Does corporate governance shape the relationship between corporate social responsibility and financial performance?

The theoretical as well as empirical relationships between corporate social responsibility and corporate financial performance are not without controversy. Yet, CSR activities are increasingly undertaken by a large number of firms, not only in developed countries but also in emerging countries. Using a multiple theory framework, we analyze a sample of Vietnamese listed firms and find that corporate social responsibility activities affect their financial performance positively. We also find that corporate governance feature like foreign ownership strengthens the positive relationship between CSR and financial performance. However, the moderating impact of state ownership is not always clear.