The monitoring role of nonexecutive directors in Vietnam from a return-volatility perspective | Zendy

Anh Tho To | Zendy; Quoc Tran | Zendy; Thi Phuong Anh Tran | Zendy; Kim Phong Thai | Zendy; Thi Thu Hong Ho | Zendy

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The monitoring role of nonexecutive directors in Vietnam from a return-volatility perspective

Author(s) -

Anh Tho To,

Quoc Tran,

Thi Phuong Anh Tran,

Kim Phong Thai,

Thi Thu Hong Ho

Publication year - 2020

Publication title -

economic annals

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.148

H-Index - 12

eISSN - 1820-7375

pISSN - 0013-3264

DOI - 10.2298/eka2024029t

Subject(s) - endogeneity , volatility (finance) , vietnamese , business , stock market , principal–agent problem , accounting , financial economics , stock (firearms) , monetary economics , economics , econometrics , finance , corporate governance , mechanical engineering , paleontology , linguistics , philosophy , horse , engineering , biology

This study examines the relevance of board independence to stock return volatility for a sample of 160 companies listed on the Vietnamese stock market over ten years (2008-2017). After controlling for potential endogeneity, we find that the presence of non-executive directors on the board tends to increase firm risk. The results indicate that non-executive directors do not play a supervisory role under the agency theory. Our findings remain robust when we apply alternative measures of the dependent variable.

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