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VIETNAM NATIONAL UNIVERSITY, HANOI VIETNAM JAPAN UNIVERSITY TRAN THI THANH HUONG h RELATIONSHIP BETWEEN WOMEN LEADERSHIP AND COMPANY’S PERFORMANCE: EVIDENCE FROM VIETNAMESE LISTED COMPANIES MASTER'S THESIS VIETNAM NATIONAL UNIVERSITY, HANOI VIETNAM JAPAN UNIVERSITY TRAN THI THANH HUONG h RELATIONSHIP BETWEEN WOMEN LEADERSHIP AND COMPANY’S PERFORMANCE: EVIDENCE FROM VIETNAMESE LISTED COMPANIES MAJOR: BUSINESS ADMINISTRATION CODE: 8340101.01 RESEARCH SUPERVISORS: ASSOC PROF DR TRAN THI THANH TU PRO TOHRU INOUE Hanoi, 2022 COMMITMENT I have read and understood the plagiarism violations I pledge with personal honor that this research result is my own and does not violate the Regulation on prevention of plagiarism in academic and scientific research activities at VNU Vietnam Japan University (Issued together with Decision No 700/QD-ĐHVN dated 30/9/2021 by the Rector of Vietnam Japan University) Author of thesis h DEDICATION I dedicate this thesis as a token of love to my beloved parents, Mr Tran Van Chien and Mrs Tran Thi Kim Ngan, who are always been the biggest support and encouragement to me Their unconditional love and motivation made me able to go out of my homeland with confidence and courage to something meaningful in my life Their strong and gentle soul taught me to learn from the challenges and transform my weaknesses into my strengths h ACKNOWLEDGEMENT The preparation of this humble work encompasses the immense and unlimited help of innumerable people I express my deepest and most sincere gratitude to my two respectable supervisors Prof Tohru Inoue and Assoc Prof Dr Tran Thi Thanh Tu for their prompt and necessary guidance, supervision, expert suggestion, and encouragement which have helped me to tide over the hardship encountered during the study For me, it was a unique experience to apply what I have learned so far from the perspective of a global young scholar This master thesis was a great chance for learning and professional development My special thanks go to them for keeping patient with me and sending me countless support Next, I would love to express my deep sense of gratitude to all revered VJU and YNU professors including Hiroshi Morita sensei, Motonari Tanabu sensei, Kodo Yokozawa sensei, Yoshifumi Hino sensei, Kishi Naoko sensei, Maeyama Nobuyuki sensei, Peijun Guo sensei, Kaori Suzuki sensei, Yunyue Yang sensei, Hisashi Kurata sensei, Sadami h Suzuki sensei, Kumiko Kondo sensei, Noriko Nagamine sensei, Prof Nham Phong Tuan, Prof Pham Thi Lien, Prof Nguyen Thi Phuong Mai, Prof Mai Anh, Prof Nguyen Thi Oanh and Prof Do Xuan Truong for providing me with this opportunity to associate myself with them for my study and for providing me with a wide range of valuable guidance and affable treatment given to me They helped me in learning business-related procedures and activities, which helped me to add a feather to my cap I wish to send my thank you words to the officials and staff members including Nguyen Thi Huong san, Kaori Yagi san, Mina Maeda san, Akiko Sakakibara san, and other members who rendered their unlimited help during my study I would like to extend my deep gratitude to my family and my friends for their support in carrying out this work successfully Thank you all once again ABSTRACT The dissertation studies the relationship between women’s leadership and a company’s performance with evidence from Vietnamese-listed companies Women leadership is assessed by the percentage of women on the board of directors and their number Theories suggested that gender diversity in the boardroom improves strategic decisionmaking, creativity, innovations, and hence financial success And boards with a number of women members large enough may modify the overall working style, hence altering the boardroom's dynamics In general, this research assumes that the proportion of women on the board of directors is positively correlated with the company’s performance which is measured as return on assets (ROA), return on equity (ROE), and Tobin’s Q And the board of directors with or more women directors will positively influence the company’s performance A cross-sectional empirical analysis investigates the 618 Vietnamese companies listed on Hochiminh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) in the year 2019 The dissertation demonstrated that there exists a significant positive relationship h between the proportion of women on the Board of Directors and the company’s performance And the Board of Directors with at least three women positively influences the company’s performance This empirical analysis helps make sense of inconclusive earlier studies and provides policymakers and company managers with theoretical and practical implications Keywords: Women leadership, Company’s performance, Board of directors TABLE OF CONTENTS h CHAPTER INTRODUCTION………… 1.1 Research background 1.2 Research necessity 1.3 Research Objectives 1.4 Research Scope .6 1.5 Research Methodology 1.6 Research structure CHAPTER 2: LITERATURE REVIEW…… 2.1 Women leadership 2.2 Company’s performance .9 2.3 Impact of women leadership on company’s performance 11 2.3.1 Theoretical perspective .11 2.3.2 Empirical Studies 16 2.3.3 The case of Vietnam 17 2.4 Research Gap and Contribution 19 CHAPTER 3: RESEARCH METHODOLOGY AND DESIGN 20 3.1 Research Methodology 20 3.2 Research Design 21 3.2.1 Variables .21 3.2.2 Models and Hypotheses 25 3.2.3 Data Collection 26 3.2.4 Methodological Approach 26 CHAPTER 4: FINDINGS AND DISCUSSIONS 27 4.1 Summary Statistics 27 4.2 Correlation Matrix 32 4.3 The relationship between the proportion of women on the BOD and company’s performance .34 4.4 The least women director size that has an impact on company’s performance 36 CHAPTER 5: CONCLUSIONS AND POLICY IMPLICATIONS 38 5.1 Conclusions 38 5.2 Policy Implication 38 5.3 Limitations and suggestions for future research 40 REFERENCES…………………………… 41 APPENDIX I…………………………… 47 APPENDIX II…………………………… 48 LIST OF TABLES Table 3.1 Dependent variables – Company’s performance………………………….21 Table 3.2 Independent variables – Women in the boardroom…………….…………23 Table 3.3 Control variables………………………………………………………… 24 Table 3.4 Data collected…………………………………………………………… 26 Table 4.1 Gender of BOD members………………………………………………….28 Table 4.2 Top three industries with highest percentage of women on BOD…………29 Table 4.3 Descriptive statistics of variables in the models………………………… 30 Table 4.4 Correlation Matrix………………………………………………………….33 Table 4.5 Regression Model result for the Hypothesis 1…………………………… 35 Table 4.6 Regression Model result for the Hypothesis 2…………………………… 37 h i LIST OF ABBREVIATIONS BOD: CEO: GSO: HOSE: HNX: ILO: ROE: ROA: Board of Directors Chief Executive Officer General Statistics Office of Viet Nam Hochiminh Stock Exchange Hanoi Stock Exchange International Labour Organization Return on Equity Return on Assets h ii CHAPTER INTRODUCTION This chapter presents the issue to be explored in this thesis by demonstrating the research motivation In addition, this chapter describes the study aims, research questions, and research contributions 1.1 Research background Women in management is a prominent issue today and their involvement in executive roles has expanded within the previous decade Nowadays, the world of business is valuing the efforts and potential of women to propel a company’s performance According to the report “Women in the boardroom: A global perspective” (Deloitte, 20221) about gender diversity trends in 51 countries around the world, some countries already have laws regulating the proportion of women in the board of directors In 2005, Norway became the first country in the world to enact gender quota legislation for public limited companies, requiring 40% male and female representation on the board That rate in Spain has been 40% by the end of 2022, Netherlands 33% since 2022, h France 40% since 2017, Belgium one-third since 2011 and India has mandated at least one woman on corporate boards since 2012 In several European nations, such as Norway, Sweden, and France, the implementation of gender quotas or laxer regulations has facilitated a larger presence of women in higher positions and boardrooms, in particular (European Women on Boards, 2016)2 STOXX Europe 600 businesses had 1.5 women on their boards in 2011 and 2.8 in 2015 and in five years, women's board representation almost doubled from 13.9% to 25%, but board size remained steady (European Women on Boards, 2016)2 The percentage of women on the board of 10,493 analyzed companies from 72 countries has increased from 16.9% in 2018 to 19.7% in 2021 (Deloitte, 2021)1 The presence of women in top managerial positions including board chairs, CEOs, and CFOs is Global, D (2022) Women in the boardroom: A global perspective Seventh Edition European Women on Boards (EWoB’s) (2016) Gender Diversity on European Boards – Realizing Europe’s Potential: Progress and Challenges Retrieved from https://www.femtech.at/sites/default/files/EWoB-quantreport-WEB-spreads.pdf 4.3 The relationship between the proportion of women on the BOD and company’s performance As mentioned in chapter 3, hypothesis is that the proportion of women on the BOD is positively correlated with the company’s performance To find out the relationship between the proportion of women on the BOD and the company’s performance to test hypothesis 1, the author deployed the regression model in which board gender diversity was measured by the proportion of women (P_WOMEN) while the company’s performance was measured by ROE, ROA and Q and there are control variables (DUALITY, S_OWN, F_OWN, COMP_SIZE, WOMEN_CEO, LEVERAGE, COMP_AGE) Hence, the null hypothesis to be tested in the regression analysis is the coefficient of P_WOMEN equals zero or negative And the null hypothesis is rejected at a 5% level by a 1-tail test The result can be seen in Table 4.5 as below The upper 5% point of t(609) is 1.64736, and the coefficients of P_WOMEN in all equations are significantly positive at a 5% level This result support hypothesis h This conclusion is consistent with resource dependency theory which posits that firms work in connection with external constituents (Pfeffer & Salancik, 197848) According to Daily (2003)80, a company’s performance is contingent on links with these resources Terjesen (2009)81 claimed that knowledge, skills and experiences are things that female members contribute to BOD that is different compared with male members Hillman, Shropshire & Canella (2007) 82 mentioned that females can establish connections with diverse stakeholders dissimilar to male members They took the example of customers, suppliers, potential colleagues and suppliers Some companies see women directors as sources of new ideas and relationships with women employees And board gender diversity improves branding and decision quality, which is an advantage for firms 80 Daily, C M., & Dalton, D R (2003) Women in the boardroom: A business imperative Journal of Business strategy 81 Terjesen, S., Sealy, R., & Singh, V (2009) Women directors on corporate boards: A review and research agenda Corporate governance: an international review, 17(3), 320-337 82 Hillman, A J., Shropshire, C., & Cannella, A A (2007) Organizational predictors of women on corporate boards Academy of Management Journal, 50(4), 941-952 34 Table 4.5 Regression Model result for the Hypothesis Dependent Variable: ROA Dependent Variable: ROE Dependent Variable: Q Variable Coefficient Std Error t-Statistic Prob Variable Coefficient Std Error t-Statistic Prob Variable Coefficient Std Error t-Statistic Prob C P_WOMEN DUALITY S_OWN F_OWN COMP_SIZE WOMEN_CEO LEVERAGE COMP_AGE -0.436927 0.046670 0.015986 0.033205 -0.013550 0.046160 -0.012981 -0.077323 -0.000593 0.071290 0.025172 0.012684 0.016643 0.033076 0.005852 0.015948 0.023097 0.001075 -6.128851 1.854010 1.260314 1.995142 -0.409655 7.887488 -0.813926 -3.347747 -0.551871 0.0000 0.0642 0.2080 0.0465 0.6822 0.0000 0.4160 0.0009 0.5812 C P_WOMEN DUALITY S_OWN F_OWN COMP_SIZE WOMEN_CEO LEVERAGE COMP_AGE -0.166792 0.040474 0.015214 0.018545 -0.004354 0.018204 -0.002515 -0.087889 0.000225 0.043770 0.015455 0.007788 0.010218 0.020308 0.003593 0.009792 0.014181 0.000660 -3.810685 2.618876 1.953610 1.814958 -0.214418 5.066509 -0.256817 -6.197764 0.340334 0.0002 0.0090 0.0512 0.0700 0.8303 0.0000 0.7974 0.0000 0.7337 C P_WOMEN DUALITY S_OWN F_OWN COMP_SIZE LEVERAGE COMP_AGE -1.208855 0.187721 -0.009922 0.045950 -0.058932 0.165436 0.121097 -0.000680 0.332515 0.112057 0.059409 0.077985 0.155022 0.027223 0.108383 0.005043 -3.635488 1.675221 -0.167013 0.589220 -0.380149 6.077173 1.117310 -0.134915 0.0003 0.0944 0.8674 0.5559 0.7040 0.0000 0.2643 0.8927 0.132786 0.121376 0.104877 6.687557 520.3603 11.63699 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.100639 0.111887 -1.657570 -1.593026 -1.632476 1.903655 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.117942 0.106336 0.064391 2.520886 821.3447 10.16212 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat h R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.051253 0.068114 -2.633208 -2.568664 -2.608114 1.896435 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.075249 0.064619 0.492140 147.5011 -434.0112 7.079331 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.751527 0.508856 1.432775 1.490148 1.455081 1.903671 35 4.4 The least women director size that has an impact on a company’s performance As mentioned in chapter 3, hypothesis is that the Board of Directors with or more women members will have a positive impact on the company’s performance To test hypothesis which is the BOD with or more women directors will have a positive impact on the company’s performance, the author use the regression model with independent variables N12_WOMEN and N3_WOMEN while dependent variables are ROE, ROA, and Q Control variables included DUALITY, S_OWN, F_OWN, WOMEN_CEO, LEVERAGE, and COMP_AGE Hence, the null hypothesis to be tested in the regression analysis is the coefficient of N3_WOMEN equals zero or negative And the null hypothesis is rejected at a 5% level by a 1-tail test The regression result can be found in Table 4.6 as below The upper 5% point of t(609) is 1.64736, and the coefficients of N3_WOMEN in all equations are significantly positive at a 5% level This result support hypothesis This result is consistent with critical mass theory and previous research Liu et al (2014)83 imply that three female directors out of 15 board members might have a bigger h influence than one woman out of five, despite the fact that both scenarios have identical numbers of women on the board Kramer et al (2006)84 say that a subgroup must reach a threshold to affect the total population Thus, women directors must reach a specific level to impact the board and business performance 83 Liu, Y., Wei, Z., & Xie, F (2014) Do women directors improve firm performance in China? Journal of corporate finance, 28, 169-184 84 Kramer, V W., Konrad, A M., Erkut, S., & Hooper, M J (2006) Critical mass on corporate boards: Why three or more women enhance governance 36 Table 4.6 Regression Model result for the Hypothesis Dependent Variable: ROA Dependent Variable: ROE Dependent Variable: Q Variable Coefficient Std Error t-Statistic Prob Variable Coefficient Std Error t-Statistic Prob Variable Coefficient Std Error t-Statistic Prob C N12_WOMEN N3_WOMEN DUALITY S_OWN F_OWN WOMEN_CEO LEVERAGE COMP_AGE 0.113967 0.002488 0.033058 0.007980 0.043481 0.083954 0.006341 -0.065386 -0.002473 0.019430 0.009615 0.017379 0.013280 0.017437 0.032060 0.016242 0.024235 0.001105 5.865509 0.258723 1.902208 0.600881 2.493592 2.618653 0.390431 -2.698037 -2.237618 0.0000 0.7959 0.0576 0.5481 0.0129 0.0090 0.6964 0.0072 0.0256 C N12_WOMEN N3_WOMEN DUALITY S_OWN F_OWN WOMEN_CEO LEVERAGE COMP_AGE 0.052156 0.004624 0.023801 0.011961 0.022104 0.032476 0.006911 -0.083465 -0.000557 0.011619 0.005749 0.010392 0.007941 0.010427 0.019171 0.009712 0.014492 0.000661 4.489030 0.804245 2.290332 1.506151 2.119909 1.693999 0.711631 -5.759536 -0.843004 0.0000 0.4216 0.0223 0.1325 0.0344 0.0908 0.4770 0.0000 0.3996 C N12_WOMEN N3_WOMEN DUALITY S_OWN F_OWN WOMEN_CEO LEVERAGE COMP_AGE 0.776471 -0.006406 0.145934 -0.038527 0.083564 0.280316 0.085713 0.159388 -0.007608 0.089350 0.044213 0.079917 0.061070 0.080185 0.147429 0.074688 0.111445 0.005082 8.690222 -0.144898 1.826072 -0.630868 1.042139 1.901357 1.147612 1.430201 -1.497203 0.0000 0.8848 0.0683 0.5284 0.2978 0.0577 0.2516 0.1532 0.1349 0.045033 0.032468 0.110056 7.364267 490.6237 3.583939 0.000446 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.100639 0.111887 -1.561179 -1.496635 -1.536085 1.847881 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.078637 0.066514 0.065810 2.633217 807.8953 6.486496 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat h R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.051253 0.068114 -2.589612 -2.525068 -2.564518 1.859667 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.023666 0.010820 0.506095 155.7286 -450.7564 1.842239 0.066671 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.751527 0.508856 1.490296 1.554841 1.515391 1.905217 37 CHAPTER 5: CONCLUSIONS AND POLICY IMPLICATIONS 5.1 Conclusions Using the descriptive statistics and correlation analysis, there are some main points that can be concluded from 618 observations from 618 Vietnamese listed companies on both HOSE and HNX in 2019 The proportion of women on BOD of Vietnamese firms is lower compared with the global level, but higher than that in Asia Vietnam has a percentage of woman CEO around double that of Asia level and global level In Vietnam, more companies promote women in CEO positions The percentages of woman directors in both companies led by woman CEO and male CEO in Vietnam are slightly lower than those global but sharply higher than those in Asia There is a very clear division in industries with many female directors and few female directors Female directors are not fairly distributed across industries h Using the Least Square approach, the regression findings reveal two main points about the link between women leadership and the company’s performance The proportion of women member of BOD has a positive impact on both two measurements of a company’s performance including accounting measurement (ROE and ROA) and market-based measurement (Tobin’s Q) Additionally, regression result shows that BOD with at least three female members has a greater influence on corporate performance than those with two or fewer female members 5.2 Policy Implication Good corporate governance enables firms to profit from growth while also addressing societal challenges Failure to maintain efficient governance may result in fewer capital market access possibilities for businesses (Le, 2014)85 Le (2014)85 also argued that corporate governance operations must be continually changed, enhanced, Le, M T (2014) Khung pháp luật quản trị công ty đại chúng VN (The current legal framework on public company governance in Vietnam), Hội thảo hoàn thiện pháp luật doanh nghiệp đầu tư bối cảnh cải cách thể chế thị trường VN nay, Hà Nội 85 38 and adapted to the changing economic setting in order to enhance competitiveness and that corporate governance must be seen as a "Work in Progress" rather than a "OneSize-Fits-All" solution In Vietnam, the corporate governance requirements of listed businesses are designed in line with the Law on Enterprises (2020), the Law on Securities (2019), and worldwide best practices on corporate governance According to Ministry of Finance Circular No 116/2020/TT-BTC dated December 31, 2020, guiding a number of articles on public company governance, the Board of Directors is the highest governing body of a corporation, defends the company's interests and the community's assets, ensuring that the investment is successful, and all strategic business decisions must originate from or be authorized by the Board of Directors However, this Circular makes no mention of the function or minimum quota (%) of female Board of Directors members The Ministry of Finance should add regulations on the proportion or number of female Board of Directors members, therefore enhancing the quality of corporate governance and operational efficiency Numerous nations issued laws and regulations on the quota of the proportion of women on corporate boards, including Norway, Spain, the Netherlands, h France, Canada, Belgium, Malaysia, and India (Deloitte, 2022)1 This research was undertaken with the intention of enhancing the knowledge of listed firms while constructing corporate governance mechanisms and BOD structures Therefore, listed firms should refer to this study finding in order to effectively use it while constructing a flexible, dynamic, and effective corporate governance framework The recommended corporate governance solutions for listed businesses are as follows The study findings also assist organizations in organizing the gender of Board of Directors members for optimal company success Female directors in the boardroom help to improve the company's performance, as shown by the study findings Therefore, the company's Board of Directors should include an adequate proportion of women Managers in the listed firm must get formal training in corporate governance By sending managers to such training sessions, the organization will have a better understanding of information openness, accountability in particular, and corporate governance procedures 39 Investors may also use this study's findings as criteria for evaluating the firm in order to make the best investment choice 5.3 Limitations and suggestions for future research The research includes constraints about non-observable factors, such as the age, experience, and education level of female members, for which the amount of their influence on financial success cannot be determined In addition, characteristics such as culture, females in executive positions, etc., have not been noticed in a clear manner These constraints may have a substantial impact on the outcomes of the actual relation between the number and proportion of women on a company's board of directors and its financial success The observation period may not be sufficient to detect the relationship Future research must take into consideration these constraints [Tran Thi Thanh Huong was funded by Vingroup JSC and supported by the Master, PhD Scholarship Programme of Vingroup Innovation Foundation (VINIF), Institute of Big Data, code 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