重新审视治理机制与公司绩效之间的相互关系:来自越南上市公司的证据

IF 2.4 Q3 BUSINESS
C. Tran, T. Nguyen, Jo-yu Wang
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引用次数: 0

摘要

目的公司治理在解决代理问题中起着至关重要的作用。然而,先前关于治理机制如何导致企业高绩效的研究结果并不确定。此外,在治理体系和机制薄弱的过渡国家,这种关系没有得到很好的解决,这给研究留下了空白。因此,本研究旨在阐明四个关键治理组成部分,即所有权集中、首席执行官双重性、董事会规模和性别多样性,对公司绩效的影响。设计/方法/方法本研究报告了对越南上市公司2010-2017年1424个公司年度观察结果的计量经济学面板数据分析和模糊集定性比较分析。FsQCA揭示了解释公司基于市场和会计的高绩效的组件的等最终配置。实际含义这些发现与转型期和新兴市场的公司有关,这些公司旨在采用最合适的内部机制来实现其业绩目标,也与有兴趣增强资本市场优势的监管机构有关。独创性/价值本研究提供了经验证据,表明当选择适当的公司治理机制时,公司绩效可以得到改善。由于有平等的途径可以实现高绩效的预期结果,来自不同行业和国家背景的公司应该谨慎地应用任何统一的公司治理准则。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Revisiting the interconnection between governance mechanisms and firm performance: evidence from Vietnamese listed firms
Purpose Corporate governance plays a critical role in solving agency problems. However, previous findings on how governance mechanisms lead to high firm performance are inconclusive. Additionally, this relationship has not been well addressed in the context of transitional countries where governance systems and mechanisms are weak, leaving a gap for research. Hence, this study aims to shed light on the effects of four key governance components, namely, ownership concentration, chief executive officer duality, board size and gender diversity, on firm performance. Design/methodology/approach This study reports on the econometric panel data analysis and fuzzy-set qualitative comparative analysis (fsQCA) of 1,424 firm-year observations from listed companies in Vietnam covering the period of 2010–2017. Findings The econometric panel data analysis confirmed the net effects of single solitary governance components. FsQCA revealed equifinal configurations of components that explain high firm market- and accounting-based performance. Practical implications These findings are relevant for firms in transitional and emerging markets, aiming to adopt the most suitable internal mechanisms to pursue their performance objectives and for regulators interested in enhancing the advantages of the capital market. Originality/value This study provides empirical evidence that firm performance can be improved when the appropriate corporate governance mechanisms are selected. As there are equifinal paths leading to the desired outcome of high performance, firms from different industrial and national contexts should mindfully apply any uniform corporate governance code.
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来源期刊
CiteScore
6.30
自引率
8.30%
发文量
35
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