“…The analysis of recent studies also revealed that the most of the studies relating to CSR and BGD undertaken in the context of developing countries have been limited to China (Ali et al, 2019 [ [69] , [70] , [71] ]), followed by Vietnam [ [72] , [73] , [74] , [75] ]; Thu and Khanh 2021b. Most of these studies have linked CSR to quantitative measures, such as firm’s performance [ 71 , [76] , [77] , [78] ]; Thu and Khanh, 2021b, earnings management [ 71 ], agency cost [ 72 ], trade receivables [ 69 , 74 ], and risk-taking [ 73 ].…”