TAP CKi CONG THirONS
MO HINH NGHIEN CtfU THU NHAP CUA CEO BANG PANEL DATA
• PHAN THANH TUNG - NGO DUY DO
TOM TAT:
Nghien cii'u thu nhap ciia cac CEO (INCOM.ddn vi liieudong) lal cac doanh nghiep thifdng mai, nhom tac gia da thu thap so lieu tai 40 doanh nghiep vdi tan suat lii nam 2012 den nilm 2017 cho ra mSu gom 120 quan sat. tu" do thie't lap mo hinh difa ra mo'i quan he giOa ihu nh5p eua CEO theo cac bie'n gidi thich: Quy mo doanh nghiep (F_size 1. ly dong), Toe dii tang tru'dng cua doanh nghiep (Growth, %). Ban quan tri (B_size. ngu'di), Ke'i qua kinh doanh doanh nghi?p (PER, tydong). Tiep den. khi phan iheo loa ihinh cac doanh nghiep d khu vifc tu" nhan (TN), nha nirdc (NN) va dau lu'tru'e liep mfdc ngoai (FDI). lac gia siJdung de'n Panel Dala de nghien cu'u va difa ra mo hinh nghien ciIu ihu nhap cua cac CEO lai cdc loai hinh doanh nghiep nay.
Tiif khoa: Thu nhap eiia CEO. panel data, mo hinh hoi quy, FEM.
1. Cac nban td'iinh hifdng de'n thu nhap cua CEO
/./. Gid thuye't nghien cifu vd phdn tich tUUng quan giffa cdc bien
Qua qua trinh nghien ciTu tiie gia xav dung khung gia ihuve't vdi cae bien du'de su* dung nhu"
Bang 1.
Slf dung phan mem Evieu.s, ta ed ke't qua phan lich lu'dng quan giiTa eac bie'n trong md hinh nghien cu'u nhif Bang 2.
Bang 1. Ten bien vd ky hieu
i 1
i • -
, Bien phu thuoc
Bien nghien ciiru Quy mo doanh nghiep 1 Ban quan In
, Ket qua kmh doanh doanh nghiep 1 Ban giam ddc
Tang traong ' Thu nhap cua CEO
Ky hi^u F_SIZE1 B_SIZE PER E_SI2E
GR IN COM
Ddn v|
Ty dong ' Ngudi Ty ddng
Ngudi
% '•
Tyddng |
Nhan thay cac bien giai ihich khdng cd i quan he tu'dng quan va cpng tinh vdi nhau, nhien niifc dd anh hu'dng ciia cac bien giai it nay ldi bie'n phu thuoc COMP ciing khdng rd bdi he so' tu'dng quan cap giifa cac bie'n nay khong cao lif 12,7% de'n 66.4%, Dong Ihdi, bang k6't qua nay cho tha'y khdng xay ra i quan he cdng tuye'n giu'a cac bie'n giai ihich 1.2. Xdc dinh cdc nhdn td'dnh hudng tdi nhqp cda CEO
Xem xet tifng nhan td dpng ldi Ihu nhap eua C bang cac md hinh hoi quy chung ta cd cac bang ke'i nhu" Bang 3, 4. 5. 6, 7.
Kei lugn: Qua kel phan tfch hdi quy nhan 1 cac nhan to F_SI/
B_SIZE. PER va GROV d6u cd anh hu'dng COMI lya chpn Ciic nhan Id'na;
xiv difng mdhinh nghien thu nhap eiia C I O
KINH DOANH
INCOM B_SIZE ESIZE F_SIZE1
GR PER
Bang 2.
INCOM 1.000000 0.262300 0.127083 0.381100 0.323234 0.249403
M a trqn tifdng quan g i a a c d c bien trong B_SIZE
0 262300 1.000000 0.171280 0.029091 0.235398 0.191343
E_SIZE 0127083 0171280 1.000000 0.409004 0.276364 0.276432
F_SiZE1 0.381100 0.029091 0.409004 1.000000 0.366314 0.254557
mo tiinti GR 0.323234 0.235398 0.276364 0.366314 1.000000 0.664830
PER 0.249403 0 191343 0 276432 0 254557 0 664830 1.000000
Bang 3. Ket qud hoi quy INCOM vd B_size 'Mo hinh INCOM vo B_size.
Dependent Variable, INCOM Method, Least Squares I Included ohservations: 120
Vklable C BSIZE R-squared
Coefficient 76.05254 74.22056 0.069087
Std. Error 114.4152 19.36185
t-Statistic 0 664706 3.833341 Mean dependent var
Prob.
0.5070 0.0002 502 8207
Vdi P_value =0.0002 thi B_size co anh hifdng ldi COMP nen ei) the li/a chon B_size lam nhan lo' anh hifdng den COMP,
Bdng 4. Ket qud h o i quy INCOM vo F_sizel
'Mo hinh INCOM v a F_sizel i Dependent Vanable: INCOM
Method-Least Squares Included observations' 120
Variable C
Coefficient 458 4778
Std. Error 28.36510
t-Statistio 16.16345
Prob.
0.0000 0.052076 I 0.012632 ' 4122627 , 0.0001 R-squared i 0.09053 Mean dependeni var , 502.8207
Wti P_value =0.0001 thi F_size co anh hifdns ldi COMP.
lu.v nhien R:=7.95f nen F_sizcl iinh hir3ng ldi CO.MP la chKa tJirns ke.
2. Xii\ diing Mo hinh KTL sS dung Panel Data nghien cii'u thu nhSpciia cac CEO
2.1. .Md htttit Itiyeii tilth Ta chon mo hinh nghien ctJu c6 dang sau:
INC0M_TN=C(I1) + C(I2)-B_SIZE_TN + C(13)*F_SIZE1_TN + C(I4)*PER_TN + C(15)*GR_TN INC0M_NN = C(2I)
+ C|22)'B_S]ZE_NN + C|23)''F_S1ZE1_NN + CI241 PER_NN + C(25l'OR_NN INCOM _FDI = COI)
+ C|32)«B_S1ZE_FDI + C(33)>'F_SIZEI_FDI + Cl.i41-PER_FDI + C(j.5)*GR^FDI Bang phuong phap hoi quy POOL LS vdi tac dong co' dinh (Fixed Ef- fecLs Modern) hay mo hinh FEM ta CO bang ke't qua hoi quy nhtf Bang 8.
Ta cd mo hinh hdi quy mau cd dang;
INCOM _TN = 285.7243356 + 23.82040819»B_SIZE_TN + O.I721095944*F_SIZEl_'rN + 1.992293716*PER_TN - 0.6142077479»GR_TN INC0-\1_NN = -519.7952318 -1- 136.1248478»B_SIZE_NN + 0.0447990433*F_SIZE1_\N -I- 9.028890833»PER_NN - 0.2183908775*GR_NN
So 9-Thang 5/2020 269
IAP CHI CONG THKllNB
Bang 5. Kef qud fioi quy INCOf^ vd GR
•f^d tiinti INCOlvl v d GR Dependent Variable: INCOM Method' Least Squares Included obsen/ations: 120
Variable Coetfident Std. Enxir C , 258.0635 57.12379
i
t-5tatistic Prob.
4.517619 0.0000 GR
R-squared
2.622979 0.545736 4.806317 0 0000 0.104480 I Mean dependent var 502.8207
0.4.S'^( thi tac ddng cija Vdi P_value = 0.0000 vi R
GROWTH ldi COMP la dang kc.
Bdng 6. Ket qud hdi quy INCOM vd PER ] "Md tiinti INCOIVl vd PER
Dependent Vanable: INCOM Method: Least Squares Included obsen/ations. 120
Variable | Coeffident , Std. Error t-Statistic Prob.
C PER R-squared
397.6131 1 39.29771 10.11797 7783642 2147844
Mean dependent var 0.0000 3 623933 0 0004 502 8207 Vdi P_value = 0.0004 Per cd anh hifdng de'n COMP, luy nliien he sd' phu hdp cua md hinli khdng cao dat khoang 6.22%.
Bdng 7. Ket qud hoi quy INCOfvl vd E_SIZE
•fvld hinh COMP vd E_size Dependent Variable' INCOM
Method Least Squares I Included observations 200 1
Variable Coeificient i Std. Enor t-Statistic Prob.
C i 355.4557 75 67646 4.961327 0.0000 E_SIZE , 209821 16.97223 1.802840 0.0729 R-squared 0 06150 Mean dependent v 502 8207
Vdt PCE_\ alue = 0 0729 lhi E_si/.e khdng cd anh hifdng de'n CO.MP vdi mu'c >' nghia ?',
1NC0M_FD1 = 84..34()0566 -1^ 24.93411905*B_SIZE_FD1
•I- 0.09368186972*F_SIZE1_FI + 0.6S53620081*PER_FD1
•I- 3.395874988*GR_FDI Nhan xet I:
-f R-= 0.496: ciic bie'n giai lhi dUdc lifa chpn mdi chi giai thich du^
29.60* cho bie'n phu Ihuoc NCOM -(- Tuy nhien. cac P_value troi tifng md hinh tai cic loai hinh doai nghiep hau he'l deu ldn hdn ^'r. I dd. cac bie'n giai Ihich chifa ihi/c cd y nghia thd'ng kc.
-i- Qua MH chting ta nh^n th, rang. Ihu nhap ciia CEO trong doai nghiep nha nUdc cd phu thude viio ngUdi Irong ban quan trj (B_size) Quy md doanh nghiep (F_si/el).
+ Qua md hinh tren ta thii'y riir cdc bie'n giiii Ihich chUa Ihifc .sU gi thich cho bie'n phu thuoc, do dd ni thay ddi lai md hinh nghien cdu.
2.2. Mt> htiih LOG-LOG triii Panel Dala
Dinh dang lai md hinh dudi da LOG-LOG nhu sau:
L0G(1NC0M_TN) = C(1I) -1-C(I2)*L0G(B_S1ZE_TN) + C( 13)'L0G(F_SIZEI_TN) + C(I4)*L0G(PER_TN) + C(15)*LO0(GR_TN) L0G(1NC0M^NN) = C(2I)
-1- C(22)*L0G(B_S1ZE_NN)
•(•C(23)*L0G(F_S1ZEI_NN -1- C(24)*LOG(PER_NN) -fC(25)'LOG(GR_NN) L0G(1NC0M_FD1) = C(3I)
-1- C(32)*L0G(B J l Z E . F D l )
•f Cl33)-'L0G(F_S1ZEI_FDI + C(34)>'L0GrPER_FDl) + C(35rLOG(GR_FDl) Bang ket qua hdi quy mo hi FEM: (Bang 9)
Hiim hdi quy mau cd dang:
L0G(l.\"COM_TNi = 4^259 + 0.256*LOC(BJIZE_TN)
•I- 0.036»LOG(F_.SIZEI^TN)
KINK DOANH
Bdng 8. Ket qud hoi quy mo hinh tuyen hnh bdng POOL LS Dependent Variable: INCOM
Method: Pooled Least Squares Included observations' 40 Number of cross-sections used: 3 Total panel (balanced) observations. 120
Variable _TN-B_SIZE_TN _NN-B_SIZE_NN _FDI-B_SIZE_FDI _TN-F_SIZE1_TN _NN-F_SIZE1_NN _FDI-F_SIZE1_FDI _TN-PER_TN _NN~PER_NN _FDI-PER_FDI .TN-GR_TN _NN-GR_NN _FDI-GR_FDI Fixed Effects _TN-C _NN-C _FDI-C R-squared F-statistic
Coefficient 23.82041 136.1248 24.93412 0.172110 0.044799 0.093682 1.992294 9.028891 0.685362 -0.614208 -0.218391 3 395875
285.7243 -519.7952 84.34606 0.496063 8.882231
Std. Error 26.41850 33.08173 44.22903 0.115616 0.014214 0.090434 5.518247 5.209963 3 438419 1 281357 1.264983 1.289868
t-StaBstic 0 901655 4114805 0 563750 1 488637 3151693 1.035916 0.361037 1 733005 0199325 -0.479342 -0.172643 2.632731
Prob.
0.3684 0.0001 0.5736 0.1383 0 0019 0 3016 0 7185 0.0848 0.8422 0.6323 0.8631 0.0092
1
Mean depen Prob(F-statis
ent var ic)
503.3863 0.000000
+ 0.021*LOG(PER_TN) -O.I56*LOG(GR_TN) LOG(INCOM_NN) = 3.2l
+ l.38l*LOG(B_SIZE_NN) + 0.2915*L0G{F_SIZE I _NN) + 0.2S98*LOG(PER„NN) -0.4I*LOG(GR^NN) LOG(INCOM_FDI) = 3.46S
+ 0.693*LOG(B_SIZE_FDI) + 0.175*LOG(F_SI2E1_FDI) + 0.227*LOG(PER_FD1) - 0.056*LOG(GR_FDI)
NhJn \cl 2:
+) Khi Jinh dang lai mo hinh ihi cac bie'n gidi thich de'n 43 1^'c cho bien phu thugc.
dong ihtli linh phii hdp cua nio hinh da tang len rd rei \a Prob (F-slatislic) = 0.00000.
+) Vdi mo hinh doanh nghiep irong nha nu'dc (NN). thu nhap cua CEO chiu SI/ lac dgng Idn cua cac nhan to da xac dinh.
+) Y nghTa kinh le:
Neu quy mo doanh nghiep iang them K/r. ihu nhap trung binh cua CEO trong cac loai hinh doanh nghiep lu" nhan, nhii nu'dc
\a dau lu" irdc liep nu'dc ngoai lang lan lu'di 3.63%.
29.1% va 17.5%.
Ne'u doanh nghiep tang tn/dng 1%-. thu nhap irung binh cua CEO giam irung binh 15.6%. 48.1% va 5 56% lu'dng u'ng d cdc loai hinh doanh nghiep Wnhan, nha nddc va dau lu' tri/c liep nu'dc ngoai.
3. Ke't luan chung Bang Panel Data khi ,xay dtfng 2 mo hinh ihl mo hinh LOG-LOG cho chiing la kel qud lot hdn mo hinh luye'n linh, do dd, Idc gia de xuat mo hinh nghien cu'u ihu nhap cua CEO difdi dang nhu" sau:
LOG(COMP_TN) = 4.259 + 0.256*LOG(B_SIZE_TN) + 0.036*LOG(F__SIZE1_TN) + 0.021*LOG(PER_TN) + 0.156*LOG(GR_TN) (1) LOG(COMP_NN)=3.21
+ 1.381*LOG(B_SIZE_NN) + 0.2915*LOG(F_SIZE1_NN) + 0.2898*LOG(PER_NN)
-0.481*LOG(GR_NN) (2)
So 9-Thang 5/2020 271
TAP Cll CONG TmnfHe
Bang 6. Kef q u a fioi q u y INCOIVI v d GR
•fvlo tlinh INCOlifl v d GR Dependeni Vanable. INCOM Method: Least Squares Included observations; 120
Variable Coefficient Std. Error i t-Statistic C 258 0635 57.12379 GR
258 0635 2 622979 R-squared , 0.104480
0.545736 Mean dependent var
4.517619 0.0000 4 806317 0.0000
Vdi P v a l u e = 0.0000 vi R ~ 10.45":!- thi tac dpng cua GROWTH tdi COMP la dang ke.
Bdng 6. Ket q u d hoi q u y INCOfvl v a PER I ' M o hinh INCOIVI v d PER
Dependent Variable: INCOM Method. Least Squares Included observations' 120
Variable Coefficient ^ S t d . Enor C ~' 397.6131 39 29771
t 7.783642 PER
R-squared ' 0.062202
2 147844 I 3.623933 0 0004 Mean dependent var 502 8207 Vdi P_\alue = 0.0004 Per cd anil hudng den COMP, tuy nhien hi; so phii hdp ciia mo liinh khong cao dat khoang 6.22%.
B{3ng 7. Ket q u d hdi q u y INCOfvf v d E_SIZE
*f^6 hinh COfvlP v d E_size Dependent Vanable' INCOM Method: Least Squares Included observations: 200
Variable Coefficient Std. Enor C 356.4557 75.67646 E_SIZe 20.9821 16 97223 R-squared 0.06150
t-Statistic Prob.
4 961327 0 0000 1 802840 0.0729 Mean dependent var 502.8207
\ d i PCE_\ alue = 0.0729 Ihi E_M/C khong cd anh hudng den COMP vdi mtic \ nghTa 5''f
INCOM.FDl = 84.3460566 + 24.93411905*B_SIZE_FDI + 0.09368186972*F_SIZE1_F
•I- 0.6853620081«PER_FD1 + 3.395874988*r,R_FDI Nhiin \et 1:
+ R-= 0.496: cac bie'n giai thi dUdc lira chon mdi chi giiii thich du 29.60"^^- cho bien phu Ihugc NOON -1- Tuy nhien. cac P_value tro tCfng md hinh tai ciic loai hinh doa nghiep hiiu het deu ldn hdn 5*7r. 1 dd. Clic bicn giai thich chua thtic cd y nghia thong ke.
+ Qua MH chung ta nhan th ring. Ihu nhiip ciia CEO Irong doa nghiep nhil nddc cd phu thugc viio ngudi Irong ban quan tri (B_size) Quy nio doanh nghiep (F_si/cl).
-t- Qua 1110 hinh tren ta Iha'y rSi cac bie'n giai thich chua Ihuc stt g thich cho bie'n phu thuoc, do dd n thay dot Iai md hinh nghiiin ci'fu.
2.2. Ma hinh LOG-LOG tro Paitel Dala
Dinh dang lai md hinh dudi da LOG-LOG nhu sau:
L0G(1NC0M^TN) = C(II) -1-C(I2)''L0G(B_S1ZE^TN) -1-C(I3)''L0G(F_SIZEI_TN + C(I4)-L0G(PER_TN) -|-C(I5)»L0G(GR_TN) L0G(INC0M_NN) = C(2I)
•I-C(22)»L00(B_S1ZE^NN) -1- C(23)''L0G(F_S1ZE1_NN -I- C(24)*LOG(PER_NN)
•I-C(25)*LOO(GR_NN) LOG(1NCOM_FD1) = C(3I)
+ C(32)'L0G(B_S1ZE_FD1 -1-C(33rLOG(F_SlZEI_FD + CI34I L0G(PER_FD1) -i-C(35)'LOG(GR_FDl) Bang ket qua hdi quy nio h FEM. (Bang 9|
Ham hoi quy mau cd dang:
L0G(1.N'C0\1_TN) = 4^259 + 0.256»LOGili__slZF.jr.\) + 0.0.36»LOGl 1-_SIZE I _TN
KINH DOANH
Bang 8. Ket qua hoi quy mo hinh hjyen tinh b a n g POOL LS Dependeni Vanable: INCOM
Method, Pooled Least Squares Induded observations: 40 Numberof cross-sections used: 3 Total panel (balanced)
Variable _TN-B_SIZE_TN _NN-B_SIZE_NN _FDI-B_SIZE_FDI _TN-F_SIZE1_TN _NN~F_SIZE1_NN _FDI-F_SIZE1_FDI _TN-PER_TN _NN-PER_NN FDI-PER FDI JN-GR_TN _NN-GR_NN _FDI-GR_FDI Fixed Effects J N - C
^NN-C _FDI-C R-squared F-statistic
Dbservations. 120 Coefffclent
23.82041 136.1248 24.93412 0 172110 0.044799 0.093682 1.992294 9 028891 0 685362 -0.614208 -0.218391 3.395875
285 7243 -519.7952 84.34605 0 496063 8.882231
Std. Error 26 41850 33 08173 44.22903 0.115616 0.014214 0.090434 5 518247 5 209963 3.438419 1.281357 1.264983 1.289868
t-Statistic 0 901656 4.114805 0 563750 1.488637 3.151693 1.035916 0.361037 1.733005 0.199325 -0.479342 -0.172643 2.632731
Prob.
0.3684 0.0001 0 5736 0.1383 0.0019 0.3016 0.7185 0.0848 0.8422 0.6323 0.8631 0.0092
'
Mean dependent var Prob(F-statistic)
503.3863 0.000000
+ 0.021-^LOG(PER_TN) -0.156*LOG(GR_TN) L0G(INC0M_NN) = 3 : i
+ !.3S1^L0G(B^S1ZE_NN) + 0.2915*LOGlF_SIZEl_NN) + 0 2898*LOG(PER_NN) -0.4I=^LOG(GR_NN) L O G ( l N C O M _ F D n = 3.468
+ ().693*L0G(B_S1ZE_FDI) + 0.175'^LOG(F_SI2E1_FDI) + 0.227*LOG(PER_FDI) -0.056*LOG(GR_FDI)
Nhiin \ci 2-
+ ) Khi dinli dang I41 mo liinh thi cac bie'n giai Ihich den 43.Vf cho bien phu thuoc,
dong ih(ii tinh phu htfp cua 1116 hinh da lang len ro ret \a Prob (F-siaiistic) = 0.00000.
+) Vdi mo hinh doanh nghiep irong nha nu'dc (NM. thu nhap cua CEO chiu SLf tac dpng Idn cua cac nhan to da xac dmh.
+ ) Y ngiiTa kinh te:
Neu quy mo doanh nghiep tang them \%. thu nhap trung binh cua CEO trong cac loai hinh doanh nghiep tif nhan. nha mfdc
\a dau tif iri/c lie'p nifdc ngoai tang lan lifdl 3.63%, 29.1% va 17.5%.
Ne'u doanh nghiep tang iru'dng 1%, Ihu nhap (rung binh cua CEO giam (rung binh 15 6%, 48.1% va 5 56""^ tu'dng u'ng d cac loai hinh doanh nghiep lu'nhan, nha nu'dc va dau tu" tri/c tie'p nu'dc ngoai.
3. Ke't luan chung Bang Panel Data khi
\ a \ difng 2 md hinh thi mo hinh LOG-LOG cho chiing ta ke't qua tot hdn mo hinh tuyen tinh. do do. tic gia de xua't md hinh nghien cifu thu nhap cua CEO difdi dang nhif sau:
LOG(COMP_TM = 4.259 -i- 0.256^LOG(B_S1ZE_TN) -(-0.036*LOG(F_SIZE1_TN) -1- 0.021-^LOG(PER_TN) -h0.1S6--^LOG(GR_TN) (1) LOG(COMP_\M = 3.21
+ L381*LOG(B_SIZE_NN) + 0.2915*LOG(F_SIZE1_NM -(-0.2898*LOG(PER_NN) -0.4SPLOG(GR_NM (2)
TAPCmCONeTKIfdNG
Bong 9. Ket qua hoi quy m o hinh LOG-LOG b a n g POOL LS Dependent Vanable LOG(INCOM)
Method: GLS (Cross Section Weights) Number of cross-sections used" 3 Total panel (unbalanced) obsen/ations: 12 One-step weighting matrix
Variable _TN-LOG(B_SIZE_TN) _NN-LOG(B_SIZE_NN) _FDI-LOG(B_SIZE_FDI) _TN-L0G(F_SIZE1_TN) _NN~L0G(F_SIZE1_NN) _FDI~LOG(F_SIZELFDI) _TN-I.OG(PER_TN) _NN-LOG(PER_NN) _FDI-LOG(PER_FDI) _TN~LOG(GR_TN) _NN-LOG(GR_NN) _FDI~LOG(GR_FDI) Fixed Effects _ T N - C _ N N - C _FDI—C
Coefficient 0 256002 1 381180 0.692787 0.036345 0.291480 0.174971 0.020999 0 289845 0 227096
•0.156226 0.481245 0.055514
4.258947 3.209040 3468044 Weighted Statistics
R-squared F-statisiic Unweighted Statistics R-squared
0.538952 11 78180
J~ 0.415498
Std. Error 0.373646 0.383400 0.529019 0.130339 0 067420 0.107733 0.125081 0 088583 0.117023 0 229538 0.264097 0195348
- -
t-StaUstlc 0.685146 3.602450 1.309569 0 278848 4.323326 1.624125 0167886 3.272007 1 940605 0.680612
•1.822228 -0.284178
^ " " T
Mean dependen Prob(F-statistJc)
Mean dependen tvar
tvar
Prob. 0.4942 0 0004 0.1921 0.7807 0.0000 0.1062 0.8669 0.0013 0.0540 0.4971 0.0702 0.7766
6.013280 0.000000
5.983000
L0G(C0MP_1D1I = 3.468
•I- 0.693*I.OC,I B_SIZE_FDI) -1- 0.175*LOG(F_S1ZEI_FDI) -1- 0.227>'LOG(PER_FDI)
- 0.056"LOG(GR_FDI) (31 Dong thcfi qua cac mo hinh nay. mo hinh kinh te nghien ciJu thu nhap cua CEO tai cac loai hinh doanh nghiep duoc viet lai dudi dang:
1\C0\1_TN =e--".(B_SIZE_TN)»-"•
.(F_SIZEl_TN)"""' lPER_TNi""-^
(GR_TN)-"'»
INCOIVI^NN = c"-'.iB_SIZE_NN)""
(F_SIZEI_.\Nr-' • lPhR^.\.\|":""
.(GR_NN)"'»'
1NC0M_FD1 = e-"-'" (B^SIZI;_I rJIi"""
.(F_SIZEI_EDI|' • I P h R F D l ) " "
. ( G R _ F D I | " ' "
Trong 4 >eu to nni sinh tren. vdi mo hmh (2
KINK DOANH
3 \cu 10 tac dong ro net den thu nhap ciia CEO dd Iifdng thona tin ma cac \eu to nav siai thich \a tac iaLOG(B_SIZE).LOG(F_SIZEI)vaLOG(PER). dong den^hu nhap ciia CEO'mdi chi xa'p \i dieu niy hoan loan phii hdp vdi ly thuyet kinh te. 53.S9%. Dieu dd chu'ng td con cd nhifng ye'u to Tu\ nhien. cac ye'u to nay tac dpng khong du manh ngoai sinh \a npi sinh khac con tac dpng den thu de ddp lfng difdc mo hinh hoan hao the hien 6 chS nhap ciia CEO •
TAI LI^LI THAM KHAO:
I NiiuxcnThiMinhNhan, MaiHai An(20l2) Su'dung mo hinh BOX-JENKINS trong dir bao bdn hang lai cdc doanh nghiep ihUcfng mai nhi nifdc. Tgp chi Khoa Iwc Thuang mgi. ^o 3.
2. ViJ Xuan Thuy (2016). (fng dung ly iliyet EVA trong viec thiet ke ehinh .sdch chi trd cho cde nhd c/iidn ly ciia edc cong ty cd phdn d Viet Nam. Dgi hgc Thuong mgi. B& tai nghien ciJu khoa hoc ca'p ccf sd.
3. Ale-i Eilmans. Xavier Gabaix. Toma.sz Sadzik. Yuiiy Sanniko\ (2012). Dynamic CEO Compcnsaiiun. The Journal of The American Finance A.s.sociaticm. 67(5), pp.l603-l647.
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Njiay nh§n bai: 9/4/2020
N(;a\ phan bi§n danh gia va sii'a chi?a: 19/4/2020 Nfja) chS'p nhSn dang bai: 29/4/2020 Thdng dn idc gid:
TS. PHAN THANH TUNG ThS. NGO DUY DO Trifdng Dai hoc Thifcfng mai
EXAMINING THE COMPENSATION OF CEOs BY USING THE PANEL DATA
• PhD. PHAN THANH TUNG
• Master. NGO DUY DO Thuongmoi University ABSTRACT:
This study is to analyse the compensation of chief executive oiTicers (CEOs) (INCOM, VND million) at commercial enterprises. By frequently collecting data about the compensation of CEOs of 40 enterprises in the period from 2012 to 2017. this study builds a sample of 120 observations to establish a model that examining the relationship among the compensation of CEOs and following explanatory variables, namely Firm size (F_sizel, VND billion). Enterprises growth rate (Growth. 7c), Management board (B_size. people). Business performance (PER, VND billion).
This study also employed the Panel Data to examine the compensation of CEOs of foreign- invested firms.
Keywords: CEO compensation, panel data, regression analysis model. FEM.
