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1 INTRODUCTION with the sample of all enterprises in Vietnam to his thesis The study and analysis of the Reason for choosing the topic Although the role of women in economic development is increasingly confirmed, the influence of women in the role of managers on business performance of enterprises in a developing country like Vietnam has great significance not only for the growth of economic number of women participating in the economic field is increasing, especially the number of but it also contributes to improving many social aspects women holding positions as managers and executivese enterprises are also on the rise, but Research objective that is still lower than the male participation in the sector, even though women make up This study has the following main objectives: (i) Analyze the current situation of more than 50% of the world's population (Klapper & Parker, 2010) Even when there is an gender of directors and business results, gender of directors and risks of enterprises in opportunity to hold a senior management position of the enterprise, the size of enterprises Vietnam (ii) Assess the influence of director's gender on business results of enterprises managed by women is often smaller than that of enterprises managed by men, which can through observable variables (gender business results) (iii) Assess the influence of lead to business results of these enterprises will be different (Klapper & Parker, 2010) director gender on business results of enterprises through unobserved variables such as risk- So is there a real difference in business results of enterprises between firms with taking behavior of enterprises (gender risk business results) (iv) Point out the factors male directors and firms with female directors? According to the upper echelon theory, firm that cause the difference in business results of enterprises with male directors and those with performance depends on managerial background characteristics, such as age, gender, female directors (v) Contributing on the theoretical basis to help business administrators, education, and experience (Hambrick & Mason, 1984; Hambrick, 2007) Gender is a key investors, and policy makers change the perception of women's contribution in business characteristic, and there are several reasons why the gender of directors is correlated with activities, from that is, to develop a reasonable investment strategy, as well as to have an firm performance First, male and female CEOs differ in observed characteristics, such as appropriate resource use policy for the highest efficiency age and education, which in turn affect firm performance Secondly, not only observed but Research object and scope: also unobserved traits differ between male and female CEOs For example, women are said 3.1 Research object: The results of production and business activities of enterprises in to be more risk-averse than men, and they are more careful in financial decisions (e.g., Vietnam in relation to the gender of the director Research object: Vietnamese enterprises, Vandergrift & Yavas, 2009; Jianakoplos & Bernasek, 2007; Wei, 2007; Faccio, 2015) This in all sectors with all industries difference can influence their decisions and therefore affect the results of the business, 3.2 Research scope: making a difference in the results of the business Thirdly, the gender effect on firm performance may be manifested through so-called institutional channels, such as gender differences in in cultural matters, and discrimination (Aidis et al., 2007; Terjesen et al., - Regarding research content: Business performance of enterprises is considered under two aspects: financial aspect and socio-economic aspect - Research space: The thesis researches on a national scale, including all types of enterprises in all industries in the territory of Vietnam 2009) Currently, in the world, there are quite a few studies revolving around this issue and - About research time: The thesis mainly focuses on analyzing and evaluating the the research results are quite diverse In Vietnam, this issue is also quite concerned current situation according to the data of 2011 and 2013 Based on the data collected However, previous studies have mainly focused on the influence of gender diversity in the annually by the General Statistics Office of Vietnam, up to the time of year Research, only Board of Directors, and have not studied deeply the relationship between the gender of the years 2011, 2013 and 2017 have complete information about personal characteristics of director and the business performance of the enterprise Moreover, previous studies only corporate directors, especially gender However, because the time gap is quite long and not used a very small sample, only covering companies listed on the stock exchange, which continuous, the researcher can only take the data of years 2011 and 2013 to form the array limits the comprehensiveness of the research results Therefore, the PhD student chooses the data for my research topic "The influence of director gender on business performance of Vietnamese enterprises" Research Methodology Stemming from the research objectives and research subjects mentioned in the above Currently, in the world, there have been many analytical studies on the relationship sections, the thesis uses a number of research methods: analytical and synthesis methods, between the gender of the manager and the business performance of the enterprise, the statistical analysis methods, comparative methods comparison, econometric analysis gender diversity in the Board of Directors or the Board of Directors How does it affect the methods (including least squares method - OLS, fixed effects regression method - FE, company's performance? Each type of model has its own advantages and disadvantages and Oaxaca - Blinder decomposition method) is specified in the specific research conditions of each region and each country The authors New contributions of the Thesis have pointed out the gender difference of managers in setting up, operating and managing Firstly, as the first study in Vietnam to evaluate the influence of director gender on enterprises; The number of male-owned enterprises is much higher than that of female- business results of enterprises, previous studies only evaluated the influence of gender owned enterprises in many regions of the world Male-owned and female-owned businesses diversity in the Board of Directors on business results of the enterprise Secondly, the thesis on the other hand are often concentrated in different sectors, female directors are often more uses full data from the Census of all Vietnamese enterprises conducted by the General involved in labor-intensive industries such as commerce and services, and rarely participate Statistics Office The data of the previous studies were limited to companies listed on the in manufacturing industries that require large capital investments And in most of the stock market, so the comprehensiveness and generalizability cannot be guaranteed With studies, the authors often compare the difference in business performance between firms this dataset, the topic is studied more deeply and comprehensively, the results are more with male directors and firms with female directors Usually measured by indicators such as general Thirdly, in order to reflect the business performance of the enterprise, the thesis not profit, revenue, ROA, ROE Some studies have pointed to some potential differences in only uses the indicators reflecting the financial results but also uses an additional system of entrepreneurial behavior, and have also tried to find the reasons for that difference, the indicators reflecting the financial results Socio-economic factors such as the number of barriers that female entrepreneurs often face employees, the proportion of female employees in the total number of employees, the 1.2 Overview of research on director gender and risk aversion percentage of employees with social insurance, the enterprises that pay tax, the amount of In studies around the world, to explain the difference in business performance of tax that enterprises pay and the tax-to-business ratio Fourth, the thesis has used the Oaxaca- enterprises when there is a difference in gender of managers, especially the issue of Blinder decomposition technique to analyze the factors that make the difference in the choosing a business, also As the problem of access to capital, which leads to the difference operating results of enterprises Fifth, is the first study that takes into account the director's in business results of enterprises, the research has given many different reasons There are attitude towards risk when assessing the influence of director gender on business results of supply-side causes (institutional factors, discrimination, etc.), and there are demand-side the enterprise causes (women themselves) Thesis structure One of the reasons that comes from the women themselves is considered by many In addition to the introduction, conclusion, list of acronyms, list of tables, figures and researchers to be their fearful attitude towards risks Almost all previous studies have shown references, the thesis is structured in chapters as follows: Chapter 1: Research overview; that women are more risk averse than men, and therefore have different attitudes towards Chapter 2: Theoretical basis of gender and the influence of director's gender on business situations faced by businesses (such as Women apply for loans less because they don't like results of enterprises; Chapter 3: Research methods; Chapter 4: Research results; Chapter 5: risks, etc.), and thus the business results of enterprises will be different in enterprises with Conclusion and policy recommendations male directors and enterprises with female directors CHAPTER 1: RESEARCH OVERVIEW CHAPTER 2: THEORETICAL BASIS ON GENDER AND THE EFFECT OF THE 1.1 Overview of research on the influence of director gender on business performance DIRECTOR'S GENDER ON BUSINESS RESULTS OF THE BUSINESS of enterprises 2.1 Gender theory 2.1.1 Gender, gender and gender roles 2.1.2 Gender differences in leadership styles family support is a special factor important, whether it's financial backing or in the form of Men and women differ psychologically in the way they act, from their business networking or hard work at no cost (iv) Gender and age: Women face other communication style to the way they try to influence others While women use obstacles in family and society because compared to men, they have to take on different communication as a tool to strengthen social connections and forge relationships, men use roles They have to run the business as well as carry out the household chores Most women language to dominate and achieve tangible results (Wood, 1996; Mason, 1994 , Eagle, may be afraid to open up their relationships due to lack of confidence and fear that ignorant 1987) These gender differences in communication styles and influence tactics contribute to people may have misconceptions about them gender differences in leadership styles Men's communication style is very targeted, they use Group of personal factors of female directors (characteristics of female directors conversation to achieve tangible results, to maintain independence, to dominate, and to themselves): (i) Personal characteristics According to Hoang Van Hoa (2012), female maintain their status in the social order (Tannen) , 1990) Therefore, men use a task-oriented directors have the following characteristics: unwillingness to take risks, flexibility and leadership approach (Eagly, Karau, Miner, & Johnson, 1994) Women, on the other hand, adaptability to environmental changes, compliance with the law (ii) Working time: view the goal of a conversation as maintaining interaction with the other person and seeking Vietnamese businesswomen manage their time better than their male counterparts (William control and understanding, and so their leadership style is often relationship-oriented Scheela and Tran Thi Van Hoa, 2005) Women's working days are longer and they have to (Tannen, 1990) spend more time on household chores The division of family obligations between men and 2.1.3 Factors affecting women becoming business managers women in Vietnam is uneven, Vietnamese women have to shoulder most of the family The objective of this section is to explore the factors that hinder and facilitate the obligations, and this negatively affects the amount of time they can spend for business or success of women becoming directors in enterprises There are three groups of factors that other activities (iii) Work-life balance: Compared with men, female directors have to spend can affect the formation and management of businesses of female directors (United Nations more time on housework, which reduces the time to engage in other activities that can help Industrial Development Organization - UNIDO, Vietnam Chamber of Commerce & them open their doors business expansion such as training, networking or business Industry - VCCI and MDG Foundation Achievement Fund – MDGF, 2012), specifically: development In addition, the traditional concept of women's roles and functions in the Group of legal factors: (Law, Circular, Decree, ) Vietnam is making great progress in eliminating gender inequality within the legal framework Vietnam's business regulatory family still exists, making this issue a pressure on women 2.2 Business results of the enterprise environment is relatively gender-neutral, most of the issues faced by women are related to The business performance of the enterprise is expressed by a system of indicators legal regulations or their implementation rather than gender bias gender in the legal system A business performance measurement system is an aggregate of metrics (which can be Traditional group of factors: This group of factors often has a negative influence on financial and/or non-financial, long-term and/or short-term, internal and/or external), women becoming business managers (i) Although the constitution and legal documents collected, processing and quantitative analysis (Bisbea, Malagueno, 2012; Gimbert et al., have recognized the equal rights of women in all fields, women still face many difficulties 2010) Most of the previous studies often used a system of financial indicators (revenue, and challenges when starting and developing businesses due to gender stereotypes; (ii) profit, rate of return on invested capital, rate of return on sales, rate of return on total Women often own businesses with less capital than men (97% of women own small and assets, rate of return, return on equity, profit margin, revenue growth rate and Tobin'Q medium sized enterprises) Most female entrepreneurs use their own capital to start a index), a system of market indicators such as: market share, quality of goods and business Maybe because women's risk management is different, they don't like to have services, customer satisfaction customers, frequency of new product introductions, and debt, which makes it more difficult for women to access resources, as well as limit their workforce retention In addition to financial and market measures, a few studies also development potential of the enterprise (iii) Family support: Confucian culture is deeply measure business performance from a socio-economic perspective According to Nguyen rooted in the subconscious of Vietnamese women, therefore, to enter the business field, Thanh Do et al (2012), business results of enterprises can be considered in many CHAPTER 3: RESEARCH METHODS aspects: social, economic, socio-economic and business In which, socio-economic results are defined by the author as "Reflecting the level of taking advantage of social 3.1 Data sources production resources to achieve certain socio-economic goals" such as: increase state The main data set used in this study is derived from the Vietnam Enterprise Censuses (VEC) in budget, create more jobs for employees, improve workers' living standards 2011 to 2013 The number of observations in the Vietnam Enterprise Census in 2011 and 2.3 Some theories on the influence of director gender on business performance and 2013 is 339,168 and 380,476, respectively Of which, 267,299 enterprises have data in both risk aversion There is no single theory that is itself a comprehensive theoretical framework to fully the 2011 and 2013 Enterprise Census (data table) 3.2 Research Methods explain a problem To explain the relationship between director gender and business 3.2.1 Evaluate the impact of director gender on business results of the enterprise performance, too, it is necessary to rely on many theories (Kiel & Nicholson, 2003) 3.2.1.1 Methods of measuring variables Theories all suggest that the gender of the director affects business results in both positive a) Dependent variable – Business performance of the enterprise (Yit) Table 3.1 Description of the dependent variable and negative ways Researches on directors and the influence of director gender on business results of enterprises are mainly based on agent theory, resource dependency theory, Variable Measure superior theory Research theories about directors and the influence of director gender on Log of revenue Revenue: calculated as total revenue from retail and services corporate risk are based on social identity theory and prospect theory Firms having profit = if the firm has positive profits and = if the firm has no Log of profit for firms with positive profit (Profit > 0) positive profits (
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