Abstract
This study incorporates insights from agency theory and stewardship theory to examine the relationships among board characteristics, family ownership, and corporate performance. For this purpose, four board characteristics are chosen: (1) board size, (2) board independence, (3) board educational level, (4) CEO duality, and firm performance is measured by four proxies: (1) ROA, (2) ROE, (3) Tobin’s Q, (4) Altman Z-score. The moderating variable family ownership is measured as a binary variable. Using the generalized least squares (GLS) regression method on 1,120 samples of 225 companies listed on Ho Chi Minh Stock Exchange (HOSE) in Vietnam from 2015 to 2019, the findings of this study indicate several relationships among the study variables. Regarding direct relationships between board characteristics and firm performance, board size shows a significant and positive effect, but board independence and CEO duality indicates negative influences on performance; board educational level is found to have no significant impact on performance. With respect to moderating effect, family ownership negatively moderates the effects of board independence and board educational level on firm performance. The findings provide multiple implications related to governance practices, both at the firm level and policy level.
Keywords: Board characteristics, corporate governance, family ownership, firm performance.
JEL classification: M; M2, M12
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Ban biên tập Tạp chí Kinh tế & Quản trị Kinh doanh
Phòng 514, Nhà điều hành, trường Đại học Kinh tế & Quản trị Kinh doanh
Địa chỉ: Phường Tân Thịnh, thành phố Thái Nguyên
Email: tapchikt-qtkd@tueba.edu.vn; Điện thoại: 0208.3903373
