An Application of the Scorecard Tool to Measure Corporate Governance Quality: Empirical Study in a transition country
Thi-Minh-Ngoc Luu
International School, Vietnam National UniversityHanoi, VIETNAM
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et Phuong Mai Nguyen
International School, Vietnam National UniversityHanoi, VIETNAM
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02 août 2024
À propos de cet article
Publié en ligne: 02 août 2024
Pages: 127 - 138
DOI: https://doi.org/10.2478/fman-2024-0008
Mots clés
© 2024 Thi-Minh-Ngoc Luu et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Figure 1.
Figure 2.
Assessment tool of corporate governance quality (Source: Own elaboration)
| Question/category | Number of items | Points | ||
|---|---|---|---|---|
| Total | Compliance | Good practices | ||
| Level 1 (including 42 compliance criteria and 27 good practices criteria) | 69 | 42 | 27 | 96 |
| A: Rights and equitable treatments of the shareholders and their ownership | 18 | 10 | 8 | 26 |
| B: Roles of stakeholders | 7 | 1 | 6 | 13 |
| C: Disclosure and transparency | 18 | 15 | 3 | 21 |
| D: Responsibilities of the board | 26 | 16 | 10 | 36 |
| Level 2 (including two bonus criteria and six penalty criteria) | 8 | - | - | (-18, +4) |
| Bonus score | 2 | - | - | +4 |
| Penalty | 6 | - | - | -18 |
| Total of the scorecard | 77 | - | - | 100 |
Sample characteristics (Source: Own elaboration)
| Number of companies ( |
Percentage (%) | |
|---|---|---|
| Availability on the stock exchange | ||
| Listed | 115 | 52.27 |
| Unlisted | 105 | 47.73 |
| Percentage of capital in the company invested by the state | ||
| Over 65% | 60 | 27.27 |
| From 50% to 65% | 44 | 20.00 |
| From 30% to 50% | 51 | 23.18 |
| Less than 30% | 65 | 29.54 |
| Field of business | ||
| Banking | 3 | 1.36 |
| Consumer goods | 35 | 15.90 |
| Consumer services | 12 | 5.45 |
| Finance | 9 | 4.09 |
| Information technology | 9 | 4.09 |
| Materials | 10 | 4.54 |
| Pharmacy and healthcare | 17 | 7.72 |
| Oil and gas | 1 | 0.46 |
| Public services | 24 | 10.94 |
| Others | 100 | 45.45 |
Highest CGQ score by category among Vietnamese state-owned joint-stock companies (Source: Own elaboration)
| Group | Category | Highest achieved score (points) | Maximum points in the CG scorecard | The highest percentage of criteria satisfaction | The average percentage of criteria satisfaction |
|---|---|---|---|---|---|
| A | Rights and equitable treatment of shareholders and ownership | 23 | 26 | 78.74% | 62.20% |
| B | Roles of stakeholders | 13 | 13 | 56.02% | 36.20% |
| C | Information disclosure and transparency | 20 | 21 | 74.50% | 59.13% |
| D | Responsibilities of boards | 31 | 36 | 61.00% | 57.60% |