Enterprise efficiency ratings in the DEA models.

This research explores the nexus between corporate governance and sustainable development, focusing on State-Owned Enterprises (SOEs) in Vietnam. Recognizing the pivotal role of SOEs in the national economy, this study employs a Multi-Criteria Decision-Making approach (MCDM) to assess and enhance the corporate governance frameworks of these entities. First, the Data Envelopment Analysis (DEA) model is employed to identify the most qualified prospective SOEs firms based on several quantitative criteria. Then, the spherical fuzzy analytic hierarchy process (SF-AHP) model is used to identify priority weights for a given set of qualitative criteria, the Evaluation based on distance from average solution (EDAS) model is implemented to rank enterprises in the SOEs sector. To validate the proposed models, a case study conducted within the Vietnamese electric power industry is utilized. The MCDM methodology integrates diverse factors such as business management, corporate social responsibility, and corporate governance shareholder to construct a comprehensive evaluation framework. By applying this approach, the study aims to identify the key drivers and barriers influencing corporate governance practices within Vietnamese SOEs. The study’s findings illustrate the efficacy of the suggested approach in evaluating corporate governance performance, providing valuable insights for policymakers, corporate leaders, and stakeholders involved in shaping the governance landscape of SOEs in Vietnam. By aligning corporate governance with sustainable development principles, the research aims to contribute to the ongoing discourse on responsible business practices, offering practical recommendations to enhance the performance and resilience of SOEs in the pursuit of long-term socio-economic and environmental sustainability.本研究聚焦越南国有企业（State-Owned Enterprises, SOEs），探讨公司治理与可持续发展之间的内在关联。鉴于国有企业在国民经济中的关键支柱作用，本研究采用多准则决策方法（Multi-Criteria Decision-Making, MCDM），以评估并完善这类主体的公司治理框架。首先，本研究运用数据包络分析（Data Envelopment Analysis, DEA）模型，基于多项定量准则筛选出最具资质的潜在国有企业。随后，通过球形模糊层次分析法（spherical fuzzy analytic hierarchy process, SF-AHP）模型确定给定定性准则集的优先权重；同时引入基于平均解距离的评价法（Evaluation based on distance from average solution, EDAS），对国有企业板块内的企业进行排序。为验证所提模型的有效性，本研究以越南电力行业为对象开展案例分析。该多准则决策方法整合了企业管理、企业社会责任、公司治理与股东权益等多元因素，构建起一套综合评价体系。通过应用该方法，本研究旨在识别影响越南国有企业公司治理实践的核心驱动因素与阻碍因素。研究结果证实了所提方法在评估公司治理绩效方面的有效性，可为政策制定者、企业管理者以及参与塑造越南国有企业治理格局的利益相关者提供宝贵的决策参考。本研究通过推动公司治理与可持续发展原则的协同适配，致力于为负责任商业实践的相关学术讨论贡献见解，并提出切实可行的建议，以提升越南国有企业在追求长期社会经济与环境可持续发展过程中的绩效与韧性。