04 3259 5158 (ext 375,378) jiem@ftu.edu.vn


Does corporate governance structure matter for firm financial performance? A system GMM panel analysis for Vietnam

By In Archives, Past Issue, 2020, Vol. 20 No. 01, 2020 On May 7, 2020

Pham Duc Anh[1]

Vietnam Banking Academy, Hanoi, Vietnam

Hoang Thi Phuong Anh

University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam

Paper No:Vol.20 No.1, March, 2020

Date of received: 16 December 2019, Date of revised: 23 March 2020;Date of accepted: 26 March 2020


This paper investigates the impact of governance characteristics on financial performance of companies listed on the Ho Chi Minh Stock Exchange. By employing the system generalized method of moments estimator and a panel dataset covering 152 firms over the period from 2011 to 2016, our results indicate that corporate governance characteristics namely the size of board and block-holder ownership, affect the financial performance of Vietnamese firms. Surprisingly, no statistically significant evidence is found concerning the impact of other characteristics such as board gender diversity, CEO duality and non-executive director representation on firm performance.

Keywords: Corporate governance, Firm performance, Board of directors, System GMM

Download full text: 

 [1] Corresponding author: anhpd@hvnh.edu.vn

Leave a comment

About Skins

These are pre-made skins of Vertikal which you can enable them on your site easily. Please note that these sample sites are loading with Ajax which you can simply enable/disable it through your Theme Options page.

Pre-made skins