Nghiên cứu ảnh hưởng các đặc điểm của giám đốc điều hành (CEO’s characteristic) đến hiệu quả hoạt động của một số doanh nghiệp tiêu biểu trên sàn chứng khoán việt nam tt tiếng anh

MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY - SUMMARY OF PHD THESIS A STUDY OF THE IMPACTS OF CEO’S CHARACTERISTICS ON THE PERFORMANCE OF A NUMBER OF OUTSTANDING LISTED ENTERPRISES Major: Business Administration Code number: 9340101 Hanoi – 2019 The thesis is completed at: Foreign Trade University – No.91, Chua Lang Street, Dong Da, Hanoi Science instructors: Associate Prof., Doctor of Science Nguyen Van Minh Associate Prof PhD Cao Dinh Kien Reviewer 1: Reviewer 2: Reviewer 3: The research shall be presented in front of the council meeting at INTRODUCTION Research background From the perspective of modern management, the CEO acts as a spearhead for development, playing the make-or-break role in every business In addition, CEOs tend to be outstanding individuals whose talents attest their competence at making important decisions that greatly affect the performance and operation of organizations, businesses run by them Studies of human psychology have shown that different characteristics of demographics, behavioral psychology, experience, seniority of work, personalities, and genders might exert a strong influence to each individual’s behavior This fact is well-applied to CEOs as well, as leadership studies have shown that the style, habits, or behaviors of a particular leader are the outward reflection of a variety of this CEO’s typical characteristics and that has direct impacts on the performance of organizations and businesses they run Therefore, the influence of a leader’s characteristics of on different aspects of business operation has been one among many contents that attract scholars and researchers in the field of business administration worldwide Family-owned enterprise (FOE) is a business model derived from the family form and is the basic model in economic organization models in many countries in the world, especially in Vietnam, where the family culture dominates most relationships in society Moreover, from the perspective of governance, FOEs always have advantages in terms of organization, strategy or decision making compared to other private or state-owned enterprises due to the characteristics of family ownership, monitoring and operational mechanism (Dieleman et al., 2013) Therefore, this is really a business model with many typical elements for analysis and findings Although CEO plays an important role in the performance of businesses, current discussions and studies on CEO are mostly general, introductory The theoretical basis lacks in-depth research on the CEO and the role of the CEO in specific types of businesses Moreover, in our country, current studies on CEOs still heavily relies on theories available in the world, leading to inevitable inadequacies and differences when applied in particular situations in Vietnam That is the main reason explaining the fact that information on CEOs is redundant yet insufficient in Vietnam today From all the reasons mentioned above, the topic "A study of the impacts of CEO's characteristic on the performance of a number of outstanding listed enterprises businesses" is necessary with implications both in theory and practice Research gap Firstly, studies on the topic of the CEO's personal characteristics, impacts of CEO's characteristics on the performance of enterprises in the world are mostly restricted to approaching to only one, or two to three distinct characteristics based on financial primary data There has not been any systematic study on individual CEO’s characteristics or any assessment of the impacts of such characteristics on the performance of an enterprise Secondly, studies show the omnidirectional influence of the CEO's characteristics on an enterprise’s performance, and their heterogeneous impact, which is likely to change at times Thirdly, the science of management in approaching to anthropological and psychological characteristics is an attractive research topic with many theoretical and application which can be exploited in in corporate governance activities Fourthly, in Vietnam, current studies on CEO is limited to a few general studies, and there are almost no studies on the influence of CEO's personal characteristics on the performance of an enterprise Fifth, in Vietnam, currently there are not any in-depth studies on the personal characteristics of CEOs in a typical group / business model, such as FOEs Research question (1) Do the CEO's characteristics influence the performance of listed family-owned enterprises? (2) How is the influence of CEO's characteristics on the of performance of listed family-owned enterprises? Research objectives The thesis aims to study the impacts of CEO’s characteristics on the performance on some outstanding listed enterprises, in which the thesis focuses on a number of typical family-owned enterprises today Research object and scope 5.1 Research object The object of the research is the impacts of CEO’s characteristics on the performance on some outstanding listed enterprises 5.2 Research scope - Scope of content: The study focuses on identifying the impacts of CEO’s characteristics on the performance on some outstanding listed enterprises, in which CEO’s characteristics are classified into two major groups: (1) the intrinsic characteristics of the CEO - demographic characteristics, (2) CEO personal characteristics related to seniority and management structure of the enterprise - working characteristics The thesis shall focus on studying the influence of CEO's personal characteristics on the performance of listed family-owned enterprises - Scope of space: the study carries out research on personal characteristics of CEOs who are currently at the helm of listed enterprises - Scope of time: the thesis chooses the study period from 2012-2018 It is because in the period before 2012, information on corporate governance reports (CG) has not been given adequate attention by the Vietnam's stock market On the other hand, from 2012 to the present, the macro economy has only experienced steady growth and development, the stock market has had positive developments For these reasons, the scope of time the thesis is the period of 2012-2018 to ensure adequate information from the financial statements, annual reports and governance reports Research structure The structure of the research is divided into five chapters including chapter 1: Introduction; Chapter 2: Theoretical background for the impacts of CEO’s characteristics on the performance of listed familyowned enterprises; Chapter 3: Research methodology; Chapter 4: Analysis on the impacts of CEO’s characteristics on the performance of listed family-owned enterprises; Chapter 5: Discussions and findings and recommendations CHAPTER 1: LITERATURE REVIEW 1.1 Theoretical background on CEO’s characteristics Studies on the CEO's personal characteristics have been conducted in-depth to explore the role and influence of these personal characteristics on executive style and habits In general, all research directions indicate that the CEO's personal characteristics have a strong influence on the style and working habits, and leadership, thereby affecting many different aspects of business operation At present, there still exist many perspectives of different views and approaches on CEO's characteristics, however, from the author's perspective, it is possible to refer to the research results of Hambrick and Mason (1984) who form the basis of the approach to the personal characteristics of the CEO In particular, Hambrick and Mason, in their research, initially affirm that the behavior of each CEO is the reflective side of a range of personal characteristics factors such as age, education level, seniority, typical characteristics These groups of behavioral patterns influence the decisions of the CEO in the process of running a business, thereby affecting the operation outcomes and the performance of an enterprise In summary, the CEO's personal characteristics can be divided into two main groups: (i) Demographic characteristics, (ii) Working characteristics 1.2 Theoretical background on the performance of enterprises Business performance has long been a topic of interest to researchers because this is a measure to evaluate the effectiveness of measures and tools that enterprises have been making use of during its production and business activities According to Hult et al (2008), although there are many different approaches and measures of firm performance today, there are three commonly used performance measurement criteria namely financial performance, operation performance, or overall performance While there are many different approaches and measurements of the above concept, one of the most widely studied and considered aspects is the financial aspect, which is the result of achieving the economic goals Normally, to assess the performance of businesses according to financial aspects (financial performance) one of two ways of measurements shall be used: (i) Profit Indicator such as the ratio of profit over the total assets (ROA), the ratio of profit over the revenue (ROS), the return on equity (ROE); (ii) Market indicators such as Tobin’s Q and market return ratio The above-stated studies reinforce the suitability of selecting ROA and ROE as a reference to evaluate the performance of enterprises in this thesis paper 1.3 Theoretical background on family-owned enterprises Family-owned enterprises is a form of primitive economic organization that contributes greatly to the development of every economy Moreover, this is also a type of business with many distinct characteristics Therefore, researches on FOEs has been started since the middle of the 20th century Basically, researches on FOEs have been conducted mainly on dissecting the nature of this type through finding a sufficiently thorough and convincing definition Some of the studies on this topic by authors such as Litz (1995), Wortman (1995), Shanker and Astranchan (1996), Wall (1998) Though these authors have different approaches to the nature of this type of business, all focus on the basic factors that make up the basic characteristics of such type of business such as: family ownership, family control, number family members in executive committee… In Vietnam, fully aware of the contribution that FOEs have made to the overall development of the economy in recent years, many scholars have recently conducted research to learn about the type this business The research system in and outside Vietnam has reaffirmed the typical character of this type of business, as well as the suitability when the thesis selects FOEs as a typical enterprise type for study 1.4 Theoretical background on the impacts of CEO's characteristic on the performance of enterprises In the world, this research direction appeared early and there is evidence to conclude that CEO characteristics have an impact on the business operation The results of the afore-mentioned studies around the world, in Asia and in Vietnam, once again reaffirm that CEOs have the ability to strongly impact the value of their enterprise There are some common points when discussing the personal characteristics of the CEO and the impact of the above characteristics on the performance of an enterprise: - Presenting the concept of executive director's personal characteristics; - Pointing out the influential personal characteristics groups of CEOs such as age, gender, ownership, remuneration of the CEO that affect the working style and performance of the enterprise run by them; - Systematizing and classifying groups of individual characteristics according to the degree of influence / impact on the business performance CHAPTER 2: THEORIES OF THE IMPACTS OF CEO’S CHARACTERISTICS ON THE PERFORMANCE OF LISTED FAMILY-RUN ENTERPRISES 2.1 Overview on Chief Executive Officer (CEO) 2.1.1 Concepts of CEO Following the approach from the basic management model, the CEO (Chief Executive Officer) - is the highest executive position of an organization, in charge of overall operation of a corporation, an enterprise, the organization or an agency, making the strategic decisions of the organization, and being responsible to the board of the organization The equivalent term of the CEO can be the managing director (MD - Managing Director - MacKenzie 2006) and the executive director (CE - Chief Executive) Currently, in the world, there exist a number of different approaches to CEO These approaches are generally dominated, influenced by business culture, corporate governance model The first approach: From the viewpoint of dual leadership, in some companies the CEO is also the chairman of the board A second approach: Popular in several countries in the European Union, two separate boards of leadership exist in the operation of organizations, one in charge of day-to-day operation and one in charge of providing orientation for the company (elected from shareholders) 2.1.2 The role of the CEO in the performance of a business Depending on the organizational structure of each business, CEO will be responsible for the different roles in the operations of the organization Basically, the role of the CEO is as a surviving factor of a business due to their executive positions The CEO must run the company's daily business in accordance with the law, the company's charter, the labor contract signed with the company and the resolution of the Board of Directors If operating in contravention of this regulation causes damage to the company, the Director or General Director must take responsibility before law and 10 must pay damages to the company Whether by the first approach (concurrently responsible responsibilities and rights, CEO and chairman of the Board of Directors) or the second approach (CEO independent of the Board of Directors), the CEO's role is generally related to every aspect of every organization's operation 2.1.3 Requirements to CEO Requirements for the CEO in the process of running a business is most evident through the requirement of the CEO's leadership which is an important issue in businesses today In terms of leadership qualities, the typical studies are by Stodgdill (1948, 1974), Mann (1959), Lord et al (1986) and Kirkpartrick (1991) Regarding the competence and skills of leaders, typical studies include those of Mumford et al (2000) and Yammarino (2000) CEO's leadership is a combination of knowledge, skills and qualities that a CEO needs in his leadership, subordinate team, organizational leadership to achieve the goals of the business determined from the beginning Specifically: Leadership knowledge: Leadership knowledge is theknowledge and understanding that a person acquires, accumulates through experience or learn and is capable of applying to his leadership Leadership skills: This is the ability to perform tasks, turn knowledge into actions Leadership skills show the proficiency of each person when applying leadership knowledge in practical management to achieve the set goals 2.2 Overview on the personal characteristics of the CEO 2.2.1 Concepts of personal characteristics, personal characteristics of CEOs According to Holland (1960), “individual characteristics of a person are a collection of personality traits and individual psychological styles that dictate the manner in which individuals act and how they respond to their surroundings 11 From the perspective of behavioral psychology, psychologist Leochiev (1962) points out that: "The development of human psychology and personality is closely connected with the development of human activities in practice, in which some activities play a major (leading) role, others play a minor (auxiliary) role Psychological studies have shown that not only the individual characteristics of people but only the characteristics that regulate people as a member of society speak up the psycho-social aspect, values and personality of each individual These attributes that make up the distinctive characteristics of each individual are often expressed on three levels: the level of internal individuals (personality, thinking habits ); interpersonal level (communication, behavior, ability to influence ) and the level of expression of its activities and products (work results) 2.2.2 Some basic attributes of CEO personal characteristics According to Pham Minh Hac (1999), the individual characteristics of each person are governed by four basic attributes: stability, unity, activeness and interpersonal characteristics At the same time, the CEO's personal characteristics also carry all the basic attributes of the personal trait This system of characteristics influences and influences the handling habits and styles, resolves situations arising at work, thereby affecting work efficiency and problem solving 2.2.3 Approaches to the CEO's personal characteristics Although there are many different approaches, it can be basically divided into two main groups: - Group is demographic characteristics such as age, nationality, gender, hometown, living culture, etc These characteristics are basic, have direct and fundamental influence on CEO behavior and affect cognitive ability, thinking, work capacity - Group is the work characteristics such as industry, business area, seniority, management experience, share ownership rate, part- 12 time rights… These characteristics are often greatly influenced by objective factors, external environment, allowing explanation to explain the unique characteristics of the CEO in each industry or sector in which they participate 2.3 Listed family-owned enterprises and the role of listed family-owned enterprises in economic development 2.3.1 Overview on family-owned enterprises Family-owned enterprise is one of the earliest economic organizations of human society, and has made many positive contributions to the development of economies around the world From the governance perspective, there are many advantages of Family-owned company in terms of organizational, strategic or decision-making features over other private or state-owned enterprises The strength of the family-owned company is the cooperation between the key members However, when family ownership of the family-owned enterprise is passed down through the generations, the heirs must share the ownership of the company in a partnership They must together decide how to manage and run the family-owned enterprise as a common property, and that's when corporate governance issues arise The vast majority of family-owned enterprise have difficulty in dealing with this management issue (Ward, 1988) With many outstanding and unique advantages, the question of whether or not an enterprise is a family-owned enterprise is still a top concern of researchers (Peter, 2005) At present, there are still many different definitions of family-owned enterprise depending on different conditions such as culture, legal environment, religion, production and business activities Different ways of defining with different criteria will influence the behavior and performance of the business 2.3.2 Overview concept of family-owned enterprise Based on the review of the definition of FOEs in countries around the world and the summary of researchers' approaches, 13 derived from the practical necessity of establishing an appropriate definition of family-owned enterprise based on practical conditions in Vietnam Summarizing the research results, in order to give a complete definition of Foes according to the subjective view of the thesis, it is necessary to clarify FOEs in two aspects: Quantitative: The number of family members founding and participating in corporate governance activities and the percentage of ownership control of family members In terms of the number of family members, most definitions determine that more than one family member is involved in the business, on the company's board of directors, and is usually the founding member of an enterprise (Villalonga and Amit (2006), Rutherford et al (2008)… In qualitative terms: FOEs reflects the relationship between family members, which is governed by the family's strategic direction as well as the power - culture - experience element of the leadership team 2.3.3 The role of listed family-owned enterprises The FOEs model in the development of the economy play an important role and has strong influence on the performance of the whole economy 2.4 Performance of listed family companies Operational efficiency is a complex issue involving factors in the course of business operations The performance of listed family companies is similar to that of businesses which is generally verified and reflected by financial results (financial results), including: criteria for profitability and profitability which reflects market value 2.5 The impacts of CEO personal characteristics on the performance of listed family owned enterprises Research on the impacts of the CEO on the performance of an enterprise is not only restricted to the power but also is shown in a number of characteristics such as the age of the CEO (Cheng et al, 2010); Srivivasan and Li 2011); ownership percentage of stock held 14 (Coles et al., 2012; Lilienfeld-Total and Ruenzi, 2014); educational level (Joh and Jung, 2016), gender (Shinghathep and Pholphirul, 2015; Ho et al., 2015) It can be seen that studies on the relationship between CEO characteristics and brand performance is quite diverse, but there is still no concrete and joint conclusion CHAPTER 3: RESEARCH METHODS 3.1 Development of research hypotheses and proposed research variables 3.2.1 Research hypotheses: The system of research hypotheses includes: - research hypotheses that reflect the influence of CEO's demographic characteristics on firm performance H1: CEO's age has a positive relationship to the performance of the business H2: CEO education has a positive relationship to the performance of the business H3: Law degree of CEO is positively related to the performance of the business H4: Female-CEO CEO has a positive influence on the performance of the business H5: The relationship between the CEO's hometown and the performance of the business H6: The seniority of working in the state environment of the CEO has a positive relationship to the performance of the business - research hypotheses that reflect the impact of CEO's performance on firm performance H7: CEO duality is positively related to the performance of the business H8: The share of CEO shares has a positive relationship to the performance of the business H9: The change in personnel position of CEO has a positive relationship to the performance of the business 15 And the cross-correlation effects between the seniority characteristics and the demographic characteristics of the CEO 3.1.2 The proposed research variables In order to orient the factors that belong to the CEO's individual characteristics that may affect the performance of familyowned companies listed on Vietnam's stock market, the thesis has summarized and inherited The research results performed in the world on the influence of CEO's individual characteristics on the performance of enterprises on that basis, selecting and selecting 02 characteristics groups of CEOs to study are: (1) demographic characteristics include AGE, GENDER, EDU, LAW, QQ, STATE; (2) characteristics of seniority / working process: OWNERSHARE, KIEMNHIEM, CHANGE Regarding the dependent variable, the performance of the enterprise has many different ways / methods of measurement, but from the viewpoint of this thesis, the author chooses to measure the performance of the enterprise through the results Financial results, particularly the group of indicators that reflect the bookkeeping value (ROA, ROE) To ensure the rigor of the research model, through a preliminary discussion and consultation with a number of experts, the control variables reflect the characteristics of the company: company size is measured by total assets of the enterprise (SIZE) and the growth rate of the business (GROWTH) 3.2 Research data The sample included all family owned enterprises listed on the HCMC stock exchange Ho Chi Minh City (HOSE) and Hanoi (HNX) The thesis uses 02 primary and secondary data sources simultaneously for the research With secondary data, the thesis accesses information sources from two types of reports: Annual Report (Annual Report) and Financial Report (Financial Report) With primary data, the thesis collects data in the form of in- 16 depth interviews with a sample size of 10 to investigate and verify the analytical results of the quantitative analysis model 3.3 Research Methods 3.3.1 Qualitative research methods The in-depth interview method is a qualitative research technique conducted by in-depth individual interviews with a small number of respondents to assess their perspective on an issue, program or specific situations (Boyce and Neale, 2006) The thesis conducted interviews with 10 experts including 07 experts who are business executives (including family companies and ordinary companies); 03 experts are researchers on the same topic at universities and research institutes The results of the thesis and expert interviews are the basis for the author to make some recommendations and recommendations in chapter 3.3.2 Methods of analysis and processing of research data The research model was formed on the basis of an overview of domestic and foreign literature review combined with the identification of operating characteristics of family-owned enterprises to show the relationship between personal characteristics of CEOs to the performance of the business The regression equation for the author's research is as follows: CHAPTER 4: ANALYSIS OF THE THE IMPACTS OF CEO’S CHARACTERISTICS ON THE PERFORMANCE OF A NUMBER OF OUTSTANDING LISTED ENTERPRISES IN 17 THE PERIOD 2012 - 2018 4.1 Status quo of listed family-owned enterprises and the status quo of corporate governance in listed family-owned enterprises 4.1.1 Status quo of listed family-owned enterprises in Vietnam Based on the classification criteria of FOEs that the thesis approached, currently in Vietnam there are a total of 57 FOEs listed on the HOSE and HNX, the above enterprises contribute about half of the total listed value of the whole market By business sector, FOEs in Vietnam currently operates in key sectors and industries including basic materials, industry, consumer goods, health care, infrastructure services, finance and technology (according to the ICB industry standard - StockPlus) FOE’s structure by sectors involved No Sector Number of enterprises Finance 18 Consumer goods 16 Industry Basic materials Infrastructure services Technology Healthcare TOTAl 57 4.1.2 Some issues raised in corporate governance of family-owned enterprises in Vietnam Include 03 typical content: - Composition and structure of the BOD in family-owned enterprises in Vietnam is not effective - Succession issue and transfer plan between generations in the family-owned enterprises - The lack of professionalism in business activities in the family-owned enterprises 4.2 Description of research sample 18 Preliminary description of the characteristics of the sample Variable ROA ROE AGE OwnerSh are GROWT H TTS Number of observation objects 399 399 399 399 399 399 Average Standard deviation Min Max 0.062 0.125 49.886 0.052 0.096 7.359 0.000 0.000 27.000 0.176 0.333 66.000 0.137 0.150 0.000 0.612 0.141 0.242 -0.819 1.316 12.4 37.7 14.2 32.9 In addition, due to the characteristics of qualitative variables, there is not much meaning in the average, maximum and minimum values The thesis will use the method of calculating frequency over years to analyze variables on characteristics of CEO's personalities without counting statistical indicators such as quantitative variables 4.3 Results of regression analysis 4.3.1 Analysis results for ROA The results of the data analysis show the influence of the CEO's personal characteristics on the ratio of profit to total assets (ROA) In which: CEO's age has a positive relationship to enterprise performance - confirming the H1 hypothesis; CEO's education, Law degree, gender not have much influence and opposite effect on ROA - negate hypotheses H2, H3 and H4; The hometown of CEO and seniority working in state agencies is really related to the performance of the business - confirming the hypothesis H5 and H6 In the group of working characteristics: variable KIEMNHIEM has no impact on ROA, variable OWNERSHARE has impact (-) on ROA, and CHANGE variable has (+) impact on ROA 4.3.2 Analysis results for ROE 19 The results of the data analysis show the influence of the CEO's personal characteristics on the return on equity (ROE) In which: CEO's age has a positive relationship to firm's performance confirming the H1 hypothesis; CEO's education, Law degree, gender not have much influence and opposite effect on ROE - negate hypotheses H2, H3 and H4; The hypothesis of H5, H6 was reaffirmed In the group of working characteristics: the variable KIEMNHIEM has no impact on ROE, the OWNERSHARE variable has an effect (-) on ROE, and CHANGE has an effect (+) on ROE 4.3.3 Analysis results using variables for ROA The combination of the OWNERSHARE variable helps to increase the influence of the majority of variables describing the demographic characteristics of the CEO, demonstrating the increase in personal benefits for the CEO during the process of running the business available advantages of personal characteristics such as confidence, experience help create a positive impact on the performance of the business In contrast, when combined with the CHANGE variable, the characteristics that describe education and expertise (EDU and LAW variables) as well as AGE variables not work Therefore, it can be concluded that at the current stage of FOEs, the change of CEO is often influenced by many other factors, not merely by the characteristics of the CEO 4.3.4 Analysis results using variables for ROE With ROE, when combined with the OWNERSHARE variable, the variables AGE, GENDER, LAW, QQ, AGE, and STATE are increased Therefore, it can be seen that the personal characteristics of the CEO help to increase the impact on the performance of FOEs in terms of equity At the same time, when combined with the CHANGE task description feature, the results are quite similar From that, it can be concluded that the CEO's personal characteristics include demographic characteristics and business 20 characteristics that directly and indirectly affect the performance of the FOEs currently listed on the stock market of Vietnam CHAPTER 5: DISCUSSION ON THE RESEARCH RESULTS OF THE THESIS AND A NUMBER OF RECOMMENDATIONS 5.1 Discussions on the research results From the above quantitative and qualitative research findings of the thesis, some of the following conclusions can be drawn about the influence of personal characteristics of executives on the performance of listed FOEs: First, the personal characteristics of the CEO as well as the characteristics of the human being are the combination of many different characteristics, helping to form the psychological characteristics and personality of each individual, controlling the habit of problem solving, decision making, etc., thereby affecting the work results and the management efficiency which is expressed through the business performance Second, the CEO's personal characteristics are generally a combination of two main characteristics groups (i) demographic characteristics such as gender, age, cultural awareness level, etc (ii) working characteristics directly related to the business Third, among the demographic characteristics of CEOs, gender and education level are the characteristics that have the most obvious influence on the performance of enterprises Fourth, women are the dominant force in the comparative correlation of firm performance Fifth, due to the strong influence of the historical context, social characteristics, seniority in the state agencies of Vietnam CEO is also one of the interesting characteristics Sixth, there exist different influences on the performance of FOEs in the sample Seventh, the characteristics related to the CEO's work such as 21 stock ownership, changes in CEO personnel, and the right to hold other managerial positions in the BOD in the FOEs model not create much impact on the performance of the CEO and the business performance 5.2 The growing trend of family-owned enterprises The present time is defined as an important stage to realize the necessity of change, due to the positive impact of institutions, especially the legal system to protect the inheritance property rights While managing change well, we not forget to promote and update family cultural values so that family businesses increasingly contribute to the sustainable development of the country 5.3 Recommendations, suggestions 5.3.1 Recommendations - proposals for family companies - Developing an effective family-owned corporate governance mechanism: to ensure the separation in management and operation, as well as increase the power of the CEO to ensure the efficiency of business operations - Enhancing the capacity building, raising the education level for the CEO team: by equipping with more knowledge on administration, law, etc to improve the executive management capacity of the CEO - Considering recruiting and using experienced CEO / seniority in the state agencies environment - Developing incentive policies and mechanisms to help promote the capacity of the executive team - Creating more leadership opportunities for female CEOs, consider choosing women in senior executive positions of businesses - Establishinging a mechanism of assessment and selection of CEO based on a system of specific and scientific evaluation criteria: aiming to treat the CEO as a career with clear evaluation criteria like other career titles - Increasing the role of CEO in FOEs model 5.3.2 Recommendations - proposals to investors 22 Investors should invest in listed family-owned enterprises because of the potential and development prospects of this type of business In investment, there is a need to pay more attention to information about the executive director, about the health status of the business so that appropriate decisions can be made CONCLUSION The topic of CEO and the personal characteristics that make up psychological characteristics, behavioral habits (CEO's characteristic) and the influence of these personal characteristics on the overall performance has been the topic that attracts the attention of many researchers and experts Along with findings on the influence of personal characteristics of the executive director on the listed family-owned enterprises, the thesis also summarizes the definitions of familyowned enterprises in order to explain the appropriateness of the above target of zoning enterprises is typical and worthy of research By summarizing domestic and foreign research works on the topic of CEO and influencing the personal characteristics of CEO, the thesis has pointed out the research gap and developed a system of research hypotheses for analysis and clarify research topics and objectives The research method is a combination of quantitative and qualitative methods, using the FEM (Fixed Effect Model); REM (Random Effect Model) model and Generalized Method of Moments (GMM) and then model selection test The results show that the GMM model is used appropriately in both cases when the dependent variable reflects the firm's performance, ROA and ROE Qualitative research with indepth interview technique with experienced experts and general interest on the topic of CEOs helps support the development of documents, provide additional research results and make some recommendations to promote the positive effects of executive 23 director characteristics on the performance of the business Some research conclusions are drawn from the thesis include: - Personal characteristics of CEOs as well as human characteristics are the combination of many different characteristics, helping to create psychological characteristics of each individual personality, which dominates the habit approach, handle problems, make decisions - Personal characteristics of CEOs are generally a combination of 02 main characteristics groups (i) demographic characteristics such as gender, age, cultural awareness level (ii) working characteristics directly related to the business - In the group of CEO demographic characteristics, gender and education level are the characteristics that have the most obvious influence on the performance of enterprises - currently, female CEOs only make up a minority in the ranks of senior management and executive officers in the business, but it is the dominant force in the comparative correlation of the performance of the business - Experience of working in state agencies is one of typical characteristics of Vietnam - The characteristics related to the CEO's work such as share ownership, changes in CEO personnel, and the right to concurrently hold other managerial positions in the BOD in the family planning model not create much impact on performance of an enterprise Based on the research results combined with the support and suggestions of experts, the thesis also proposed 04 groups of basic solutions to motivate the positive effects of CEO’s characteristics on the performance of an enterprise Besides, from the research background of the thesis, it is possible to open some research development directions such as: - Researching, and considering to add some other characteristics of executives, which may affect behavioral 24 psychology, thereby affecting the performance of enterprises such as religion, military history people, MBA, specific labor contracts, beliefs, beliefs - Studying the influence of executive characteristics on the performance of enterprises based on two groups of FOEs and nonFOEs to compare the impact / impact on the performance of enterprises - Researching, and considering to add some other variables to measure the performance of enterprises: balanced scorecard, THE LIST OF PAPERS PUBLISHED BY THE AUTHOR Cao D.K Hoàng H.Y (2013), Headquarter Relocation: Financial Performance and Stock Market Reaction, External Economics Review 2013, No 59, pages 60-72 Cao D.K, Hoàng H.Y Trần M.N (2016), Impact of CEO’s characteristics on firm performance: The case of Vietnam, External Economics Review 2016 Hoang Hai Yen (2020), Managing a listed family-owned enterprise in Vietnam – a practical view, Journal of Management and International Economics, No 125, pp 61-71 Hoang Hai Yen (2020), The role of female executives to the performance of businesses: case studies at family-owned enterprises listed on Vietnam's stock market, Journal of Management and International Economics, No 126, pp 118-130 Hoang Hai Yen and Nguyen Quynh Anh (2020), Influence of the CEO's education on the performance of enterprises in the context of globalization today - case studies at foreign companies listed on the Ho Chi Minh City Stock Exchange (HOSE), Proceedings of a national scientific conference, under the topic Nafosted, code 502.99 - 2018.04, pages 174 - 189  ... characteristics, behavioral habits (CEO's characteristic) and the influence of these personal characteristics on the overall performance has been the topic that attracts the attention of many researchers... psychological characteristics is an attractive research topic with many theoretical and application which can be exploited in in corporate governance activities Fourthly, in Vietnam, current studies on CEO... before 2012, information on corporate governance reports (CG) has not been given adequate attention by the Vietnam's stock market On the other hand, from 2012 to the present, the macro economy has