Article2023

Stakeholder theory, risk-taking and firm performance

18 citations0/0 files storedCorporate Governance

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Corporate Finance and Governance Corporate Social Responsibility Reporting Corporate Governance and Financial Management

Abstract

Purpose This study, using stakeholder approach, aims to examine the impact of corporate governance and risk-taking on the performance of the top 100 nonfinancial listed firms in Vietnam from 2015 to 2019. Design/methodology/approach The theoretical and empirical studies are reviewed for rational hypotheses development. Firm performance is represented by return on assets, return on equity and Tobin’s Q. Findings Specifically, concentrated ownership structure, large workforce, being a great workplace, quick sales growth, high receivables turnover, being funded by both the state and foreigners and high-risk exposure positively affect firm performance. However, a high level of state ownership or foreign ownership, more independent members on board, large board size and chief executive officer (CEO) duality show an inverse effect. Besides, an inverted U-shaped relationship with firm performance is recognized for liquidity ratios. Originality/value This study uses three triangles, including governance, risk, and performance. The paper offers some evidence-based recommendations to improve firm performance in Vietnamese businesses.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1996Agency costs of free cash flow, corporate finance, and takeovers 1986Large Shareholders and Corporate Control 1996Higher market valuation of companies with a small board of directors 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 1992A Modest Proposal for Improved Corporate Governance 1989Boards of Directors and Corporate Financial Performance: A Review and Integrative Model

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