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...

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Những tác giả chính:	Hoàng, Mai Phương, Nguyễn, Thanh Hồng Ân
Định dạng:	Journal article
Ngôn ngữ:	English
Được phát hành:	2022
Những chủ đề:	Agency theory Board structure Capital structure Corporate governance Financial leverage Vietnamese listed firms
Truy cập trực tuyến:	http://scholar.dlu.edu.vn/handle/123456789/908 https://doi.org/10.37569/DalatUniversity.10.4.785(2020)
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id	oai:scholar.dlu.edu.vn:123456789-908
record_format	dspace
institution	Thư viện Trường Đại học Đà Lạt
collection	Thư viện số
language	English
topic	Agency theory Board structure Capital structure Corporate governance Financial leverage Vietnamese listed firms
spellingShingle	Agency theory Board structure Capital structure Corporate governance Financial leverage Vietnamese listed firms Hoàng, Mai Phương Nguyễn, Thanh Hồng Ân The impact of board structure on financial leverage of Vietnamese listed firms
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.
format	Journal article
author	Hoàng, Mai Phương Nguyễn, Thanh Hồng Ân
author_facet	Hoàng, Mai Phương Nguyễn, Thanh Hồng Ân
author_sort	Hoàng, Mai Phương
title	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_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_sort	impact of board structure on financial leverage of vietnamese listed firms
publishDate	2022
url	http://scholar.dlu.edu.vn/handle/123456789/908 https://doi.org/10.37569/DalatUniversity.10.4.785(2020)
_version_	1768305889912029184
spelling	oai:scholar.dlu.edu.vn:123456789-9082022-09-14T08:50:15Z The impact of board structure on financial leverage of Vietnamese listed firms Hoàng, Mai Phương Nguyễn, Thanh Hồng Ân Agency theory Board structure Capital structure Corporate governance Financial leverage 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 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. 10 4 74–98 2022-09-12T10:19:44Z 2022-09-12T10:19:44Z 2020 Journal article Bài báo đăng trên tạp chí trong nước (có ISSN), bao gồm book chapter http://scholar.dlu.edu.vn/handle/123456789/908 https://doi.org/10.37569/DalatUniversity.10.4.785(2020) en Dalat University Journal of Science 0866-787X Abobakr, M., & Elgiziry, K. (2015). The effects of board characteristics and ownership structure on the corporate financial leverage. Accounting and Finance Research. 5(1), 1-14. Abor, J. (2007). Corporate governance and financing decisions of Ghanaian listed firms. Corporate Governance, 7(1), 83-92. Adam, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. 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The impact of board structure on financial leverage of Vietnamese listed firms

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