Empowering Female Leadership for Enhanced Innovation Performance of Companies in Vietnam
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Abstract
This study examines the relationship between female board representation and firm innovation within Vietnam's private sector. It applies panel data from the World Bank Enterprise Survey for the years 2009, 2015, and 2023 to examine how having women on company boards influences innovation at the firm level. It employs a bivariate probit model and considers distinct characteristics of firms and industries. The findings reveal a significant positive association between female board representation and innovation, particularly in the initial stages of female board membership. However, the impact of female ownership on innovation is more complex, with higher levels of female ownership potentially leading to increased risk aversion. Additionally, firm size, growth, industry affiliation, and export orientation are identified as key determinants of innovation. This study contributes to the growing literature on gender diversity and innovation by providing empirical evidence from the Vietnamese context. It offers actionable insights for Vietnamese policymakers aiming to enhance private sector innovation and competitiveness by promoting gender diversity in corporate governance.
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References
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[19] Calia, P., & Ferrante, M. R. (2013). How do firms combine different internationalisation modes? A bivariate probit approach. Review of World Economics, 149, 663–696. https://doi.org/10.1007/s10290-013-0162-5
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[24] Cronqvist, H., & Yu, F. (2017). Shaped by their daughters: Executives, female socialization, and corporate social responsibility. Journal of Financial Economics, 126(3), 543–562. https://doi.org/10.1016/j.jfineco.2017.09.003
[25] Dong, G., Kokko, A., & Zhou, H. (2022). Innovation and export performance of emerging market enterprises: The roles of state and foreign ownership in China. International Business Review, 31(6), 102025. https://doi.org/10.1016/j.ibusrev.2022.102025
[26] Donkoh, S. A., Azumah, S. B., & Awuni, J. A. (2019). Adoption of improved agricultural technologies among rice farmers in Ghana: A bivariate probit approach. Ghana Journal of Development Studies, 16(1), 46–67.
[27] Ely, R. J., Ibarra, H., & Kolb, D. M. (2011). Taking gender into account: Theory and design for women's leadership development programs. Academy of Management Learning & Education, 10(3), 474–493. https://doi.org/10.5465/amle.2010.0046
[28] Gates, R. (2006). A mata geweke–hajivassiliou–keane multivariate normal simulator. The Stata Journal, 6(2), 190–213. https://doi.org/10.1177/1536867x0600600203
[29] Gebremariam, G., & Tesfaye, W. (2018). The heterogeneous effect of shocks on agricultural innovations adoption: Microeconometric evidence from rural Ethiopia. Food Policy, 74, 154–161. https://doi.org/10.1016/j.foodpol.2017.12.010
[30] Gërguri‐Rashiti, S., Ramadani, V., Abazi‐Alili, H., Dana, L. P., & Ratten, V. (2017). ICT, innovation and firm performance: The transition economies context. Thunderbird International Business Review, 59(1), 93–102. https://doi.org/10.1002/tie.21772
[31] Griffin, D., Li, K., & Xu, T. (2021). Board gender diversity and corporate innovation: International evidence. Journal of Financial and Quantitative Analysis, 56(1), 123–154. https://doi.org/10.1017/s002210901900098x
[32] Hogg, M. A. (2016). Social identity theory. In Social Psychology: Handbook of Basic Principles (pp. 3–17). Springer. https://doi.org/10.1007/978-3-319-29869-6_1
[33] Katmon, N., Mohamad, Z. Z., Norwani, N. M., & Farooque, O. A. (2019). Comprehensive board diversity and quality of corporate social responsibility disclosure: Evidence from an emerging market. Journal of Business Ethics, 157, 447–481. https://doi.org/10.1007/s10551-017-3672-6
[34] Kraiczy, N. D., Hack, A., & Kellermanns, F. W. (2015). What makes a family firm innovative? CEO risk‐taking propensity and the organizational context of family firms. Journal of Product Innovation Management, 32(3), 334–348. https://doi.org/10.1111/jpim.12203
[35] Lewellyn, K. B., & Muller-Kahle, M. I. (2020). The corporate board glass ceiling: The role of empowerment and culture in shaping board gender diversity. Journal of Business Ethics, 165(2), 329–346. https://doi.org/10.1007/s10551-019-04116-9
[36] Liu, X., Lu, J., Filatotchev, I., Buck, T., & Wright, M. (2010). Returnee entrepreneurs, knowledge spillovers and innovation in high-tech firms in emerging economies. Journal of International Business Studies, 41, 1183–1197. https://doi.org/10.1057/jibs.2009.50
[37] Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2018). Gender diversity in the board, women’s leadership and business performance. Gender in Management: An International Journal, 33(2), 104–122. https://doi.org/10.1108/gm-05-2017-0058
[38] Nadeem, M., Bahadar, S., Gull, A. A., & Iqbal, U. (2020). Are women eco‐friendly? Board gender diversity and environmental innovation. Business Strategy and the Environment, 29(8), 3146–3161. https://doi.org/10.1002/bse.2563
[39] Nishii, L. H. (2013). The benefits of climate for inclusion for gender-diverse groups. Academy of Management Journal, 56(6), 1754–1774. https://doi.org/10.5465/amj.2009.0823
[40] Nishii, L. H., Khattab, J., Shemla, M., & Paluch, R. M. (2018). A multi-level process model for understanding diversity practice effectiveness. Academy of Management Annals, 12(1), 37–82. https://doi.org/10.5465/annals.2016.0044
[41] Omolekan, O. J., & Alli, B. (2020). Relevance of innovation on survival of women-owned business in Nigeria. Journal of Women's Entrepreneurship and Education, (3–4), 146–164. https://doi.org/10.28934/jwee20.34.pp146-164
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