Tac dong
cua trach nhiem moi triTt ng den hieu qua tai chmh
HOYNH QUANG LIMH' Tom tat
Nghien cdu tap ndy trung phdn tich tdc dong cua trdch nhiim moi trudng de'n hieu qud tdi chinh, tnd cdc doanh nghiep sdn xudt dat duac. Bong thdi, ddnh gid sU dnh hudng cda cdc bii'n kiem sodt dUcfc, nhU: don bay tdi chinh, quy mo doanh nghiep vd rui ro doanh nghiep tdt hiiu qua tdi chinh doanh nghiip. Ke't qud nghien cvlu cho thdy rang, trdch nhiim moi trudng, cung nhu don bdy tdi chinh, quy mo doanh nghiep vd rui ro doanh nghiep deu tdc dong tich cUc vd y nghia din hieu qud tdi chinh doanh nghiep.
Tii khoa: irdch nhiem moi trUdng, hieu qua tdi chinh, doanh nghiep sdn xudt Summary
This research attempts lo analyze the effect of environmental responsibility on corporate financial performance in manufactunng firms. In addition, il assesses the influence of firm leverage, firm size and firm risk on corporate financial peiformanee. The empirical findings reveal that environmental responsibility as well as firm leverage, firm size and firm risk impose a significantly positive impact on corporate financial performance.
Keywords: environmental responsibility, financial performance, manufacturing firms GIOI THIEU
Moi tnfdng sinh thai tren pham vi toan the gidi ngay nay dang bi 6 nhiem va huy hoai tram trgng.
Dilu nay da va dang anh hifdng tieu ciJc de'n si/ phat trien kinh te ben vu'ng cua cac quo'c gia (Nguyin Quang Hung, 2010),
De khac phuc va han che miJc d6 6 nhiem moi trifdng can phai cd sif pho'i hdp va hdp tac cua cac ben lien quan, trong do cd sif tham gia dac biet cua cac doanh nghiep dang san xua't, kmh doanh. Bdi, mot trong nhu'ng tac nhan chinh gay ra 6 nhi§m moi tnfdng chinh la hoat dgng san xua't, kinh doanh cua cac doanh nghiep trong dd cd cac doanh nghiep d Viet Nam (Nguyen Phifdng Mai, 2013),
Them vao dd, trach nhiem xa hgi ndi chung, irach nhiem moi tru'dng ndi rieng, ddng mgt vai tro quan trgng gdp phan tang gia tri doanh nghiep thong qua danh tie'ng va hinh anh xa hoi cua ho. Qua do, thu hiit, duy tri va tao dgng lu'c cho ngu'di lao dgng; thu hiit va tao SLf trung thanh cua ngifdi tieu dung, tao mo'i quan he tot vdi nha dau tiS va cdng ddng tai chinh, vdi chinh phu va cong dong dan cif dia phUdng (Chau Thi Le Duyen va cOng stf, 2014).
Tuy vay, tren thifc te, viec thtfc hien trach nhiem moi tnfdng tai cac doanh nghifip Vi6t Nam vSn con kha khiem ton, m^c du diiu nay la bat bugc va phd' bien tai_cAc nudc phat trien (Trtn Thi Hoang Yen, 2016). Vl vgy, can thie't phai thtfc hien cac nghien cflu ve trach nhi^m moi trifdng ciia doanh nghiep tai Viet Nam, d^c biet la thie't lap va danh gia tac dong cua trach nhiem mdi tnfdng de'n hi6u qua lai chinh ciia doanh nghiep.
CO S6 LY THUYET VA PHUONG PHAP NGHIEN c a u ^ " ^ ^ ^ ^ ^
Cdsdly thuyg't
Theo McWilliams and Siesel (2000^
trach nhiem xa hgi la cac hoat dong cd hen quan den ldi ich kinh le', cha'p hanh phap luat dao dflc va hd trd xa hSi dac biet la cac hoat ddng hSn quan d S trach nhiem bao ve mdi trifdn, Trl.h nhiem moi trtfdng co nghTa \h dat hiT Idi nhuan va tuan theo phap luat r r^^
'TS,, Trifcing D^i hgc Tra Vinh I Email: [email protected],vn
Ngav niign bai: 14/02/2019: Ngciy plian bieu 12/03/2019. Ngay duySl dang: 20/03/2019
kien tfu tidn hang dau khi ndi ve dao du'c cua doanh nghigp va mtfc dd, ma doanh nghiep hd trd cho xa hgi trong vi6c bao ve moi trtfdng.
Nguyin Thi Lan Htfdng (2009) da phan tich trach nhiem mdi tnfdng vdi tinh each mgt thanh ph^n cua trach nhiem xa hdi va da xac nhan rang, trach nhiem mdi trtfdng la khai niem ttfdng dd'i mdi, la ndi dung can ban cua dao dtfc mdi trtfdng.
Theo do, trach nhiem mdi tnfdng cua con ngtfdi cang ngay cang quan trgng; va nd khdng ddn gian chi la trach nhiSm vdi mdi trtfdng ttf nhi6n, ma con ngtfdi phai hanh dgng khdn ngoan de khdng Iam tdn hai de'n mdi trtfdng vi ldi ich cua toan xa hoi, ciing nhtf cho mdi trtfdng ttf nhien,
Lee va Kim (2017) da kiem tra va phan tich vai trd cua ye'u to'van hda trong vide chuyen tie'p trach nhiem xa hgi, cung nhtf trach nhiem mdi trtfdng, thanh hi^u qua hoat ddng cua doanh nghiep.
Ke't qua nghien ctfu cua cac tac gia nay da nhan manh tam quan trgng cua trach nhiem mdi trtfdng doanh nghiep trong viSc duy tri, cung nhtf phat huy hieu qua tai chinh cua doanh nghiep.
Allow va Gannon (1982) da phan tich va xem trach nhidm mdi trtfdng nhtf la mdt thanh td'cua trach nhiem xa hgi.
Mgt so' nghien ctfu khac cung da danh gia md'i quan hd giii'a trach nhiem mdi trtfdng va hieu qua tai chinh cua doanh nghiep. Albertini (2013) cho rang, md'i quan he giii'a trach nhidm mdi trtfdng va hieu qua tai chinh doanh nghiep da nhan Slf quan ttm ldn tCf cdng chung va cac nha nghien ctfu. Tac gia nay da tdng hdp kd't qua nghien cflu ciia cac cdng trinh trtfdc va xac dinh dtfdc yd'u td anh htfdng dem tang ddng vai trd trung gian thuc d^y md'i quan he nay. Ke't qua ehtfng minh mgt anh htfdng ciing chieu va y nghia cua trach nhiem mdi trtfdng vao hieu qua tai chinh ciia doanh nghidp. Mac du cd nhieu nghidn ctfu da phan tich md'i quan he giii'a trach nhiem mdi trtfdng va hidu qua tai chinh doanh nghiep, nhtfng ke't qua thtfc nghidm lai raau thuSn nhau (Endrikat et al., 2014). Nghien ctfu ciia cac tac gia nay dac bidt ra't quan tam de'n nhffng van de vat chat. Ke't qua phan tich de nghi mot md'i lien he dtfdng, hai chieu va y nghia giu'a trach nhidm mdi trtfdng va hieu qua tai chinh, Ke't qua nghidn cflu cung nhan manh rang, md'i lien he nay dat ctfdng dg ttfdng tac manh hdn khi phtfdng phap ke' hoach chid'n Itfdc dtfdc
Trach nhiem m
HINH: m o HiMH N G H I E N C f l u D I X G A T
01 truang doanh nghiep Hieu qua lai chinh doanh nghiep
Bien kiem soal.
Don bay ti\ chinli Quy mo doanh nghiep MCrc rui ro doanh nghiep
Mgii6r5 T a c gia d e x u a l
sii dung Iam cd sd cho trach nhidm mdi trtfdng ia chu ddng thay vi b; ddng.
Bergmann (2016) xac nhan, trong 3 thanh phan cua trach nhiem xa hdi, ma nd lien quan dd'n xa hdi, mdi trtfdng va kinh td', thi stf quan tam ve khia canh mdi trtfdng la nhieu nhCt. Ly do xual phat ttf thtfc td' thach thtfc 6 nhidm mdi trtfdng toan cau ngay cang tang,
Thd'ng nh&'t vdi quan diem nay, Freeman (2010) siJ dung ly thuye't cac ben lidn quan de phan tich va xac nhan md'i quan hd thuan chieu giiJa trach nhidm mdi trtfdng va hieu qua tai chinh doanh nghidp.
Trong khi do, Wernerfelt (1984) da kham pha tinh htfu ich ciia phin tich cac doanh nghidp theo quan diem ngudn Itfc, thay vi theo quan diem san xua't.
Nhtfng phan tich chinh ciia nghidn ctfu chii yd'u sfl dung ly thuye't dtfa tren tai nguyen da nha'n manh nhirng ltfa chgn chid'n Itfdc, ma chung tap trung vao khia canh mdi trtfdng ttf quan diem ngudn Itfc. Ke't qua phan tich cho tha'y rang, trach nhidm mdi trtfdng cd anh htfdng ciing chilu dd'n hieu qua tai chinh ciia doanh nghidp. Trach nhiem mdi trtfdng vdi khia canh ndi dung cd't ldi ciia dao dtfc mdi trtfdng, ma nd la mdt nhanh nghidn ctfu trid't hgc tfng dung cac truyin thd'ng dao dtfc khac nhau nham ly giai va giai quye^t cac van de mdi trtfdng, cd cd sd ly luan ttf trid't hgc va dao dtfc hgc.
Song song vdi quan diem ve trach nhiem mdi trtfdng dtfa tren ly thuyd't vi ldi hoac hau qua, mdt quan diem khac dtfa trdn thuye't bdn phan de nghi rang, con ngtfdi phai cd trach nhidm trtfc tiep dd'i vdi mdi trtfdng ttf nhien xung quanh. Ba't ky stf tac ddng nao ciia con ngtfdi de'n mdi trtfdng xung quanh deu gay mdt anh htfdng dd'n cac loai khac va dSn dd'n nhtfng hau qua khdng the Itfdng trtfdc. Quan diern nay danh da'u mdt stf thay ddi ttf nhtfng ]^ thuye't lay con ngtfdi lam trung tam sang cac ly thuyet lay mdi trtfdng ttf nhien lam trung tam. Do do, ca nhan hoac cac td chtfc mud'n htfdng ldi Ich !au dai, thi phai cd cac phan tfng phu hdp vdi mdi trtfdng ttf nhien (Bennett, 1994).
Ben canh dd, Nguydn Thi Lan Htfdng (2009) cho rang, viec phan tich sau rdng cd sd ly luSn cung nhtf thtfc tidn cho vide xac dinh trach nhidm mdi trtfdng ciia ca nhan hoac doanh nghiep thu'c stf la van de cap bach;
va quan trong hdn nffa la can ke't ndi trach nhiem mdi
Hcononiv and Fore ca si Revi
Bi€^n nghien ciJu Hifeu qua lai chinh doanh nghiep Don bay lai chinh Quy mo doanh nghiep Mu'c rui ro doanh nghiep Trdch nhiem moi tru'ting doanh nghiep
TNMTl TNMT2 TNMT3 TNMT4 TNMT5 TNMT6
BANG 1: THANG DO CAc BIEN NGHIEN CflU . ^ — ^ Thang do ' ^-' ''• _ _ _ ry so cua long gid In th, trirong c,3a vo^n chil sd hifu v& gia Ti bUl >oan . . • nd pl'^ ^^^ '''' ioanh nghiep chia cho tSng gia tri tai san but toan cua doanh nghiep
ry so cua tSng gid tn biit loan cua ncl pha tra ciia doanh n-hifip chia cho ton •• "ia m ^ut ^o^n :ua von chu sd hiJu " i' - =' Logant cua s6 lUdng nh.ln vien Iam viec tai doanh nghiep
^e so beta cua doanh nghiep
Cong ty CO CO gang giam mu'c Ueu thu nang lu'dng trong qua trinh sanxuai Cong tyc6 CO gdng giam thieu va tai sii'dung rAc thSi trong qua trinh san ti'-i^
Cong ty CO no lu'c tranh gay 6 nhiem moi tru'dng
Cong ty CO nS lu'c bao ve moi triTcfng tiT nhien ndi hoat d6ng san xua't, kJnh doanh Cong ty c6 tinh den cac anh hirSng doi vdi moi tru'dng khi thie't k.€ va san xua'l san pham mdi Cong ty CO cung cap thong tin day dii lien quan de'n yen to moi tru'dng tren nhan hieu san pham va cdc an ban thong tin khac cho khach hang cung nhu' nha cung u'ng
BANG 2: K E T Q U A PHAN TICH DO TIN C ^ Y
Trach nhiem mo]
tru'dng
TNMTl TNMT2 TNMT3 TNMT4 TNMT5 TNMT6
0.742 0,697 0,682 0.688 0,720 0,579
0.847 0.854 0,856 0,855 0,850 0.874
0,877
B A N G 3: K E T Q O A PHAN TICH N H A N TO Nhan to'
Trach nhiem moi tru'dng doanh nghiep
Bien quan sat TNMTl TNMT2 TNMT3 TNMT4 TNMT5 TNMT6
HS sd'tai nliSntS*
0,838 0,799 0,787 0,790 0,823 0,694
PtnftAtg sai tich luy
62,396%
KMO
0,854*'"
Mitc y ngim
n g u o n Tmh i<
trtfdng vdi hieu qua ma doanh nghiep hoac ca nhan nhan dtfcfc. Nghidn ctfu nay de xu§'t gia thuyd't rang, cac thanh phan cua trach nhiem mdi trtfdng tac dgng tich ctfe de'n hidu qua tai chinh cua doanh nghidp, dac biet cho cac doanh nghiep dang boat dong d cac nen kinh te'dang phat tnen, trong dd cd Viet Nam.
Theo Surroca va cgng stf (2010), cac bie'n kiem soat dtfdc, nhtf: ddn hiy tai chinh, quy md doanh nghidp va mtfc rui ro doanh nghidp ciing tac ddng de'n hieu qua tai chinh cua doanh nghiep.
Ttf cac nghidn ctfu trtfdc dd, tac gia de xua't md hinh nghien ctfu nhtf Hinh.
Theo dd, bie'n Hieu qua tai chinh doanh nghiep (HQTC) dtfdc do Itfdng bang he soTobin's q. Bie'n Trach nhidm mdi trtfdng dtfdc do bang 6 bie'n quan sat (TNMTl ^ TNMT6). Cac bie'n kiem soat dtfdc sff dung trong md hinh nghidn ctfu, bao gdm 3 bid'n lien quan: (1) Ddn b^y tai chinh - DBTC; (2) Quy md doanh nghiep - QMDN; va (3) Mffc rui ro doanh nghiap - RRDN, Thang do cho cac bie'n nghien cffu trong md hinh nghien ctfu dtfdc trinh bay d Bang 1,
Phrfcfng phap nghidn ctfu Cac^doanh nghidp san xual dffdc chgn dd phan tich la cac doanh nghiep dtfdc cho la cd mffc dd gay d nhiim mdi trtfdng cao hdn so vdi cac nganh khac.
^Phtfdng phap chgn mlu dtfdc thffc hien ngau nhidn trong cac doanh nghiep nidm yet tren cac san chffng khoan chinh cua V W r ; 5 " ^ " ^ ^ ' ? ' ^ " ^ ^ ^ h a p trong khoang ttf thang 02 den Ihang 05/2018
^"°;,'^""g',!^°"g"ghienctfunay,cd213 c t T h a t ; c f ; " " ^ ^ ^ P ^ ^ > ^ ^ ^ ' ' ^ ^ n g t i n
KET QUA NGHIEN cQu P M n t i c h a O t i n c a 5 c Q a t h a „ s d o _ Ket qua nghien cu'u iBin. 2) rh- rang, cac he ,6 MOng qua„ y j ' ™ ' "
cua cac bien quan sal trong thano,, ,»
Wnh<.ntr,sa-0,5(thaydfntt75«°'^5"
0,742). Dieu nay chiing i„ ra„„ •=','^ Sen 6, cac hign
10
quan sat trong mdt thang do la tffdng ddng nhau va ciing dai dien td't cho bien nghien cffu chinh.
Thdm vao dd, he sdCronbach's Alpha (0,877) dat he sddn cay cao v^ tdt; ddng thdi, cac he so' Cronbach's Alpha - nd'u bid'n quan sdt bi loai ta't ca deu nhd hdn 0,877. Do vay, cd th^ kd't lu$n rang, ta't ca 6 bid'n quan s^t deu dap ffng yeu cau ve dd tin cay va ddng nhat vdi nhau trong cung mgt nhan to'chinh.
PhSn tich nhan to'kham pha (EFA) Sau dd, ta't ca 6 bie'n quan sat deu dffdc dffa vao ky thuat phan tich nhan td' kham pha de tinh gia tri dai didn chung cho bid'n "Trach nhidm mdi trtfdng".
Kd't qua phan tich EFA dtfdc trinh bay trong Bang 3. Cu the, hd sd'KMO dat dtfdc gia tri la 0,854, ldn hdn gia tri ydu cau 0,7 (Hair va cdng stf, 2012) va dat y nghia thd'ng kd & mtfc 1%; them vao dd tdng phtfdng sai trich ndi ldn mtfc dd giai thich stf bid'n thidn cua dff lieu dat 62,396%. Dieu nay cho tha'y, cdc bid'n quan sat trong thang do "Trdch nhidm mdi trtfdng doanh nghiep" dat gid tri hgi tu tdt, Hdn the' ntfa, cac he so tai nhan to' dao ddng tff 0,694 de'n 0,838, Ke'l qua nay cho tha'y rang, cac bie'n quan sat thd'ng nha't cao vdi bid'n dai dien cua chiing.
PhSn ti'ch h6i quy tuyd'n tinh Sau khi bd dff hdu sff dung cho nghidn ctfu nay dam bao thda man mtfc dd dn cay theo ydu cau thd'ng kd, chung tie'p tuc dtfdc phan tich bang ky thuat phan tich hdi quy tuye'n tinh de kiem chffng gia thuyd't nghidn ctfu de xua't trong md hinh nghien ctfu. Kd't qua ttf phSn tich hdi quy tuye'n tinh dtfcfc trinh bay d Bang 4.
Ket qua hdi quy tuye'n tinh cho tha'y, khdng xay ra hidn ttfdng da cdng tuye'n, vi cac he so' tang phtfdng sai dao ddng tff 1,291 den 2,884 deu nhd hdn tri sd 3. Them vao do, vdi mtfc y nghia 5%, thi he sd Durbin-Watson \k 1,891 nam trong khoang ttf d^ dd'n 4-dy, ndn khdng CO hien ttfdng ttf ttfdng quan trong bg dff lieu phan tich. Bdn canh do, cac he so' xac dinh R- bdng 0,846 va bang 0,812 cd nghia rdng, cac bid'n quan sdt ciia "Trdch nhiem mdi trtfdng" cung vdi cac bie'n kid'm soat giai thich dtfdc 84,6% stf bie'n ddi cua bid'n "Hidu qua tai chinh"; trong khi dd, bid'n nghien ctfu chung "Trdch nhidm mdi trtfdng" cimg vdi cac bid'n kie'm sodt giai thich dtfdc 81,2% stf bien
BANG 4: KET QUA PHAN TICH HOI QUY TUYEN TINH Cac bt€'n d$c Iflp
Tung do goc DBTC QMDN RRDN TNMTl TNMT2 TNMT3 TNMT4 TNMT5 TNMT6 TNMT R^
F P|,
Bien pliu thUQc HQTC (1)
-0,826- 0,150"' 0,358"*
0,319*"
0,0S7*
0,056' 0,059"
0,068' 0,083**
0,059"
0,846 123.907
< 1%
HQTC (2) 0,433""
0,183'"
0,402"' 0,348'"
0,295"' 0.812 223,899
< 1 % Miic ;^ nghia; •'•^'* / % ; • ^ 5%; *10%
Nguon, Tinh t<
ddi cua bid'n "Hidu qua tai chinh", Didu nay cd nghia rang, cac bie'n quan sat ciia "Trach nhiem mdi trtfdng"
ciJng vdi cdc bie'n kiem soat giai thich dtfdc 84,6%
stf bie'n ddi cua bid'n "Hidu qua tai chinh"; trong khi dd, bie'n nghien cffu chung "Trach nhidm mdi trtfdng"
ciing vdi cac bie'n kid'm soat giai thich dtfdc 81,2%
stf bie'n doi cua bid'n "Hieu qua tai chinh". Cdc hd sd' Fisher cua md hinh bdng 123,907 d Md hinh 1 va bang 223,899 d Md hinh 2 vdi mtfc y nghia nhd hdn 1%; dilu nay cho tha'y rang, cac md hinh nghien ctfu phu hdp tai mffc y nghia 1%,
Ke't qua nghien ctfu cho tha'y, cdc thdnh phan ridng cua "Trach nhidm mdi trtfdng", cung nhff thang do chung "Trach nhiem mdi trffdng" deu cd tdc ddng tich ctfe va y nghia de'n "Hidu qua tdi chinh doanh nghiep" tai cac mtfc y nghia 10%, 5% va 1%, vdi hd sd' anh htfdng chung la 0,295, Bdn canh do, cdc bid'n ki^m soat "Ddn bay tai chinh", "Quy md doanh nghidp" vd "Mffc riii ro doanh nghiep" diu cd anh htfdng ciJng chieu va y nghTa 1% de'n "Hieu qua tdi chinh doanh nghiep".
KET LUAN
Trach nhiem mdi trtfdng la mot trong nhtfng nhan to'quan trpng trong viec thuc day hieu qua tai chinh ciia doanh nghidp. 6 Viet Nam, cho de'n nay, da cd kha nhieu cdng trinh nghien ctfu phan tich^md'i quan he giiTa trach nhiem xa hdi va hidu qua tai
11
chinh cua doanh nghiep; tuy nhidn h^u nhtf chtfa cd Neoai ra mna n^nh n^^l-^en c^u "^^
cdng trinh nghien ctfu nao phan tich sau rong tdc ciing cho thVv ? W ddn^'^y t^i '^'^"^
ddng cua trach nhiem moi trtfdng ddn hieu qua tai doanh nghiep quv mo doanI- ngh'^P''?'?
chinh cua doanh nghiep. Nghien cffu nay tdp trung nhtf mffc do rCiiro doanh iK'hitp cdng anh danh gia mdi quan he nhan qua ciia trach nhidm htfdng Hch ctfe de'n hieu qiui tai chinh cua moi trtfdng va hieu qua tai chinh ctia doanh nghiep; doanh nghidp. Nghidn cff',' nay ^V vpi'S trong dd, trach nhidm mdi trtfdng la bid'n nguyen giup cho cac nha quan ly. cung n^tf ban nhan tac dgng tich ctfe de'n hieu qua tai chinh, ma lanh dao cac doanh nghidp Vidt Nam cd doanh nghiep dat dtfdc, _ mgt kid'n thffc tong quat vc md'i quan hd Nghien ctfu nay da ap dung cdc ky thuat thd'ng kd, gitfa trach nhiem mdi trtfdn'? va hieu qua nhtf: phan tich do tin cay, phdn tich nhan to' kham phd tai chinh doanh nghiep; cOns nhtf stf anh va phan tich hdi quy tuye'n tinh de' xff ly va phan tich htfdng ciia ddn bay t&i chinh doanh nghidp, tdc dgng ciia trdch nhidm mdi trtfdng dd'n hidu qua tai quy md doanh nghidp va mtfc dp rui ro chinh cua doanh nghiep. doanh nghiep ddn hieu qua lai chinh doanh Kd't qua nghidn cffu ehtfng minh rang, cac thanh nghiep. Ke't qua nghidn ctfu se giiip ho phan cua trach nhidm mdi trtfdng deu tdc ddng cung trong vide hoach dinh chinh xac hdn cdc chieu de'n hieu qua tai chinh doanh nghidp tai mffc y hoat ddng trach nhiem mdi trtfdng, ttfdng nghia la ttf 5% dd'n 10%; trong khi bid'n trdch nhiem ffng vdi he sd' ddn bay, quy md doanh mdi trffdng chung anh htfdng tich effc de'n hidu qua tai nghiep va dp rui ro, de doanh nghidp dat chinh tai mtfc y nghTa 1%. dtfdc hidu qua tai chinh tdt nha't cd thd.Q
J A J X I E U THAM KHAO- _ _ _
1. Chau Thi Ld Duyen, Nguydn Huynh Kim Ngan va Nguydn Thanh Liem (2014). Nghidn cffu md'i quan he giffa trach nhidm xa hdi, ldi ich kinh doanh va hidu qua tai chinh cua doanh nghidp khu vffc TP^Can Thd, Tap chi Khoa hoc Trudng Dai hoc Can Tha, 32(1), 7-18
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