Impact of Corporate Governance on Firm Value: Empirical Evidence from Vietnam

Giang Tra Thi Dang (), Anh Nguyen Huu and Thao Phuong Nguyen
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Giang Tra Thi Dang: National Economics University, School of Accounting and Auditing
Anh Nguyen Huu: National Economics University, School of Accounting and Auditing
Thao Phuong Nguyen: National Economics University, School of Accounting and Auditing

A chapter in Proceedings of the International Conference on Emerging Challenges: Strategic Adaptation in the World of Uncertainties (ICECH 2022), 2023, pp 60-76 from Springer

Abstract: Abstract This research investigates the impact of corporate governance on firm value by using the panel data collected from non-financial listed firms on both Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange in Vietnam. The research sample is included 200 non-financial listed companies over the period 7 years from 2012 to 2018. The research methodology used Feasible Generalized Least Squares (FGLS) estimator to address econometric issues and to improve the accuracy of the regression coefficients. The results show that corporate governance positively impacts on the firm value of listed firms in term of board independence, the presence of female member in board, large shareholders and foreign investors. Therefore, this paper provides a new insight to managers on how to improve the firm value with corporate governance.

Keywords: corporate governance; firm value; Tobin’s Q; Vietnam; agency theory; stewardship theory (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-150-0_5

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DOI: 10.2991/978-94-6463-150-0_5

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