Research on the Relationship between Corporate Governance and Firm Performance: Empirical Evidence from Companies Listed on the Stock Exchange in Vietnam
Research on the Relationship between Corporate Governance and Firm Performance: Empirical Evidence from Companies Listed on the Stock Exchange in Vietnam
Author(s): Trang Thi Kieu PhamSubject(s): Gender Studies, Business Economy / Management, Social development, Management and complex organizations, Sociology of the arts, business, education, Economic development, Financial Markets, Globalization
Published by: New Millennium Discoveries Ltd
Keywords: Corporate Governance; Firm performance; Vietnam; CEO Duality; Ownership Structure; Gender; Firm Size; Financial Leverage; Inflation;
Summary/Abstract: This study examines the effect of corporate governance on firm performance measure as ROA and Tobin’s Q of listed companies in Vietnam. Data samples were collected from 189 companies for Fiscal years 2011 – 2014. Fixed-effects and Random-effects models were estimated to evaluate the impact of corporate governance on firm performance. The study found evidence that some characteristics of corporate governance such as CEO duality, board size and women on board have a negative influence on firm performance as measured by ROA and Tobin’s Q. By contrast, independent audit committee members, ownership of governance, ownership of foreign institutional investors and ownership of domestic institutional investors have a positive impact on these two performance measures of firms. The study also revealed a positive impact of ownership of managers on firm performance measured by ROA, however, in the case of Tobin’s Q there is no significant correlation.
Journal: International Journal of Management and Applied Research
- Issue Year: 3/2016
- Issue No: 4
- Page Range: 172-183
- Page Count: 12
- Language: English
