Giam doc dieu hanh va ty sudt sinh Id! cua doanh nghiep: bang chOng thuc nghiem tgi Viet Nam
H O A N G DU'ONG VIET ANH L E THUY D U N G
. u" dung miu gdm 743 cong ty niem yd't tai Sd Giao dich chdng khoan Hd Ndi va Sd Giao dich chdng khoan tbanh phd'Ho Chi Minh trong giai doan 2010-2017, bai viit nghien cdu anh h ddng cua giam dd'c dieu hanh de'n ty sua't sinh ldi cua cdng ty. Kit qua nghien cdu cho thd'y: ty sud't sinh ldi cua cdng ty cd xu hddng tang cao hdn Idii giam doc dieu hanh Ididng kiem nhiem chtj tich boi dong quan tri; mdc do sd bdu cua giam dd'c didu hanh cang cao cang cd anh hddng tieu ciic de'n ty suat sinh ldi eua cac cdng ty; gidi tinh cua giam dd'c dieu hdnh cd anh hddng den ty suat sinh ldi ciia cac cdng ty nidm ye't. Dong thdi, bai vie't di xud't mdt so'ham y lien quan de'n van dequan tri cua cac cdng ty.
Tit khoa: giam ddc dieu banh, CEO, ty sud't sinh Idi, tbi trddng ebdng khoan VietNam.
1. Gidi t h i g u
Ty sua't sinh ldi cua cdng ty chiu tac dong bcli nhieu nhan to' khac n h a u , trong dd bao gIm eae nhan td' hgn q u a n de'n quan tri, dilu hanh hoat ddng cdng ty ( c h i n g h a n nhfl giam doc d i l u hanh-CEO), dac d i l m hdi ding quan tri. Cac bang chflng trong cd scl hpc thuat hien tai da chi r a eac dac d i l m cua CEO anh hflSng trflc tiep dg'n hieu qua hoat ddng cua cdng ty (Berger va eong sfl, 1997; Cui va Mak, 2002; B e r t r a n d va Schoar, 2003; Kokeno va Muturi, 2016;
Phan Bui Gia Thuy va cong sfl, 2017...).
Mat khac, mot sd' nghien cflu chi r a rang, higu qua hoat ddng eua cdng ty ty lg t h u a n vdi dd t u l i cung nhfl t r i n h dd hgc vS^n eua CEO (Kokeno va Muturi, 2016). Cac nghidn cflu khac da tig'n h a n h k h a o sat b khia eanh gidi tinh CEO, tuy nhign khdng co sfl dong nha't gifla cac ke't qua nghien cflu (Lam va edng sfl, 2013; Khan va Vieito, 2013; Hsu va edng sfl, 2013)... Nhin chung, p h i n ldn eae nghign cflu trgn t h i gidi xem x6t a n h hflcing cua CEO d i n higu qua hoat dong cua cac cdng ty b cac khia canh khac n h a u . Dong thdi, sfl khac biet v l dac diem q u a n tri cong ty b cac qud'c gia khac n h a u cung d a n den sfl khac bigt trong cac ket qua nghidn cflu.
Tai Viet Nam, hien cd ra't it nghign eflu v l tac dong CEO d i n higu qua hoat ddng edng ty. Nghidn eflu dang chu y nha't cua P h a n Bui Gia Thuy va cdng sfl (2017) da khao sat a n h hflcing ciia giam dd'c d i l u h a n h dg'n higu qua boat dong eua 120 cdng ty nigm yet t r e n S3 Giao dich chflng khoan t h a n h phd' Ho Chi Minh giai doan 2009- 2015 va p h a t hien r a e6 mdi tfldng q u a n gifla sfl kigm nhigm CEO va mflc dd sd hflu CO p h i n cua CEO vdi hieu qua boat ddng cua cac cdng ty.
Nghien cflu nay khac vdi cac nghign cflu hien cd b mot so dilm: (1) m l u nghign cflu dfldc s^ dung bao g I m ta't ea eac cdng ty nigm y I t trgn thi trfldng chflng khoan Viet Nam, giai doan khao s a t 2010-2017; (2) cac dac diem lidn quan d i n CEO dfldc lfla chon nghien cflu bao gIm: gidi tinh, mfle do sd hflu CO p h i n va sfl kigm nhidm cua CEO; (3) ty sua't sinh ldi dfldc do Ifldng thdng qua h a i chi Hokng Ducmg Viet Anh, TS., Tnicmg dai hoc Kinh t^
Dk Nang, Dai hoc Da NSng; L6 Th&y Dung, ThS., Tnrfmg dai hpc Kinh te'Nghft An.
* Nghien cihi nky duoc tai trp b6i Quy PhSt tri^n khoa hpc vk cdng nghe Dai hoc Dk Nang trong d^ tki ma s6 B2018-DN 04-07.
Nghiin ciiu Knh t4s612(499} - Thing 12/2019 5 7
Gidm doc flieu hanh ,
tieu ROA va ROE. Nghien cflu nay se lam rd hdn tac ddng eua CEO dg'n ty sua't sinh ldi eua cae edng ty nidm ye't t r e n t h i trfldng chflng khoan Viet Nam. Ke't qua nghien cflu ky vong se bo sung t h e m cac minh chflng v l md'i quan he gifla CEO va ty sua't sinh ldi b cac qud'c gia dang p h a t trien.
2. Td'ng q u a n n g h i e n cflu
Chu di nghien cflu lien q u a n de'n CEO va hieu qua boat dong edng ty da t h u h u t dflde ra't nhieu sfl q u a n t a m eua cac n h a nghien cflu trgn the' gidi. Hieu qua boat dong eong ty cd t h e dfldc do Ifldng theo cac chi tieu khac n h a u , t r o n g dd pho bie'n nha't la hai chi tieu ROA va ROE.
Cac c6ng t r i n h n g h i e n cflu thfle nghiem v l a n h hflcing cua CEO dg'n hieu qua b o a t ddng cdng ty da dfla r a eae k i t l u a n khdng d i n g nha't vdi n h a u . Nghien cflu cua K h a n va Vieito (2013) k h d n g tim tha'y bang chflng nao cho tha'y CEO cd a n h hflctng dg'n hieu qua boat ddng eua cac cdng ty. Trong khi do, mdt sd' nghien eflu k h a e chi r a gidi t i n h cua CEO a n h hflctng trflc tie'p den ty sua't sinh ldi. Lam va cdng sfl (2013) dieu tra cae edng ty niem yg't d T r u n g Quo'c giai doan 2000-2008 va p h a t hign ra, higu qua boat ddng eua cdng ty dfldc cai thien khi CEO cua cdng ty la nfl gidi, kg't qua nay m a u t h u i n vdi H s u va edng sfl (2013), Wu va cdng sfl (2018) k h i chi r a nhflng edng ty vdi CEO la n a m gidi cd hidu qua hoat ddng td't hdn.
Ket qua nghien cflu cua Boyd (1995), Peng va cgng sfl (2007), P h a n Bui Gia Thuy va cgng sfl (2017) cung cap bang chflng cho tha'y, sfl kigm nhiem cua CEO lam gia t a n g higu qua hoat ddng cua cac cdng ty, kg't qua nay phfl hdp vdi ly thuyg't quan ly (Stewardship Theory). Trong khi dd, mdt sd' nghien eflu khae da dfla r a b a n g chflng u n g hg ly thuyet dai dign (Agency theory) khi cho r i n g , sfl kiem nhiem eua CEO lam giam higu qua hoat ddng cua cac cdng ty (Fama va Jensen, 1983; Tang, 2017).
B h a g a t va cdng sfl (2010) khong tim tha'y b a n g chflng ve tac dgng cua raHc^9 sd hflu CO p h a n cua CEO de'n ty s u i t s i n h ldi. Trong khi, P h a n Bfli Gia Thuy (2017) da k h a o s a t cac cdng ty niem yet tren san giao dich chflng k h o a n t h a n h p h i Hd Chi Minh va p h a t hien ra, mflc do nam gifl cd p h a n cua CEO cd q u a n he phi tuye'n tinh dd'i vdi higu q u a b o a t ddng eua cae cdng ty nigm yet.
Tfl cac k e t q u a nghign cflu h i e n co, nghien cflu n a y ky vgng se ghi n h a n md'i q u a n he gifla dae d i l m eua CEO de'n ty sua't sinh ldi cua cae d o a n h n g h i e p niem yet t r e n thi triidng chflng k h o a n Vigt Nam.
Gia thuye't nghien cdu: dac diem cua CEO (gidi t i n h , mfle do sci hflu e l p h i n va sfl kigm n h i e m cua CEO) se cd tae ddng dang k l den ty sua't s i n h ldi cua cae cdng ty nidm yet t a i Viet N a m .
3. Dfl l i e u v a phfltfng p h a p n g h i g n cvfu 3.1. Dd lieu
M l u n g h i e n eflu bao gom ta't ea cac doanh n g h i e p nigm yg't t r g n s a n giao dieh chflng k h o a n H a Noi (HNX) va s a n giao dieh chflng k h o a n t h a n h phd' H i Chi Minh (HOSE). Dfl lieu sfl d u n g bao gom dfl lieu lien q u a n den CEO cua eac cdng ty niem yg't, ty sua't sinh ldi va cac dfl lieu lien quan ve dae diem cdng ty. Dfl lieu dflde cung ea'p tfl Fiinpro, mot t r o n g nhflng nguon cung ea'p dfl lieu t a i chinh pho bien 6 Viet N a m . S a u k h i loai bd cac cdng ty khdng cd d i y du dfl h e u d l phuc vu phan tich, m l u cud'i cflng t h u t h a p dfldc gom 743 cdng ty nigm yg't, vdi giai doan nghign eflu tfl 2010-2017.
3.2. Phdong phdp nghien cdu De k h a o s a t a n h hflctng cua dac d i l m cua CEO den ty s u ^ t s i n h ldi cua cac eong ty nigm yet t r g n t h i trfldng chflng k h o a n Viet Nam, nghign cflu n a y difa tren md binh hoi quy da bien vdi dfl h e u bang nhd sau:
5 8 Nghi§n aiu Kinh tgs6 ^^('^^^)^ThSi^~{^J^
Giam doc dieu hanh ...
Ri.t= po + piCEOu-i + P2CONTROLSU.1 + yi-i-5. + Ci., (1)
Trong dd:
• B i l n phu thugc (R): sh d u n g cac bie'n phu thudc khac n h a u de t h a y the' eho ty sua't sinh ldi cua cong ty. Cu t h e : b i l n ty le ty sua't sinh ldi trgn tong t a i san ( R e t u r n on Assets-ROA) la mdt bie'n lien tuc va dflde do Ifldng b a n g tong ldi n h u a n sau t h u l (ldi n h u a n rdng) chia cho tong tai san; big'n ty le ty sua't s i n h ldi t r e n vd'n ehu sb hflu (Return on Equity-ROE) la mgt bien lign tuc va dfldc do Ifldng b a n g tong ldi nhuan sau thue' chia cho tong vd'n c h u sd hflu.
- Bie'n ddc lap c h i n h (CEO): t r e n ed sb each thflc sfl d u n g va do Ifldng big'n b cac nghign cflu thflci n g h i e m da ed, c h u n g tdi sh dung cac big'n p h a n a n h dac diem cua CEO'. Cu t h i : bien gidi t i n h cua CEO (CEO GENDER): la b i l n n h i p h a n , n h a n gia tri 1 ne'u CEO la n a m va b a n g 0 ng'u CEO la nfl; bie'n scl hflu vo'n cua CEO (CEO OWNERSHIP): bie'n n a y do Ifldng mflc do n a m gifl vd'n eua CEO t r o n g cdng ty, la big'n lien tuc va dflde t i n h b a n g p h a n t r a m co' p h i n t r o n g eong t y dfldc n i m gifl hbi CEO; b i l n kiem n h i e m eua CEO (CEO DUALITY): la big'n n h i p h a n , n h a n gia t r i 1 n l u CEO d i n g thdi n i m gifl vi tri chii tich hdi dong q u a n t r i cua cdng ty va b a n g 0 ng'u CEO khdng dong thdi k i e m n h i e m vi tri chu tich hdi dong q u a n t r i .
- Big'n k i l m soat (CONTROLS): sh d u n g cae bie'n kiem soat da dfldc thflc nghiem chflng minh (Wu va cdng sfl 2018) cd a n h hflcing d i n ty sua't sinh ldi cua cong ty nhfl: quy md cong ty (FIRM SIZE), ca'u true von (LEVERAGE) va t i l m n a n g t a n g trflcing (SALES GROWTH). Ngoai ra, de han c h i a n h hfldng cua nhflng q u a n s a t ngoai vi (outliers), nghien cflu bie'n doi (winsorizing) cac quan s a t cua cae bien cl phan vi 1% vk p h a n vi 99% t r o n g p h a n phd'i m l u eua mdi b i l n lien t u c . Md h i n h
(1) cung bao gom a n h hfldng cd' dinh edng ty (Ti) va a n h hfldng cd' dinh n a m (5t), n h a m k i e m soat t a e ddng chi phd'i cua dac digm cdng t y va n a m Ign a n h hflcing cua CEO den ty sua't s i n h ldi cua cdng ty. Ta't ca cac big'n dde lap dflde dfla vao md h i n h vdi gia t r i t r i (lagged)^ Ngoai ra, sai so' c h u i n e u n g da dfldc d i l u ehinh di giai quye't hign tfldng phfldng sai khdng dong nha't va dfldc fldc Ifldng theo cdng ty d l giai q u y e t va'n de tfl tfldng q u a n theo phfldng p h a p eua P e t e r s e n (2009).
4. Ke't q u a n g h i e n cflu v a t h a o l u a n 4.1. Thong ke mo td mdu nghien cdu B a n g 1 t r i n h bay kg't q u a thd'ng ke md t a ve ty sua't s i n h ldi, eac bie'n p h a n a n h dac d i l m eua CEO va eac bien k i l m soat dflde sfl d u n g t r o n g md h i n h n g h i e n cflu t r o n g giai d o a n tfl n a m 2010 de'n n a m 2017. Gia tri t r u n g b i n h cua cac bie'n ROE, ROA lan Ifldt la 0,117 va 0,057, p h a n a n h ty sua't s i n h ldi cua cac doanh n g h i e p nigm ye't t r o n g giai doan nghign cflu; eu t h e : cac d o a n h nghiep t r u n g b i n h cfl 10 dong t a i s a n sfl d u n g eho kinh d o a n h t h i se t h u dfldc 0,57 dong lai/nam va cfl 10 dong vd'n sfl dung eho k i n h doanh t h i se lai dfldc 1,17 dong lai/nam h a y iai 11,7% vd'n. Dong thdi, binh q u a n cac CEO sd hflu k h o a n g 5,7% so' co p h i n t r o n g cac d o a n h nghigp niem yg't va da p h a n cae CEO t r o n g m l u la n a m (chig'm d i n hdn 9 1 % va hdn 3/4 so' CEO t r o n g m l u n g h i e n eflu k h d n g kiem nhidm chfle vu c h u tich hdi dong q u a n t r i cua cdng ty.
Kg't q u a thd'ng kg md t a cua cae bien kiem soat dfldc t r i n h bay t r o n g bang 1, bao gom; LEVERAGE, FIRM SIZE, SALES GROWTH.
1 Xem them cfic nghidn cdu ciJa Bange vk Mazzeo (2004), Harford va c6ng siJ (2008), Pathan (2009), Croci vk Petmezas (2015).
2 Sir dung gia tri tre (lagged) cua big'n d6c Ikp cho phep han che' anh hudng ciia yg'u 16 noi sinh trong mo hinh.
Nghiin cOu Kinh tSsS 12(499) • Thing 12/2019 59
Giim doc aie'u hjinh ,
BANG 1: T h o n g k e m o t a c a c b i e n t r o n g m o h i n h n g h i g n cflu Ten bifn
ROE ROA CEO OWNERSHIP
CEO GENDER CEO DUALITY LEVERAGE
FIRM SIZE SALES GROWTH
S6 quan sdt 5.648 5.648 5.944 5.944 5.944 5.655 5.655 4.745
Tnmg binh 0,117 0,057 0,055 0,912 0,244 0,507 27,157
0,148
D6 leoh chuin 0,094 0,053 0,100 0,282 0,429 0,232 1,701 0,403
Nh6nh£t -0,025 -0,010 0 0 0 0 20,720 -0,466
L A i n h i t 0,321 0 , I 8 j 0,778 1 1 0,98 34,723
1,279 Ngudn:Tinh toan cua tSc gia.
Bang 2 trinh bay ma t r ^ n he so tfldng quan Pearson gifla cac b i l n trong nghign eflu. Hg so tfldng quan ehi r a moi quan he h a i ehieu gifla tflng cap bien vdi nhau. K i t qua trong bang 2 cho tha'y, eac bien do Ifldng ty sua't sinh ldi cua cac cdng ty trong giai doan nghien cflu ROA, ROE cd tfldng quan t h u a n vdi nhau kha cao (>=0,85). Nhin chung, tfldng quan gifla eae bie'n doc lap la tha'p, do
BANG 1: M a t r a n h g so tfldng
vay it cd k h a n a n g da edng tuygn trong cac phan tich hoi quy^. Ngoai ra, k i l m dinh VIF (Variance Inflation Factor) cung da dfldc s^
dung de k i l m t r a hign tfldng da cgng tuyen gifla eac big'n doc lap trong md hinb. K i t qua k i l m dinh da eho tha'y, cae cac hd sd'VIF deu nhd hdn 10''. Do vay, mdt lan nfla cd t h i khang dinh, k h a n a n g da cgng tuyen trong cac phan tieh hoi quy la ra't tha'p.
q u a n giufa c a c b i e n n g h i g n cvfu
ROA ROE CEO OWNERSHIP
CEO GENDER
CEO DUALITY LEVERAGE
FIRM SIZE SALES GROWTH
ROA 1 0,8563 -0,0968 -0,0539 -0,0686 -0,4141 -0,0861 0,1175
ROE
1 -0,079 -0,0432 -0,0685 -0,0226 0,0597 0,1704
CEO OWNERSHIP
1 -0,0262
0,2949 0,0537 0,0156 0,0495
CEO GENDER
1 -0,0102
0,0257 -0,001 0,0114
CEO DUAUTY
I -0,0284 -0,0742 0,0505
LEVER AGE
I 0,3449 0,0346
FIRM SIZE
1 0,0724
SALES GROWTH
I Ngudn: Ti'nh toan cua tac gia.
4.2. Kit qud nghien cdu thdc nghiem P h i n nay khao sat anh hflctng cua CEO den ty sua't sinh ldi cua cac cong ty niem yet trdn thi trfldng chflng khoan Vigt Nam trong giai doan 2010-2017. Bang 3 trinh bay ket qua hoi quy a n h hfl&ng cua mflc do sd hflu vd'n cua CEO (CEO OWNERSHIP), gidi tinh cua CEO (CEO G E N D E R ) , sfl kidm n h i e m
3. Nhu m6t quy tdc thUc nghifim, da c6ng tuyg'n khSng phai Ik vkn d^ nghifim trong n«u he s6 tuong quan giQa hai biSn d6c lap nh6 hon 0,8 (xem Gujarati, 2003)
4. That vay, ke't qua kilm dinh VIF cho th'fty, he s6 phong dai phxrong sai VIF cOa cSc bi^n d6c lap trong m6 hinh nghien cuu nhan pi tn ra't ihSp tflr 1,0 d£fn 1.15. ^\^^
nay cho thSy, kha nSng da cOng tuy^n gi&a cac bi6:n dac lap trong m6 hinh nghiSn cihi tk rtft nhd.
60 Nghiin aiu Kinh tSs612(499) - T f t A J ^ T a ^
Giam doc dieu hdnh ..
cua CEO (CEO DUALITY) d i n ty sua't sinh ldi tren tai san (ROA, edt 1) va ty sua't sinh ldi tren vd'n cbu sd hflu (ROE, cot 2) cua cdng ty. K i t qua flde Ifldng dfldc t r i n h bay trong bang 3 da dfldc k i l m soat a n h hflcing ed' dinh cdng ty (7,) va a n h hfldng co" dinh n a m (6t) nham loai bo tac ddng chi phoi cua dac diem cdng ty va nam len a n h hflctng cua CEO dg'n ty sua't sinh ldi cua cdng ty; ta't ca cac big'n dgc lap dflde dfla vao md hinh vdi gia tri t r i nham k h i c phuc a n h hfldng ngfldc chieu tfl bien dgc lap d i n bien phu thude (qua do, h a n ehe ylu to' ndi sinh trong mo hinh); dong thdi, sai so chuan eung da dflde dieu chinh d l giai quye't hign tfldng phfldng sai khong dong nhat va dflde fldc Ifldng theo cdng ty de giai quyet va'n de tfl tfldng quan. K i t qua thflc nghiem cho tha'y, cac bie'n thg hien dac diem cua CEO (CEO OWNERSHIP, CEO GENDER, CEO DUALITY) dfldc sfl dung trong md hinh nghien eflu deu cd y nghia thdng ke va ehieu tac ddng la tfldng tfl n h a u khi hoi quy dd'i vdi ROA va ROE. K i t qua nay u n g hg gia thuye't eua bai vie't va nha'n m a n h r a n g , dac diem cua CEO cd a n h hfldng dg'n ty s u a t sinh ldi cua cac doanh nghigp nidm yet t r e n thi trfldng chflng k h o a n Viet N a m trong giai doan nghign cflu 2010-2017. Theo dd, bien mflc do set hflu vd'n cua CEO (CEO OWNERSHIP) cd y nghia thong ke ra't cao, 1% mflc y nghia va d l u n h a n gia tri am khi flde Ifldng vdi ROA va ROE (eu the, fldc Ifldng he so cua bid'n sd hflu cua CEO la -0,23 (t- stat = -11,46), -0,393 (t-stat = -11,01) tfldng flng eho big'n ROA va ROE). D i l u nay eho tha'y ne'u CEO cang scf hflu nhieu co p h i n trong cdng ty thi cdng ty se cd xu hfldng hoat dgng khdng hidu qua. Tfldng tfl, bien kigm nhigm cua CEO (CEO DUALITY) d l u cd y nghia tho'ng kg tai 5% va 1% mfle y nghia va cung nhan gia tri am khi fldc Ifldng vdi ROA va ROE (cu t h i , flde Ifldng hg sd' cua big'n CEO DUALITY la -0,018 (t-stat = -2,05), 0,048 (t-stat = -2,83) tfldng flng cho bien ROA va ROE). Ke't qua nay cung cho tha'y rang, b cac cdng ty cd CEO kiem nhidm chu tich hdi dong quan tri thfldng cd xu hfldng a n h hflSng
tieu cfle dg'n ty sua't sinh ldi cua cac cdng ty nay. Ndi each khac, nhflng cdng ty CEO cd sci hflu cd p h i n ldn va kiem nhigm ehu,tich hoi dong quan tri thi sflc m a n h cua cae CEO nay se ra't ldn. Do vay, nhieu k h a nang cac CEO se thao tung quyen Ifle va dfla ra cac quyg't dinh "mang tinh ca nhan" lam ton hai dg'n ldi ieh cdng ty va cac c l ddng, d i n den ty su^t sinh ldi cac cdng ty nay ed xu hfldng giam
\ s u t .
Dieu dang chu y la big'n gidi ti'nh CEO (CEO GENDER) cd y nghia thd'ng ke ra't cao tai 1% mflc y nghia va deu n h a n gia tri dfldng khi fldc Ifldng vdi ROA va ROE (eu the, flde Ifldng hg sd'cua bien sd hflu cua CEO la 0,032 (t-stat = 5,32), 0,060 (t-stat = 5,02) tfldng flng ebo bie'n ROA va ROE). D i l u nay cho tha'y, gidi tinh eua CEO cd anh hflcing de'n ty sua't sinh ldi ciia cac cdng ty, theo dd, cac cdng ty vdi CEO la n a m thfldng se cd ty sua't sinh ldi cao hdn so vdi cac cdng ty cd CEO la nfl.
BANG 2: C E O v a t y s u a t s i n h Ifli Bifii
CEO OWNERSHIP CEO GENDER CEO DUALITY LEVERAGE FIRM SIZE SALES GROWTH Anh hir&ng c6 dinh Sd quan s^t
Adi. R=
ROA (I) -0,23***
tll,46) 0,032«*»
(5,32) -0,018"
(-2,05) -0,007 (-0,78) -0,014*"
(-5,29) 0,009'**
(5,61) F,Y 3,996 74,2%
ROE (2) -0,393***
(-11,01) 0,060««*
(5,02) -0,048**«
(-2,83) 0,063***
(3,90) -0,030***
(-5,65) 0,022***
(6,80) F,Y 3,996 69,3,%
Ghi chti. F anh hifcmg co dinh c6ng ty; Y: anh hudng c6' dinh nam; gid tri trong ngoac don () th^ hien gia tri th6ng ke t; *, **, *** thi hien miic y nghia tucmg ihig vdi
10%, 5%, vai %.
Ngudn: Tinh toin cua tac gia.
Ngoai trfl b i l n LEVERAGE khi fldc Ifldng doi vdi bie'n ROA, fldc Ifldng he so' tren cac bie'n k i l m soat d l u cd y nghia thd'ng kg ra't eao tai mfle 1%. Cac he sd' nay da cho tha'y, t a n g trflcing doanh t h u cd tac ddng ra't tich
Nghiin aiu Kinh \Ss612(499} • Thing 12/S)19 6 1
Gidm doc dieu hdnli ...
cfle den ty sua't sinh ldi cua doanh nghiep va doanh nghiep cd sfl dung ddn bay tai chinb ed xu hfldng gia tang ty sua't sinh ldi tren vd'n chu sd hflu cao hdn nhflng doanb nghidp it sfl dung ddn bay nd. Tuy nhign, flde Ifldng hg so cua bie'n quy md doanb nghiep (FIRM SIZE) la am -0,014 (t-stat = -5,29), va -0,030 (t-stat - -5,65) tfldng flng eho hien ROA va ROE.
Dilu nay cd ngbia quy md doanh nghiep ed tac ddng tieu cflc den ty sua't sinh ldi cua doanb nghigp. Ngoai ra, gia tri R^ cua cae md hinh hoi quy la kha cao (74,2% va 69,3%), cho tha'y cac bie'n dgc lap dflde lfla chgn trong md hinb nghien cflu da giai thich dang kg bien ddng eua big'n ty sua't sinh ldi edng ty ROA va ROE.
Tdm Iai, cac k i t qua hoi quy b bang 3 da cung ca'p b&ng chflng cho tha'y, mflc dd set hflu CO phan cua CEO va sfl kiem nhiem cua CEO cd anh hflcing tieu ctic dg'n ty sua't sinh ldi eua doanh nghiep. Tuy nhien, gidi tinh eua CEO lai cd tac dgng tich cflc den ea ROA va ROE.
5. K e t l u a n v a h a m y n g h i e n ciiu Nghien eflu da tig'n h a n h khao sat anh hfldng cua CEO den ty sua't sinh ldi cua cac cdng ty niem yet b Vidt Nam giai doan 2010- 2017. Kg't qua ngbien eflu da cung ca'p bang chflng thflc nghiem xac n h a n md'i tfldng quan nghich gifla ty sua't sinh ldi va sfl kiem nhigm cua CEO (CEO dong thdi la ehu tieh hdi d i n g quan tri); phat hign nay khdng dong nha't vdi nghign cflu trfldc dd cua Peng va edng sfl (2007), P h a n Bui Gia Thuy va cgng sfl (2017). Theo dd, cac cdng ty cd tach biet gifla vi tri CEO va chu tich hdi dong quan tri se lam gia tang higu qua giam sat dieu h a n h hoat ddng cong ty, do dd lam tang hieu qua boat dgng cdng ty. Trong khi dd, nhflng cdng ty ed CEO kiem nhidm chu tich hgi dong quan tri, n h i l u k h a n a n g eac CEO se thao tung quyin Iflc va dfla ra^ cac quye't dinh mang tinh "ca nhan" lam td'n hai de'n ldi ich cdng ty va cae cd ddng, d i n den ty suat sinh ldi cd xu hfldng giam sut. Nghign cflu ciing ehi ra moi tfldng quan ngfldc chieu gifla ty le
n a m gifl CO p h a n eua CEO vdi ROA va ROA (ke't qua nay eung khac biet vdi ngbien cflu cua P h a n Bui Gia Thuy va cgng sfl, ,^017)^
Dieu nay cd t h i la CEO vdi mflc dg nam giA ty lg sd hflu CO p h a n cang ldn se lam gia *^ang sflc manh cua CEO, d i n de'n viec cae CEO cd kha nang theo d u l i ldi ich eua minh m a co the lam suy giam ldi ich cdng ty. Dong thdi, kg't qua nghien cflu eung eho thay, anh hfldng eua gidi tinh CEO cd a n h hflSng tich cfle de'n ty sua't sinh ldi cua cac cdng ty mem yet trgn thi trUdng chflng khoan Viet Nam (kg't qua nay cung tfldng dong vdi cac ngbien cflu khac trgn the gidi nhfl Wu va cdng sfl, 2018).
Cae ke't qua nghien cflu da bd sung them ve mat ly thuyg't v l tac ddng cua CEO d i n ty sua't sinh ldi. V l thflc t i l n , do sfl kigm nhigm cua CEO cd a n h hfldng tidu cflc den ty sua't sinh ldi, do do eae cdng ty nigm yet can lflu y trong vigc cd ca'u bd may n h a n sfl quan tri, d i l u h a n h hoat ddng cdng ty theo hfldng giam sfl kiem nhigm eua cac CEO, nham tang cfldng k h a n a n g giam s a t cua ngi bd cdng ty. Ngoai ra, cac cdng ty n e n lfla chgn nhflng CEO ed sb hflu co p h i n tha'p, hoac can cd quy dinh ro r a n g ve vigc khd'ng c h i ty le CO p h a n sd hflu cua nhflng ngfldi quan ly trong edng ty./.
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Ng^y nhan bai: 6-8-2019 Ngay nhan ban sCra: 22-8-2019 Ngay duyfit dang: 6-9-2019
Nghiin aiu Kinh tis612(499) • Thing 12/2019 63
