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Jean-Michel Sahut, Rey Dang, L'Hocine Houanti and Nhu Tuyen Le
''Women on corporate boards, stated-owned enterprises and firm performance: Evidence from Vietnam and quantile regression''
( 2020, Vol. 40 No.3 )
Using a unique sample of 498 non-financial companies listed on the two main Vietnamese stock exchanges between 2009 and 2014, we investigate the relationship between firm performance (FP) and women on corporate boards (WOCB), using the instrumental variable quantile regression panel data suggested by Powell (2016) to take into account heterogeneity and endogeneity issues. Compared to existing studies, we consider the Vietnamese institutional context through the weight and the role of the State. We find that, overall, WOCB have a negative influence on FP in State-owned enterprises (SOEs). This finding recognizes the importance of the State in a transactional economy, such as Vietnam, and the role of institutional context in the relationship between WOCB and FP.
Keywords: Women on corporate boards; Governance; Board of directors; Firm performance; Quantile regression
JEL: G3 - Corporate Finance and Governance: General
C4 - Econometric and Statistical Methods: Special Topics
Manuscript Received : Dec 31 2019 Manuscript Accepted : Sep 24 2020

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