Open AccessDoes corporate governance structure matter for firm financial performance? A system GMM panel analysis for Vietnam
Author(s) -
Anh Pham Duc,
Anh Hoang Thi Phuong
Publication year - 2021
Publication title -
international economics and management
Language(s) - English
Resource type - Journals
ISSN - 2615-9856
DOI - 10.38203/jiem.020.1.0001
Subject(s) - corporate governance , generalized method of moments , panel data , business , stock exchange , vietnamese , accounting , panel analysis , representation (politics) , ho chi minh , diversity (politics) , finance , econometrics , economics , politics , demographic economics , political science , low income , law , linguistics , philosophy
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.