Tác động của đặc điểm hội đồng quản trị đến hiệu quả hoạt động công ty Đại học Kinh tế TP.HCM, 2015

B GIÁO D O I H C KINH T TP HCM NGUY N TH TRÂM TR NG C MH NG QU N N HI U QU HO NG CƠNG TY LU TP.H Chí Minh – B GIÁO D O I H C KINH T TP HCM NGUY N TH TRÂM TR NG C MH NG QU N N HI U QU HO NG CÔNG TY Chuyên ngành: Tài – Ngân hàng Mã s : 60340201 LU NG D N KHOA H C: TS PHAN N THANH TH Y TP.H Chí Minh – L Tác gi qu n tr lu n hi u qu ho có s h tr t t c y N i dung lu ng c mH ng ng công ty” cơng trình nghiên c u c a riêng tác gi , ng d n khoa h c TS Phan N Thanh Th c công b lu “ ng li cs d c t ng h p t nh ng ngu m b o không chép b t c cơng trình nghiên c u khác TP.HCM, ngàytháng Tác gi Nguy n Th Trâm M CL C TRANG PH BÌA L M CL C DANH M C CÁC T VI T T T DANH M C CÁC HÌNH DANH M C CÁC B NG TÓM T T I THI 1.1 Lý ch TÀI NGHIÊN C U tài 1.2 M c tiêu nghiên c u 1.3 Ph m vi nghiên c u 1.4 u 1.5 K t c u c a lu NG QUAN V LÝ THUY T 2.1 Lý thuy t v qu n tr công ty 2.1.1 Lý thuy i di n 2.1.2 Lý thuy t v qu n tr 2.1.3 Lý thuy t ràng bu c ngu n nhân l c .9 2.1.4 Lý thuy t bên liên quan 10 2.2 Vai trò c a H ng qu n tr 11 2.2.1 Vai trị ki m sốt 12 2.2.2 Vai trò h tr 14 2.2.3 Vai trò chi 2.3 mH 2.3.1 Quy mô H c 14 ng qu n tr hi u qu ho ng công ty 17 ng qu n tr 18 2.3.1.1 M i quan h ngh ch bi n 18 2.3.1.2 M i quan h ng bi n 19 2.3.1.3 Khơng có m i quan h .19 2.3.1.4 K t lu n 20 2.3.2 Thành viên n H 2.3.2.1 M i quan h ng qu n tr 20 ng bi n 20 2.3.2.2 M i quan h ngh ch bi n 21 2.3.2.3 Khơng có m i quan h 21 2.3.2.4 K t lu n .21 2.3.3 Quy n kiêm nhi m .22 2.3.3.1 M i quan h ngh ch bi n 22 2.3.3.2 M i quan h ng bi n .22 2.3.3.3 Khơng có m i quan h 23 2.3.3.4 K t lu n .24 2.3.4 Thành viên H ng qu n tr 2.3.5 T l s h u v n c a H NG GI u hành 24 ng qu n tr .25 THUY C U 27 3.1 Khung ti p c n nghiên c u .27 3.2 Gi thuy t nghiên c u .28 3.2.1 29 3.2.2 Thành viên n H ng qu n tr 30 3.2.3 T l s h u v n c a H ng qu n tr .31 3.2.4 Quy n kiêm nhi m .31 3.2.5 Thành viên H 3.2.6 Bi ng qu n tr u ti t quy mô H u hành 32 ng qu n tr 33 u 33 3.3.1 M u nghiên c u 33 p d li u 35 3.3.3 Bi ng .35 3.3.3.1 Bi n ph thu c (Hi u qu ho 3.3.3.2 Bi ng công ty) 35 c l p (bi n gi i thích) 36 3.3.3.3 Bi n ki m soát 38 3.3.4 Quy trình nghiên c u 41 T QU NGHIÊN C U 43 m m u nghiên c u 43 4.2 K t qu th c nghi ng hi u qu ho 4.2.1 Ma tr 4.2.2 Ki ng b ng TobinQ 48 ng n 48 nh hi i hi ng t .49 4.2.3 K t qu h i quy 50 4.3 K t qu th c nghi ng hi u qu ho 4.4 K t qu th c nghi m v vai trò u ti t c a ng b ng ROA .52 55 4.5 Th o lu n k t qu 57 4.5.1 Quy mô H ng qu n tr 58 4.5.2 Thành viên n H ng qu n tr 59 4.5.3 T l s h u v n c a H ng qu n tr .59 4.5.4 Quy n kiêm nhi m .60 4.5.5 Thành viên H 4.5.6.Bi ng qu n tr u ti t quy mô H u hành 60 ng qu n tr .61 T LU N VÀ KI N NGH 63 5.1 Nh m lu 63 5.2 Tóm t t k t qu nghiên c u 64 5.2.1 M i quan h chi u .64 5.2.2 M i quan h c chi u .65 5.2.3 Khơng có m i quan h 65 5.2.4 M i quan h 5.3 Gi i h 65 ng nghiên c u .65 TÀI LI U THAM KH O PH L C Ph l c 1: Các k t qu ki ng hi u qu ho ng b ng TobinQ Ph l c 2: Các k t qu ki ng hi u qu ho ng b ng ROA Ph l c 3: Các k t qu h ng hi u qu ho t ng b ng TobinQ Ph l c 4: Các k t qu h ng hi u qu ho t ng b ng ROA Ph l c 5: Các k t qu h ng hi u qu ho t ng b ng TobinQ Ph l c 6: Các k t qu h ng b ng ROA ng hi u qu ho t DANH M C CÁC T VI T T T HOSE – S giao d ch ch ng khốn Thành ph H Chí Minh HASTC – S giao d ch ch ng khoán Hà N i –H ng qu n tr REM – Mơ hình hi u ng ng u nhiên FEM – Mơ hình hi u ng c nh DANH M C CÁC HÌNH Hình Trang Hình 3.1: Khung ti p c n nghiên c u 28 Hình 4.1: Ch s nt n tháng 12/2013……… 44 DANH M C CÁC B NG B ng Trang B ng 2.1: M i liên h gi a lý thuy t qu n tr cơng ty v i vai trị c B ng 3.1: B 16 u ki n niêm y t công ty HOSE HATSC 34 B ng 3.2: B ng mô t bi B ng 4.1: B ng t n su t phân b c ng s d ng nghiên c u 40 mH ng qu n tr 45 B ng 4.2: B ng th ng kê mô t bi n quan sát 47 B ng 4.3: B ng ma tr B ng 4.4: B ng ki B ng 4.5: Ki a bi n 48 nh p i hi ng t quan 49 nh Hausman 50 B ng 4.6: B ng k t qu h i quy ( có hi u ch nh Robust Error) 51 B ng 4.7: B ng k t qu h i quy v i bi n ph thu c ROA ( có hi u ch nh Robust Error) 53 B ng 4.8: B ng k t qu h i quy ki ng u ti t c a bi n quy mô 56 B ng 4.9:T c m i quan h theo k v ng k t qu h i quy 57 Topak, M., S., 2011 The Effect of Board Size on Firm Performance: Evidence from Turkey Middle Eastern Finance and Economics 14 119-127 Truong, Q., Swierczek, F., W and Dang, C., 1998 Effective leadership in joint ventures in Vietnam: a cross-cultural perspective Journal of Organizational Change Mangement.11(4).357-372 Uwalomwa, U and Olamide, O., 2012 An Empirical Examination of the Relationship between Ownership Struture and the Performance of Firms in Negeria.International Business Research.5(1).208-215 Vafeas, N., 1999 Boards meeting frequency and firm performance.Journal of Financial Economics.53(1).113-142 Wintoki, M., B., Linck, J., S and Netter, J., M., 2012.Endogeneity and the dynamics of internal corporate governance.Journal of Financial Economics.105(3).581-606 Yermack, D., 1996 Higher Market Valuation of Companies With a Small Board of Directors Journal of Financial Economics.40(2).185-211 Yermack, D., 2006 Board Members and Company Value Financial Markets and Portfolio Management.20(1) 33-47 Ph l c 1: Các k t qu ki ng hi u qu ho TobinQ Ki ng n Variance Inflation Factors Date: 05/03/15 Time: 22:13 Sample: 445 Included observations: 445 Variable Coefficient Variance Uncentered VIF Centered VIF C BSIZE DUAL GENDER OWN OUTD SIZE LNYEAR_TL 0.098014 0.000529 0.002226 0.000607 0.025543 0.000370 0.000438 0.001272 211.4844 39.35365 2.018583 2.383918 1.706243 7.868939 180.1500 26.50309 NA 1.503190 1.170325 1.325722 1.123716 1.407118 1.082908 1.019435 ng b ng Ki i hi n t t Heteroskedasticity Test: White F-statistic Obs*R-squared Scaled explained SS 2.330953 72.08410 992.7839 Prob F(34,410) Prob Chi-Square(34) Prob Chi-Square(34) Breusch-Godfrey Serial Correlation LM Test: 97.17851 81.10687 Prob F(1,436) Prob Chi-Square(1) 0.0000 0.0000 0.0001 0.0001 0.0000 Ki nh Hausman Correlated Random Effects - Hausman Test Equation: EQ02_TOBINQ Test cross-section random effects Test Summary Cross-section random Chi-Sq Statistic Chi-Sq d.f Prob 34.698764 0.0000 Ph l c 2: Các k t qu ki Ki ng hi u qu ho ng n Variance Inflation Factors Date: 03/03/15 Time: 20:46 Sample: 445 Included observations: 445 Variable C BSIZE DUAL GENDER OWN OUTD SIZE LNYEAR_TL Coefficient Uncentered Variance VIF 0.004003 2.16E-05 9.09E-05 2.48E-05 0.001043 1.51E-05 1.79E-05 5.20E-05 211.4844 39.35365 2.018583 2.383918 1.706243 7.868939 180.1500 26.50309 Centered VIF NA 1.503190 1.170325 1.325722 1.123716 1.407118 1.082908 1.019435 ng b ng ROA Ki i hi n t t Heteroskedasticity Test: White F-statistic Obs*R-squared Scaled explained SS 0.847138 29.20946 106.0748 Prob F(34,410) Prob Chi-Square(34) Prob Chi-Square(34) 0.7154 0.7015 0.0000 Breusch-Godfrey Serial Correlation LM Test: F-statistic Obs*R-squared 179.6418 129.8492 Prob F(1,436) Prob Chi-Square(1) 0.0000 0.0000 Ki nh Hausman Correlated Random Effects - Hausman Test Equation: EQ02_ROAIT Test cross-section random effects Test Summary Cross-section random Ngu n: K t qu tính tốn c a tác gi Chi-Sq Statistic Chi-Sq d.f 0.000000 Prob 1.0000 Ph l c 3: Các k t qu h i quy theo ho ng hi u qu ng b ng TobinQ ng bi n thành viên n hành b u i Dependent Variable: TOBINQ Method: Panel Least Squares Date: 05/06/15 Time: 22:57 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZE DUAL GENDER OWN OUTD SIZE LNYEAR_TL 2.629571 0.018796 0.078870 0.042508 -0.656997 -0.005950 0.074503 -0.886735 1.233418 0.025034 0.034582 0.027251 0.592733 0.016482 0.079507 0.142257 2.131938 0.750834 2.280645 1.559878 -1.108420 -0.361018 0.937069 -6.233315 0.0337 0.4533 0.0232 0.1197 0.2684 0.7183 0.3494 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.639167 0.540946 0.324392 36.72529 -76.37722 6.507438 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.048879 0.478782 0.774729 1.658808 1.123338 2.021597 ng bi n thành viên n hành b u l Dependent Variable: TOBINQ Method: Panel Least Squares Date: 01/18/15 Time: 15:40 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZE DUAL GENDERB OWN OUTDB SIZE LNYEAR_TL 2.541951 0.026327 0.076978 0.082848 -0.674355 -0.075764 0.078651 -0.874933 1.216880 0.020816 0.034411 0.128105 0.595342 0.090461 0.078967 0.140883 2.088908 1.264778 2.237035 0.646720 -1.132720 -0.837530 0.995997 -6.210372 0.0374 0.2068 0.0259 0.5182 0.2581 0.4029 0.3199 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.638618 0.540247 0.324639 36.78119 -76.71564 6.491964 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.048879 0.478782 0.776250 1.660329 1.124859 1.674606 Ph l c 4: Các k t qu h ho ng hi u qu ng b ng ROA ng bi n thành viên n hành b u i Dependent Variable: ROA Method: Panel Least Squares Date: 01/20/15 Time: 22:23 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZE DUAL GENDER OWN OUTD SIZE LNYEAR_TL 0.969872 -0.004462 0.002409 0.019191 0.092283 -0.006199 -0.042854 -0.081988 0.194275 0.006227 0.009842 0.007325 0.079300 0.003023 0.015024 0.032570 4.992274 -0.716580 0.244764 2.620086 1.163711 -2.050235 -2.852341 -2.517239 0.0000 0.4741 0.8068 0.0092 0.2453 0.0411 0.0046 0.0123 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.645330 0.548786 0.062636 1.369240 655.4720 6.684347 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.114495 0.093247 -2.514481 -1.630402 -2.165872 1.900530 ng bi n thành viên n hành b u l Dependent Variable: ROA Method: Panel Least Squares Date: 01/18/15 Time: 15:42 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZE DUAL GENDERB OWN OUTDB SIZE LNYEAR_TL 0.940267 -0.003446 0.001266 0.115564 0.086384 -0.043196 -0.040470 -0.083456 0.188813 0.005650 0.009755 0.042978 0.079134 0.017689 0.015064 0.032609 4.979886 -0.609923 0.129800 2.688886 1.091614 -2.441889 -2.686445 -2.559308 0.0000 0.5423 0.8968 0.0075 0.2758 0.0151 0.0076 0.0109 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.646889 0.550770 0.062499 1.363220 656.4524 6.730087 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.114495 0.093247 -2.518887 -1.634808 -2.170279 1.831558 Ph l c 5: Các k t qu h ho ng hi u qu ng b ng TobinQ ng bi n thành viên n hành b u i Dependent Variable: TOBINQ Method: Panel Least Squares Date: 01/20/15 Time: 22:38 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZEDUM DUAL GENDER OWN OUTD SIZE LNYEAR_TL BSIZEDUM*OUTD 2.936709 -0.093221 0.073502 0.038009 -0.665951 -0.024071 0.063731 -0.891222 0.046449 1.191791 0.105781 0.033451 0.025837 0.591153 0.016952 0.078263 0.141487 0.020528 2.464115 -0.881263 2.197315 1.471116 -1.126529 -1.419997 0.814324 -6.298962 2.262745 0.0142 0.3788 0.0287 0.1422 0.2607 0.1565 0.4160 0.0000 0.0243 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.641667 0.542816 0.323730 36.47085 -74.83033 6.491288 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.048879 0.478782 0.772271 1.665559 1.124511 2.024496 ng bi n thành viên n hành b u l Dependent Variable: TOBINQ Method: Panel Least Squares Date: 01/20/15 Time: 22:40 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZEDUM DUAL GENDERB OWN OUTDB SIZE LNYEAR_TL BSIZEDUM*OUTDB 2.856482 -0.068322 0.075645 0.091053 -0.685880 -0.119679 0.066108 -0.871046 0.282628 1.191364 0.104280 0.033505 0.124817 0.594162 0.092831 0.078623 0.139662 0.129034 2.397657 -0.655184 2.257764 0.729498 -1.154366 -1.289224 0.840833 -6.236795 2.190333 0.0170 0.5128 0.0246 0.4662 0.2491 0.1982 0.4010 0.0000 0.0292 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.640584 0.541435 0.324219 36.58104 -75.50159 6.460814 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.048879 0.478782 0.775288 1.668576 1.127528 2.025152 Ph l c 6: Các k t qu h ho ng hi u qu ng b ng ROA ng bi n thành viên n hành b u i Dependent Variable: ROAIT Method: Panel Least Squares Date: 01/18/15 Time: 15:45 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZEDUM DUAL GENDER OWN OUTD SIZE LNYEAR_TL BSIZEDUM*OUTD 0.969392 -0.053563 0.001666 0.019135 0.094004 -0.009687 -0.042542 -0.087020 0.010419 0.183420 0.019863 0.009837 0.006508 0.080663 0.003696 0.014799 0.032553 0.003774 5.285088 -2.696543 0.169324 2.940368 1.165386 -2.620693 -2.874605 -2.673170 2.761135 0.0000 0.0073 0.8656 0.0035 0.2447 0.0092 0.0043 0.0079 0.0061 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.648967 0.552130 0.062404 1.355200 657.7653 6.701652 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.114495 0.093247 -2.520293 -1.627005 -2.168053 1.844873 ng bi n thành viên n hành b u i Dependent Variable: ROAIT Method: Panel Least Squares Date: 01/20/15 Time: 22:34 Sample: 2009 2013 Periods included: Cross-sections included: 89 Total panel (balanced) observations: 445 White diagonal standard errors & covariance (no d.f correction) Variable Coefficient Std Error t-Statistic Prob C BSIZEDUM DUAL GENDERB OWN OUTDB SIZE LNYEAR_TL BSIZEDUM*OUTDB 0.936444 -0.052339 0.001160 0.121360 0.086710 -0.054095 -0.040218 -0.086810 0.069967 0.186411 0.023358 0.009727 0.043167 0.080217 0.019605 0.015107 0.032561 0.026819 5.023551 -2.240750 0.119237 2.811421 1.080934 -2.759210 -2.662216 -2.666065 2.608889 0.0000 0.0257 0.9052 0.0052 0.2805 0.0061 0.0081 0.0080 0.0095 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.650282 0.553809 0.062287 1.350120 658.6009 6.740507 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.114495 0.093247 -2.524049 -1.630761 -2.171809 1.919975 ... trúc qu n tr công ty thành ph n c u thành c t ngu n l c có th Ngu n l doanh nghi p ng c n thi t cho công ty, vai trị c u n i gi a cơng ty v i ngu n l c, công ty n l c c g ng ki ng kinh doanh b... (Duality) Quy n kiêm nhi m x y ch t c công ty Theo ng quy n kiêm nhi m c a tác gi ,2011; Rouf, 2011), nghiên c u quy n kiêm nhi + Duality =1 : ch t + Duality =0 : ch t ng b ng bi n gi c công ty c công. .. nghi p qu n tr công ty m t cách hi u qu m b o hi u qu ng c a công ty V im ng câu h i nghiên c u Có s ng c t ra: u qu ho ng c a công ty hay không? N mc ng lên hi u qu ho ng công ty s nào? 1.3 Ph