Số No. 05 (36) (36)-2025 Journal of Finance & Accounting Research - Trang 111

Tóm tắt tiếng Việt:

English Summary:

In an increasingly volatile economic environment, financial distress poses significant challenges to firm sustainability and performance. To mitigate these risks, corporate governance has been extensively studied in the financial sector for its role in enhancing transparency, accountability, and informed strategic decision-making. Therefore, this paper will examine the impact of corporate governance and financial distress on firm performance of Vietnamese manufacturing firms. The data includes 162 firms listed on the Hanoi and Ho Chi Minh Stock Exchanges from 2019 to 2023. The methodology employed in this paper is the Generalized Least Squares method with Fixed effects model on panel data to measure both accounting-based (Return on Assets - ROA) and market-based (Tobin's Q) performance. The results reveal that financial distress has a powerful and consistently negative impact on firm performance. Among the governance components, greater female representation on the board is found to have a significant and negative effect on financial performance (Tobin’s Q only); neither board size nor audit quality showed a statistically significant impact on firm performance.

Từ khóa: corporate governance, financial distress, firm performance, manufacturing firms, Vietnam.

Số lượt đọc: 66 - Số lượt tải về: 35

DOI Code: https://doi.org/10.71374/jfar.v25.i5.22