Issue: Số 7 - Tháng 3 - 2025Tài chính - Ngân hàng - Bảo hiểm
The impact of corporate governanceand financial leverage on firm valuation among listed companies in Vietnam
Published: July 25, 2026
Abstract
This study examines the impact of corporate governance and financial leverage on firm valuation among listed companies in Vietnam. Utilizing a correlational, non-experimental research design, the analysis covers a sample of 325 firms listed on the Hanoi Stock Exchange over the 2018–2020 period. The findings reveal that an increase in board size negatively influences firm value, while CEO duality, the presence of audit committees, firm size, financial leverage, insider ownership, and return on assets (ROA) positively contribute to firm valuation. In the service sector, board size remains negatively correlated with firm value, whereas financial leverage and ROA have a positive effect. These results underscore the nuanced interplay between corporate governance, financial leverage, and valuation, offering valuable insights for policymakers and corporate leaders aiming to enhance firm performance in the Vietnamese market.
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