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Board Composition and Corporate Risk-Taking in Vietnam

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  • Thi Nhung Le

    (Academy of Policy and Development)

Abstract

This study examines how board composition influences corporate risk-taking among Vietnamese non-financial listed firms from 2012–2023. Using Pooled OLS, Fixed Effects and two-step System GMM on 2,851 firm-year observations, the analysis evaluates four governance factors: board independence, board size, CEO duality and female representation. The results show that while larger boards, CEO duality and female directors significantly reduce risk-taking, board independence has the strongest positive effect. Ownership concentration and firm characteristics also play an important role. A further test using a pre-policy non-compliance indicator reveals that firms below the one-third independence requirement experience a stronger positive link between board independence and risk-taking, consistent with regulatory compliance pressure. This study contributes large sample evidence from an emerging market and offers policy insights for strengthening governance and promoting sustainable risk-taking.

Suggested Citation

  • Thi Nhung Le, 2026. "Board Composition and Corporate Risk-Taking in Vietnam," Springer Proceedings in Business and Economics,, Springer.
    • Handle: RePEc:spr:prbchp:978-981-95-9113-8_37
    DOI: 10.1007/978-981-95-9113-8_37
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