http://222.255.146.83/index.php/hujos-ed <p><strong>ISSN (Print) 2588-1205 </strong></p> <p><strong>ISSN (Online) 2615-9716</strong></p> <p><strong>Editor in chief: </strong>Tran Van Giang</p> <p><strong>Academic Editor: </strong>Hoang Trong Hung</p> <p><strong>Technical Editor: </strong>Nguyen Thi Ai Huu</p> <p><strong>Phone:</strong> 02343845658 | <strong>Email: </strong>ntahuu@hueuni.edu.vn</p> <hr /> Hue University en-US Hue University Journal of Science: Economics and Development 2588-1205 http://222.255.146.83/index.php/hujos-ed/article/view/8506 <p>This study synthesizes the theoretical foundations and empirical findings regarding the relationship between market capitalization and corporate financial performance. Based on signaling theory, the efficient market hypothesis, and agency theory, improved financial performance is predicted to increase market value. The literature synthesis indicates that the majority of studies record a positive relationship between market capitalization and corporate financial performance: large-cap firms generally achieve higher financial efficiency, and conversely, highly profitable enterprises are often assigned higher market valuations. However, the magnitude and direction of this relationship remain inconsistent across different research contexts. Some studies suggest the potential existence of a bidirectional relationship between these two sets of variables. This research gap underscores the need to identify and further evaluate the dynamic nature as well as the bidirectional causality between market capitalization and financial performance, particularly in the emerging market of Vietnam during the recent volatile period. On this basis, the paper proposes a theoretical framework and directions for subsequent empirical modeling to test the degree of alignment between market valuation and corporate financial fundamentals.</p> Ba Huy Nguyen Copyright (c) 2026 Nguyen Ba Huy https://creativecommons.org/licenses/by-sa/4.0 2026-11-05 2026-11-05 135 S-2 05 24 10.26459/hueunijed.v135iS-2.8506 http://222.255.146.83/index.php/hujos-ed/article/view/8509 <p>This study examines the relationship between corporate social responsibility (CSR) and financial performance across different industries in Vietnam during the 2016–2024 period. Using panel data regression with robust standard errors, this study analyzes 2,126 firm-year observations from six industry sectors. CSR performance is measured using composite scores, while financial performance is assessed through both ROA and Tobin's Q. Results indicate that CSR has a significant positive effect on ROA across the full sample. However, the CSR-financial performance relationship varies substantially across industries. The industrial and materials sectors demonstrate the strongest positive associations, while the energy sector exhibits a significant negative effect. The technology and services sector shows no significant relationship. Robustness tests using Tobin's Q confirm these findings. Firms should tailor CSR strategies to industry-specific characteristics and stakeholder expectations rather than adopting uniform approaches. Resource-constrained firms, particularly in consumer-oriented sectors, should prioritize CSR initiatives based on their market value creation potential. This study contributes to CSR literature by providing empirical evidence of heterogeneous industry-level CSR effects in Vietnam's emerging market context, addressing the gap in understanding how institutional and market characteristics moderate the CSR-performance relationship.</p> Trinh Nguyen Tuyet Thi Bich Ngoc Tran To Minh Tan Le Copyright (c) 2026 Nguyen Tuyet Trinh, Tran Thi Bich Ngoc, Le To Minh Tan https://creativecommons.org/licenses/by-sa/4.0 2026-08-14 2026-08-14 135 S-2 10.26459/hueunijed.v135iS-2.8509