CEO Traits and Corporate Sustainable Growth: The Case of Listed Manufacturing Firms in Vietnam

Hoang Thi Du

Abstract


Abstract: This study aims to examine the influences of CEO attributes on corporate sustainable growth (CSG) by using listed manufacturing firms' data in Vietnam from 2016 to 2023. It employs the panel regression method, Fixed Effects Model (FEM), and Generalized Least Squares (GLS) regression techniques in order to investigate the relationship between CEO characteristics (ownership, gender, experience, education, and duality) and corporate sustainable growth. The research also uses key control variables, including debt-to-equity ratio, fixed asset ratio, sales-to-asset ratio, and firm size, to reduce omitted variable bias. The significant negative result of the gender variable reveals that firms with male CEOs' leadership experience lower CSG than those with female CEOs. Additionally, CEO education negatively affects CSG under GLS estimation due to its statistical significance, while CEO ownership and experience demonstrate no significant impact. These findings imply that female CEOs may contribute more effectively to sustainable growth, highlighting the importance of gender diversity in corporate leadership.

Keywords


CEO traits, corporate sustainable growth, gender diversity, GLS, FEM

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References


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