An Examination of the Relationship of Corporate Governance to Firm Performance: Empirical Evidence from Vietnamese Listed Companies

Abstract

With a sample of Vietnamese listed firms, we examine the relationship between performance and the corporate governance in the context of an emerging country. While board size, chairman ownership, foreign ownership and ownership concentration positively relates with firm’s performance as measured by Tobin’s Q, foreign ownership appears to have the strongest effect on firm performance. Besides, we observe that highly levered firms perform worse. The hypotheses that duality and CEO ownership significantly affects firm performance are statistically rejected.