Corporate Governance and Firm’s Performance: Empirical Evidence from Vietnam

THUY, PHAN BUI GIA; DUC, VO HONG

doi:10.24311/jed/2013.218.08

Cited by 16 publications

(8 citation statements)

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“…The result does not support H2 , hence, rejected. This finding is consistent with Nor et al (2017) and Duc and Thuy (2013), who found no statistically significant relationship between board independence and firm’s investment. This finding is, however, inconsistent with Agyei-Mensah (2021), Tran (2019), Zhu et al (2016) and Liu et al (2015), who found that the proportion of independent directors is negatively related to firm investment.…”

Section: Findings Analysis and Discussionsupporting

confidence: 92%

Do national culture and board attributes influence corporate investment decisions?

Agyei-Mensah¹

2023

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Purpose The purpose of this paper is to study the relationship between board attributes and national culture on firms’ investment decisions. Design/methodology/approach The study used data from listed firms from seven Sub-Saharan Africa countries. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which constitutes the main data analysis. Findings The multiple regression analysis results indicate a negative relationship between uncertainty avoidance (UAI) and corporate investment decisions. The study also found that there is a negative relationship between the interaction between UAI and the number of independent board members and corporate investment decisions. Originality/value This study is one of the few to measure the influence of governance variables and national culture on corporate investment decisions in Sub-Sahara Africa.

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Section: Findings Analysis and Discussionsupporting

confidence: 92%

Do national culture and board attributes influence corporate investment decisions?

Agyei-Mensah¹

2023

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“…The performance of listed firms is positively influenced by the presence of female board members, the duality of the CEO, work experience of the board members and the remuneration of board members. On the other hand, board size has a negative effect on return on asset (Vo and Phan, 2013). Managerial ownership is found to have a positive impact on dividends (Vo and Nguyen, 2014b).…”

Section: Corporate Governance and Its Impact On The Efficiency Of Vietnamese Listed Firmsmentioning

confidence: 99%

The nexus between corporate governance and intellectual capital in Vietnam

Tran

Van

2020

JABS

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Purpose This paper aims to examine the relationship between corporate governance and intellectual capital in the context of Vietnam. In this paper, corporate governance is proxied by various characteristics, including board size, a number of independent members in the board, board remuneration, major shareholder holding more than 20 per cent of the outstanding shares and duality of the CEO. In addition, intellectual capital is measured using the modified value-added intellectual coefficient model (MVAIC). Design/methodology/approach The study uses data of 45 Vietnamese listed firms during 2011-2018. The MVAIC model is used incorporating four components, namely, human capital, structural capital, capital used and relational capital. In addition, GMM regression technique is used in this paper. Findings Empirical findings from this paper indicate that key characteristics of corporate governance, except for board remuneration, may provide a negative effect on the efficient use of intellectual capital. Research limitations/implications Intellectual capital emerges as a new field of research that has not been widely examined in emerging countries such as Vietnam. As such, there have not been many studies focusing on understanding intellectual capital and its role in the performance of enterprises. Further studies can evaluate the relationship between intellectual capital and corporate performance, capital structure, corporate value and social responsibility. This study is limited to listed companies in Vietnam because of data limitations in an emerging market. Studies in the future should extend the sample and/or compare differences between manufacturing enterprises and financial institutions, or between countries. Practical implications Findings from this paper provide a valuable framework for executives, managers and policymakers in managing corporate governance and intellectual capital within the Vietnamese context. Originality/value To the best of the authors’ knowledge, this is the first empirical study that has been conducted to examine the relationship between corporate governance and intellectual capital in the context of Vietnam.

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“…To examine the influence of corporate governance on working capital management, this study employed five proxies of corporate governance. These proxies were identified based on previous research (Al-Rahahleh, 2016;Basheer, 2014;Kengatharan & Tissera, 2019;Aizyadat, 2022;Orens & Reheul, 2013;Thuy & Duc, 2013). The first proxy, board meetings, was measured by the number of supervisory board meetings held within a year.…”

Section: Methodsmentioning

confidence: 99%

“…This means that, if the supervisory board is well compensated, agency conflict can be reduced (Eluyela et al, 2018) and stakeholders' wealth is positively correlated (Santosuosso, 2015). Literature, such as studies conducted by Basheer (2014); Indjejikian (2007); Liu and Mauer (2011), and Thuy and Duc (2013) found a positive relationship between board remuneration and cash holdings. Conversely, Kuan et al (2011) demonstrated a negative relationship, while Ozordi et al ( 2019) claimed a non-significant relationship between board remuneration and cash management.…”

Section: Board Remuneration and Working Capital Managementmentioning

confidence: 99%

Corporate Governance and Its Relationship with the Working Capital Management in Europe

Ahmed

Ali

Hágen

2023

Shirkah

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This study aims to investigate the impact of corporate governance on working capital management, which has been relatively overlooked despite its significance on corporate performance. Using the Ordinary Least Square regression model, a model was developed to assess the relationship between dependent and independent variables. Secondary data from the annual reports of 42 non-financial firms listed on the Frankfort and Oslo stock exchanges from 2017 to 2021 were collected. The dependent variable, working capital management, is indicated by cash holding, while the independent variable, corporate governance, is measured through five proxies: board meeting, board remuneration, the board size, CEO remuneration, and CEO tenure. Leverage and firm size are involved as control variables. The findings revealed that board meetings, board remuneration, CEO remuneration, and CEO tenure exhibit a positive and significant relationship with working capital management. However, board size demonstrated a negative but insignificant relationship. Additionally, the study showed that leverage has a negative relationship, while firm size has a positive relationship with working capital management. In conclusion, the study suggests that future research should focus on the financial sector to conduct comparative analyses with other sectors.

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Corporate Governance and Firm’s Performance: Empirical Evidence from Vietnam

Cited by 16 publications

References 0 publications

Do national culture and board attributes influence corporate investment decisions?

Do national culture and board attributes influence corporate investment decisions?

The nexus between corporate governance and intellectual capital in Vietnam

Corporate Governance and Its Relationship with the Working Capital Management in Europe

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