Corporate governance and firm performance: The effects of CEO characteristics and ownership structure on the performance of listed Vietnamese manufacturing firms
Abstract
This thesis explores the link between corporate governance and firm performance among Vietnam’s listed companies, especially the effects of CEO characteristics and ownership structure on firm performance. The data collected for this research is year 2011 and the sample consists of 100 listed companies in manufacturing of light industry in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi stock exchange (HNX). The cross- s ectional regression analysis is employed to examine the relationship between corporate governance and firm performance. The performance measures applied are ROA and Tobin’s Q. Different dimensions of corporate governance including ownership structure (ownership concentration, ownership identity) and CEO characteristics (CEO gender, CEO duality) are discussed. Results show that foreign ownership shares have a significant positive effect on firm performance; state ownership shares give mix result (positive and negative) with firm performance, while ownership concentration is no association with firm performance.
Key words: Corporate Governance, CEO characteristics, Ownership structure, Firm performance.