Quản trị công ty và hiệu quả hoạt động doanh nghiệp: Bằng chứng thực nghiệm các công ty Việt Nam niêm yết tại Sở giao dịch chứng khoán Hà Nội

##plugins.themes.academic_pro.article.main##

Author

  • Hoàng Dương Việt Anh, Dương Nguyễn Minh Huy, Nguyen Ho Bang Phuong

Từ khóa:

Quản trị công ty
Hiệu quả hoạt động của doanh nghiệp
Các công ty niêm yết
Sàn giao dịch chứng khoán Hà Nội

Tóm tắt

Bài báo nghiên cứu mối quan hệ giữa quản trị công ty và hiệu quả hoạt động của doanh nghiệp  niêm yết tại Việt Nam. Dữ liệu nghiên cứu được thu thập từ mẫu gồm 361 công ty niêm yết tại Sở giao dịch chứng khoán Hà Nội trong giai đoạn từ 2007 đến 2015. Phương pháp bình phương tối thiểu gộp (Pooled OLS) và phương pháp ảnh hưởng cố định (Panel Fixed Effects) kết hợp với việc sử dụng các sai số chuẩn mạnh (robust standard errors) sẽ được sử dụng ước đoán ảnh hưởng của quản trị công ty đến hiệu quả hoạt động của doanh nghiệp. Kết quả nghiên cứu chỉ ra rằng Hội đồng quản trị mạnh (Strong board) và mức độ sở hữu cổ phiếu của nhà đầu tư nước ngoài (Foreign ownership) có ý nghĩa thống kê và tác động tích cực đến hiệu quả hoạt động của doanh nghiệp. Trong khi đó, CEO kiêm nhiệm chủ tịch hội đồng quản trị (CEO duality) được tìm thấy có tác động tiêu cực đến hiệu quả hoạt động của doanh nghiệp.

Tài liệu tham khảo

    [1] Mulbert, P. O. (2009). Corporate governance of banks after the financial crisis-Theory, Evidence, Reforms. ECGI-Law Working Paper, (130).
    [2] Fetisov, G. (2009). Measures to Overcome The Global Crisis and Establish a Stable Financial and Economic System. Problems of Economic Transition, 52(5), 20-34.
    [3] Isaksson, M. & Kirkpatrick, G. (2009). Corporate governance: Lessons from the financial crisis. Organisation for Economic Cooperation and Development. The OECD Observer, (273), 11.
    [4] Fama, E., and M. Jensen. 1983. Separation of Ownership and Control. Journal of Law and Economics 26 (2), Corporations and Private Property: A Conference Sponsored by the Hoover Institution): 301-325.
    [5] Jensen, Michael C., 1991, Corporate control and the politics of finance, Journal of Applied Corporate Finance 4, 13– 33.
    [6] Forbes, D.P. & Milliken, F. 1999. Cognition and corporate governance: Understanding board of directors as strategic decision: Making groups. Academy of Management Review, 3, 489–505.
    [7] Goodstein, J. G., G. K. Gautam and W. B. Boeker, 1994. The Effects of Board Size and Diversity on Strategic Change. Strategic Management Journal 15, 241–250.
    [8] Bhagat S. & Black. B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27 (2), 231-274.
    [9] Bange, M.M. & Mazzeo, M.A. (2004). Board Composition, Board Effectiveness, and the Observed Form of Takeover Bids. Review of Financial Studies, 17(4), 1185-1215.
    [10] van den Berghe, L. A. A., & Levrau, A. (2002). The Role of the Venture Capitalist as Monitor of the Company: a corporate governance perspective. Corporate Governance: An International Review, 10(3), 124-135.
    [11] Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28: 383–396.
    [12] Hillman, A. J., Cannella, A. A., &Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37, 235–255.
    [13] Kiel, G C. and Nicholson, G. J. (2003). Board Composition and Corporate Performance: how the Australian experience informs contrasting theories of corporate governance, Corporate Governance: An International Review, 11 (3), 189-205.
    [14] Dalton, Dan & Dalton, Catherine. (2005). Strategic Management Studies are a Special Case for Meta-Analysis. Research Methodology in Strategy and Management. 2. 31-63.
    [15] Phan Bui Gia Thuy et al. (2017). Effects of CEO’s characteristics on firms’ performance. Journal of Science, Ho Chi Minh City Open University, 55 (4), 51-63.
    [16] Duc, V. H. & Thuy, P. B. G. (2013). Corporate Governance and Firm Performance: Empirical Evidence from Vietnam. Economic Development, 275, 1-15.
    [17] Phuc, D. N. & Thong, L. V. (2014). Impact of corporate governance on business performance of enterprises after equitization in Vietnam. Economics & Development, 203, 56-63.
    [18] Berger, A.N. Brockett, P.L. Cooper, W.W. Pastor, J.T. (1997). New approaches for analyzing and evaluating the performance of financial institutions. European Journal of Operational Research, 98, 170–174.
    [19] Bertrand, M & Schoar, A. (2003). The Effect of Managers on Firm Policies. The Quarterly Journal of Economics. 118. 1169-1208.
    [20] Kokeno, S. O., & Muturi, W. (2016). Effect of chief executive officer’s charactristics on the financial performance of firms listed at the Nairobi Securities Exchange. International Journal of Economics, Commerce and Management, 4(7), 307–318.
    [21] Harford, J. and Li, K. (2007). Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs. Journal of Finance, 62, 917-949.
    [22] Harris, M and Raviv, A. (2008). A Theory of Board Control and Size. The Review of Financial Studies, 21, Issue 4, 1797-1832.
    [23] Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking and Finance, 33(7), 1340-1350.
    [24] Croci, E and Petmezas, D. (2015). Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions. Journal of Corporate Finance, 32, 1-23.
    [25] Hermalin, B. E., &Weisbach, M. S. (2001). Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review, 9(1), 7-26.
    [26] Jensen, M. C. (1993). The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. Journal of Finance, 48(3), 831–880.
    [27] Haniffa, R. & Hudaib, M. (2006). Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance and Accounting, 33, 1034-1062.
    [28] Zabri, S. M., Ahmad, K., & Wah, K. K. (2016). Corporate Governance Practices and Firm Performance: Evidence from Top 100 Public Listed Companies in Malaysia. Procedia Economics and Finance, 35, 287-296.
    [29] Darko, J., Aribi, Z. A. &Uzonwanne, G. C. (2016). Corporate governance: The impact of director and board structure, ownership structure and corporate control on the performance of listed companies on the Ghana stock exchange. Corporate Governance: The international journal of business in society, 16(2), 259-277.
    [30] De Andres, P. A., Azofra, V. and Lopez, F. (2005). Corporate boards in some OECD countries: Size, composition, functioning and effectiveness, Corporate Governance An International Review, 13, 197-210.
    [31] Chen, J. & Nowland, J. (2010). Optimal Board Monitoring in Family-owned Companies: Evidence from Asia. Corporate Governance An International Review, 18, 3-17.
    [32] Faleye, O. (2007). Does one hat fit all? The case of corporate leadership structure. Journal of Management and Governance, 11,239–259.
    [33] Judge W.Q., Naoumova I. &Koutzevol N. (2003). Corporate governance and firm performance in Russia: An empirical study. Journal of World Business, 38(4).
    [34] Daily, C.M. and Dalton, D.R. (1994). Bankruptcy and corporate governance: the impact of board composition and structure. Academy of Management Journal, 37, 6, 1603-1617.
    [35] Coles, J.W., McWilliams, V.B. & Sen N. (2001). An examination of the relationship of governance mechanisms to performance. Journal of Management, 27, 23-50.
    [36] Tuggle, C, & Schnatterly, K. & Johnson, R. (2010). Attention Patterns in the Boardroom: How Board Composition and Processes Affect Discussion of Entrepreneurial Issues. Academy of Management Journal. 53. 550-571.
    [37] Rashid, A. (2010). Determinants of Corporate Hedging Practices in Malaysia. International Business Research, 3(2), 120-130.
    [38] Azutoru, I. H. C., Obinne, U. G. &Chinelo, O. O. (2017). Effect of Corporate Governance Mechanisms on Financial Performance of Insurance Companies in Nigeria. Journal of Finance & Accounting, 5, 93–103.
    [39] Trinh, V. H. D. &Vy, V. T. T. (2016). The impact of foreign ownership on profitability of Vietnamese firms listed on Ho Chi Minh Stock Exchange.
    [40] Mohd, A. J. (2015). Foreign ownership and Firm Performance: Evidence from Malaysia. Asian Journal of Accounting and Governance, 6, 49-54.
    [41] Lee, K. W., Lev, B. & Yeo, G. (2006). Organizational structure and earnings management. Journal of Accounting, Auditing, & Finance, 21 (2), 293–331.
    [42] Jiang, H., & Yamada, T. (2011). The Impact of international institutional investor on local equity prices: reversal of the size premium. Financial Analysis Journal, 67(6), 61-76.
    [43] Dobbin, F. & Jung, J. (2011). Corporate Board Gender Diversity and Stock Performance: The Competence Gap or Institutional Investor Bias? North Carolina Law Review, 89(3), 809-838.
    [44] Alexander, O. D., David, T. I., Musibau, A. A. &Adulona, O. O. (2015). Impact of corporate governance on firms’ performance. International Journal of Economics, Commerce and Management, 3(6), 634-653.
    [45] Liu Y., Miletkov M.K., Wei Z. & Yang T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30.
    [46] Arora, A. & Sharma, C. (2016). Corporate governance and Firm Performance in Developing Countries: Evidence from India. Corporate governance International Journal of Business in Society, 16(2), 420-436.
    [47] Petersen, M.A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review Financial Studies, 22, 435-480.
Xem thêm

##plugins.themes.academic_pro.article.sidebar##

Đã Xuất bản

Apr 30, 2020
Download
PDF (English)
Cách trích dẫn
Hoang Duong Viet Anh, Duong Nguyen Minh Huy, Nguyen Ho Bang Phuong. “Quản trị công Ty Và hiệu Quả hoạt động Doanh nghiệp: Bằng chứng thực nghiệm các công Ty Việt Nam Niêm yết tại Sở Giao dịch chứng khoán Hà Nội”. Tạp Chí Khoa học Và Công nghệ - Đại học Đà Nẵng, vol 18, số p.h 4.1, Tháng Tư 2020, tr 41-46, https://jst-ud.vn/jst-ud/article/view/2745.

##plugins.themes.academic_pro.article.details##