VIETNAM GENERAL CONFEDERATION OF LABOUR TON DUC THANG UNIVERSITY FACULTY OF FINANCE AND BANKING CEOS' GENERATION, FIRM'S OWNERSHIP AND FIRM RISK-TAKING: EVIDENCE FROM VIETNAMESE LISTED
INTRODUCTION 1
The literature provides evidence that a company's risk tolerance is highly correlated with the age of the CEO in the corporation A research study about career perspectives shows that younger CEOs have not developed a solid reputation However, other scientific investigations that take into account professional considerations reveal that younger CEOs are more risk-averse This is due to the fact that they have yet to solidify their reputation and the amazing influence that CEOs play in company growth and business performance (Andreou et al., 2017) On the other hand, younger CEOs are more inclined to implement company practices that are conservative in nature (Sirias et al., 2007) This is because they don't want to face consequences for their company's poor performance On the other side, it has been observed that younger CEOs tend to take risks, be overconfident, and exaggerate their managerial skills For instance, previous research indicates that younger CEOs are linked to riskier corporate strategies and have a higher chance of being involved in crashes (Serfling, 2014)
The company's willingness to take risks is essential to its long-term growth There is data that suggests many managers view risk-taking as a crucial component of the managing role (March & Shapira, 1987) The study of Nana (2016) also reveals that senior CEOs are more likely to undertake diversified acquisitions and that their companies have more diverse business areas and conditions The risk preferences of other senior executives may also influence the company's overall risk profile because a CEO normally does not establish company policies alone but rather as a team member Executives in the CEO's age group should encourage the CEO's risk-taking behavior if the CEO's age affects his or her risk appetite According to this prediction, as the CEO and the next most powerful executive get older, the volatility of stock returns, operating leverage, and financial leverage decrease Additionally, when the next most important CEO (Chief Executive Officer) is older, a company's activities are more diversified According to studies, stock gains are rising while the corporate risk is decreasing (French et al Future stock returns for businesses run by senior CEOs will be lower than those for businesses run by younger leaders They contend that a portfolio with the youngest CEOs will perform better than one with CEOs in the oldest age group in terms of portfolio earnings that are risk-adjusted
In this study, we only focus on the construction and real estate sector for the following reasons:
First, real estate is one of the industries with a significant position and function in the national economy, having a close connection to the construction, building materials, financial, and monetary markets The long history of real estate from the past to the present can be shown to be primarily comprised of official transactions beginning in 1993 At that time, there were relatively few real estate enterprises, primarily land use rights, and real estate was primarily transacted in gold The Vietnamese real estate market formally debuted in 1993 and was dominated by secondary sales until 2003 The foreign sector started to pay attention to investment and development, including housing, rented offices, and industrial parks The Vietnamese real estate market has generated a variety of business products through the stages of formation and development, and it has grown significantly The advancement of socioeconomic development, the ability to attract investment capital, and the promotion of development, industrialization, and modernization will all be significantly aided by the sustainable development and efficient administration of this field In the nation's modernization In terms of total registered capital, real estate came in second with 3.15 billion USD and 22.5% Vietnamese industrial real estate investors continue to find the country appealing due to a stable currency, a rise in trade agreements, and free commerce, according to Cushman & Wakefield, the world's largest provider of real estate services From 2009 to 2021 on the HOSE, 127 real estate businesses listed on the Vietnam stock exchange comprised the sample for our study Our findings can be used as a reference for real estate to have solutions to
—ROA ROE improve activities contributing to real estate development, creating a premise for sustainable development
Figure 1.1: Profitability developments of real estate enterprises in Vietnam (HOSE) in the period 2009 — 2021
Our team noted several findings using a dataset of real estate companies listed on the stock exchange in Vietnam from 2009 to 2021 First, generational variations among CEQs in the Vietnamese real estate market can influence business risk-taking Second, the firm's risk-taking is proxied by Leverage, SD (ROA), SD (ROE), and PPE, but our evidence shows that CEO generation difference only affects SD (ROA), and PPE Third, we also found ownerships have a positive or negative on the firm risk— taking
Our report is researched with the following objectives: First, we look for factors affecting the risk-taking of companies in the field of Construction and Real Estate in
Vietnam Then, we focus on analyzing the impact of CEOs’ generation and ownership on corporation risk-taking
The remainder of the thesis is structured as follows We review the related literature and present our hypothesis development in Chapter 2 Chapter 3 describes the data and research methodology Our main results and discussions are displayed in Chapter 4 Finally, we conclude this study by discussing the implication and limitations of this study in Chapter 5.
LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT4 PC roi -cy:di
Seekers and BUIlers óc nh HT HH TH TH TH nh tt 6
The effect of historical events on firm risk-taking among various generational cohorts is explained by the generational theory According to this hypothesis, a generational group is composed of people who have similar knowledge, values, and emotional responses Despite this wealth of empirical data, little research has been done to determine if behavior varies over generations Therefore, the goal of our study is to examine the variations in risk-taking behaviors among CEOs from various generations We'll refer to this as the between-generation impacts We also explore the so-called "within-generation impact," which refers to changes in early life experiences between generations
World War II caused the period in which the seeker was born to be challenging Seekers are born into a period of conflict, hardship, struggle, and search for independence (Born 1943 — 1960) A self-sufficient economy is one in which agriculture and employment in the major sector of the economy are the most significant sources of income for this generation This generation was raised in educational institutions devoid of useful frameworks (Twenge et al., 2010)
For instance in Vietnam, is in the midst of its independence process At that time, the government did not fully support the educational system, and every parent wanted to enroll their children in neighborhood schools At the time, only wealthy children could afford to pursue further education because it required flying overseas and large financial assistance It is evident that the economy has a high level of unemployment, low salaries, and persistent inflation after the war was fully over Social construction and social hypothesis are the two basic tasks used throughout the investigation It is stated in the topic that people retain the characteristics they developed in childhood and adolescence over the course of their developmental lives, and it is also stated that active individuals and groups create social reality and interact with others in social situations According to Leiter (2010), the main generation is a collection of people who have come together to share contacts and experiences during different periods of their lives Each generation has a unique experience with life and is exposed to diverse things during their formative years, according to early sociologists like (Malmendier & Tate, 2005) They see a growing significance in the generations that can supply sufficient information to comprehend social change In other universes, cultural identity is preserved while societal reform is implemented according to tradition
In the Builders Generations in the early 1970s, agriculture remained the most important industry in the world economy At the time of independence, the majority of the population participated in agricultural activities The government of the newly independent nation invested heavily in agriculture to improve people's living standards
At this time people have more developments in particular in education, the structure for the new economy for example in Vietnam The generations living at this time witnessed the beginning of developments toward a new era of industrialization, economic self-reliance, educational development, and progress in becoming an independent nation-state develop Following its reunification in 1976, Vietnam experienced many challenges, including domestic persecution, isolation from the rest of the world due to the Cold War, a Vietnamese invasion of Cambodia, and an American economic blockade The Communist Party of Vietnam revised its economic strategy in 1986 and started a series of Doi Moi reforms to the economy and private sector Vietnam scrapped its planned economy during the country’s 6th National Congress of the Communist Party of Vietnam in favour of a market-based one Since the reforms in the middle of the 1980s, Vietnam has experienced rapid economic expansion People who were born between 1961 and 1981, on the other hand, continue to migrate in search of economic stability This generation is referred to as the
"Builder" (Ling et al., 2006) Vietnam's economy expanded quickly, and the population was immediately exposed to the popular culture of Western mass consumerism Thus, the following hypotheses are proposed here:
Ha: SEEKERS is positively related to firm LEVERAGE
Hi: BUILDERS is negatively related to firm LEVERAGE
Hh: SEEKERS is positively related to firm SD (ROA)
Haằ: BUILDERS is negatively related to firm SD (ROA)
Hs.: SEEKERS is negatively related to firm SD (ROE)
Hs,: BUILDERS is positively related to firm SD (ROE)
H,: SEEKERS is negatively related to firm PPE
Hi: BUILDERS is positively related to firm PPE.
DATA AND RESEARCH METHODOLOGY e2 9 3.1 Data sources and samp̀ - - - c2 2121122122121 115121551 111211 2112111111101 E1 re 9
Multicollinearlfy - c1 121121221 121122111211121211111101111 1110k Hy 17 3.3.2 Heteroskedasticlfy seCfIOH 2 2n 2H HH1 HH rờ 18
Table 3.3: The matrix correlation coefficient among the variables
As can be seen in Table 3.3, the correlation coefficients between the variables are all less than 0.7, proving that there is very little nsk of multicollinearity in the dataset
According to the Hausman test hypothesis:
We compare between FEM and REM models to choose the suitable model:
Table 3.4: Hausman test results of FEM and REM
Test: Ho: difference in coefficients not systematic chi2(8) = (b-B)'[(V_b-V_B) “-1)](b-B)
As can be seen from Table 3.4, we run the Hausman test and show that the P value (=0.0041) < o = 0.05 Therefore, we reject hypothesis Ho but hypothesis Hi: is accepted With the same result, The FEM is more appropriate (Model 1,2)
Table 3.5: Hausman test results of FEM and REM
Test: Ho: difference in coefficients not systematic chi2(8) = (b-B)'[(V_b-V_B) “(-1)](b-B)
As can be seen from Table 3.5, we run the Hausman test and show that the P value (=0.0135) < o = 0.05 Therefore, we reject hypothesis Ho but hypothesis H; 1s accepted With the same result, The FEM is more appropriate (Model 7,8)
Table 3.6: Heteroskedasticity result of Models (1) and (2)
Wald test Ho: sigma(i)’2 = sigma’? for allt chi2 (43) = 77739.05
According to Table 3.6, the test results show that the P-value (= 0.0000) < a with a 1% significance level > The Hy hypothesis failed It can be seen that Model (1) and (2) has heteroskedasticity We adjusted for heteroskedasticity using the General Least Square (GLS) method
Table 3.7: Heteroskedasticity result of Models (3) and (4)
Ho: sigma(i)’2 = sigma’? for allt chi2 (43) = 69064.12
According to Table 3.7, the test results show that the P-value (= 0.0000) < a with a 1% significance level > The Hy hypothesis failed It can be seen that Model (3) and (4) has heteroskedasticity We adjusted for heteroskedasticity using the General Least Square (GLS) method.
Table 3.8: Heteroskedasticity result of Models (5) and (6)
Wald test Ho: sigma(i)*2 = sigma’? for alli chi2 (43) = 1.9e+06
According to Table 3.8, the test results show that the P-value (= 0.0000) < a with a 1% significance level > The Ho hypothesis failed It can be seen that Model (5) and (6) has heteroskedasticity We adjusted for heteroskedasticity using the General Least Square (GLS) method
Table 3.9: Heteroskedasticity result of Models (7) and (8)
Ho: sigma(i)*2 = sigma’? for alli chi2 (43) = 1.8e+05
According to Table 3.9, the test results show that the P-value (= 0.0000) < a with a 1% significance level > The Ho hypothesis failed It can be seen that Models (7)
21 and (8) have heteroskedasticity We adjusted for heteroskedasticity using the General Least Square (GLS) method.
EMPIRICAL RESULTS 21
Table 4.10: Seeker, Builder CEOs, and other factors affect firm risk-taking (GLS Models)
Note: The significance at 1%, 5% and 10% level is denoted with ***, **, and *, respective.
Using the GLS Model, the results are shown in Table 4.1 as follows: Table 4.1 columns (1), (2), (3), (4), (5), (6), (7), and (8) provide robust results about the relationship between Seeker and Builder CEOs with firm-risk taking However, we only found the relationship between CEOs’ generations and the firm’s risk-taking in Columns (3), (4), (7), and (8) with the o(ROA) and PPE proxy Previous studies (Serfling, 2014) and (Malm et al., 2021), show younger CEOs have a higher risk-taking ability than older CEOs The author Serfling (2014) pointed out that older CEOs limit firm risk-taking they tend to invest less in R&D, make more diverse acquisitions, and manage organizations with more diverse operations Moreover, the other discussion by Malm (2021) shows that older CEOs often reduce firm risk-taking as evidence shows that companies with older CEOs tend to enforce regulations and decrease their companies’ legal risk However, in our study, this was only true for firm risk-taking as measured by PPE While, the coefficient of SEEKERS is negatively significant with firm risk-taking at 1% level, and the coefficient of BUILDERS is positively significant with firm risk-taking at 1% level We find that young CEOs who accept higher risks, often prefer to invest in PPE because it is an investment with high returns and tends to increase in price in the long run
Ownership has a negative association with firm risk-taking, the finding is also congruent with the reasons provided by C R Chen (1998) They think management risk aversion may dominate initiatives to increase managerial wealth through risk transfers, resulting in a negative relationship between ownership and risk-taking Specifically, State ownership is negatively significant with firm risk-taking at 1% level Consistent with (Mihet, 2013), showing Domestic enterprises’ risk-taking is observed to be higher in countries with low uncertainty aversion, limited tolerance for hierarchical connections, and strong individualism Domestic enterprises in these countries take far greater risks in the industry with more information Foreign Ownership is negatively significant with firm risk-taking at 1% significance level This
24 proves that companies with a high rate of Foreign Ownership have a lower level of risk-taking Also according to (Mihet, 2013) regarding Foreign Ownership, the author's results indicate that Foreign enterprises’ risk-taking is best described by the cultural norms of their home nation
Consistent with (Benjamin & Biswas 2019) and (Junge et al., 2021), when the result shows that FIRMSIZE accounts for a more positive association with risk-taking at 1% level FIRMAGE has a positive impact on risk-taking at 1% and 10% levels, since the older a company, the easier it is to demonstrate financial strength, and the more favourable the loan Our results are consistent with those (Li & Tang, 2010) In addition, according to our results suggest that CEO tenure and firm risk-taking have a negative association at 5% level Through data analysis, we found that CEOs with long tenures will often invest in safe areas, thereby producing better results Therefore, the risk is also limited As observed, the company's environmental protection policy (Green Policy) has a significant positive impact on risk-taking at 1% significance level Companies with environmental policies will be more interested in customers Since then, revenue has also improved, and idle money will increase they will be interested in investing
As can be seen from columns (1) and (2) of Table 4.1 suggest that Seeker, Builder CEOs, and some variables affect leverage Overall, column (1) shows that companies with Seeker CEOs and Builder CEOs are not significantly related to Leverage This rejects Hypothesis Hi va Hin, as our hypothesis suggests that Seeker CEOs and Builder CEOs will be related to Leverage
Companies with Foreign ownership have a negative impact on Leverage at 1% significance level, consistent with (Gupta et al., 2020) The results show that foreign ownership is negatively associated with leverage These findings are consistent with the results of (Gupta et al., 2020), which state: ‘Foreign-controlled companies in India use less debt than domestic firms This can be demonstrated by the reason that foreign
25 investors are mainly large investors and often possess supervisory skills (Nana, 2016) that enable them to deal with overinvestment problems level by managers or reduce agency costs between ownership and managers (Jaffee et al., 2007) This is in a way, foreign ownership and debt levels can act as substitutes to moderate the reckle behaviour of managers (Moon, 2001) SCASH has a negative effect on Leverage at 1% level This result is consistent with (Guney et al., 2007) and (Ali, 2013) Besides, CEO Tenure also has a negative impact on Leverage at 5% of the risk level Finally, Green Policy has a positive effect on Leverage at 1% significance
In general, the results of columns (3), and (4) in table 4.1 above also show the impact of Seeker and Builder o(ROA) The estimated results from the GLS regression show that Seeker and Builder are opposite in impact with risk-taking as measured by o(ROA) Specifically, Seeker has a positive effect on SD(ROA) at 10% significance level With this result, hypothesis Hz, is said to be appropriate when it is assumed that Seeker has a positive effect on o(ROA) However, hypothesis Ha assumes that Builder has a negative effect on o(ROA ), this hypothesis holds for the results given that Builder CEO has a negative effect on o(ROA) at 10% confidence level
As shown in Table 4.1, State Ownership has a negative relationship to risk tolerance as measured by o(ROA) at 1% significance level Foreign Ownership has a positive relationship with o(ROA) at 5% significance level While FIRMAGE has a significant positive effect on o(ROA) at 10% level FIRMSIZE has a negative effect on firm risk-taking at the 1% level On the other hand, SCASH has a positive effect on o 1% level Green Policy has a positive effect on firm risk-taking in columns (5), and (6), which is significant at the 1% level
Moreover, Table 4.1 provides the results of Seeker CEOs, Builder CEOs, and other factors that affect o(ROE) According to our calculation results, it can be seen that there is no evidence of a relationship between Seeker CEOs, Builder CEOs, and o (ROE) The following hypotheses H;, and H3, can be seen that the results in columns
(5) and (6) reject the original hypothesis With hypothesis Hs, SEEKERS are negatively related to firm o(ROE) While hypothesis Hz states that BUILDERS are positively related to firm o(ROE)
However, the remaining variables are all significant Ownership has a significant positive effect on risk-taking at 10% significance level FIRMAGE has a significant positive effect on 6 (ROE) at 10% level We also observe FIRMSIZE has a significant and positive impact on o (ROE) at 1% significance level SCASH has a positive effect on o (ROE), at the significance level of 1% CEO tenure has a negative impact on risk-taking as measured by o (ROE) at 5% significance level Finally, Environmental policy (Green Policy) has a positive influence on risk-taking as measured by o (ROE) at 1% level, showing that corporate concern about the green environment helps increase firm risk-taking
According to Table 4.1, with the estimated results from the GLS regression in columns (7) and (8), we can see that the group of Seekers and Builder CEOs are significant for corporation risk-taking as measured by PPE, the hypothesis H and hypothesis Ha are accepted in this case Specifically, the results show that Seeker CEOs will reduce the risk-taking calculated by PPE at 1% significance Therefore, hypothesis Hạ; is supported In contrast, Builder CEOs have a positive effect on risk- taking measured by PPE at 1% significance level, this means that my hypothesis Hằ is correct It can be seen that the old CEO takes less risk than the younger CEO This was discussed above
In addition, State Ownership has a positive effect on risk-taking at 5% significance level Looking at the results of SCASH, we find that there is a negative association between this control variable and the firm’s PPE, at 10% significance level
It is discussed that when the cash holding ratio is high, the business will limit borrowing, resulting in low investment activity, and firm risk-taking will reduce Meanwhile, Firm Age had a positive impact on risk-taking as measured by PPE at 1%
27 level The older the company ages, the more the company will have a position in the market, thereby promoting the company's investment activities, especially investing in tangible assets Besides, increasing the ability to borrow capital The business will increase the firm's risk-taking ability And CEO tenure is significantly positive on risk- taking at 1% level.
CONCLUSION 28
Documents about the real estate industry in Vietnam in general and various specialities in particular, as well as our study on whether the Builder and Seeker CEO are capable of accepting risks in the company During the period 2009-2021, our research has an impact on the risk tolerance of the CEO generation in the Vietnamese real estate industry We concentrate on the age of CEOs for firm risk-taking while considering the influence of leverage, o(ROA), o(ROE), and PPE in Vietnam Our data indicate a sizable generation divide regarding CEOs’ firm risk-taking
We discovered that CEOs of Seekers were more likely than CEOs of Builders to improve the company’s firm risk-taking Our data indicate that Vietnam is not an exception Our results suggest that CEOs’ risk tolerance is not constant across generations The results show that if risk-taking is measured by PPE and o(ROA), the risk tolerance level of CEOs is significant Specifically, older CEOs are more likely to take risks than younger CEOs when risk-taking is measured by o(ROA) On the other hand, young CEOs are more likely to take risks than older CEOs when risk-taking is measured by PPE We find that younger CEOs are more likely to invest in PPE because it is a high-return investment and tends to appreciate it in the long run According to our calculation results, it can be seen that there is no evidence of the relationship between Seeker CEO, Builder CEO, and o (ROE) Meanwhile, Ownership has a negative effect on corporate executives’ risk-taking Specifically, State ownership is negatively related to corporate risk tolerance Foreign equity has a negative relationship with Leverage and o(ROE), and it has a positive relationship with o (ROA) and PPE
FIRMAGE has a positive effect on risk-taking, as the older the company, the easier it is to demonstrate financial strength and the more favourable the loan In general, FIRMSIZE has a positive relationship with firm risk-taking Our results show
29 that CEO tenure and company risk tolerance have a negative relationship Companies interested in environmental policies have a positive impact on risk-taking SCASH have a positive impact on business risk-taking
The research from our group with precise data, academics’ theoretical arguments, and research work on In the past, local and international real estate has been diversified based on the CEO of the company's tolerance for risk Thus, this is the first time that we have researched Vietnamese real estate companies
According to our understanding, most of the previous studies often focused on data analysis of many different industries However, there are very few analyzes in particular about risk-taking in the construction and real estate industries in Vietnam In conclusion, this study adds to the body of knowledge already written about the real estate market First, it alms to add to the understanding of the significant Vietnamese real estate firms Second, talk about the risk environment for the field of research Third, it not only aids in the identification of ideal models but also offers extra data that is beneficial for field study.
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