Stakeholder theory, risk-taking and firm performance

IF 5.5 Q1 BUSINESS

Corporate Governance-The International Journal of Business in Society Pub Date : 2023-05-24 DOI:10.1108/cg-09-2022-0366

Thi Thanh Binh Dao, Minh Chau Phan

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Abstract

Purpose This study, using stakeholder approach, aims to examine the impact of corporate governance and risk-taking on the performance of the top 100 nonfinancial listed firms in Vietnam from 2015 to 2019. Design/methodology/approach The theoretical and empirical studies are reviewed for rational hypotheses development. Firm performance is represented by return on assets, return on equity and Tobin’s Q. Findings Specifically, concentrated ownership structure, large workforce, being a great workplace, quick sales growth, high receivables turnover, being funded by both the state and foreigners and high-risk exposure positively affect firm performance. However, a high level of state ownership or foreign ownership, more independent members on board, large board size and chief executive officer (CEO) duality show an inverse effect. Besides, an inverted U-shaped relationship with firm performance is recognized for liquidity ratios. Originality/value This study uses three triangles, including governance, risk, and performance. The paper offers some evidence-based recommendations to improve firm performance in Vietnamese businesses.

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利益相关者理论、风险承担与企业绩效

本研究采用利益相关者方法，旨在研究公司治理和风险承担对越南前100家非金融上市公司2015 - 2019年业绩的影响。设计/方法/方法对理论和实证研究进行了回顾，以提出合理的假设。具体而言，集中的股权结构、庞大的员工队伍、良好的工作场所、快速的销售增长、高应收账款周转率、由国家和外国人共同出资以及高风险敞口对公司绩效产生积极影响。然而，高水平的国有制或外资所有制、更独立的董事会成员、更大的董事会规模和首席执行官(CEO)的二元性表现出相反的效应。此外，流动性比率与企业绩效呈倒u型关系。原创性/价值本研究使用三个三角形，包括治理、风险和绩效。本文为提高越南企业绩效提供了一些循证建议。

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

Corporate Governance-The International Journal of Business in Society BUSINESS-

CiteScore

11.20

自引率

33.90%

发文量

期刊介绍： Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.