Vốn đầu tư nước ngoài tác động đến QTCT và ảnh hưởng tới hiệu quả kinh doanh của các doanh nghiệp niêm yết trên sàn chứng khoán thành phố HỒ CHÍ MINH
DOI:
https://doi.org/10.24311/jabes/2022.33.07.07Tóm tắt
Nghiên cứu kiểm tra ảnh hưởng của vốn đầu tư nước ngoài tới hiệu quả kinh doanh của doanh nghiệp thông qua vai trò trung gian của quản trị công ty (QTCT) và điều tiết của chiến lược cạnh tranh. Dữ liệu của 128 công ty niêm yết trên sàn chứng khoán Thành phố Hồ Chí Minh được thu thập thông qua phần mềm Thomson - Reuteurs và các báo cáo liên quan từ năm 2017 đến 2019. Kết quả nghiên cứu tìm thấy vốn đầu tư nước ngoài tác động ngược chiều tới hiệu quả kinh doanh của doanh nghiệp thông qua vai trò trung gian của QTCT và điều tiết của chiến lược cạnh tranh (đo lường qua chiến lược dẫn đầu về chi phí), tuy nhiên khi chiến lược cạnh tranh đo lường qua chiến lược khác biệt hóa về sản phẩm ảnh hưởng cùng chiều tới mối quan hệ giữa vốn đầu tư nước ngoài và hiệu quả kinh doanh của doanh nghiệp. Nghiên cứu cung cấp bằng chứng và hàm ý các chính sách liên quan nhằm hỗ trợ nhà quản trị và nhà lập pháp đưa ra các quyết định phù hợp giúp tối đa hóa hiệu quả kinh doanh của doanh nghiệp.
Tài liệu tham khảo
Aitken, B. J., & Harrison, A. E. (1999). Do domestic firms benefit from direct foreign investment? Evidence from Venezuela. American Economic Review, 89(3), 605–618.
Akbar, M., Hussain, S., Ahmad, T., & Hassan, S. (2020). Corporate governance and firm performance in Pakistan: Dynamic panel estimation. Working Paper 6. Centre for Applied Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University.
Al-Matari, E. M., & Al-Hebry, A. A. (2019). The impact of government, foreign and institutional ownership and firm performance on audit quality using regression analysis. Industrial Engineering & Management Systems, 18(3), 395–406.
Ananchotikul, N. (2007). Does foreign direct investment really improve corporate governance? Evidence from Thailand. Unpublished Working Paper. Berkeley, CA: University of California.
Arora, A., & Bodhanwala, S. (2018). Relationship between corporate governance index and firm performance: Indian evidence. Global Business Review, 19(3), 675–689.
Barton, S. L., & Gordon, P. J. (1988). Corporate strategy and capital structure. Strategic Management Journal, 9(6), 623–632.
Bebchuk, L. A., & Fried, J. M. (2003). Executive compensation as an agency problem. The Journal of Economic Perspectives, 17(3), 71–92.
Bhatta, B., Marshall, A., Neupane, S., & Thapa, C. (2021). Foreign ownership and the enforcement of corporate governance reforms. Review of Quantitative Finance and Accounting, 1–40. doi: 10.1007/s11156-021-01002-2
Chari, A., Chen, W., & Dominguez, K. M. (2009). Foreign ownership and firm performance: emerging-market acquisitions in the United States (NBER Working Paper No. w14786). Retrieved from the National Bureau of Economic Research: https://www.nber.org/papers/w14786
Chevalier, A., Prasetyantoko, A., & Rokhim, R. (2006). Foreign ownership and corporate governance practices in Indonesia. Proceedings of the conference “Mondialisation et recomposition des gouvernances – à la recherché d’une approche commune”, Université Paris-Dauphine, 21–22 September 2006.
Cohen, J., Cohen, P., West, S. G., & Aiken, L. S. (2003). Applied Multiple Regression/Correlation Analysis for the Behavioral Sciences. New York: Routledge.
Conyon, M. J., & He, L. (2017). Firm performance and boardroom gender diversity: A quantile regression approach. Journal of Business Research, 79, 198–211.
Dao, T. T. B., & Nguyen, P. H. C. (2020). Analysis of corporate governance index using ASEAN balanced score card and firm performance. Research Journal of Finance and Accounting, 11(6), 11–20.
Douma, S., George, R., & Kabir, R. (2006). Foreign and domestic ownership, business groups, and firm performance: Evidence from a large emerging market. Strategic Management Journal, 27(7), 637–657.
Gillan, S., Hartzell, J. C., & Starks, L. T. (2003). Explaining corporate governance: Boards, bylaws, and charter provisions. Proceedings of the 2003 Western Finance Association meetings, the 2003 Corporate Governance Symposium, University of Delaware.
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107–156.
Gujarati, D. N. (2004). Basic Econometrics (4th Ed.). New York: McGraw-Hill
Companies.
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.
Jermias, J. (2008). The relative influence of competitive intensity and business strategy on the relationship between financial leverage and performance. The British Accounting Review, 40(1), 71–86.
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2019). Ownership structure, board of directors and firm performance: Evidence from Taiwan. Corporate Governance, 19(1), 189–216. doi: 10.1108/CG-04-2018-0144
Khanchel, I. (2007). Corporate governance: Measurement and determinant analysis. Managerial Auditing Journal, 22(8), 740–760.
Mangena, M., & Tauringana, V. (2007). Disclosure, corporate governance and foreign share ownership on the Zimbabwe stock exchange. Journal of International Financial Management & Accounting, 18(2), 53–85.
Mehmetoglu, M. (2018). Medsem: A Stata package for statistical mediation analysis. International Journal of Computational Economics and Econometrics, 8(1), 63–78.
Min, B. S., & Bowman, R. G. (2015). Corporate governance, regulation and foreign equity ownership: Lessons from Korea. Economic Modelling, 47, 145–155.
Nandakumar, M. K, Ghobadian, A., & O'Regan, N. (2011). Generic strategies and performance: Evidence from manufacturing firms. International Journal of Productivity and Performance Management, 60(3), 222–251.
O'Brien, J. P. (2003). The capital structure implications of pursuing a strategy of innovation. Strategic Management Journal, 24(5), 415–431.
Pillai, R., & Al-Malkawi, H.-A. N. (2018). On the relationship between corporate governance and firm performance: Evidence from GCC countries. Research in International Business and Finance, 44(C), 394–410.
Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press.
Saidat, Z., Silva, M., & Seaman, C. (2019). The relationship between corporate governance and financial performance. Journal of Family Business Management, 9(1), 54–78.
Sakawa, H., & Watanabel, N. (2020). Institutional ownership and firm performance under stakeholder-oriented corporate governance. Sustainability, 12(3), 1021. doi: 10.3390/su12031021
Shehata, N., Salhin, A., & El-Helaly, M. (2017). Board diversity and firm performance: Evidence from the UK SMEs. Applied Economics, 49(48), 4817–4832.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461–488.
Shubita, R., & Shubita, M. F. (2019). The impact of foreign ownership on corporate governance: Evidence from an emerging market. Investment Management and Financial Innovations, 16(2), 101–115.
Singareddy, R. R., Chandrasekaran, S., Annamalai, B., & Ranjan, P. (2018). Corporate governance data of 6 ASIAN economies (2010–2017). Data in Brief, 20, 53–56.
Singh, P., & Agarwal, N. C. (2002). The effects of firm strategy on the level and structure of executive compensation. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 19(1), 42–56.
Stulz, R. M. (1999). International portfolio flows and security markets. In Martin Feldstein (ed), International Capital Flows (pp. 257–293). Chicago: University Chicago Press.
Thach, H. X., & Thu, T. T. (2020). Applying quantile regression model to evaluate the effect of foreign ownership to firm performance in Vietnam. Proceedings of the International Conference on Business and Finance 2020, University of Economics Ho Chi Minh City, 27–28 August, 2020 (pp. 288–306).
Tunaya, K. B., & Yüksel, S. (2017). The relationship between corporate governance andforeign ownership of the banks in developing countries. Contaduría y Administración, 62(5), 25–26.
Vo Xuan Vinh. (2014). Foreign ownership and firm performance - Evidence in Vietnam. Journal of Economic Development, 221, 85–104.
Wijaya, L. I., Welson, W., & Murhadi, W. R. (2020). Ownership structure, good corporate governance, and firm performance in the Indonesian capital market. Proceedings of the 17th International Symposium on Management (INSYMA 2020), Ba Ria Vung Tau University, Vietnam, 19–21 February, 2020 (pp. 256–260).
Zraiq, M. A. A., & Fadzil, F. H. B. (2018). The impact of ownership structure on firm performance: Evidence from Jordan. International Journal of Accounting, Finance and Risk Management, 3(1), 1–4.
Lượt tải xuống
Đã Xuất bản
Số
Chuyên mục
Giấy phép
Bản quyền (c) {copyrightHolder}
Tác phẩm này được cấp phép theo Giấy phép Creative Commons Ghi công-Phi thương mại 4.0 Quốc tế.
