Ảnh hưởng của sự hiện diện nữ giới trong hội đồng quản trị đến hiệu quả hoạt động của các doanh nghi

Trong khi dd, tai Viet Nam, mdc dft da c6 rd^t nhi^u nghien ctfu ve hdi dong quan tri vd nhffng yS'u td tdc dpng den mtfc dd hi§u qua cua hoat ddng tdi chinh nhtfng lai cd khd ft nghien

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ANH Hl/dNG CUA Sl( HIEN DI^N Ntf G1 i l TRONG HQI DONG QUAN TRI

DEN HEEU QUA HOAT DQNG

CUA CAC DOANH NGHIEP

• LE THI PHl/CJNG VY

T6M TXT:

Bii vie't nghifin ctfu v^ 5nh htfdng ciia sif hi#n di§n nff gidi trong h^i dfing quSn tri de'n

hi#u qui boat d^ng ciia doanh nghidp thong qua cd s3 dff U§u h^ng nam cila 175 c6ng ty phi tii chlnh, dif(?c thu thSp trong giai do^n tilf nim 2008 de'n nSm 2016 K^t quS chi ra ring, srf

hi^n di^n cfla nff gidi c6 inh hifdng tich ctfc den mtJc dO hi$u quS hogit dOng tai chinh cfla

cdc doanh nghidp

Tir kh6a: Ty 1# nff gidi ht)ng hpi d6ng quSn tri, hi$u qud hoat dOng

1 D9t v§fn d^

Nhi^u nghi€n ctfu tr€n the gidi nhtf Shehata

(2013) hay Carter vk cdc cOng stf (2003) da xic

djnh nhffng 1$ do khi^n stf hi€n di6n cfla phu nff

trong hOi d6ng quan tri (HDQT) c6 th^ dnh htfdng

d^n hi#u qui boat dong cua doanh nghiep (DN)

CM ih^ cdc ldc gia da tdm xit nhffng ifu diem ve

stf hi^n di^n cfla nff gidi trong hgi dong ban gidm

dd'c nhtf sau: Khi phu nff tham gia vko HDQT se

cung cd'p thSm nhffng cdi nhin da chieu htJn ve

cdc cd hdi cua DN trong vi^c ddp tfng nhu cau

khdch h^ng; giup tdng ctfdng stf gidm sdt cua ban

lanh dao cai thi^n quan tri D \ tff dd dan den cii

thidn ldi thi canh tranh; giup cii thidn stf da dang

y kien trong phdng hop cfla cdng ty Vdy n6n, vai

trd cfla phu nff ng^y c&ng quan trong vk viec tdng

ty 1§ nff gidi trong HDQT se giup tdng ctfdng stf thanh cong cfla DN

Trong khi dd, tai Viet Nam, mdc dft da c6 rd^t nhi^u nghien ctfu ve hdi dong quan tri vd nhffng yS'u td tdc dpng den mtfc dd hi§u qua cua hoat ddng

tdi chinh nhtfng lai cd khd ft nghien ctfu xem x6t vi anh htfdng ciia stf da dang gidi tinh Vi vay, miic lieu cua bdi vi^i ndy Id xem x6i inh , in^j cfla stf

da dang gidi tinh trong HDQT dei ; y^^^^ ddng tdi chinh cua cdc doanh nghiej , , -^^^^

LCdsdU thuyd't

Trong nen kinh te ngay cang phat trien, quy

md va mtfc dp cong vide ngay cang phtfc tap

khien cho vide dieu hanh cdng ty ngay cang khd

khdn vd khong hidu qua Trong tinh hinh nay, doi

hoi DN can phii cd nha quan ly hoi tii dtfdc day

diJ nhffng pham cha^t va ky nang phu hdp Thu'c

tai da ddt ra yeu cau cho ban lanh dao phai bie't

nam hit tdt dien bid'n thi trtfdng va tam ly ciia

khach hang, can cd phong each lanh dao de tao ra

mpl mdi trtfdng lam viec than thien, tich ctfc, de

ra dtfdc chie'n Itfdc nang tam gia tn cua DN Dtfng

irtfdc ydu cau dd sir hien dien cua phu niJ trong

HDQT ndi Idn nhtf mdt giai phap Ca hai thuye't

la thuye't dai didn va thuye't cdc bdn lien quan da

d^ cap dd'n md'i quanhd gifla st/hidn dien cua ntf

gidi trong HDQT vd gid tri cua DN

Theo quan did'm ciia ly thuyd't dai dien, HDQT

cdng da dang thi cdng dgc lap, viec gia tang sir

hidn dien ciia phti ntf se lam gia tang stf dpc lap

ciia HDQT, lit dd ndng cao mtfc do thong tin ve

gid c6 phid'u Carter vd cpng stf (2003) da stf dung

thuyd't dai dien de' giai thich md'i lien hd gifla stf

hidn didn cua nff gidi trong HDQT va gia tri ciia

cdng ty Tam quan trpng cua phu nfl trong HDQT

dtfdc iy giii bdi rd't nhieu Ii do Nghien ctfu da chi

ra r^ng, nff thanh vidn cd nhieu hie'u bie't ve tinh

hlnh thi trtfdng va tam Iy khach hang hdn so vdi

cdc nam thdnh vien, ttf dd dtfa ra cdi nhm da

chieu, nang cao cha't Itfpng cac quyd't dinh, lam

phong phu hanh vi quan ly cua ban dieu hanh gia

tdng chat Itfpng thdng tin ciia doanh nghiep Stf

hidn dien cua phii nfl trong HDQT gitip nang cao

hinh anh ciia cdng ty trong cai nhin cua cpng

ddng, gdp phan tich ctfc cho cdc hoal ddng cua

DN Cung tff quan die'm cua ly thuyd't dai dien

Francoeur vd cpng sii (2008) da bao cdo mpl mo'i

quan he tich ctfc gifla ty Ie nfl gidi d cac ca'p quan

ly ca'p cao va ldi nhuan bat thtfdng

Ben canh Iy thuye't dai didn, nhieu nhd nghien

ctfu da ling hd cho ly thuye't cdc ben lidn quan

Nhieu nghidn ctfu cho rang, stf da dang gidi tinh

gilip tdng ctfdng stf gidm sat cua HDQT tff dd

ndng cao chat Itfpng thong tin (Bemardi va cpng

stf 2002) tang ctfdng stf hpp tdc va ttf va'n cho

cdc nha quan I\' cai thien mo'i quan he \di cac

cd ddng Nielsen \a Huse (2010) da chi ra mot khia canh khac dd la nhd cd stf hien didn cua phu nfl trong HDQT ndn mtfc dp xung ddt Idi ich dtfdc cii ihien tao stf tin ttfdng dd'i vdi khdch hang \a ket ndi gifla cac thanh vien, gopphan quan trpng trong cac cd chd' dau ttf Smith va cdc cpng stf (2006) da cho tha'\ stf hidn didn ciia nff gidi trong HDQT giup ban quan Iy dtfa ra nhflng quye't dinh sdng tao va cd cha't Itfdng cao nhd vao stf am hieu

vd cdi nhin van de da chieu ciia phu nff Ngoai

ra, Iy thuye't phu thupc ngudn nbdn Itfc cho rdng, stf hien dien ciia phdi nff trong HDQT Id dang dtfdc mong dpi vl hp dem lai nguon Itfc doi dao cho cong ty nhd vao ky nang "doc" dtfpc cdc suy nghT va "hieu" dtfpc cdc tam ly hanh vi ctia khach hang cung vdi stf giao lie'p khdo leo da tao dtfdc niem tin, stf uy lin dd'i \di khach hang; ke't nd'i vdi nhffng ngudn Itfc phu thupc d ben ngodi cdng ty td't hdn so \di nam gidi Dong thdi, hp cd kha ndng tlm kid'm thdm nguon tai nang tff ben ngoai cho DN

Theo Iy thuye't ve phong each lanh dao lien quan de'n gidi tinh cho rdng, tdn lai stf khac biel trong phong each lanh dao gifla nam gidi va nfl gidi cd anh htfdng tdi hieu qua boat dpng cua DN Theo dd, nfl gidi thtfdng cd phong each lanh dao td't hdn nam gidi Nguyen nhan cua stf khdc biet nay dtfpc cac nghien ctfu cho tha'y rang, nff gidi

dp dung phong each lanh dao dan chu, chuyen giao nhieu hdn so vdi nam gidi (Merchant, 2012) Theo do cdc nfl lanh dao thtfdng tao dtfdc cam htfng, cai thien va tfdm mam nhflng md'i quan he

ky nang Iam viec cua nhan vien, tff dd thiic day ttf duy, cai tie'n cong viec Ben canh dd, nfl lanh dao con tao dtfpc dong Itfc lam viec tich ctfc cho ca'p dtfdi thdng qua viec dp dung cac phan thtfdng thich hdp du'a irdn thdnh qua lam viec cua mdi ngtfdi Nfl lanh dao thtfdng Iam vide ra't cham chi

va sieng nang de khdng dinh nang Itfc cua ban than vdi nam gidi Trong khi dd, nam lanh dao thtfdng Iheo phong each lanh dao tff tren xud'ng dtfdi mang theo tinh kiem soat, chi huy, dp ddt va rat nghiem khac hay de dpa vdi nhan vien de thtfc hien dtfdc muc tieu da ddt ra

UPWdKlMN

3 Phi/rfng phdp Dghi^n ctfu

Ngudn dff lieu cua bdi nghidn ctfu dtfdc Id'y tff

cdc bdo cdo ldi chinh (bao gfim: Bing cdn dd'i k^

todn, bdo cdo kd^t qui boat d^ng kinh doanh), bdo

cdo tdi chinh thffdng nidn, nghi quyd't Dai hdi c^

ddng theo ndm cfla 175 doanh nghidp phi tai

chinh dang dtfdc nidm yd't trdn Sd Giao dich

chtfng khodn Thdnh phd Hi Chi Minh (HOSE)

trong giai doan tff ndm 2008 dd'n ndm 2016

Md hlnh tfdc Itfdng dtfdc stf dung cho bdi

nghidn ctfu nhff sau:

PERFORM^, = Po + ^iBSIZEi,

+ ^2^NDEPi, + p^DUALi,

+ p^CEOTENURi, + PsGNDRi,

+ PeOEAR,, + pjLOGCPi,

+ INDUST,, + e„ (/)

Trong dd: PERFORM,, = (ROE,,, ROAJ

Bdi nghidn cffu stf dung hai thtfdc do ROA vd

ROE ldm chl s^ d^i di#n cho hidu qui boat dpng

cfla doanh nghidp Trong dd bid'n phu thupc

ROEit chi ty sud't sinh lpi tren vdn c6 phin cfla

doanh nghi$p i tai ndm t

Thu nhdp sau thud',

ROEj, = —

Tdng vdn chfl sd hffu,

Ttfdng tif, ROA dtfpc dinh nghia Id ty suat sinh

Ipi trdn t^ng tdi sin cfla cdng ty tai cOng mpt thdi

di^m Gid Ui cfla ROA dtfdc tinh todn tff thu nhap

sau thud' chia cho t^ng tdi sin tai thdi di^m cud^i

ndm

_ Thu nh§p sau thud',

KOAi, -~———

Tong tai san,

GNDR,, Id bi^n bi^u thi cho stf da dang gidi

tinh trong HDQT Ddy Id bie'n so t^ Id giffa sff

hi^n didn cua nff trong HDQT va quy md

cua HDQT

So' Itfdng nff thdnh vidn

ONDR„= cdtroneHBQT

Quy m6 HDQT,

BSIZE,, \i bie'n bieu thi cho quy mo cua

HDQT Qu\ mo cua HDQT dirijc tinh bing tong

s6' th^nh vi€n hi0n c6 trong HDQT

INDEPj, la bien bi^u thj cho quy mo sif hi^n

di^n ciia c^c thSnh vi&n dOc l^p dif<?c tinh b^ng

tfing stf giSm doc dOc I5p vdi HDQT liSn quy mo

HDQT

Stf lU(?ng thinh vien ban ^'J'" '""^

INDEP khtfng CIS trong 11 P g ] l _ - —

" Quy mtf HDQT,

DUAL,, 14 bifo gi4 bi^u thj cho -.u ki^m nhifm vai tro cua CEO Chiing ta cd the ili3> irong bdo cdo cua mtft vii ctfng ty, chii tjch HDQT ctf the kitfm nhifm lutfn vj tri ciSa ttfng giim dtfc Bitfn

DUALit se nhJn giS tri bing 1 ne'u mtft ci nhSn

vOfa lim chii tjch HDQT vira Urn ttfng gidm dtfc v4 nhan gii tri bSng 0 cho tnrdng hdp ngtftjc lai CEOTENURi, la bitfn bitfu thi nhitfm kl ciia gi4m dtfc ditfu hanh, dir^c tinh bing stf nSm ttfng gi4m dtfc ditfu hanh da lim vitfc tai ctfng ty tinh theo nim tii chinh

GEARi, li bitfn bitfu thi cho d6n biy tii chinh

ciia doanh nghitfp

GEAR, =

J^"«°^-Tdng tdi sin, LOGCPj, Id bid'n dai didn cho quy md cfla doanh nghidp Bid'n sd" ndy dtfpc do Itfdng bSng logarithm ttf nhidn cfla tdng tdi sin vdo thdi di^m cudi ndm

INDUSTjj Id bid'n gii ngdnh, nhim kilm sodt nhffng inh hffdng cfla bdn ngodi, v) sff hidn di^n cfla nff gidi trong HDQT thay ddi theo tffng ngdnh

4 K^t qua h6i quy Bing 1 cho thd'y, kd't qui hSi quy hidu qui boat dpng cfla doanh nghidp theo cdc bi^n ddc lap vd cdc bie^n kiem sodt Stf da dang gidi tinh trong HDQT Ig-i cd ttfdng quan dffdng vdi ROA vd

ROE d mtfc y nghia 1% Diiu ndy dffdc giii th!ch

Id khi cd stf hidn didn cfla nff gidi trong HDQT se tdng cao khi ndng gidm sdt cfla hpi ddng, tff dd

hodn thidn cd che quin IJ vd qua dd cd ihi cii

thien lpi thd^ canh tranh cfla cdng ty Nhd cd sff da dang ndy, hdi dong sd cd them nhilu J kie'n vd quan diem da dang hdn, cd thdm nhffng hinh mau truyin cim htfng Id phdi nff hay nhffng cd vSfn

ddy ddn kinh nghiem, nhffng ngtfdi cd thi mang

dd'n nhflng thong tin mang tinh chie'n Itfpc cho cdng ty Vide cd nff gidi tham gia vao thie'c ghd^ trong hdi ddng quin trj cung se tgo nen it nhilu

anh htfdng d^n cdc quy^t dinh cua cu n j : , ^ ^ ^A^ didu chdcchSn Id phong cdch quan i^ i,,,|f^ ^^^

cua doanh nghiep ciing se khdc di Ngodi ra \iec

cd thdm nhilu nff thdnh vidn trong hd may quan

ly se khien khdng khi va cdch hanh xtf trong phdng

hop trd nen lot hdn (cd the la vdn minh hdn hay

mem mdng hdn) giiip giam xung dot giffa ldi ich

rieng ttf cua cdc cd nhan vd dim b i o rang cdc hoai

ddng c^n ihie'l cho stf phat trien cua doanh nghidp

dtfdc lien hdnh mdt each chuyen nghiep va chat

Itfdng nhd't

Ngoai ra, quy md HDQT cd mdi ttfdng quan am

vdi hidu qui boat ddng dtfdc do Itfdng theo chl so'

ROE d mffc y nghia \9r, trong khi dd bid'n ddc lap

ndy lai chtfa tim tha'y inh htfdng dd'n hidu qua boat

dpng dtfpc do Itfdng bdng ROA Bdn canh dd, cdc

dac thi) cua ban gidm dd'c diu cd anh htfdng dd'n

hicu qui hoat ddng Cu the, stf ddc lap vdi HDQT

ciia ban gidm dd'c vd nhidm ky cua CEO deu cd md'i

ttfpng quan dtfPng vdi ci ROE vd ROA d mtfc y

nghia 1% Tuy nhien, bid'n ddc lap stf kiem nhiem

vai tro cua CEO chi cd md'i quan he tich ctfc vdi

ROE 5 mtfc y nghia 59( nhtfng lai chtfa tim tha'y

bdng chtfng inh htfdng de'n ROA Ke't qui cdn cho

tha'y, ddn bay tai chinh va quy md cua cdng ly deu

c6 inh htfdng de'n ci 2 bien phu thugc ROE va ROA

5 Kd't ludn

Nghien ctfu da tlm dtfpc nhffng b^ng chtfng thtfc

nghidm mdi me vd hffu ich vl stf anh htfdng da

dang gidi linh dd'n hidu qua hoat dong ciia doanh

nghidp Viet Nam Kd't qui cho tha'y, stf da dang

gidi tinh trong HDQT cd ttfPng quan dtfPng vdi hieu

qua boat ddng do Itfdng bang ROA vd ROE va stf

da dang nay Id khac nhau d mdi nganh nghe

Qua bai vie't cung vdi kd't qua phan tich thtfc

nghiem hy vpng se thay ddi dtfpc each nhin \ e stf

da dang gidi tinh trong HDQT dd'n hidu qua boat

Jong cua nam gidi, ddng thdi khich Ie tinh than,

truyen cim htfng dd'n vdi phdi nfl n

Bang 1 Anh hadng cua ty le nO gidi trong hpi dong qudn trj den hl^u qud hoqt dqng cua doanh nghiep thong qua ROA vd ROE

bsize

ROE -0.008'"

(0.002) mdep 0.035"*

(0.009) dual 0.010"

(0.005) ceotenur 0.001"*

(0.000) gndr

gear

logcp

md

0.023*"

(0.000) 0.135*"

(0.013) 0.012*"

(0.003) -0.003"*

(0.001) _cons -0.096

(0.065)

ROA 0.001 (0.001)

0 023*** (0.003) 0.003 (0.002) 0.001*" (0.000) 0.016"* (0,006) -0 177*** (0,006) 0,004"* (0.001) -0.001 ** (0.000) 0.036 (0.025)

1484

Ghi chu: Mo hinh duoc hoi quy theo md hinh FGLS vd gid tri trong ngodc la sai so chudn

* Cdc he so CO y nghia thong ke d miic 109c,

** Cdc he so cd y nghia thd'ng ke d mdc 59c,

*** Cdc he sdcd y nghia thdng ke d mdc 1%

T\lLieLITH\.MKHAO:

1 Bemardi, R A Bean D F & Wt-ippert K M (2002) Signaling gender diversii\ through annual report

pictures Aci ouniing Auditing tt Ac i ountabiUiy Journal

2 Carter D A Simkins, B J & Simpson, W G, (2003) Corporate governance, board diversity, and firm value Financial review 38(1), 33-53

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3 Francoeur C, Labelle R & SincJair-Desgagn^ B (2008) Gender diversity in corporate go^ ^' i and

lop management Journal of business etiiics 81(1), 83-95

4 Merctiam K (2012) //OH' mm anti wtymen differ: Gender tlifferences in communication MI ,llueitce ladies, ami leadership styles

5 Nielsen, S & Huse, M (2010) Women directors" contribution to board decision-making and strategic

involvement; The tt>le of equality perception European Managemeni Review, 7(1), 16-29 DOI- nO-u cv^

6 Shehata, N F (2013) How could board diversity influence corporate disclosure Corpor.ii<~ Board: Role

Duties & Composition 9(3), 42-49

7 Smith, N., Smith, V., & Vemer, 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

Ngiy nh^nUi: 18/4/2020

Ngiy phan bi^n dinh gia va si^a chita: 28/4/2020

Ngiy chip nh$n dSng hii: 8/5/2020

nengtinlilcgii:

LfeTHJPHUCfNGVY

Khoa Tii chinh

Trilinig D«i hpc Kinh t^Thanh phefH^ Chi'Minh

THE IMPACT OF GENDER DrVERSlTY

ON BOARDS OF DIRECTORS ON THE BUSINESS

PERFORMANCE OF ENTERPRISES

• lETHIPHUONGVY

Faculty of Finance, Univeislty of Economics Ho Chl Minh City

ABSTRACT:

This study examines the relationship between the percentage of women holding

corporate board seats and the business perfomiance of enterprises by analyzing the annual

data of 175 non-fmancial companies from 2008 to 2016 This shidy finds that the presence

of women on the board of directors has positive influences on the fuiancial operations of

enterprises

Keywords: Percentage of women holding corporate board seau, business pcriumiance