REKAP ISI
JURNAL ILMIAH
UNTUK KAJIAN PENELITIAN YANG RELEVAN
NamaPengutip:
Rinny Viany Hari/Tgl
Pengarsipan: 4 Desember 2014
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No
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ASPEK JURNAL
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SUBSTANSI/ ISI JURNAL DIKUTIP
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1
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Judul /title:
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The
Impact of Corporate Governance on Firm Performance: Empirical
Study in Vietnam
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Nama penulis :
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By Duc
Hong Vo &
Tri Minh Nguyen
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Nama, edisi, halaman jurnal :
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International
Journal of Economics and Finance; Vol. 6, No. 6; 2014
ISSN
1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education
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Sumber/bentuk
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www.ccsenet.org/ijef
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4
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Setting penelitian
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A. Tempat penelitian :
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Economic
Regulation Authority, Perth, Australia
Open
University of Ho Chi Minh City, Vietnam
School of Development Economic,
University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam
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B. Waktu penelitian :
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-
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C.
Subyek penelitian :
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the dataset of 177 listed companies in
Vietnam for the period of 5 years, from 2008 to 2012
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5
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Kerangkapikir :
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Using
Hausman test and 2SLS, they founded out that the W-shaped curve occurs
representing the impact of managerial share on Tobin’s Q. In addition, this
study is the first one providing contrary result between accounting measure
(ROA) and market value measure (Tobin’s Q). It also emphasized the important
role of industry on firm performance potentially and suggested that future
research should control industry and firm size.
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6
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Metodologi penelitian
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A. Jenis/ pendekatan :
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Quantitative study
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B. Metode sampling :
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Purposive sampling
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C. Metode pengumpulan data
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This
study uses financial ratios, ownership, CEO duality and board composition
from audited financial reports and annual reports of firms which are listed
on Ho Chi Minh Stock Exchange (HOSE) from 2008 to 2012.
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D. Metode analisis data :
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Tobin’s Q ratio, Z-score model
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7
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Teori yang digunakan :
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·
Zahra and Pearce (1989) in
their research approached the role of board of director on financial
performance by reviewing and synthesizing four perspectives: (i) legalistic
perspective, (ii) resources dependence, (iii) class hegemony; and (iv) agency
theory. Meanwhile, stewardship theory, which is developed by
Davis, Schoorman and Donaldson (1997),
explained the board’s role in different way.
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Zahra and Pearce (1989)
defined corporate governance as the contribution of four factors including
board composition, characteristics, structure and process. This theory also
indicated that the efficiency of board director is determined by two primary
factors known as service and control: improving company reputation, cooperating
with external environment; ensuring sustainable corporate growth rate and
serving shareholder’s interest. These two roles depend on ownership
concentration and firm size. The ownership concentration refers to the size
of owners which impacts to the survival and firm’s wealth.
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Hillman and Dalziel (2003)
presented that resources dependence theory is also crucial path exploring the
impact of the board on firm performance. Resources dependence impacts on firm
performance through increasing the strong relationship between organization
and external contingencies,
decreasing
transaction cost and rejecting uncertain situation.
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Zahra and Pearce (1989)
presented that board process is an important variable to investigate the
relationship between board of directors and firm performance. According to
this theory, service and control depend on ownership concentration, CEO power
and style. CEO is considered as the most important person
serving
the board.
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Having similar view with
Zahra and Pearce (1989) on agency theory, Davis, Schoorman and Donaldson
(1997) indicated more clearly that agency theory refers to the conflict
between the goal of principal as owners and agent as managers. In a
particular company, shareholders allocate their wealth investing on the asset
of corporations and they authorize managers to operate the firms. The principal
has tendency to maximize the utility of shareholder in the long- run. By
contrast, the agents usually operate firms for their individual interests.
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Davis, Schoorman and Donaldson
(1997) examined the new approach to the relationship between the benefit of
shareholders and managers, which is developed based on psychological and sociological
concepts. The interests of individual and organization are mixed and managers
operate companies to maximize utility.
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8
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Hasil/temuan penelitian :
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·
ROA has a mean value of 8.243
% with standard deviation of 9.340%, while these figures are 15.899% and 16.205%
respectively for ROE. Tobin Q ratio has a wide interval between min value
(-256.15) and max value (21.394) with the mean of 0.739. Similarly with Q,
ZSCORE also presents low performance in Vietnamese listed firms on HOSE. It
averages 1.681 with standard deviation of 3.103, while the min value is
-2.681 and max value is 33.017. In general, the ownership level of CEO and
the board has low value because the average values of them are 6.734% and
15.845%, while maximum values are very high. The former is 72.852% and the
latter is 100%.
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it is expected that there is
a structural change in the relationship between managerial ownership and firm
performance. Therefore, in order to test it, two dummy variables are included
to control ownership level of CEO and board of directors.
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This result supports the
stewardship theory in which the role of CEO as chairperson is emphasized to
control firms more effectively. In particular, Davis, Schoorman and Donaldson
(1997) explored the mechanism of duality’s impact on firm performance. CEOs
are interested in the intrinsicvalue including achievement and motivation,
which are not influenced by market stock value. Moreover, being CEO as
chairperson helps the CEO understand better on an entire business of company
and makes more informed decisions. It explains a rationale for a positive
correlation between the duality of the CEO and firm performance why dual
situation associates positively with firm performance.
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This result is similar with
Klein (1998) study which appreciated the role of inside directors. Market
value represents the reaction of investors to the change of information
relating to corporate governance and firm performance. In the Vietnamese
stock market, investors usually react negatively to the change in top-tiered
management of companies because they assume that bad problems are the main causes
for these changes. First, there
is no complement and cooperation between executive and non-executive in the
board. Second, the
larger board size usually includes many independent members from larger
shareholders. Because they are non-executive, they cannot understand the
company’s situation
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For CEO’s ownership, in
Vietnam, the shares do not promote the CEO in managing and improving
performance because percentage of share owned by CEO is relatively low.
Moreover, the stock market in Vietnam from 2008 to 2012 indicates the
distressed period following the global financial crisis in 2008/2009. As
such, the profit from stock is not significant. In addition, the low
ownership leads to the weak voting right of CEO in annual meetings of board
of directors. This cannot stimulate the ability of CEO. However, this study
suggests that it should keep CEO’s ownership lower than 30% because the CEO’s
ownership has negative effect on firm performance when share level is higher
than 30%.
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9
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Diskusi :
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10
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Saran
& rekomendasi
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A. Saran :
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·
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B. Rekomendasi :
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