(Luận văn thạc sĩ) relationship between women leadership and companys performance evidence from vietnamese listed companies

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 VINIF.2021.ThS.16] h 40 REFERENCES h Adams, M (2015) Board Diversity: More than a Gender Issue Deakin Law Review, 20, 123–152 Anh, H T P., & Trang, N N H (2019) The impact of board gender diversity on firm performance: Evidence from Vietnamese listed firms Dalat University Journal of Science, 9(1), 31-48 Asch, S E (1951) Effects of group pressure upon the modification and distortion of judgments Organizational influence processes, 58, 295-303 Asch, S E (1955) Opinions and social pressure Scientific American, 193(5), 31-35 Ahern, K R., & Dittmar, A K (2012) The changing of the boards: The impact on firm valuation of mandated female board representation The quarterly journal of economics, 127(1), 137-197 Baysinger, B D., & Butler, H N (1985) Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition Journal of Law, Economics, & Organization, 1(1), 101–124 Bhagat, S., & Black, B (2001) The Non-Correlation between Board Independence and Long-Term Firm Performance Journal of Corporation Law, 27, 231–274 Bond, R (2005) Group size and conformity Group processes & intergroup relations, 8(4), 331-354 Bourguignon, A (1997) The Various Functions of Accounting Language: An Example of Performance Accounting Auditing Control, 3(1), 89-101 Bromiley, P (1990) On the Use of Finance Theory in Strategic Management Advances in Strategic Management, 6, 71–98 Campbell, K., & Mínguez-Vera, A (2008) Gender diversity in the boardroom and firm financial performance Journal of business ethics, 83(3), 435-451 Carter, D A., Simkins, B J., & Simpson, W G (2003) Corporate governance, board diversity, and firm value Financial review, 38(1), 33-53 Carter, S L., & Shaw, E (2006) Women's business ownership: Recent research and policy developments Carter, D A., D’Souza, F., Simkins, B J., & Simpson, W G (2010) The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance Corporate Governance: An International Review, 18(5), 396–414 Cherrington, D J (1989) The Management of individual and organizational performance Colasse, B., & Pochet, C (2009) The genesis of the 2007 conseil national de la comptabilit é: a case of institutional isomorphism? Accounting in Europe, 6(1), 25-55 Cox, T H., Lobel, S A., & McLeod, P L (1991) Effects of ethnic group cultural differences on cooperative and competitive behavior on a group task Academy of management journal, 34(4), 827-847 41 h Creswell, J W (2003) A framework for design Research design: Qualitative, quantitative, and mixed methods approaches, 9-11 Daily, C M., & Dalton, D R (2003) Women in the boardroom: A business imperative Journal of Business strategy Đức, V H., & Thuy, P B G (2019) Quản trị công ty & hiệu hoạt động doanh nghiệp: Minh chứng thực nghiệm từ công ty niêm yết Sở giao dịch Chứng khoán TP HCM (Corporate governance & corporate performance: Empirical evidence from companies listed on the Ho Chi Minh Stock Exchange) Tạp chí Phát triển Kinh tế, 01-15 Eagly, A H., & Johannesen-Schmidt, M C (2001) The leadership styles of women and men Journal of social issues, 57(4), 781-797 Erhardt, N L., Werbel, J D., & Shrader, C B (2003) Board of Director Diversity and Firm Financial Performance Corporate Governance: An International Review, 11(2), 102–111 Erkut, S., Kramer, V W., & Konrad, A M (2008) 18 Critical mass: Does the number of women on a corporate board make a difference Women on corporate boards of directors: International research and practice, 222 European Women on Boards (EWoB’s) (2016) Gender Diversity on European Boards – Realizing Europe’s Potential: Progress and Challenges Available at https://www.femtech.at/sites/default/files/EWoB-quant-report-WEB-spreads.pdf Fama, E F., & Jensen, M C (1983) Separation of ownership and control The journal of law and Economics, 26(2), 301-325 Finkelstein, S., Hambrick, D., & Cannella, A A (1996) Strategic leadership St Paul: West Educational Publishing, 9780429430794-12 Francke, A (2013) Women in Leadership, pp.4–5, The Guardian Press, UK GENERAL STATISTICS OFFICE (2020) COMPLETED RESULTS OF THE 2019 VIET NAM POPULATION AND HOUSING CENSUS Available at https://www.gso.gov.vn/en/data-and-statistics/2020/11/completed-results-of-the2019-viet-nam-population-and-housing-census/ Gentry, R J., & Wei Shen (2010) The Relationship between Accounting and Market Measures of Firm Financial Performance: How Strong Is It? Journal of Managerial Issues, 22(4), 514–530 Georgopoulos, B S., & Tannenbaum, A S (1957) A Study of Organizational Effectiveness American Sociological Review, 22(5), 534 doi:10.2307/2089477 Global, D (2022) Women in the boardroom: A global perspective Seventh Edition Gul, F A., Srinidhi, B., & Tsui, J S (2008) Board diversity and the demand for higher audit effort Available at SSRN 1359450 Harrison, F (1974) Perceptions of role performance and organizational effectiveness Police Chief 4lf6V, 56-58 42 h Harrison, J S., & Freeman, R E (1999) Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives Academy of management Journal, 42(5), 479-485 Hillman, A J., Shropshire, C., & Cannella, A A (2007) Organizational predictors of women on corporate boards Academy of Management Journal, 50(4), 941-952 Huse, M., & Solberg, A G (2006) Gender‐related boardroom dynamics: How Scandinavian women make and can make contributions on corporate boards Women in management review International Labour Organization (2021) Gender and the labour market in Viet Nam Available at https://www.ilo.org/hanoi/Whatwedo/Publications/WCMS_774434/lang-en/index.htm Jacobson, W.S., Palus, C.K and Bowling, C.J (2010) ‘A woman’s touch? Gendered management and performance in state administration’, Journal of Public Administration Research and Theory, Vol 20, No 2, pp.477–504 Jensen, M C., & Meckling, W H (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of financial economics, 3(4), 305360 Kanter, R M (1977) Some effects of proportions on group life In The gender gap in psychotherapy (pp 53-78) Springer, Boston, MA Katz, D., & Kahn, R L (1978) Organizations and the system concept Classics of organization theory, 80, 480 Konrad, A M., Kramer, V., & Erkut, S (2008) The impact of three or more women on corporate boards Organizational dynamics, 37(2), 145-164 Kramer, V W., Konrad, A M., Erkut, S., & Hooper, M J (2006) Critical mass on corporate boards: Why three or more women enhance governance Kravitz, D A (2003) More women in the workplace: is there a payoff in firm performance? Academy of Management Perspectives, 17(3), 148-149 Kristie, J (2011) The power of three Dir Boards, 35(5), 22-32 Kulich, C., Ryan, M K., & Haslam, S A (2007) Where is the romance for women leaders? The effects of gender on leadership attributions and performance‐based pay Applied psychology, 56(4), 582-601 Labelle, R., Francoeur, C., & Lakhal, F (2015) To Regulate Or Not To Regulate? Early Evidence on the Means Used Around the World to Promote Gender Diversity in the Boardroom Gender, Work & Organization, 22(4), 339–363 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 43 h Lee, P M., & James, E H (2007) She'‐e‐os: gender effects and investor reactions to the announcements of top executive appointments Strategic Management Journal, 28(3), 227-241 Liu, Y., Wei, Z., & Xie, F (2014) Do women directors improve firm performance in China? Journal of corporate finance, 28, 169-184 LuatVietnam (2021) The Resolution No 28/NQ-CP on promulgation of the National Strategy on Gender Equality in the period of 2021 – 2030 Available at https://english.luatvietnam.vn/resolution-no-28-nq-cp-dated-march-03-2021-ofthe-government-on-promulgation-of-the-national-strategy-on-gender-equality-inthe-period-of-2021-203-199301-Doc1.html Lückerath-Rovers, M (2013) Women on Boards and Firm Performance Journal of Management & Governance, 17(2), 491–509 Madaleno, M., Vieira, E S., & Teodósio, J P (2019) Corporate Female Leadership Effects Considering PSI20 and IBEX35 Companies' Performance In Handbook of Research on Women in Management and the Global Labor Market (pp 280-301) IGI Global Mahadeo, J D., Soobaroyen, T., & Hanuman, V O (2012) Board Composition and Financial Performance: Uncovering the Effects of Diversity in an Emerging Economy Journal of Business Ethics, 105(3), 375–388 Mandl, I (2010) Overview of Family Business Relevant Issues Country Fiche Austria, p.13, EU Publishing, Belgium Mekong Business Initiative (2016) SÁCH, K N C DOANH NGHIỆP NHỎ VÀ VỪA DO PHỤ NỮ LÀM CHỦ TẠI VIỆT NAM: THỰC TRẠNG VÀ GIẢI PHÁP (WOMEN-Owned SMEs in VIETNAM: SITUATION AND SOLUTIONS) Minniti, M (2009) ‘Gender issues in entrepreneurship’, Foundations and Trends in Entrepreneurship, Vol 5, Nos 7–8, pp.497–621 Mitchell, L and Ewing, M (2011) Overcoming the Gender Gap: Women Entrepreneurs as Economic Drivers, pp.2–13, Kauffman Foundation, USA Nemeth, C J., & Kwan, J L (1987) Minority influence, divergent thinking and detection of correct solutions Journal of Applied Social Psychology, 17(9), 788799 Perna, G., Varriale, L., & Briganti, P (2019) GENDER DIVERSITY IN CORPORATE GOVERNANCE: ORGANIZATIONAL IMPLICATIONS OF REGULATIONS FOR COMPANY’S PERFORMANCE IN ITALY Pfeffer, J., & Salancik, G R (1978) A resource dependence perspective Pfeffer, J., & Salancik, G R (2003) The external control of organizations: A resource dependence perspective Stanford University Press Powell, G N., & Butterfield, D A (2002) EXPLORING THE INFLUENCE OF DECISION MAKERS'RACE AND GENDER ON ACTUAL PROMOTIONS TO TOP MANAGEMENT Personnel psychology, 55(2), 397-428 44 h Price, J L (1968) Organizational effectiveness: An inventory of propositions (Vol 10) Homewood, Ill: RD Irwin Randoy, T., Thomsen, S., & Oxelheim, L (2006) The Performance Effects of Board Diversity in Nordic Firms Norway: Nordic Innovation Centre Robbins, S.P., 1987 Organization Theory: Structure, Design and Application 2nd Edn., Prentice-Hall, Englewood Cliffs, NJ Rose, C (2007) Does Female Board Representation Influence Firm Performance? The Danish Evidence Corporate Governance: An International Review, 15(2), 404– 413 Salloum, C., Azzi, G., Mercier-Suissa, C., & Khalil, S (2016) The rise of women and their impact on firms' performance International Journal of Entrepreneurship and Small Business, 27(2-3), 213-246 Shrader, C B., Blackburn, V B., & Iles, P (1997) Women in management and firm financial performance: An exploratory study Journal of managerial issues, 355372 Singh, V., & Vinnicombe, S (2004) Why so few women directors in top UK boardrooms? Evidence and theoretical explanations Corporate governance: an international review, 12(4), 479-488 Simpson, W G., Carter, D., & D'Souza, F P (2010) What we know about women on boards? Journal of Applied Finance (Formerly Financial Practice and Education), 20(2) Smith, N., Smith, V., & Verner, M (2006) Do Women in Top Management Affect Firm Performance? A Panel Study of 2,500 Danish Firms International Journal of Productivity and Performance Management, 55(7), 569–593 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 Thảo, H T P., Nam, P Đ., & Anh, H T P (2015) Giới tính, sở hữu nhà nước thành công ty (Gender, state ownership and company performance) Tạp chí Phát triển Kinh tế, 26(8) Trang, H C., & Nhị, V V (2020) Ảnh hưởng thành viên nữ hội đồng quản trị đến hiệu hoạt động công ty niêm yết (The influence of female members of the board of directors on the performance of listed companies) Tạp chí Phát triển Kinh tế, 61-75 Truong, B T., & Tran, D K N (2009) Financial analysis Text book, University of Danang Trương, T N T., Nguyễn, T H L., Trần, T H L., Trần, M A., & Nguyễn, H T (2014) Nữ thành viên hội đồng quản trị kết tài chính: Nghiên cứu cơng ty niêm yết Việt Nam (Female board members and financial results: A study of Vietnamese listed companies) Tạp chí Kinh tế & Phát triển, (205), 84-88 45 UN Women Vietnam (2020) On the implementation of the Beijing Declaration and Platform for action +25 Independent report: 25 year-implementation of the Beijing Declaration and Platform for Action in Viet Nam from perspective of the youth in Viet Nam Available at https://asiapacific.unwomen.org/en/digitallibrary/publications/2020/05/independent-report-25-year-implementation-of-thebeijing-declaration -youth Verboncu, I & Zalman, M (2005) Management şi performanţe, Editura Universitară Warmington, A., Lupton, T., & Gribbin, C (1977) Organizational behaviour and performance: an open systems approach to change Springer Widhiastuti, R., Kiswanto, K., & Jati, K W (2020) The Role of Women’s Leadership in Manufacturing Companies Listed on the Indonesia Stock Exchange The Indonesian Journal of Accounting Research Yuchtman, E., & Seashore, S E (1967) A system resource approach to organizational effectiveness American sociological review, 891-903 h 46 APPENDIX I Securities symbols of companies listed on HOSE 2019 CEE CHP CIG CII CLC CLL CLW CMG CMV CMX CNG COM CRC CRE CSM CSV CTD CTF CTG CTI CTS CVT DAG DAH DAT DBC DBD DCL DGC DHA DHC DHM DLG DMC DPM DPR DQC DRC DRH DRL DSN DTA DTL DTT DXG DXV EIB ELC EMC EVE EVG FCM FCN FDC FIR FIT FLC FMC FPT FRT FTS GAB GDT GEG GIL GMC GMD GSP GTA GVR HAG HAI HAP HAR HAS HAX HBC HCD HCM HDB HDC HDG HHS HII HMC HNG HOT HPG HQC HRC HSG HSL HT1 HTI HTL HTV HU3 HUB HVH HVN HVX IBC IDI IJC ILB ITC ITD JVC KBC KDC KDH KHP KMR KOS KPF KSB L10 LAF LBM LCM LDG LEC LGC LGL LHG LM8 LPB MBB MCG MCP MDG MHC MIG MSH MSN MWG NAV NBB NCT NHH NKG NLG NNC NSC NT2 NTL NVL NVT OGC OPC PAC PAN PC1 PDN PET PGC PGI PHC PHR PIT PJT PLP PLX PMG PNC PNJ POM POW PPC PTB PTC PTL PVT QBS QCG h AAA AAM ABT ACB ACC ACL ADG ADS AGM AGR AMD ANV APC APG ASM ASP BBC BCE BCG BCM BFC BIC BID BMI BMP BRC BSI BTT BVH BWE C32 C47 CAV CCL CDC RAL RDP REE ROS S4A SAV SBA SBV SC5 SCD SFC SFG SFI SGN SGR SGT SHA SHI SHP SII SJD SJF SKG SMA SMB SMC SPM SRC SSI STB STG STK SVC SVI SVT SZC SZL TCB TCH TCL TCM TCO TCR TCT TDC TDG TDH TDM TDW TEG TGG THG THI TIP TIX TLD TLG TLH TMS TMT TN1 TNA TNC TNI TNT TPB TPC TRA TRC TSC TTB TTE TV2 TVB TVS TVT TYA UDC UIC VAF VCB VCF VCI VDP VDS VFG VGC VHC VIB VIC VID VIP VIX VJC VMD VND VNE VNG VNL VNS VPB VPH VPI VPS VRC VRE VSC VSI VTB VTO YBM YEG 47 APPENDIX II Securities symbols of companies listed on HNX 2019 CLH CLM CMC CMS CPC CSC CTC CTP CTT CTX CVN CX8 D11 DAD DAE DC2 DDG DHP DHT DL1 DNC DNM DNP DP3 DPC DST DTC DTD DTK DXP DZM EBS ECI EID EVS FID GDW GKM GLT GMX HAD HBS HCC HCT HDA HEV HGM HHC HHG HJS HKT HLC HLD HMH HOM HPM HTP HUT HVT ICG IDC IDJ IDV INC INN IPA ITQ IVS KDM KHS KMT KSD KSQ KST KTS KVC L14 L18 L35 L61 L62 LAS LBE LCD LCS LDP LHC LIG LM7 LUT MAC MBG MBS MCF MCO MDC MEL MHL MIM MST MVB NAG NAP NBC NBP NBW NDN NDX NET NHC NSH NST NTH NVB OCH ONE PBP PCE PCG PCT PDB PDC PEN PGN PGS PGT PHN PHP PIA PIC PJC PLC PMB PMC PMS POT PPE PPP PPS PPY PRC PSC PSD PSE PSI PSW PTD PTI PTS PV2 PVB PVG PVI PVL QHD QST QTC RCL S55 S99 SAF SCI SD2 SD4 SD5 SD6 SD9 SDA SDC SDG SDN SDT SEB SED SFN h AAV ACM ADC AMC AME AMV APP APS ARM ART ATS BAB BAX BBS BCC BDB BED BII BKC BLF BPC BSC BST BTS BTW BVS C69 CAN CAP CDN CEO CET CIA CJC CKV SGD SGH SHE SHN SHS SIC SJ1 SJE SLS SMT SPI SRA SSM STC STP SVN SZB TA9 TAR TBX TC6 TDN TDT TFC THB THT TIG TJC TKC TKU TMC TMX TNG TPP TST TTC TTH TTT TV3 TVC TVD TXM UNI V12 V21 VC1 VC2 VC3 VC6 VC7 VC9 VCC VCM VCS VDL VE1 VE2 VE3 VE4 VE8 VGP VGS VHE VHL VIE VIF VIG VIT VKC VLA VMC VMS VNC VNF VNR VNT VSA VSM VTC VTH VTL VTV VXB WCS WSS X20 48