Current issue
Archive
About the Journal
About
Editorial Office
Scientific Board
Abstract & Indexing
Contact
Reviewers list
Editorial Policies
Authorship & COI
Ethical principles
Crossmark
Principles of Transparent Checklist
Open access
Reviewing procedure
For Authors
Guidelines for Authors
Manuscript Types
Manuscript structure
How to submit
Conference collaborations
SCIENCE ARTICLE
Corporate Social Responsibility, financial performance,
and competitiveness in the hospitality industry
in Ho Chi Minh City: a Higher-Order Model approach
1
Department of Human Resources Management, Faculty of Business Administration, Van Lang University, Viet Nam
2
Faculty of Economics, University of West Bohemia, Czech Republic, Czech Republic
Submission date: 2026-05-04
Final revision date: 2026-06-14
Acceptance date: 2026-07-21
Online publication date: 2026-08-28
Publication date: 2026-08-21
Corresponding author
HIEU MINH VU
Department of Human Resources Management, Faculty of Business Administration, Van Lang University, 69/68 Dang Thuy Tram Street, Binh Loi Trung Ward, 700000, ho chi minh city, Viet Nam
Department of Human Resources Management, Faculty of Business Administration, Van Lang University, 69/68 Dang Thuy Tram Street, Binh Loi Trung Ward, 700000, ho chi minh city, Viet Nam
Management 2026;(2):65-90
KEYWORDS
JEL CLASSIFICATION CODES
M14
L83
G32
Z32
TOPICS
ABSTRACT
Research background and purpose:
Small and medium-sized enterprises (SMEs) have been proven to greatly impact the economies and their development of most countries. For SMEs in the tourism and hospitality industry, financial performance and competitiveness play a crucial role in regional development.
Design/methodology/approach:
This study is to explore the impact of various aspects of corporate social responsibility (CSR) on the competitiveness and financial performance of SMEs in the tourism and hospitality sector in Ho Chi Minh City, Vietnam (HCMC), with the use of a higher-order modeling approach. A survey of 359 SMEs in tourism and hospitality analyzed by structural equation modeling (SEM) with SMART-PLS software has been carried out.
Findings:
The results indicated that CSR components positively influenced both the competitiveness and financial performance of SMEs, significantly in HCMC’s tourism and hospitality sector. Additionally, competitiveness serves as a mediating factor in the relationship between CSR and financial performance.
Value added and limitations:
Following that, recommendations have been promoted to SMEs’ leaders and policymakers to enhance the performance of this sector. Furthermore, the study discusses its limitations and suggests directions for future research.
Small and medium-sized enterprises (SMEs) have been proven to greatly impact the economies and their development of most countries. For SMEs in the tourism and hospitality industry, financial performance and competitiveness play a crucial role in regional development.
Design/methodology/approach:
This study is to explore the impact of various aspects of corporate social responsibility (CSR) on the competitiveness and financial performance of SMEs in the tourism and hospitality sector in Ho Chi Minh City, Vietnam (HCMC), with the use of a higher-order modeling approach. A survey of 359 SMEs in tourism and hospitality analyzed by structural equation modeling (SEM) with SMART-PLS software has been carried out.
Findings:
The results indicated that CSR components positively influenced both the competitiveness and financial performance of SMEs, significantly in HCMC’s tourism and hospitality sector. Additionally, competitiveness serves as a mediating factor in the relationship between CSR and financial performance.
Value added and limitations:
Following that, recommendations have been promoted to SMEs’ leaders and policymakers to enhance the performance of this sector. Furthermore, the study discusses its limitations and suggests directions for future research.
ACKNOWLEDGEMENTS
This work was supported by the University of West Bohemia under Grant SGS-2024-031.
ADDITIONAL INFORMATION
During the preparation of this work the authors did not use Generative AI and AI-assisted technologies in the writing process
REFERENCES (68)
1.
Abdul Wahab, M. H. A.-A., Ismail, M., & Muhayiddin, M.-N. (2016). Factors Influencing the Operational Excellence of Small and Medium Enterprise in Malaysia. International Journal of Academic Research in Business and Social Sciences, 6(12), 285–297. https://doi.org/10.6007/IJARBS....
2.
Achmad Daengs, G. (2020). Internal factor effects in forming the success of small businesses. Sinergi : Jurnal Ilmiah Ilmu Manajemen, 10(1). https://doi.org/10.25139/sng.v....
3.
Anh, L. (2024). Publication of the White Paper on small and medium-sized enterprises owned by women. Báo Điện tử Đảng Cộng sản Việt Nam. https://dangcongsan.vn/kinh-te....
4.
Badulescu, A., Badulescu, D., & Stiubea, E. (2020). How Do New Ventures Operating in Tourism Industry Relate to Their Financial Goals? In V. Katsoni, T. Spyriadis (Eds), Cultural and Tourism Innovation in the Digital Era (pp. 521–531). https://doi.org/10.1007/978-3-....
5.
Bahta, D., Jiang, Y., Islam, M. R., & Kuyon, J. B. (2021). How does CSR enhance the financial performance of SMEs? The mediating role of firm reputation. Ekonomska Istrazivanja: Znanstveno-Strucni Casopis, 34(1), 1428–1451. https://doi.org/10.1080/133167....
6.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497-505. https://doi.org/10.5465/amr.19....
7.
Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39–48. https://doi.org/10.1016/0007-6....
8.
Chang, C. (2011). The Influence of Corporate Environmental Ethics on Competitive Advantage: The Mediation Role of Green Innovation. Journal of Business Ethics: JBE, 104(3), 361–370. https://doi.org/10.1007/s10551....
9.
Chang, Y. J., & Yoo, J. W. (2023). When CSR Matters: The Moderating Effect of Industrial Growth Rate on the Relationship between CSR and Firm Performance. Sustainability, 15(18), 13677. https://doi.org/ 10.3390/su151813677.
10.
Chenavaz, R. Y., Couston, A., Heichelbech, S., Pignatel, I., & Dimitrov, S. (2023). Corporate Social Responsibility and Entrepreneurial Ventures: A Conceptual Framework and Research Agenda. Sustainability, 15(11), 8849. https://doi.org/10.3390/su1511....
11.
Davis, K. (1973). The case for and against business assumption of social responsibilities. Academy of Management Journal, 16(2), 312-322.
12.
Du, S., Bstieler, L., & Yalcinkaya, G. (2022). Sustainability-focused innovation in the business-to-business context: Antecedents and managerial implications. Journal of Business Research, 138, 117–129. https://doi.org/10.1016/j.jbus....
13.
Dunning, J. H. (1993). Internationalizing Porter’s diamond. Management International Review, 33(2), 7-15.
14.
Dzage, E. J., & Szabados, G. N. (2024). The Relationship of Corporate Social Responsibility with Business Performance-A Bibliometric Literature Review. Sustainability, 16(7), 7. https://doi.org/10.3390/su1607....
15.
Eells, R. S. F. (1974). Conceptual foundations of business (3rd edition). R. D. Irwin.
16.
European Commission. (2003, May 6). Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (2003/361/EC). Official Journal of the European Union, L124, 36–41. https://eur-lex.europa.eu/eli/....
17.
Fan, Z.-P., Yang, X., & Li, Y. (2018). Supporting the purchase decisions of consumers: A comprehensive method for selecting desirable online products. Kybernetes, 47(4), 689–715. https://doi.org/10.1108/K-03-2....
18.
Fazal, H., Muhammad, J., & Zahoor, U. H. (2020). Operational Perspective of SMEs Performance and Competitive Priorities Practices: Path Analytic Approach. Studies in Business and Economics, 15(1), 55–67. https://doi.org/ 10.2478/sbe-2020-0006.
19.
Frederick, W. C. (1960). The Growing Concern over Business Responsibility. California Management Review, 2(4), 54–61. https://doi.org/10.2307/411654....
20.
Freitas, M. G., M.Si, K. K. M., & Mm, L. X. L. E. (2023). The Effect of Leadership and Employee Motivation on Business Success. Journal of Digitainability, Realism & Mastery (DREAM), 2(12), 130–139. https://doi.org/ 10.56982/dream.v2i12.171.
21.
Government of Vietnam. (2009, June 30). Decree No. 56/2009/ND-CP of June 30, 2009, on assistance to the development of small- and medium-sized enterprises. https://natlex.ilo.org/dyn/nat....
22.
Hair, J. F., Howard, M. C., & Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of Business Research, 109, 101–110. https://doi.org/10.1016/j.jbus....
23.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd edition). Sage.
24.
Hamdoun, M., Achabou, M. A., & Dekhili, S. (2022). Could CSR improve the financial performance of developing countries’ firms? Analyses of mediating effect of intangible resources. European Business Review, 34(1), 41–61. https://doi.org/10.1108/EBR-09....
25.
Hiệp, M. (2023). Năm 2023, tổng doanh thu ngành du lịch TPHCM đạt trên 160.000 tỷ đồng [In 2023, the total revenue of Ho Chi Minh City's tourism industry reached over 160,000 billion VND]. Cổng Thông tin Điện tử Đảng bộ Thành phố Hồ Chí Minh. http://www.hcmcpv.org.vn/tin-t....
26.
Hou, C.-E., Wen-Min, L., & Shiu-Wan, H. (2019). Does CSR matter? Influence of corporate social responsibility on corporate performance in the creative industry. Annals of Operations Research, 278(1–2), 255–279. https://doi.org/10.1007/s10479....
27.
Jaisinghani, D., Joshi, M., Goyal, J., & Sharma, S. (2023). Persistence of financial efficiency in Indian hospitality and tourism industry: A dynamic panel Approach. Quality and Quantity, 57(2), 1845–1863. https://doi.org/ 10.1007/s11135-022-01368-y.
28.
Khan, I., & Fatma, M. (2019). Connecting the dots between CSR and brand loyalty: The mediating role of brand experience and brand trust. International Journal of Business Excellence, 17(4), 439–455. https://doi.org /10.1504/IJBEX.2019.099123.
29.
Khuong, M. N., An, N. K. T., Doanh, T. N., Tri, L. D. M., Phuong, N. N. D., & Thanh, T. L. (2020). The impact of legal environment on business success through the practices of corporate social responsibility. Management Science Letters, 3033–3040. https://doi.org/10.5267/j.msl.....
30.
Le, T. T., Tran, P. Q., Lam, N. P., Tra, M. N. L., & Uyen, P. H. P. (2024). Corporate social responsibility, green innovation, environment strategy and corporate sustainable development. Operations Management Research, 17(1), 114–134. https://doi.org/10.1007/s12063....
31.
Li, J., & Xu, X. (2024). The Relationship between Corporate Social Responsibility and Financial Performance. Highlights in Business, Economics and Management, 35, 116–122. https://doi.org/10.54097/r40tr....
32.
Liu, Y., Samsami, M., Meshreki, H., Pereira, F., & Schøtt, T. (2021). Sustainable Development Goals in Strategy and Practice: Businesses in Colombia and Egypt. Sustainability, 13(22), 12453. https://doi.org/10.3390/su1322....
33.
Long, W., Li, S., Wu, H., & Song, X. (2019). Corporate social responsibility and financial performance: The roles of government intervention and market competition. Corporate Social Responsibility Environmental Management, 27(2), 525–541. https://doi.org/10.1002/csr.18....
34.
Lorentz, H., Hilmola, O.-P., Malmsten, J., & Srai, J. S. (2016). Cluster analysis application for understanding SME manufacturing strategies. Expert Systems with Applications, 66, 176–188. https://doi.org/10.1016/j.eswa....
35.
Mahler, D. G., Yonzan, N., & Lakner, C. (2022). The impact of COVID-19 on global inequality and poverty (Policy Research Working Paper No. 10198). World Bank. https://doi.org/10.1596/1813-9....
36.
Maignan, I., & Ferrell, O. C. (2001). Corporate citizenship as a marketing instrument ‐ Concepts, evidence and research directions. European Journal of Marketing, 35(3/4), 457–484. https://doi.org/10.1108/ 03090560110382110
37.
Matsoso, M. L., & Benedict, O. H. (2014). Non-Financial Performance Measures in Small Medium Enterprises’ Supply Chain Management. Journal of Economics, 5(3), 247–257. https://doi.org/10.1080/ 09765239.2014.11885001
38.
Nguyen, C., & Lan, N. (2021). The Relationship Between Corporate Social Responsibility and Financial Performance: Empirical Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 8(8), 75–83. https://doi.org/10.13106/jafeb....
39.
Hatzichronoglou, T. (1996). Globalisation and competitiveness: Relevant indicators (OECD Science, Technology and Industry Working Papers No. 1996/05). OECD Publishing. https://doi.org/10.1787/885511....
40.
Orakwue, A. C., & Oghuvwu, M. E. (2019). Corporate Social and Environmental Reporting (CSER) and Financial Performance: The Mediating Role of Competitive Advantage. Journal of Economics, Management and Trade, 23(2), 1–11. https://doi.org/10.9734/jemt/2....
41.
Pangestu, M. G. (2022). Influence of Business Success Factors on Micro Business Success in Entrepreneurship in Jambi City. Jurnal Ilmiah Manajemen dan Kewirausahaan (JUMANAGE), 1(2), 51-56. https://doi.org/ 10.33998/jumanage.2022.1.2.12
42.
Planinc, T., KUKANJA, M., & ŽNIDARŠIČ, A. (2022). The Interplay of Restaurant SMEs’ Entrepreneurial and Environmental Characteristics, Management of the Requisite Assets, and Operational Efficiency. Organizacija, 55(2), 160–177. https://doi.org/10.2478/orga-2....
43.
Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9....
44.
Preacher, K. J., & Hayes, A. F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879–891. https://doi.org/10.3758/BRM.40....
45.
Ramasamy, B. (1995). Trade Diversion in an ASEAN Free Trade Area. ASEAN Economic Bulletin, 12(1), 10–17. https://www.jstor.org/stable/2....
46.
Ramirez-Contreras, N. E., Munar-Florez, D. A., Garcia-Nuñez, J. A., Mosquera-Montoya, M., & Faaij, A. P. C. (2020). The GHG emissions and economic performance of the Colombian palm oil sector; current status and long-term perspectives. Journal of Cleaner Production, 258, 120757. https://doi.org/10.1016/j.jcle....
47.
Ratnaningtyas, H. R., Gantina, D., Swantari, A., Liza Marie, A., & Syaltut Abduh, M. (2022). Keberhasilan Pelaku Wirausaha dalam Mengembangkan Usahanya di Destinasi Wisata Danau Cipondoh Kota Tangerang, Provinsi Banten. Tourism Scientific Journal, 8(1), 105–113. https://doi.org/10.32659/tsj.v....
48.
Rochayatun, S., Pratikto, H., Wardoyo, C., & Handayati, P. (2023). Competitive advantage as a mediating variable of corporate social responsibility programs’ effect on SME sustainability. Journal of Social Economics Research, 10(2), 34–46. https://doi.org/10.18488/35.v1....
49.
Romadhon, M. I., Putri, N. A., & Hwihanus, H. (2024). The Relationship Between Corporate Social Responsibility (CSR) and FINANCIAL PERFORmance in a Company. Business and Investment Review, 2(3), 3. https://doi.org/10.61292/birev....
50.
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341–350. https://doi.org/10.1016 /j.jbusres.2014.06.024
51.
Saghaian, S., Mohammadi, H., & Mohammadi, M. (2022). Factors Affecting Success of Entrepreneurship in Agribusinesses: Evidence from the City of Mashhad, Iran. Sustainability, 14(13), 7700. https://doi.org/10.3390/su1413....
52.
Sanchez, R., & Heene, A. (2004). The new strategic management: Organization, competition and competence. Wiley.
53.
Satria, H., Chartady, R., & Indra, I. (2023). Innovation and financial performance: Study of tourism SMEs. In Proceedings of the International Conference on Economic, Management, Business and Accounting (ICEMBA 2022). EAI. https://doi.org/10.4108/eai.17....
54.
SBA Office of Advocacy. (2024). Size standards U.S. Small Business Administration. https://www.sba.gov/federal-co....
55.
Singh, K., & Misra, M. (2021). Linking Corporate Social Responsibility (CSR) and Organizational Performance: The moderating effect of corporate reputation. European Research on Management and Business Economics, 27(1), 100139. https://doi.org/10.1016/j.iede....
56.
Spence, L. J. (2016). Small Business Social Responsibility. Business & Society, 55(1), 23–55.
57.
Tyson, L. D. (1992). Industrial policy and trade management in the commercial aircraft industry. Berkeley Roundtable on the International Economy, University of California, Berkeley. https://escholarship.org/uc/it....
58.
Uyen, T. (2023). In 2023, many business sectors in Ho Chi Minh City achieved huge revenues. Ho Chi Minh City Law Newspaper. https://plo.vn/nam-2023-nhieu-....
59.
Vietnam General Statistics Office. (2024). Some highlights of the socio-economic situation in the fourth quarter and the year 2024. https://www.gso.gov.vn/tin-tuc....
60.
Vinh, T., & Bao, N. (2024, April 1). Vietnam ranks 35th globally in GDP scale, more efforts needed: Experts. Tuoi Tre News. https://tuoitrenews.vn/news/bu....
61.
Votaw, D. (1972). Genius Becomes Rare: A Comment on the Doctrine of Social Responsibility, Part. I. California Management Review, 15(2), 25–31. https://doi.org/10.2307/411644....
62.
Weber, M. (2008). The business case for corporate social responsibility: A company-level measurement approach for CSR. European Management Journal, 26(4), 247–261. https://doi.org/10.1016/j.emj.....
63.
Wood, D. J. (2010). Measuring corporate social performance: A review. International Journal of Management Reviews, 12(1), 50–84. https://doi.org/10.1111/j.1468....
65.
Yang, A. J.-F., Do, B., Wang, G.-L., Chang, L.-Y., & Hung, F.-C. (2011). Assessing competitiveness of foreign and local supermarket chains in Vietnamese market by using Fuzzy TOPSIS method. Journal of Business Management and Economics, 2(5), 209–216.
66.
Yasrawan, K. T., Werastuti, D. N. S., & Sujana, E. (2023). Competitive Advantage as A Link Between the Influence of Intellectual Capital and CSR on Financial Performance. Jurnal Ilmiah Akuntansi, 8(1), 1–27. https://doi.org/10.23887/jia.v....
67.
Youssef, I. S., Salloum, C., & Sayah, M. A. (2023). The determinants of profitability in non-financial UK SMEs. European Business Review, 35(5), 652–671. https://doi.org/10.1108/EBR-09....
68.
Zhou, L. (2024). Exploring the Role of Corporate Social Responsibility Strategies for Business Success—Taking Tesco as an Example. Advances in Economics, Management and Political Sciences, 78, 200–205. https://doi.org/10.54254/2754-....
Share
RELATED ARTICLE
| eISSN: | 2299-193X |
| ISSN: | 1429-9321 (1997-2019) |
We process personal data collected when visiting the website. The function of obtaining information about users and their behavior is carried out by voluntarily entered information in forms and saving cookies in end devices. Data, including cookies, are used to provide services, improve the user experience and to analyze the traffic in accordance with the Privacy policy. Data are also collected and processed by Google Analytics tool (more).
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
