title: Corporate governance structures and financial performance: A comparative study of publicly listed companies in Singapore and Vietnam

authors: Nguyen, Tuan Van

subjects: Corporate governance

abstract: This study uses a dynamic modelling approach to investigate the relationship between corporate governance structures and financial performance of publicly listed companies in Singapore and Vietnam. The dynamic modelling approach facilitates answering the first research question: whether the relationship between corporate governance structures and firm financial performance persists in the Singaporean and Vietnamese markets when the relationship’s dynamic nature is taken into account. Moreover, by focusing on two different types of national governance systems in the Asian region (well-developed vs. under-developed), this study observes how the relationship between corporate governance structures and firm performance is moderated by each country’s national governance quality. By carrying out this observation, this study answers the second research question: whether the corporate governance–firm performance relationship varies according to the quality of national governance systems in which firms operate.
Two samples – including a total of 379 publicly listed non-financial companies  covering a four-year period from 2008 to 2011– are examined through the use of a two-step system generalised method of moments estimator. This estimation technique allows for potential sources of endogeneity inherent in the corporate governance–firm performance relationship, including dynamic endogeneity, simultaneity, and unobserved time-invariant heterogeneity across firms. 
The results suggest that the performance effect of corporate governance structures persists in both markets even after the dynamic nature of the corporate governance–firm performance relationship is taken into consideration. For the Singaporean market, the results also show that the three corporate governance structures (board diversity, board size and ownership structures) appear to have statistically significant effects on firm performance. For both markets, it is observed that there is a statistically significantly positive relationship between ownership concentration and financial performance. This finding supports the prediction of agency theory regarding the efficient monitoring effect of large shareholders in markets with highly concentrated ownership. 
For the Vietnamese market, the results show that board gender diversity has a positive effect on firm performance. Remaining robust even after the alternative proxies for gender diversity are employed, this finding is consistent with the perspectives of agency theory and resource dependence theory. The number of female directors in the boardroom also matters, supporting the view that if female board representation affects firm outcomes, this effect is more pronounced when the number of female directors increases. However, the marginal positive performance effect of board gender diversity ceases when the percentage of female directors reaches a breakpoint of about 20%. This finding suggests that there is perhaps a potential trade-off between the costs and benefits of board gender diversity.
Importantly, the results indicate that the relationship between the current performance and one-year lagged performance is statistically significantly positive in both markets, and robust when alternative estimation methods and models are employed. In line with Wintoki, Linck, and Netter (2012), among others, this finding suggests that the corporate governance–firm performance relationship should be investigated in a dynamic framework. This means that past firm performance should be considered as an important independent variable to control for potential effects of unobserved historical factors on current corporate governance structures and performance.
Furthermore, the results show that better national governance quality has a positive effect on firm performance, and that the performance effect of ownership concentration is contingent upon national governance quality. The results suggest that ownership concentration appears to have a stronger positive effect on performance of companies in Vietnam where the national governance system is underdeveloped. In contrast, concentrated ownership tends to have a weaker effect on financial performance of firms in Singapore where the national governance system is well-established. This finding is consistent with the argument that ownership concentration is an efficient corporate governance mechanism which can substitute for weak national governance quality. In the absence of effective national governance mechanisms, ownership concentration is likely to be an important corporate governance strategy for Vietnamese firms to control potential agency problems. On the contrary, in Singapore, where national governance quality – such as legal protection of shareholders – is much better, the role of ownership concentration in determining performance seems to be weaker.
This study is novel in that it is the first to explore the corporate governance–firm performance relationship using a dynamic modelling approach for the Vietnamese and Singaporean markets. The findings of this study significantly contribute toward a better understanding of international diversity on corporate governance by providing robust empirical evidence from the emerging and mature markets in the Asian region. This study also extends the corporate governance literature by enriching the understanding of the interaction between corporate-level and national-level governance mechanisms.

text: Corporate governance structures and financial performance: A comparative study of publicly listed companies in Singapore and Vietnam This study uses a dynamic modelling approach to investigate the relationship between corporate governance structures and financial performance of publicly listed companies in Singapore and Vietnam. The dynamic modelling approach facilitates answering the first research question: whether the relationship between corporate governance structures and firm financial performance persists in the Singaporean and Vietnamese markets when the relationship’s dynamic nature is taken into account. Moreover, by focusing on two different types of national governance systems in the Asian region (well-developed vs. under-developed), this study observes how the relationship between corporate governance structures and firm performance is moderated by each country’s national governance quality. By carrying out this observation, this study answers the second research question: whether the corporate governance–firm performance relationship varies according to the quality of national governance systems in which firms operate.
Two samples – including a total of 379 publicly listed non-financial companies  covering a four-year period from 2008 to 2011– are examined through the use of a two-step system generalised method of moments estimator. This estimation technique allows for potential sources of endogeneity inherent in the corporate governance–firm performance relationship, including dynamic endogeneity, simultaneity, and unobserved time-invariant heterogeneity across firms. 
The results suggest that the performance effect of corporate governance structures persists in both markets even after the dynamic nature of the corporate governance–firm performance relationship is taken into consideration. For the Singaporean market, the results also show that the three corporate governance structures (board diversity, board size and ownership structures) appear to have statistically significant effects on firm performance. For both markets, it is observed that there is a statistically significantly positive relationship between ownership concentration and financial performance. This finding supports the prediction of agency theory regarding the efficient monitoring effect of large shareholders in markets with highly concentrated ownership. 
For the Vietnamese market, the results show that board gender diversity has a positive effect on firm performance. Remaining robust even after the alternative proxies for gender diversity are employed, this finding is consistent with the perspectives of agency theory and resource dependence theory. The number of female directors in the boardroom also matters, supporting the view that if female board representation affects firm outcomes, this effect is more pronounced when the number of female directors increases. However, the marginal positive performance effect of board gender diversity ceases when the percentage of female directors reaches a breakpoint of about 20%. This finding suggests that there is perhaps a potential trade-off between the costs and benefits of board gender diversity.
Importantly, the results indicate that the relationship between the current performance and one-year lagged performance is statistically significantly positive in both markets, and robust when alternative estimation methods and models are employed. In line with Wintoki, Linck, and Netter (2012), among others, this finding suggests that the corporate governance–firm performance relationship should be investigated in a dynamic framework. This means that past firm performance should be considered as an important independent variable to control for potential effects of unobserved historical factors on current corporate governance structures and performance.
Furthermore, the results show that better national governance quality has a positive effect on firm performance, and that the performance effect of ownership concentration is contingent upon national governance quality. The results suggest that ownership concentration appears to have a stronger positive effect on performance of companies in Vietnam where the national governance system is underdeveloped. In contrast, concentrated ownership tends to have a weaker effect on financial performance of firms in Singapore where the national governance system is well-established. This finding is consistent with the argument that ownership concentration is an efficient corporate governance mechanism which can substitute for weak national governance quality. In the absence of effective national governance mechanisms, ownership concentration is likely to be an important corporate governance strategy for Vietnamese firms to control potential agency problems. On the contrary, in Singapore, where national governance quality – such as legal protection of shareholders – is much better, the role of ownership concentration in determining performance seems to be weaker.
This study is novel in that it is the first to explore the corporate governance–firm performance relationship using a dynamic modelling approach for the Vietnamese and Singaporean markets. The findings of this study significantly contribute toward a better understanding of international diversity on corporate governance by providing robust empirical evidence from the emerging and mature markets in the Asian region. This study also extends the corporate governance literature by enriching the understanding of the interaction between corporate-level and national-level governance mechanisms.

year: 2015

title: Statistical representations of the housing problem in briefings to incoming ministers, 2008–2020: The politics of housing numbers

authors: Barrett, Patrick

abstract: An interpretive policy studies perspective on what is understood to be the ‘facts’ about the housing problem in New Zealand has potential to uncover the way statistical representations of problems are embedded in larger normative narratives, and the consequential implications for housing policy and governance. This paper analyses such representations as they are evident in policy briefings to incoming Ministers of Housing between 2008 and 2020 by Housing New Zealand (HNZ) and its successor Kāinga Ora, and the way these reflect and reinforce a neoliberal political rationality and an agenda to residualise and marketise state housing support. The briefings represent authoritative accounts by a key bureaucratic advisory agency of the significant issues and priorities in the housing portfolio. The period prior to 2017 saw the emergence of new articulations of housing problems relating to affordability, declining rates of home ownership, an increasing rental population, and increasing homelessness. In the briefings to ministers, these problems were routinely framed as issues of supply and demand and market adjustment, and this has continued following the change of government in 2017. The focus of the paper is on identifying statistical representations within the discursive context that give weight to particular policy choices.

text: Statistical representations of the housing problem in briefings to incoming ministers, 2008–2020: The politics of housing numbers An interpretive policy studies perspective on what is understood to be the ‘facts’ about the housing problem in New Zealand has potential to uncover the way statistical representations of problems are embedded in larger normative narratives, and the consequential implications for housing policy and governance. This paper analyses such representations as they are evident in policy briefings to incoming Ministers of Housing between 2008 and 2020 by Housing New Zealand (HNZ) and its successor Kāinga Ora, and the way these reflect and reinforce a neoliberal political rationality and an agenda to residualise and marketise state housing support. The briefings represent authoritative accounts by a key bureaucratic advisory agency of the significant issues and priorities in the housing portfolio. The period prior to 2017 saw the emergence of new articulations of housing problems relating to affordability, declining rates of home ownership, an increasing rental population, and increasing homelessness. In the briefings to ministers, these problems were routinely framed as issues of supply and demand and market adjustment, and this has continued following the change of government in 2017. The focus of the paper is on identifying statistical representations within the discursive context that give weight to particular policy choices.

year: 2021

title: Māori child rearing and infant sleep practices

authors: Jones, Horiana Majorie

abstract: Sleep is important to a healthy lifestyle for parents and children, and having effective ways of putting a child to sleep contributes significantly to mental and physical wellbeing. Cultural groups around the world have developed a variety of approaches to this task, for example, rocking, co-sleeping, bed-sharing, breastfeeding to sleep, and encouraging infants to self soothe through various methods of infant sleep training. In New Zealand the continuation of traditional Māori approaches to infant sleep, e.g. co-sleeping, bed-sharing, responsivity to infant cues have been over-shadowed by its negative association with sudden infant death syndrome (SIDS) and dependence on parent interaction when initiating infant sleep. In this study, we were interested in the approaches Māori parents used to put their pēpi (child, 2 months-2 years of age) to sleep and the various factors that have influenced these approaches. Data were collected through online surveys (n =58) and face-to-face interviews (n =10) with Māori parents. Survey results indicated that being held and breast or bottle fed to sleep were the most practiced techniques by Māori parents. Parent assisted approaches, e.g., rocking, feeding, lying with baby until they go to sleep, were the most practiced. Many parents planned for their babies to sleep separately but very few actually persisted with self-soothing approaches due to a number of factors, such as discomfort with listening to their babies cry, culture, whānau (extended families) influences safety, and convenience. The majority of participants expressed a desire for separate sleep; however, few within the interview group actually successfully practiced separate sleep regularly.

text: Māori child rearing and infant sleep practices Sleep is important to a healthy lifestyle for parents and children, and having effective ways of putting a child to sleep contributes significantly to mental and physical wellbeing. Cultural groups around the world have developed a variety of approaches to this task, for example, rocking, co-sleeping, bed-sharing, breastfeeding to sleep, and encouraging infants to self soothe through various methods of infant sleep training. In New Zealand the continuation of traditional Māori approaches to infant sleep, e.g. co-sleeping, bed-sharing, responsivity to infant cues have been over-shadowed by its negative association with sudden infant death syndrome (SIDS) and dependence on parent interaction when initiating infant sleep. In this study, we were interested in the approaches Māori parents used to put their pēpi (child, 2 months-2 years of age) to sleep and the various factors that have influenced these approaches. Data were collected through online surveys (n =58) and face-to-face interviews (n =10) with Māori parents. Survey results indicated that being held and breast or bottle fed to sleep were the most practiced techniques by Māori parents. Parent assisted approaches, e.g., rocking, feeding, lying with baby until they go to sleep, were the most practiced. Many parents planned for their babies to sleep separately but very few actually persisted with self-soothing approaches due to a number of factors, such as discomfort with listening to their babies cry, culture, whānau (extended families) influences safety, and convenience. The majority of participants expressed a desire for separate sleep; however, few within the interview group actually successfully practiced separate sleep regularly.

year: 2017