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ANH HirdNG KIEM NHIEM TONG GIAM DOC VA CHU TKH HOI DONG QUAN TRj DEN HOAT DONG CUA DOANH NGHIEP - BANG C H U N G THI/C NGHIEM TAI V I I T NAM
PHAM Dl/C HUY
Nghim diu niy SUdc that hiat nhdm kiem tra tdc ddng cua viic kiim nhiem tdng gidm Soc cda chd tidi h^ Song quin trj tdc Spng Sin thdnh gad cong tyni^yii Viet Nam qua cdc giai dogn cda vdng dc^ doanh nghiip. Theo dd, mpt mat bdsung bang chdng thUc nghiem ve hUdng nghien cul/
ndy, mat khde cd thi Id CO sd cho cdc ggi y doanh nghiip trong cdc hogt dpng quin trf nhim ning cao thinh qud cong ty. Tdddlieu 442 cdng ty niem yit trin thf tradng chiing khoin Viit Nam giai Soan 2012-2018, idc gii tim thay bing chdng vidnh hudng tich cac cua viec kiim nhiim tang gidm Soc cda did tfch hpi ddng qudn iri Sen tiiinh qui cdng ty trong giai Soan tdng tradng vd dnh hodng tiiu cue trong giai Sagn trudng tiidnk cua vong Sdi doanh nghiep.
in khda: Kiem nhiim tong gidm doc, qudn tri cang ty, vdng ddi cua doanh nghiep
^
INFLUENCE OF CONCURRENT POSITION AS GENERAL DIRECTOR OF THECHAIRMAN OF THE BOARD ON THE OPERATION OF ENTERPRISES-EMPIRICAL EVIDENCE INVIETNAM Pham Due Huy
TTiis study was conducted to examine the impact of the concurrent position of the chairman of the board of directors on the performance of listed companies in Vietnam over the stages of the business life cycle, on the one hand providing empirical evidence on this research direction, on the other hand, can be the basis far business recommendations in governance activities to improve corporate performance. From the data of 442 companies listed on Vietnam's stock market for the period of 2012-2018, the author found evidences of the positive effect of concurrently being the CEO of the board's chairman on companies' performance in the growth phase and negative influence in the maturing phase of the business Ufa cycle.
Key words. CEO appointment, corporate governance, business life cycle
Ngdy nhdn bdi: 13/5/2020 Ngdy hodn thiin bien tap: 21/5/2020 Ngdy duyit dang: 4/6/2020
Gidithieu
Vai tid cua tdng gidm ddc (TGD) vd ehu tich hpi d d n g q u d n trj (HDQT) trong eac cdng ty co p h a n
d e u q u a n tipng n h u n g ed s y khae nhau, TGD chiu tidch n M e m q u a n ly va dieu h a n h hoat d p n g cdng ty, tiong kM dd, chii tich H D Q T cMu tiaeh nMem lanh dgo HDQT. Viee kiem n M i m chiic v u TGD a i a chii tich H D Q T d i l n ra kM vai tid ciia 2 vj tri nay d o mgt n g u d i d a m n M e m (sau day gpi la kiem n h i i m ) .
Ly thuyet dgi dien {Jensen & Meckling, 1976) cho rdng, kiem nhiem se tgo ra mot TGD eo quyen luc, do d o cd the xay ra s u ehuyen quyen ve qudn ly va kie'm sodt cdc quyet dinh se gay can tid hogt d p n g giam sat dpi ngii q u a n ly ciia H D Q T a n h h u d n g d i h thanh qua cdng ty. Tuy nMen, ly thuyet q u a n ly {Davis va e.s., 1997; Donaldson & Davis, 1991; Mutii & Donaldson, 1998) lai cho rang, kM TGD d u g c kiem n h i i m chu tieh H D Q T tao ra s y thong n h a t a i a lanh dgo va kha n a n g t u quyet cao, m a n g Igi thanh q u a cho cdng ty.
Cac n g h i i n ciiu t r u d c day ve moi q u a n h i giiia s u k i i m n h i e m va t h a n h q u a ciia cdng ty deu k h d n g xem xet tac d p n g k h a c Met ciia s y kiem nhiem ddi vdi t h a n h qua cong ty trong timg giai dogn ciia vong ddi d o a n h n g h i e p (DN)-(Adams va e.s., 2005; D u r u va e.s., 2016; Peng va e.s., 2007, Yang & Zhao, 2014).
De giai q u y e t v a n d e nay va d u n g hda q u a n diem trai n g u g c ciia ly t h u y e t d a i dien vd ly thuyet qudn ly, n g M i n ciiu n a y dp d y n g ly thuyet v d n g ddi DN, n h d m kii'm tra s u kiem n h i e m cd a n h h u d n g d e n t h a n h q u a cdng ty p h y thupc vao tiing giai dogn a i a v d n g ddi D N h a y k h d n g ? Vdi s y ehii quan, ngMen
«=
ciiu chua phdt Men eac ngMen ciiu v^ sy kiem nMem anh hudng den thanh qua cdng ty tiong timg giai dogn cua vdng ddi DN.
Ctf sd ly luan v i bing chuTng thuc nghi§m
Sg kiem nhem dien ra khi mpt ngucri cung liic hai vai tro la TGD vd chii tich HDQT, dieu nay tgo ra mgt TGD c6 quyen lyc tuyet doi va cd the dan tdi su giam sdt kem Meu qua dpi ngii quan ly eiia HDQT (Adams va e.s., 2005; Bhagat & Bolton, 2008; Davis va e.s., 1997). Do do, ly thuyet dgi dien {Dalton va e.s., 1998) cho rang, chii tjeh HDQT va TGD Id hai ngudi khac nhau se mang Igi thdnh qua cho DN, bdi vi vgi trd cua HDQT la gidm sat dpi ngu quan ly di' bdo ve lpi ich ciia cac co dong. Ly thuyet quan ly eho rang, tiao quy^in eho nhd quan ly 1dm eho hg ed dpng Igc de dieu hanh cpng ty Meu qua nhat, vi vgy kM TGD ciing la chu tjeh HDQT ngudi dd se sdn long Idm viec nhieu hon cho cdng ty (Bhagat & Bolton, 2008; Comett va e.s,, 2008; Donaldson & Davis, 1991;
Jensen & Meckling, 1976; Muth & Donaldson, 1998).
Ben cgnh dd, viec ket hgp hai vj tri se ho tig tot cho viee ra quyet djnh, dgc biet Id trong hodn cdnh cap bach vd giiip HDQT nim bat thdng tin aia cdng ty mpt cdch nhanh nhSt (Donaldson & Davis, 1991).
Cae ngMen ciiu trudc day v^ mdi quan hi cua sy kiem nMem va thanh qud cdng ty deu cho ket qud khdng thdng ntiat. Comett va e.s. (2008) img hp quan diem aia ly thuyi't qudn ly chp riing, viee kiem nMem thudng CO tae dpng xau den thdnh qua cdng ty. Tuy nMen, Yang & Zhao (2014) Igi img hg quan diem cua ly thuyet qudn ly cho rang, viee kiem nMem ed the dieu hanh vd gidm sdt cdng ty mpt each ro rang va cd sy thdng nhat eao, tir dd gia tang thdnh qud cdng ty. Hau het cdc ngMen ctiu trudc day deu sii dyng ly thuyet dgi dien hodc ly thuyet quan ly lam tieu chu&i cho cac ngMin ciiu eua hp, tuy nMen theo quan diem chu quan ciia tdc gia hau nhu tMeii vang ede ngMen eiiu kiem djnh ed hai ly thuyet nay.
Mdt khde, theo ly thuyet phy thupe nguon lye Igi ich tir viec kiem nMem cd the hxru ich tiong cac dieu kien khan Mem nguon lyc, sy can tfiiet phdi bo sung cac nguon lye dan den sy tgp tnmg quyen lyc tiong cdng ty bj phan tan, do dd sy kiem nMem vai tid TGD cua chu tjeh HDQT se dugc tach ra (Jawahar
& McLaugMin, 2001; Pfeffer & Salandk, 1978). Ddng thdi, ly thuyet vdng ddi DN cho rang, mdi cdng ty se cd cac ddc dii'm cy the d ede giai dogn vong ddi khac nhau (Miller & Friesen, 1984; Quirm & Cameron, 1983), nhu cau tnic sd huu, hanh vi td chiic va cMeh
luge ciia cdng ty. Do dd, cdc cdng ty se gap cae van d? khac nhau aia vSn de dgi dien va nhu cau nguon lyc, tir dd thiic day cdng ty thay doi eau tnic qudn ly.
Phiftmg phdp nghidn cihi
Phit trien gii thuyit nghiin cdu
Miller & Friesen (1984), Quirm & Cameron (1983) cho rdng, cdc cdng ty deu ed dgc diem ehung trong timg giai dogn aia vdng ddi DN va diem khde biet giiia ede giai dogn vdng ddi DN Id sy phiic tgp ciia h i thdng, cau tnic, kha nang quan ly va sy thay doi dia nhu cau nguon lyc (Jawahar&McLaughlin, 2001).
Khde vdi cac ngMen ciiu trudc (Miller&Friesen, 1984;
Quirm&Cameron, 1983) ve viec phan logi cdc giai dogn vdng ddi ciia DN dya tren eac khai mem va dgc dii'm aia biin so de xac djnh. Cac ngMen aiu dia Anthony&Ramesh (1992) va Dickinson (2011) sii dyng cdc cM cM so tai chinh de phan logi vong ddi DN. Mge dii, ket qud ngMin ciiu cd nMeu bat dong vd ngMen ciiu d nMeu linh vgc khde nhau, nhung cac tdc gid deu cd sy thong nhat rang cac edng ty deu tidi qua theo mgt ehu ky aia vdng ddi DN, gom 4 giai dogn:
khdi sy, tang trudng, trudng thdnh vd suy thodi.
Peng va c.s. (2007) eho rang, cae cdng ty tiong giai dogn khdi sy (tdng trudng) thudng duge sd hihi vd qudn ly bdi nhiing ngudi sdng lgp (cdc thdnh vien gia dinh). Do dd, sy kiem nMem se tac dpng tieh cyc den tfianh qud cdng ty, bdi vi trong giai dogn nay edng ty can tMi't cho sy djnh hudng vd tgp trung diing dan. Quan dii'm ndy phii hgp vdi ly thuyet qudn ly (Donaldson&Davis, 1991; Mutfi&Donaldson, 1998) eho rang, su kiem nMem se hd tig tot cho viec ra quyet djnh, ddc biet Id tiong hodn ednh cap bach va giup HDQT nam bat thdng tin aia cdng ty mgt cdch nhanh nhat. Tuy nMin, tiong giai dogn tnrdng thanh vd suy thodi cdc cdng ty se gap cac van de dgi dien ngMem trpng hon va it phy thugc vao cdc nguon lyc ben ngoai hon so vdi giai doan tang trudng. Do do, DN se gidm nhu nguon lyc vd tdng cudng giam sdt tiong edng tae qudn ly nham giam tMeu cdc van dCi ve dgi dien giiia cac CO ddng vd nhd qudn ly. Tir ede ngMen ciiu tren cho thay, van de kiem nMem se lam gidm vai tid gidm sdt ciia HDQT vd dnh hudng tieu cyc den tfidnh qua edng ty. Quan diem nay gan vdi ly thuyet dgi difn (Jensen &
Meckling, 1976) eho rang, sy kiem nMem se dnh hudng tieu eye den thdnh qud cdng ty.
Tir cdc quan diSn ben, tac gja ili xuat cae ^ thuyet sau:
HI: Giai dogn khdi sy {tdng trudng), sy kiem nMem tdc dpng tich cyc den thanh qud cdng ty.
M * i
^
Bl^n nghien ciJu
ToUnQ ^ Outside directars CEO d u a l i t y ' ' ® ^ Risk Debt ^ State shares Firm size
So quan sdt 3.094 3,094 3.094 3.094 3.094 1.548 3.094
Gid tri tning binh
1,043 0,322 0,254 0,0259 0,513 0,431 11,81
Gid tri Gii tri I ^ nhdt n h i nhat
35,44 " 0 , 0 7 0 5 ^ 1 0
.flnniL_o_j_
0,788 0,000162 0,993 0,00198 0,967 0,0500 14,46 10,13 Nguon DO lieu ngfiien ciiu vd tinh 10
DAiedi diuan 1,045 0,310 0/436 0,0386 0,216 0,182 0,654
BANG 2: Kf T QUA HOI QUY VE SU KI^M NHI^M TONG GIAM o d e CUA C H O TfCH HQI 0 6 N G QUAN TRj VA THANH QUA CdNG TY QUA CAC GIAI DOAN C O A VONG COl DOANH NGHIEP ' Bi Jn nghiin i
LJobinQ
CEOduality
, ^ Growth Stage
^ ^ * ^ a 8 5 7 - ^ ' ^ ' (0,106)
Jl
Outsldedirectofs
Stateshare:
Firmilze
Debt
Risk
KSngsH:
AR1 A m Hansen
i
J..
11
1 ^ , 5 2 4 * (0,298)
•0,457 (0,323) 2 , 0 5 2 " ' "
(0,861) 0,914»"»
(0,237) 4 , 4 5 5 « "
(0,723) ri,363"
(6,257) f-14,009""
j K „ TobinQ Mature Stage ' ^ " ^ ^ 8 2 1 ^ ^ , (0.023) -0,151 ^ _ ^ (0,090) -0,148*
(0,077)
(0,159) 0,105*
(0,057) 0,212
Dedine Stage 0 , 9 2 0 * ^ ^ ^ (0,047) -0,198 (0,178) -0,240***
(0,092) ' " ^ , 2 6 6
(0,334) -0,187** 1
(0,081) 0,035 (0,222) (0,218) 6,038'^^jllf -2,519"^
(1,009) (1,501) -0,789
(2,931) (0.648) 0,0210 J ^ 0,^73" '
0,104 0,625 0,872 T 0,576
" " , * * * ttsang ting vdi cdc miicy nghia l%,5%vd 10%. Si trong iigoac Id gia tn thdng ki t.
Nguon: DSti^ti nghian cihi 2,575***
(0,942) 0^0408 0,136 0,268
vd tinh toin cia tic gii
H2: Giai dogn trudng thanh va suy thoai, sy kiem nMem tdc dpng tieu cyc den thdnh qud cdng ty, Md hinh nghidn cUu vi md t i bien
Ke thira ngMen eiiu aia: Adams va c.s., 2005; Duru vd c.s., 2016; Harjoto & ]o, 2009; Peng va e.s., 2007;
Yang & Zhao, 2014, tac gid xay dyng md Mnh ngMen ciiu nhu sau:
TobinQit = pO + plTobinQit-1 + p2CE0 dualityit -t- P30utsite directorsit+ p4Firm sizeit + psstate sharesit -f pfiDebtit +p7Riskit+ c
Trong dd: TobinQ la bien phy thugc dgi diin cho thdnh qud edng ty va dugc do luong bang gia trj thj trucmg ciia eo' pMeu cgng gia tri so saeh ciia cae khoan ng cMa cho gia tn so sdch aia tdi sdn,
CEO duality: Su kiem nMim, bdng 1 kM chii tjeh HDQT, dong thcri la TGD va ngugc Igi bang 0.
Cdc bien kiim soat: (i) Logarit ty nMen tnia tdng tai san, (ii) Sd hihi nha nudc; (iii) Thanh viin HDQT dgc lgp, (iv) Co eau vdn, (v) Riii ro kinh doanh va e Id sai so chuan.
DOi liiu vi pht/c/ng phip xH 1^
Dii lieu tinh toan dugc lay tir bao cao tai ehinh da kii'm toan vd bdo cao qudn trj cua cdc DN mem yet trin Sd Giao djch Chiing khoan TP. Hd CM Minh (HoSE) giai doan 2012-2018. Tren co sd do, tac gia tien hanh logi trir cdc cdng ty thugc linh vyc tdi chinh ra khdi mdu ngMen ciiu, bdi cac cdng ty nay thudng hoat dgng theo cdc nguyen tdc riing. Theo do, dii lieu tiong ngMen ciiu nay gom 442 cdng ty vd 3.094 quan sat. Sau kM tdng hpp dir lieu, ngMen eiiu sir dung phuang phdp phan logi dii lieu ciia Anthony&Ramesh (1992) nliam phan loai dii lieu vao nhdm cae edng ty tdng trudng, trudng thdnh vd suy thoai ciia vong ddi DN.
Phiicfng phdp nghien cdu
Wintoki va c.s. (2012) eho rang, cac gia tii hien tgi aia quan tri cdng ty bi anh hudng bdi thdnh qua cdng ty trong qua khii va neu bd qua van de npi sinh nay cd thi' lam ket qua ude lugng bj chich (Duru va e.s., 2016; Roodman, 2006). De giai quyet van de npi sinh nay, tac gia sir dung mo Mnh dii lieu bang dpng trong cac ude lupng, Dieu nay phii hgp vdi quan die'm ciia Roodman (2006) cho rdng, neii moi quan he dpng giira cac gia tri Men tai aia mot Men giai thich vdi gia tii tiong qua khii ciia bien phy thupc, thi hoi quy Miu ling eddjnh cd the'bj sai lech. Do dd, bang each kiem djnh cac bien npi sinh va khac phyc bang md hinh hoi quy GMM bang dpng, theo gpi y tir Duru va c.s,, (2016), Wintoki vd c,s , (2012).
Thio luan ket quii nghiSn cuTu
Bang 1 cho thay, thanh qua edng ty la dgi dien la bien TobinQ aia ede edng ty dat binh quan 1,043, miic dp kiem nMim binh quan Id 25,4%, ty le thanh vien
HDQT dpc lgp binh quan la 32,2%, ty le sd huu cua Nha nudc binh qudn la 43,1% va logarit quy mp trung binh ciia cac cdng ty la 11,81.
He sd tuong quan giiia cdc bien gidi tMch la khdng cao (nhd hem 0.8) va he so nhan tir phdng dgi phuang sai (VIF) deu nhd hon 10, do do khdng cd Men tugng da cdng Myen giiia cac biai gidi tMch xdy ra tiong cac md Mnh, eac bien deu cd the sii dung de phan tieh hoi quy, De kii'm dinh tinh phii hgp cua md hinh bang dgng SGMM, kiem djnh Sargan hoac Hansen ve gidi hgn xac dinh qua miic va kiem dinh Arellano - Bond ve Men tugng tu tuong quan bgc 2 dugc sir dyng.
Ket qud Bang 2 cho thay, kiem djnh tuang quan bac 2 (AR2) vd kii'm djnh Hansen deu ldn hon 10% do dd kit qua hdi quy la phii hgp.
Ket qua ngMin aiu cho thay, sy kiem nMim cd tac dgng tich cyc den thdnh qud DN tiong giai dogn tang trudng (Peng va e.s., 2007; Yang & Zhao, 2014).
Ket qud nay xdc nhan gid thuyet HI va iing hp quan diem aia ly thuyet qudn ly, cho rang viic kiem nMem cd th^ dieu hanh vd giam sat DN mdt each rd rdng va ed sy thdng nhat eao tir dd gia tang thdnh qua DN.
Bang 2 eho thay, sy kiim nMim cd tdc dpng tieu eye den thdnh qud DN tiong giai dogn trudng thanh (Comett va e.s., 2008; Daily&Dalton, 1994) Ket qua ndy xac nhgn gia thuyet H2 vd iing hp quan dii'm ciia ly thuyat quan ly chp rang sy kiem nMem se tgo ra mpt TGD cd quyen lyc tuyet doi va co the dan tdi sy giam sdt kem Miu qua dgi ngii quan ly aia HDQT (Adams va e.s., 2005; Bhagat & Bolton, 2008; Cadbury
& Cadbury, 2002; Davis vd c.s., 1997; Gui & Leung, 2004). Thim vao dd, ket qud nghiin aiu con cM ra tinh dpc lgp cua HDQT khdng mang Igi thanh qua eho DN, dieu ndy cd the do eac thanh viin HDQT dpc lgp khdng thye Men diing vai tid va tidch nMim aia minh tiong viec tu van vd giam sat Ban giam ddc.
Hdm y quin trf
Nh^m kiem tra tac dgng ciia tgp trung quyen lue TGD den thanh qud DN qua cac giai doan ciia vdng ddi DN Viet Nam, ngMin ciiu dugc thye Men vdi bg du lieu dugc tfiu thgp tir 442 DN niem yet tai HoSE tiong khoang thdi gian tir nam 2012 den nam 2018.
Cdc ket qua ngMen cuu cMrtfi bao gom: (1) Sy kiem nMem anh hudng tich eye den tfianh qua DN tiong giai dogn tang trudng ciia vong dcri DN; (2) Sy kiem nhiem dnh hudng tiiu cyc den tfianh qua DN trong giai dogn trudng thanh eiia vong ddi DN; (3) Chua xac nhgn sy kiem nMem anh hudng den thanh qud DN trong giai dogn suy thoai eiia vdng ddi D \
Ket qua ngMin ciiu vdi da so la eac DN trong giai dogn trudng tfianh iing hg quan diem ciia NgM djnh so 71/2017/ND-CP ve viee cam ehu tjeh HDQT kiem TGD.
Tuy nMin, tdc gia de xuat can xem xet doi vdi trudng hgp cac DN mem yet tiong giai dogn tang truong ciia vdng ddi DN. Ben cgnh dd, cdc DN nen xem xet Igi quy trinh bau thdnh vien HE)QT dgc lgp, eac tieu chuan eiia thdnh vien HDQT dpc lgp vd eae cjuy djnh danh gia Meu qua 1dm viec aia cdc tfianh vien bdi vi cd the cac thanh vien dpc lgp se khdng quan tam nMeu tdi viec thue tM nMim vy ma cd xu hudng muon lam hdi long cdc thanh vien HDQT khac va ban dieu hanh hoac the Men vai tid chua du tich cye.
Hgn che ciia ngMen ciiu la ehua xem xet mpt so dae die'm cua TGD cd khd ndng dnh hudng den khd ndng aia TDG nhu trinh dg, gidi tinh, dp tuoi, ty le sd hiiu va moi quan he pM tuyai giira ty le sd hiiu vdi tfianh qua edng ty... Day ciing ed the la ggi y cho cae
ngMen ciiu tiep theo. V
Tdi lieu tham khdo:
1. Adams, R. B., Almeida, H., & ferrelra, 0. (2005). Powerful CEOs and their impact on coiporate performance Review of Financial Studies;
2. Anthony, J. H., & Ramesh, K. (1992), Association between accounting performance measures and stock prices. A test of the life cycle hypothesis.
Journal of Accounting and Econamia, lS(2-3), 203-227;
3. Bhagat. 5., & Bolton, B. (2008), Corporate governance and hmi per^rmance.
Journal of Coipomte Finance. 14(3), 257-273;
4. Comett, M M., Alonrus, A. J., & Tehronion. H. (2008), Corporate governance and pay-for-performance: The impact of earnings management. Journal of Financial Economics, 87(2), 357-373;
5. Dalton. 0. R., Daily, C M., Ellstrand, A. E..& Johnson. J. L (1998), Meta- analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal;
6. Davis. J. H., Schoorman, E D., & Donaldson, L. (1997), Toward a stewardship theory of management. Academy of Management Review;
7 Dickinson. V. (2011). Cash flow patterns as a proxy for firm life cycle.
Accounting Review, 86(6), 1969-1994;
8. Donaldson, L, & Davis, J. H. (1991), Stewardship theory or agency theory:
CEO governance and shareholder r&ums. Australian journal of management, 16(1). 49-64;
9. Buru. A, Iyengar. R.).. & 2ampelli, L M. (2016). Ihe dynamic relationship between CEO duality and firm performance: The moderating role of board independence. Journal of Business Researdi, 69(10), 4269-4277;
10. Fama, f. F.. & Jensen, M. C (1983). SepamOon of Ownership tmd Control The Journal of Low and Economics
Thdng tin tdc gid:
Phgm Otic Huy-Tnfdng Bai hgc Tdi chinh - Marketing Email: [email protected]
