Journal Articles

Permanent URI for this collectionhttps://mro.massey.ac.nz/handle/10179/7915

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Author: search.filters.author.Ngo TSubject: search.filters.subject.corporate governance

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    Drivers of Merger and Acquisition Activities in Vietnam: Insights from Targets’ Perspectives and Deal Characteristics
    (MDPI, 2025-03) Bui K; Le T; Ngo T
    This study empirically examines the determinants of merger and acquisition (M&A) activities in Vietnam from 2005 to 2020, which has not been examined before, using a fixed-effects model for a sample of 674 completed M&A deals. The results indicate that targets’ corporate governance and deal characteristics have mixed effects on M&A decisions. More specifically, the independent member of the board and CEO duality of the target is negatively associated with most M&A types, except for cross-border mergers. However, the impact of targets’ blockholders is consistently positive regardless of M&A types. When observing the deal characteristics, mixed evidence is also found in the case of M&A payment form, industry-relatedness between the bidder and the target, the bidder’s stake in the target, and foreign ownership in the bidder’s stake. More interesting, our study emphasizes that voluntary agreement is seemingly critical to M&A decisions regardless of different types. Our results suggest several important implications, including balancing independent directors on the board, accounting for CEOs’ and other blockholders’ interests and influence, considering the types of M&A payments, and involving foreign investors in M&A activities. By understanding these implications, firms can better navigate the complexities of M&A transactions, enhancing their decision-making processes and ultimately contributing to improved shareholder value.
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    Recognizing CEOs and Chairmen’s personality and bank performance: new insights from signature analysis
    (Taylor and Francis Group on behalf of the Chinese Economic Association – UK, 2024-03-30) Le TDQ; Ho TH; Ngo T; Luu TB
    This study first uses graphology to examine the signatures of the CEOs and Chairmen of 26 commercial banks in Vietnam (2007-2020) to predict their personalities following the Big Five Personality model. Such personalities are used as a key explanatory variable to explain bank performance. Our findings extend the entrenchment theory that bank profitability is positively affected by the same personality traits of separate CEOs and Chairmen. More specifically, the findings indicate a positive relationship between bank profitability and conscientious and extraverted CEOs and Chairmen. When observing bank ownership, these two categories of personality traits are more critical to listed banks. As the first attempt to investigate whether separate CEO and chairman with the same characteristics may affect bank performance, our study will add more evidence to the existing literature about the relationship between corporate governance and bank profitability.