Relationships between CEO’s Age, Signature, and Gender with Company Performance: An Analysis of the Listed Companies in Vietnam

Huong Lan Nguyen, Hai Tan Mang, Ha Nguyen-Thu

Abstract

The study evaluates the impact of CEOs’ characteristics on company performance based on applying the production function and the TPB model. We collect the secondary data from 221 companies listed in the Vietnam stock market database, including Ho Chi Minh City Stock Exchange (HOSE), Ha Noi Stock Exchange (HNX), UPCOM, and OTC stock markets at the end of 2019. This paper measures firm performance by three dependent variables: the logarithm of company profit after taxes, total assets, and profits. This study provides three research results as seen as follows. Firstly, based on the production function, Vietnam companies can increase their performance by arranging more people who become a board members and placing their companies in Ho Chi Minh City to conduct their business. Secondly, according to the TPB model, the study confirms that the CEO’s signature also improves the company's profits and revenues. Thirdly, the CEO's gender and the female proportion of the board members have a complex without significant effect on their company values. Lastly, both the young companies and young CEOs are two negative factors that indicate low profits and a downward tendency in those for these companies. The results are robust by the various models. The research findings suggest a meaningful implication for managers and investors who lead companies or look for future investment cooperation partners.

Keywords: company performance, production function, CEO’s gender, CEO’s signature, Vietnam listed companies.


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References


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