NGUYEN THI PHUONG, Thanh

写真a

Affiliation

Faculty of Commerce, School of Commerce

Job title

Research Associate

Education 【 display / non-display

  • 2013
    -
    Now

    Waseda University   Graduate School of Commerce   Doctoral Program  

  • 2011
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    2013

    Waseda University   Graduate School of Commerce   MBA  

  • 2001
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    2006

    Hanoi University of Technology   Faculty of Foreign Languages  

Degree 【 display / non-display

  • Waseda Business School   MBA

Research Experience 【 display / non-display

  • 2016.09
    -
    Now

    Faculty of Commerce   Research Associate

Professional Memberships 【 display / non-display

  • 2020
    -
    Now

    International Corporate Governance Society

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    European Finance Association

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    The Society for the Advancement of Socio-Economics

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    JAPAN FINANCE ASSOCIATION

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    NIPPON FINANCE ASSOCIATION

 

Research Areas 【 display / non-display

  • Commerce

  • Business administration

  • Money and finance

Research Interests 【 display / non-display

  • M&A

  • Corporate Finance

  • Corporate Governance

Papers 【 display / non-display

  • Effects of board gender diversity on firm investment and performance

    Thanh Nguyen Thi Phuong

    THE WASEDA COMMERCIAL REVIEW   No. 461  2021.09  [Refereed]

  • Conflicting interests: Going public in deteriorating market conditions

    Pengda Fan, Lin Wang, Thanh Nguyen Thi Phuong

    Corporate Ownership and Control   16 ( 3 ) 143 - 158  2019.06  [Refereed]

    Authorship:Last author

     View Summary

    The purpose of this paper is to analyze whether the conflicting interest between issuing firms and CEOs (venture capitalists) affect the going-public decision. Going public in deteriorating market conditions is costly for issuing firms in terms of low offering price and high probability of withdrawal. If agency costs exist, agents pursuing their own interests may bring firms public even in poor market conditions, which has been largely ignored in the previous literature.
    To examine our hypotheses, we collect 1246 Japanese firms going public from 2001 to 2016 and conduct logit regressions, propensity score matching (PSM) as well as a probit model with sample selection. Consistent with our conjecture, we find a positive relation between the going-public decision and secondary shares offered by CEOs. Additionally, we also find an inverse U-shaped relationship between CEOs’ retained ownership and the going-public decision, indicating that in addition to liquidity needs, private benefits of control is another potential source of conflicting interests. Furthermore, secondary shares offered by VCs are also positively associated with the going-public decision, suggesting that when VCs attempt to exit as rapidly as possible, they are more likely to bring firms public even in deteriorating markets. These findings suggest that conflicting interests among parties affect the timing and costs of IPOs.

    DOI

  • Wealth effects of mergers and acquisitions on Vietnamese listed firms

    Thanh Nguyen Thi Phuong

    The Bulletin of the Graduate School of Commerce   ( 84 ) 137 - 158  2017.03  [Refereed]

Research Projects 【 display / non-display

  • Cash holding and acquisition performance of public and private Japanese corporations

    Grant-in-Aid for Scientific Research (C)

    Project Year :

    2021.04
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    2025.03
     

    Nguyen Thi Phuong Thanh

    Authorship: Principal investigator

  • Effects of foreign directors on firm performance: Evidence from Japan.

    Grant-in-Aid for Early-Career Scientists

    Project Year :

    2019.04
    -
    2021.03
     

    Nguyen Thi Phuong Thanh

    Authorship: Principal investigator

     View Summary

    We examine the effects of foreign directors on firm performance and find that the effect of foreign director on firm performance is negative; ROA and Tobin’s q of firms with foreign directors lower than firm without; market reacts positively to the first introduction of foreign director but not statistically significant.

  • Effects of CEO gender on firm behavior and firm performance.Empirical evidence in Japan

    研究課題

    Project Year :

    2019
    -
    2020
     

    Nguyen Thi Phuong Thanh

    Authorship: Principal investigator

  • The Effects of Foreign Directors on Firm Performance: Empirical evidence in Japan

    Project Year :

    2017
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    2018
     

    NGUYEN Thi Phuong Thanh

  • The Effects of Female Directors on Firm Value and Firm Behavior. Empirical research in Japan

    Project Year :

    2016
    -
    2017
     

    NGUYEN Thi Phuong Thanh

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Presentations 【 display / non-display

  • Foreign director and Firm Performance in Japan

    Nguyen Thi Phuong Thanh

    The 6th Annual International Corporate Governance Society Conference  (Strome College of Business, Old Dominion University, Norfolk, VA.)  International Corporate Governance Society Conference

    Presentation date: 2020.11

  • Effects of female directors on gender diversity at lower organization levels and CSR performance. Evidence in Japan

    Nguyen Thi Phuong Thanh[International coauthorship]

    The 44th Japan Finance Association Conference  (J.F. Oberlin University)  Japan Finance Association

    Presentation date: 2020.10

  • Female CEOs on Japanese corporate boards and firm performance

    Nguyen Thi Phuong Thanh

    SASE Annual Conference 2019  (The New School University, New York)  Society for the Advancement of Socio-Economics (SASE)

    Presentation date: 2019.06

  • CEO Gender and Firm Performance

    NGUYEN Thi Phuong Thanh

    JSPS Core-to-Core Program Berlin INCAS Conference 

    Presentation date: 2018.09

  • Effects of foreign directors on firm performance: Evidence from Japan

    NGUYEN Thi Phuong Thanh

    The 30th SASE Annual Conference 

    Presentation date: 2018.06

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Specific Research 【 display / non-display

  • Survival analysis of female director: An empirical research in Japan

    2020  

     View Summary

    This paperexamines the corporate lives of female directors in Japan. Using data ofJapanese non-financial listed firms from 2005 to 2014, we focus on the firmgroup that introduce female directors to their all male boards for the firsttime.              In details, we constructed a panel data oflisted non-financial firms in Japan from 2005 to 2014, obtaining about 9,600firm-year observations from four profound databases, CSR Ranking Database, CSRDatabase published, Yakuin Shikiho (Directory of Directors) and NikkeiCorporate Governance Evaluation System (CGES). First introduction of femaledirectors is defined as the event that firms introduced at least one femaledirector on their boards for the first-time.               Our database shows that female directors cover a small part of the boardroom. Only 9% of firm-year observations have at least one female director on board. We examined the determinant of firms introducing their first female directors and found that that these firms are associated with larger board size, more outside directors on board, higher managerial ownership and foreign ownership ratio, higher ratio of woman officers but lower ratio of women at managerial positions. We also gauge the initial effects of ‘Womanomics’ and found a positive impact of the policy package on the increase of newly-introduced female directors but not statistically significant.Overall, duringthe research period, there are 134 individual firms appointing their firstfemale directors and the total individual female directors are 140 people. 60% offirst-introduced female director are outside directors. In recent years 2013and 2014, there is a significant increase of first introduction of outsidefemale directors, two times higher than the introduction of inside femaledirectors.Regarding thebackground of first-introduced female directors, most first-introduced femaledirectors are truly firm insiders. They often joined firms from young, trainedinternally by rotating among different departments and gradually climbed thecorporate ladders to higher positions as managers, executives and eventuallydirectors after ten years in service. Regarding the introduction stories offirst outside female directors, we find three popular sources that firms oftenseek for: professional directors from other firms, university professors and femaleCEOs from partner firms. The survival analysisof first-introduced female director shows that inside directors stay longer, somewere eventually promoted to CEO-ship while the lifecycle of outside femaledirector is rather shorter than inside female directors. However, thedifference is not statistically significant due to the limited sample and theshort research period.

  • Effects of foreign directors on firm performance. Evidence in Japan

    2020  

     View Summary

       We examine the effects of foreign directors on firm performance using a panel data ofnon-financial listed firms in Japan from 2004 to 2015, focusing on firms that introduce foreign directors to boards for the first time. We find that firms having foreign director are oflarger size, larger foreign sales, higher foreign ownership and higher ratio of outside directors than firms without. We also elaborate that first introduction of foreign director isassociated with changes in firms ‘ownership structure or in business strategyin order to expand oversea business and strengthen corporate governance. Overall, our empirical analysisshows that the effect of foreigndirector on firm performance is negative; ROA and Tobin’s q of firmswith foreign directors are lower than firm without; market reacts positively tothe first introduction of foreign director but not statistically significant.

  • Effects of CEO gender on firm behavior and firm performance.Empirical evidence in Japan

    2019  

     View Summary

    This research examines gender gap at the topposition in Japan and the relation between female CEO representation and firmperformance. This is the first empirical research on impact of female CEOrepresentation on firm performance using Japan data. My database shows that the percentage of women onboard is extremely low in Japan. Women on average make up only 1.6% of theboard in Japan, only 9% of firm-year observation having female directors. Thenumber of female CEO is few, roughly 0.8% of firm-year observations have femaleCEOs. My database records totally 76 individual female CEOs uniquely from 2004to 2015.In short, I find that firms having female CEO onboard are younger listed firm, smaller size, and higher CEO ownership thanfirms led by males. There is no empirical evidence that female CEOrepresentation correlates with firm performance. Market reacts positively tothe introduction of first female CEO but not statistically significant. Thereis a positive relation between female CEO representation and ROA add Tobin’ Qbut not statistically significant. Performance comparison between firms being runby female CEOs and matched firms being run by males provides no evidence ofover performance of any types.  

  • The Effects of Foreign Directors on Corporate Governance and Firm Performance.Empirical research in Japan"

    2018   KUBO Katsuyuki

     View Summary

       This paper examines the effects of foreign director on firmperformance, a subset of board composition which has not received enoughattention like female or outside directors, by providing direct empiricalevidence. No single theory directly links the board composition with financialperformance but resource dependence theory provides the most convincingtheoretical arguments for board diversity, that different types of directorswill bring different beneficial resources to the firm and a more diverse boardwill provide more resources and that make firm perform better. Why firmsintroduce foreign directors to their all-domestic board? And do foreigndirectors provide valuable resources to shareholders? We dealt with theseresearch questions in our paper.   Our sample consists all listed non-financial firms in Japanfrom 2004 to 2015. Foreign directors in our research are defined as directorswhose nationalities are not Japanese by identifying their Katakana names,oversea birthplaces or oversea undergraduate and higher education. There is anadvantage of using Japanese data as there are many big firms in Japanwell-known as global corporations but all board members are still Japanese. Toutilize that unique characteristic, we focus on the firms introduce their firstforeign director(s) during the research period. By measuring the effects ofthese first-introduced foreign directors, we can obtain the full effects thatsamples of other countries do not assess to, especially considering the largecultural gap between Japan and US or European countries.   The effects of foreign director on firm performance aremeasured through the operating performance changes after having introducedfirst foreign director(s), proxied by ROA and the market reactions toannouncements of the introduction of first foreign directors by calculating thecumulative abnormal return (CAR) over five window periods. In our paper, weused theoretically well-grounded econometric methods such as event study,logistic regression and propensity score matching to measure the effects.   In brief, we document that firms having foreign director onboard are of larger size, larger foreign sales, higher foreign ownership andhigher R&D investment than firms without. Announcements of first-timeintroduction are associated with positive abnormal returns but notstatistically significant. We also find weak empirical evidence that thelong-term performance of the introduced firms is worse than control firmshaving no foreign directors on board.   Other findings include, first, first introduction of foreigndirectors is associated with big events of ownership change, corporaterestructure, subsidiary turnaround and foreign business expansion, especiallyduring financial crisis period. Second, American directors are dominant amongintroduced foreign directors but recently Chinese, Taiwanese and South Koreandirectors increased significantly. Third, there is no big difference in thenumber of outside and inside foreign director introduction which shows that theintroduction of foreign outside director is indifferent with the pressure ofoutside director introduction trend in Japan recently.

  • 女性取締役が企業価値と企業行動に与える影響について

    2016  

     View Summary

    This paper examines the effects of board diversity on firm performance and behavior, focusing on the introduction of female director on board in Japanese listed firms from 2006 to 2015. I found out that the number of female directors on board has not changed over the research time span until 2013, year on that the Prime Minister Shinzo Abe’s plan to revive Japan’s fortunes by increasing women’s participation released. Firms having female directors on board are of large size, younger board and high equity ownership.I examined the introduction of female director on firm performance and documented that ROA of firms after having first female director on board varies with director’s title and company’s industry. I also examined the effect of female directors on the firm’s CSR and found out that firms having introduced first female director improved their CSR ranking, showing that introduction of female director is used by several companies for symbolic reason.