Các nhân tố ảnh hưởng đến công bố báo cáo phát triển bền vững tại các công ty kinh doanh xăng dầu trực thuộc tập đoàn xăng dầu việt nam TT TIENG ANH

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY ********* LE ANH TUAN FACTORS AFFECTING ANNOUNCEMENT OF SUSTAINABLE DEVELOPMENT REPORT IN OIL AND GAS TRADING COMPANY UNDER VIETNAM NATIONAL PETROLEUM GROUP Major : Accounting Code : 9340301 SUMMARY OF THE THESIS HO CHI MINH CITY – 2022 The Thesis is prepared at: University of Economics Ho Chi Minh City Professional advisor: Asso.Prof., PhD Nguyen Xuan Hung Reviewer 1: Reviewer 2: Reviewer 3: The thesis will be presented to the Thesis Board at the University of Economics Ho Chi Minh City At………….hours…… day…….month……… year……………… This Thesis can be found at the library of University of Economics Ho Chi Minh City LIST OF RESEARCHES OF AUTHOR Tuan, L A., Hai, P T., Hung, N X., & Van Nhi, V (2019) Research on Factors Affecting the Disclosure of Sustainable Development Report: Experimental at Vietnam National Petroleum Group Asian Economic and Financial Review, 9(2), 232-242 Tuan, L A., Toan, P N., & Hung, N X (2020) Study the Factors Affecting the Presentation and Disclosure of Sustainable Development Information of Vietnamese Enterprises Academy of Accounting and Financial Studies Journal, 24(1), 1G Le Anh Tuan (2018) Theories related to publishing sustainability reports in enterprises Journal of Accounting and Auditing, No 7, 53-56 Le Anh Tuan, Nguyen Xuan Hung (2019) Implementation of sustainable development reports publication at Petrolimex enterprises Magazine, No 706, period 1, June, 96-99 Financial INTRODUCTION The necessity of the subject Over the past two decades, the concept of sustainability or sustainable development has received much attention globally, especially in developed countries Van Marrewijk (2003) gives the following definition, sustainable development includes social and environmental concerns in business operations and interactions with stakeholders Although definitions are stated differently based on different points of view, there is a general consensus that in order to assess what an enterprise is doing for its own sustainable development, it is necessary to measure them (Ozdemir et al., 2011) Stakeholders are increasingly demanding disclosure of not only economic performance information, but also information about how the firm's practices affect the environment and society (Waddock, 2003) ) Vietnam National Petroleum Group is an enterprise with many member units operating in the field of petroleum business with about 60 member companies The impact of the petroleum business on the environment is great, but the control of issues such as emission control, air pollution, water pollution, etc is still inadequate Starting from 2018, Vietnam National Petroleum Group has published its Sustainable Development Report in parallel with the financial statement, which shows that corporate managers have begun to pay more attention to the "vacancy gap" "In terms of providing information related to environment and society, but the published indicator system is not really reasonable, the quality of published information is still limited Derived from the necessary requirements and reasons Objectively mentioned above, the author decided to choose the research topic "Factors affecting the publication of sustainable development reports at petroleum trading companies of Vietnam National Petroleum Group" Research objective and Research questions 2.1 Research objective Overall goal Studying the influence of factors on the publication of sustainable development reports at petroleum companies of Vietnam National Petroleum Group with the perspective of managers at the company Specific goals Determining the factors affecting the publication of sustainable development reports at petroleum trading companies under the Group from the perspective of managers at the company Measuring the influence of factors on the publication of sustainable development reports at petroleum companies under the Vietnam National Petroleum Group 2.2 Research questions To achieve the goals set out by the thesis, it is necessary to satisfactorily answer the following research questions: Question What factors affect the publication of sustainable development reports in petroleum trading companies of Vietnam National Petroleum Group? Question How is the impact of each factor on the report of sustainable development report in the petroleum companies of Vietnam National Petroleum Group? Subjects and Scope of the research 3.1 Research subjects Publishing sustainable development reports and factors influencing disclosure of sustainable development reports 3.2 The scope of research - The spatial research scope of the thesis is petroleum trading companies under the Vietnam National Petroleum Group - The scope of the thesis research is years from 2017 to 2020 at a petroleum trading company affiliated to the Vietnam National Petroleum Group Research methodology The method used by the author in the thesis is a mixed research method, combining qualitative and quantitative research methods, specifically through the following stages: Phase The author used qualitative research methods to achieve two objectives: (1) determine the factors affecting the publication of sustainable development reports at petroleum trading companies in the group Vietnam petroleum group; (2) complete the scale of publication of the Sustainable Development Report and the scale of factors affecting the publication of the Sustainable Development Report To achieve this goal, the author has synthesized theoretical basis, previous outstanding studies plus expert interview techniques Specifically, the author selects outstanding studies related to sustainable development reports and publishes sustainable development reports, including evaluation studies based on the perceptions of business managers, in reputable journals credit (ranked in the Scimajor and Web of science categories) Based on the synthesis of these documents, the author evaluates and provides the factors that are suitable for the research model in petroleum trading enterprises Not stopping there, the author builds an expert survey questionnaire that includes two main groups: a group of academic experts and a group of experts who have been doing practical work and are knowledgeable about the publication of financial statements and reports report on sustainable development at enterprises in the petroleum sector At the end of this period, the author forms a preliminary theoretical research model and presuppositions Then, the author conducts preliminary research to assess the reliability of the scale and set up a formal survey questionnaire Phase The author uses quantitative research methods, to solve the following objectives: Measuring the influence of factors on the publication of sustainable development reports at petroleum trading companies under the Petroleum Group Vietnam The author has built the survey; conduct surveys and collect data from the surveyed subjects, the survey subjects selected by the author are the members of the board of directors, chief accountant or in charge of accounting at member companies The reason the author chooses the above subjects is because each petroleum trading company belongs to the group with different assets, revenue, geographical location and market size After that, the author uses the quantitative software SPSS, AMOS to process the data in order to give results on the influence of the factors in the proposed research model to the publication of sustainable development reports in companies petroleum business under the Vietnam National Petroleum Group Specifically, the author uses the technique of analyzing the reliability of the scale according to the Cronbach Alpha coefficient and analyzing the EFA factor Then, the author used the technique of Confirmatory Factor Analysis (CFA) The author uses the most complex and flexible technique used to analyze complex relationships in the causal model, the Structural Equation Modeling (SEM) network model in the next step Finally, the author conducts bootstrap test to retest the model, an alternative resampling method in which the original sample plays the role of the crowd The thesis’ contribution 5.1 In terms of reasoning, academic Firstly, the author has read and distilled from many scientific works tending to in-depth research on sustainable development reports from the 80s of the last century to the present On that basis, the author found that previous studies have only analyzed the influence of factors directly on the publication of sustainable development reports through regression analysis techniques with the use of data secondary data collected from reports, there have not been many empirical studies based on primary data to evaluate this issue based on the perceptions of managers This is considered a difference and a new point of the thesis to better explain the issue of publishing sustainable development reports in enterprises in developing countries Second, in this study, the author argued and built more relationships in the new research model By adding the indirect relationship of the factors affecting the publication of the Sustainable Development Report through the intermediary factor, that is the profitability factor; use complex techniques to analyze complex relationships in SEM models Third, the scale of the dependent variable is built to collect primary data instead of secondary data like previous studies This has been argued by the author based on recent studies whose results suggest that, in order to evaluate the publication of sustainable development reports in enterprises in the group of developing countries, it should be based on the perception of investors management through primary data due to certain limitations, should not rely solely on indexes and information on the Sustainable Development Report as well as secondary data from related reports Fourth, the author argued, built a scale of the factors of business size, profitability, growth opportunities, according to the 5-level Likert scale, using primary data instead of data secondary data as in previous studies; This leads to more objective and reliable data collection in the context that the activities of member petroleum trading companies are completely dependent on the Vietnam National Petroleum Group Besides, based on expert opinion, the author also adjusted some scales in the remaining factors 5.2 In term of practicality The thesis intends to research is a document that contributes to the study and application of management accounting in general, sustainable development accounting and publication of sustainable development reports in particular to enterprises operating in the petroleum business field of large scale big The petroleum business is one of the sensitive commodities that greatly affects many aspects of life (economic, environmental and social) Through the results of this study, the author wants to show business managers in the field of petroleum trading, at petroleum trading companies under the Vietnam National Petroleum Group, to be aware of the influence and importance of this study for the publication of business performance indicators through the report on sustainable development In addition, the author hopes that through the contents of the thesis on the issue of sustainable development, it will help state management agencies have a clear orientation on promulgating an institutional framework towards mandatory publication of reports Sustainable development for businesses whose activities have a great impact on society and the environment Finally, the content of the thesis covers in a general and scientific way the study of factors affecting the publication of sustainable development reports from the perspective of managers at companies operating in the petroleum sector oil This can be a useful document, serving the audience who are researchers or lecturers teaching on this subject Structure of the thesis The main content of the thesis with a layout of chapters is presented with the main content as follows: 10 Chapter 1: Research overview Chapter 2: Theoretical basis Chapter 3: Research methodology Chapter 4: Research results and discussion Chapter 5: Conclusions and policy implications CHAPTER 1: RESEARCH OVERVIEW 1.1 FOREIGN STUDIES 1.1.1 General sustainable development studies related to accounting Deegan C and Gordon B (1996) research on the situation of information disclosure related to the environment of large economic groups in Australia According to Kolk (2004) has synthesized multi-dimensional views on the issue of sustainable development, showing an increasing trend of enterprises in countries such as the US, Australia and developed European countries such as the UK, Germany, and France publication of the Sustainable Development Report in the period from 1993 to 2002 But besides the fact that countries consider it an inevitable trend, some enterprises in countries such as Norway, Denmark, etc are trending slowed down in the disclosure of information on the Sustainable Development Report Perrini, F., & Tencati, A (2006) researched on the relationship between sustainable development and the interest of stakeholders as essential through the sustainable development reporting system The content shows that the company's approach to sustainable development, i.e a company's ability to continue operating for a long time, depends on the sustainability of the relationship between stakeholders Renard et al (2013) presented the issue that some companies have committed to share information related to environmental, social and governance activities, in order to meet the higher demand for transparency through information information from interested parties Vinal Mistry et 19 stock exchanges in the past year financial year 2017 The results show that in addition to the profit factor, the remaining factors such as the size of the enterprise, the field of operation and the development opportunities of the enterprise have a positive impact on the publication of the Sustainable Development Report Linh et al (2019), study the impact of business performance on the level of disclosure of sustainable development information of Vietnamese enterprises according to the model of a path structure with data of 294 listed companies on the stock market securities in the three years 2015 - 2017 This study has identified factors that positively affect the level of information disclosure on sustainable development including business performance, business size, Big4 and the number of board members treat The factors that negatively affect the level of information disclosure on sustainable development are financial leverage and business sector Anh and Linh (2020) study the influence of factors on the publication of sustainable development reports of 120 manufacturing companies listed on the Vietnamese stock market in 2019 This study uses ordinary least squares (OLS) to solve econometric problems and improve the accuracy of the regression coefficients The experimental results show that factors have a positive and statistically significant impact on the publication of sustainable development reports of manufacturing companies, including enterprise size, board independence, ratio foreign ownership, return on equity, and financial leverage 1.2.2 Studies conducted at enterprises in the oil and gas industry 1.2.2.1 Foreign studies Craswell, A T & Taylor, S L (1992) mention the factors affecting the disclosure of reserve information of oil and gas 20 producing companies; lays the groundwork for the view that the decision to provide information in the periodic report on reserves is up to the business to be faced with stakeholders (Jensen and Meckling, 1976) Dibia and Onwuchekwa (2015) empirically examine the factors influencing the decision to disclose environmental information at oil and gas companies in Nigeria The study's findings indicate that; First of all, there is a significant relationship between the size of the enterprise and the publication of its CSR report Second, there is no significant relationship between profitability and corporate CSR disclosure Third, there is no relationship between operating leverage and corporate CSR reporting Finally, there is no really significant relationship between the type and quality of the audit firm and the company's CSR statement disclosure Orazalin, Mahmood (2018) with the title economic, environmental and social performance indicators of the Sustainable Development Report, evidence from the Russian oil and gas industry The results of the study indicate that the independence of the report affects the disclosures of the Sustainable Development Report in a more profound way with a high degree of applicability in the context of the Russian oil and gas industry The results also show that companies with a long history in the Russian oil and gas industry disclose more transparent economic and environmental information, thus supporting the theory of legitimacy These findings are similar to those reported by previous studies (Delaney and Huselid, 1996; Orazalin and Mahmood, 2017) that older firms have higher sustainability reporting quality The positive relationship between auditing firm and publication of sustainable development reports is similar to the results of Haniffa and Cooke (2002), El-Halaby and Hussainey (2015) 1.2.2.2 Domestic studies 21 Hoang Thi Bich Ngoc (2017), the author has summarized, evaluated and clarified the basic theoretical issues of environmental cost management accounting in manufacturing enterprises, including some relatively new issues in Vietnam and many other issues nation From the results of empirical research at oil and gas processing enterprises under PVN, the author has developed principles and directions for completing the environmental cost management accounting at these units in a scientific and reasonable manner In addition, within the scope of the author's research, there have been no further studies on the issue of publishing sustainable development reports 1.2.3 Studies using primary data The research literature on sustainable development reporting in developing countries has mainly focused on the motivations for adopting or reporting on sustainable development and related determinants (Islam and Deegan, 2008; Liu and Anbumozhi, 2009; Amran and Haniffa, 2011; Baje et al., 2020) These studies used either quantitative (Rizk et al., 2008; Liu and Anbumozhi, 2009; Orazalin and Mahmood, 2019) or qualitative (De Villiers, 1999; Belal and Owen, 2007; Momin) approaches and Parker, 2013; Ismaeel and Zakaria, 2020) Quantitative studies apply content analysis to indirectly explore the motivations for adoption and publication of sustainable development reports (Haniffa and Cooke, 2005; Khan et al., 2013; Wuttichindanon, 2017; Mudiyanselage, 2018) On the other hand, qualitative studies use questionnaires and interviews, and directly explore management motivations for publication of sustainable development reports (Belal and Owen, 2007; Zhao and Patten, 2016; Joudeh et al events, 2018) The strength of the quantitative approach is that the measurement of sustainability reporting disclosure through content analysis is well established and is generally objective 22 and verifiable (see Hahn and Kuhnen, 2013; Dienes et al al., 2016; Ali et al., 2017) Furthermore, the factors that determine the publication of a sustainable development report that are often investigated - such as company size, financial leverage, and corporate governance - can be easily quantified and verified, as they extracted from audited financial statements (Kouloukoui et al., 2019; Orazalin and Mahmood, 2019) However, while it cannot be quantified, such determinants will likely need to be assessed against the managers' own perceptions of the firm Thus, according to Belal and Momin (2009), such studies provide a direct explanation for the reasons why managers adopt and publish sustainable development reports The main advantage of qualitative studies that mainly focus on managers' perceptions (De Villiers 1999; Mitchell and Hill, 2009; Belal and Cooper, 2011; Ismaeel and Zakaria, 2020) is that they provide explanations directly about the motivation for applying and publishing the Sustainable Development Report De Villiers (1999) suggests that the best method for determining someone's motivation is to ask what this is, like any necessary, alternative method, including guesswork Although de Villiers (1999) acknowledges that asking someone may not always yield an honest answer and that there is an element of risk that the real motive is not given, he believes that the Asking the incumbent remains the most direct, highly independent approach to determining real motives However, studies on managers' perceptions also have some limitations, mainly related to the small number of interview questions or answers (De Villiers, 1999; Belal and Cooper, 2011) In parallel with quantitative studies and using secondary data on the reports of enterprises The author realizes that the research direction uses primary data to measure the influence of factors on the publication of sustainable development reports with the 23 perspective of perception De Villiers (1999) used open-ended questions to gather information about the decision to publish environmental reports in South African countries The results show that accountability and transparency are the factors that promote the publication of environmental reports, in addition, external pressure is a strong influence on the decision of enterprises to disclose the report environment according to legalization theory De Villiers (2003) has reaffirmed once again that the management will increase the publication of environmental reports when there are mandatory legal provisions on this issue In addition, a 5-point Likert scale was used to measure the disclosure of environmental reports of enterprises from the perspective of managers' perception in order to better explain the nature of the issue of disclosure of environmental reports information towards sustainable development Mitchell and Hill (2009) investigate the development and use of social and environmental reporting by businesses in a large municipality in South Africa The survey was conducted through the use of structured questionnaire interviews, with the global reporting initiative organization standards being used as an appropriate framework This approach allows to identify the challenges faced by businesses in implementing a comprehensive CSR reporting system in the South African context and answer the question of why companies cannot or cannot want to strengthen the report on sustainable development to the outside Mitchell and Hill (2009) suggest that implementing a comprehensive and externally controlled and certified standard, such as ISO 14001, will not only reduce the environmental impact of a business's operations, but also create conditions to strengthen the publication of CSR reports 24 Belal & Momin (2009) mentioned the issue of CSR reporting of emerging economies Based on the synthesis of previous research papers, in research directions: studies related to the scope and extent of disclosure of CSR reports and publication determinants; management perception research and stakeholder perception research on this issue The results show that most of the studies on CSR reporting in emerging economies focus on the Asia-Pacific and Africa region and are descriptive in nature, using different methods method of analyzing content and measuring disclosure level and quality in annual reports The research results provide an indirect explanation of the rationale behind the application and publication of CSR reporting Belal & Momin (2009) also argue that a number of studies have begun to probe the management motivation behind the implementation and publication of CSR reports directly through in-depth interviews and found that the The agenda related to CSR reporting in emerging economies is largely driven by external actors, namely pressure from the parent company, international markets and international agencies Recently, Tauringana (2020) has aimed to measure the factors affecting the publication of sustainable development reports in developing countries based on managers' perceptions, with an empirical sample of managers management at 194 companies in Uganda The purpose of the study is to investigate the managerial perception-based determinants of companies' adoption of sustainability reporting in Uganda Results are based on questionnaire survey, the study may encounter issues related to self-reported data, such as finding consistency, selfenhancement, and self-presentation, which may affect data reliability However, the study's findings imply that there is a need to explain the benefits of providing sustainable development reports, providing free training and support to 25 participating companies in the issue of sustainable development reports preparation and publication It is easy to see that most of the studies in the world and Vietnam related to the factors affecting the publication of sustainable development reports use regression analysis techniques based on secondary data Studies related to this issue have been mentioned by other countries, especially developed economies, very early It was not until the 2000s that this problem emerged in developing countries In Vietnam, it is not until the years 2017-2020 that empirical studies related to factors affecting the publication of sustainable development reports are interested In addition to the trend of using secondary data to indirectly measure the influence of factors on the publication of sustainable development reports, there have been studies that have proposed methods of investigation through in-depth interview techniques with respondents company managers as well as stakeholders to explore the factors that really influence the publication of sustainable development reports (De Villiers (1999); De Villiers (2003); Mitchell and Hill (2009); Belal & Momin (2009); Tauringana (2020), in particular, there are studies showing the necessity of this technique for developing countries (Tauringana (2020) 1.3 RESEARCH GAPS AND DEVELOPMENT DIRECTIONS FOR RESEARCH 1.3.1 Research gaps First, the gap in the design of the scale for factors and data for research Previous studies related to the publication of sustainable development reports mainly used a scale of two levels "1" assigned to the company that published the sustainable development report and level "0" assigned to the case the company did not disclose the sustainable development report publish the report on sustainable development But no 26 scale related to the publication of Sustainable Development Report has been developed to be able to measure for a specific industry or field such as the petroleum business In addition, the factor scale of enterprise size, profitability, and growth opportunities only stops using secondary data provided by businesses, leading to inaccurate information , suitable for research purposes, especially in the context of research conducted at companies belonging to Vietnam National Petroleum Group (the equity of these companies is almost 100% kept by the corporation, all production and business activities are under the control of the Group) Second, the gap refers to the characteristics of business lines and legal regulations First, the author has found that in previous studies, the business sector factor is always a factor that researchers choose when building a model for reporting CSR or sustainable development From this research perspective, the petroleum business is a very "sensitive" field, it affects most of the economic, social and environmental aspects Because of this, the author wants to clarify, the characteristics of the business lines (including many fields) of these companies have an impact on the publication of the Sustainable Development Report Next, the legal regulatory factor, this is a development factor based on the legalization theory when publishing the Sustainable Development Report This factor represents the specificity of the research context in Vietnam when there is no "mandatory" regulation for enterprises to publish sustainable development reports Third, the gap on the relationship of the factors in the model Most of the previous studies, whether in foreign countries or in Vietnam, the authors only used a simple model, showing only a one-way relationship that directly affects the publication of the Sustainable Development Report No author has yet proposed a 27 model with intermediate and indirect factors to promote the publication of the Sustainable Development Report 1.3.2 Development direction for research Firstly, develop a 5-level Likert scale related to the publication of the Sustainable Development Report, the factor of business size and the factor of profitability This is towards the author's goal in collecting research data to ensure that all the opinions of the respondents are individuals representing nearly 60 companies under the Vietnam National Petroleum Group In addition, with this form of measurement, the quality of the answers will be higher when the respondents are not under "pressure" from the disclosure of personal information Second, this study approaches and introduces the characteristics of business lines and legal regulations It is really necessary to verify that these two factors affect the publication of the Sustainable Development Report in the context of petroleum trading companies under the Vietnam National Petroleum Group Third, the author argues based on signaling theory to form an indirect relationship of factors: business size, growth opportunities, business characteristics, legal regulations, and viewpoints The influence of managers on the publication of the Sustainable Development Report at petroleum trading companies under the Vietnam National Petroleum Group through the factor of profitability Chapter Conclusion CHAPTER 2: THEORYTICAL BASIS 2.1 OVERVIEW OF SUSTAINABLE DEVELOPMENT AND SUSTAINABLE DEVELOPMENT REPORT 2.1.1 Overview of sustainable development issues 2.1.1.1 Perspectives on sustainable development over time 28 2.1.1.2 Sustainable development goals 2.1.2 Overview of sustainability reports 2.2 RELATIONSHIP BETWEEN ACCOUNTING AND SUSTAINABLE DEVELOPMENT ISSUES IN THE ENTERPRISE 2.2.1 The relationship between accounting and the issue of sustainable development in enterprises over time 2.2.2 The relationship between financial accounting and accounting towards sustainable development 2.2.3 Accounting content towards sustainable development in enterprises 2.2.4 Institutional framework for building sustainability reports at enterprises 2.2.4.1 Global Reporting Initiative (GRI) 2.2.4.2 Project SIGMA 2.2.4.3 Global Compact 2.2.4.4 World Business Council for Sustainable Development 2.2.5 Sustainability reports and similar reports 2.3 BACKGROUND THEORY 2.3.1 Agency theory 2.3.2 Signaling Theory 2.3.3 Legitimacy Theory 2.3.4 Stakeholder Theory 2.4 PROPOSED RESEARCH MODEL AND RESEARCH HYPOTHESIS 2.4.1 Proposed research model 2.4.2 Research hypothesis 2.4.2.1 Direct influence of factors on profitability 2.4.2.2 Direct influence of factors on the publication of Sustainable Development Report 29 Chapter Conclusion CHAPTER 3: RESEARCH METHODOLOGY 3.1 RESEARCH DESIGN 3.1.1 Research Methods 3.1.2 Research process 3.2 QUALITY RESEARCH 3.2.1 Selecting expert subjects 3.2.2 Outline the discussion outline 3.2.3 Plan, place and time for the interviews 3.2.4 Expert group survey results 3.2.5 Adjusting the research concept model 3.2.6 Developing the research concept measurement scale 3.3 QUALITY RESEARCH 3.3.1 Preliminary quantitative research 3.3.1.1 Evaluation of the scale through reliability analysis Cronbach's Alpha 3.3.1.2 Exploratory factor analysis EFA 3.3.2 Formal Quantitative Research 3.3.2.1 Research objectives 3.3.2.2 Research sample design 3.3.2.3 Survey process 3.2.3.4 Research data analysis Chapter conclusion CHAPTER 4: RESEARCH RESULTS AND DISCUSSION 4.1 FREQUENCY ANALYSIS RESULTS 4.1.1 Description of the study sample 4.1.2 Descriptive statistics results and sample frequency for research concepts 30 4.2 TESTING THE RELIABILITY OF CRONBACH’S ALPHA RANGE 4.3 EFA FACTOR DISCOVERY ANALYSIS 4.4 CFA ANALYSIS 4.5 SEMLINEAR STRUCTURE MODEL ANALYSIS Source: Analysis results from AMOS 20 software Figure 4.3 Diagram of theoretical test according to SEM structure Table 4.12 Impact level of factors on contraception Regression Order of Relationship % coefficient influence CBTT < - QMDN 0,117 8,84 CBTT < - DDKD 0,210 15,87 CBTT < - CHTT 0,195 14,74 CBTT < - QDPL 0,157 11,87 CBTT < - KNSL 0,644 48,68 1,323 100 Total 31 Source: Results of author analysis 4.6 BOOTSTRAP TEST 4.7 DISCUSSION OF RESEARCH RESULTS Chapter conclusion CHAPTER 5: CONCLUSIONS AND POLICY IMPLICATIONS 5.1 CONCLUSION 5.2 GOVERNANCE SATISFACTION 5.2.1 Implications for enterprises 5.2.1.1 Implications based on the results of hypothesis testing about the impact of the factor of the size of the enterprise on the declaration of sustainable development 5.2.1.2 Implications based on the results of hypothesis testing on the effect of the profitability factor on the declaration of sustainable development report 5.2.1.3 Implications based on the results of hypothesis testing on the impact of the manager's opinion factor on the sustainable development report 5.2.2 Implications for the Vietnam National Petroleum Group 5.2.2.1 Implications based on the results of hypothesis testing on the growth opportunity factor impact on the sustainable development report 5.2.2.2 Implications based on the results of hypothesis testing on the impact of industry characteristics factors on sustainable development reports 5.2.3 For state management agencies 5.3 LIMITATION OF THE THESIS AND DIRECTIONS FOR NEXT RESEARCH 5.3.1 Limitations of the thesis 32 Firstly, the scope of the author's research and survey is only the petroleum trading businesses of the Vietnam National Petroleum Group, not the entire petroleum business in Vietnam Secondly, due to the limitations of cost, time and direct access to the survey subjects is not high, so the sample size and quality of the survey sample are not as expected Third, according to previous research models, research concepts have more specific factors due to the broader research scale such as post-audit report quality, pressure from society, research time for several years,… Fourth, the subject of the author's survey are managers at enterprises, but they are really knowledgeable about the nature of sustainable development, the report on sustainable development, especially social and environmental sustainability, is not high The author has not had the opportunity to directly share with these people about the necessary issues and the reality of publishing the Sustainable Development Report 5.3.2 Next research direction The survey subjects can be extended to all major petroleum companies in the market In addition, the observation samples can be divided into groups to clarify the significance of the research for each of these research groups (for example, the management object, the object of collecting sustainable development data, the object of synthesis of the publication sustainable development report, ) It is possible to study and supplement the factors affecting the publication of sustainable development reports of many different types and sizes of enterprises in Vietnam, not just the factors in the author's research Chapter conclusion CONCLUSION 33 ... Order of Relationship % coefficient influence CBTT < - QMDN 0,117 8,84 CBTT < - DDKD 0,210 15,87 CBTT < - CHTT 0,195 14,74 CBTT < - QDPL 0,157 11,87 CBTT < - KNSL 0,644 48,68 1,323 100 Total 31 Source:... Board at the University of Economics Ho Chi Minh City At………….hours…… day…….month……… year……………… This Thesis can be found at the library of University of Economics Ho Chi Minh City LIST OF RESEARCHES... 96-99 Financial INTRODUCTION The necessity of the subject Over the past two decades, the concept of sustainability or sustainable development has received much attention globally, especially in developed