The Impact of Environment, Social, and Governance on the Market Value of Real Estate Enterprises in Vietnam

Abstract: This study examines the influence of Environmental, Social, and Governance (ESG) performance on the market value of real estate enterprises in Vietnam from 2014 to 2024. Using panel data of listed firms on HOSE and HNX and applying Pooled OLS, FEM, REM, and FGLS estimations, the results show that ESG scores have a positive and statistically significant impact on Tobin’s Q. Among the three ESG pillars, the Environmental component exhibits the strongest effect, followed by Social and Governance factors. Firm size and liquidity positively affect market valuation, while financial leverage and inflation exert negative effects; economic growth demonstrates a positive contribution. The findings highlight the growing importance of sustainable practices in enhancing firm value within Vietnam’s real estate sector. The study provides empirical evidence supporting the integration of ESG into business strategies and offers implications for policymakers seeking to promote transparency and sustainable market development. Keywords: Real Estate, ESG, market value, enterprises.