THE IMPACTS OF BOARD CHARACTERISTICS AND FIRM SIZE ON FIRMS’ PERFORMANCE: EVIDENCE FROM VIETNAMESE LISTED FIRMS (HOSE)

Abstract

This study examines the impacts of board characteristics and firm size on firm performance: evidence from Vietnamese listed firms (HOSE) for the 2016-2020 period. The study controls for endogeneity and simultaneously problems using the dynamic panel technique of Generalized Method of Moments (GMM) with a data set of 344 companies (1,339 observations) in all industries excluding financial institutions. The research results show that board size (BSI), CEO duality (CEO), big 4 audit (B4A) and firm size (FIS) have significant position relationships with firms’ performance while there is a negative correlation between Board gender diversity (BGD) and firms’ performance. The data also reveal that the lagged dependent variable in the estimated model is significant in explaining the connection of board gender diversity, firm size and big 4 audit, indicating that the estimation models in our study are reasonable.