董事会中的女性与财务困境:家族企业的渠道效应

IF 3.6 Q2 MANAGEMENT
Nguyen Vinh Khuong, Mai Quynh Anh, Mai Thi Thanh Thao, Tran Thanh Thao, Nguyen Hong Hanh, Le Thi Hoai Vy
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引用次数: 0

摘要

研究采用广义矩量法(GMM)回归模型来评估性别多元化对公司董事会绩效的影响,包括女性董事的存在和比例、有家庭关系的女性董事以及首席执行官的性别等因素。研究涵盖了 2015 年至 2022 年 HNX 和 HOSE 交易所的 152 家上市公司。之所以选择 GMM 模型,是因为该模型在处理内生性问题时具有稳健性,并且能够在解释变量和非观测效应之间存在潜在相关性的情况下提供一致的估计值。我们的研究结果表明,董事会(BOD)的多元化以及女性首席执行官的聘用不仅不会减少企业的财务困境,反而会加剧这种状况。然而,董事会中的女性成员和家族成员与财务困境呈负相关。这有助于与家族有联系的女性成员参与调整和监督企业运营的工作,以适应家族的目标,有助于提高企业的运营效率。BOD 实现了利润最大化,并为促进公司的可持续发展目标做出了贡献。本研究获得的实证结果有助于建立坚实的知识基础,在政策制定过程中为企业提供支持,并为丰富学习材料提供实证证据。与以往的文献相比,本研究特别关注越南的上市公司。通过分析性别多样性对财务困难的影响,本研究还阐明了各种因素如何影响管理和业务发展。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Women on board and financial distress: channeling effect of family firms

Purpose

This study seeks to evaluate gender diversity within family members and analyze its effects on financial distress in firms listed in Vietnam.

Design/methodology/approach

The research employs a Generalized Method of Moments (GMM) regression model to assess the impact of gender diversity on corporate board performance, including factors such as the presence and proportion of female directors, female directors with family ties and the gender of CEOs. The study covers 152 listed companies on the HNX and HOSE exchanges from 2015 to 2022. The GMM model is chosen for its robustness in dealing with endogeneity issues and its ability to provide consistent estimates in the presence of potential correlation between explanatory variables and unobserved effects. This approach allows for a more accurate evaluation of how gender diversity influences operational efficiency and how these companies manage financial difficulties within the sample period.

Findings

Our research shows that diversity on the Board of Directors (BOD) as well as female CEO employment not only does not reduce the financial distress of businesses but also increases this situation. However, being both a female and a family member of the BOD is negatively related to financial distress. This can help female members who have connections with the family contribute to the work of adjusting and monitoring the business's operations to suit the family's goals, contributing to improving the operational efficiency of the business. BOD maximizes profits and contributes to promoting the company's sustainable development goals. From there, limited ability to travel and financial exhaustion.

Practical implications

The empirical results obtained from this study contribute to building a solid knowledge base, supporting businesses in the policymaking process and providing empirical evidence to enrich learning materials.

Originality/value

This study provides empirical evidence on how gender diversity influences the financial challenges of businesses, especially within the context of publicly listed companies in Vietnam. It stands out from previous literature by specifically focusing on listed companies in Vietnam. By analyzing the impact of gender diversity on financial difficulties, this study also clarifies how various factors can influence management and business development.

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来源期刊
CiteScore
5.50
自引率
33.30%
发文量
51
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