1,634
Views
0
CrossRef citations to date
0
Altmetric
FINANCIAL ECONOMICS

CEO attributes and firm performance: Evidence from companies listed on Ho Chi Minh Stock Exchange

, &
Article: 2282838 | Received 06 Jun 2023, Accepted 08 Nov 2023, Published online: 19 Nov 2023

References

  • Adams, R., Almeida, H., & Ferreira, D. (2009). Understanding the relationship between founder–CEOs and firm performance. Journal of Empirical Finance, 16(1), 136–19. https://doi.org/10.1016/j.jempfin.2008.05.002
  • Ain, Q. U., Yuan, X., Javaid, H. M., Usman, M., & Haris, M. (2020). Female directors and agency costs: Evidence from Chinese listed firms. International Journal of Emerging Markets, 16(8), 1604–1633. https://doi.org/10.1108/IJOEM-10-2019-0818
  • Al-Matari, Y. A., Al-Swidi, A. K., Fadzil, F. H. B. H., & Al-Matari, E. M. (2012). Board of directors, audit committee characteristics and the performance of Saudi Arabia listed companies. International Review of Management and Marketing, 2(4), 241–251. https://doi.org/10.5296/ijafr.v2i2.2384
  • Ararat, M., & Yurtoglu, B. B. (2021). Female directors, board committees, and firm performance: Time-series evidence from Turkey. Emerging Markets Review, 48, 100768. https://doi.org/10.1016/j.ememar.2020.100768
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Barba Navaretti, G., Castellani, D., & Pieri, F. (2021). CEO age, shareholder monitoring, and the organic growth of European firms. Small Business Economics, 59(1), 361–382. https://doi.org/10.1007/s11187-021-00521-5
  • Barney, J. B. (1995). Looking inside for competitive advantage. Academy of Management Perspectives, 9(4), 49–61. https://doi.org/10.5465/ame.1995.9512032192
  • Baron, J. N., Hannan, M. T., & Burton, M. D. (1999). Building the iron cage: Determinants of managerial intensity in the early years of organizations. American Sociological Review, 64(4), 527–547. https://doi.org/10.1177/000312249906400404
  • Becht, M., Bolton, P., & Röell, A. (2003). Corporate governance and control. In Constantinides, G. M., Harris, M., & Stulz, R. M. (Eds.), Handbook of the Economics of Finance, Vol. 1, 1–109. Elsevier.
  • Belenzon, S., Shamshur, A., & Zarutskie, R. (2019). CEO’s age and the performance of closely held firms. Strategic Management Journal, 40(6), 917–944. https://doi.org/10.1002/smj.3003
  • Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118(4), 1169–1208. https://doi.org/10.1162/003355303322552775
  • Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273. https://doi.org/10.1016/j.jcorpfin.2008.03.006
  • Bhagat, S., & Bolton, B. (2013). Director ownership, governance, and performance. Journal of Financial and Quantitative Analysis, 48(1), 105–135. https://doi.org/10.1017/S0022109013000045
  • Bhagat, S., & Bolton, B. (2019). Corporate governance and firm performance: The sequel. Journal of Corporate Finance, 58, 142–168. https://doi.org/10.1016/j.jcorpfin.2019.04.006
  • Bhagat, S., Bolton, B. J., & Subramanian, A. (2010). CEO education, CEO turnover, and firm performance. Available at SSRN 1670219. https://doi.org/10.2139/ssrn.1670219
  • Bigley, G. A., & Wiersema, M. F. (2002). New CEOs and corporate strategic refocusing: How experience as heir apparent influences the use of power. Administrative Science Quarterly, 47(4), 707–727. https://doi.org/10.2307/3094914
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115–143. http://dx.doi.org/10.1016/S0304-4076(98)00009-8
  • Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership structure: Separating the CEO and chairman of the board. Journal of Corporate Finance, 3(3), 189–220. https://doi.org/10.1016/S0929-1199(96)00013-2
  • Campbell, K., & Minguez Vera, A. (2010). Female board appointments and firm valuation: Short and long-term effects. Journal of Management & Governance, 14(1), 37–59. https://doi.org/10.1007/s10997-009-9092-y
  • Carlsson, G., & Karlsson, K. (1970). Age, cohorts and the generation of generations. American Sociological Review, 35(4), 710–718. https://doi.org/10.2307/2093946
  • Chen, J., Leung, W. S., & Evans, K. P. (2018). Female board representation, corporate innovation and firm performance. Journal of Empirical Finance, 48, 236–254. https://doi.org/10.1016/j.jempfin.2018.07.003
  • Chin, M. K., Hambrick, D. C., & Treviño, L. K. (2013). Political ideologies of CEOs: The influence of executives’ values on corporate social responsibility. Administrative Science Quarterly, 58(2), 197–232. https://doi.org/10.1177/0001839213486984
  • Clarke, T. (2004). Theories of Corporate Governance: The Philosophical Foundations of Corporate Governance (1st ed.). Routledge.
  • Cooper, E., & Uzun, H. (2012). Directors with a full plate: The impact of busy directors on bank risk. Managerial Finance, 38(6), 571–586. https://doi.org/10.1108/03074351211226238
  • Daily, C. M., & Dalton, D. R. (1994). Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37(6), 1603–1617. https://doi.org/10.2307/256801
  • Datta, D. K., & Guthrie, J. P. (1994). Executive succession: Organizational antecedents of CEO characteristics. Strategic Management Journal, 15(7), 569–577. https://doi.org/10.1002/smj.4250150706
  • Davis, G. F. (1991). Agents without principles? The spread of the poison pill through the intercorporate network. Administrative Science Quarterly, 36(4), 583–613. https://doi.org/10.2307/2393275
  • Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. The Academy of Management Review, 22(1), 20–47. https://doi.org/10.2307/259223
  • De Villiers, C., & Van Staden, C. J. (2011). Where firms choose to disclose voluntary environmental information. Journal of Accounting and Public Policy, 30(6), 504–525. https://doi.org/10.1016/j.jaccpubpol.2011.03.005
  • Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49–64. https://doi.org/10.1177/031289629101600103
  • Edward, F. R. (1984). Strategic Management: A stakeholder approach. Pitman Publishing Inc.
  • Elsilä, A., Kallunki, J.-P., Nilsson, H., & Sahlström, P. (2013). CEO personal wealth, equity incentives and firm performance. Corporate Governance an International Review, 21(1), 26–41. https://doi.org/10.1111/corg.12001
  • Ewens, M., & Townsend, R. R. (2020). Are early stage investors biased against women? Journal of Financial Economics, 135(3), 653–677. https://doi.org/10.1016/j.jfineco.2019.07.002
  • Faccio, M., Marchica, M.-T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008
  • Fahlenbrach, R. (2009). Founder-CEOs, investment decisions, and stock market performance. Journal of Financial and Quantitative Analysis, 44(2), 439–466. https://doi.org/10.1017/S0022109009090139
  • Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288–307. https://doi.org/10.1086/260866
  • Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301–325. https://doi.org/10.1086/467037
  • Farag, H., & Mallin, C. (2018). The influence of CEO demographic characteristics on corporate risk-taking: Evidence from Chinese IPOs. European Journal of Finance, 24(16), 1528–1551. https://doi.org/10.1080/1351847X.2016.1151454
  • Felton, R. F., Hudnut, A., & Heeckeren, J. V. (1996). Putting a value on board governance. The McKinsey Quarterly, 4, 170–175.
  • Ferris, S. P., Jagannathan, M., & Pritchard, A. C. (2003). Too busy to mind the business? Monitoring by directors with multiple board appointments. The Journal of Finance, 58(3), 1087–1111. https://doi.org/10.1111/1540-6261.00559
  • Finegold, D., Benson, G. S., & Hecht, D. (2007). Corporate boards and company performance: Review of research in light of recent reforms. Corporate Governance an International Review, 15(5), 865–878. https://doi.org/10.1111/j.1467-8683.2007.00602.x
  • Florackis, C. (2008). Agency costs and corporate governance mechanisms: Evidence for UK firms. International Journal of Managerial Finance, 4(1), 37–59. https://doi.org/10.1108/17439130810837375
  • Geletkanycz, M. A., & Boyd, B. K. (2011). CEO outside directorships and firm performance: A reconciliation of agency and embeddedness views. Academy of Management Journal, 54(2), 335–352. https://doi.org/10.5465/amj.2011.60263094
  • Gul, F., & Tsui, J. (2004). The governance of East Asian corporations: Post Asian financial crisis. Springer.
  • Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343. https://doi.org/10.5465/amr.2007.24345254
  • Hambrick, D. C., & Fukutomi, G. D. (1991). The seasons of a CEO’s tenure. Academy of Management Review, 16(4), 719–742. https://doi.org/10.2307/258978
  • Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review, 9(2), 193–206. https://doi.org/10.2307/258434
  • Hawkins, J. A. (1997). Why investors push for strong corporate boards. The McKinsey Quarterly, 3, 144–149.
  • Hazaea, S. A., Zhu, J., Khatib, S. F. A., Bazhair, A. H., & Elamer, A. A. (2022). Sustainability assurance practices: A systematic review and future research agenda. Environmental Science and Pollution Research, 29(4), 4843–4864. https://doi.org/10.1007/s11356-021-17359-9
  • Henderson, A. D., Miller, D., & Hambrick, D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal, 27(5), 447–460. https://doi.org/10.1002/smj.524
  • Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2), 235–256. https://doi.org/10.1111/1467-6486.00179
  • Hsu, W.-T., Chen, H.-L., & Cheng, C.-Y. (2013). Internationalization and firm performance of SMEs: The moderating effects of CEO attributes. Journal of World Business, 48(1), 1–12. https://doi.org/10.1016/j.jwb.2012.06.001
  • Huang, S. K. (2013). The impact of CEO characteristics on corporate sustainable development. Corporate Social Responsibility and Environmental Management, 20(4), 234–244. https://doi.org/10.1002/csr.1295
  • Jain, T., & Jamali, D. (2016). Looking inside the black box: The effect of corporate governance on corporate social responsibility. Corporate Governance an International Review, 24(3), 253–273. https://doi.org/10.1111/corg.12154
  • Jardine, M., & Duong, T. T. T. (2021). CEO demographic characteristics and firm performance: An empirical study in the scientific research and technology development industry. Journal of International Economics and Management, 21(1), 24–49. https://doi.org/10.38203/jiem.021.1.0021
  • Jayaraman, N., Khorana, A., Nelling, E., & Covin, J. (2000). CEO founder status and firm financial performance. Strategic Management Journal, 21(12), 1215–1224. https://doi.org/10.1002/1097-0266(200012)21:12<1215:AID-SMJ146>3.0.CO;2-0
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Jermias, J., & Gani, L. (2014). The impact of board capital and board characteristics on firm performance. The British Accounting Review, 46(2), 135–153. https://doi.org/10.1016/j.bar.2013.12.001
  • Johannisson, B., & Huse, M. (2000). Recruiting outside board members in the small family business: An ideological challenge. Entrepreneurship & Regional Development, 12(4), 353–378. https://doi.org/10.1080/08985620050177958
  • Kaczmarek, S., Kimino, S., & Pye, A. (2012). Board task‐related faultlines and firm performance: A decade of evidence. Corporate Governance an International Review, 20(4), 337–351. https://doi.org/10.1111/j.1467-8683.2011.00895.x
  • Kaczmarek, S., Kimino, S., & Pye, A. (2014). Interlocking directorships and firm performance in highly regulated sectors: The moderating impact of board diversity. Journal of Management & Governance, 18(2), 347–372. https://doi.org/10.1007/s10997-012-9228-3
  • Kaur, R., & Singh, B. (2019). Do CEO characteristics explain firm performance in India? Journal of Strategy and Management, 12(3), 409–426. https://doi.org/10.1108/JSMA-02-2019-0027
  • Kesner, I. F., & Dalton, D. R. (1994). Top management turnover and CEO succession: An investigation of the effects of turnover on performance. Journal of Management Studies, 31(5), 701–713. https://doi.org/10.1111/j.1467-6486.1994.tb00635.x
  • Khan, W. A., & Vieito, J. P. (2013). CEO gender and firm performance. Journal of Economics and Business, 67, 55–66. https://doi.org/10.1016/j.jeconbus.2013.01.003
  • Khavul, S., Benson, G. S., & Datta, D. K. (2010). Is internationalization associated with investments in HRM? A study of entrepreneurial firms in emerging markets. Human Resource Management, 49(4), 693–713. https://doi.org/10.1002/hrm.20367
  • King, T., Srivastav, A., & Williams, J. (2016). What’s in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, 37, 287–308. https://doi.org/10.1016/j.jcorpfin.2016.01.003
  • Kock, C. J., Santaló, J. & Diestre, L.(2012). Corporate governance and the environment: What type of governance creates greener companies?. Journal of Management Studies, 49, 492–514. https://doi.org/10.1111/j.1467-6486.2010.00993.x
  • Lang, J. R., & Lockhart, D. E. (1990). Increased environmental uncertainty and changes in board linkage patterns. Academy of Management Journal, 33(1), 106–128. https://doi.org/10.2307/256354
  • Laufs, K., Bembom, M., & Schwens, C. (2016). CEO characteristics and SME foreign market entry mode choice: The moderating effect of firm’s geographic experience and host-country political risk. International Marketing Review, 33(2), 246–275. https://doi.org/10.1108/IMR-08-2014-0288
  • Li, S., Chen, W.-W., & Yu, Y. (2006). The reason for Asian overconfidence. The Journal of Psychology, 140(6), 615–618. https://doi.org/10.3200/JRLP.140.6.615-618
  • Liu, C., & Jiang, H. (2020). Impact of CEO characteristics on firm performance: Evidence from China listed firms. Applied Economics Letters, 27(14), 1–5. https://doi.org/10.1080/13504851.2019.1607965
  • Loukil, N., Yousfi, O., & Yerbanga, R. W. (2019). Does gender diversity on boards reduce information asymmetry problems? Empirical evidence from the French market. Journal of Family Business Management, 10(2), 144–166. https://doi.org/10.1108/JFBM-02-2019-0007
  • Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management & Governance, 17(2), 491–509. https://doi.org/10.1007/s10997-011-9186-1
  • Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661–2700. https://doi.org/10.1111/j.1540-6261.2005.00813.x
  • Masulis, R. W., Wang, C., & Xie, F. (2012). Globalizing the boardroom—the effects of foreign directors on corporate governance and firm performance. Journal of Accounting and Economics, 53(3), 527–554. https://doi.org/10.1016/j.jacceco.2011.12.003
  • Mausner, B., & Snyderman, B. B. (1993). The motivation to work. Transaction Publishers.
  • Mintzberg, H. (1973). A new look at the chief executive’s job. Organizational Dynamics, 1(3), 21–30. https://doi.org/10.1016/S0090-2616(73)80015-4
  • Mobbs, S., Tan, Y., & Zhang, S. (2021). Female directors: Why are some less informed than others? Journal of Corporate Finance, 68, 101938. https://doi.org/10.1016/j.jcorpfin.2021.101938
  • Nekhili, M., Chakroun, H., & Chtioui, T. (2018). Women’s leadership and firm performance: Family versus nonfamily firms. Journal of Business Ethics, 153(2), 291–316. https://doi.org/10.1007/s10551-016-3340-2
  • Nguyen, P., Rahman, N., & Zhao, R. (2018). CEO characteristics and firm valuation: A quantile regression analysis. Journal of Management & Governance, 22(1), 133–151. https://doi.org/10.1007/s10997-017-9383-7
  • Nielsen, S. (2010). Top management team diversity: A review of theories and methodologies. International Journal of Management Reviews, 12(3), 301–316. https://doi.org/10.1111/j.1468-2370.2009.00263.x
  • Onali, E., Galiakhmetova, R., Molyneux, P., & Torluccio, G. (2016). CEO power, government monitoring, and bank dividends. Journal of Financial Intermediation, 27, 89–117. https://doi.org/10.1016/j.jfi.2015.08.001
  • Peni, E. (2014). CEO and Chairperson characteristics and firm performance. Journal of Management & Governance, 18(1), 185–205. https://doi.org/10.1007/s10997-012-9224-7
  • Pham, N. H. (2023). CEO characteristics and bank performance: Case of Vietnamese commercial banks. Cogent Economics & Finance, 11(1), 1–13. https://doi.org/10.1080/23322039.2022.2162687
  • Pham, D. A., & Hoang, T. P. A. (2020). Does corporate governance structure matter for firm financial performance? A system GMM panel analysis for Vietnam. Journal of International Economics and Management, 20(1), 1–17. https://doi.org/10.38203/jiem.020.1.0001
  • Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2020). Do board characteristics drive firm performance? An international perspective. Review of Managerial Science, 14(6), 1251–1297. https://doi.org/10.1007/s11846-019-00330-x
  • Rechner, P. L., & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2), 155–160. https://doi.org/10.1002/smj.4250120206
  • Rhim, J. C., Peluchette, J. V., & Song, I. (2006). Stock market reactions and firm performance surrounding CEO succession: Antecedents of succession and successor origin. American Journal of Business, 21(1), 21–30. https://doi.org/10.1108/19355181200600002
  • Ruigrok, W., Peck, S., & Tacheva, S. (2007). Nationality and gender diversity on Swiss corporate boards. Corporate Governance an International Review, 15(4), 546–557. https://doi.org/10.1111/j.1467-8683.2007.00587.x
  • Shen, W., & Cannella, A. A., Jr. (2002). Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Academy of Management Journal, 45(4), 717–733. https://doi.org/10.2307/3069306
  • Shen, Y., Wallace, D., Reddy, K., & Ramiah, V. (2022). An investigation of CEO characteristics on firm performance. Accounting & Finance, 62(3), 3563–3607. https://doi.org/10.1111/acfi.12896
  • Sitthipongpanich, T., & Polsiri, P. (2015). Do CEO and board characteristics matter? A study of Thai family firms. Journal of Family Business Strategy, 6(2), 119–129. https://doi.org/10.1016/j.jfbs.2015.01.002
  • Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569–593. https://doi.org/10.1108/17410400610702160
  • Sun, R., & Zou, G. (2021). Political connection, CEO gender, and firm performance. Journal of Corporate Finance, 71, 101918. https://doi.org/10.1016/j.jcorpfin.2021.101918
  • Tao, Q., Shen, F., Shao, Y., & Li, G. (2018). Steward effects of target founder-CEO in takeovers. Emerging Markets Finance & Trade, 54(9), 2117–2135. https://doi.org/10.1080/1540496x.2017.1418657
  • Tate, G., & Yang, L. (2015). Female leadership and gender equity: Evidence from plant closure. Journal of Financial Economics, 117(1), 77–97. https://doi.org/10.1016/j.jfineco.2014.01.004
  • Urquhart, A., & Zhang, H. (2022). PhD CEOs and firm performance. European Financial Management, 28(2), 433–481. https://doi.org/10.1111/eufm.12316
  • Vo, D. H., & Nguyen, T. M. (2014). The impact of corporate governance on firm performance: Empirical study in Vietnam. International Journal of Economics and Finance, 6(6), 1–13. https://doi.org/10.5539/ijef.v6n6p1
  • Vo, X. V., Nguyen, T. L. A., Tuan, L. Q., Luu, H. N., & Vu, K. T. (2020). Local business environment, domestic CEOs and firm performance in a transitional economy: Empirical evidence from Vietnam. Economic Analysis and Policy, 66, 236–249. https://doi.org/10.1016/j.eap.2020.04.006
  • Vo, D., & Phan, T. (2013). Corporate governance and firm performance: Empirical evidence from Vietnam. Journal of Economic Development, 7(1), 62–78. https://doi.org/10.24311/jabes/2013.218.08
  • Wang, G., Holmes, R. M., Jr., Oh, I.-S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm performance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775–862. https://doi.org/10.1111/peps.12140
  • Wang, H., Tsui, A. S., & Xin, K. R. (2011). CEO leadership behaviors, organizational performance, and employees’ attitudes. Leadership Quarterly, 22(1), 92–105. https://doi.org/10.1016/j.leaqua.2010.12.009
  • Wasserman, N. (2006). Stewards, agents, and the founder discount: Executive compensation in new ventures. Academy of Management Journal, 49(5), 960–976. https://doi.org/10.5465/AMJ.2006.22798177
  • Weir, C., & Laing, D. (2001). Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2), 86–95. https://doi.org/10.1108/09555340110385254
  • Yeoh, S.-B., & Hooy, C.-W. (2020). CEO age and risk-taking of family business in Malaysia: The inverse S-curve relationship. Asia Pacific Journal of Management, 39(1), 273–293. https://doi.org/10.1007/s10490-020-09725-x
  • Zalewska, A. (2014). Gentlemen do not talk about money: Remuneration dispersion and firm performance relationship on British boards. Journal of Empirical Finance, 27, 40–57. https://doi.org/10.1016/j.jempfin.2013.09.001
  • Zhang, Y. (2008). Information asymmetry and the dismissal of newly appointed CEOs: An empirical investigation. Strategic Management Journal, 29(8), 859–872. https://doi.org/10.1002/smj.689
  • Zhang, Y., & Rajagopalan, N. (2003). Explaining new CEO origin: Firm versus industry antecedents. Academy of Management Journal, 46(3), 327–338. https://doi.org/10.2307/30040626
  • Zhang, Y., & Rajagopalan, N. (2004). When the known devil is better than an unknown god: An empirical study of the antecedents and consequences of relay CEO successions. Academy of Management Journal, 47(4), 483–500. https://doi.org/10.2307/20159598
  • Zhang, X., Tang, G., & Lin, Z. (2016). Managerial power, agency cost and executive compensation–an empirical study from China. Chinese Management Studies, 10(1), 119–137. https://doi.org/10.1108/CMS-11-2015-0262