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    Corporate governance of banks in Vietnam and their roles on banks’ risk-taking and efficiency : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Banking Studies at Massey University, Manawatu Campus, New Zealand
    (Massey University, 2020) Tran, Thi Minh Trang
    This thesis comprises three essays that investigate the effectiveness of corporate governance mechanisms associated with recent Vietnamese banking reform on Vietnamese banks’ risk-taking and efficiency. The thesis uses a hand-collected dataset on accounting and corporate governance data from annual statements published by commercial banks during the 2006-2016 period. The first essay examines the role of foreign directors on bank risk-taking, using data from 32 commercial banks in Vietnam in the 2006-2016 period. Our findings suggest foreign directors increased bank risk-taking after 2011. The relationship is robust after taking account of potential endogeneity problems and different measures of bank risk-taking. The explanation is that foreign directors are motivated to encourage management to increase risk-taking to earn short-term returns when there is uncertainty in macroeconomic conditions. Other characteristics such as female directors, family related directors, and board size on risk-taking are also discussed. There is no evidence showing that foreign directors are more or less risk-averse in listed banks vs unlisted banks or in state-owned banks vs private banks. The second essay investigates the impact of female directors on boards on bank efficiency, using data from 32 commercial banks, covering the 2006-2016 period. The relationship is estimated by employing one-stage stochastic frontier analysis, using the Battese and Coelli (1995) (BC95) approach. The two-stage distributional free approach proposed by Cornwell, Schmidt, and Sickles (1990) (CS90) is employed as a robustness check. The result shows a robust relationship between female directors and cost-efficiency. This suggests that female directors are associated with a decrease in cost efficiency. A possible explanation is that female directors are less experienced in management than male directors and have less access to environmental resources that benefit firms. The third essay examines the impact of mergers and acquisitions (M&As) on bank efficiency, using a balanced panel dataset from 22 commercial banks over the 2008-2016 period. The study employs a two-stage DEA window analysis. Our findings suggest that there is no significant relationship between M&As and bank efficiency, which is not surprising given the small number of M&A events so far. However, there is evidence that Vietnamese banks experienced less improvement in efficiency after M&As. A possible explanation for this is that the M&As might not be not driven by profit-maximization, but by the government encouragement to rescue weak banks. Also, the combined entities need to spend additional resources on resolving the bad debts transferred from the weak, targeted banks.
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    Discrimination or diversity? A balanced score card review of perceptions of gender quotas : prepared in partial fulfilment of a Master of Business Studies, Massey University (Albany)
    (Massey University, 2019) Burrell, Erin Kathleen
    Creating an economy where gender equality is at the forefront could be claimed to be beneficial to most, if not all, citizens and countries. Recent mandates of gender reporting at the Director and Officer levels have created a dichotomous environment in New Zealand. Taking learnings from other countries experiences with quotas, with a particular focus on Norway, adds insight into what could happen if implementation were to occur. Using qualitative interviews across a diverse group of participants, this study investigates current perspectives and implications of gender quotas. Understanding the role of the board to govern and design organisational strategy, the Balanced Score Card was selected as a clear instrument for analysis and recommendations. This exploration showcases the complexity of equity strategy as a component of board construction and the realisation that gender alone will not deliver a diverse board of directors. Empowered by the BSC structure, this effort delivers a recommendation for driving organisational change through diversity programming and contributes to academic discourse through a business outcome focused approach to qualitative research. Findings display that social policy does have a place in the boardroom, but that efforts must be measured and documented consistently over time, a process that is lacking in many NZ firms. Further, outcomes from the study show that quotas are not preferred as a tool for gender equity with just 27.78% of participants supporting the concept. This study makes a three-fold contribution: first, it investigates a broader range of participants than does existing NZ work, second, it leverages the Balanced Score Card for analysis to support real-time application of findings by practitioners outside of the academic sphere, and third, it introduces gender diversity as an element of gender quotas.
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    Strategic governance : a division of labour in New Zealand companies : a ... thesis presented in partial fulfilment of the requirements of the degree of Master of Business Studies at Massey University
    (Massey University, 2003) Ellett, Maurice Charles
    Much of the research in the disciplines of strategic management and governance has taken place in the United States where the Chairman of the board is frequently carrying the position of Chief Executive Officer. To date, New Zealand studies into these disciplines have largely been anecdotal. This research examines the strategic management and governance processes adopted by the executive management and board in twelve large New Zealand companies. Although some of the data categories were structured prior to analysis by the questions, a grounded theory approach (Locke, 1996) is adopted for the synthesis and evaluation of the data. Semi-structured interviews were conducted with both the CEO and Chair of nine of these companies. Questions focused on board composition, governance processes and roles in developing and executing strategic management. The transcripts were analysed manually and using NUD*IST thematic coding software. Ten concepts were synthesised from the interview transcripts and the questions that created them. The strategic governance processes within these companies satisfied both the Chairs and the CEOs apart from two notable aspects. First, the political agenda of the Government as the shareholder of crown-owned companies impeded the appointment of non-executive directors who could fully deliver to the commercial expectations of the companies. This was compared to companies with and without major shareholders who did not report problems. Conflicts of interest were adjudicated subjectively by the Chair according to the assessed risks involved. Additional services provided commercially to the company by directors were also open to potential conflicts. One characteristic that was evident was the positive working relationships between the Chairs and CEOs of these companies. The research also presents a number of interesting issues, revelations and opinions by these officers.