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Nội dung bản trích yếu 1. Mục tiêu và đối tượng nghiên cứu của luận án - Mục tiêu nghiên cứu của luận án: Trên cơ sở tổng quan tình hình nghiên cứu trên thế giới và Việt Nam, tác giả xây dựng hệ thống cơ sở lý luận, lựa chọn mô hình và phương pháp nghiên cứu phù hợp để đánh giá tác động của ba nhóm nhân tố gồm đặc điểm nhân khẩu học của Giám đốc điều hành (CEO), ưu đãi thuế và phi thuế đến kết quả hoạt động (KQHĐ) của doanh nghiệp (DN) trong ngành nghiên cứu khoa học và phát triển công nghệ (NCKH&PTCN) tại Việt Nam. Sử dụng kết hợp phương pháp nghiên cứu định lượng và định tính, tác giả đánh giá thực trạng tác động của các nhóm nhân tố này tới KQHĐ của DN trong ngành NCKH&PTCN giai đoạn 2008-2019 từ đó đưa ra khuyến nghị, đề xuất giải pháp hoàn thiện ưu đãi thuế và hiện thực hoá ưu đãi phi thuế nhằm nâng cao KQHĐ của DN trong ngành NCKH&PTCN tại Việt Nam. - Đối tượng nghiên cứu của luận án: Đối tượng nghiên cứu của luận án là tác động của đặc điểm nhân khẩu học của Giám đốc điều hành (CEO), ưu đãi thuế và phi thuế đến KQHĐ của DN trong ngành NCKH&PTCN. 2. Các phương pháp nghiên cứu đã sử dụng Phương pháp phân tích, tổng hợp tài liệu nghiên cứu: tìm hiểu các nghiên cứu trước, chỉ ra khoảng trống nghiên cứu, xây dựng mô hình và phương pháp nghiên cứu phù hợp. Phương pháp thống kê mô tả: phản ánh đặc điểm nhân khẩu học của Giám đốc điều hành (CEO), ưu đãi thuế và KQHĐ của DN trong ngành NCKH&PTCN tại Việt Nam giai đoạn 2008-2019. Phương pháp nghiên cứu định lượng: Để đánh giá tác động của đặc điểm nhân khẩu học của Giám đốc điều hành (CEO) gồm tuổi, giới tính, học vấn đến KQHĐ của DN trong ngành NCKH&PTCN, tác giả sử dụng mô hình hồi quy bình phương nhỏ nhất thông thường – OLS, hồi quy robust, hồi quy robust với biến tương tác về đặc điểm nhân khẩu học của CEO cùng các kiểm định độ vững (robustness) của mô hình ước lượng. Để đánh giá ảnh hưởng của ưu đãi thuế đến KQHĐ của DNKHCN giai đoạn 2008- 2019, tác giả sử dụng hồi quy OLS, hồi quy tác động cố định (FE), hồi quy tác động ngẫu nhiên (RE), phương pháp bình phương tổng quát tối thiểu (FGLS), mô hình GMM hệ thống hai bước (two-step system GMM). Phương pháp nghiên cứu định tính: Để đánh giá các ưu đãi của Nhà nước (bao gồm cả ưu đãi thuế và phi thuế) cho DNKHCN từ góc nhìn của DN thụ hưởng ưu đãi, tác giả sử dụng phương pháp nghiên cứu định tính thông qua công cụ phỏng vấn sâu bán cấu trúc. Phương pháp phân tích định tính trên cơ sở chuyển dữ liệu phỏng vấn ghi âm sang dạng văn bản (text), thực hiện mã hoá dữ liệu (coding), tạo nhóm mã (code groups) từ đó hệ thống ra những chủ đề chính (themes) được bàn luận. Trên cơ sở các ý kiến đánh giá của DN về ưu đãi của Nhà nước, luận án đưa ra khuyến nghị và giải pháp để hoàn thiện ưu đãi thuế và hiện thực hoá các ưu đãi phi thuế của Nhà nước cho DN trong ngành NCKH&PTCN tại Việt Nam. Luận án sử dụng dữ liệu thứ cấp từ cơ sở dữ liệu điều tra DN của Tổng cục thống kê (GSO) hàng năm và dữ liệu sơ cấp do tác giả thực hiện phỏng vấn sâu trực tiếp tại 15 DNKHCN trên địa bàn Hà Nội; xử lý dữ liệu trên phần mềm phân tích định lượng Stata 14 và phần mềm phân tích định tính Atlas.ti 9. 3. Các kết quả chính và kết luận Kết quả nghiên cứu định lượng cho thấy tuổi CEO có tác động nghịch chiều với tính sinh lời của DN tuy nhiên tác động này nhỏ; nữ CEO DN72 vượt trội nam CEO và xét cho tổng thể ngành thì học vấn CEO có tác động cùng chiều với tính sinh lời. Đặc biệt trình độ thạc sỹ cho thấy sự ưu việt trong điều hành DN thuộc ngành này tại Việt Nam. Các kết quả chính này ủng hộ lý thuyết UET và đưa ra những gợi ý cho DN trong chính sách tuyển dụng, đào tạo và quản trị nhân sự trong tương lai. Đánh giá tác động tương tác giữa các biến đặc điểm nhân khẩu học của CEO cho thấy ảnh hưởng chi tiết và kết quả chính xác hơn về mức độ và chiều tác động. Một số đặc điểm của DN có tác động nhất định đến KQHĐ như quy mô lao động, quy mô tài sản, tuổi đời DN, tăng trưởng doanh thu, đòn bẩy tài chính, XNK. Những đặc điểm này phản ánh nguồn lực bên trong DN tác động tới KQHĐ, ủng hộ cho lý thuyết RBT. Ưu đãi thuế TNDN cho phần doanh thu từ kết quả KH&CN được kết luận có ý nghĩa tích cực tới tính sinh lời, sự tồn tại và phát triển của DN mặc dù ưu đãi này hiện không bao phủ diện rộng DNKHCN. Kết quả nghiên cứu định tính cho thấy đánh giá ưu đãi thuế và phi thuế từ góc nhìn của chính DN thụ hưởng, khẳng định vai trò quan trọng của lý thuyết thể chế (IT) khi Nhà nước bằng các công cụ chính sách có thể tạo điều kiện thuận lợi giúp DN có KQHĐ tốt hơn. Nghiên cứu định tính giúp kiểm định lại kết luận có được từ nghiên cứu định lượng liên quan tới ưu đãi thuế, khẳng định ưu đãi thuế có tác động tích cực đồng thời cho thấy những vướng mắc liên quan tới ưu đãi phi thuế hiện hành và một số khó khăn của DN liên quan tới ưu đãi thuế mà nghiên cứu định lượng không có cơ sở dữ liệu và công cụ để thực hiện. Trên cơ sở định hướng phát triển đất nước giai đoạn 2021-2030 với vai trò đột phá chiến lược của đẩy mạnh nghiên cứu, chuyển giao, ứng dụng và phát triển KH&CN, đổi mới sáng tạo của Trung ương Đảng, luận án đưa ra các nhóm giải pháp hỗ trợ khắc phục những vướng mắc liên quan tới ưu đãi phi thuế, một số khuyến nghị chính sách tới cơ quan quản lý Nhà nước và tổ chức có liên quan nhằm bổ sung hành lang pháp lý, sửa đổi quy định hiện hành để hiện thực hoá ưu đãi phi thuế, mở rộng diện bao phủ và tần suất được ưu đãi thuế cho DN cũng như đề xuất một số hình thức ưu đãi thuế phù hợp với đặc thù DN trong ngành NCKH&PTCN.
MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY -o0o - DOCTORAL DISSERTATION ABSTRACT ASSESSING IMPACTS OF CEO’S DEMOGRAPHIC CHARACTERISTICS, TAX AND NON-TAX INCENTIVES ON PERFORMANCE OF FIRMS IN SCIENTIFIC RESEARCH AND TECHNOLOGY DEVELOPMENT INDUSTRY IN VIETNAM Major: Business Administration Major Code: 93.40.101 DUONG THI THANH THUY Hanoi - 2022 The dissertation is conducted at the Foreign Trade University Academic Supervisors: Dr Ho Hong Hai Dr Nguyen Thuc Anh Reviewer 1: ………………………………………………………… .………………………………………………………… Reviewer 2: ………………………………………………………… ……………………………………………………… Reviewer 3: ………………………………………………………… ……………………………………………………… The study shall be defended at the defending council meeting held at ………………………………………………………………………………… 1 Dissertation rationale Recently, the huge global economic development on the basis of scientific research and technology development (SRTD) together with the technology revolution era 4.0 initiating from Germany spreading all over the world has proved the overwhelming privileges and great success of any country, industry, corporation that possesses advanced science and technology (S&T) products Some worldleading technology conglomerates, say, Apple, Google, Tesla of the USA., Samsung of Korea etc., are truly giant players in the global technology playing ground with annual turnover of hundreds of billions of US dollars The world economy has been moving towards its allocation of more and more diversified resources including both financial and human resources to serve SRTD performance, to commercialize S&T products, and to turn them into the main source of revenue for firms Though Vietnam is a developing country, the target of S&T development was put into the country’s development strategy over the past two decades The Central Party (2002) determined to raise the society’s total investment on S&T up to 1% of GDP in 2005 and 1.5% of GDP in 2010, to ensure the spending speed for S&T from the national budget every year higher than the rise in that of the budget itself The country shall step-by-step transform public S&T organizations specialising on applied research and technology development into those covering their own expenses, operating under corporation regime to create pathways for speedily growing technology firms the performance of which is accompanied by technology research activities Following the above target and strategy, the Central Party (2012) under their decision on S&T development serving the industrialization and modernisation process under the market economy regime with socialist orientation and international integration emphasized on giving privileges to develop high and advanced technologies, and inter-industry technologies Under the above strategy of the Central Party, S&T development are to be initiated from firms and firms in SRTD industry have been expected to undertake their primary role These firms shall contribute to the country’s economic growth on the basis of their SRTD activities to innovate S&T results, to commercialize S&T products in order to generate revenue and profit for the firms themselves The Chief Executive Officers (CEO) of firms in SRTD industry have played a crucial role They are leading firms to create new technologies to survive and then further develop Study on impact of CEO demographic characteristics on firm performance shall provide scientific evidence assisting firms in SRTD industry in their strategies on top human resource employment, training, and management Besides, due to the typical characteristics of firms in SRTD industry with a lot of investment on research and development (R&D) activities of high risks and costs while the resources from the firms themselves are limited, the incentives and support from the government with nation-scaled resources are desperately desiring The assessment of impacts of CEO’s demographic characteristics including age, gender and education, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam has not been conducted in Vietnam while the social and economic development of the society on the basis of enhancing advanced technology development and innovation has been attentively cared of and desired to support by the Central Party and the government The study on impacts of tax and non-tax incentives on firm performance thus provides both empirical and scientific evidence to support policy planners and makers to post-assess the effectiveness of their current incentives and to learn from them upon building new national incentive programs for firms in SRTD industry in Vietnam The findings from this very first study shall be the basis for proposing some recommendations and solutions to support firms timely while creating favourable conditions for them to make use of their strengths, to grow rapidly and to contribute most to S&T, social and economic growth of the country as a whole The dissertation topic of ‘Assessing impacts of CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam” is, therefore, chosen by the author Research objective and research questions 2.1 Research objective The main aim of the dissertation is to assess the impacts of CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam 2.2 Research questions Research question 1: How CEO’s demographic characteristics including age, gender, education influence performance of firms in SRTD industry in Vietnam? Research question 2: How corporate income tax incentives for the revenue from S&T results influence performance of the certified scientific research and technological development (CSRTD) firms? Research question 3: How CSRTD firms assess the tax incentives and nontax incentives for them? Research question 4: What are the suggested solutions and policy recommendations relating to CEO’s demographic characteristics, tax and nontax incentives for firms in SRTD industry in Vietnam? Research object and scope 3.1 Research object The research object of dissertation is impacts of CEO’s demographic characteristics, those of tax incentives and non-tax incentives on the performance of firms in SRTD industry in Vietnam 3.2 Research scope Content scope: impacts of CEO’s demographic characteristics, those of tax incentives and non-tax incentives on performance of firms in SRTD industry in Vietnam Time scope: within the period of 2008-2019 Spatial scope: firms in SRTD industry in Vietnam for the quantitative research and 15 CSRTD firms in Hanoi for the qualitative research New contributions of the dissertation 4.1 Theoretical contributions • Firstly, the dissertation has systemized the theoretical background about firm performance, clarify the research framework on CEO’ demographic characteristics, tax and non-tax incentives and their impacts on firm performance and proposed research hypotheses to explain the impacts of those factors • Secondly, the dissertation has tested research models with research object of firms in SRTD industry in Vietnam, focusing on analysing the impacts of CEO’s demographic characteristics including age, gender, education, those of tax and non-tax incentives from receiving firms’ perspective • Thirdly, the dissertation has applied qualitative analysis through in-depth interviews with CEOs of CSRTD firms together with quantitative analysis to have insights both on the influencing structure and the impacts of CEO’s demographic characteristics, those of tax and non-tax incentives on firm performance 4.2 Practical contributions • Firstly, the dissertation assessed the impacts of CEO’s demographic characteristics including age, gender, education on performance of firms in SRTD industry in Vietnam to help firms realize the roles of these characteristics so that they can have proper adjustments on their recruitment, training, and top human resource management strategies in line with firms’ development targets • Secondly, the research results have provided some insights into the current situation of government incentives for CSRTDs including tax and non-tax incentives together with scientific evidence for the S&T authority to postassess the impacts of existing incentives • Thirdly, the dissertation has suggested some solutions to accomplish tax incentives and to realize the non-tax incentives to support firms in SRTD industry Dissertation structure The dissertation is structured with five main chapters excluding the Introduction, Conclusion, and Bibliography Chapter 1: Literature review Chapter 2: Research framework on the impacts of CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam Chapter 3: Research methodology Chapter 4: Analysing the situation of impacts of CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam within the period of 2008 - 2019 Chapter 5: Recommendations and solutions to enhance performance of firms in SRTD industry in Vietnam CHAPTER 1: LITERATURE REVIEW 1.1 Review on prior research 1.1.1 Research on the relationship between CEO’s demographic characteristics and firm performance ❖ Studies in foreign countries ❖ Studies in Vietnam 1.1.2 Research on the relationship between tax and non-tax incentives and firm performance ❖ Tax and non-tax incentives and R&D performance of firms ▪ Studies in foreign countries ▪ In Vietnam, to the understanding of the author, there has not been any study on impact of tax and non-tax incentives on firm’s R&D performance ❖ Tax and non-tax incentives and performance of receiving firms ▪ Studies in foreign countries ▪ Studies in Vietnam 1.1.3 Studies on firms in SRTD industry in Vietnam 1.2 Research gaps Firstly, due to the inconsistent embody of the Upper Echelon Theory (UET) in business practices when the study context changes, the study on impacts of CEO characteristics on firm performance in one particular industry should be separately conducted in order to have a thorough look and insights Such a study in the context of one industry in Vietnam shall, therefore, investigate and extend the UET theory and provide further evidence for the literature showing a detailed and precise standpoint Secondly, incentives of all types should be post- evaluated to see if they have achieved the initial purposes intended by policy makers or not because the efficient support of the government, on the one hand, helps firms overcome institutional barriers and other barriers in an uneven playing field; however, a wrong support may have bad effects distorting the efficient performance of market forces including retaining inefficient players in business (Hansen et al., 2019) There has been scant literature on assessing government incentives in Vietnam so far Thirdly, evaluating incentives from the standpoint of the government authorities using secondary data should be done together with the incentive assessment from the viewpoint of receiving firms in order to have diversified insights on the issue In-depth interviews with qualitative analysis are still new in Vietnam Qualitative research shall provide critical thinking for policy planners to adjust, supplement regulations to support firms in accessing incentives and to grow as being expected in the aim of the incentive programs established by the government Fourthly, the dissertation chose the research object as SRTD industry in Vietnam because this industry is so typical with emphasis on R&D activities and technology development and usage (Cooper & Bruno, 1977), so they are completely different from others in the economy Specifically, the majority of firm resources both internal and external being raised by firms themselves must be allocated to R&D activities to generate S&T results, turning them into commercialized products to sell them in the marketplace generating revenue for firms to provide further resources for re-investing in R&D Currently, the resources mobilized by firms are so limited while their demand and needs for continuous investment are huge, so they are in dying support from the government through incentive policy tools From the perspective of policy planning of the Vietnam government, firms in this industry are under the country privilege for further growth during the past decade but without establishing a large and strong CSRTD community So, the assessment of impacts of tax and nontax incentives on performance of firms in SRTD industry is essential as relevant studies not exist in Vietnam CHAPTER 2: THEORETICAL FRAMEWORK OF ASSESSING IMPACTS OF CEO’S DEMOGRAPHIC CHARACTERISTICS, TAX AND NON-TAX INCENTIVES ON PERFORMANCE OF FIRMS IN SCIENTIFIC RESEARCH AND TECHNOLOGY DEVELOPMENT INDUSTRY 2.1 Firms in SRTD industry 2.1.1 Concept of certified scientific and technology firm 2.1.2 Classification of firms in SRTD industry 2.2 • Firm72 group • CSRTD group Theoretical framework of performance of firms in SRTD industry 2.2.1 Firm performance concepts 2.2.2 Some management theories on factors influencing firm performance ❖ The Resource-based Theory (RBT) ❖ The Resource Dependence Theory (RDT) ❖ The Institutional Theory (IT) ❖ The Upper Echelon Theory (UET) 2.2.3 Firm performance models ❖ The Balanced Scorecard model ❖ The Performance Prism model ❖ The Malcolm Baldrige model ❖ The Performance Pyramid model 2.2.4 Firm performance ratio types ❖ Profitability growth, survival, and efficiency ❖ Market-based performance and perceived performance 2.2.5 Instrumental concept of dissertation - Firm performance and concept connotation 11 3.2 Sample description 3.2.1 Sample in quantitative research ❖ Sample for evaluating impacts of CEO’s demographic characteristics on performance of firms in SRTD industry Sample size includes 564 firms in SRTD industry in Vietnam in 2017 These firms are classified into two main groups with 327 Firm72 and 237 CSRTD firms The cross-sectional data were collected from the General Statistics Office of Vietnam (GSO)’s database thanks to their corporation survey conducted every year ❖ Sample for evaluating the impacts of tax incentives on performance of CSRTD firms in Vietnam The sample for the quantitative research assessing the impacts of tax incentives on performance of CSRTDs was established by the stratified random sampling and the simple random sampling The final sample was ultimately concluded with 95 CSRTD firms over the period of 2008-2019 with firm location spreading all over the country including five central cities which are Hanoi, Haiphong, Danang, Hochiminh City and Cantho 3.2.2 Sample in the qualitative research The study applies purposive sampling The sample includes 15 CSRTD firms in Hanoi to conduct in-depth interviews in person The sample was chosen from three origins of CSRTDs including innovation firms, established firms qualified to be CSRTD firms, the transforming public S&T organizations This choice is designed to provide a thorough understanding in incentives evaluation of CSRTDs from different origins 3.3 The research method being used 3.3.1 Quantitative method ❖ Research model and methodology on assessing impacts of CEO’s demographic characteristics on performance of firms in SRTD industry Hypotheses on impacts of CEO’s demographic characteristics including age, gender, education on firm performance including hypotheses on interaction terms Hypotheses with variables relating to firm characteristics (Models & 2) 12 Appendix 11: Variables in quantitative models and hypotheses Expected Variables Variable code Hypothesis sign Dependent variables Return on assets ROA Return on equity ROE Earnings before tax Earnings Net profit margin NPM Independent variables CEO Age Age H1 (-) CEO Gender Gender H2 Female (+) CEO Education Edu H3 (+) Firm age FirmAge H4 (-) Leverage Leverage H5 (+) Total assets Assets H6 (+) Total assets growth TAGrowth H7 (+) Total sales growth TSGrowth H8 (+) (+) (1) (-) Corptax CorpTax H9 (2) Labour Labour H10 (+) Import export IMEX H11 (+) Special zone SpecialZone H12 (+) Central city CenCity H13 (+) Fixed assests Tangible H14 (+) Tax incentives Incentives H15 (+) Interaction terms CEO Age & Edu Age*Edu H1A (+) CEO Gender & Edu Gender*Edu H1B (+) CEO Age & Gender Age*Gender H1C (+) Models (1) + (2) (1) + (2) (1) + (2) (1) + (2) (1) (1) (1) (1) + (2) (1) + (2) (1) + (2) (2) (2) (1) + (2) (1) + (2) (1) (1) (1) (2) (2) (1) (1) (1) Suggested research model_Model (1) On the basis of prior studies, Model (1) uses ordinary least squares - OLS regression, robust regression – RR, RR with interaction terms and consists of the four following regression equations: PERi = 0 + 1 (CEO’s demographic characteristics) + 2 (Firm characteristics) + i, (I) in which i denotes for one particular firm PERi = 0 + 1 Age + 2 Gender + 3 Edu + 4 Age*Edu + 5 (Firm characteristics) + i (II) PERi = 0 + + 1 Age + 2 Gender + 3 Edu + 4 Gender*Edu + 5 (Firm Characteristics) + i (III) 13 PERi = 0 + + 1 Age+ 2 Gender + 3 Edu + 4 Age*Gender + 5 (Firm Characteristics) + i (IV) in which equation (I) shows the multi-variable regression model for three regression types which are OLS, RR, RR with interaction terms; equations (II), (III), (IV) show the robust regression with interaction terms relating to CEO’s demographic characteristics to evaluate the combined impact of these characteristics Firm performance is proxied by ROA, ROE, Earnings, and NPM Tests conducted include VIF, White test, Jarque-Bera test, Wilcoxon rank sum test, and Kruskall-Wallis rank test ❖ Research model and methodology for evaluating impacts of tax incentives on performance of CSRTD firms Hypothesis on tax incentives Suggested research model_Model On the basis of prior studies, the model used to evaluate the impact of tax incentives on performance of CSRTD firms is proposed as follows: PERit = 0 + 1 CorpTax(ln)it Incentivesit + 2 FirmAge(ln) it + 3 Labour(ln)it + 4 Assets(ln)it + 5 Tangible(ln)it + 6 Leverageit +7 TAGrowth(ln)it + 8 TSGrowth(ln)it + it, (2) in which i denotes a particular firm at time t; year dummies are included only for SGMM estimation; Firm performance is proxied by ROA, ROE, Earnings, and NPM Applied regressions include OLS, fixed effects model (FE), random effects model (RE), feasible least squares (FGLS), two-step system GMM (SGMM) Tests conducted include those for choosing regression model (OLS or FE, OLS or RE, FE or RE), collinearity, heteroskedasticity, autocorrelation, SGMM statistics Besides, the study also evaluates the long-term impacts of significant variables found in SGMM estimation 3.3.2 Qualitative research The study is exploratory so the qualitative analysis is chosen with semistructured in-depth interview tool A guided questionnaire with questions established on a given topic was prepared The mean time for interview was 45 minutes The interviews were recorded under the consciousness of the interviewed The interview 14 contents were converted into text and analysed by the qualitative software named Atlas.ti The data segments were coded into codes and combined into code groups from which main themes were concluded All code groups and main themes mentioned by firms were illustrated into figures and content were accumulated into the research results The semantic relationships among codes within code groups used to conclude the main themes were referred to from the universal semantic relationship list of Spradley (1979) (Table 3.5) Table 3.5: The universal semantic relationships Title Strict inclusion Spatial Cause-effect Rationale Location for action Function Means-end Sequence Attribution Type of relationships X is a kind of Y X is a place in Y; X is a part of Y X is a result of Y; X is a cause of Y X is a reason for doing Y X is a place for doing Y X is used for Y X is a way to Y X is a step/stage in Y X is an attribute of Y Source: Spradley (1979) 15 CHAPTER 4: ASSESSING THE SITUATION OF IMPACTS OF CEO’S DEMOGRAPHIC CHARACTERISTICS, TAX AND NON-TAX INCENTIVES ON PERFORMANCE OF FIRMS IN SCIENTIFIC RESEARCH AND TECHNOLOGY DEVELOPMENT INDUSTRY IN VIETNAM IN THE PERIOD OF 2008-2019 4.1 Activities of firms in SRTD industry in Vietnam 4.1.1 The existing institutional legal framework for firms in SRTD industry ❖ Relevant legal regulations ❖ Updated points in regulations 4.1.2 Business performance of firms in SRTD industry in Vietnam 4.1.3 Statistics on legal types of firms in SRTD industry in Vietnam 4.2 Analysis of impacts of CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry 4.2.1 Impacts of CEO’s demographic characteristics on performance of firms in SRTD industry ▪ Descriptive statistics of variables in Model (1) ▪ Pearson correlation coefficient matrix among independent variables in Model (1) ▪ OLS regression results and some adjustments_ Model (1) ▪ Robust regression results_Model (1) ▪ Robust regression results with interaction term of Age*Edu_Model (1) ▪ Robust regression results with interaction term of Gender*Edu_Model (1) ▪ Robust regression results with interaction term of Age*Gender_Model (1) ▪ Non-parametric tests Table 4.11: Non-parametric tests (Performance of SRTD industry over CEO characteristics) ROA ROE 0.5148 0.7345 Prob (Chi2) 0.0679 Prob (chi2 with ties) 0.0678 Earnings NPM Tests 0.6593 0.3445 Wilcoxon rank-sum 0.0338 0.0472 0.1773 0.0337 0.0471 0.1772 Among CEO gender Ho: PER(Female) = PER(Male) Prob > |z| Among CEO Edu (6 levels) Kruskall-Wallis rank Kruskall-Wallis rank 16 Table 4.12: Statistics on Earnings and NPM of CEO Edu (SRTD industry) from Kruskall-Wallis rank Earnings Mean Median 0.0024 0.0020 -0.0547 0.0032 -0.0428 0.0011 0.0386 0.0125 -0.0284 0.0023 -0.0176 -0.013 0.0002 CEOEdu College Doctor Intermediate Master OtherEdu UniDegree Total ROE Mean Median 0.0006 0.0015 -0.0587 0.0032 -0.0646 0.0300 0.0125 -0.0310 0.0023 -0.0218 -0.0183 0.0001 Source (Table 4.11 & 4.12): According to calculations of the author with research data ▪ Conclusion from the quantitative analysis on impacts of CEO’s demographic characteristics on performance of firms in SRTD industry Table 4.13: Comparing results and hypotheses_Model (1) Ag e Hypothe sis - Results - Genderi Edu FirmA ge Asses ts Labo ur Levera ge Corpt ax IME X SpecialZo ne CenCi ty H1 A H1 B H1 C F (+) F (+) Firm72 + - + + + + + + + + + + + + + - N/A + + - - + + - Source: According to calculations of the author with research data Notes: N/A: no consistent results; - not statistically significant F: female 4.2.2 Impacts of tax incentives on performance of CSRTD firms ▪ Descriptive statistics of variables in Model (2) ▪ Pearson correlation coefficient matrix among independent variables and each dependent variable in Model (2) ▪ Regression results about tax incentives in Model (2) ▪ Statistical tests Table 4.19: Tests for choosing regression models P value (FE regression) Breusch & Pagan Lagrangian test Prob > F Prob > chibar2 ROA ROE Earnings NPM 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Hausman test Prob > chi2 0.0002 0.0047 Source: According to calculations of the author with research data 0.0001 0.0000 17 Table 4.20: Tests on Multicollinearity, heteroskedasticity and autocorrelation ROA ROE Earnings NPM 3.42 3.42 3.42 3.42 Multicollinearity – White test Heteroskedasticity - Breusch-Pagan/CookWeisberg Mean VIF Prob > chi2 0.0000 0.0000 0.0000 0.0000 Autocorrelation – Wooldridge test Prob > F 0.0334 0.0739 0.1657 0.1376 Table 4.21: Statistic results from SGMM estimator ROA Yes 340 0.000 83/32 0.494 0.476 Year dummies Number of observations Prob>F Groups/Instruments AR(2) Hansen test ROE Yes 338 0.000 83/32 0.153 0.164 Earnings Yes 339 0.000 83/32 0.266 0.331 NPM Yes 340 0.000 83/32 0.355 0.486 Source (Tables 4.20 & 4.21): According to calculations of the author with research data Table 4.22: Long-term coefficients of significant coefficients found in SGMM ROA Coefficients CorpTax(ln) Leverage TSGrowth(ln) ROE -0.0443 -0.0638 0.0087 0.0082 0.0239 0.0035 Coefficients Standard error -0.1038 0.0496 0.1133 0.0265 0.0199 0.0204 0.0554 0.0109 CorpTax(ln) FirmAge(ln) Leverage TSGrowth(ln) Earnings Standard error Coefficients CorpTax(ln) FirmAge(ln) Leverage TSGrowth(ln) NPM Standard error -0.1107 0.0595 0.1643 0.0339 0.0265 0.0253 0.0627 0.0129 Coefficients Standard error -0.0288 0.0167 -0.0831 0.0053 0.0043 0.0189 CorpTax(ln) Assets(ln) Leverage z P > |z| -5.39 -2.66 2.44 0.000 0.008 0.014 z P > |z| -5.20 2.43 2.04 2.43 0.000 0.015 0.041 0.015 z P > |z| -4.17 2.35 2.62 2.62 0.000 0.019 0.009 0.009 z P > |z| -5.40 3.82 -4.38 0.000 0.000 0.000 [Confidence interval 95%] -0.0605 -0.1108 0.0017 -0.0282 -0.0168 0.0157 [Confidence interval 95%] -0.1430 0.0095 0.0046 0.0051 -0.0647 0.0896 0.2220 0.0480 [Confidence interval 95%] -0.1627 0.0098 0.0414 0.0085 -0.0586 0.1093 0.2872 0.0593 [Confidence interval 95%] -0.0393 0.0081 -0.1203 -0.0183 0.0253 -0.0459 Source: According to calculations of the author with research data ▪ Conclusion on tax incentives impact on performance of CSRTDs Table 4.23: Comparing results and hypotheses_Model (2) CorpTa x Incentive s FirmAge Labour Assets Tangibl e Leverage TAGrowt h TSGrowth Hypothesi s - + - + + + + + + Results - + (+) ROE, Earnings (+) ROA, ROE, Earnings (+) NPM N/A (+) ROA, ROE, Earnings (-) NPM (-) ROA NPM (+) ROE, Earnings 18 Source: According to calculations of the author with research data Notes: N/A: no consistent results; - not statistically significant 4.2.3 Assessing tax and non-tax incentives from firm perspective ▪ Statistics on research sample ▪ Qualitative results and discussion i Word Cloud ii Theme frequency Theme Frequency Other proposals Inter-industry value chain Technology decoding S&T activities S&T results Income tax incentive Land and surface incentive Property registration fee Import tax National Labs IPR S&T product commercialization Transforming public S&T orgs S&T fund allocation Credit incentive Capital issue Export tax Type_II product 10 12 Figure 4.5: Theme frequency – Source: Illustration from code data on Atlas.ti – Horizontal axis: Frequency (%) iii Incentives evaluation from CSRTD firms via main themes a Credit incentive (Figure 4.6) b S&T results (Figure 4.7) c Corporate income tax incentives (Figure 4.8) d National Laboratories e S&T activities f Land and surface incentive g Intellectual property right (IPR) incentive h The transforming public S&T organisations i Type-II product incentive j Import tax incentive k S&T product commercialization 19 l Inter-industry value chain m Property registration incentive n S&T development funds o Technology decoding p Export tax incentive q Capital issue r Other proposals ▪ Results from evaluating tax and non-tax incentives from firm perspective The qualitative analysis has shown a detailed insight into the assessment of CSRTD firms on tax and non-tax incentives The majority of firms registering for CSRTD certificate desires to receive incentives though only tax incentives are accessible and prove their efficiency However, tax incentives have not covered a wide range of firms and not frequently due to the 30% income barrier every year originated from S&T results The main obstacles making the non-tax incentives unreachable are credit issue, investment capital for R&D activities, registration of type_II products, commercialization of S&T products, transformation of public S&T organisations, import tax, national laboratories, understanding and implementing regulations for receiving incentives 20 CHAPTER 5: RECOMMENDATIONS AND SOLUTIONS TO ENHANCE PERFORMANCE OF FIRMS IN SRTD INDUSTRY IN VIETNAM 5.1 The S&T development strategy in Vietnam 5.2 Recommendations on CEO’s demographic characteristics and some characteristics of firms in SRTD industry 5.2.1 Recommendations to Firm72 5.2.2 Recommendations to CSRTDs 5.3 Some solutions of non-tax incentives realization and tax incentives accomplishment for CSRTDs From the qualitative analysis, the main difficulties of firms relating to tax and non-tax incentives have been recognized as follows: not receiving any credit incentive, lack of investment capital for R&D, the obligated income ratio to receive tax incentive, being impossible to use the national laboratories, difficulties in transforming public S&T organisations, hardship in registering type-II products, ways to support the commercialisation of S&T products, not receiving import tax incentives, hardship in understanding and implementing regulations to receive incentives The dissertation, therefore, proposes the following solutions 5.3.1 Media solution 5.3.2 Institutional solution ❖ Institutionalization of the mobilisation of social resources for S&T development ❖ Solutions on accomplishing legal regulations on S&T area ▪ Building laws and other legal documents instructing ways of law implementation on the basis of referring to other specialized laws ▪ Other legal documents instructing ways of law implementation should be issued on time to meet the demand of implementing the regulations in practice ▪ Building rules and regulations on the basis of cooperation among competent authorities 5.3.3 Legal support and consultancy solution 5.3.4 Commercialisation and market expansion support solution 21 5.4 Policy recommendations to competent authorities and other relevant organisations 5.4.1 Recommendations to inter-ministry including Ministry of Science and Technology, Ministry of Planning and Investment, Ministry of Finance, and the Government 5.4.2 Recommendations to Ministry of Science and Technology ❖ Recommendations on credit support issue ❖ Recommendations on tax incentives issue ❖ Recommendations on building engineering benchmark for products generated from S&T results of CSRTDs belonging to type-II products ❖ Recommendations on the IPR database of the competent authorities 5.4.3 Recommendations to CSRTD Association 22 CONCLUSION Dissertation conclusion Assessing the impacts of CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam has not received adequate attention within research community while encouraging firms to conduct SRTD with advanced technologies has been considered as one the main strategic and privileged goals for stable growth of the nation The dissertation, therefore, focused on assessing the impacts of the three above factors on performance of firms in SRTD industry within the period of 2008-2019 On the basis of literature review, the dissertation has built the research framework to assess the impacts of the above factors, to choose the appropriate research models and methodology, and to propose research hypotheses The concept of firm performance within the dissertation scope includes two main groups which are profitability and perceived performance In the perceived performance of firms, there are S&T results, firm’s survival and other results evaluated by firms themselves The combination of financial ratios with S&T results are similar to the balanced scorecard of Kaplan and Norton (1992) suitable for firms in the industry typically accompanied with R&D activities and new technology innovation The dissertation also synthesizes some management theories about different groups of factors influencing firm performance to classify and test impacts of CEO’s demographic characteristics, tax and non-tax incentives and the impact regime of those incentives in the business practice of firms in Vietnam The dissertation analyses the situation of impacts of CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam for the period of 2008-2019 combining quantitative research with OLS, RR, RR with interaction terms, non-parametric tests of Wilcoxon rank sum, Kruskall Wallis rank, FE, RE, FGLS and two-step SGMM, with qualitative research via semistructured in-depth interviews with 15 CSRTDs in Hanoi The quantitative results show that CEO age has negative impacts on profitability of firms; however, these impacts are small; female CEOs of Firm72 operate businesses better than male CEOs On the industry scale, CEO education 23 has a positive impact on firm’s profitability especially the master education shows its privilege for CEOs in the industry These results support the UET theory and imply some suggestions for firms in their recruitment, training, and top human resource management strategies Assessing the impacts of CEO’s demographic characteristics in interaction terms shows the detailed volume of impacts and their direction Some firm characteristics also have impacts on firm performance such as labour, assets, firm age, leverage, total sales growth, import and export These characteristics reflect the internal resources of firms supporting the RBT theory Tax incentives for the revenue from S&T results have been concluded to be effective to firm’s profitability, survival and growth supporting the RDT though the incentives not cover a wide range of CSRTDs The qualitative research shows the evaluation of tax and non-tax incentives from CSRTD firms’ perspective proving the importance of the IT theory in which the government can support firms to have better performance via their policy tools The qualitative analysis affirms what have been found from the quantitative analysis relating to the tax incentives and their efficiency while showing other impediments relating to the current non-tax incentives and other difficulties of firms about tax incentives which is unlikely to be discovered through quantitative study with its own tools and data On the basis of the country’s development target stated by the Central Party within the period of 2021-2030 with the strategic role of enhancing research, transferral, application and development of S&T and innovation, the dissertation has suggested certain solutions to resolve the impediments of non-tax incentives and some policy recommendations to competent authorities and other relevant organisations to supplement legal framework, changing current regulations to realize the non-tax incentives, widen the range and frequency of firms receiving the tax incentives, and propose some other forms of tax incentives more suitable for firms in SRTD industry Limitations and further research scope Apart from dissertation’s contributions, there are some limitations as follows: • Data limitation The secondary data cannot support any quantitative analysis on S&T results ... CEO’s demographic characteristics including age, gender and education, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam has not been conducted in Vietnam while the... CEO’s demographic characteristics, tax and non-tax incentives on performance of firms in SRTD industry in Vietnam 2.2 Research questions Research question 1: How CEO’s demographic characteristics... demographic characteristics, those of tax incentives and non-tax incentives on the performance of firms in SRTD industry in Vietnam 3.2 Research scope Content scope: impacts of CEO’s demographic