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 mSu gom 120 quan sat tu" thie't lap mo hinh difa mo'i quan he giOa ihu nh5p eua CEO theo cac bie'n gidi thich: Quy mo doanh nghiep (F_size 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 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 mo hinh nghien ciIu ihu nhap cua cac CEO lai cdc loai hinh doanh nghiep Tiif khoa: Thu nhap eiia CEO panel data, mo hinh hoi quy, FEM 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 Slf dung phan mem Evieu.s, ta ed ke't qua phan lich lu'dng quan giiTa eac bie'n md hinh nghien cu'u nhif Bang 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 ldi bie'n phu thuoc COMP ciing khdng rd bdi he so' tu'dng quan cap giifa cac bie'n khong cao lif 12,7% de'n 66.4%, Dong Ihdi, bang k6't qua cho tha'y khdng xay 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 Bang Ten bien vd ky hieu dpng ldi Ihu nhap eua C bang cac md hinh hoi quy Bien nghien ciiru Ky hi^u Ddn v| i chung ta cd cac bang ke'i Quy mo doanh nghiep Ty dong ' F_SIZE1 nhu" Bang 3, 6, Ngudi Ban quan In Kei lugn: Qua kel B_SIZE i •phan tfch hdi quy nhan Ty ddng PER , Ket qua kmh doanh doanh nghiep cac nhan to F_SI/ Ngudi E_SI2E Ban giam ddc B_SIZE PER va GROV d6u cd anh hu'dng COMI GR Tang traong lya chpn Ciic nhan Id'na; xiv difng mdhinh nghien , Bien phu Tyddng | IN COM ' Thu nhap cua CEO thu nhap eiia CIO thuoc % 268 So - T h o n g 5/2020 '• KINH DOANH Bang M a trqn tifdng quan giaa c d c bien mo tiinti INCOM B_SIZE E_SIZE F_SiZE1 GR PER INCOM 1.000000 262300 0127083 0.381100 0.323234 0.249403 B_SIZE 0.262300 1.000000 0171280 0.029091 0.235398 191343 ESIZE 0.127083 0.171280 1.000000 0.409004 0.276364 276432 F_SIZE1 0.381100 0.029091 0.409004 1.000000 0.366314 254557 GR 0.323234 0.235398 0.276364 0.366314 1.000000 664830 PER 0.249403 0.191343 0.276432 0.254557 0.664830 1.000000 Bang 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 Coefficient Std Error t-Statistic Prob C 76.05254 114.4152 664706 0.5070 BSIZE 74.22056 19.36185 3.833341 R-squared 0.069087 0.0002 Mean dependent var 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 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 Coefficient Std Error t-Statistio Prob C 458 4778 28.36510 16.16345 0.0000 0.052076 I 0.012632 ' 4122627 , R-squared i 0.09053 Mean dependeni var 0.0001 , 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 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 EffecLs Modern) hay mo hinh FEM ta CO bang ke't qua hoi quy nhtf Bang 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 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: Bang Kef qud fioi quy INCOf^ vd GR •f^d tiinti INCOlvl vd GR Dependent Variable: INCOM Method' Least Squares Included obsen/ations: 120 Variable Coetfident Std Enxir t-5tatistic Prob C , 258.0635 57.12379 4.517619 0.0000 GR i 2.622979 0.545736 4.806317 R-squared 0.104480 I Mean dependent var Vdi P_value = 0.0000 vi R GROWTH ldi COMP la dang kc 0000 502.8207 0.4.S'^( thi tac ddng cija Bdng 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 397.6131 39.29771 10.11797 0.0000 7783642 623933 C PER 2147844 R-squared Mean dependent var 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 Ket qud hoi quy INCOfvl vd E_SIZE •fvld hinh COMP vd E_size Dependent Variable' INCOM Method Least Squares I Included observations 200 Variable C E_SIZE R-squared t-Statistic Prob i 355.4557 Coeificient i Std Enor 75 67646 4.961327 0.0000 , 16.97223 1.802840 209821 06150 Mean dependent v 0.0729 502 8207 Vdt PCE_\ alue = 0729 lhi E_si/.e khdng cd anh hifdng de'n CO.MP vdi mu'c >' nghia ?', 270 So - Thang 5/2020 -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 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 g thich cho bie'n phu thuoc, dd ni thay ddi lai md hinh nghien cdu 2.2 Mt> htiih LOG-LOG tri 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 Ket qud hoi quy mo hinh tuyen hnh bdng POOL LS NhJn \cl 2: +) Khi Jinh dang lai mo hinh ihi cac bie'n gidi thich Method: Pooled Least Squares de'n 43 1^'c cho bien phu thugc Included observations' 40 dong ihtli linh phii hdp Number of cross-sections used: cua nio hinh da tang len rd rei \a Prob (F-slatislic) = Total panel (balanced) observations 120 0.00000 Variable Coefficient Std Error t-StaBstic Prob +) Vdi mo hinh doanh _TN-B_SIZE_TN 23.82041 26.41850 901655 0.3684 nghiep irong nha nu'dc (NN) thu nhap cua CEO _NN-B_SIZE_NN 136.1248 33.08173 4114805 0.0001 chiu SI/ lac dgng Idn cua _FDI-B_SIZE_FDI 24.93412 44.22903 563750 0.5736 cac nhan to da xac dinh +) Y nghTa kinh le: _TN-F_SIZE1_TN 0.172110 0.115616 488637 0.1383 Neu quy mo doanh _NN-F_SIZE1_NN 0.014214 3151693 0.044799 0019 nghiep iang them K/r ihu nhap trung binh cua CEO _FDI-F_SIZE1_FDI 0.093682 3016 0.090434 1.035916 cac loai hinh doanh _TN-PER_TN 1.992294 7185 5.518247 0.361037 nghiep lu" nhan, nhii nu'dc _NN~PER_NN 9.028891 \a dau lu" irdc liep nu'dc 5.209963 733005 0.0848 ngoai lang lan lu'di 3.63% _FDI-PER_FDI 0.685362 438419 0199325 0.8422 29.1% va 17.5% .TN-GR_TN 281357 -0.614208 -0.479342 0.6323 Ne'u doanh nghiep tang tn/dng 1%- thu nhap irung _NN-GR_NN 1.264983 -0.172643 0.8631 -0.218391 binh cua CEO giam irung _FDI-GR_FDI 1.289868 0.0092 395875 2.632731 binh 15.6% 48.1% va 56% lu'dng u'ng d cdc loai Fixed Effects hinh doanh nghiep Wnhan, _TN-C 285.7243 nha nddc va dau lu' tri/c _NN-C -519.7952 liep nu'dc ngoai Ke't luan chung _FDI-C 84.34606 Bang Panel Data Mean depen ent var 503.3863 R-squared 0.496063 ,xay dtfng mo hinh ihl mo hinh LOG-LOG cho chiing 0.000000 Prob(F-statis ic) F-statistic 8.882231 la kel qud lot hdn mo hinh luye'n linh, dd, Idc gia de xuat mo hinh nghien cu'u ihu nhap cua CEO + 0.021*LOG(PER_TN) difdi dang nhu" sau: -O.I56*LOG(GR_TN) LOG(COMP_TN) = 4.259 LOG(INCOM_NN) = 3.2l + 0.256*LOG(B_SIZE_TN) + l.38l*LOG(B_SIZE_NN) + 0.036*LOG(F SIZE1_TN) + 0.2915*L0G{F_SIZE I _NN) + 0.021*LOG(PER_TN) + 0.2S98*LOG(PER„NN) + 0.156*LOG(GR_TN) (1) -0.4I*LOG(GR^NN) Dependent Variable: INCOM 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) 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 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: Bang 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 4.517619 0.0000 GR 622979 0.545736 806317 0.0000 R-squared , 0.104480 Mean dependent var Vdi Pvalue = 0.0000 vi R~ 10.45":!- thi tac dpng cua GROWTH tdi COMP la dang ke Bdng 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 C PER Coefficient ^ S t d Enor ~' 397.6131 39 29771 t 147844 7.783642 I 3.623933 Mean dependent var R-squared ' 0.062202 0004 502 8207 Vdi P_\alue = 0.0004 Per cd anil hudng den COMP, nhien hi; so phii hdp ciia mo liinh khong cao dat khoang 6.22% B{3ng 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 t-Statistic Prob C 356.4557 75.67646 961327 0000 E_SIZe 20.9821 16 97223 802840 R-squared 0.06150 Mean dependent var 0.0729 502.8207 \ d i PCE_\ alue = 0.0729 Ihi E_M/C khong cd anh hudng den COMP vdi mtic \ nghTa 5''f 270 So - Ttiang 5/2020 + 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 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 rS cac bie'n giai thich chua Ihuc stt g thich cho bie'n phu thuoc, 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 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: Total panel (balanced) Dbservations 120 Variable _TN-B_SIZE_TN Coefffclent Std Error t-Statistic Prob 23.82041 26 41850 901656 0.3684 _NN-B_SIZE_NN 136.1248 33 08173 4.114805 0.0001 _FDI-B_SIZE_FDI 24.93412 44.22903 563750 5736 _TN-F_SIZE1_TN 172110 0.115616 1.488637 0.1383 _NN~F_SIZE1_NN 0.044799 0.014214 3.151693 0.0019 _FDI-F_SIZE1_FDI 0.093682 0.090434 1.035916 0.3016 _TN-PER_TN 1.992294 518247 0.361037 0.7185 _NN-PER_NN 028891 209963 1.733005 0.0848 FDI-PER FDI 685362 3.438419 0.199325 0.8422 JN-GR_TN -0.614208 1.281357 -0.479342 0.6323 _NN-GR_NN -0.218391 1.264983 -0.172643 0.8631 _FDI-GR_FDI 3.395875 1.289868 2.632731 0.0092 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 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 56""^ tu'dng u'ng d cac loai hinh doanh nghiep lu'nhan, JN-C 285 7243 nha nu'dc va dau tu" tri/c ^NN-C -519.7952 tie'p nu'dc ngoai Ke't luan chung _FDI-C 84.34605 Bang Panel Data R-squared 496063 Mean dependent var 503.3863 \a\ difng md hinh thi mo hinh LOG-LOG cho chiing F-statistic 8.882231 Prob(F-statistic) 0.000000 ta ke't qua tot hdn mo hinh tuyen tinh do tic gia + 0.021-^LOG(PER_TN) de xua't md hinh nghien cifu thu nhap cua CEO -0.156*LOG(GR_TN) difdi dang nhif sau: LOG(COMP_TM = 4.259 L0G(INC0M_NN) = : i -i- 0.256^LOG(B_S1ZE_TN) + !.3S1^L0G(B^S1ZE_NN) -(-0.036*LOG(F_SIZE1_TN) + 0.2915*LOGlF_SIZEl_NN) -1- 0.021-^LOG(PER_TN) + 2898*LOG(PER_NN) -h0.1S6 ^LOG(GR_TN) (1) -0.4I=^LOG(GR_NN) Fixed Effects ' 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) 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) Sd9-Thar^g 5/2020 271 TAPCmCONeTKIfdNG Bong Ket qua hoi quy mo hinh LOG-LOG b a n g POOL LS Dependent Vanable LOG(INCOM) Method: GLS (Cross Section Weights) Number of cross-sections used" Total panel (unbalanced) obsen/ations: 12 One-step weighting matrix Coefficient Std Error t-StaUstlc Prob 256002 0.373646 0.685146 0.4942 _NN-LOG(B_SIZE_NN) 381180 0.383400 3.602450 0004 _FDI-LOG(B_SIZE_FDI) 0.692787 0.529019 1.309569 0.1921 _TN-L0G(F_SIZE1_TN) 0.036345 0.130339 278848 0.7807 _NN~L0G(F_SIZE1_NN) 0.291480 067420 4.323326 0.0000 _FDI~LOG(F_SIZELFDI) 0.174971 0.107733 1.624125 0.1062 _TN-I.OG(PER_TN) 0.020999 0.125081 0167886 0.8669 _NN-LOG(PER_NN) 289845 088583 3.272007 0.0013 _FDI-LOG(PER_FDI) 227096 0.117023 940605 0.0540 _TN~LOG(GR_TN) •0.156226 229538 0.680612 0.4971 _NN-LOG(GR_NN) 0.481245 0.264097 •1.822228 0.0702 _FDI~LOG(GR_FDI) 0.055514 0195348 -0.284178 0.7766 Variable _TN-LOG(B_SIZE_TN) ^ Fixed Effects _TN-C 4.258947 _NN-C 3.209040 _FDI—C 3468044 " " T Weighted Statistics R-squared 0.538952 Mean dependentvar 6.013280 F-statisiic 11 78180 Prob(F-statistJc) 0.000000 0.415498 Mean dependentvar 5.983000 Unweighted Statistics R-squared J~ 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 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)»-"• 272 So 9-Ttiang 5/2020 (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|' • IPhRFDl)"" (GR_FDI|"'" Trong >eu to nni sinh tren vdi mo hmh (2 KINK DOANH \cu 10 tac dong ro net den thu nhap ciia CEO dd iaLOG(B_SIZE).LOG(F_SIZEI)vaLOG(PER) dieu niy hoan loan phii hdp vdi ly thuyet kinh te Tu\ nhien cac ye'u to tac dpng khong du manh de ddp lfng difdc mo hinh hoan hao the hien chS Iifdng thona tin ma cac \eu to nav siai thich \a tac dong den^hu nhap ciia CEO'mdi chi xa'p \i 53.S9% Dieu dd chu'ng td cd nhifng ye'u to ngoai sinh \a npi sinh khac tac dpng den thu nhap ciia CEO • TAI LI^LI THAM KHAO: I NiiuxcnThiMinhNhan, MaiHai An(20l2) Su'dung mo hinh BOX-JENKINS dir bao bdn hang lai cdc doanh nghiep ihUcfng mai nhi nifdc Tgp chi Khoa Iwc Thuang mgi ^o ViJ Xuan Thuy (2016) (fng dung ly iliyet EVA 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 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 Damodar N Gujarati Basic Eccmcmieiries - International Edition McGR A\V-HILL 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 foreigninvested firms Keywords: CEO compensation, panel data, regression analysis model FEM So - T h o n g 5/2020 273 ... VND billion) This study also employed the Panel Data to examine the compensation of CEOs of foreigninvested firms Keywords: CEO compensation, panel data, regression analysis model FEM So - T... 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,... F_sizcl iinh hir3ng ldi CO.MP la chKa tJirns ke 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)