Số 232 | Tháng 7/2025
Vai trò điều tiết của giám đốc nữ trong mối quan hệ giữa ESG và hiệu quả hoạt động tại các quốc gia Đông Nam Á
Nguyễn Thị Trúc Anh, Phạm Thị Vân Trinh, Vũ Thị Thu Hà
Tóm tắt:
Nghiên cứu này phân tích mối quan hệ giữa hiệu suất ESG (Môi trường, Xã hội, Quản trị) và hiệu quả hoạt động doanh nghiệp, đồng thời xem xét vai trò điều tiết của đa dạng giới trong hội đồng quản trị (HĐQT) tại năm quốc gia Đông Nam Á (Indonesia, Malaysia, Philippines, Thái Lan và Việt Nam). Nghiên cứu áp dụng mô hình hồi quy có tác động cố định (Fixed Effects Model – FEM) trên dữ liệu bảng gồm 2.620 quan sát từ Thomson Reuters Datastream giai đoạn 2007–2023 để kiểm định các giả thuyết. Kết quả cho thấy ESG có tác động cùng chiều đến hiệu quả hoạt động, đo bằng Tobin’s Q, ROE và ROA, với sự hiện diện từ giám đốc nữ (GĐN) không chỉ cải thiện trực tiếp hiệu quả mà còn tăng cường ảnh hưởng cùng chiều của ESG. So với các nghiên cứu trước, công trình này đóng góp bằng chứng thực nghiệm mới về vai trò điều tiết của đa dạng giới trong mối quan hệ ESG-hiệu quả tại các thị trường mới nổi Đông Nam Á, cung cấp cơ sở khoa học cho việc tích hợp ESG và bình đẳng giới vào chiến lược doanh nghiệp.
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The Moderating Role of Female Directors in the Relationship Between ESG and Firm Performance in Southeast Asian Countries
Abstract:
This study examines the relationship between ESG (Environmental, Social, Governance) performance and firm performance, while exploring the moderating role of board gender diversity in five Southeast Asian countries (Indonesia, Malaysia, Philippines, Thailand, Vietnam). Using a fixed-effects regression model (FEM) for a panel dataset of 2,620 observations from Thomson Reuters Datastream spanning 2007–2023 to test research hypotheses. Our findings reveal that ESG positively impacts firm performance, as measured by Tobin’s Q, ROE, and ROA, with the presence of female directors not only directly enhancing performance but also amplifying ESG’s positive effect. Compared to prior studies, this research offers novel empirical evidence on the moderating influence of gender diversity in the ESG-performance nexus within Southeast Asian emerging markets, contributing a scientific basis for integrating ESG and gender equality into corporate strategies.