THE MONITORING ROLE OF NON-EXECUTIVE DIRECTORS IN VIETNAM FROM A RETURN-VOLATILITY PERSPECTIVE

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Anh Tho To
Quoc Tuan Tran
Thi Siem Tran
Kim Phong Thai
Thi Thu Hong Ho

Abstract

This study examines the relevance of board independence to stock return volatility for a sample of 160 compa-nies listed on the Vietnamese stock market over ten years (2008–2017). After control-ling for potential endogeneity, we find that the presence of non-executive directors on the board tends to increase firm risk. The results indicate that non-executive direc-tors do not play a supervisory role under the agency theory. Our findings remain ro-bust when we apply alternative measures of the dependent variable.
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How to Cite

Tho To, A., Tuan Tran, Q., Siem Tran, T., Phong Thai, K., & Thu Hong Ho, T. (2020). THE MONITORING ROLE OF NON-EXECUTIVE DIRECTORS IN VIETNAM FROM A RETURN-VOLATILITY PERSPECTIVE. Economic Annals, 65(224), 29-52. https://doi.org/10.2298/EKA2024029T

How to Cite

Tho To, A., Tuan Tran, Q., Siem Tran, T., Phong Thai, K., & Thu Hong Ho, T. (2020). THE MONITORING ROLE OF NON-EXECUTIVE DIRECTORS IN VIETNAM FROM A RETURN-VOLATILITY PERSPECTIVE. Economic Annals, 65(224), 29-52. https://doi.org/10.2298/EKA2024029T