THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMS
This study examines the impact of board structure on financial leverage decisions, as measured by the ratio of total debt to total assets, of nonfinancial firms listed on the Ho Chi Minh City Stock Exchange. Based on a dataset of 1,592 observations collected from 199 firms for the period from 2012 t...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Dalat University
2020-12-01
|
| Series: | Tạp chí Khoa học Đại học Đà Lạt |
| Subjects: | |
| Online Access: | http://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/785 |
| _version_ | 1826844809862578176 |
|---|---|
| author | Hoàng Mai Phương Nguyễn Thanh Hồng Ân |
| author_facet | Hoàng Mai Phương Nguyễn Thanh Hồng Ân |
| author_sort | Hoàng Mai Phương |
| collection | DOAJ |
| description | This study examines the impact of board structure on financial leverage decisions, as measured by the ratio of total debt to total assets, of nonfinancial firms listed on the Ho Chi Minh City Stock Exchange. Based on a dataset of 1,592 observations collected from 199 firms for the period from 2012 to 2019, the analysis shows a correlation between board characteristics and a firm’s financial leverage. Specifically, the higher the number of annual board meetings or the larger the number of female members on the board of directors, the lower the rate of financial leverage. On the other hand, the size of the board and the presence of CEOs on the board do not have a significant influence on financial leverage decisions. A robust test using the system of generalized method of moments (GMM) to control for endogeneity generally confirms the results. |
| first_indexed | 2024-12-21T18:57:46Z |
| format | Article |
| id | doaj.art-f6c12809585b4c42b6e58a50318c9154 |
| institution | Directory Open Access Journal |
| issn | 0866-787X 0866-787X |
| language | English |
| last_indexed | 2025-02-16T14:14:43Z |
| publishDate | 2020-12-01 |
| publisher | Dalat University |
| record_format | Article |
| series | Tạp chí Khoa học Đại học Đà Lạt |
| spelling | doaj.art-f6c12809585b4c42b6e58a50318c91542025-02-02T01:58:53ZengDalat UniversityTạp chí Khoa học Đại học Đà Lạt0866-787X0866-787X2020-12-01104749810.37569/DalatUniversity.10.4.785(2020)344THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMSHoàng Mai Phương0Nguyễn Thanh Hồng Ân1Trường Đại học Đà LạtTrường Đại học Đà LạtThis study examines the impact of board structure on financial leverage decisions, as measured by the ratio of total debt to total assets, of nonfinancial firms listed on the Ho Chi Minh City Stock Exchange. Based on a dataset of 1,592 observations collected from 199 firms for the period from 2012 to 2019, the analysis shows a correlation between board characteristics and a firm’s financial leverage. Specifically, the higher the number of annual board meetings or the larger the number of female members on the board of directors, the lower the rate of financial leverage. On the other hand, the size of the board and the presence of CEOs on the board do not have a significant influence on financial leverage decisions. A robust test using the system of generalized method of moments (GMM) to control for endogeneity generally confirms the results.http://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/785cấu trúc hội đồng quản trịcấu trúc vốncông ty niêm yết tại việt namđòn bẩy tài chínhlý thuyết người đại diệnquản trị doanh nghiệp. |
| spellingShingle | Hoàng Mai Phương Nguyễn Thanh Hồng Ân THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMS Tạp chí Khoa học Đại học Đà Lạt cấu trúc hội đồng quản trị cấu trúc vốn công ty niêm yết tại việt nam đòn bẩy tài chính lý thuyết người đại diện quản trị doanh nghiệp. |
| title | THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMS |
| title_full | THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMS |
| title_fullStr | THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMS |
| title_full_unstemmed | THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMS |
| title_short | THE IMPACT OF BOARD STRUCTURE ON FINANCIAL LEVERAGE OF VIETNAMESE LISTED FIRMS |
| title_sort | impact of board structure on financial leverage of vietnamese listed firms |
| topic | cấu trúc hội đồng quản trị cấu trúc vốn công ty niêm yết tại việt nam đòn bẩy tài chính lý thuyết người đại diện quản trị doanh nghiệp. |
| url | http://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/785 |
| work_keys_str_mv | AT hoangmaiphuong theimpactofboardstructureonfinancialleverageofvietnameselistedfirms AT nguyenthanhhongan theimpactofboardstructureonfinancialleverageofvietnameselistedfirms AT hoangmaiphuong impactofboardstructureonfinancialleverageofvietnameselistedfirms AT nguyenthanhhongan impactofboardstructureonfinancialleverageofvietnameselistedfirms |