TAP CHi CONG THIflfNG
MOI QUAN HE GlCfA TINH DA DANG CUA HOI DONG QUAN TRI VA KET QUA
TAI CHINH TRONG CAC CONG TY GIA DINH d VIET NAM
• CAO TH! VAN ANH
TOM TAT:
Bai vid't tdp trung nghien cffu ve tinh da dang cua hdi ddng quan tri (HDQT) trong cdc cdng ty niem ye't sd hffu gia dinh d Vidt Nam (gpi tat la cdc edng ty gia dinh). Dd Id tinh da dang vl ed ca'u thdnh vidn HDQT, v l gidi tinh, trinh dd hpe vd'n, dd tudi, ty le thdnh vidn Id ngffdi nffde ngoai hay ngffdi Viet Nam. Kd't qud nghidn cffu cho tha'y 3 ye'u td' tde ddng ciing chilu den kd't qua tai chinh cua eae edng ty gia dinh d Viet Nam la: Ty Id thdnh vidn ddc Idp, t^ Id thanh vidn nff trong HDQT, ty le thanh vidn HDQT ed trinh dd hpc va'n tff dai hpc trd len, nhdm y^u td' ndy cd ty le cang cao thi ket qua tdi chinh cang Idn. Ngffdc lai dp tudi cua cdc thanh vidn HDQT Izti cd tdc ddng ngffdc ehilu dd'n ke't qua tai chinh, cdn ty le thdnh vidn nffde ngodi khdng dnh hffdng dd'n kd't qua tai chinh cua cde cdng ty gia dinh.
TCf khda: Doanh nghiep gia dinh, hpi ddng qudn tri, tinh da dang.
1. Gidi thidu
Trong he thd'ng quan tri cdng ty ndi chung va hd thd'ng quan tri doanh nghiep gia dinh ndi ridng, hdi ddng quan tri (HDQT) la mdt trong nhffng nhan td' kiem soat npi bd quan trong nha't. Cac nghien cffu thffc nghiem trUde day ve edu true HDQT tap trung chii ye'u d cde cdng ty cua My. Tuy nhien, ca'u true sd hffu cua cac cdng ty My la sd hffu phan tan trong khi quyln sd hffu eua eac cdng ty Ddng A lai tap trung trong tay cua ed ddng kilm soat hoac cac nhdm gia dinh. La Porta et al. (1999) tha'y rang chi
cd 20% trong tdng so' 20 cdng ty dai chffng hang dau d My dUdc dieu khiln bdi gia dinh, phan cdn lai 80% cd set hij^ da dang. Mat khac, Claessens et al. (2000) phat hidn thd'y mdt ty Id Idn cdc cdng ty dai chung d cdc nUdc Ddng A la gia dinh kilm sodt va cd ty Id sd hffu gia dinh chie'm ty trpng cao.
Nghien effu vl doanh nghidp gia dinh vd hdi ddng quan tri trong doanh nghidp gia dinh ed ^ nghTa quan trpng, tao cd sd nln tdng eho sff phdt tnen cua loai hinh doanh nghidp nay d Vidt Nam, trong khi chffa cd mdt van bdn phdp ly eu thi nao
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qUANTRI-QUANlV
vl doanh nghidp gia dinh. Doanh nghidp gia dinh Id mot trong nhflng loai hinh doanh nghiep thupc khu vUc kinh te' tff nhdn dang ngay cang phdt triln va chie'm ffu the' hien nay khi ma hau hd't cac tap doan kinh td' Idn cua Viet Nam nhff Kinh Dd, Bitis, Tan Hidp Phdt, Hoang Anh Gia Lai, Hda Phdt, Vigroup.. ddu gan Hen vdi tdn tuoi eua ede gia dinh.
Bai vie't nham muc dich tinh da dang cua HDQT trong cac cdng ty niem yet sd hffu gia dinh tren 2 san giao dich chffng khoan Ha Ndi (HNX) va thanh phd'Ho ChiMinh(HOSE) trong giai doan tff nam 2012 - 2017. TU dd, tac gia dUa ra mdt sd' khuyd'n nghi va ban luan tren cd sd kd't qua nghidn cffu nham phat trien loai hinh doanh nghiep gia dinh d Viet Nam.
2. Tdng quan nghidn cffu va gia thuyd't Khdng cd mdt dinh nghia thdng nha't ve linh da dang cua HDQT ma tinh da dang nay thUdng dUdc hieu theo quan dilm ve nhdn khau hpc. Hilu mdt each ddn gian, dnh da dang eua HDQT la ed nhilu ngUdi khde nhau ve cdc ye'u to' tudi tdc, gidi tinh, trinh dp hpc va'n va ehuyen mdn, thanh vidn dde lap, thanh vien nUde ngodi hay yd'u to'it mang tinh hffu hinh hdn nhff kinh nghidm, thai dd...
Tinh da dang cua HDQT thffdng dUde tid'p can tren 2 quan dilm ly thuye't: (i) Ly thuyd't ngffdi dai dien; (ii) Ly thuyd't phu thude ngudn Iffe. Theo quan dilm ly thuyd't ngffdi dai didn, HDQT dUdc thie't lap de td'i thieu hda cdc "ehi phi dai dien"
thong qua cdc edu tnic va thanh phan eua HDQT.
Va nhu vay, sU da dang trong thdnh phan eua HDQT se gdp phan lam giam chi phi dai dien.
Theo quan diem sU phu thupc ngudn Iffe, HDQT ed vai trd tie'p can vdi cde ngudn Iffe can thie't cho sU thdnh cdng cua cdng ty, do dd can tdn dung dUde cdc ngudn Iffc ve tri tud, sffc sang tao cung nhu mdi quan hd cua nhffng ngUdi cd thi cung ca'p cdc ngudn lUe can thiet cho sU ton tai va phdn thinh eija mdt cdng ty.
Vi vdy, khi xem xet tinh da dang ciia HDQT se mang lai cdc Idi ich eho DNGD: (i) Thff nha't, sU sdng tao va cac quan diem khac nhau vd tao ra so Iffdng ede quan diem va gidi phap Idn hdn ehd cac vd'n dl (Watson, Kumar and Michaelse, 1993).
Bdn canh do, sU da dang trong thdnh phan HDQT
cung se han chd' kha ndng vd hidn tUdng tU duy nhdm, cdc thanh vien cd thi ddng gdp thdng tin tff da dang eae ngudn khde nhau. (i) Thff hai, sU de'p can vdi cdc ngudn lUc va cdc md'i Hdn kd't. Vdi viec lUa chpn cac thanh vien HDQT cd dac diem khde nhau, cdng ty ed thi dd dang tid'p can vdi eac ngudn iUc khac nhau do sU hd trd chia se tff sff da dang vl ngdnh nghi, kinh nghidm, trinh dd chuyen mdn. (Hi) Thff ba, cdc md'i quan he cdng chung va eac md'i quan he vdi nha dau tff. Mdt so' cdng ty gia dinh ed the dffde hffdng Idi hdn tff vide tuan thu cdc ky vpng xa hpi hdn la nhffng edng ty phi gia dinh. Mot so'bieu hien ve tinh da dang cua HDQT anh hffdng dd'n kd't qua tai chinh:
- Vi thdnh phdn hgi dong qudn tri Theo quy dinh tai Khodn 5, Dilu 13, Nghi dinh sd 71/2017/ND-CP hffdng ddn ve qudn tri edng ly dai chung (cd hieu lUc tff ngay 1/8/2017): "Cdcd'u thanh vidn HDQT cua cdng ty niem ye't phdi dam bao td'i thilu 1/3 tong so' thanh vien HDQT Id thdnh vidn dde Idp". Thanh vidn hpi dong quan tri doe Idp trUde hd't phdi la thanh vidn khdng dieu hdnh tffc la khdng na'm giff mdt vi tri dilu hanh trong edng ty hay khdng phai Id thanh vidn trong Ban gidm dd'c.
Dd'i vdi eac DNGD, tren thUc te'thdnh vien hpi ddng qudn tri Id eac thanh vidn gia dinh. Ly thuyet ngUdi dai didn vd cac ly thuyd't khac trong quan tri cdng ty deu cho eho tha'y vai trd eua thanh vidn HDQT dpc lap. Thdnh vidn hpi ddng quan tri dde lap trong DNGD se giup tan dung dUde nhffng kid'n thffc, ky nang, kinh nghiem cung nhU kha nang chuyen mdn ma minh cdn thie'u va dac biet la tang cudng tinh ky ludt trong ede budi hop ciia hpi ddng quan tri khdng bi sa da vdo cdc vd'n dl cua gia dinh hay ddng vai trd trung gian giffa cdc thanh vien gia dinh khi cd sff ba't ddng y kid'n vl cae va'n d l kinh doanh. Vi vdy, viee thdnh lap mdt HDQT vffng manh va ddc lap la mdt quye't dinh quan trong dac biet trong dilu kien quy md vd mffc dd phffc tap trong hoat ddng kinh doanh ngay cang tang len.
Tren phffdng didn nghien effu thffc nghidm, da so' cdc nghidn cffu deu ung hp gia thuye't khi cho rdng nhffng cdng ty cd ty le thanh vien HDQT dde lap va khdng dilu hdnh cao se it rdi vdo tinh trang phd
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san (Daily & edng sff. 2003) va cd kd't qua tdi chinh cao hdn. Chinh vi nhffng cd sd tren, gia thuyd't nghien cffu dffde dat ra nhU sau:
HI: Ty Id thdnh vien dpc lap cao ed tac ddng tich ciXc dd'n ke't qua tdi chinh cua edng ty gia dinh.
- Ve gidi tinh cua thdnh viin HDQT Tren thd' gidi va d Viet Nam hidn nay cd rat nhilu cac nghidn cffu tinh da dang vl gidi tinh trong HDQT cua cdc edng ty niem yd't da sd' tdp trung vao md'i quan he giUa ty Id nff va ke't qua lai chinh hay mffc dp rui ro. Cdc nghidn effu cho kd't qua khde nhau phu thupc vao thdi diem nghien effu, mdu nghidn effu, md hinh nghidn cffu va eac chi lieu phdn anh ket qud tdi chinh. Theo Dobbin
& Jung (2011) trong mot nghien effu quan sat tai My eho rang, linh da dang ve gidi tinh trong HDQT cua eac cdng ty chii yd'u do sffc ep cua ede nha dau tff td ehffe. Cung theo bdo cdo the diem quan tri cdng ty cua IFC (2013) quan satmd td md'i quan he giffa sd' Iffdng thanh vien nff trong HDQT vdi diem quan tri eiia ede edng ty niem yd't eho thd'y eae cdng tycd sd'Iffdng nff nhilu hdn cd diem quan tri cao hdn.. Nhff vay, cho du cde kd't qua nghidn cffu khac nhau nhffng sff da dang ve gidi tinh Id mdt diem ndi bat trong ede nghidn cffu ve tinh da dang cua HDQT cua cac cdng ty nidm ye't ndi chung va cdc cdng ty gia dinh ndi rieng. Gia thuye't dat ra
H2: Ty le nff U-ong HDQT cd quan he eimg nhieu vdi kd'l qua lai chinh eua cdc edng ly gia dinh.
- Ve trinh dd hoc vd'n cua thdnh viin HDQT Theo quan diem phu thupc ngudn lUc, nhffng thanh vien HDQT dffde dao tao chuyen sdu, ed ky nang nghe nghiep dffde coi la mdt ngudn lUc quan trpng trong viec ke't nd'i cde ngudn lUc ben ngodi edng ty. Trinh dp hpc van eua HDQT la mdt trong nhffng yd'u to' ciTu thanh ndn chat lUdng cua HDQT (Jalben, 2002). Da sdcac nghien effu deu nhan iha'y HDQT ed eha't lUdng td't se giam sdt hoat ddng quan ly hieu qud vd lao ra ly sud't sinh Idi eao hdn giup eho edng ty thanh cdng trong tffdng lai (Hayes vd Lee, 1999). Gia thuyd't nghidn cffu:
H3: Trinh dp hpe va'n ed md'i tffdng quan ty
le thuan vdi ke't qua tdi chinh eua ede edng ty gia dinh.
- Ve do tuoi cda thdnh vien HDQT Sff da dang v l dp tudi trong thanh vidn HDQT gan liln vdi tham nien cdng tae eung nhff kinh nghiem eua ETDQT. Khi eac thanh vidn HDQT c6 nhilu kinh nghiem se ddng thdi lam tang vdn hieu bid'l vl xa hdi, vd'n sd'ng cung nhff SLT trdi nghiem trong thffc le' (Murphy & Melnlyre, 2007). Bdn canh dd, cac thdnh vidn HDQT cd nhilu kinh nghiem cung se lam tang kha nang lam vide nhdm, phdi kd't hdp chi dao vd cd kinh nghiem trong vide kilm sodt gidm sal lam giam bdt cac quye't dinh sai lam anh hffdng lich cffc dd'n hidu qua boat dpng eua HDQT. Gia thuye't nghidn cffu dat ra:
H4: Kinh nghiem eua thanh vien HDQT cd anh hffdng tich effe de'n ke't qua tai chinh cua cdc cong ty gia dinh.
- Tf IS thdnh vien nudc ngodi trong HDQT Khde vdi ede cdng ty cd ph^n thdng thudng, sU xud't hidn eua cdc thanh vidn nUdc ngoai trong HDQT ed the ddn dd'n can trd vide gidm sdt va sii thd'ng tri eua eae thdnh vidn gia dinh trong HDQT d eac cdng ty gia dinh. O cac cdng ty phi gia dinh, cde thanh vien ed qud'c tich nUdc ngoai hp cd the lam td't cdng vide cua minh hdn vi khdng ed stf kilm sodt cua gia dinh. Mat khde, sU xuat hidn ciia cac thanh vien nUdc ngoai trong HDQT cd Ihl lam gia lang nhffng chi phi khdng cdn thid't va tdn kem, Vi vay, gia thuyd't dat ra:
H5: Cd mdi Iffdng quan ngffdc ehilu giffa ly le thanh vien nffde ngoai trong HDQT vd hidu qua boat ddng eua cac edng ty gia dinh.
3. PhUdng phap nghien cu'u Thu thdp dS lieu
Mdu nghien cffu dffde thu thap dUdi dang dff lidu bang bao gdm cdc cdng ly nidm yd't cd ydu to sd hffu gia dinh trdn hai sdn HNX va HOSE. Trong nghien effu, tae gid sff dung dinh nghTa doanh nghiep gia dinh ne'u ddp ffng dffde mdt trong eac dac dilm sau:
- Mdt thanh vidn gia dinh la CEO hoac ehd tich HDQT hoac ed it nhd't 2 thanh vidn tham gia vao HDQT hoac ban dilu hdnh (gia dinh Id ed dong
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QUAN TRI-DUAN LV
Idn nha't trong cdng ly) va ty Id sd hffu gia dinh (CEO, CHAIR va nhffng ngUdi cd Hen quan (bd' me, vd chdng, con eai, anh ehi em) chiem it nhd't 5%. (Marleen Dieleman at al (2013).
- Cd it nha't 1 Thanh vien gia dinh tham gia vao HDQT va Tong sd hffu cua gia dinh (bd'me, vd chdng, con cai, anh chi em) vffdt qua 10%
(Shyu. 2011).
- Mdt trong nhffng eo ddng hode cdc thdnh vidn gia dinh nam giff it nhat 20% cd phan eua mdt edng ty trd len. Sd' co phan nay bao gdm co phan cua cde thanh vien gia dinh va cdc cdng ly con/cdng ly lidn ke't. (La Porta et all. 1999).
Dff lieu dffde thu thap tff Bdo cao quan tri cdng ty va Bdo cao thffdng nien ciia cac cdng ty gia dinh.
Sau khi thdp dff lieu, mau lUa chpn bao gdm 70 cdng ty gia dinh trong thdi gian 6 nam tff 2012 - 2017 lao ndn dff lieu bang vdi tdng so 420 quan sdt.
PhUdng phdp nghien effu sff dung md hinh hdi quy gdp Pool OLS vdi dff lidu bang d l xae dinh
cdc ye'u Id' thupc ve linh da dang cua HDQT anh hffdng dd'n kd't qua tai chinh vdi 2 chi tieu ROA, ROE, xem xet dnh hffdng eua ehi tidu ndo phu hdp hdn. Hien tUdng da cpng tuye'n giffa cdc bid'n ddc lap trong md hinh dUdc loai trff bang each xem xet he so' tffdng quan giffa cdc bid'n.
Bie'n sd'vd thddc do (Bdng I) Ke't qud nghien ciiu
Bdng 2 thdng kd md ta cde bid'n trong md hinh, mdt sd' gid tri quan sat dffde nhff sau:
- Thdi gian thdnh Idp eua ede cdng ty gia dinh d VietNam trung binh la 15 nam, cdng ty gia dinh lau ddi nha't la Cdng ty Co phan Tasco thanh lap dUdc 47 nam va tre nhd't mdi chi cd 7 nam lieh sff Cdng ty Co phan Tap doan CEO.
- Quy md HDQT trong cdc cdng ty gia dinh trung binh la 6 thanh vidn phu hdp vdi thffc tidn td't nha't vl quan tri edng ty thdng thffdng quy md hdi ddng quan tri tff 5 de'n 9 thdnh vidn.
- Ty Id thdnh vien khdng dieu hanh trong
Bang 1. Md ta d|c diem va do ludng cac bieti
Ten bien 1 Giai thich 1 Do Iffdng 1.Blend^l$p
ROA ROE
Ty suat sinh Icii cua tdng lai san Ty sud't sinh Id! ci!ia v6n chu sci hi3u
LNST/TdngTS LNSTH'dng VCSH 2. Bien phu thude
BOD_size indep
Female
Edu
Age
Foreign
Quy mo cua hdi dong quan In Ty Id thanh vien HDQT ddc lap
Ty 1^ thanh vien nO trong HDQT
Trinh dd hoc van cua thanh vien HDQT
Dp tudi binh qudn cua cac Ihanh vi§n HDQT
Ty le thanh vien HDQT la ngUdi nudc ngoai
Sd lupng thanh vien co trong HDQT So lUOng thanh vien dpc lap/To'ng sd thanh vien HDQT
Sd lUdng thanh vien nO trong HDQT tren long sd thanh vien HDQT
Ty le thanh vien HDQT cd trinh do hgc van tii DH trd len.
Tong do tuoi cua cac thdnh vi§n HDQT tr§n tdng so thanh vien
Sd luong thanh vien nudc ngoai trdn tdng sd thanh vien HOQT
3. Blffn Idim soat
Firm_size NfoLJding_Y
Quy mfl cdng ty So nam thanh ISp(tu6i)
Logarit gia tn so sach cua ldng TS hoac Tdng gia tn vdn hda thi trudng
Thdi gian thanh lap den thdi diem lay dO lidu
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HDQT trung binh la 64% eho thay cd hdn mdt nffa so' thanh vidn HDQT tham gia vao ban dieu hdnh cua cac cdng ly gia dinh.
- Ty Id thanh vidn nff trong HDQT trung binh la 17% tffc la cd hdn 1 ngUdi la nff gidi trong HDQT trong cde cdng ty gia dinh.
- Da so' ede thdnh vidn HDQT trong ede edng ty gia dinh ed trinh dd dai hpc trd len (83,8%), nhilu cdng ty ed 100% thanh vien cd trinh do trdn dai hpe.
- Ty le thanh vidn nffde ngoai trong HDQT eua cdc cdng ty gia dinh la tffdng dd'i thd'p chid'm 0.6%, day la mdt dac thu cho tha'y cac cdng ty gia dinh khdng cd xu hffdng thud thanh vien HDQT la thanh vidn nffde ngoai.
- Kd'l qua lai ehinh eua eae cdng ty gia dinh (ROA, ROE) trung binh la xa'p xi 6%. (Bdng 2)
Kd't qud kilm tra hidn tffdng da cdng tuyd'n diidc thffc hidn bang ma Iran hd sd tffdng quan giffa eac bid'n trong md hinh. Kd't qua cho tha'y cac he sd tffdng quan cap giffa cdc bidn ddc lap diu nhd hdn 0.8 ndn khdng ed da cdng tuye'n giUa cac bien ddc lap trong md hinh. He sd' tUdng quan giffa ROA va BODSIZE, INDEP, FEMALE, EDU, AGE deu dffdng, ddng thdi cac gia tri P - value deu nhd hdn 5% nen cd the ndi d mffe y nghia 5%, ede bid'n ddc lap nay cd mdi quan he thudn ehilu vdi ROA.
Trong khi dd bid'n FOREIGN ed md'i tffdng quan ngffdc chieu vdi. Ke't qud cung tffdng tff vdi ehi tidu tdi chinh Id ROE.
Nhu vay, ke't qua iff he so' lUdng quan dung nhu cac gia thie't cua bai bao dat ra.
Kit qud chgy md hinh hdi quy gop Pool OLS khi bien phu thugc Id ROA
ROA = -0.549371+ 0.041205*BODSIZE + 0.070258*INDEP + 0.0805 67* FEMALE + 0.054703*EDU 0.003952*FOREIGN 0.0009*AGE + 0.002713*NFOUDINGYEAR 0.001704*FIRMS1ZE-Kei.
6 mUe y nghTa 5%, cdc bid'n dde lap BODSIZE, INDEP, FEMALE, va EDU ed md'i quan he tuye'n tinh tdc ddng tich cUc de'n ROA.
Bid'n ddc lap AGE cd quan he ngffdc chieu vdi ROA cd nghia Id lull eua lanh dao cang cao thi
Bang 2. Thdng ke mo ta cac bien
NFOUNDING_Y FIRMSIZE BODSIZE INDEP FEMALE
EDU FOREIGN
AGE ROA ROE
Mean 15.07143 12.38966 6.154762 0.647067 0.177609 0.838760 0.066141 49.32600 0.057969 0.066349
Maximum 47 00000 14.35636 10.00000 1.000000 0.800000 1.000000 0.666667 65.00000 0.783739 0.982178
Minimum 7.0O0000 10 69102 4.000000 0.250000 0.000000 0.000000 0.000000 35.00000 -0.35456 -9.62254 Ngudn. Kit qud xd ly dd lieu ciia tdc gid ke't qud tai ehinh ROA cdng giam k l . Dilu ndy co thi gidi thich do ngffdi tre tudi iff duy td't hdn, khd nang thieh Ung td't hdn vdi sff thay ddi cua mdi trffdng kinh doanh.
Bie'n Foreign khdng cd anh hffdng dd'n ROA, do ye'u td' "gia dinh tri" chi phd'i nen hlu nhUcdc edng ty gia dinh hp khdng mud'n vai trd tham gia eua ede thanh vien nffde ngoai cho du la thanh vidn dde Idp.
R2 = 62.35%, tffdng dd'i Idn, Gia tri P - value rd'l nhd, ehffng td md hinh hoi quy la phil hdp. He so' Durbin Watson = 1.7270, nen khdng cd kit luan tff tffdng quan trong md hinh ROA.
Nhff vay, ke't qua ffdc lUdng md hinh hoi quy khi bie'n phu ihude Id ROA cho thd'y cae gia thuyet H1, H2, H3 cho kd't qua phil hdp vdi gia thuyd't dat ra. Ridng cd gia thuye't H4 tdc ddng ngUdc chieu, gia thuye't H5 eho tha'y ly le thanh vien nUdc ngodi khdng anh hUdng de'n ket qua lai chinh trong cac cdng ly gia dinh. (Bdng 3)
Kd'l qua chay md hinh hdi quy gdp Pool OLS khi bie'n phu thupc la ROE:
ROE = -6.404949 -i- 0.465569*BODSIZE + 0.758436*1NDEP 1.434132*FEMALE + 1.10136428902*EDU - 0.521735*FOREIGN - 0.009301 *AGE - 0.017526*NFOUDINGYEAR + 0.037095*FIRMSIZE + ei
O mUc y nghia 5%, cac bid'n dpc lap BODSIZE, FEMALE vd EDU cd mdi quan he
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qUANTRj-QUAN LY
Bang 3. Ket qua Udc lUOng md hinh hdi quy theo ROA Variable
C BODSIZE INDEP FEMALE EDU FOREIGN AGE NFOUDINGYEAR FIRMSIZE R-squared Adjusted R-squared F-statistic Prob(F-statistic)
Coefficient -0 549371 0 041205 0.070258 0.080568 0.054704 -0 003952 -D 000901 0 002713 -0.001704 0.623595 0.615332 75.47233
Std. Error 0 091717 0 007782 0.031676 0.029774 0.015647 0020023 0 000478 0 001064 0.001529
t-Statistic -5 989824 5 295128 2.218016 2.705986 3.496181 -0.197377 -1.885718 2.550883 -1.114693 Mean dependent var S D. dependent var Durbin-Watson stat
Prob.
0.0000 0 0000 0 0271 0.0071 0.0005 0,8436 0 0600 0 0111 0-2656 0.051531 0.072331 1.727015 0.000000
Ngudn: Ke't qud xd 1} dU lieu ciia tdc gid
tuyd'n linh vdi bie'n phu thude ROA, trong dd 2 bid'n dde lap BODSIZE, EDU deu ed quan hd tieh cffc dd'n ROE, trong do mffc dd lac ddng Idn nhd't la EDU. Bid'n dpe lap FOREIGN tde ddng ngffdc chilu dd'n kd't qud tdi chinh; bid'n INDEP, AGE khdng ed dnh hffdng dd'n ROE.
R2 = 23,14%, tffdng dd'i nho ndn viec lffa chpn cdc bid'n ddc lap chffa phu hdp. Gid tri P - value cua F- slalisdcs phu hdp. He sd' Durbin Watson = 1.69 ndn khdng ed tU Iffdng quan trong md hinh.
Ke't qud Udc Iffdng md hinh hdi quy khi bie'n phu thupc la ROE cho tha'y ede gia thuyd't H2, H3,
Bang 4. K§1 qua Udc Iffdng mo hinh hdi quy theo ROE Variable
C BODSIZE
INDEP FEMALE
EDU FOREIGN
AGE NFOUDINGYEAR
FIRMSIZE R-squared Adjusted R-squared
F-statistic Prob(F-statistic)
Coefficient -6.404949 0.465570 0 758436 1.434133 1.101364 -0.521735 -0.009302 -0.017526 0.037095 0.231470 0.214600 13.72066 0.000000
Std. Error 1.407531 0.119421 0 486115 0.466923 0.240120 0.307281 0.007330 0.016323 0.023460 Mean dependent var
S.D.dependentvar Durbin-Watson stat
t-Statistic -4.550485 3 898546 1.560198 -3.138676 4.586722 -1.697909 -1.268959 -1.073691 1.581211 0.056349 0-776835 1.696434
Prob.
0.0000 0.0001 0.1195 0.0018 0.0000 0 0903 0.2052 0.2836 0.1146
Ngudn: Ki't qud xd ky dd lieu cua tdc gid
So 12-Thang 9/2018 265
TAP CHl GONG IHKllNIi
H5 phil hdp vdi gia thuye't nghien cu^ dat ra, HI va H4 khdng anh hffdng dd'n ke't qua tai chinh. Nhff vay, md hinh hdi quy khi bie'n phu thupc Id ROA se phu hdp hdn so vdi md hinh hdi quy khi bie'n phu thude la ROE. (Bdng 4)
4. Ke't luan va khuye'n nghi
Ke't qud nghien effu nghidn cffu linh da dang cua HDQT anh hffdng dd'n kd't qua lai chinh cua eae edng ly gia dinh eho tha'y viec sff dung md hinh hdi quy gdp Pool OLS ffdc Iffdng vdi dff Ueu bang khi kd't qua tai ehinh dffde xac dinh bdng chi lieu ROA phu hdp hdn so vdi md hinh ke't qua lai chinh dffde xae dinh bang ehi ddu ROE.
Cae ye'u to' lac dpng tich effe de'n ke't qua tai ehinh eua cde edng ly gia dinh la ty le thanh vien dpc Idp, ty Id thdnh vien nff trong HDQT va ly le thanh vien cd trinh dd hpc vd'n tff dai hoe trd Idn;
ede ty Id nay cang cao thi ke't qud tai chinh cang Idn. Ridng bie'n dd tudi trung binh cua thanh vidn
HDQT cd tdc ddng ngffdc chieu de'n ke't qua tai chinh vd ty Id thanh vien nffde ngodi trong HDQT khdng anh hffdng de'n kdt qua tdi chinh.
Tff cac ke't qua nghidn effu ed the rut ra mdt s6' khuye'n nghi:
Thd nlid'f. ede cdng ly gia dinh van can tang ly Id thanh vidn ddc lap trong HDQT d l dam bao theo quy dinh eua phap ludt Id dap ffng dffpc ydu cau tdi thid'u 1/3 sd' thdnh vidn trong HDQT la thanh vidn dde lap.
Thd hai, cac cdng ty gia dinh can trdnh hien Iffdng "tham quyen cd' vi" va can phai tre hoa ddi ngu thanh vien gia dinh trong HDQT de tang hieu qua boat ddng.
Thd ba, cde cdng ty gia dinh can ndng cao cha't Iffdng va ehuyen nghiep hda boat dpng cua cac thanh vien trong HDQT, bo sung cdc thdnh vien cd dii nang Iffc, trinh dp, kinh nghiem trong HDQT •
TAI LIEU THAM KHAO:
7. Chinh phu nudc Cong hoa xd hoi chu nghia Viet Nam (2017), "Nghi dinh hudng ddn ve qudn tri cong ly dai chung", Nghidinh sd7!/2017/ND- CP
2. Dobbin & Jung (2011), Corporate Board Gender Diversity and Slock Peiformance: The Completence Gap or Instituational Investor Bias, North Carolina Review, Vol 89.
3. Hayes, R., S. and Lee, D., W. (1999), "is Board Quality an Indicator of a Firms Future Perpormance?"
Acadamic of Accounting and Financial Studies Journal, (3)1), 97-109.
4. IFC, Cam nang qudn tr'i doanh nghiep gia dinh, 2008
5. Jalbert, Tel al (2002), "Does School Matter^" An Empirical Analysis of CEO Education, Compensasion and Firm Performance ", International Bussiness and Economics Research Journal, 1 (1), 83-98.
6 Jonchi Shyu (2011), "Family ownership and firm performance • Evidence from Taiwanese firms ", International Journal of Managerial Finance, Vol 7, No. 4, 2011, pp 397-411.
7. Marleen Dieleman at al (2013). "Asian family firms - success and succession. A Study of SGX-lisled Family Firms" NUS Business School.
8. Murphy, S. A. and Mclntyre, M. (2007). "Board of Director Performance: A Group Dynamics Perspective".
Corporate Governance, 7(2) 209-224.
9. La Porta, R , Lopez-de-Silanes, F. and Shleifer, A , 1999. Corporate ownership around the world. Journal of Finance. 54:471-517.
266 So 12-Thang 9/201.
qUANTRj-QUAIVLY
Ngay nh§n bai: 25/8/2018
Ngay phan bidn danh gia va suTa chu'a: 5/9/2018 Ngay chap nh^n dang bai: 15/9/2018 Thdng tin tdc gid:
ThS. CAO THJ VAN ANH TrUcfng Dai hpc Hai Phong
THE RELATION BETWEEN THE DIVERSITY OF BOARD OF DIRECTORS AND THE FINANCIAL PERFORMANCE
OF LISTED FAMILY BUSINESSES IN VIETNAM
• Master. CAO THt VAN ANH Hai Phong University
ABSTRACT:
This study is lo analyze the diversity of listed family businesses board of directors in Vietnams. The diversity of listed family businesses board of directors is analyzed in terms of the diversity of members of the board, gender, education level and age of members, and percentage of foreign and Vietnamese members of the board. The results show that there are three factors related to the board of directors which positively impact on the financial performance of these family businesses including: The percentage of independent members, the percentage of female members and the percentage of members who are highly educated.
The higher percentages of these three factors are, the better financial performances of these companies are. Meanwhile, the age factor of the board members has a negative impact on the financial performance of these companies. In addition, the percentage of foreign members does not affect the financial performance of these family businesses.
Keywords: Familybusiness, board of directors, diversity.
So 12-Thong 9/2018 267
