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The effects of corporate governance mechanisms on the financial leverage-profitability relation Evidence from Vietnam

机译：公司治理机制对越南财务杠杆盈利关系的影响

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Purpose - This paper aims to investigate the moderating effects of corporate governance mechanisms on the financial leverage-profitability relation in emerging market firms. Design/methodology/approach - The paper examines the impacts by estimating the empirical model in which a firm's accounting profitability is a dependent variable, while financial leverage, board size, board independence, CEO duality, CEO ownership, state ownership and the interaction variables are predictors. The paper uses the panel data set of 295 listed firms in Vietnam in the period 2011-2015 and two key econometric methods for panel data, namely, the two-stage least square instrumental variable and general moments method Findings - The paper finds the evidence for the significant and positive effect of board size, board independence and state ownership on the financial leverage-profitability relation. The effect of CEO duality on the financial leverage-profitability relation tends to be negative, and the impact CEO ownership inclines to be positive, although both of them are statistically insignificant. The results are consistent across different estimation methods. Originality/value - This paper is the first investigating the moderating effect of various corporate governance mechanisms on the financial leverage-profitability relationship in emerging market firms.
机译：目的 - 本文旨在调查公司治理机制对新兴市场公司金融杠杆盈利关系的调节效果。设计/方法/方法 - 本文通过估算公司会计盈利能力是依赖变量的实证模型来检查影响，而金融杠杆，董事会规模，董事会独立，首席执行官二元，首席执行官所有权，国家所有权和交互变量是预测器。本文在2011 - 2015年期间使用越南的295个上市公司的面板数据集和面板数据的两个关键计量计量方法，即两级最小二乘乐器变量和一般时刻方法调查结果 - 论文发现了证据董事会规模，董事会独立和国家所有权对金融杠杆盈利关系的重大和积极影响。首席执行官二元性对金融杠杆盈利关系的影响往往是负面的，而且影响CEO所有权倾向于积极，尽管它们两者都在统计上微不足道。结果跨不同估计方法一致。原创性/价值 - 本文首次调查各种公司治理机制对新兴市场公司金融杠杆盈利关系的调节效果。

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