Vai trò của quản trị công ty đối với hiệu quả hoạt động doanh nghiệp: Bằng chứng thực nghiệm từ cách tiếp cận tập mờ tại Việt Nam

Abstract

As Vietnam’s stock market has expanded rapidly in both size and investor participation, improving the quality of corporate governance among listed firms has become increasingly necessary. This study examines the relationship between the corporate governance index (CGI) and firm performance using fuzzy-set Qualitative Comparative Analysis (fsQCA), aiming to identify multiple combinations of conditions associated with high performance. The CGI is developed from board characteristics and oversight mechanisms, based on data from 179 non-financial firms listed in Vietnam over the period 2017-2024. The findings indicate that several alternative governance configurations can lead to strong firm performance, measured by Tobin’s Q, ROA, and ROE. In many of these configurations, the CGI emerges as a key condition. These findings suggest that corporate governance should be understood as a system of interrelated conditions that operate alongside firm characteristics, leverage, and the impact of the COVID-19 pandemic, rather than as isolated mechanisms influencing performance independently. By applying fsQCA in an emerging market context, this study provides methodological value to corporate governance research and offers practical implications for managers, investors, and policymakers in Vietnam.