| dc.description.abstract | This study aimed at exploring the correlation between governance mechanisms and the
financial performance of listed companies in Vietnam during the period 2019-2022. Conducted on
a data sample comprising 200 companies, the study employed multivariate regression analysis,
with operational indicators such as ROA, ROE, and Tobin’s Q considered as dependent variables;
while governance indicators related to shareholder rights, stakeholder involvement, and
transparency were viewed as independent variables. Control variables such as size, leverage, and
age were also considered. The results revealed a positive and significant relationship between the
protection of shareholder rights, orientation for stakeholders, and transparency practices with
financial performance. Specifically, the enhancement of shareholder power, representation, and
disclosure had the strongest impact on profitability, return, and superior valuation. The control
variables also functioned as expected. These findings affirm that upgrading governance standards
can optimize financial outcomes for listed enterprises in Vietnam. As reforms continue to unfold,
focusing on promoting the independence of the board of directors, accountability, fair control
rights, and transparent operations can help improve operational efficiency. This analysis provides
timely evidence to guide policymakers and businesses in Vietnam towards adjusting the
governance framework in line with global standards to create sustainable value. Further research
on more organizational forms could provide deeper insights. | en_US |
