Characteristics of the Board of Directors and the performance of Vietnamese commercial banks

LIST OF REFERENCES

Vietnamese Document Catalog

1. http://cafef.vn(Information on the biographies of the members of the Board of Directors, share ownership ratio).

2. http://finance.vietstock.vn(Financial reports, Annual reports, Prospectus, Board of Directors' reports on the bank's operations)

3. Decree 59/2009/ND-CP dated July 16, 2009 on organization and operation of commercial banks.

4. Decree 06/2010/ND-CP dated January 25, 2010 on Regulations on civil servants.

5. Nguyen Manh Ha, 2016, The relationship between corporate governance and performance of Vietnamese banks. Finance Journal, Part II, July 2016.

6. Pham Thi Van Trinh, Finance Magazine, August 2016, Dynamic panel data regression using DGMM method: Analytical techniques in empirical research.

7. Pham Huu Hong Thai, Phan Thi My Kieu (2018), Board size, CEO duality and firm value. Website http:// tapchitaichinh.vn.

8. Phan Bui Gia Thuy, Tran Duc Tai (2017), The impact of CEO characteristics on business performance. Ho Chi Minh City Open University Science Journal, No. 55 (4) 2017.

9. Quoc Hai, November 23, 2017, Will the bank boss choose the hot seat or... be a business leader. Website http://danviet.vn .

10. National Assembly, Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010.

11. National Assembly, Law amending and supplementing a number of articles of the Law on Credit Institutions No. 17/2017/QH14 dated November 20, 2017.

12. Thanh Nam, February 25, 2017, In the future, the Chairman will not be allowed to concurrently hold the position of General Director. Website http:// thesaigontimes.vn.

English Document Catalog

1. Adams, R.B., Mehran, H., 2003. Is corporate governance different for banking holding companies? Federal Reserve Bank of New York Economic Policy Review, 123 - 142.

2. Adams, R.B., Ferreira, D., 2009. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics 94, 291- 309.

3. Adams, R.B., Mehran, H., 2012. Bank board structure and performance: evidence for large bank holding companies. Journal of Financial Intermediation 21, 243- 267.

4. Agrawal, A., Knoeber, C., 1996. Firm performance and mechanism to control agency problems between managers and shareholders. Journal of Financial and Quantiative Analysis 31 (3), 377- 397.

5. Ahn, S., Jiraporn, P., Kim, YS, 2010. Multiple directorships and acquirer returns. Journal of banking and Finance 34, 2011- 2026.

6. Andres, P., Vallelado, E., 2008. Corporate governance in banking: the role of the board of directors. Journal of Banking and Finance 32, 2570- 2580.

7. Berger, AN, Hasan, I., Zhou, M., 2009. Bank ownership and efficiency in China: what will happen in the world's nation? Journal of Banking and Finance 33, 113- 130.

8. Booth, JR, Cornett, MM, Tehranian, H., 2002. Boards of directors, ownership, and regulation. Journal of Banking and Finance 26, 1973- 1996.

9. Boubakri, N., Cosset, J.C., Saffar, W., 2008. Politically connected newly privatized firms. Journal of Corporate Finance 3, 189- 220.

10. Coles, JL, Daniels, ND, Naveen, L., 2008. Boards: does one size fit all? Journal of Financial Economics 87, 329- 356.

11. Cornett, MM, McNutt, JJ, Tehranian, H., 2009. Corporate governance and earnings management at large US bank holding companies. Journal of Corporate Finance 15, 412- 430.

12. Dalton, DR, Catherine, MD, Jonathan, LJ, Alan, EE, 1999. Number of directors and financial performance: a meta-analysis. Academy of Management Journal 42, 674- 686.

13. Fich, E., Shivadasani, A., 2004. Are busy boards effective monitors? Journal of Finance 61, 689- 724.

14. Firth, M., Lin, C., Liu, P., Wong, S., 2009. Inside the black box: bank credit allocation in China's private sector. Journal of Banking and Finance 33, 1144- 1155.

15. Fu, X., Heffernan, S., 2009. The effects of reform on China's bank structure and performance. Journal of Banking and Finance 33, 39-52.

16. Garcia- Herrero, A., Gavila, S., Santabarbara, D., 2009. What explains the low profitability of Chinese banks? Journal of Banking and Finance 33, 2080- 2092.

17. Goyal, VK, Park, CW, 2002, Board leadership structure and CEO turnover. Journal of Corporate Finance 8, 49- 66.

18. Hermalin, BE., Weisbach, MS, 2003. Boards of directors as an endogenously determined institution: a survey of the economic literature. Federal Reserve Bank of New York Economic Policy Review, 7 – 26.

19. Jensen, MC, 1993. The morden industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48, 831- 857.

20. Jia, C., 2009. The effect of ownership on the prudential behavior of banks- the case of China. Journal of Banking and Finance 33, 77- 87.

21. Jirapon, P., Singh, M., Lee, CI, 2009. Ineffective corporate governance; director busyness and board committee memberships. Journal of Banking and Finance 33, 819- 828.

22. Klein, A., 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 35, 375- 400.

23. Laeven, L., Levine, R., 2009. Bank governance, regulation and risk talking. Journal of Financial Economics 93, 259 0 275.

24. Levine, R., 2004. The Corporate Governance of Banks: A Concise Discussion of Concepts and Evidence. Working Paper. World Bank.

25. Macey, J.R., O'Hara, M., 2003. The corporate governance of banks. Federal Reserve Bank of New York Economic Policy Review, 91- 107.

26. Qi Liang, Pisun Xu, Pornsit Jiraporn, 2013. Board characteristics and Chinese bank performance.

27. Pathan, S., 2009. Strong boards, CEO power and bank risk-taking. Journal of Banking and Finance 33, 1340- 1350.

28. Pi, L., Timme, SG, 1993. Corporate control and bank efficiency. Journal of Banking and Finance 17, 5151- 530.

29. Raheja, CG, 2005. The determinants of board size and composition: a theory of corporate boards. Journal of Financial and Quantiative Analysis 40, 283- 306.

30. Rosenstein, S., Wyatt, J.G., 1990. Outside directors, board independence, and shareholder wealth. Journal of Financial Economics 26, 175- 191.

31. Rowe, W., Shi, W., Wang, C., 2011. Board Governance and Performance of Chinese Banks. Working Paper. University of Nebreska at Omaha.

32. Vafeas, N., 1999. Board meeting frequency and firm performance. Journal of Financial Economics 53, 113- 142.

33. Yermack, D., 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40, 185 – 211.

APPENDIX 1

Results of testing for multicollinearity in model (1)

. vif

Variable

VIF	1/VIF
BankSize	4.29	0.233068
Listed	2.51	0.398865
ForStgInve~r	2.50	0.399509
PLGForeign	2.32	0.431946
CapitalRatio	2.28	0.438343
IndepDirect~r	2.15	0.464797
BoardSize	2.14	0.467043
PLGState	1.96	0.509757
PLGPrivate	1.72	0.580610
Duality	1.30	0.768683
LoanRatio	1.26	0.796610
Meetings	1.19	0.842763
Mean VIF	2.13

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Results of testing for multicollinearity in model (2)

. vif

Variable

VIF	1/VIF
BankSize	4.41	0.226764
PLGState	3.48	0.287698
PoliticalD~r	3.05	0.327491
ForStgInve~r	2.75	0.363232
CapitalRatio	2.57	0.388539
Listed	2.51	0.398411
PLGForeign	2.37	0.422015
BoardSize	2.22	0.449792
IndepDirect~r	2.15	0.464258
PLGPrivate	1.77	0.564766
Duality	1.33	0.752478
LoanRatio	1.28	0.779253
Meetings	1.19	0.840046
Mean VIF	2.39

Variable

VIF	1/VIF
BankSize	4.29	0.232980
Listed	2.68	0.373225
ForStgInve~r	2.55	0.392285
PLGState	2.35	0.425537
PLGForeign	2.33	0.429186
CapitalRatio	2.31	0.433259
IndepDirect~r	2.27	0.441459
BoardSize	2.24	0.445705
PLGPrivate	1.75	0.572242
BusyDirector	1.67	0.597717
Duality	1.30	0.768645
LoanRatio	1.27	0.788896
Meetings	1.25	0.798526
Mean VIF	2.17

Results of testing for multicollinearity in model (4)

. vif

Variable

VIF	1/VIF
BankSize	4.30	0.232813
ForStgInve~r	2.84	0.351973
ForeignDir~r	2.71	0.369608
PLGForeign	2.67	0.374775
Listed	2.56	0.391321
CapitalRatio	2.36	0.423253
BoardSize	2.20	0.455539
IndepDirect~r	2.19	0.457565
PLGState	2.12	0.472386
PLGPrivate	1.72	0.580377
Duality	1.33	0.751546
LoanRatio	1.32	0.756026
Meetings	1.20	0.836197
Mean VIF	2.27

Variable

VIF	1/VIF
BankSize	4.55	0.219594
ForStgInve~r	2.60	0.384331
Listed	2.52	0.397305
PLGForeign	2.35	0.424885
CapitalRatio	2.28	0.438338
PLGState	2.22	0.450637
IndepDirect~r	2.16	0.463506
BoardSize	2.15	0.466097
PLGPrivate	1.75	0.570313
OldDirector	1.33	0.754346
Duality	1.31	0.764716
LoanRatio	1.26	0.795170
Meetings	1.21	0.825582
Mean VIF	2.13

Results of testing for multicollinearity in model (6)

. vif

Variable

VIF	1/VIF
BankSize	4.32	0.231475
PLGForeign	2.53	0.395317
Listed	2.51	0.398181
ForStgInve~r	2.51	0.399145
CapitalRatio	2.28	0.437723
BoardSize	2.21	0.452659
IndepDirect~r	2.15	0.464775
PLGState	1.99	0.503508
PLGPrivate	1.72	0.580251
FemaleDire~r	1.42	0.702783
Duality	1.30	0.768682
LoanRatio	1.26	0.792406
Meetings	1.24	0.809077
Mean VIF	2.11

Variable

VIF	1/VIF
BankSize	4.41	0.226764
PLGState	3.48	0.287698
PoliticalD~r	3.05	0.327491
ForStgInve~r	2.75	0.363232
CapitalRatio	2.57	0.388539
Listed	2.51	0.398411
PLGForeign	2.37	0.422015
BoardSize	2.22	0.449792
IndepDirect~r	2.15	0.464258
PLGPrivate	1.77	0.564766
Duality	1.33	0.752478
LoanRatio	1.28	0.779253
Meetings	1.19	0.840046
Mean VIF	2.39

Results of testing for multicollinearity in model (8)

. vif

Variable

VIF	1/VIF
BankSize	4.41	0.226764
PLGState	3.48	0.287698
PoliticalD~r	3.05	0.327491
ForStgInve~r	2.75	0.363232
CapitalRatio	2.57	0.388539
Listed	2.51	0.398411
PLGForeign	2.37	0.422015
BoardSize	2.22	0.449792
IndepDirect~r	2.15	0.464258
PLGPrivate	1.77	0.564766
Duality	1.33	0.752478
LoanRatio	1.28	0.779253
Meetings	1.19	0.840046
Mean VIF	2.39

Characteristics of the Board of Directors and the performance of Vietnamese commercial banks - 9

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