urcielKTiMK ANH Hl/dNG CUA Sl( HIEN DI^N Ntf G1 il TRONG HQI DONG QUAN TRI DEN HEEU QUA HOAT DQNG CUA CAC DOANH NGHIEP • LE THI PHl/CJNG VY T6M TXT: Bii vie't nghifin ctfu v^ 5nh htfdng ciia sif hi#n di§n nff gidi h^i dfing quSn tri de'n hi#u qui boat d^ng ciia doanh nghidp thong qua cd s3 dff U§u h^ng nam cila 175 c6ng ty phi tii chlnh, dif(?c thu thSp giai do^n tilf nim 2008 de'n nSm 2016 K^t quS chi ring, srf hi^n di^n cfla nff gidi c6 inh hifdng tich ctfc den mtJc dO hi$u quS hogit dOng tai chinh cfla cdc doanh nghidp Tir kh6a: Ty 1# nff gidi ht)ng hpi d6ng quSn tri, hi$u qud hoat dOng D9t v§fn d^ Nhi^u nghi€n ctfu tr€n the gidi nhtf Shehata (2013) hay Carter vk cdc cOng stf (2003) da xic djnh nhffng 1$ khi^n stf hi€n di6n cfla phu nff hOi d6ng quan tri (HDQT) c6 th^ dnh htfdng d^n hi#u qui boat dong cua doanh nghiep (DN) CM ih^ cdc ldc gia da tdm xit nhffng ifu diem ve stf hi^n di^n cfla nff gidi hgi dong ban gidm dd'c nhtf sau: Khi phu nff tham gia vko HDQT se cung cd'p thSm nhffng cdi nhin da chieu htJn ve cdc cd hdi cua DN vi^c ddp tfng nhu cau khdch h^ng; giup tdng ctfdng stf gidm sdt cua ban lanh dao cai thi^n quan tri D \ tff dd dan den cii 166 sef 11 - Thdng 5/2020 thidn ldi thi canh tranh; giup cii thidn stf da dang y kien phdng hop cfla cdng ty Vdy n6n, vai trd cfla phu nff ng^y c&ng quan vk viec tdng ty 1§ nff gidi HDQT se giup tdng ctfdng stf cong cfla DN Trong dd, tai Viet Nam, mdc dft da c6 rd^t nhi^u nghien ctfu ve hdi dong quan tri vd nhffng yS'u td tdc dpng den mtfc dd hi§u qua cua hoat ddng tdi chinh nhtfng lai cd khd ft nghien ctfu xem x6t vi anh htfdng ciia stf da dang gidi tinh Vi vay, miic lieu cua bdi vi^i ndy Id xem x6i inh , in^j cfla stf da dang gidi tinh HDQT dei ; y^^^^ ddng tdi chinh cua cdc doanh nghiej , , -^^^^ QUANTRI-QUANLY LCdsdU thuyd't Trong nen kinh te cang phat trien, quy md va mtfc dp cong vide cang phtfc tap khien cho vide dieu hanh cdng ty cang khd khdn vd khong hidu qua Trong tinh hinh nay, doi hoi DN can phii cd nha quan ly hoi tii dtfdc day diJ nhffng pham cha^t va ky nang phu hdp Thu'c tai da ddt yeu cau cho ban lanh dao phai bie't nam hit tdt dien bid'n thi trtfdng va tam ly ciia khach hang, can cd phong each lanh dao de tao mpl mdi trtfdng lam viec than thien, tich ctfc, de dtfdc chie'n Itfdc nang tam gia tn cua DN Dtfng irtfdc ydu cau dd sir hien dien cua phu niJ HDQT ndi Idn nhtf mdt giai phap Ca hai thuye't la thuye't dai didn va thuye't cdc bdn lien quan da d^ cap dd'n md'i quanhd gifla st/hidn dien cua ntf gidi HDQT vd gid tri cua DN Theo quan did'm ciia ly thuyd't dai dien, HDQT cdng da dang thi cdng dgc lap, viec gia tang sir hidn dien ciia phti ntf se lam gia tang stf dpc lap ciia HDQT, lit dd ndng cao mtfc thong tin ve gid c6 phid'u Carter vd cpng stf (2003) da stf dung thuyd't dai dien de' giai thich md'i lien hd gifla stf hidn didn cua nff gidi HDQT va gia tri ciia cdng ty Tam quan trpng cua phu nfl HDQT dtfdc iy giii bdi rd't nhieu Ii Nghien ctfu da chi r^ng, nff vidn cd nhieu hie'u bie't ve tinh hlnh thi trtfdng va tam Iy khach hang hdn so vdi cdc nam thdnh vien, ttf dd dtfa cdi nhm da chieu, nang cao cha't Itfpng cac quyd't dinh, lam phong phu hanh vi quan ly cua ban dieu hanh gia tdng chat Itfpng thdng tin ciia doanh nghiep Stf hidn dien cua phii nfl HDQT gitip nang cao hinh anh ciia cdng ty cai nhin cua cpng ddng, gdp phan tich ctfc cho cdc hoal ddng cua DN Cung tff quan die'm cua ly thuyd't dai dien Francoeur vd cpng sii (2008) da bao cdo mpl mo'i quan he tich ctfc gifla ty Ie nfl gidi d cac ca'p quan ly ca'p cao va ldi nhuan bat thtfdng Ben canh Iy thuye't dai didn, nhieu nhd nghien ctfu da ling hd cho ly thuye't cdc ben lidn quan Nhieu nghidn ctfu cho rang, stf da dang gidi tinh gilip tdng ctfdng stf gidm sat cua HDQT tff dd ndng cao chat Itfpng thong tin (Bemardi va cpng stf 2002) tang ctfdng stf hpp tdc va ttf va'n cho cdc nha quan I\' cai thien mo'i quan he \di cac cd ddng Nielsen \a Huse (2010) da chi mot khia canh khac dd la nhd cd stf hien didn cua phu nfl HDQT ndn mtfc dp xung ddt Idi ich dtfdc cii ihien tao stf tin ttfdng dd'i vdi khdch hang \a ket ndi gifla cac vien, gopphan quan trpng cac cd chd' dau ttf Smith va cdc cpng stf (2006) da cho tha'\ stf hidn didn ciia nff gidi HDQT giup ban quan Iy dtfa nhflng quye't dinh sdng tao va cd cha't Itfdng cao nhd vao stf am hieu vd cdi nhin van de da chieu ciia phu nff Ngoai ra, Iy thuye't phu thupc ngudn nbdn Itfc cho rdng, stf hien dien ciia phdi nff HDQT Id dang dtfdc mong dpi vl hp dem lai nguon Itfc doi dao cho cong ty nhd vao ky nang "doc" dtfpc cdc suy nghT va "hieu" dtfpc cdc tam ly hanh vi ctia khach hang cung vdi stf giao lie'p khdo leo da tao dtfdc niem tin, stf uy lin dd'i \di khach hang; ke't nd'i vdi nhffng ngudn Itfc phu thupc d ben ngodi cdng ty td't hdn so \di nam gidi Dong thdi, hp cd kha ndng tlm kid'm thdm nguon tai nang tff ben ngoai cho DN Theo Iy thuye't ve phong each lanh dao lien quan de'n gidi tinh cho rdng, tdn lai stf khac biel phong each lanh dao gifla nam gidi va nfl gidi cd anh htfdng tdi hieu qua boat dpng cua DN Theo dd, nfl gidi thtfdng cd phong each lanh dao td't hdn nam gidi Nguyen nhan cua stf khdc biet dtfpc cac nghien ctfu cho tha'y rang, nff gidi dp dung phong each lanh dao dan chu, chuyen giao nhieu hdn so vdi nam gidi (Merchant, 2012) Theo cdc nfl lanh dao thtfdng tao dtfdc cam htfng, cai thien va tfdm mam nhflng md'i quan he ky nang Iam viec cua nhan vien, tff dd thiic day ttf duy, cai tie'n cong viec Ben canh dd, nfl lanh dao tao dtfpc dong Itfc lam viec tich ctfc cho ca'p dtfdi thdng qua viec dp dung cac phan thtfdng thich hdp du'a irdn thdnh qua lam viec cua mdi ngtfdi Nfl lanh dao thtfdng Iam vide ra't cham chi va sieng nang de khdng dinh nang Itfc cua ban than vdi nam gidi Trong dd, nam lanh dao thtfdng Iheo phong each lanh dao tff tren xud'ng dtfdi mang theo tinh kiem soat, chi huy, dp ddt va rat nghiem khac hay de dpa vdi nhan vien de thtfc hien dtfdc muc tieu da ddt So 11 -Thang 5/2020 167 UPWdKlMN Phi/rfng phdp Dghi^n ctfu Ngudn dff lieu cua bdi nghidn ctfu dtfdc Id'y tff cdc bdo cdo ldi chinh (bao gfim: Bing cdn dd'i k^ todn, bdo cdo kd^t qui boat d^ng kinh doanh), bdo cdo tdi chinh thffdng nidn, nghi quyd't Dai hdi c^ ddng theo ndm cfla 175 doanh nghidp phi tai chinh dang dtfdc nidm yd't trdn Sd Giao dich chtfng khodn Thdnh phd Hi Chi Minh (HOSE) giai doan tff ndm 2008 dd'n ndm 2016 Md hlnh tfdc Itfdng dtfdc stf dung cho bdi nghidn ctfu nhff sau: PERFORM^, = Po + ^iBSIZEi, + ^2^NDEPi, + p^DUALi, + p^CEOTENURi, + PsGNDRi, + PeOEAR,, + pjLOGCPi, + INDUST,, + e„ (/) Trong dd: PERFORM,, = (ROE,,, ROAJ Bdi nghidn cffu stf dung hai thtfdc ROA vd ROE ldm chl s^ d^i di#n cho hidu qui boat dpng cfla doanh nghidp Trong dd bid'n phu thupc ROEit chi ty sud't sinh lpi tren vdn c6 phin cfla doanh nghi$p i tai ndm t Thu nhdp sau thud', ROEj, = — Tdng vdn chfl sd hffu, Ttfdng tif, ROA dtfpc dinh nghia Id ty suat sinh Ipi trdn t^ng tdi sin cfla cdng ty tai cOng mpt thdi di^m Gid Ui cfla ROA dtfdc tinh todn tff thu nhap sau thud' chia cho t^ng tdi sin tai thdi di^m cud^i ndm _ Thu nh§p sau thud', KOAi, -~——— Tong tai san, GNDR,, Id bi^n bi^u thi cho stf da dang gidi tinh HDQT Ddy Id bie'n so t^ Id giffa sff hi^n didn cua nff HDQT va quy md cua HDQT So' Itfdng nff thdnh vidn ONDR„= cdtroneHBQT Quy m6 HDQT, BSIZE,, \i bie'n bieu thi cho quy mo cua HDQT Qu\ mo cua HDQT dirijc tinh bing tong s6' th^nh vi€n hi0n c6 HDQT INDEPj, la bien bi^u thj cho quy mo sif hi^n di^n ciia c^c thSnh vi&n dOc l^p dif