The role of women in corporate financial performance in vietnam

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS THE ROLE OF WOMEN IN CORPORATE FINANCIAL PERFORMANCE IN VIETNAM BY NGUYEN THI HONG THU MASTER OF ARTS IN DEVELOPMENT ECONOMICS HO CHI MINH CITY, May 2014 UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS THE ROLE OF WOMEN IN CORPORATE FINANCIAL PERFORMANCE IN VIETNAM A thesis submitted in partial fulfilment of the requirements for the degree of MASTER OF ARTS IN DEVELOPMENT ECONOMICS By NGUYEN THI HONG THU Academic Supervisor: Dr PHAM KHANH NAM HO CHI MINH CITY, May 2014 Certification “I certificate that the substance of the thesis has not already been submitted for any degree and is not currently submitted for any other degree I certify that to the best of my knowledge and help received in preparing the thesis and all sources used have been acknowledged in the thesis.” Signature Nguyen Thi Hong Thu Date: May 28th, 2014 Acknowledgements First and foremost, I would like to send my dearest thank to my supervisor, Dr Pham Khanh Nam for his guidance and support In addition, I would also like to express my gratitude to all persons and organizations for their support, provision of assistance and information that made this thesis possible I am grateful to the lecturers and staff of the project who helped improve my knowledge and fulfill the programme Finally, I am greatly indebted to my family for their love for and support of me, keeping me in good condition for learning I am also grateful to my close friends for their warm encouragement Thank you very much to all of you TABLE OF CONTENTS Chapter 1: INTRODUCTION 1.1 Problem Statement 1.2 Research Objectives 1.3 Research Questions 1.4 Research Methodology 1.5 Structure of the thesis Chapter 2: LITERATURE REVIEWS 2.1 Theoretical relationship between women on board committees and corporate financial performance 2.1.1 Resource Dependence Theory 2.1.2 The Integrative Theory 2.2 Empirical studies 2.2.1 Determinants of corporate financial performance 2.2.2 The role of women on board committees in corporate financial performance9 2.3 Conceptual framework 13 2.4 Chapter remarks 14 Chapter 3: RESEARCH METHODOLOGY 15 3.1 Overview the role of women on board committees and corporate financial performance in Vietnam 15 3.2 Sample description 17 3.3 Variables 17 3.4 Hypothesis 19 3.5 Model specification 21 3.6 Analytical framework 24 3.7 Chapter remarks 24 Chapter 4: EMPIRICAL RESULTS 27 4.1 Descriptive Statistics 27 4.2 Analysis of the correlation between all variables 34 4.3 Result of the regression analysis 35 4.3.1 Pooled OLS Regression 35 4.3.2 Random Effect Models 37 4.3.3 Moderated Multiple Regression 39 4.4 Chapter remarks 44 Chapter 5: CONCLUSIONS AND RECOMMENDATIONS 45 5.1 Conclusions 45 5.2 Policy recommendation 46 5.3 Limitations 47 Chapter 1: INTRODUCTION This chapter explains reasons for choosing the research topic, its objectives and research questions In addition, this chapter also presents a brief of methodology and the thesis structure 1.1 Problem Statement Corporate financial performance implies the organization’s health and survival (Keller and Price, 2011) It shows the financial strengths and weaknesses of the company through by financial statements and annual report analysis Meanwhile, it provides better understanding of the firm’s position and success In fact, at least 50 percent of companies with good financial health are more successful in the long term than their competitors in sustaining the firm performance over time Financial performance of individual corporations varies markedly over time (Frei, 1999; Shei, 2007; Krestensen, 2008) Corporate financial performance could increase, decrease, or follow fluctuating patterns Data from 100 listed companies in Ho Chi Minh Stock Exchange (HOSE) for the period 2008-2012 confirms this variation: the average of returns on assets was 8.32% while the highest level was 59.9% and the lowest was 15.5%; returns on equity was around 16.2% while its maximum level was 158.8% and the minimum level was -34.3% Some firms have losses that lead to negative results In addition, Tobin’s Q of these companies had the average level at 1.088, the highest level was 5.19 and the lowest was 0.17 Thus, the role of the financial management is very important in the company Studies on the effect of the management on corporate financial performance bring inconsistent results In individual corporate, high financial performance is likely to reflect management effectiveness and efficiency in making use of company’s resources and this in turn contributes to the country’s economy at large (Naser and Mokhtar, 2004) The role of management in company would be very important For example, one of the most well-known bankruptcies opened with the spectacular collapse of Enron Corporation in the U.S in 2001 (Enron is the seventh largest listed company) related to the company’s management The role of the Board in Enron’s collapse and bankruptcy is concluded such as: (i) fiduciary failure, (ii) lack of independence between the company and certain Board members, (iii) conflicts of interests, (iv) excessive compensation, (v) high-risk accounting (IFC, 2004) From the bankruptcy in Enron, the result shows that the role of board committees in company is very significant (Zahra and Pearce, 1989) Several studies have produced estimates of the women’s role in corporate financial performance in developed countries, especially in the United State, Canada, and UK, but there is still insufficient data for developing countries (Rosa et al., 1996; Lerner, 1997) However, research results on the role of women on board committees in corporate financial performance are mixed Specifically, it has been found that women on board and financial performance has a positive relationship (Carter, et al., 2003; Adams and Ferreira, 2004; Lang and Stulz, 1993; Campbell and Minguez-Vera, 2008; Smith N., et al., 2006; Dezsö and Ross, 2012), a negative relationship (Frink et al., 2003; Bohren and Strom, 2006), and no-relationship (Rose, 2007; Smith and Verner, 2008) Studies on the role of women in corporate financial performance in Vietnam as well as in developing countries are still limited Nowadays, the role of women is an important part of family life and society, and their strong representative in the economy Moreover, they are significant contributors in agriculture, trade, education, social service, and entrepreneurship (Nguyen, 2011) Thus, Vietnamese companies employ proportionally more women top managers compared to similarly populated countries in the same income group (Enterprise survey, 2011) The objectives of this research are to determine whether the role of women on board committees in corporate financial performance in Vietnam through the period from 2008 to 2012 1.2 Research Objectives The aims of this paper are to examine whether the role of women on board committees in corporate financial performance in Vietnam through the period from 2008 to 2012 In particular: (1) To investigate the role of women on board committees in corporate financial performance (2) To identify the determinants of women’s participation in board committees 1.3 Research Questions This study attempts to answer the following research question: (1) Do women on board committees influence corporate financial performance? (2) What are the determinants of women’s participation in the board? 1.4 Research Methodology Base on the Resource Dependence Theory and Integrative Theory, this study uses annual panel data of 100 listed companies on HOSE in Vietnam during the period 2008-2012 To estimate the role of women on board committees in corporate financial performance, these regression methods are used such as Pooled Ordination Least Square (pooled OLS), Fixed Effects (FE) or Random Effects (RE), and Moderated Multiple Regression (MMR) 1.5 Structure of the thesis This thesis organized in five chapters as follows:  Chapter explains the reason for choosing the research topic, its objectives and research questions This chapter also explains briefly about methodology to test the hypotheses  Chapter reviews the literature It starts with the concept of women on board committees and corporate financial performance Following is theories relative women on boards and firm performance Empirical studies also presented in this part  Chapter explains data and variables which be used in the model This chapter also presents econometric techniques to test hypotheses  Chapter presents empirical results corresponding to each estimation technique  Chapter gives conclusion, policy implications, and limitations of the study Pooled OLS regressions which presented by using the sample of firms observed during the period from 2008 to 2012 For each of the three performance measures, the research has estimated three alternative models, including a number of explanatory control variables as described above (firm size, leverage, firm age, state ownership, and industrial sectors) As the results, the adjusted R2 of all models is not high; they are less than 30% If this thing comes up, the statistic significance becomes inefficient The outcomes from the White test describe that Prob Chi-Square is smaller than 5% and the Breusch-Godfrey test show that the Prob Chi-Square is greater than 5% These tests indicate that, in the adopted empirical model, there is evidence of heteroskedasticity Moreover, the model suffers from the problem of autocorrelation (Wooldridge test) 4.3.2 Random-Effects Models The Pooled OLS regression issues give many interesting results about effect of independent variables on corporate financial performance However, these models are not efficient because of autocorrelation and heteroskedasticity Thus, this session applies Fixed Effects and Random Effects regression that improve those problems Present Hausman test  To decide between fixed or random effects, we run a Hausman test where the null hypothesis is that the preferred model is random effects, compare with the alternative the fixed effects (see Green, 2008, chapter 9)  It basically tests whether the unique errors (ui) are correlated with the regressors, the null hypothesis is they are not ROA PWOMEN Chi2(11) 24.53 Prob>Chi2 0.0107 WCHAIRMAN Chi2(11) Prob>Chi2 ROE 24.71 0.01 26.17 0.0061 53.52 0.000 25.18 0.0086 37 TobinQ 53.4 0.000 Following this results, the value of Prob>Chi2 is less than 0.05 (i.e significant), then it use fixed-effect model In addition, using a Hausman test to compare Fixed and Random Effects models, this paper rejects the null hypothesis of not having a systematic difference in coefficients between two models which implies Fixed Effects model is better even it is less efficient (insignificant coefficient statistic) Consequently, the results presented in the table 4.6 by only using Random Effects regression model because of more efficient Wooldridge (2002) considers that Random Effects regression is very useful to control heteroskedasticity and autocorrelation These models include all variables to represent women on board committees and corporate governance that used to explain the linear relationship between the role of women and corporate financial performance Using the Random Effects method, there are various results indicating the relationship between variables in the model including positively correlated, negatively correlated, nonlinearly correlated, and no correlation at all In particularly, using control variables as firm size, age of firm, state, leverage, and industrial sectors, the study shows that percentage of women on board committees (PWOMEN) have positive relationship to corporate financial performance (Carter, et al., 2003; Adam and Ferrira, 2004; Smith et al., 2006; Dezso and Ross, 2012) through by statistically significant at the one and five percent In conversly, column (TobinQ) indicates no significant effects this one (Lang and Stulz, 1993; Campbell and Minguez-Vera, 2008) In addition, when women as the Chair of firm (WCHAIRMAN), corporate financial performance has improved in listed companies in Vietnam These results provide indicative support for Hypothesis 1a and 1b Women on board committees are also economically significant The coefficient on the percentage of women (PWOMEN) representation of 0.054 and 0.078 means that, ceteris paribus, ROA and ROE in board with women is approximately 5.4 and 7.8 percent, in respectively, and higher than one without women TobinQ has no statistic significance The explanation the coefficient of women as chair (WCHAIMAN) is the same 38 Table 4.10: Result of Random Effects regression PWOMEN WCHAIRMAN ROA Model Model 0.054*** 0.026** ROE Model Model 0.078*** 0.041*** BSIZE DUAL EDU EXP IND PAYMENT OWN SHARE FSIZE FAGE STATE LEV SECTOR1 SECTOR2 SECTOR3 SECTOR4 SECTOR5 SECTOR6 SECTOR7 SECTOR8 CONS Wat Chi2(21) Prob > chi2 -0.001 -0.009** -0.001 -0.000 -0.003 0.007*** -0.052*** -0.004 0.008 0.018*** 0.002 -0.017*** 0.089*** 0.007 -0.015 -0.025** -0.015 -0.032*** -0.005 0.054** -0.038 626.54 0.0000 -0.003 -0.026*** 0.004 -0.000 -0.004 0.015*** 0.009 -0.009 0.006 0.009 0.021** -0.005* 0.062** 0.028 -0.051** -0.056** -0.026 -0.077*** -0.047* 0.173*** 0.031 234.41 0.0000 Variables -0.001 -0.008** -0.003** -0.000 -0.003 0.007*** -0.045** -0.006 0.013** 0.023*** -0.000 -0.019*** 0.085*** 0.007 -0.019** -0.030*** -0.018 -0.033*** -0.003 0.051** -0.087 679.50 0.0000 -0.002 -0.028*** -0.001 -0.001 -0.006 0.015** 0.019 -0.016 0.014 0.013 0.021* -0.008*** 0.046 0.021 -0.062*** -0.068*** -0.031 -0.084*** -0.047* 0.171 -0.021 240.30 0.0000 TobinQ Model Model 0.081 0.067** -0.008 -0.033** -0.001 -0.007*** -0.012 0.030*** -0.156* 0.036 0.053** 0.075** 0.052** -0.000 0.329*** 0.516** -0.075 -0.178** -0.123* -0.181*** -0.188** 0.402*** 0.525 158.44 0.0000 -0.013 -0.029 -0.005 -0.007*** -0.013 0.028*** -0.152* 0.008 0.063** 0.107*** 0.033 -0.003 0.297*** 0.496*** -0.110 -0.206*** -0.141* -0.196*** -0.193*** 0.425*** 0.474 147.79 0.0000 Notes: * p < 0.1, ** p < 0.05, *** p < 0.01 In conclusion, after using pooled OLS, fixed and random-effect models, the results show that the role of women on board committees is very important in listed company The representation of women on boards or women as Chairman gives higher corporate financial performance such as ROA, ROE, and TobinQ 4.3.3 Moderated Multiple Regression (MMR) This part analyzes the characteristics of women on board committees influence or interact corporate financial performance by using MMR Hypothesis 2a and 2b predict that education background (EDU) and experience (EXP) will positively moderate the relationship between the percentage of woman on board committees and corporate 39 financial performance, but hypothesis 2c predict that industrial sector will differentially affect performance depending on industrial sector of business participation The results of these interactions are the following: Table 4.11: The education background and experience of the percentage of women on board committees influences corporate financial performance PWOMEN PWOMEN x EDU PWOMEN PWOMEN x EXP ROA 0.028 (0.026) 0.014*** (0.004) -0.33** (0.003) 0.008** (0.012) Measure ROE 0.038 (0.057) 0.018** (0.047) -0.114 (0.678) 0.004** (0.005) TobinQ -0.083 (0.619) 0.148** (0.02) -2.293* (0.074) 0.051* (0.057) Notes: * p < 0.1, ** p < 0.05, *** p < 0.01 Standard errors presented in parentheses The table 4.11 shows the interaction between the percentage of women on board committees (PWOMEN) and education background (EDU), and experience management (EXP) influence corporate financial performance (ROA, ROE, and TobinQ) In this table, the coefficient on PWOMEN presents the “single” effect on the percentage of women on board committees on corporate financial performance, this means that the effect when the model is not mentioned to education background and experience of women (Rose, 2007), these coefficients is insignificant In line with the base case analysis, the coefficient on the interaction between PWOMEN and EDU, and PWOMEN and EXP are positive and highly statistically significant Thus, the financial performance implications of the percentage of women on board committees reflected in corporate accounting and market-based data For example, the interactions are economically significant The implied coefficient of PWOMEN is equal to 0.014, 0.018, and 0.148 multiplied by the EDU with ROA, ROE, and TobinQ, in respectively Then, if EDU is zero, the percentage of women on board committees does not have a statistically significant influence on corporate financial performance The coefficient of interaction between PWOMEN and EDU on corporate financial performance is explained the same Therefore, Hypothesis 2a and 2b supported 40 Table 4.12: The industrial sectors of the percentage of women on board committees influence corporate financial performance PWOMEN PWOMEN x SECTOR1 PWOMEN PWOMEN x SECTOR2 PWOMEN PWOMEN x SECTOR3 PWOMEN PWOMEN x SECTOR4 PWOMEN PWOMEN x SECTOR5 PWOMEN PWOMEN x SECTOR6 PWOMEN PWOMEN x SECTOR7 PWOMEN PWOMEN x SECTOR8 ROA 0.038 ** (0.089) 0.461** (0.000) 0.063*** (0.005) -0.896*** (0.000) 0.001 (0.967) 0.082** (0.016) 0.053** (0.023) -0.154 (0.207) 0.038 (0.104) 0.165 (0.271) 0.084*** (0.001) -0.146*** (0.000) 0.049** (0.031) 0.462** (0.012) 0.005** (0.03) 0.397 (0.294) Measure ROE 0.056 (0.179) 0.473*** (0.006) 0.084** (0.043) -1.074*** (0.002) 0.043 (0.482) 0.054 (0.524) 0.069* (0.098) -0.11 (0.619) 0.055 (0.195) 0.209 (0.442) 0.11** (0.015) -0.177** (0.015) 0.067 (0.106) 0.558* (0.095) 0.07* (0.09) 1.759*** (0.01) TobinQ 0.112 (0.408) 1.524*** (0.006) 0.237* (0.064) -4.846*** (0.000) 0.112 (0.573) 0.088 (0.747) 0.16 (0.242) -0.548 (0.446) 0.114 (0.411) 0.058 (0.513) 0.264* (0.071) -0.485** (0.041) 0.148 (0.275) -0.035 (0.974) 0.154 (0.253) 3.551 (0.111) Notes: * p < 0.1, ** p < 0.05, *** p < 0.01 Standard errors are presented in parentheses Environmental influences were associated with the percentage of women on boards were differentially associated with industrial sectors Almost the coefficient of the interaction between PWOMEN and SECTOR is significantly such as SECTOR1, SECTOR2, SECTOR3, SECTOR6, SECTOR7, and SECTOR8 Further, SECTOR1, SECTOR3, SECTOR7, SECTOR8 was associated with higher or positive financial performance, but SECTOR2, SECTOR6 the association was negative Contrary, SECTOR4 and SECTOR5 41 are not significant Overall, hypothesis 2c on industrial sectors supported (Lerner, 1997) These conclusions presented in table 4.12 Discuss findings In this paper, we develop a theoretical moddel to explain how and under what circumstances female representation on board committees improves corporate financial performance Corporate financial performance are divived three ratios such as ROA, ROE, and Tobin’s Q The two first ratios (ROA and ROE) are calculated with accounting-based method, and TobinQ is calculated with market-based method We test the theory using years of data on the 100 listed companies in HoChiMinh Stock Exchange (HoSE) and find that (a) women on boards committees leads to better corporate financial performance, and (b) the factors (EDU, EXP, SECTORS) of women on board committees affect corporate financial performance by mixed results  The role of women on board committees in corporate financial performance The proportion of women who reach top positions (women as Chairman) in the business sector is still very low in most countries, though it has been increasing in some companies This study finds that the percentage of women on board committees (PWOMEN) and women as the Chairman (WCHAIRMAN) contribute positive to corporate financial performance (ROA, ROE, and TobinQ) (Carter et al., 2003; Adams and Ferreira, 2004; Lang and Stulz, 1993; Campbell and Minguez-Vera, 2008) Understanding the influence of the women on board committees in corporate financial performance has implications for top managers, shareholders, corporate boards, and policy makers The solid evidence that greater women’s representation in corporate leadership correlates directly with improved business performance, companies with the most women on their boards committees significantly and consistently outperform (Smith et al., 2006; Dezsö and Ross, 2012) In addition, this paper shows that, ceteris paribus, a given firm generates on average one percent more economic value with at least one women on board committees than without any women on boards and also enjoys financial performance As a consequence, the gains 42 from having female board members are positive relected in any chosen financial performance measure A policy implication from the paper’s findings is therefore that more research is needed in order to understand whether board candidates seek to their unconventional attributes Case studies could reveal interesting insights into the nature of the decision process in corporate boards Since the decisions of corporate boards influence the welfare of many stakeholders, it seems hard to neglect a view arguing that the composition of corporate boards should be more in line with other institutions in society  The determinants of women’s paticipation in board committees The empirical results also present the factors (education background, year of experience management, and industrial sectors) of the percentage of women on board committees affect corporate financial performance (Lerner, 1997; Box et al., 1995; Hisrich et al., 1997) Firstly, the education background and year of experience management of women on boards are the positive relationship with ROA, ROE, and TobinQ This means that women board members’ general educational background (higher degree education) improve corporate financial performance A possible reason is that the work carried out on corporate boards requires any specific educational background Just as long as women board members have a master degree, board members have sufficient human capital in order to understand information that is provided by the board of managing directors In addition, the large number of year of experience (EXP) influences enhance corporate financial performance (Siong-Choy, 2007) Human capital may be obtained from a career as Chairman of the Boards in other firms or from a substantial experience in business life Furthermore, the results show that the positive performance effects are mainly related to female managers with a master degree than without female on board committees who no hold master degree The last and the secondly, the environmental factors are differentially in every industrial sectors (Lerner, 1997) Moreover, SECTOR1, SECTOR3, SECTOR7, and SECTOR8 were associated with higher or positive financial performance, 43 but SECTOR2, SECTOR6 the association was negative In conversely, SECTOR4 and SECTOR5 are not significant Therefore, the main implication from this paper is the importance of attracting and recruiting more women into the higer ranking positions in firm and thus increasing the number women who are qualified to be selected into board committees 4.4 Chapter remarks This chapter concentrates on giving results of regression Firstly, descriptive statistics of data as well as correlation between variables presented The thesis uses regression models including Pooled OLS, Fixed or Random Effects, and Moderated Multiple Regression to investigate the role of women on boards and corporate financial performance and present the characteristics of women on board committees influences corporate financial performance The Pooled OLS method is simpler than RE by it encounters issues such as heteroskedasticity, unobserved firm effect whereas RE can improve these limitations In the one hand, results of RE model also explain better than pooled OLS, and give to conclude that the positive relationship between PWOMEN and WCHAIRMAN with corporate financial performance (ROA, ROE, and TobinQ) On the other hand, these factors like EDU, EXP, and industrial sectors affect to improve corporate financial performance (ROA, ROE, and TobinQ) 44 Chapter 5: CONCLUSIONS AND RECOMMENDATIONS Firstly, this chapter summarizes the content of the thesis before giving conclusion Then, based on the results found, some recommendations raised to help the companies appreciate the role of women on board committees more effectively Final gives some limitations of thesis that improved for further researches 5.1 Conclusion The main objective of this thesis is to find the role of women on board committees as the percentage of women, and the women as Chairman on corporate financial performance The thesis employs annual panel data of 100 listed companies on HOSE during the period from 2008 to 2012 in case of nine industrial sectors including Agriculture, forest, fishing; Mining and quarrying; Manufacturing; Electricity, gas, stream and air conditioning supply; Construction; Wholesaler and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Information and communication; Real estate activities Dependent variable (corporate financial performance) of this thesis is ROA, ROE, and Tobin’s Q Using the RE method, there are various results indicating the relationship between variables in the model including positively correlated, negatively correlated, nonlinearly correlated, and no correlation at all In particular, this study finds that the percentage of women on board committees (PWOMEN) and women as the Chairman (WCHAIRMAN) contribute positive to corporate financial performance (ROA, ROE, and TobinQ) (Carter et al., 2003; Adams and Ferreira, 2004; Lang and Stulz, 1993; Campbell and Minguez-Vera, 2008) The solid evidence that greater women’s representation in corporate leadership correlates directly with improved business performance, companies with the most women on their boards committees significantly and consistently outperform (Smith et al., 2006; Dezsö and Ross, 2012) In addition, by using MMR approach, the empirical results also present the factors (education background, year of experience management, and industrial sectors) of the 45 percentage of women on board committees affect corporate financial performance (Lerner, 1997; Box et al., 1995; Hisrich et al., 1997) Firstly, the education background and year of experience management of women on boards are the positive relationship with ROA, ROE, and TobinQ This means that women have higher degree education and the large number of year of experience influences improve corporate financial performance (Siong-Choy, 2007) The last and the secondly, the environmental factors are differentially in every industrial sectors (Lerner, 1997) Moreover, SECTOR1, SECTOR3, SECTOR7, and SECTOR8 were associated with higher or positive financial performance, but SECTOR2, SECTOR6 the association was negative In conversely, SECTOR4 and SECTOR5 are not significant (See name of every sector in Table 4.4) 5.2 Policy recommendation The results in this thesis are useful for corporate managers; in particularly, the manager in financial area can use women members on board committees for their reference Depend on the determinants of the percentage of women participate in board committees, corporate management can make decision For investors, they can base on the findings of the thesis to make better investment decisions They are willing to invest in companies that have women on board committees and women as chair, because of Vietnam context, the investors believed that when the Chairman occupied by one person, they will the best thing for the firm and the firm has high financial performance which means the firm operate more efficiently and effectively For the researchers, they can use this thesis for reference or compare the findings of this thesis to their results when they study in the financial performance in listed companies in Vietnamese stock exchange 46 5.3 Limitation and suggestion for further study Besides the interesting results as presented above, there are still some limitations to be addressed in further study First, the collected data is from public sources such as financial statements and annual reports Therefore, if there are any problems related to the disclosure of these data, the validity of the result will be reduced Second, the observations based on 100 listed companies in Ho Chi Minh Stock Exchange (HOSE) This approach will outperform if analysis data can be collected from both Ho Chi Minh and Ha Noi Stock Exchange In additional, the financial performance of companies is always affected by internal as well as external factors, whereas the analysis method in this thesis focuses on the internal factors Some external factors are inflation rate, interest rate, foreign exchange rate, foreign investment capital and so on Hence, it is necessary to combine all internal and external variables to get a better result Through analysis above, even though there are several of limitations, the result of this thesis is as a positive contribution to the research flow of “the role of women on boards in corporate financial performance” Moreover, the thesis is absolutely as early stages towards a more intensive research in the future 47 REFERENCES Adams, R B., & Ferreira, D (2009) Women in the boardroom and their impact on governance and performance Journal of financial 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