Để khắc phục phần kiến thức còn chưa recommendations” constitutes the conclusion and policy implications of the
research.
được các nghiên cứu xem xét, bài nghiên
cứu này xem xét kết quả thực nghiệm về ảnh
hưởng của sở hữu nước ngoài lên các khía
cạnh khác nhau của việc công bố thông tin
phát triển bền vững.
• 2. Bài nghiên cứu xem xét quan điểm của
lãnh đạo doanh nghiệp về sự ảnh hưởng của
sở hữu nước ngoài đến việc công bố thông
tin phát triển bền vững.
Theorical Significance
AND Literature Review
& Hypotheses
AND Literature Review & Hypotheses
Theorical Significance:
Phần này trình bày 4 lý thuyết cơ sở thiết lập cho
mối quan hệ/ cơ chế ảnh hưởng giữa “sở hữu
nước ngoài” và “công bố thông tin phát triển bền
vững” và lập luận về khoảng hở kiến thức chưa được
nghiên cứu mà bài nghiên cứu xem xét.
Literature Review & Hypotheses:
Phần này đi vào các câu hỏi/giải thuyết cụ thể cho 4
nghiệm phụ thuộc:
• Total sustainability disclosure : TCSRI
• Economic Sustainability disclosure: ECSRI
• Social Sustainability disclosure: SocSRI
• Environmental Sustainability disclosure:
EnvSRI
Và tổng hợp những nghiên cứu đã xem xét mối
quan hệ thực nghiệp (tương quan) giữa các biến
phụ thuộc và biến độc lập: Foreign Ownership
(FOWN) và các biến can thiệp (Size – Quy mô,
Growth – Tăng trưởng, Leverage – Đòn bẫy)
Components Paragraph Theorical Significance
Giới thiệu các lý thuyết và tổng hợp P1-4 AND Literature Review & Hypotheses
các nghiên cứu liên quan
Tổng hợp và đưa ra nhận định về cơ P5
sở lý thuyết cho mối quan hệ “sở hữu Theorical Significance:
nước ngoài” và “công bố thông tin phát
triển bền vững” [P1] This study nestles upon four dominant […]
Nhấn mạnh tầm quan trọng của nghiên P6 [P2] Subject to resource dependency […]
cứu này [P3] Comparatively, the stakeholder’s theory […]
[P4] Stakeholder’s theory has inclusive […]
[P5] Coherent to agency, legitimacy, […]
[P6] Theoretically, our study employed […]
các nghiên cứu liên quan [P1] This study nestles upon four dominant theories of corporate governance
Tổng hợp và đưa ra nhận định về cơ sở lý thuyết cho mối P5 and sustainability disclosure, i.e., agency theory (AT), resource dependency
quan hệ “sở hữu nước ngoài” và “công bố thông tin phát theory (RDT), legitimacy theory (LT), and stakeholder’s theory (ST). These are
triển bền vững” the most leading doctrines employed to understand the process of information
Nhấn mạnh tầm quan trọng của nghiên cứu này P6 disclosure regarding economic, social, and environmental issues and role of
foreign ownership (Bae et al. 2018; Masud et al. 2018). Similarly, agency theory
proposes that increasing sustainability reporting practices overcome agency
issues between management and foreign stakeholders, as they own a large
proportion of shares, distinct cultural values, and understanding (Jensen and
Meckling 1976; J. H. 2011). Comparatively, the resource dependency theory
• Giới thiệu các lý thuyết cơ sở để lập luận cho mối
states that foreign shareholders with diverse experience and cultural
quan hệ giữa cổ đông nước ngoài và công bố background play a decisive role in the managerial selection and quality
thông tin phát triển bền vững: information exposure (Khan et al. 2013; Oh et al. 2011).
• AT : Lý thuyết đại diện [P2] Subject to resource dependency, Masud et al. (2018) argued that like an
influential group of diversified stakeholders, foreign shareholders also play the
• RDT: Thuyết phụ thuộc nguồn lực role of firm monitoring and liaising with domestic and international environmental
• LT: Lý thuyết doanh nghiệp chính đáng activist organizations. Moreover, foreign shareholder reservations on
• ST: Lý thuyết các đối tượng quan tâm của environmental issues affect local firm management to obey ecological laws and
report more sustainable and environmental friendly information to reduce
doanh nghiệp political expenses (DelgadoMárquez et al. 2016). In contrast, the legitimacy
>>> Đây là những học thuyết hàng đầu lý giải theory posits a company as a social agreement, which associates societal
anticipations with corporate interests (Martínez-Ferrero and García-Sánchez
cho mối quan hệ trên. 2017). Coherent to legitimacy theory, firms can only be sustained if their
• AT: Doanh nghiệp thực biện báo cáo phát triển activities are accepted legitimate by independent stakeholders (Rossi and
Tarquinio 2017). So, the logic behind the relationship between corporate
bền vững để giải quyết vấn đề đại diện giữa ban sustainability reporting and legitimacy theory is that firms reporting strategies
quản trị và chủ sở hữu nước ngoài practically react to environmental occurrences and social intentions (Momin and
Parker 2013). In this context, firms disclose sustainability information to attain
legitimacy for business activities (Ching and Gerab 2017).
foreign ownership (Bae et al. 2018; Masud et al. 2018). Similarly, agency theory
proposes that increasing sustainability reporting practices overcome agency
issues between management and foreign stakeholders, as they own a large
proportion of shares, distinct cultural values, and understanding (Jensen and
Meckling 1976; J. H. 2011). Comparatively, the resource dependency theory
states that foreign shareholders with diverse experience and cultural
background play a decisive role in the managerial selection and quality
information exposure (Khan et al. 2013; Oh et al. 2011).
[P2] Subject to resource dependency, Masud et al. (2018) argued that like an
• RDT: Cổ đông nước ngoài đóng vai trò quan trọng influential group of diversified stakeholders, foreign shareholders also play the
trong quyết định chọn loại thông tin (thông tin) và role of firm monitoring and liaising with domestic and international environmental
activist organizations. Moreover, foreign shareholder reservations on
chất lượng thông tin công bố. environmental issues affect local firm management to obey ecological laws and
• LT: Doanh nghiệp công bố thông tin phát triển bền report more sustainable and environmental friendly information to reduce
political expenses (DelgadoMárquez et al. 2016). In contrast, the legitimacy
vững để giữ sự chính đáng trong mắt xã hội theory posits a company as a social agreement, which associates societal
anticipations with corporate interests (Martínez-Ferrero and García-Sánchez
2017). Coherent to legitimacy theory, firms can only be sustained if their
activities are accepted legitimate by independent stakeholders (Rossi and
Tarquinio 2017). So, the logic behind the relationship between corporate
sustainability reporting and legitimacy theory is that firms reporting strategies
practically react to environmental occurrences and social intentions (Momin and
Parker 2013). In this context, firms disclose sustainability information to attain
legitimacy for business activities (Ching and Gerab 2017).
các nghiên cứu liên quan [P3] Comparatively, the stakeholder’s theory concentrates on specific groups
Tổng hợp và đưa ra nhận định về cơ sở lý thuyết cho mối P5 within society, i.e., investors, stakeholders, customers, employees, and non-
quan hệ “sở hữu nước ngoài” và “công bố thông tin phát governmental organizations (NGOs) (Reverte 2009). According to stakeholder’s
triển bền vững” theory, firms struggle to integrate its activities with “stakeholder’s expectations”
Nhấn mạnh tầm quan trọng của nghiên cứu này P6 by CSR disclosure (Barako and Brown 2008). In this way, disclosure of CSR
information gives a chance to establish strong linkages with stakeholders by
proving the firm’s loyalty towards responsible business activities (Jain and
Winner 2016). Moreover, stakeholder’s theory considers CSR disclosure as a
source of reaction to critical pressure by external stakeholders of firm (Katmon
et al. 2017; Odriozola and Baraibar-Diez 2017).
[P4] Stakeholder’s theory has inclusive importance relative to agency theory as
it extends the inclination of principal (management) to all stakeholders instead of
only shareholders. In this way, the stakeholder’s doctrine primarily deals with the
• ST:
recognition and obligation of the relationship between company activities and its
• Doanh nghiệp công bố thông tin phát triển impact on different stakeholders (Gray et al. 1995). Consequently, good
bền vững để tạo sự kết nối mạnh với các đối corporate governance activities enhance the association between company and
stakeholders by promoting sustainability (Hussain et al. 2016), hence relevant to
tượng quan tâm. stakeholder’s theory sustainability reporting act as a mean of communication
• Báo các thông tin phát triển bền vững là một between firms and their stakeholders regarding different economic, social, and
environmental components (Jiang and Fu 2019; Vijayakumaran 2019; Bae et al.
phương thức giao tiếp giữa doanh nghiệp và 2018; Masud et al. 2018).
các đối tượng liên quan đến các vấn đề kinh
tế, xã hội và môi trường.
foreign ownership (Bae et al. 2018; Masud et al. 2018). Similarly, agency
theory proposes that […]. Comparatively, the resource dependency theory
states that […].
[P2] Subject to resource dependency, Masud et al. (2018) argued that […]. In
contrast, the legitimacy theory posits […]
[P3] […] According to stakeholder’s theory, […]. Moreover, stakeholder’s
theory considers CSR […].
[P4] […], hence relevant to stakeholder’s theory sustainability reporting act as
a mean of communication between firms and their stakeholders regarding
• RANT!!!!! different economic, social, and environmental components (Jiang and Fu 2019;
• “In contrast”: Có gì mà contrast Vijayakumaran 2019; Bae et al. 2018; Masud et al. 2018).
• Structure gì quái! Weight của từng ý đâu?
Logic triển khai ý, phân đoạn là gì?
Giới thiệu các lý thuyết và tổng hợp các nghiên cứu liên
quan
P1-4
[P5] Coherent to agency, legitimacy, stakeholders, and resource dependency
Tổng hợp và đưa ra nhận định về cơ P5 theory, the prior studies also indicate that foreign shareholders can
sở lý thuyết cho mối quan hệ “sở hữu pressurize domestic firms to set up and sustain transparent, stable
nước ngoài” và “công bố thông tin phát corporate governance standards, and force them to expose
environmentally and socially sustainable information (Katmon et al. 2017;
triển bền vững”
Sharif and Rashid 2014). In relation to theoretical underpinning, our study
Nhấn mạnh tầm quan trọng của nghiên cứu này P6 claims that the activism of foreign ownership, corporate transparency, and
firms attitude towards responsible business practices enhance
sustainability (economic, social, and environmental) disclosure.
• Cổ động nước ngoài có thể áp lực khiến các

doanh nghiệp thiết lập và duy trì tính minh bạch,
các tiêu chuẩn quản trị ổn định, và buộc lãnh đạo
công ty công bố thông tin phát tiền bền vững –
liên quan đến môi trường và xã hội.
• Nghiên cứu này cho rằng các yếu tố: vận động
của sở hữu nước ngoài, minh bạch của doanh
nghiệp và thái độ trách nhiệm của doanh nghiệp
sẽ làm gia tăng mức độ công bố thông tin phát
triển bền vững (về kinh tế, xã hội và môi trường)
quan
P1-4
Tổng hợp và đưa ra nhận định về cơ sở lý thuyết cho mối P5 [P6] Theoretically, our study employed four different theories to establish a
quan hệ “sở hữu nước ngoài” và “công bố thông tin phát relationship between foreign ownership and sustainability reporting decisions
triển bền vững” regarding different dimensions, such as economic, social, and environmental.
The previous studies focus on different theories to explain the association
Tầm quan trọng của nghiên cứu này P6 between environmental reporting and ignored other components of
sustainability reporting.
• Các nghiên cứu trước tập trung vào các giả thuyết khác Subject to theoretical significance and contribution, firstly the present study
extends the existing literature on triple bottom line reporting (i.e.,
nhau để giải thích mối quan hệ giữa công bố thông tin economic, social, and environmental) practices in an emerging market are
bền vững môi trường và yếu tố sở hữu nước ngoài having weak governance enforcement system.
mà bỏ qua các khía cạnh khác của phát triển bền vững Secondly, our study is the first to integrate four different governance
(xã hội) doctrines (school of thoughts) to express the association between foreign
• Đóng góp của nghiên cứu: ownership and all sustainability reporting dimensions.
• Mở rộng kiến thức về hoạt động công bố thông tin Thirdly, our study has managerial inputs, as it contributes to the ownership
(kinh tế, xã hội, môi trường) ở một thị trường mới diversification, shareholders activism, and management sensitivity
nổi với hệ thống quản trị doanh nghiệp yếu. towards sustainable (social, environmental, and economic) and
• Xem xét 4 lý thuyết cơ sở giải thích cho mối quan ecoresponsible investment decisions
hệ “công bố thông tin phát triển bền vững” và “sở

hữu nước ngoài”
• Sử dụng “góp ý của các lãnh đạo doanh nghiệp” lý
giải ảnh hưởng của các yếu tố: đa dạng thành
phần cổ đông, các vận động của cổ đông, nhạy
cảm của các lãnh đạo với các yếu tố phát triển bền
vững và các quyết định đầu tư có trách nhiệm môi
trường
quan
P1-4
Subject to theoretical significance and contribution, firstly the present study
extends the existing literature on triple bottom line reporting (i.e., economic,
social, and environmental) practices in an emerging market are having weak
• RANT!!!! governance enforcement system.
• Viết câu thiếu thành tố: between
Secondly, our study is the first to integrate four different governance doctrines
environmental reporting, Giữa công bố (school of thoughts) to express the association between foreign ownership and
thông tin môi trường với cái gì??????? all sustainability reporting dimensions.
• Viết câu sai cấu trúc chính tả: firstly the Thirdly, our study has managerial inputs, as it contributes to the ownership
diversification, shareholders activism, and management sensitivity towards
present study extends the existing literature sustainable (social, environmental, and economic) and ecoresponsible
on triple bottom line reporting (i.e., economic, investment decisions
social, and environmental) practices in an
emerging market are having weak
governance enforcement system.
• Viết câu tối nghĩa: Thirdly, our study has
managerial inputs, as it contributes […]
quan
P1-4
Subject to theoretical significance and contribution, firstly the present study
extends the existing literature on triple bottom line reporting (i.e., economic,
social, and environmental) practices in an emerging market are having weak
• RANT!!!! governance enforcement system.
• Các nghiêng cứu trước tập trung vào các giả
Secondly, our study is the first to integrate four different governance doctrines
thuyết khác nhau để giải thíc mối quan hệ giữ (school of thoughts) to express the association between foreign ownership and
công bố thông tin bền vững môi trường và all sustainability reporting dimensions.
yếu tố sở hữu nước ngoài mà bỏ qua các Thirdly, our study has managerial inputs, as it contributes to the ownership
diversification, shareholders activism, and management sensitivity towards
kía cạnh khách của phát triển bền vững (xã sustainable (social, environmental, and economic) and ecoresponsible
hội) investment decisions
>>> Tại sao lại để ý này ở đây? Các đoạn văn
trước đã viết gì về chuyện Env Reporting được
xem xét nhiều hơn các khía cạnh khác?
>>> Cơ sở đâu mà đưa ra nhận định này ở
đây?
>>> mà lại còn viết câu thiếu thành tố
Theorical Significance:
Phần này trình bày 4 lý thuyết cơ sở thiết lập cho
mối quan hệ/ cơ chế ảnh hưởng giữa “sở hữu
nước ngoài” và “công bố thông tin phát triển bền
vững” và lập luận về khoảng hở kiến thức chưa được
nghiên cứu mà bài nghiên cứu xem xét.
Literature Review & Hypotheses:
Phần này đi vào các câu hỏi/giải thuyết cụ thể cho 4
nghiệm phụ thuộc:
• Total sustainability disclosure : TCSRI
• Economic Sustainability disclosure: ECSRI
• Social Sustainability disclosure: SocSRI
• Environmental Sustainability disclosure:
EnvSRI
Và tổng hợp những nghiên cứu đã xem xét mối
quan hệ thực nghiệp (tương quan) giữa các biến
phụ thuộc và biến độc lập: Foreign Ownership
(FOWN) và các biến can thiệp (Size – Quy mô,
Growth – Tăng trưởng, Leverage – Đòn bẫy)
Reviews of studies of relationship P1-3 AND Literature Review & Hypotheses
between FOWN and TCSRI -> H1
Sustainability disclosure is essential […] [P1]
Intruduce other dependent variables P4 Similarly, Ganapathy […] [P2]
(ECSRI, SocSRI, EnvSRI) -> H1a, H1b
Comparatively, some studies reported […] [P3]
Reviews of studies about EnvSRI -> P5-12 Furthermore, our study intends […] [P4]
H1c
Nowadays, indicating efficient […] [P5]
Intruduction of intervening variables & P13 Environmental reporting enable firms […] [P6]
brief reviews of studies
In case of Pakistan, the concept […] [P7]
Reviews of studies of relationship P14
Furthermore, Aldrugi and Abdo […] [P8]
between size and TCSRI ->
H2,H2a;H2b;H2c Furthermore, consistent to foreign […] [P9]
Another primary concern is that […] [P10]
Reviews of studies of relationship P15
between size and TCSRI -> Notably, in developing economies […] [P11]
H3,H3a;H3b;H3c Also, the industrial sector discharges […] [P12]
Reviews of studies of relationship P16-17 Moreover, we are also interested[…] [P13]

between size and TCSRI -> Furthermore, firm size is an […] [P14]
H4,H4a;H4b;H4c However, company growth and[…] [P15]
Conceptualization P18 Furthermore, the existing literature […] [P16]
On the other hand, some studies […] [P17]
Based on the research questions […] [P18]
Components Para Theorical Significance
Reviews of studies of relationship between P1-3 AND Literature Review & Hypotheses
FOWN and TCSRI -> H1
[P1] Sustainability disclosure is essential for the viability of firms and the
Intruduce other dependent variables (ECSRI, SocSRI, EnvSRI) -> H1a, H1b P4 stakeholders, and ownership mechanism has a particular role in the board that
Reviews of studies about EnvSRI -> H1c P5-12 pushed the firms to sustainability disclosure (Bae et al. 2018). The existing state
Intruduction of intervening variables & brief reviews of studies P13
of the artwork has similar as well as divergent outcomes regarding the
association between foreign ownership and sustainability disclosure. Andrew et
Reviews of studies of relationship between size and TCSRI -> H2, H2a;H2b;H2c P14
al. (1989), Adeniyi and Adebayo (2018), Mahmood et al. (2018), and Wang and
Reviews of studies of relationship between size and TCSRI -> H3, H3a;H3b;H3c P15 Wang (2015) reported a positive and significant association between foreign
Reviews of studies of relationship between size and TCSRI -> H4, H4a;H4b;H4c P16-17 ownership and reporting disclosure. Further, Brown et al. (2009) and Mirza
Conceptualization P18 (2016) reported a positive association between foreign ownership and CSR in
Bangladesh.
[P2] Similarly, Ganapathy (Ganapathy and K. K. 2017) argued that foreign
shareholders are dedicated in their sustainability reporting in India. Previous
studies propose that the frequency of CSRD differ from firm to firm; although the
investors, stakeholders, rely on the management goodwill (Ullah and Rahman
2015), ownership is a robust and persuasive component in influencing company
• P1: Review các nghiên cứu lập luận/cho kết quả execution in Pakistan (Khan and Nouman 2017), CSRD is an efficient
tương quan dương giữa “công bố thông tin tăng alternative for control through institutional shareholders (Whetman 2018), total
sustainability disclosure has a significant association with ownership (Bae et al.
trưởng bền vững” và “sở hữu nước ngoài” 2018), there is higher sustainability disclosure in firms with “majority foreign
• P2: Review một số nghiên cứu khác lập luận cho ownership” that confirms the existence of higher transparency in firm activities
tương quan dương và đưa ra Hypothesis (Stojanovic-Aleksic and Boskovic 2017). The higher the deviation between
ownership and control, the higher the capacity of the extreme controllers
• H1: Có mối quan hệ tương quan dương giữa exercised their dominant behavior in entities. Following previous research
mức độ “sở hữu nước ngoài” và “công bố outcomes, we assumed that foreign ownership (FOWN) has a significant
association with corporate sustainability disclosure. Hence, we hypothesize that:
thông tin tăng trưởng bền vững” H1: There is a positive relationship between the extent of foreign
ownership and corporate sustainability disclosure (Total
sustainability disclosure).
Reviews of studies of relationship between P1-3 AND Literature Review & Hypotheses
FOWN and TCSRI -> H1
[P3] Comparatively, some studies reported a negative relationship between
Intruduce other dependent variables (ECSRI, SocSRI, EnvSRI) -> H1a, H1b P4 foreign ownership and CSR, as (Gulzar et al. 2019) foreign ownership has no
Reviews of studies about EnvSRI -> H1c P5-12 significant impact on corporate social responsibility engagement, (Haladu and
Beri 2016) revealed mixed association between ownership mechanism and
environmental information disclosure, government and foreign shareholding
have no positive impact on CSR (Hartikayanti and Siregar 2018), and Ntim et al.
Reviews of studies of relationship between size and TCSRI -> H3, H3a;H3b;H3c P15 (2013) and Nazari et al. (2015) argued that negative relationship could be due to
Reviews of studies of relationship between size and TCSRI -> H4, H4a;H4b;H4c P16-17 long-run aspects of investment operations. However, (Masud et al. 2018)
Conceptualization P18 external factors act as motivators and internal control acts as supporters to
improve sustainability disclosure.
• P3: Reviews một số nghiên cứu tìm thấy tương

quan âm giữa “công bố thông tin tăng trưởng bền
vững” và “sở hữu nước ngoài”
Reviews of studies of relationship between FOWN and TCSRI -> H1 P1-3
Intruduce other dependent variables P4
[P4] Furthermore, our study intends to measure individual effects and
(ECSRI, SocSRI, EnvSRI) -> H1a, H1b relationship between foreign ownership and various components of
Reviews of studies about EnvSRI -> H1c P5-12 sustainability such as economic, social, and environmental disclosure.
Intruduction of intervening variables & brief reviews of studies P13 Additionally, foreign shareholders also push management to make socially
responsible investments and report valid environmental information to reduce
the risk of loses or to acquire profit maximization (Adeniyi and Adebayo 2018;
Reviews of studies of relationship between size and TCSRI -> H3, H3a;H3b;H3c P15 Sharif and Rashid 2014; Brown et al. 2009). Similarly, Masud et al. (2018)
Reviews of studies of relationship between size and TCSRI -> H4, H4a;H4b;H4c P16-17 reported a positive association between foreign ownership and environmental
Conceptualization P18 sustainability disclosure. We further hypothesize that:
H1a: There is a positive relationship between the extent of foreign
ownership and economic sustainability disclosure.
• P4: Giới thiệu các nghiệm phụ thuộc (thành H1b: There is a positive relationship between the extent of
ownership and social sustainability disclosure.
foreign
phần): Economic, Social, Environmental

• Chỉ ra 2 nghiêng cứu lập luận/cho kết quả tương
quan dương giữa “công bố thông tin bền vững
môi trường” và “sở hữu nước ngoài”
• Đưa ra 2 Hypothesis:
• H1a: Có mối quan hệ tương quan dương
giữa mức độ “sở hữu nước ngoài” và “công
bố thông tin tăng trưởng bền vững – kinh tế”
• H2a: Có mối quan hệ tương quan dương
bố thông tin tăng trưởng bền vững – xã hội”
Reviews of studies of relationship between FOWN and TCSRI -> H1 P1-3
Intruduce other dependent variables P4
[P4] Furthermore, our study intends to measure individual effects and
(ECSRI, SocSRI, EnvSRI) -> H1a, H1b relationship between foreign ownership and various components of
Reviews of studies about EnvSRI -> H1c P5-12 sustainability such as economic, social, and environmental disclosure.
Intruduction of intervening variables & brief reviews of studies P13 Additionally, foreign shareholders also push management to make socially
responsible investments and report valid environmental information to reduce
Reviews of studies of relationship between size and TCSRI -> H2,H2a;H2b;H2c P14
the risk of loses or to acquire profit maximization (Adeniyi and Adebayo 2018;
Reviews of studies of relationship between size and TCSRI -> H3,H3a;H3b;H3c P15 Sharif and Rashid 2014; Brown et al. 2009). Similarly, Masud et al. (2018)
Reviews of studies of relationship between size and TCSRI -> H4,H4a;H4b;H4c P16-17 reported a positive association between foreign ownership and environmental
Conceptualization P18 sustainability disclosure. We further hypothesize that:
H1a: There is a positive relationship between the extent of foreign
ownership and economic sustainability disclosure.
H1b: There is a positive relationship between the extent of foreign
ownership and social sustainability disclosure.
• RANT!!!!!!!!
• Thật là vô duyên!!!! Khập khiểng, đưa ra chi 2
nghiên cứu về “môi trường” rồi hypothesize
về 2 yếu tố còn lại
Reviews of studies of relationship between FOWN and TCSRI -> H1
Intruduce other dependent variables (ECSRI, SocSRI, EnvSRI) -> H1a, H1b
P1-3
P4
[P5] Nowadays, indicating efficient sustainability governance and assuring eco-
Reviews of studies about EnvSRI -> H1c P5-12 friendly environmental practices are the main challenges encountered by firms
Intruduction of intervening variables & brief reviews of studies P13 to protect their sustainability (Bae et al. 2018). The term “Environmental
Reviews of studies of relationship between size and TCSRI -> H2,H2a;H2b;H2c P14 reporting (ER)” is defined as reporting by firms regarding the environmental
responsiveness of their activities (Deegan and Rankin 2006), as ER extends the
role of the companies above the traditional role of disclosing financial
Reviews of studies of relationship between size and TCSRI -> H4,H4a;H4b;H4c P16-17
information by presuming the extensive environmental practices of the entities
Conceptualization P18 (Gray and Owen 1987). Similarly, ER facilitates the firms to inform stakeholders
that their business activities and investment decisions are environmentally
sustainable (Masud et al. 2018).
[P6] Environmental reporting enable firms to boost stakeholder’s trust, to assess
• P5: Định nghĩa ER và đưa ra các lập luận về tại possible risks associated with the execution of business activities, and to
mitigate the worse environmental effects of these activities. The demand for the
sao doanh nghiệp thực hiện “công bố phát triển exposure of environmental reporting is rising to help the investors to assess the
bền vững môi trường” firm’s performance effectively (Bhalla 2018; Sekerez 2017). Hence, we
• Lập luận ER làm tăng độ tin tưởng đối với doanh hypothesize that:
H1c: There is a positive relationship between the extent of foreign
nghiệp và là cơ sở để nhà đầu tư đánh giá đầy đủ ownership and environmental sustainability disclosure.
doanh nghiệp.
• Đưa ra hypothesis:
• H1c: Có mối quan hệ tương quan dương
bố thông tin tăng trưởng bền vững – môi
trường”
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[P7] In case of Pakistan, the concept of env reporting is comparatively new (Ali
Reviews of studies about EnvSRI -> H1c P5-12 et al. 2017a, b), where prevailing law and order mechanism pervades the
governance of the economy (Mahmood et al. 2018). The regulatory framework
usually focuses on the disciplinary behavior of firms, instead of supporting them
with a smooth env for active cooperation on env and social principles (Mahmood
Reviews of studies of relationship between size and TCSRI -> H3,H3a;H3b;H3c P15 et al. 2018; Rashid and Naseer 2016). Firms in Pakistan are under “public
Reviews of studies of relationship between size and TCSRI -> H4,H4a;H4b;H4c P16-17 review” and are bound to report information on their env activities. Subject to
Conceptualization P18 firm-level ER, still, there are plenty of environmental reporting issues in Pakistan
addressed by prior literature. As Eljayash (2017) and Ismail and Rahman (2016)
indicated, the emerging economies suffer from dearth of stakeholder demand
and social pressure regarding the awareness of env issues; firms need to
disclose complete information to communicate with stakeholders, and to assure
• P7: Chỉ ra một số nghiên cứu về tình hình báo accountability for env concerns (Lodhia 2018; Mansor et al. 2017).
[P8] Furthermore, Aldrugi and Abdo (2014) revealed that voluntary env and
cáo “môi trường” hiện tại ở Pakistan. Chỉ ra việc sustainability reports published by firms exhibit insufficient information regarding
thiếu khuôn khổ pháp luật, và hoạt động báo cáo the effect of their env activities. Similarly, a recent study by Bhalla (2018)
indicated that firms report their environmental and social activities for the sake
chủ yếu tự nguyện và để đáp lại áp lực xã hội. of reputation. A Study on Pakistan by Mahmood et al. (2017) suggested that to
• P8: Bàn về chất lượng của báo cáo ER tự nguyện change the public awareness regarding differences between disclosure levels,
(thấp) và động cơ báo cáo của doanh nghiệp (chỉ “voluntary disclosure theory” can better elaborate the increasing exposure of
good performers and the “legitimacy theory” portray the increasing information
vì danh tiếng). Chỉ ra một số yếu tố khác ảnh exposure of bad performing firms. Likewise, Arshad et al. (2015) reported that
hưởng đến quyết định báo cáo ER của doanh due to the lack of env and social reporting, the firms went through the financial
crisis in 2008. Moreover, Bae et al. (2018) and (Ibrahim, 2015) indicated that the
nghiệp: yếu tố bên ngoài, nhân tố phụ nữ trong external factors (i.e., economic, political, and social) contingently affect env
ban lãnh đạo, danh mục khuyến khích báo cáo reporting disclosure in developing countries. Further, a new study by Ali et al.
(2017a, b); (Li et al. 2018) revealed that institutional investors and lack of
của sở chứng khoán Pakistan.
women directors negatively influence env disclosure in Pakistan. Also, Khan and
Hassan (2019) argued that the firms env reporting disclosure increased after
implementation of SECP voluntary disclosure codes.
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[P9] Furthermore, consistent to foreign ownership, some studies reported mixed
Reviews of studies about EnvSRI -> H1c P5-12 effects of CG characteristics on environmental reporting practices, likewise,
Ismail and Rahman (2016) reported a negative relationship between family
ownership and environmental exposure. Also, Haddad et al. (2015) reported that
the majority of shareholders and foreign ownership do not affect voluntary
Reviews of studies of relationship between size and TCSRI -> H3, H3a;H3b;H3c P15 reporting. Likewise, Wise and Ali (Wise and M. A. 2008) found a negative
Reviews of studies of relationship between size and TCSRI -> H4, H4a;H4b;H4c P16-17 association between disclosed “environmental information” and “environmental
Conceptualization P18 performance.” Some studies focused on gender diversity and environmental
reporting. Similarly, Majeed et al. (2015) and Khan et al. (2019a, b) indicated
that women directors are comparatively very efficient to corporate social
responsibility disclosure, as Lone et al. (2016) revealed differences in CSR
reporting between sectors and found that “Oil and gas” industry has the highest
• P9: Reviews các nghiên cứu giữa “sở hữu nước CSR exposure level.
[P10] Another primary concern is that in Pakistan, the firms are reporting
ngoài và công bố thông tin bền vững môi trường” simulated green issues, but there is no theoretical/literature support. The
• Không có tương quan: 1 nghiên cứu previous studies focused on the aggregate multiplicity of environmental
exposure of performance, such as Patten (2002) that implied that firms
• P9: đưa ra các yếu tố khác ảnh hưởng đến “công voluntarily report specific environmental information, which maintains their
bố thông tin bền vững môi trường”: corporate image in front of stakeholders. Also Patten (1991, 1992) revealed the
• Tỷ lệ sở hữu gia đình lack of a proper regulatory mechanism, and large discrepancies in the
environmental exposure process create difficulties for the shareholders to make
• Yếu tố phụ nữ trong ban lãnh đạo decisions regarding the company. Similarly, Rashid and Naseer (2016) indicated
• Yếu tố ngành that Pakistani companies do not report crucial environmental practices, i.e.,
executive reward allied with environmental conduct, review of monetary savings
• P10: Lập luận về tính tin cập của “công bố thông from environment program, estimation of contingent obligations, and penalties
tin ER ở Pakistan”, chỉ ra sự thiếu chuẩn mực regarding environmental affairs.
nhưng không thể kết luận về tính chính xác.
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[P11] Notably, in developing economies, the environmental problems related to
Reviews of studies about EnvSRI -> H1c P5-12 “industrial activities” have increasing public reservations regarding financial and
non-financial disclosure of company environmental activities (Alhaj 2019).
Therefore, the manufacturing industry is contributing too many of green and
brown environmental issues in Pakistan, i.e., “increasing industrial production
Reviews of studies of relationship between size and TCSRI -> H3, H3a;H3b;H3c P15 level, industrial chemical discharge, pollution, irregular firms emission, other
Reviews of studies of relationship between size and TCSRI -> H4, H4a;H4b;H4c P16-17 industrial wastes, unsustainable projects, and business practices” (Ali et al.
Conceptualization P18 2017a, b; Khan and Hassan 2019; Faruqee and Kemal 2016). However, many
accidents/hazards in the oil and gas firms destroy the natural resources and
environment. For example, in 2003, an incident of “Greek oil tanker spillage on
the Karachi Sea Beach” affected the workers and the legitimacy of the company
indicated by Meo et al. (2008) and Janjua et al. (2006).
[P12] Also, the industrial sector discharges toxic chemicals waste directly into
• P11: Bàn luận về tác động của các ngành công rivers, threating lives, and biodiversity (Ullah, and R.,, and Qadir, A. 2009). In
this situation, firms respond with disclosing voluntary environmental information;
nghiệp đến môi trường. Đưa ra các báo cáo chỉ ra explicitly, oil and gas exploration and refinery companies are disclosing more
tác động của “hoạt động trong ngành công environmental activities, because of higher chances of the adverse effects of
nghiệp” đến “công bố thông tin ER”, tính chính their operations on the environment (Kirat 2015). Now, the government forces
firms to fulfill and strictly follow transparency in information disclosure (Sari and
đáng của doanh nghiệp. Tjen 2016). The discussion above indicates that the environmental reporting
• P12: Đưa ra nhận định các doanh nghiệp hoạt regime in Pakistan still needs more attention and policy consideration of firms,
policy makers, and regulatory institutions.
động trong ngành công nghiệp đáp lại áp lực xã
hội bằng cách “công bố thông tin phát triển bền
vững gắn mới môi trường”, các chính phủ dần
thiết lập các khuôn khổ báo cáo”
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Reviews of studies about EnvSRI -> H1c P5-12
Reviews of studies of relationship between size and TCSRI -> H4, H4a;H4b;H4c P16-17
Conceptualization P18
• RANT!!!!!
• Triển khai ý một cách lung tung không có một
logic để người đọc bám theo
• Sử dụng các từ chuyển tiếp không hiệu quả.
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[P13] Moreover, we are also interested in measuring the relationship between
intervening variables (firm size, growth, and financial leverage) and
Intruduction of intervening variables & brief P13 sustainability disclosure. As Gallo and Christensen (2011); (Belal 2000) argued
that a firm’s size and ownership structure significantly associated with
reviews of studies sustainability disclosure, company size and ownership are fundamental drivers
Reviews of studies of relationship between size and TCSRI -> H2, H2a;H2b;H2c P14 of sustainability disclosure (Dienes et al. 2016); (Faller and Zu 2016), foreign
Reviews of studies of relationship between size and TCSRI -> H3, H3a;H3b;H3c P15 shareholders have a significant influence on the performance of registered firms
(Soufeljil et al. 2016), and company growth and size have a positive impact on
sustainability disclosure of companies (Lucia and Ria 2018), although highly
leveraged companies report more environmental and social information
(Eyigege 2018).
• Giới thiệu các biến độc lập khác: quy mô, tang
trưởng và đòn bẩy tài chính
• Đưa ra một số nghiên cứu về ảnh hưởng của các
biến này đến “công bố thông tin phát triển bền
vững”
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[P14] Furthermore, firm size is an essential measure of a firm’s profitability (Hall
and Weiss 1967; Marcus 1969; Abiodun 2013). Prior literature exhibits the direct
relationship between CSR disclosure and the firm size, such that Andrew et al.
(1989), Teoh and Thong (1984), and Trotman and Bradley (1981) indicated that
Reviews of studies of relationship between P14 larger firms have more CSR activities and significant effect on society. Also,
size and TCSRI -> H2,H2a;H2b;H2c large entities are prone to environmental information disclosure due to higher
Reviews of studies of relationship between size and TCSRI -> H3, H3a;H3b;H3c P15 visibility and social image (Lu et al. 2015; Comyns 2016; Khan et al. 2013).
Moreover, (Khan et al. 2013) and Dissanayake et al. (2016) argued that large
firms involve in more sustainability exposure due to high pressure and
anticipations, as Waluyo (2017) demonstrated that company size positively
influences CSR. Hence, we hypothesize that:
• Review các nghiên cứu lập luận/cho kết quả H2: Firm size has a positive relationship with corporate
sustainability disclosure (Total sustainability disclosure).
tương quan dương giữa “quy mô” và “công bố H2a: Firm size has a positive relationship with ECSRI.
thông tin phát triển bền vững” H2b: Firm size has a positive relationship with SocCSRI.
• Đưa ra các Hypothesis: H2c: Firm size has a positive relationship with EnvCSRI.
• H2: Quy mô có mối quan hệ tương quan
dương với TCSRI
• H2a: Quy mô có mối quan hệ tương quan
dương với ECSRI
• H2b: Quy mô có mối quan hệ tương quan
dương với SocCSRI
• H2c: Quy mô có mối quan hệ tương quan
dương với EnvCSRI.
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[P15] However, company growth and size have a positive impact on sustainability
disclosure (Soufeljil et al. 2016). Size and growth are interrelated and have a significant
influence on firm operation (Kouser et al. 2012), whereas Ulfa (2009) argued that firm
Reviews of studies of relationship between size and TCSRI -> H2, H2a;H2b;H2c P14 growth shows an improvement in financial performance, although high growth firms
have more chances for social disclosure. Another study by Sari (2012) reported negative
Reviews of studies of relationship between P15 effects of firm growth on CSR. Moreover, a study by Swandari and Sadikin (2017)
size and TCSRI -> H3,H3a;H3b;H3c reveals that growth has a substantial impact on CSR, and firms with higher growth have
enough funds for the implementation of CSR projects. Hence, we further hypothesize
that
H3: Growth has a positive relationship with corporate sustainability
disclosure (Total sustainability disclosure).
• Review các nghiên cứu lập luận/cho kết quả H3: Growth has a positive relationship with ECSRI.
H3: Growth has a positive relationship with SocCSRI.
tương quan dương/âm giữa “Tăng trưởng” và H3: Growth has a positive relationship with EnvCSRI.
“công bố thông tin phát triển bền vững”
• Đưa ra các Hypothesis:
• H3: Tăng trưởng có mối quan hệ tương quan
dương với TCSRI
• H3a: Tăng trưởng có mối quan hệ tương
quan dương với ECSRI
• H3b: Tăng trưởng có mối quan hệ tương
quan dương với SocCSRI
• H3c: Tăng trưởng có mối quan hệ tương
quan dương với EnvCSRI.
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[P16] Furthermore, the existing literature regarding financial leverage reported
both positive and negative outcomes such as Reverte (2009) and Branco and
Rodrigues (2008) that found an inverse association between leverage and CSR
Reviews of studies of relationship between size and TCSRI -> H2, H2a;H2b;H2c P14 activities, as Waddock and Graves (1977) argued that the negative association
Reviews of studies of relationship between size and TCSRI -> H3,H3a;H3b;H3c P15 between debt (leverage ratio) and CSR is due to the concentration of high
leverage firms on short-run profit-making, rather than the long-run performance.
Reviews of studies of relationship between P16- Furthermore, Jensen and Meckling (1976) revealed that the presence of
size and TCSRI -> H4,H4a;H4b;H4c 17 massive debts and the corporate leveraging process could be a cause of conflict
between managers and stakeholders, and Gill et al. (2011) corporate leveraging
increases the risk of debt default. Similarly, Swandari and Sadikin (2017) argued
that financial leverage influences CSR negatively; firms with higher leverage
• Review các nghiên cứu lập luận/cho kết quả generally prefer to concentrate on business risk and give up CSR activities.
[P17] On the other hand, some studies reported positive association such as
tương quan dương/âm giữa “Đòn bẫy” và “công Fernández-Gago et al. (2018) and Kim et al. (2015) indicated that highly
bố thông tin phát triển bền vững” leveraged firms tend to disclose more sustainability information to reduce
agency cost. Similarly, highly leveraged entities prefer full disclosure to meet
• Đưa ra các Hypothesis: stakeholders demand (Myers 1977; Schipper 1981), and Ashmarina et al.
• H4: Đòn bẫy có mối quan hệ tương quan (2016) and Modugu and Eboigbe (2017) reported a positive association
between leverage and CSR; highly leveraged companies report more
dương với TCSRI environmental and social information. As Clarkson et al. (2008) revealed, highly
• H4a: Đòn bẫy có mối quan hệ tương quan leveraged firms prefer to expose environmental information. Comparatively,
dương với ECSRI financial leverage significantly influences social disclosure rather than economic
and environmental exposure (Adeniyi and Adebayo 2018). Hence, following
• H4b: Đòn bẫy có mối quan hệ tương quan literature outcomes, we hypothesize that:
dương với SocCSRI H4: Leverage has a positive relationship with corporate
sustainability disclosure (Total sustainability disclosure).
• H4c: Đòn bẫy có mối quan hệ tương quan H4: Leverage has a positive relationship with ECSRI.
dương với EnvCSRI. H4: Leverage has a positive relationship with SocCSRI.
H4: Leverage has a positive relationship with EnvCSRI.
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[P16] Based on the research questions and theoretical justification, we
constructed the following conceptual framework. This framework of foreign
ownership and sustainability disclosure proposes a new idea and uniquely
Reviews of studies of relationship between size and TCSRI -> H2, H2a;H2b;H2c P14 integrate them in specifying that foreign ownership is an essential driver of
Reviews of studies of relationship between size and TCSRI -> H3,H3a;H3b;H3c P15 sustainability governance. Figure 1 exhibits the relationship between dependent
and independent variables, which are estimated in terms of multiple aspects that
are perceived from the literature. Moreover, the formulated hypothesis is based
Conceptualization P18 on thesevariables and the prior literature outcomes. The increase in the share of
foreign ownership enhances stakeholders demand for more information and
forces firms to expose more economic information related to economic activities
which generate the first-order effect. The first-order effect may, in turn,
accelerate the second-order social sustainability disclosure (i.e., information
• Framework cho rằng “sở hữu nước ngoài” là nhân regarding social activities of the firm to benefit the society). Subject to legitimacy
tố quan trọng ảnh hưởng đến “Công bố thông tin doctrine, it is a vital component to change the social image of the firm.
Moreover, the secondorder effect generates the third-order environmental
phát triển bền vững” disclosure effect. Theoretically, all components of sustainability disclosure (i.e.,
• Qua reviews các nghiên cứu, nhận định cơ chế economic, social and environmental) have significant reciprocity to ensure full
ảnh hưởng là ảnh hưởng đa tầng. sustainability disclosure.
• “Tỷ lệ sở hữu nước ngoài tăng thì cũng cho phép

các đối tượng liên quan đòi hỏi thêm thông tin và
buộc doanh nghiệp công bố thêm thông tin “bền
vững kinh tế” - ảnh hưởng tầng 1. Tác động của
tầng 1 sẽ thúc đẩy tầng 2 – tầng công bố thông tin
bền vững xã hội. Tầng 2 thúc đẩy tầng 3 – công
bố thông tin bền vững môi trường.
P1-3
P4
Reviews of studies about EnvSRI -> H1c P5-12 Sustainability Reporting
Intruduction of intervening variables & brief reviews of studies P13 Sustainability disclosure is essential […] [P1]
Reviews of studies of relationship between size and TCSRI -> H2, H2a;H2b;H2c P14 Similarly, Ganapathy […] [P2]
Reviews of studies of relationship between size and TCSRI -> H3,H3a;H3b;H3c P15 Comparatively, some studies reported […] [P3]
Furthermore, our study intends […] [P4]
Conceptualization P18 Environment Reporting
Nowadays, indicating efficient […] [P5]
Environmental reporting enable firms […] [P6]
In case of Pakistan, the concept […] [P7]
Furthermore, Aldrugi and Abdo […] [P8]
Furthermore, consistent to foreign […] [P9]
Another primary concern is that […] [P10]
• RANT!!!! Notably, in developing economies […] [P11]
• Cấu trúc không rõ ràng, tại sao không tách Also, the industrial sector discharges […] [P12]
hẳn phần Intervening Variables Intervening factors
• Weight của các ý, tại sao lại quá chú trọng Moreover, we are also interested[…] [P13]
phần Env Reporting? Trong khi vai trò về sau Furthermore, firm size is an […] [P14]
của nó cũng chỉ giống như Soc và Eco However, company growth and[…] [P15]
Furthermore, the existing literature […] [P16]
On the other hand, some studies […] [P17]
Conceptualization
Based on the research questions […] [P18]
Materials
AND methods
Components Para Materials and methods
Sampling and data collection P1
Sampling and data collection:
Giới thiệu MMA P2
[P1] The initial sample size of this research study […]
Giới thiệu SMMA và cách triển khai P3
Methods:
Cách triển khai CAM P4
[P2] Our research study employed “mixed methods
Regression và định hướng qualitative, P5
phương pháp sampling cho qualitative approach […]
Giải thích mục tiêu của qualitative P6 [P3] here are different types of mixed method […]
[P4] To achieve objectives of this study, […]
[P5] Furthermore, for empirical results, […]
[P6] Similarly, mixed method purposive […]
Sampling and data collection:
[P1] The initial sample size of this research study
Giới thiệu SMMA và cách triển khai P3
consisted of the top 200 firms listed on the Pakistan
Cách triển khai CAM P4 Stock Exchange (PSX) with sub trading floors in
Regression và định hướng qualitative, P5 (Karachi, Lahore, and Islamabad). Based on data
phương pháp sampling cho qualitative availability, firms were selected to compose the
Giải thích mục tiêu của qualitative P6 sample size of the study. Therefore, the final sample
of this study includes 100 firms. The data for selected
firms is collected form the period 2006–2018 as
during this period initially, the firms started following
• 200 doanh nghiệp trên sàn GRI standards and prepared/disclosed CSR reports.
• Căn cứ tính sẵn có của các dữ liệu lọc còn 100 According to GRI (2019) reporting map, “Chemicals,
doanh nghiệp Energy, Textiles and Apparel, Conglomerates, and
• Thời đoạn của nghiên cứu: 2006-2018 Automotive” are the top reporting industries from
• Lý do chọn thời đoạn: Pakistan. On the other hand, during 2010–2015, the
• các nghiên cứu chỉ ra giai đoạn này là
Securities and Exchange Commission of Pakistan
giai đoạn các doanh nghiệp Pakistan bắt
(SECP) and Pakistan Institute of Corporate
đầu thực hiện báo cáo bền vững
Governance (PICG) actively induced and
implemented corporate sustainability structure
coherent to Mahmood et al. (2018)
[P2] Our research study employed “mixed methods
approach (MMA)” to assess the impact of foreign
Giới thiệu SMMA và cách triển khai P3 ownership on sustainability disclosure. The mixed-
Cách triển khai CAM P4 method approach is considered as an ideal technique
Regression và định hướng qualitative, P5 to measure research complexities (Homer et al. 2008;
phương pháp sampling cho qualitative Nutting et al. 2009). Mixed method research needs a
Giải thích mục tiêu của qualitative P6 meaningful mixture of techniques in data collection,
assessment, and elaboration of the results. The term
“mixed” is an essential component in the mixed
methods approach in data assimilation at a suitable
level in research methods (Ivankova et al. 2006).
• Nêu rõ sử dụng “mixed methods approach” Mixed method technique can be employed within one
• Nếu các lý do sử dụng mix method: study to attain an understanding of linkages and
• Để khảo sát liên hệ/ tính không nhất quán inconsistencies between qualitative and quantitative
giữa kết quả quanti và quali data. MMA gives chances to target respondents for
• Để khảo sát kinh nghiệp thực tế và nâng cao experience sharing and enhances various passages
chất lượng thông tin thông qua việc tìm hiểu of exploration which improve the information and
các cơ chế giải thích induce crux of question responses (Creswell 2013).
[P3] There are different types of mixed method
Giới thiệu MMA P2 designs; we employed the “Sequential Mixed Method
Giới thiệu SMMA và cách triển khai P3 Approach (SMMA).” According to SMMA, the data
Cách triển khai CAM P4 collection and estimation is divided into two stages. In
the first stage, quantitative data was collected and
phương pháp sampling cho qualitative estimated. The outcomes of the first stage were
therefore employed to compose the qualitative
Giải thích mục tiêu của qualitative P6 feedback in the second stage. The qualitative
• Nêu rõ sử dụng “Sequential mixed methods questions to probe from respondents and also the
approach” sampling technique were estimated by quantitative
• Giải thích SMMA: outcomes (Masud et al. 2018; Rossi and Tarquinio
• Stage 1: quantitative 2017). Employing “Explanatory Sequential Mixed
• Stage 2: kết quả quanti sẽ được sử dụng để Methods Technique,” at the first stage, the
tiến hành stage 2 Quali. quantitative data of foreign ownership is gathered
• Cụ thể cho nghiên cứu này: from the financial reports of the firms. The data
• Stage 1: regarding various components of sustainability
• dữ liệu “tỷ lệ sở hữu” được lấy từ báo disclosure was collected by using “Content Analysis
cáo tài chính Method (CAM).” The content analysis includes the
• Dữ liệu về TCSRI (và thành phần) được coding of the data into different classes/groups based
lấy sử dụng kỹ thuật CAM. on selected principles (Kumar and Prakash 2019;
Bae et al. 2018; Mahmood et al. 2018)
[P3] There are different types of mixed method
Giới thiệu MMA P2 designs; we employed the “Sequential Mixed Method
Giới thiệu SMMA và cách triển khai P3 Approach (SMMA).” According to SMMA, the data
Cách triển khai CAM P4 collection and estimation is divided into two stages. In
the first stage, quantitative data was collected and
phương pháp sampling cho qualitative estimated. The outcomes of the first stage were
therefore employed to compose the qualitative
Giải thích mục tiêu của qualitative P6 feedback in the second stage. The qualitative
questions to probe from respondents and also the
sampling technique were estimated by quantitative
outcomes (Masud et al. 2018; Rossi and Tarquinio
2017). Employing “Explanatory Sequential Mixed
• RANT!!!!! Methods Technique,” at the first stage, the
• Lẽ ra phải lặp lại dữ liệu để cho TCSRI lấy từ
quantitative data of foreign ownership is gathered
• Báo cáo thường niên
from the financial reports of the firms. The data
• Cơ sở dữ liệu GRI (doanh nghiệp tự
regarding various components of sustainability
nguyện báo cáo trên website)
disclosure was collected by using “Content Analysis
Method (CAM).” The content analysis includes the
coding of the data into different classes/groups based
on selected principles (Kumar and Prakash 2019;
Bae et al. 2018; Mahmood et al. 2018)
[P4] To achieve objectives of this study, firstly
Giới thiệu MMA P2 corporate sustainability disclosure index is
Giới thiệu SMMA và cách triển khai P3 constructed by using “Global Reporting Initiatives
Cách triển khai CAM P4 (GRI)” descriptive and quantitative sustainability
reporting indicators. GRI indicators employed in this
phương pháp sampling cho qualitative study regarded as the global benchmark for
sustainability disclosure (Brown et al. 2009) number
Giải thích mục tiêu của qualitative P6 of firms practicing GRI standards for sustainability
reporting exposure are increasing in Pakistan, similar
• Tham chiếu của quá trình CAM là “Bảng nhân tố to other developing economies (Mirza 2016). Content
mô tả và định lượng của báo cáo bền vững của tổ analysis is used to identify the existence and non-
chức GRI” existence of a specific exposure in the year wise
• CAM khảo sát sự tồn tại của từng nhân tố (Eco, sustainability reports, by the disclosure index
Soc, Env) trong “báo cáo phát triển bền vững” constructed in the first stage.
hàng năm của các công ty.
>>> chỉ là ví dụ: GRI được chia thành nhóm (Eco,
Soc, Env), mỗi nhóm có n từ khóa, máy tính sẽ đọc
qua các báo cáo, ghi lại tần suất xuất hiện của từng
key words. Bảng tầng suất này sau đó đi qua 1 lớp
weights để tính được 1 chỉ số mang tính đại diện cho
1 yêu tố (Eco, Soc, Env, TC)
[P4] Furthermore, for empirical results, we employed
Giới thiệu MMA P2 regression analysis on quantitative data, to estimate the
Giới thiệu SMMA và cách triển khai P3 effects of foreign ownership on components of sustainability
disclosure. The outcomes of the first stage (quantitative
Cách triển khai CAM P4 stage) respectively instructed the pattern of the second
Regression và định hướng qualitative, P5 stage (qualitative). We interviewed six different
phương pháp sampling cho qualitative management and ownership representatives (two internal
directors, two independent directors, and two foreign
Giải thích mục tiêu của qualitative P6 shareholders) and inquired them about the positive and
negative outcomes for the sake of their sentiments. Then,
we estimated qualitative data to confirm the findings of
• Thực hiện hồi quy và dung kết quả hồi quy để xác quantitative data, to portray the essence and understanding
định cách triển khai câu hỏi cho giai đoạn 2 (quali) of the quantitative outcomes. However, we used purposive
• Phỏng vấn 6 người để nghe lý giải của họ về các sampling method for the selection of interviewees, as
kết luận của giai đoạn 1. purposive sampling is mostly used to identify the selection
• Ví dụ: Bạn nghĩ “tỷ lệ sở hữu nước ngoài of information-rich objects related to the issues under
consideration (Duan and Hoagwood 2015). Purposive
càng cao thì doanh nghiệp càng có xu hướng
sampling methods are employed explicitly in qualitative
thực hiện báo cáo bền vững”
research for choosing objects “such as a single person,
• Cách chọn đối tượng: purposive sampling method
groups and organizations” based on particular objectives
– Chọn những người có thông tin hữu ích chứ associated with responding to research problems and
không chọn ngẫu nhiên. queries (Teddlie and Yu 2007).
[P5] Similarly, mixed method purposive sampling is
Giới thiệu MMA P2 the rational selection of specific settings, individuals,
Giới thiệu SMMA và cách triển khai P3 and events for quality information (Maxwell et al.
Cách triển khai CAM P4 1997). Our interviews concentrate on the anticipated
functions and influence of foreign ownership on
phương pháp sampling cho qualitative respective components of sustainability disclosure to
explore and investigate the perception of the different
Giải thích mục tiêu của qualitative P6 outcomes. In this study, the crux of the qualitative
approach is to confirm the findings of the quantitative
analysis and represent conclusive interpretations of
the problem identification.
• Các bài phỏng vấn chú trọng mối quan hệ được
thiết lập qua hồi quy và ảnh hưởng của “sở hữu
nước ngoài” đến các yếu tố của “công bố thông
tin phát triển bền vững”
• Mục tiêu của quali là để kiểm định lại kết quả của
quanti và diễn giải (cơ chế) cho mối quan hệ giữa
các biến.
Measurement of
variables
Components Para Measurement of variables
Independent variables P1
Independent variables:
Dependent variable-corporate sustainability P2
disclosure (economic, social, environmental) [P1] Our study uses foreign ownership […]
index Dependent variable-corporate sustainability
P3 disclosure (economic, social, environmental) index
Control variables
[P2] The present study employed GRI […]
Control variables
[P3] To control the influence of other factors […]
[P1] Our study uses foreign ownership as an
Dependent variable-corporate sustainability P2 independent variable. Many studies likewise
disclosure (economic, social, environmental) (Camilleri 2017; Modugu and Eboigbe 2017)
index measured the impact of foreign ownership with a
Control variables P3 dummy variable. However, we followed the most
recent studies proposed by Sharif and Rashid (2014),
Gulzar et al. (2019), Khan and Khan (2011), and
Uwuigbe et al. (2011) in which foreign ownership is
measured by the firm’s total shares held by foreign
shareholders.
• “Sở hữu nước ngoài được đo lường bằng số cổ

phiếu cổ đông nước ngoài nắm giữ”
[P1] Our study uses foreign ownership as an
Dependent variable-corporate sustainability P2 independent variable. Many studies likewise
disclosure (economic, social, environmental) (Camilleri 2017; Modugu and Eboigbe 2017)
index measured the impact of foreign ownership with a
Control variables P3 dummy variable. However, we followed the most
recent studies proposed by Sharif and Rashid (2014),
Gulzar et al. (2019), Khan and Khan (2011), and
Uwuigbe et al. (2011) in which foreign ownership is
• RANT!!!
measured by the firm’s total shares held by foreign
• Phi lý, làm sao lấy số cổ phiếu, công ty A có
shareholders.
10 triệu cp, công ty B có 100 triệu cp.
• Bài nghiên cứu sử dụng transformation biến
“sở hữu nước ngoài” nhưng không nói rõ đã
transform thế nào. Nhìn bảng descriptive
states thấy Min của “sở hữu nước ngoài” âm.
Số Max lại bé hơn Mean và Median. Vậy là
sao?
• Không thể kết luận được bài nghiên cứu đã
đo lường nghiệm “sở hữu nước ngoài” thế
nào, có chính xác hay không.
[P2] The present study employed GRI (Global
Dependent variable-corporate sustainability P2 Reporting Initiative) standards for economic,
disclosure (economic, social, environmental) environmental, and social sustainability exposure. An
index accumulative disclosure index is constructed for total
Control variables P3 corporate sustainability disclosure (TCSRI) and single
index for each dimension, i.e., (economic (ECSRI),
social (SCSRI), and environmental (EnvCSRI)) of
sustainability exposure and then employed in
regression analysis. The detail of GRI standards of
sustainability reporting and measures of sustainability
disclosure are given in Table 7 (see Appendix). We
• Tiêu chí GRI được chia ra làm 3 nhóm (sử dụng followed the content analysis method indicated by
trong CAM): Eco, Env, Soc. (ECSRI, EnvSRI, Mahmood et al. (2018), Ganapathy (Ezhilarasi and
SCSRI) Kabra 2017), and Kumar and Prakash (2019) to
• Một index lũy kế được sử dụng để đại diện cho
assess the existence and nonexistence of keywords
TCSRI (total)
explaining various components of sustainability
disclosure.
[P2] The present study employed GRI (Global
Dependent variable-corporate sustainability P2 Reporting Initiative) standards for economic,
disclosure (economic, social, environmental) environmental, and social sustainability exposure. An
index accumulative disclosure index is constructed for total
Control variables P3 corporate sustainability disclosure (TCSRI) and single
index for each dimension, i.e., (economic (ECSRI),
social (SCSRI), and environmental (EnvCSRI)) of
sustainability exposure and then employed in
regression analysis. The detail of GRI standards of
sustainability reporting and measures of sustainability
• RANT!!!! disclosure are given in Table 7 (see Appendix). We
• Bài nghiên cứu không chỉ rõ CAM thực hiện followed the content analysis method indicated by
cho từng chỉ tiêu (ECSRI, EnvSRI, SCSRI) Mahmood et al. (2018), Ganapathy (Ezhilarasi and
như thế nào. (giữ các key words trong GRI Kabra 2017), and Kumar and Prakash (2019) to
list cho weight hay không, phép toán assess the existence and nonexistence of keywords
transform có quan tâm đến tần suất xuất
explaining various components of sustainability
hiện)
disclosure.
[P3] To control the influence of other factors, the
Dependent variable-corporate sustainability P2 present study employed firm Size, Growth, and
disclosure (economic, social, environmental) Leverage as control variables suggested by recent
index studies (Khan et al. 2012; DelgadoGarcía et al. 2010;
Control variables P3 Adeniyi and Adebayo 2018) and prior literature. The
firm Sizeit is measured by Ln (natural log) of total
assets, as company size has a positive impact on
sustainability disclosure of companies (Khan et al.
2013). Growth is estimated by using the percentage
annual increase in assets (Swandari and Sadikin
2017; Modugu and Eboigbe 2017). However,
• Quy mô: log tự nhiên của tổng tài sản Financial Leverage (Levit) is calculated by the ratio of
• Tăng tưởng: là phần tram tang trưởng tổng tài total debt to total assets, as indicated by Adeniyi and
sản giữa 2 năm Adebayo (2018) that highly leveraged companies
• Đòn bẫy: tỷ lệ nợ trên tổng tài sản report more environmental and social information.
Research model
specification
Research model specification
The present study employed regression analysis to
assess the relationship between foreign ownership
and firms’ sustainability disclosure. The formulated
regression models are specified below.
• Phương trình hồi quy cho 4 Hypothesis

Regression Results
Interview Results

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Does foreign ownership

affect corporate sustainability disclosure

Phạm Tấn Phát

• Trong inductrion của bài không thực hiện review

• P10: sử dụng các câu hỏi suy luận “Inferential”

• Kết luận, “Tuy vậy, không có nghiên cứu nào xem

• Cổ động nước ngoài có thể áp lực khiến các

hệ “công bố thông tin phát triển bền vững” và “sở

Reviews of studies of relationship P16-17 Moreover, we are also interested[…] [P13]

• P3: Reviews một số nghiên cứu tìm thấy tương

phần): Economic, Social, Environmental

• “Tỷ lệ sở hữu nước ngoài tăng thì cũng cho phép

• “Sở hữu nước ngoài được đo lường bằng số cổ

• Phương trình hồi quy cho 4 Hypothesis

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