RESEARCH ARTICLE
Spillover Effects of Corporate External Financing: The Role of Vietnamese Climate Policy and Carbon Performance
Nguyen Thi Hoa Hong,
Truong Cam Tu,
Nguyen Danh Uy,
Nguyen Ha Anh,
Le Nguyen Nhan,
Ngo Phuong Linh,
Corresponding Author
Nguyen Thi Hoa Hong
Financial Management—Statistics Analysis Department, Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Correspondence:
Nguyen Thi Hoa Hong ([email protected])
Search for more papers by this authorTruong Cam Tu
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorNguyen Danh Uy
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorNguyen Ha Anh
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorLe Nguyen Nhan
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorNgo Phuong Linh
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorNguyen Thi Hoa Hong,
Truong Cam Tu,
Nguyen Danh Uy,
Nguyen Ha Anh,
Le Nguyen Nhan,
Ngo Phuong Linh,
Corresponding Author
Nguyen Thi Hoa Hong
Financial Management—Statistics Analysis Department, Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Correspondence:
Nguyen Thi Hoa Hong ([email protected])
Search for more papers by this authorTruong Cam Tu
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorNguyen Danh Uy
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorNguyen Ha Anh
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorLe Nguyen Nhan
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorNgo Phuong Linh
Faculty of Business Administration, Foreign Trade University, Ha Noi, Vietnam
Search for more papers by this authorFirst published: 29 March 2025
Funding: The authors received no specific funding for this work.
ABSTRACT
This study examines the impact of climate policy on the external financing of 557 listed companies in Vietnam, along with the spillover effects of external financing among firms based on their carbon performance. Two key metrics, including Clean Development Mechanism (CDM) and Corporate Carbon Disclosure (CCD) are employed to evaluate the carbon performance of these businesses. Utilizing a Difference-In-Differences (DiD) model, the findings indicate that the policy positively influences firms engaged in the CDM and those demonstrating high levels of CCD. Furthermore, results from the Vector Autoregressions with rolling windows (VAR) model reveal that CDM firms in Vietnam are interconnected and benefit from the spillover effects of other CDM participants. Similarly, CCD firms show strong interconnectedness and mutually advantageous interactions. These findings provide actionable insights for businesses and policymakers, highlighting the importance of incorporating companies' environmental performance into financial decisions and policy adjustments within the Vietnamese context.
Conflicts of Interest
The authors declare no conflicts of interest.
Open Research
Data Availability Statement
The data that support the findings of this study are available on request from the corresponding author. The data are not publicly available due to privacy or ethical restrictions.
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