NGHIÊN CỨU MỐI TƯƠNG QUAN GIỮA QUẢN TRỊ CÔNG TY QUA CÁC ĐẶC TÍNH CỦA HỘI ĐỒNG QUẢN TRỊ VỚI HIỆU QUẢ HOẠT ĐỘNG CỦA CÁC CÔNG TY CỔ PHẦN.PDF

QUA CÁC TP.HCM - TÍNH HO - Ngân hàng Mã ngành: 60.31.12 TP.HCM - L B n lu th v c tính c a H ph c aG tài um i ng qu n tr v i hi u qu ho cơng trình nghiên c u th c s c a cá nhân n Ng gi a qu n tr công ng c a công ty c is ng d n khoa h c Các s li u lu n g c rõ ràng, c x lý khách quan, trung th c Các tham kh o dùng lu c trích d n rõ ràng TP.HCM, tháng 01 H c viên th c hi n Th nh 1.1 1.1.1 1.1.2 1.1.3 1.1.4 1.2 1.2.1 1.2.2 2.1 2.2 2.2.1 2.2.2 2.2.3 2.2.3.1 2.2.3.2 2.2.4 : 3.1 3.1.1 3.1.2 3.2 3.3 3.3.1 3.3.2 3.4 3.4.1 51 3.4.2 3.4.2.1 3.4.2.2 10 10 10 11 15 17 21 21 23 28 28 29 30 32 33 33 35 36 41 41 41 42 46 49 49 51 51 54 54 61 3.4.3 P P 67 83 86 90 90 91 108 110 122 6: 133 7: 146 BCB : BCTC : Báo cáo tài BCTN : : BKS : CEO : CRSP : : FDI : Fortune 1.000 (500) : FPI : GFCF : : HNX : HSX : IFC : KLSE : OECD : ROA : ROE SGDCK : SGX : UBCKNN : n : : 2010 : : : : : : : : : : : : : : : Các h : Hình 1.1 : Hình 3.1 : Lý ch tài công ty ( quan tâm ) , T Agent Problem1 (Principal - Agent Problem ( có g); (ii) http://vi.wikipedia.org) m M c tiêu nghiên c u: (1) Có c chi u gi u qu ho t ng (2) Có c chi u gi a tính kiêm nhi m v trí Giám c/T ng (3) c c a Ch t Có u gi a t l hi u qu ho (4) (6) cl pv i T l n u v i ng Tu i trung bình c qu ho ng ng hi u qu ho (5) i hi u qu ho c chi u v i hi u ng S h u c ph n c v i hi u qu ho ng 144 Variables Entered/Removed b Model Variables Removed Variables Entered ComP2, Edu, Age, Own4, Fe, ROA1, Dual, Own3, Num, Own2, Ind, Fe_Chair, MC, a DE, Own1, ComP1 Enter a All requested variables entered b Dependent Variable: ROA Model Summary Model R 676 R Square a Adjusted R Square 456 Std Error of the Estimate 365 07179 a Predictors: (Constant), ComP2, Edu, Age, Own4, Fe, ROA1, Dual, Own3, Num, Own2, Ind, Fe_Chair, MC, DE, Own1, ComP1 b ANOVA Model Sum of Squares df Mean Square Regression 411 16 026 Residual 490 95 901 Sig 4.985 000 a 005 Total F 111 a Predictors: (Constant), ComP2, Edu, Age, Own4, Fe, ROA1, Dual, Own3, Num, Own2, Ind, Fe_Chair, MC, DE, Own1, ComP1 b Dependent Variable: ROA Coefficients a Unstandardized Coefficients Model B Std Error (Constant) -.125 -.001 005 Dual -.007 Ind Fe t 134 Num Standardized Coefficients Beta Sig -.934 353 -.023 -.263 793 016 -.036 -.411 682 -.062 041 -.155 -1.503 136 -.012 053 -.025 -.229 820 Fe_Chair 033 027 130 1.245 216 Age 005 002 247 2.426 017 Edu 003 086 003 040 968 Own1 -.012 068 -.024 -.179 858 Own2 021 048 063 436 664 Own3 -.054 078 -.057 -.686 494 Own4 -.091 084 -.098 -1.093 277 MC 3.584E-10 000 194 1.643 104 DE -.013 004 -.370 -3.174 002 445 098 404 4.524 000 ComP1 2.839E-5 032 000 001 999 ComP2 013 035 067 376 708 ROA1 a Dependent Variable: ROA XXIV M u Year 2010-2011: Variables Entered/Removed b Method 145 Model Variables Entered Variables Removed ComP2, Age, Own4, Own3, Num, Fe, Dual, Edu, ROA1, Own2, Ind, a Fe_Chair, MC, DE, Own1, ComP1 Enter a All requested variables entered b Dependent Variable: ROA Model Summary Model R 843 R Square a Adjusted R Square 711 Std Error of the Estimate 679 05048 a Predictors: (Constant), ComP2, Age, Own4, Own3, Num, Fe, Dual, Edu, ROA1, Own2, Ind, Fe_Chair, MC, DE, Own1, ComP1 b ANOVA Model Sum of Squares df Mean Square Regression 909 16 057 Residual 369 145 1.278 F Sig 22.290 000 a 003 161 Total a Predictors: (Constant), ComP2, Age, Own4, Own3, Num, Fe, Dual, Edu, ROA1, Own2, Ind, Fe_Chair, MC, DE, Own1, ComP1 b Dependent Variable: ROA Coefficients a Unstandardized Coefficients Model B Std Error (Constant) -.067 -.002 003 Dual 020 Ind t 067 Num Standardized Coefficients Beta Sig -1.000 319 -.034 -.713 477 009 113 2.174 031 016 Fe 020 040 780 437 056 030 106 1.882 062 -.002 015 -.006 -.107 915 Age 001 001 048 867 387 Edu 017 036 022 459 647 Own1 046 035 098 1.313 191 Own2 070 024 220 2.855 005 Own3 009 149 003 058 954 Fe_Chair Own4 090 029 168 3.094 002 MC -1.256E-11 000 -.015 -.256 798 DE -.005 002 -.142 -2.320 022 731 056 705 13.078 000 ComP1 -.005 018 -.030 -.300 765 ComP2 -.024 019 -.125 -1.247 214 ROA1 a Dependent Variable: ROA Method 146 P kê 7: XXV M u t ng th : Variables Entered/Removed b Model Variables Entered Variables Removed ComP2, ROE1, Age, Own4, Own3, Edu, Num, Year1, Dual, Fe, Own2, MC, Ind, a DE, Fe_Chair, Own1, Year2, ComP1 Method Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 493 R Square a Adjusted R Square 243 Std Error of the Estimate 196 12483 a Predictors: (Constant), ComP2, ROE1, Age, Own4, Own3, Edu, Num, Year1, Dual, Fe, Own2, MC, Ind, DE, Fe_Chair, Own1, Year2, ComP1 b ANOVA Model Sum of Squares df Mean Square F Regression 1.429 18 079 Residual 4.441 285 5.870 5.095 000 a 016 Total Sig 303 a Predictors: (Constant), ComP2, ROE1, Age, Own4, Own3, Edu, Num, Year1, Dual, Fe, Own2, MC, Ind, DE, Fe_Chair, Own1, Year2, ComP1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error -.130 000 005 Dual 017 Ind Fe Beta t 128 Num Standardized Coefficients Sig -1.015 311 -.009 -.158 875 016 062 1.056 292 -.002 038 -.003 -.041 967 081 053 104 1.538 125 Fe_Chair 000 027 -.002 -.024 981 Age 005 002 164 2.588 010 Edu -.040 075 -.029 -.542 588 057 065 075 871 384 Own2 068 046 133 1.485 139 Own3 -.020 107 -.010 -.184 854 Own4 049 062 048 797 426 MC 7.620E-11 000 046 710 478 DE -.008 004 -.140 -2.149 032 407 054 402 7.515 000 Year1 008 026 028 305 760 Year2 -.002 026 -.006 -.061 952 ComP1 -.009 033 -.033 -.289 773 ComP2 -.014 035 -.047 -.403 687 Own1 ROE1 147 Variables Entered/Removed b Model Variables Entered Variables Removed ComP2, ROE1, Age, Own4, Own3, Edu, Num, Year1, Dual, Fe, Own2, MC, Ind, a DE, Fe_Chair, Own1, Year2, ComP1 Method Enter a Dependent Variable: ROE XXVI M u D/E l Variables Entered/Removed b Model Variables Entered Variables Removed ComP2, Edu, Own4, Own3, Fe, Year1, Dual, ROE1, Num, Age, DE, Fe_Chair, a Ind, Own1, MC, Own2, Year2, ComP1 Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 458 R Square a Adjusted R Square 210 Std Error of the Estimate 109 13936 a Predictors: (Constant), ComP2, Edu, Own4, Own3, Fe, Year1, Dual, ROE1, Num, Age, DE, Fe_Chair, Ind, Own1, MC, Own2, Year2, ComP1 b ANOVA Model Sum of Squares Regression df Mean Square 731 18 041 Residual 2.758 142 3.489 Sig 2.092 009 a 019 Total F 160 a Predictors: (Constant), ComP2, Edu, Own4, Own3, Fe, Year1, Dual, ROE1, Num, Age, DE, Fe_Chair, Ind, Own1, MC, Own2, Year2, ComP1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error -.135 004 008 Dual 018 027 Ind 071 Fe t 212 Num Standardized Coefficients Beta Sig -.634 527 048 526 599 061 663 509 070 109 1.013 313 134 080 166 1.681 095 -.013 045 -.026 -.280 780 Age 004 004 128 1.232 220 Edu Fe_Chair -.060 098 -.051 -.613 541 Own1 007 125 009 055 956 Own2 006 085 012 073 942 Own3 061 245 020 248 805 Own4 137 126 102 1.088 279 MC -3.406E-11 000 -.017 -.135 893 DE -.005 006 -.098 -.870 386 419 101 345 4.135 000 ROE1 Method 148 Year1 -.039 051 -.126 -.766 445 Year2 -.068 049 -.228 -1.388 167 ComP1 044 072 145 605 546 ComP2 050 074 166 684 495 a Dependent Variable: ROE XXVII M u D/E nh Variables Entered/Removed b Model Variables Entered Variables Removed ComP2, Dual, ROE1, Own3, Year2, Num, MC, DE, Fe, Edu, Own1, Own4, a Age, Ind, Own2, Fe_Chair, Year1, ComP1 Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 639 R Square a Adjusted R Square 409 Std Error of the Estimate 323 10290 a Predictors: (Constant), ComP2, Dual, ROE1, Own3, Year2, Num, MC, DE, Fe, Edu, Own1, Own4, Age, Ind, Own2, Fe_Chair, Year1, ComP1 b ANOVA Model Sum of Squares Regression df Mean Square 908 18 050 Residual 1.313 124 2.221 Sig 4.763 000 a 011 Total F 142 a Predictors: (Constant), ComP2, Dual, ROE1, Own3, Year2, Num, MC, DE, Fe, Edu, Own1, Own4, Age, Ind, Own2, Fe_Chair, Year1, ComP1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B Std Error (Constant) -.179 -.014 007 Dual -.007 Ind -.046 Fe t 223 Num Standardized Coefficients Beta Method Sig -.799 426 -.154 -2.055 042 021 -.027 -.325 746 048 -.084 -.957 340 012 077 016 152 880 Fe_Chair 010 034 033 309 758 Age 004 002 138 1.649 102 Edu 148 166 070 892 374 Own1 071 069 101 1.033 304 Own2 132 055 273 2.408 018 Own3 -.037 109 -.026 -.342 733 Own4 033 066 042 499 619 MC 7.213E-12 000 005 066 947 DE 006 039 013 164 870 ROE1 351 064 424 5.470 000 Year1 011 029 045 400 690 149 Year2 031 028 125 1.112 268 ComP1 027 035 103 780 437 ComP2 -.017 041 -.056 -.419 676 a Dependent Variable: ROE XXVIII M u MC < 10.000 t : Variables Entered/Removed b Model Variables Entered Variables Removed ComP2, Year1, Age, Own3, Num, MC, ROE1, Edu, DE, Own2, Dual, Fe_Chair, a Own4, Ind, Fe, Own1, Year2, ComP1 Method Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 571 R Square a Adjusted R Square 326 Std Error of the Estimate 242 13834 a Predictors: (Constant), ComP2, Year1, Age, Own3, Num, MC, ROE1, Edu, DE, Own2, Dual, Fe_Chair, Own4, Ind, Fe, Own1, Year2, ComP1 b ANOVA Model Sum of Squares df Mean Square F Regression 1.335 18 074 Residual 2.756 144 4.091 3.877 000 a 019 Total Sig 162 a Predictors: (Constant), ComP2, Year1, Age, Own3, Num, MC, ROE1, Edu, DE, Own2, Dual, Fe_Chair, Own4, Ind, Fe, Own1, Year2, ComP1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error 046 -.008 010 Dual 001 Ind Fe Beta t 197 Num Standardized Coefficients Sig .236 813 -.063 -.836 405 026 003 036 971 -.033 065 -.043 -.505 614 -.002 082 -.002 -.019 985 Fe_Chair 024 041 051 600 550 Age 004 003 115 1.323 188 Edu -.102 100 -.074 -1.016 312 Own1 094 101 098 930 354 Own2 097 066 143 1.470 144 Own3 004 164 002 025 980 Own4 220 118 146 1.873 063 MC -1.090E-8 000 -.175 -2.394 018 DE -.034 009 -.270 -3.579 000 ROE1 378 077 355 4.911 000 Year1 -.047 055 -.145 -.869 386 Year2 -.027 055 -.084 -.491 624 150 ComP1 101 078 264 1.296 197 ComP2 122 080 306 1.527 129 a Dependent Variable: ROE XXIX M u 10.000 t < MC < 100.0000 t : Variables Entered/Removed b Model Variables Entered Variables Removed ComP2, Year1, Fe, Age, Own4, MC, ROE1, DE, Own3, Edu, a Ind, Num, Dual, Own1, Year2, Fe_Chair, ComP1, Own2 Method Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 632 R Square a Adjusted R Square 399 Std Error of the Estimate 282 09802 a Predictors: (Constant), ComP2, Year1, Fe, Age, Own4, MC, ROE1, DE, Own3, Edu, Ind, Num, Dual, Own1, Year2, Fe_Chair, ComP1, Own2 b ANOVA Model Sum of Squares df Mean Square Regression 593 18 033 Residual 894 93 Sig 111 Total 3.428 000 a 010 1.486 F a Predictors: (Constant), ComP2, Year1, Fe, Age, Own4, MC, ROE1, DE, Own3, Edu, Ind, Num, Dual, Own1, Year2, Fe_Chair, ComP1, Own2 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error -.211 006 007 Dual 048 025 Ind -.006 Fe Beta t 208 Num Standardized Coefficients Fe_Chair Age Edu Sig -1.016 312 088 823 413 200 1.870 065 054 -.013 -.119 905 212 089 343 2.386 019 -.051 044 -.164 -1.166 247 004 003 152 1.377 172 067 131 050 511 610 Own1 -.019 090 -.035 -.216 829 Own2 008 072 019 113 910 Own3 -.153 138 -.097 -1.106 272 Own4 026 090 029 284 777 MC 1.493E-9 000 243 2.560 012 DE -.010 008 -.121 -1.217 227 ROE1 260 087 278 2.981 004 Year1 050 029 207 1.686 095 Year2 015 029 065 514 609 151 ComP1 -.036 038 -.158 -.957 341 ComP2 -.086 042 -.359 -2.051 043 a Dependent Variable: ROE XXX M u MC > 100.000 t : Variables Entered/Removed Model b Variables Entered Variables Removed Method ComP2, MC, Fe, Year1, Age, Dual, Own4, Num, Ind, ROE1, a Year2, Own1, Own3, ComP1, Fe_Chair, DE, Own2, Edu Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 924 R Square a Adjusted R Square 854 Std Error of the Estimate 591 05829 a Predictors: (Constant), ComP2, MC, Fe, Year1, Age, Dual, Own4, Num, Ind, ROE1, Year2, Own1, Own3, ComP1, Fe_Chair, DE, Own2, Edu b ANOVA Model Sum of Squares df Mean Square F Regression 199 18 011 Residual 034 10 233 3.249 031 a 003 Total Sig 28 a Predictors: (Constant), ComP2, MC, Fe, Year1, Age, Dual, Own4, Num, Ind, ROE1, Year2, Own1, Own3, ComP1, Fe_Chair, DE, Own2, Edu b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error 452 -.019 029 Dual -.006 Ind Beta t 2.068 Num Standardized Coefficients Sig .219 831 -.338 -.651 530 288 -.024 -.022 983 041 301 096 135 895 Fe 306 410 556 746 473 Fe_Chair 103 163 395 630 543 Age 003 016 111 173 866 Edu -.206 1.750 -.142 -.118 909 Own1 277 489 576 566 584 Own2 -.005 180 -.021 -.027 979 Own3 -.113 1.050 -.068 -.107 917 Own4 084 207 236 404 694 MC -1.617E-10 000 -.274 -.767 461 DE 003 009 191 319 756 ROE1 -.265 215 -.324 -1.235 245 Year1 -.047 077 -.242 -.608 557 Year2 -.029 076 -.157 -.379 713 041 141 203 289 779 ComP1 152 ComP2 -.137 137 -.727 -.998 a Dependent Variable: ROE XXXI M u ComP th i bi n Edu, Own3, Num): Variables Entered/Removed Model b Variables Entered Variables Removed Year2, DE, Own2, Age, Own1, Own4, ROE1, Ind, Fe_Chair, a Year1, Fe, Dual, MC Method Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 881 Adjusted R Square R Square a 776 Std Error of the Estimate 359 11968 a Predictors: (Constant), Year2, DE, Own2, Age, Own1, Own4, ROE1, Ind, Fe_Chair, Year1, Fe, Dual, MC b ANOVA Model Sum of Squares df Mean Square Regression 346 13 027 Residual 100 447 Sig 1.861 208 a 014 Total F 20 a Predictors: (Constant), Year2, DE, Own2, Age, Own1, Own4, ROE1, Ind, Fe_Chair, Year1, Fe, Dual, MC b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error -1.686 660 Ind -1.438 Fe Beta t 1.537 -.308 Standardized Coefficients Sig -1.097 309 -1.024 -.467 655 2.509 -1.369 -.573 584 -.548 2.248 -.413 -.244 814 -2.151 4.318 -3.141 -.498 634 057 041 1.345 1.414 200 Own1 -26.648 43.197 -.161 -.617 557 Own2 -.159 444 -.123 -.359 731 Own4 994 1.869 341 532 612 MC 2.581E-9 000 2.888 532 611 DE -.076 230 -.374 -.331 750 ROE1 052 282 052 186 858 Year1 127 502 423 253 808 Year2 060 501 205 119 908 Dual Fe_Chair Age a Dependent Variable: ROE 342 153 XXXII M u ComP th i bi n Edu, Own3, Own4): Variables Entered/Removed b Model Variables Entered Variables Removed Year2, DE, Own2, Age, Own1, Num, ROE1, Fe_Chair, Ind, Year1, a Fe, Dual, MC Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 891 Adjusted R Square R Square a 794 Std Error of the Estimate 410 11476 a Predictors: (Constant), Year2, DE, Own2, Age, Own1, Num, ROE1, Fe_Chair, Ind, Year1, Fe, Dual, MC b ANOVA Model Sum of Squares df Mean Square Regression 355 13 027 Residual 092 447 F Sig 2.070 169 a 013 Total 20 a Predictors: (Constant), Year2, DE, Own2, Age, Own1, Num, ROE1, Fe_Chair, Ind, Year1, Fe, Dual, MC b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error -3.966 250 261 Dual -.028 717 Ind -.180 Fe -2.808 t 2.886 Num Standardized Coefficients Beta Sig -1.374 212 1.006 959 370 -.095 -.040 970 2.869 -.172 -.063 952 3.601 -2.116 -.780 461 1.011 5.786 1.476 175 866 078 044 1.838 1.762 122 Own1 -18.753 38.915 -.114 -.482 645 Own2 -.025 458 -.020 -.055 958 MC -1.169E-9 000 -1.308 -.175 866 DE -.135 210 -.664 -.643 541 ROE1 046 270 045 171 869 Year1 -.273 702 -.909 -.389 709 Year2 -.359 719 -1.230 -.499 633 Fe_Chair Age a Dependent Variable: ROE Method 154 XXXIII M u ComP trung bình: Variables Entered/Removed b Model Variables Entered Variables Removed Year2, MC, Num, Age, ROE1, Fe_Chair, Own3, Own4, Edu, Dual, DE, Ind, a Own2, Fe, Own1, Year1 Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 566 R Square a Adjusted R Square 320 Std Error of the Estimate 258 12614 a Predictors: (Constant), Year2, MC, Num, Age, ROE1, Fe_Chair, Own3, Own4, Edu, Dual, DE, Ind, Own2, Fe, Own1, Year1 b ANOVA Model Sum of Squares df Mean Square Regression 1.311 16 082 Residual 2.785 175 4.096 Sig 5.149 000 a 016 Total F 191 a Predictors: (Constant), Year2, MC, Num, Age, ROE1, Fe_Chair, Own3, Own4, Edu, Dual, DE, Ind, Own2, Fe, Own1, Year1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error 059 -.005 007 Dual 027 020 Ind 029 Fe t 159 Num Standardized Coefficients Beta Sig .368 713 -.046 -.695 488 092 1.332 184 050 042 570 569 080 068 106 1.175 241 Fe_Chair 010 031 028 338 736 Age 003 003 101 1.261 209 Edu -.138 093 -.098 -1.483 140 Own1 090 077 117 1.175 242 Own2 141 058 231 2.453 015 Own3 -.008 115 -.005 -.072 943 Own4 139 092 106 1.507 133 MC 1.397E-10 000 041 603 548 DE -.031 008 -.273 -3.824 000 ROE1 321 070 311 4.613 000 Year1 002 032 007 068 946 Year2 027 032 092 848 397 a Dependent Variable: ROE Method 155 XXXIV M u ComP cao: Variables Entered/Removed b Model Variables Entered Variables Removed Year2, DE, Ind, Fe_Chair, ROE1, Own4, Own3, Num, Edu, Age, Dual, MC, a Own2, Fe, Own1, Year1 Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 522 Adjusted R Square R Square a 273 Std Error of the Estimate 116 11266 a Predictors: (Constant), Year2, DE, Ind, Fe_Chair, ROE1, Own4, Own3, Num, Edu, Age, Dual, MC, Own2, Fe, Own1, Year1 b ANOVA Model Sum of Squares df Mean Square Regression 353 16 022 Residual 939 74 Sig 90 Total 1.736 058 a 013 1.292 F a Predictors: (Constant), Year2, DE, Ind, Fe_Chair, ROE1, Own4, Own3, Num, Edu, Age, Dual, MC, Own2, Fe, Own1, Year1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B Std Error (Constant) 083 001 008 Dual -.057 Ind -.067 Fe Fe_Chair t 310 Num Standardized Coefficients Beta Sig .268 789 020 173 863 034 -.237 -1.693 095 071 -.140 -.947 347 -.086 135 -.110 -.634 528 -.063 085 -.095 -.746 458 Age 002 005 067 396 693 Edu 017 142 015 122 903 Own1 056 139 086 404 687 Own2 -.059 084 -.148 -.699 487 Own3 -.178 518 -.038 -.344 732 Own4 -.075 103 -.119 -.729 468 MC 8.638E-11 000 078 467 642 DE 003 006 103 546 587 ROE1 325 111 341 2.923 005 Year1 004 055 018 080 937 Year2 -.037 054 -.152 -.675 502 a Dependent Variable: ROE Method 156 XXXV M u Year 2007: Variables Entered/Removed b Model Variables Removed Variables Entered ComP2, MC, ROE1, Edu, Own4, Num, Own3, DE, Fe_Chair, a Dual, Own1, Ind, Age, Fe, Own2, ComP1 Method Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 623 Adjusted R Square R Square a 388 Std Error of the Estimate -.366 12756 a Predictors: (Constant), ComP2, MC, ROE1, Edu, Own4, Num, Own3, DE, Fe_Chair, Dual, Own1, Ind, Age, Fe, Own2, ComP1 b ANOVA Model Sum of Squares df Mean Square Regression 134 16 008 Residual 212 13 345 Sig .514 896 a 016 Total F 29 a Predictors: (Constant), ComP2, MC, ROE1, Edu, Own4, Num, Own3, DE, Fe_Chair, Dual, Own1, Ind, Age, Fe, Own2, ComP1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B Std Error (Constant) 575 006 014 Dual 044 Ind Fe Beta t 953 Num Standardized Coefficients Fe_Chair Sig .603 557 114 449 661 072 188 613 550 -.054 164 -.120 -.326 750 092 222 173 415 685 -.101 101 -.378 -1.006 333 Age 6.026E-5 010 002 006 995 Edu -.595 767 -.199 -.776 452 Own1 059 251 103 234 819 Own2 222 199 505 1.118 284 Own3 027 286 027 094 926 Own4 -.168 508 -.078 -.330 746 MC 3.115E-10 000 136 497 628 DE -.010 035 -.079 -.289 777 ROE1 330 230 431 1.437 174 ComP1 017 110 068 151 883 ComP2 057 141 213 405 692 a Dependent Variable: ROE 157 XXXVI M u Year 2008-2009: Variables Entered/Removed b Model Variables Removed Variables Entered ComP2, Edu, Age, Own4, ROE1, Fe, Dual, Own3, Num, Own2, Ind, DE, a Fe_Chair, MC, Own1, ComP1 Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 498 Adjusted R Square R Square a 248 Std Error of the Estimate 122 15473 a Predictors: (Constant), ComP2, Edu, Age, Own4, ROE1, Fe, Dual, Own3, Num, Own2, Ind, DE, Fe_Chair, MC, Own1, ComP1 b ANOVA Model Sum of Squares Regression df Mean Square 752 16 047 Residual 2.274 95 3.026 F Sig 1.963 024 a 024 Total 111 a Predictors: (Constant), ComP2, Edu, Age, Own4, ROE1, Fe, Dual, Own3, Num, Own2, Ind, DE, Fe_Chair, MC, Own1, ComP1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B (Constant) Std Error -.141 004 011 Dual t 288 Num Standardized Coefficients Beta Sig -.490 625 037 372 710 -.017 034 -.051 -.497 620 Ind 051 089 070 568 571 Fe 115 114 128 1.011 315 Fe_Chair 059 057 125 1.027 307 Age 007 004 198 1.660 100 Edu -.112 184 -.057 -.606 546 Own1 -.070 146 -.077 -.483 630 Own2 002 104 004 023 982 Own3 -.202 169 -.117 -1.194 236 Own4 -.279 179 -.163 -1.560 122 MC 3.356E-10 000 099 729 468 DE -.014 009 -.210 -1.634 106 438 132 321 3.323 001 ComP1 -.026 070 -.077 -.380 705 ComP2 027 076 074 352 725 ROE1 a Dependent Variable: ROE Method 158 XXXVII M u Year 2010-2011: Variables Entered/Removed b Model Variables Entered Variables Removed ComP2, Age, Own4, Own3, Num, Fe, Dual, Edu, ROE1, Own2, Ind, DE, a Fe_Chair, MC, Own1, ComP1 Enter a All requested variables entered b Dependent Variable: ROE Model Summary Model R 640 R Square a Adjusted R Square 410 Std Error of the Estimate 344 10043 a Predictors: (Constant), ComP2, Age, Own4, Own3, Num, Fe, Dual, Edu, ROE1, Own2, Ind, DE, Fe_Chair, MC, Own1, ComP1 b ANOVA Model Sum of Squares df Mean Square Regression 1.015 16 063 Residual 1.463 145 2.477 Sig 6.286 000 a 010 Total F 161 a Predictors: (Constant), ComP2, Age, Own4, Own3, Num, Fe, Dual, Edu, ROE1, Own2, Ind, DE, Fe_Chair, MC, Own1, ComP1 b Dependent Variable: ROE Coefficients a Unstandardized Coefficients Model B Std Error (Constant) -.058 -.003 006 Dual 036 t 133 Num Standardized Coefficients Beta Ind Fe Sig -.434 665 -.035 -.526 599 018 146 1.960 052 -.025 041 -.045 -.609 543 060 059 083 1.022 309 -.009 030 -.025 -.304 761 Age 003 002 090 1.136 258 Edu -.006 072 -.005 -.078 938 Own1 104 070 159 1.493 138 Own2 097 048 221 2.016 046 Own3 178 292 042 610 543 Own4 143 057 193 2.497 014 MC 4.984E-11 000 043 511 610 DE -.005 004 -.109 -1.358 177 ROE1 457 058 532 7.807 000 ComP1 005 036 018 127 899 ComP2 -.033 038 -.124 -.865 389 Fe_Chair a Dependent Variable: ROE Method ... vi nghiên c u: - ng nghiên c u c a Lu n tr công ty, c th c c tính c - Ph m vi nghiên c u c a Lu ph i di n cho công ty c ph n niêm y t t i sàn giao d ch ch ng khoán TP.HCM (HSX) t u c ti n tính. .. mô Công ty Mak Y.T Y Kusnadi (2005) so sánh thông qua 550 công ty (SGX) Kuala Malaysia (KLSE) cách sau quan tài C quy mơ Kiel G.C and G.J Nicholson (2003), xem xét 348 Sau , uy mô quy mô công. .. 1.1.2.1 : , - giao - 12 thành viên công ty, v - giúp công ty tránh phát sinh chi phí cao liên quan xung ng 1.1.2.2 ng nhà 13 n ng i ch có c nhà xem C c 1.1.2.3 công ty ( 14 n 1.1.2.4 Nâng cao uy tín: