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

Q3 Economics, Econometrics and Finance

Economic Annals Pub Date : 2020-01-01 DOI:10.2298/eka2024029t

Anh To Tho, Quoc Tran Tuan, Thi Tran Siem, Kim Thai Phong, Thi Ho Thu

引用次数: 0

Abstract

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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从回报-波动的角度看越南非执行董事的监督作用

本研究以越南股票市场上160家上市公司为样本，考察了董事会独立性与股票回报波动的相关性(2008-2017年)。在控制潜在内生性后，我们发现董事会中非执行董事的存在倾向于增加企业风险。结果表明，在代理理论下，非执行董事没有发挥监督作用。当我们采用因变量的替代测量方法时，我们的发现仍然是稳健的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Annals Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

0.90

自引率

0.00%

发文量

审稿时长

18 weeks

期刊介绍： Economic Annals is an academic journal that has been published on a quarterly basis since 1955, initially under its Serbian name of Ekonomski anali (EconLit). Since 2006 it has been published exclusively in English. It is published by the Faculty of Economics, University of Belgrade, Serbia. The journal publishes research in all areas of economics. The Editorial Board welcomes contributions that explore economic issues in a comparative perspective with a focus on transition and emerging economies in Europe and around the world. The journal encourages the submission of original unpublished works, not under consideration by other journals or publications. All submitted papers undergo a double blind refereeing process. Authors are expected to follow standard publication procedures [Instructions to Authors], to recognise the values of the international academic community and to respect the journal’s Policy.