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31/07/2024
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Nguyen, L., Vo, D., Pham, H., Nguyen, V., Than, Y., & Le, H. (2024). The effects of managerial gender and education on firm performance. Journal of International Economics and Management, 24(2), 115-131. https://doi.org/10.38203/jiem.024.2.0089
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The effects of managerial gender and education on firm performance
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Abstract
The role of women has been increasingly affirmed as gender equality has become the norm, particularly when it comes to how firms should be managed. In addition, education instills knowledge that could change managerial perspectives, thus affecting the ways they manage firms. This study uses a dataset covering 617 non-financial firms listed on the Vietnamese stock market from 2010 to 2021 to examine the impact of managerial gender and education on firm performance, measured in accounting- and market-based values. The System Generalized Method of Moments was employed to address endogeneity and other defects normally associated with panel data. The results reveal that having female chief executive officers (CEOs) positively affects firms. Additionally, a CEO’s educational background positively affects both accounting- and market-based measures. The study provides new evidence of the positive effects of female CEOs and highly educated CEOs on firm performance compared with some extant studies in Vietnam. Based on the research findings, relevant suggestions are proposed regarding the welcoming features of CEOs in managing firms in Vietnam.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Keywords
Managerial gender, Managerial education, Firm performance
References
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Amran, N.A. (2011), “The effect of owner’s gender and age to firm performance: a review on Malaysian public listed family business”, Journal of Global Business and Economics, Vol. 2 No. 1, pp. 104-116.
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Barker, V. and Mueller, G.C. (2002), “CEO characteristics and firm R&D spending”, Management Science, Vol. 48 No. 6, pp. 782-801.
Basil, A.N. and Khaled, H. (2011), “Revisiting the capital-structure puzzle: UK evidence”, The Journal of Risk Finance, Vol. 12 No. 4, pp. 329-338.
Bennouri, M., Chtioui, T., Nagati, H. and Nekhili, M. (2018), “Female board directorship and firm performance: what really matters?”, Journal of Banking & Finance, Vol. 88, pp. 267-291.
Bertrand, M. and Schoar, A. (2003), “Managing with style: the effect of managers on firm policies”, The Quarterly Journal of Economics, Vol. 118 No. 4, pp. 1169-1208.
Bhagat, S., Bolton, B. and Subramanian, A. (2010), “CEO education, CEO turnover, and firm performance”, Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1670219 (Accessed 15 July, 2023).
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Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V. (2001), “Capital structures in developing countries”, Journal of Finance, Vol. 56 No. 1, pp. 87-130.
Campbell, K. and Mínguez-Vera, A. (2008), “Gender diversity in the boardroom and firm financial performance”, Journal of Business Ethics, Vol. 83, pp. 435-451.
Cao, D.K., Hoang, H.Y. and Tran, M.N. (2016), “Impact of CEO’s characteristics on firm performance: the case of Vietnam”, External Economics Review, Vol. 89, pp. 56-67.
Carter, D., Betty, J. and Simpson, W. (2003), “Corporate governance, board diversity and firm value”, Financial Review, Vol. 38 No. 1, pp. 33-53.
Catalyst (2023), “Historical women CEOs of the fortune lists: 1972-2023 (list)”, Available at https://www.catalyst.org/research/historical-list-of-women-ceos-of-the-fortune-lists-1972-2023/ (Accessed 20 April, 2024).
Chatterjee, C. and Nag, T. (2023), “Do women on boards enhance firm performance? Evidence from top Indian companies”, International Journal of Disclosure and Governance, Vol. 20, pp. 155-167.
Chen, J., Dong, W., Tong, J.Y. and Zhang, F. (2018), “Corporate philanthropy and investment efficiency: empirical evidence from China”, Pacific-Basin Finance Journal, Vol. 51, pp. 392-409.
Cheng, L., Chan, R. and Leung, T. (2010), “Management demography and corporate performance: evidence from China”, International Business Review, Vol. 19 No. 3, pp. 261-275.
Chesterman, C., Ross-Smith, A. and Peters, M. (2004), “Senior women executives and the cultures of management”, Available at http://www.uts.edu.au/oth/wexdev/publications/index.html (Accessed 15 July, 2023).
Dang, H. (2020), “Determinants of liquidity of listed enterprises: evidence from Vietnam”, Journal of Asian Finance, Economics and Business, Vol. 7 No. 11, pp. 67-73.
Fairlie, R.W. and Robb, M. (2009), “Gender differences in business performance: evidence from the characteristics of business owners survey”, Small Business Economics, Vol. 33 No. 4, pp. 375-395.
Frye, M.B. and Pham, D.T. (2018), “CEO gender and corporate board structures”, The Quarterly Review of Economics and Finance, Vol. 69, pp. 110-124.
Hambrick, D.C. and Mason, P.A. (1984), “Upper Echelons: the organization as a reflection of its top managers”, Academy of Management Review, Vol. 9 No. 2, pp. 193-206.
Hong, J. and Kim, S. (2022), “Female executives and firm value: the moderating effect of co-CEO power gaps”, Gender in Management: An International Journal, Vol. 37 No. 7, pp. 933-949.
Hsu, C.S., Kuo, L. and Chang, B. (2013), “Gender difference in profit performance - Evidence from the owners of small public accounting practices”, Asian Journal of Finance & Accounting, Vol. 5 No. 1, pp. 140-159.
Huang, J. and Kisgen, D.J. (2013), “Gender and corporate finance: are male executives overconfident relative to female executives?”, Journal of Financial Economics, Vol. 108 No. 3, pp. 822-839.
Inmyxai, S. and Takahashi, Y. (2010), “Performance contrast and its determinants between male and female headed firms in Lao MSMEs”, International Journal of Business and Management, Vol. 5 No. 4, pp. 37-52.
Jagadish, A.D. and Sharmila, J.T. (2021), “Impact of profitability on the business, cash flow and profitability”, PalArch’s Journal of Archaeology of Egypt/Egyptology, Vol. 18 No. 8, pp. 4425-4434.
Jalbert, T., Rao, R. and Jalbert, M. (2002), “Does school matter? An empirical analysis of CEO education, compensation, and firm performance”, International Business & Economics Research Journal, Vol. 1 No. 1, pp. 83-98.
Joh, S.W. and Jung, J.Y. (2016), “Top managers’ academic credentials and firm value”, Asia-Pacific Journal of Financial Studies, Vol. 45 No. 2, pp. 185-221.
Kennedy, P. (1992), A Guide to Econometrics, Blackwell, Oxford.
Larson, A. and Freeman, R.E. (1997), Women’s Studies and Business Ethics: Toward a New Conversation, Oxford University Press, New York.
Morresi, O. (2017), “How much is CEO education worth to a firm? Evidence from European firms”, PSL Quarterly Review, Vol. 70 No. 282, pp. 311-353.
Mukherjee, T. and Sen, S. (2022), “Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India”, Financial Innovation, Vol. 8, 40.
Nguyen, L.H.T. and Le, K.N. (2023), “Competition and firm performance: evidence from Vietnam”, RAUSP Management Journal, Vol. 58 No. 2, pp. 111-124.
Nguyen, T.C., Nguyen, T.L. and Tran, H.S. (2017), “Determinants of capital structure of listed firms in Vietnam: a quantile regression approach”, Journal of Economic Development, Vol. 24 No. 2, pp. 114-131.
Nguyen, T.D. and Tran, T.K. (2019), “The impact of female leadership on company performance: evidence from the Vietnamese market”, Journal of Industry and Trade, Vol. 21, pp. 90-95.
Nguyen, T.T.C. and Nguyen, C.V. (2024), “Does the education level of the CEO and CFO affect the profitability of real estate and construction companies? Evidence from Vietnam”, Heliyon, Vol. 10 No. 7, e8376.
Orens, R. and Reheul, A. (2013), “Do CEO demographics explain cash holdings in SMEs?”, European Management Journal, Vol. 31 No. 6, pp. 549-563.
Palia, D. (2001), “The endogeneity of managerial compensation in firm valuation: a solution”, The Review of Financial Studies, Vol. 14 No. 3, pp. 735-764.
Palvia, A., Vahamaa, E. and Vahamaa, S. (2015), “Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis”, Journal of Business Ethics, Vol. 131 No. 3, pp. 577-594.
Pham, D.H. (2021), “The impact of chief executive officer’s personality on listed firm’s Vietnam performance through firm’s life-cycle”, Journal of Finance and Marketing, Vol. 64 No. 4, pp. 91-102.
Rahman, M. and Chen, X. (2023), “CEO characteristics and firm performance: evidence from private listed firms in China”, Corporate Governance, Vol. 23 No. 3, pp. 458-477.
Rajan, R. and Zingales, L. (1995), “What do we know about capital structure? Some evidence from international data”, Journal of Finance, Vol. 50 No. 5, pp. 1421-1460.
Roodman, D. (2009), “A note on the theme of too many instruments”, Oxford Bulletin of Economics and Statistics, Vol. 71 No. 1, pp. 135-158.
Schubert, R. (2006), “Analyzing and managing risks – on the importance of gender differences in risk attitudes”, Managerial Finance, Vol. 32 No. 9, pp. 706-715.
Singhathep, T. and Pholphirul, P. (2015), “Female CEOs, firm performance, and firm development: evidence from Thai manufacturers”, Gender, Technology and Development, Vol. 19 No. 3, pp. 320-345.
Soni, T., Arora, A. and Le, T. (2022), “Firm-specific determinants of firm performance in the hospitality sector in India”, Sustainability, Vol. 15 No. 1, 554.
Suherman, S., Mahfirah, T., Usman, B., Kurniawati, H. and Kurnianti, D. (2023), “CEO characteristics and firm performance: evidence from a Southeast Asian country”, Corporate Governance, Vol. 23 No. 7, pp. 1526-1563.
Tate, G. and Yang, L. (2015), “Female leadership and gender equity: evidence from plant closure”, Journal of Financial Economics, Vol. 117 No. 1, pp. 77-97.
Terjesen, S., Ruth, S. and Val, S. (2009), “Women directors on corporate boards: a review and research agenda”, Corporate Governance: An International Review, Vol. 17, pp. 320-337.
Tsou, M. and Yang, C. (2019), “Does gender structure affect firm productivity? Evidence from China”, China Economic Review, Vol. 55, pp. 19-36.
Ullah, I., Fang, H. and Jebran, K. (2020), “Do gender diversity and CEO gender enhance firm’s value? Evidence from an emerging economy”, Corporate Governance, Vol. 20 No. 1, pp. 44-66.
Urquhart, A. and Zhang, H. (2022), “PhD CEOs and firm performance”, European Financial Management, Vol. 28 No. 2, pp. 433-481.
Wiersema, M.F. and Bantel, K.A. (1992), “Top management team demography and corporate strategic change”, Academy of Management Journal, Vol. 35, pp. 91-121.
Yadav, I., Pahi, D. and Gangakhedkar, R. (2022), “The nexus between firm size, growth and profitability: new panel data evidence from Asia-Pacific markets”, European Journal of Management and Business Economics, Vol. 31 No. 1, pp. 115-140.
Ying, Q. and He, S. (2020), “Is the CEOs’ financial and accounting education experience valuable? Evidence from the perspective of M&A performance”, China Journal of Accounting Studies, Vol. 8 No. 1, pp. 35-65.
Adams, R.B. and Ferreira, D. (2009), “Women in the boardroom and their impact on governance and performance”, Journal of Financial Economics, Vol. 94 No. 2, pp. 291-309.
Ali, R., Rehman, R., Suleman, S. and Ntim, C. (2022), “CEO attributes, investment decisions, and firm performance: new insights from upper echelons theory”, Managerial and Decision Economics, Vol. 43 No. 2, pp. 398-417.
Allison, L., Liu, Y., Murtinu, S. and Wei, Z. (2023), “Gender and firm performance around the world”, Journal of Business Research, Vol. 154, 113322.
Alnori, F., Bugshan, A. and Bakry, W. (2022), “The determinants of corporate cash holdings: evidence from Shariah-compliant and non-Shariah-compliant corporations”, Managerial Finance, Vol. 48 No. 3, pp. 429-450.
Amran, N.A. (2011), “The effect of owner’s gender and age to firm performance: a review on Malaysian public listed family business”, Journal of Global Business and Economics, Vol. 2 No. 1, pp. 104-116.
Asian Development Bank (2023), “Facilitating entrepreneurship growth by lifting barriers: a white book on women-owned small and medium-sized enterprises in Vietnam”, Available at https://www.adb.org/sites/default/files/publication/940406/white-book-women-owned-smes-viet-nam.pdf. (Accessed 20 April, 2024).
Bantel, K.A. and Jackson, S.E. (1989), “Top management and innovations in banking: does the composition of the top team make a difference?”, Strategic Management Journal, Vol. 10 No. S1, pp. 107-124.
Barker, V. and Mueller, G.C. (2002), “CEO characteristics and firm R&D spending”, Management Science, Vol. 48 No. 6, pp. 782-801.
Basil, A.N. and Khaled, H. (2011), “Revisiting the capital-structure puzzle: UK evidence”, The Journal of Risk Finance, Vol. 12 No. 4, pp. 329-338.
Bennouri, M., Chtioui, T., Nagati, H. and Nekhili, M. (2018), “Female board directorship and firm performance: what really matters?”, Journal of Banking & Finance, Vol. 88, pp. 267-291.
Bertrand, M. and Schoar, A. (2003), “Managing with style: the effect of managers on firm policies”, The Quarterly Journal of Economics, Vol. 118 No. 4, pp. 1169-1208.
Bhagat, S., Bolton, B. and Subramanian, A. (2010), “CEO education, CEO turnover, and firm performance”, Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1670219 (Accessed 15 July, 2023).
Bhayani, S.J. (2010), “Determinant of profitability in Indian cement industry: an economic analysis”, South Asian Journal of Management, Vol. 17 No. 4, pp. 6-20.
Bolarinwa, S.T., Akinlo, A. and Onyekwelu, U.L. (2021), “Determinants of firm profitability in Africa”, Global Business Review, Online First.
Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V. (2001), “Capital structures in developing countries”, Journal of Finance, Vol. 56 No. 1, pp. 87-130.
Campbell, K. and Mínguez-Vera, A. (2008), “Gender diversity in the boardroom and firm financial performance”, Journal of Business Ethics, Vol. 83, pp. 435-451.
Cao, D.K., Hoang, H.Y. and Tran, M.N. (2016), “Impact of CEO’s characteristics on firm performance: the case of Vietnam”, External Economics Review, Vol. 89, pp. 56-67.
Carter, D., Betty, J. and Simpson, W. (2003), “Corporate governance, board diversity and firm value”, Financial Review, Vol. 38 No. 1, pp. 33-53.
Catalyst (2023), “Historical women CEOs of the fortune lists: 1972-2023 (list)”, Available at https://www.catalyst.org/research/historical-list-of-women-ceos-of-the-fortune-lists-1972-2023/ (Accessed 20 April, 2024).
Chatterjee, C. and Nag, T. (2023), “Do women on boards enhance firm performance? Evidence from top Indian companies”, International Journal of Disclosure and Governance, Vol. 20, pp. 155-167.
Chen, J., Dong, W., Tong, J.Y. and Zhang, F. (2018), “Corporate philanthropy and investment efficiency: empirical evidence from China”, Pacific-Basin Finance Journal, Vol. 51, pp. 392-409.
Cheng, L., Chan, R. and Leung, T. (2010), “Management demography and corporate performance: evidence from China”, International Business Review, Vol. 19 No. 3, pp. 261-275.
Chesterman, C., Ross-Smith, A. and Peters, M. (2004), “Senior women executives and the cultures of management”, Available at http://www.uts.edu.au/oth/wexdev/publications/index.html (Accessed 15 July, 2023).
Dang, H. (2020), “Determinants of liquidity of listed enterprises: evidence from Vietnam”, Journal of Asian Finance, Economics and Business, Vol. 7 No. 11, pp. 67-73.
Fairlie, R.W. and Robb, M. (2009), “Gender differences in business performance: evidence from the characteristics of business owners survey”, Small Business Economics, Vol. 33 No. 4, pp. 375-395.
Frye, M.B. and Pham, D.T. (2018), “CEO gender and corporate board structures”, The Quarterly Review of Economics and Finance, Vol. 69, pp. 110-124.
Hambrick, D.C. and Mason, P.A. (1984), “Upper Echelons: the organization as a reflection of its top managers”, Academy of Management Review, Vol. 9 No. 2, pp. 193-206.
Hong, J. and Kim, S. (2022), “Female executives and firm value: the moderating effect of co-CEO power gaps”, Gender in Management: An International Journal, Vol. 37 No. 7, pp. 933-949.
Hsu, C.S., Kuo, L. and Chang, B. (2013), “Gender difference in profit performance - Evidence from the owners of small public accounting practices”, Asian Journal of Finance & Accounting, Vol. 5 No. 1, pp. 140-159.
Huang, J. and Kisgen, D.J. (2013), “Gender and corporate finance: are male executives overconfident relative to female executives?”, Journal of Financial Economics, Vol. 108 No. 3, pp. 822-839.
Inmyxai, S. and Takahashi, Y. (2010), “Performance contrast and its determinants between male and female headed firms in Lao MSMEs”, International Journal of Business and Management, Vol. 5 No. 4, pp. 37-52.
Jagadish, A.D. and Sharmila, J.T. (2021), “Impact of profitability on the business, cash flow and profitability”, PalArch’s Journal of Archaeology of Egypt/Egyptology, Vol. 18 No. 8, pp. 4425-4434.
Jalbert, T., Rao, R. and Jalbert, M. (2002), “Does school matter? An empirical analysis of CEO education, compensation, and firm performance”, International Business & Economics Research Journal, Vol. 1 No. 1, pp. 83-98.
Joh, S.W. and Jung, J.Y. (2016), “Top managers’ academic credentials and firm value”, Asia-Pacific Journal of Financial Studies, Vol. 45 No. 2, pp. 185-221.
Kennedy, P. (1992), A Guide to Econometrics, Blackwell, Oxford.
Larson, A. and Freeman, R.E. (1997), Women’s Studies and Business Ethics: Toward a New Conversation, Oxford University Press, New York.
Morresi, O. (2017), “How much is CEO education worth to a firm? Evidence from European firms”, PSL Quarterly Review, Vol. 70 No. 282, pp. 311-353.
Mukherjee, T. and Sen, S. (2022), “Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India”, Financial Innovation, Vol. 8, 40.
Nguyen, L.H.T. and Le, K.N. (2023), “Competition and firm performance: evidence from Vietnam”, RAUSP Management Journal, Vol. 58 No. 2, pp. 111-124.
Nguyen, T.C., Nguyen, T.L. and Tran, H.S. (2017), “Determinants of capital structure of listed firms in Vietnam: a quantile regression approach”, Journal of Economic Development, Vol. 24 No. 2, pp. 114-131.
Nguyen, T.D. and Tran, T.K. (2019), “The impact of female leadership on company performance: evidence from the Vietnamese market”, Journal of Industry and Trade, Vol. 21, pp. 90-95.
Nguyen, T.T.C. and Nguyen, C.V. (2024), “Does the education level of the CEO and CFO affect the profitability of real estate and construction companies? Evidence from Vietnam”, Heliyon, Vol. 10 No. 7, e8376.
Orens, R. and Reheul, A. (2013), “Do CEO demographics explain cash holdings in SMEs?”, European Management Journal, Vol. 31 No. 6, pp. 549-563.
Palia, D. (2001), “The endogeneity of managerial compensation in firm valuation: a solution”, The Review of Financial Studies, Vol. 14 No. 3, pp. 735-764.
Palvia, A., Vahamaa, E. and Vahamaa, S. (2015), “Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis”, Journal of Business Ethics, Vol. 131 No. 3, pp. 577-594.
Pham, D.H. (2021), “The impact of chief executive officer’s personality on listed firm’s Vietnam performance through firm’s life-cycle”, Journal of Finance and Marketing, Vol. 64 No. 4, pp. 91-102.
Rahman, M. and Chen, X. (2023), “CEO characteristics and firm performance: evidence from private listed firms in China”, Corporate Governance, Vol. 23 No. 3, pp. 458-477.
Rajan, R. and Zingales, L. (1995), “What do we know about capital structure? Some evidence from international data”, Journal of Finance, Vol. 50 No. 5, pp. 1421-1460.
Roodman, D. (2009), “A note on the theme of too many instruments”, Oxford Bulletin of Economics and Statistics, Vol. 71 No. 1, pp. 135-158.
Schubert, R. (2006), “Analyzing and managing risks – on the importance of gender differences in risk attitudes”, Managerial Finance, Vol. 32 No. 9, pp. 706-715.
Singhathep, T. and Pholphirul, P. (2015), “Female CEOs, firm performance, and firm development: evidence from Thai manufacturers”, Gender, Technology and Development, Vol. 19 No. 3, pp. 320-345.
Soni, T., Arora, A. and Le, T. (2022), “Firm-specific determinants of firm performance in the hospitality sector in India”, Sustainability, Vol. 15 No. 1, 554.
Suherman, S., Mahfirah, T., Usman, B., Kurniawati, H. and Kurnianti, D. (2023), “CEO characteristics and firm performance: evidence from a Southeast Asian country”, Corporate Governance, Vol. 23 No. 7, pp. 1526-1563.
Tate, G. and Yang, L. (2015), “Female leadership and gender equity: evidence from plant closure”, Journal of Financial Economics, Vol. 117 No. 1, pp. 77-97.
Terjesen, S., Ruth, S. and Val, S. (2009), “Women directors on corporate boards: a review and research agenda”, Corporate Governance: An International Review, Vol. 17, pp. 320-337.
Tsou, M. and Yang, C. (2019), “Does gender structure affect firm productivity? Evidence from China”, China Economic Review, Vol. 55, pp. 19-36.
Ullah, I., Fang, H. and Jebran, K. (2020), “Do gender diversity and CEO gender enhance firm’s value? Evidence from an emerging economy”, Corporate Governance, Vol. 20 No. 1, pp. 44-66.
Urquhart, A. and Zhang, H. (2022), “PhD CEOs and firm performance”, European Financial Management, Vol. 28 No. 2, pp. 433-481.
Wiersema, M.F. and Bantel, K.A. (1992), “Top management team demography and corporate strategic change”, Academy of Management Journal, Vol. 35, pp. 91-121.
Yadav, I., Pahi, D. and Gangakhedkar, R. (2022), “The nexus between firm size, growth and profitability: new panel data evidence from Asia-Pacific markets”, European Journal of Management and Business Economics, Vol. 31 No. 1, pp. 115-140.
Ying, Q. and He, S. (2020), “Is the CEOs’ financial and accounting education experience valuable? Evidence from the perspective of M&A performance”, China Journal of Accounting Studies, Vol. 8 No. 1, pp. 35-65.