ESG media signals and earnings risk: evidence from Vietnamese listed firms, Journal of Trade Science (2026) 14 (3): 279–296, 16.07.2026

Using the Covalence database, which aggregates global media, NGO publications and institutional communications into firm-level ESG reputation scores, the study constructs a panel of 62 Vietnamese listed firms over 2012–2023 (709 firm-year observations). Panel fixed-effects models are estimated across four earnings volatility specifications with ESG variables lagged one year. Robustness is assessed through winsorization, COVID exclusion, alternative lag structures, placebo tests and first-difference specifications.”