1.0Aim of the studyCorporate governance have become a buzzwords in the post millennium corporate culture of many organizations today. The concept of corporate governance has become important today and no longer is an option but is a must do program by the organization. The purpose of this assignment is to understand the linkage pattern of corporate governance and its precursors such as emotional intelligence, trust and corporate social responsibility among the chemical companies which is listed in Trade directory of Vietnam.

2.0IntroductionDue to complexity of the situation, many organization in the world, finds that the success of an organization is hugely dependent on the harmony of wellbeing between stakeholders. Therefore, the stakeholders should ensure this harmony does not oscillates so that they could lead the objectives and strategies of the organization successfully. The presents of any organization is to maximize the profit but nevertheless the interest of multiple stakeholders is as important as maximizing profits. In order for the organization to materialize the micro and macro objectives, they need a mechanism that can bring them to the next level.

Corporate governance is a mechanism that could able to move the organization to the next level. Business corporations are directed and controlled through the system called Corporate Governance. (OECD, 1999). Shleifer and Vishny (1997) defines that the return on their investment is assured through the corporate governance as one of the ways. The traditional belief of corporate governance as profit oriented model has evolved to the Social responsibility model over the years. According to Gill (2008), researchers had identified an evolving relationship between corporate social responsibility and corporate governance. The purpose of the organization to respect individuals rights and sponsor human welfare in its operations defined through the corporate social responsibility (Manakkalathil and Rudolf, 1995; Oppewal et al., 2006). According to Holmes (1976), in his study of executives attitudes to social responsibility identified that any business is not only to make profit but should assist to decipher social problems. Today many companies has turn their focus towards corporate social responsibility as a main strategy to win back the trust of their multiple stakeholders.

Trust, in general terms defined as the element of honesty, sincerity and / or benevolent between two or more parties, in this case, firm and its exchange partner. (Geyskens et al. 1998). Reliability, integrity and confidence forms the core elements of trust (De Wulf et al. 2001; Morgan &Hunt 1994). According to Ferguson and Popescu (2006), better corporate citizenship can be realized through trust.

Heffernan et al. (2008) discerned significant interplay between emotional intelligence and trust. Prati et al.s (2003) study reveals that emotional intelligence leads to higher levels of team trust. A leaders emotional intelligence is also reported to have an impact on employee trust in their leader (Sitter, 2004). According to Goleman et al., (2002, 2007), members with high level of emotional intelligence tend to build a high level of trust via the relationships with other members in the organization.

The main objective of the researcher is to develop a framework to examine the correlation between corporate governance and develop a research framework that examines the relationship between corporate governance and its forerunners such as trust, emotional intelligence, and corporate social responsibilities among the chemical companies listed in Vietnam. 3.0Literature Review3.1Emotional IntelligenceEmotion is actually originates from a Greek word emovere which means getting out. Salovey and Mayer (1989) stated that emotional is an ability of individual to control the sensations and emotions of ones own self and others. Goleman (1998) say that the self-awareness, self-confidence, self- control, commitment and integrity, and a person's ability to communicate, influence, initiate change and accept change as the quality of persons emotional intelligence. Goleman (1998) further his comment by saying that most of the companies today had realized that organizations management success depends on the emotional skills which is an important component. The above definitions of emotional intelligence clearly proves that for an employer and employee to move the organization to the next level, emotional intelligence abilities and skills are required. Generally in my personal opinion, most of the organizations today are suffering lack of employee involvement, participation, motivation, trust and commitments and this might be due to the fact many talented and productive leaders and employees had been thwarted by the gaps in emotional intelligence. Further to my above opinion, I believe each and every personal in the organizations including the board members should be equipped with emotional intelligence skill so that the organization can face the challenges today.

Based on the research done by Cooper (1997), he had proved that if we are able to manage our own self and others emotions carefully it can create trust, loyalty and commitments among the employer and employees. When we are able to create such a trust, loyalty and commitments it will help the organization to move up easily to the next level and stay competitive in this challenging market. Cooper (1997) also quotes emotional intelligence can play an important factor to have competitive advantage, which is important to take care of the soft stuff so that the hard stuff takes care of itself as stated by the former leader of Ford motor companys executive team member.

A study done by Rezaeiyan and Koshtegar (2009) in Iran reported that the emotional intelligence had significant relationship with organizational commitment and trust among employers and employees. George (2000) also suggests that whenever emotional intelligence is present, there will be an increase in motivation, teamwork, trust, productivity, and profits within the organization. Goleman (1998) strongly believes that many of the greatest productivity gains, innovations, and accomplishments of individuals, teams and organizations are the result off properly managed emotions which can drive trust, loyalty and commitment among the employees.

Daniel Goleman (1998), has described that personal competence and social competence are the two components of emotional intelligence. Goleman (1998) says that individuals perception and reaction to organizational events can be greatly impacted by these two components of emotional intelligence.. Personal competence describes on how we manage ourselves and it consist of the following characteristics:i. Self-awareness- knowing ones internal states, preferences, resources and intuition.ii. Self-management- managing ones internal states, impulses, and resources.iii. Motivation- guiding ourselves or facilitating reaching goals.

Social Competence, on the other hand determines how we handle relationships. It consists of the following characteristics:i. Empathy- awareness of others feelings, needs, and concerns.ii. Social skills- adeptness at including desirable responses in others.

Further to that, Fehd (2001) and Goleman (2004) stated that highly effective emotional intelligence leaders are more likely to have good attitude toward their employees which can eventually lead to trustworthiness in the workplace.

3.2TrustTrust is a foundation of development both in relations among humans and institution and gaining the trust of others is valuable but a difficult endeavor. The important elements of trust is consistency, honesty and self-reliance. Trust is a psychological method that involving a positive expectancy which the other party will do specific activities that are fruitful to a person together through their readiness to receive vulnerability which could rise from the activities of another person.

Trust which is often needed in some uncertainties situation believed as one of central factors for the well-being of one organization (Ladebo, 2006; Ammeter, et al 2004). According to Ladebo (2006), trust is also believed to be associated to the higher degree of employee loyalty. Some research also commented that the higher the trust, the higher the commitment of an employee towards the organization (Hopkins et al, 2006; NGoala, 2007; Indartono, 2009). The researcher of this paper has focused on the organizational trust that has been regarded as the belief that the leaders in the organization will be honest and achieve through the commitments. OToole J, Bennis W (2009) stated that trust will improve integrity, sincerity and openness in admitting wrong doings so that they can create an organizations that continue to stay feasible.

Mishra and Morrrissey (1990) stated that organizational trust shows the awareness of a worker in regards to the support given by the organization. According to McCauley and Kuhnert (1992) the most significant aspects for the development of organizational trust are the common ethics within the group, honesty, and independence. The high level of organization trust will increase the employee motivation and eventually leads to high performance.

Trust is an important component in todays organizational strategies to create commitment towards a common goal, however achieving that trust can be very difficult. Many researchers today realize the important of trust and it is strongly believed that organizational trust nurtures emotional relationship among the employer and employees. Cooper RK (1997) in his studies founds that emotional intelligence nurtures trust and the trust is further improved by the emotional intelligence. Rehfeld RE (2002), Jain AK and Sinha AK (2005), Barry W (2008), Sitter VL (2004) and Crump L (2008) in their research findings identified that emotional intelligence and trust are associated between them.

The researcher of this paper has divided trust into three:i. Calculation-based trust According to Rousseau et al. (1998), this type of trust is based on rational choice. Calculation-based trust is very much dependent on punishment and for the punishment to be an effective warning for an individual, the possible damage of the affiliation must over right the advantage generated by deserting from it. The control mechanism of another individuals reaction is the main to calculation based trust. The parties involve must create the observation and reporting technique. The individual that was affected should capable of accepting the fear of punishment.ii. Knowledge-based trust This type of trust normally based on when an individual has plenty of facts and understanding of another individuals behaviour and able to judge his behaviour. iii. Identification-based trust The identification-based trust as a type of trust that happens when both the individual acknowledge and understand each other and can represent them by any one of them in interpersonal; connections. This type of trust can also be constructed through acknowledging and forecasting another individuals requirements.

3.3Corporate Social ResponsibilityThe challenging corporate world today, corporate social responsibility is a buzzwords and major discussion between companies and their multiple stakeholders in the post millennium corporate culture. Today a companys performance is not only judged based on their balance sheet but judged based on how a company contributes to the society. It has become increasingly difficult for any companies to function effectively without considering the elements of social responsibilities in the day to day running of their businesses.According to Hopkins (2007) CSR by way of presence regarding the way the investors of the company morally liable for. Sethi (1975) has recognized three different structure of corporate social needs which is known as social commitment whereby on how the company responds to lawful and industry requirements, social responsibilities whereby on how they correspond to the society requirements and social responsiveness whereby on how the company adapts, accepts and precautions. The Commission of European Communities (2002) states that CSR must be a voluntarily decided by the firm in contributing for the advantage of the publics and a safer environments.

Most of the companies today has start to focus effectively on corporate social responsibilities as this initiative could lead to an enhanced image and increase the ability to retain talents and attract best workforce. In return corporate social responsibility initiatives will translate into better customer satisfaction, loyalty, performance and profitability. For example, one of the corporate social responsibility initiated by Dominos is by introducing The Dominos Supports Schools Programme in 2002. Their corporate social responsibility was well received by the people in Malaysia as education is an important element in creating a knowledgeable workforce.

Carroll (1979) identifies four main type of corporate social responsibility model which also incorporates profitability as below dimensions:i. Economic responsibility is the responsibility a firm holds towards its shareholders which is to generate profit.ii. Legal responsibility is the responsibility a firm holds towards society which is complying with all relevant laws in a country they are operating and also international laws.iii. Ethical responsibility is the responsibility that are not codified in law such as respecting the moral rights of individuals, avoiding harm and injuries, threating and individual fairly and etc.iv. Discretionary responsibility is the voluntary roles and practices which is not required by the law such as providing day care centers for working mothers, training for employed individuals and etc.

The researcher of this paper has used the Carroll (1979) model of corporate social responsibility whereby he had merged the ethical and unrestricted proportions in his study. The three different proportions in his studies is known as ethical CSR, legal CSR and economic CSR which shows a widespread of scale connecting together the inside and outside shareholders.

3.4 Corporate GovernanceAccording to Shleifer and Vishny (1997) the corporate governance been defined as how the firm convince themselves of attaining the profit from their investment. Gillan and Starks (1998) states that corporate governance is a set of regulations, directions, and features that monitor the actions in an organization.

According to Du Plessis, Bagaric et al. (2010) corporate governance is the structure of adaptable and administrating business manner and of harmonizing the benefits of all inside and outside shareholders that can be affected by the firms behaviors. La Porta et al. (2000) states that CG is a set of instrument that can protect the shareholders from being miss-used by the management. Meanwhile Sir Adrian Cadbury states that corporate governance is a mechanism that used by the firms in directing them to the right destination. The UK corporate governance code define corporate governance as on how and what the board members in the firm does and the way they set the standards of the companies value (Financial Reporting Council, 2010).

Referring to all the above definition, the foremost target of a corporate governance is to get the most out of the impact of corporations to the economy. Today corporate governance is a companys strategy and operations because corporate governance addresses issues related to the companys performance and its survival in the challenging business environment. Corporate governance has become a way for companies not only in board selection, strategic decision making, and legal compliance but also in creating a framework for good business practices, sustainable growth and risk management. In summary corporate governance is exist to ensure that companies operate is a fair manner that able to benefit all stakeholders.Many research that been carried out on corporate governance shows a positive relation between corporate governance and corporations performance. Riyanto and Toolsema (2007) states that good governance protects shareholder interests and reduce principal-agent problems. Brown and Caylor (2009) argued and stated that the best practises of corporate governance generates a structure that can control managements activities which in return can minimize the principal-agent issues and increase the trust level among them.

From the stakeholders perspective, Hill and Jones (1992) focuses on the importance of stakeholder relationships and recognizes stakeholders impact on firm sustainability and success. Researches had categorize corporate governance into the shareholder model and stakeholder model. Agency theory is the other model of corporate governance and according to Davies (2000) agency theory debates that corporate governance mostly handles with three different type of conflicts between the stakeholders and management, monitoring the stakeholders and minority stakeholders and other stakeholders.

Meanwhile Eisenhardt (1989) states that agency theory tries to solve two complications that may arise when one group delegates the task to the other person. Firstly is the argument regarding the goals between the investors and managers and the expenses linked with the reducing of any disagreement and the secondly is the difficulty of distributing the risk equally when the risk priorities between the investors and managers is not the same. The researcher had done a brief study on the corporate governance structure in Vietnam. However in my opinion further coverage is needed on the corporate governance practices in Vietnam before developing the conceptual framework.

2.5Hypothesis developmentAccording to Goleman et al., (2002, 2007) leaders with greater level of emotional intelligence will able to create greater level of trust through their associations with their colleagues in the company. The findings from Rehfeld RE (2002), Jain AK and Sinha AK (2005) concluded that emotional intelligence and trust are associated between them and has been proven in many organization.

The researcher also states that knowledge-based trust and identity-based trust are the grounds for the progress of trust between the greatly emotional intelligence practitioners. Therefore a greater sets of emotional intelligence skills will increase the trust and assurance level over the calculation-based trust. Based on this conclusion, the researcher has developed the hypothesis between emotional intelligence and trust.

The researcher has stated that identity-based trust is the uppermost set of trust and this indicates the level of understanding between the team members, communication and the significance of vision statement and strategies that been executed. This type of trust happens when both individuals recognize and endorse each other, and able to represent each other in interpersonal dealings. There are certain activities that enhance identity-based trust such as entities and person able to accept a mutual understanding. In summary identity-based trust contains ethical values which both the individual and organizational identity merge.

Meanwhile knowledge-based trust happens in the event a person has greater knowledge and understanding of that person and able to foresee that individuals when an individual has more evidence and understanding about the other person to predict that persons conduct. The knowledge-based trust is merely in understanding the other individuals which was developed via recurring interfaces. Normally the trustor cultivates his sureness that a targets conduct can be judged and acknowledge that a persons action is the same and can be judged. Since ethical corporate social responsibilities is the main target of a firm, it should include corporate sustainability in their strategies. In this research paper, the researcher had constructed ethical corporate social responsibilities through knowledge-based trust.

The researcher had classified calculation-based trust as the lowest level. This type of trust is created through the calculation and matching the costs and advantage of building and satisfying an affiliation against the costs and advantage of doing it.

In exchange of their contribution which can be in the form improved sales and profit results, calculation-based trust indirectly improves the economic corporate social responsibilities. It also can improve the operation or performance of the organization based on the rules and laws from both side of the organization. Based on this discussion, the researcher had developed the hypothesis between trust and corporate social responsibilities.Hos (2010) identified in his research that if a firm is highly committed to CSR, it will correspond positively with the experiences and position of a director, and the firms board that shows greater stewardship and strategic roles of leadership, the corporations market situation, and all this multiple qualities if been joint together will create a greater level of corporate governance. CSR is mainly deals with handling the inside and outside shareholders in the corporation ethically. The phrase ethically means handling the inside and outside stakeholders in a way that accepted by the world.

As per the studies by Reidenbach and Robin (1991) ethical CSR continuously looks for a higher set of scales between the return on investment and morality. Nwabueze & Mileski (2008) confronts that the perception of corporate governance, is mainly confined in the view of ethics. Today in most of the organization, business is not only viewed as making profit and complying to the regulation requirement in order to achieve their financial standards but also to achieve ethical behaviour within the organization. The legal corporate social responsibilities does not only help to improve corporate governance efficiency because legal CSR have tendency to provide guidance and directions to the members in the organization within the legal structure. The law and regulations is a collated ethics of a society whereby it signifies a part of the social requirements between a corporation and the world. The regulation and laws are important in todays economic situation but they are not sufficient because it cannot solve all the external situation that a firm are facing, sometimes the regulation are far behind against the desired behaviour and regulations may only consider the personal and political interest only. In my opinion corporate governance is not only fulfilling the regulation requirement but also on how ethically we conduct the business.

According to Carroll (1979), the ultimate responsibilities of a corporation is to yield quality products and quality services to the society and create revenue for their own self. The result obtain by Handley-Schachler et al.s (2007) in their studies concludes that benefits of shareholders should not be only from the economic point of view because the people within the organization might only favours their interest rather than looking the organization as whole and this might not able to create a good corporate governance for the benefits of both inside and outside shareholders. Based on this discussion the researcher had developed his hypothesis between CSR and Corporate Governance.

3.0Research Methodology

3.1SampleThe researcher had selected chemical companies that was listed in Vietnam Directory in his sample size. Based on Miller (1998) proposal, the researcher had only selected 128 companies which meets the following criteria:

i. Turnover at least USD1.19 million.ii. Minimum 100 employees is working in the organization.

The datas on components such as corporate governance, corporate social responsibility and emotional intelligence was collected by the researcher via self-administered questionnaires. A total of 640 sets of self-administered questionnaires was distributed among the 128 companys middle level managers. Out of the 640 self-administered questionnaires distributed, the researcher received a respond rate 59.69% which is in my opinion reasonable to carry out the analysis.

4.0Findings and discussion

The data analysis result shows a positive relationship between emotional intelligence and identity-based trust and knowledge-based trust. However calculation-based trust relates negatively with emotional intelligence. There were no detail justification given by the researcher on the reasons of the negative correlation between greater heights of emotional intelligence as well calculation-based trust. This researcher also stated that today the organization members do not work based on the calculation-based trust but on the more ethical way. However in my opinion further justification is required on the above statement because normally a relationship begins with the development of calculation-based trust and once the relationship matures it will move to knowledge-based trust and finally on identity-based trust. All the three kinds of trust are not the same, but however it is interconnected with each other, and formed with each other.

There were many researcher had proved that emotional intelligence is a tool that can cultivate and produce and a fair environment of trust. The researcher such as Luthans et al (2002), Reinke (2004) in their paper concluded that emotional intelligence is proven set of skills that can create organizational trust among the workers. Today many corporation had taken emotional intelligence is an important set of skill because if a leader is able to recognize and realize the emotions of their employees, they could able to inspire them to achieve greater revenue as well cultivate trust in them. If the leaders are very concern about their workers self-interest than the workers will place a high level of trust in their leader and this will help the organization to move to the next level. In summary we can conclude that a leaders with a greater level of emotional intelligence will cultivate trust among their employees and their subordinates will view them as a great leader.

The data analysis by the researcher shows a positive correlation between trust and corporate social responsibilities. Today many companies are moving towards CSR as a strategy to win back the trust of their internal and external customers. Trust is an important element because members in an organization with high level of trust will able to evaluate products or services which benefits both the stakeholders. There were growing perceptions in todays industries that trust is a set of primary tools through CSR initiatives which can highly influence the way the workers think, behave and react. The employers CSR activities will give a significant message about the organizations moral and principles and this will create trust among the employees within the organization as well as outsider view on the company. Trust is the first action of a companys CSR activities and without the trust from both insiders and outsider of the company the CSR activity will not be success. In summary trust is an important factor that shapes the CSR activities and this CSR perception will nurture an employees attitude and the way they think and behave. According to the data analysed by the researcher, corporate governance stayed positively against ethical CSR but stayed negatively with legal CSR and economic CSR. According to the researcher ethical CSR will create significant value to both the inside and outside shareholders. The researcher also concludes that ethical CSR provides a strong platform for efficient corporate governance. There were no justification given by the researcher for the negative correlation. CSR is an important tool that spreads a firms responsibility to expand the shareholders interest through reporting on the companies CSR activities. In any organization the board members plays and important role in corporate governance, the board members can influence a companys CSR activities. Both the corporate governance and corporate social responsibilities plea on the firm to undertake financial and moral responsibilities toward their stakeholders. The firms action of responsibilities is very critical in gaining and maintaining trust of their both inside and outside stakeholders.

The economic responsibility of the firm is the utmost important one because all the other business accountabilities are centred upon the economic accountability of the firm as without the economic accountability the firm will not succeed. Today the businesses are anticipated to carry out its economic accountability within the legal framework of CSR. Businesses are viewed as a corporate resident whereby they fulfils the legal requirements and regulation guidelines by the government. This legal requirements and regulations are the basis of a business operating. In summary the firm should maximize their profit by complying with the legal requirement and regulation guidelines. In my opinion further analysis is required confirm the reason of this negative correlation result concluded by the researcher.

5.0Conclusion

This research paper concludes that a positive link were noticed among greater set of emotional intelligence skill and trust which positively correlates with ethical corporate social responsibility and this ethical corporate social responsibility positively correlates with corporate governance. This study confirms that emotional Intelligence is an important variable for every organization which proves that the employees trust will affect their commitment to the organization. By Building Trust among firms stakeholders through emotional intelligence, the relationship can be strengthened. Corporate governance and CSR is complementary in shaping their objectives and the constraints faced by the organization today. However a further test is required on all the negative correlation that been identified by the researcher especially the relationship between legal corporate social responsibilities and economic corporate social responsibilities with corporate governance.

There are few limitations in this research such as the focus was only on chemical company listed in Vietnam Trade Directory, the use of only quantitative method and cross-sectional nature. In my opinion a further analysis considering various industries listed in Vietnam Trade Directory and increase of sample size would able to give a clearer picture on testing of this hypothesis.

The further research path that can be considered is to study is as follows:i. Emotional intelligence and coaching as an antecedent in improving corporate governance among SME in Malaysia.ii. Examining the relationship between training and coaching as an antecedent for corporate governance in private sector.iii. Does emotional quotient matters more than intelligence quotient in improving corporate governance among SME in Malaysia.iv. The effect of Emotional Intelligence and Cultural Intelligence towards Corporate Governance in Malaysia.

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