Agency cost: A missing link between female on board and firm performance

Nguyễn Vĩnh Khương · Lê Hữu Tuấn Anh · Pham Nhat Quyen · Ngo Thi Thien Thao

39 citations0/0 files storedBusiness Strategy & Development

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Gender Diversity and Inequality Corporate Finance and Governance Gender Politics and Representation

Abstract

Abstract This research aims to investigate the relationship between the presence of females in the board of directors (BOD) and agency cost as well as firm performance with the mediating role of agency costs. We employ STATA to test feasible general least squares and generalized method of moments (GMM) on Vietnamese listed firms' data over 2015–2019. The results demonstrate that the presence of female directors is positively related to firm performance. The percentage of females has a positive relationship with agency cost, which has a negative impact on firm performance. The mediating role of the agency cost variable only reduces the positive impact of gender diversity in the BOD on firm performance, but this relationship is not reversed. The main contribution is the examination of the moderating role of state ownership and the mediating role of agency costs. Our study provides evidence about women's roles in different legal contexts, which might foster the formation of future legal frameworks.

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2022Effect of corporate governance on corporate social responsibility in Vietnam: state-ownership as the moderating role 2022Gender diversity and earnings management behaviours in an emerging market: a comparison between regression analysis and FSQCA 2023Agency theory: Review of the theory and current research

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