Examining the relationship between corporate governance and operational efficiency with the intermediary variable of risk management governance of non-financial companies listed on HOSE

Abstract

Thesis exploring diverse relationships between corporate governance mechanisms and operational efficiency of 278 businesses listed on the Ho Chi Minh Stock Exchange (HOSE) from 2019 to 2022. The author utilized ML-SEM methodology to assess the impact, both with and without the intermediary role of risk management. Direct impact modeling indicated that the shareholding ratio of the board of directors and foreign shareholders positively affected operational efficiency. However, the study found no influence from BOD size and CEO duality on operational efficiency. In the model of indirect impact through risk management mediation, BOD size and the percentage of foreign shareholder ownership exhibited an inverse correlation with operational efficiency. Other corporate governance variables did not display significant statistical differences compared to the prior model. The research aims to contribute to the development of corporate governance roles, providing recommendations to enhance the quality of corporate governance and improve operational efficiency.