Corporate governance and financial performance: Evidence from Vietnamese listed companies in Food Manufacturing industry

Abstract

This study examines the impact of corporate governance on firm performance of Vietnamese
listed companies in food manufacturing in Vietnam. Using most updated dataset from 31 companies during
2008-2022, this study shows that corporate governance measured by board size and foreign ownership
contribute significantly to the firm performance. An increase in non-executive directors is not statistically
significant to the firm performance while the increase of number of committees is considered to be
negatively affect the financial performance of food manufacturing companies. Based on these empirical
results, the study proposes recommendations for food industry businesses to enhance the role of corporate
governance in improving the financial efficiency of the company.