International Journal of

ADVANCED AND APPLIED SCIENCES

EISSN: 2313-3724, Print ISSN: 2313-626X

Frequency: 12
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 Volume 9, Issue 8 (August 2022), Pages: 55-64

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 Original Research Paper

 The influence of female leadership on the cash holdings of listed companies in Vietnam

 Author(s): Tan Nghiem Le 1, *, Long Hau Le 2, Bich Tuyen Duong 3, Anh Tran Thi Hoang 4, Viet Thanh Truc Tran 2, Thi Thanh Tam Nguyen 3

 Affiliation(s):

 1Department of Business Administration, School of Economics, Can Tho University, Can Tho, Vietnam
 2Department of Finance and Banking, School of Economics, Can Tho University, Can Tho, Vietnam
 3School of Economics, Nam Can Tho University, Can Tho, Vietnam
 4State Bank of Vietnam, Kien Giang Branch, Hanoi, Vietnam

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 * Corresponding Author. 

  Corresponding author's ORCID profile: https://orcid.org/0000-0001-8332-6388

 Digital Object Identifier: 

 https://doi.org/10.21833/ijaas.2022.08.007

 Abstract:

This study examines the relationship between female leadership factors and the cash holdings of Vietnamese companies. The random effects regression model (REM) is used with panel data from the financial statements of 174 companies listed on the Ho Chi Minh Stock Exchange in the period 2013-2020. Besides control variables, factors related to female leadership including the female CEO, the percentage of women on the board of executives, the female chairman, the percentage of women on the board of directors, and duality are included in the research model with the expectation of having a positive effect on cash holdings. The estimation results show that companies with female executives hold more cash and maintain lower levels of financial leverage than companies with male executives. Female executives will increase profitability and reduce the risk to the company. The influence level of the female on the Board of Directors on the company's cash holdings depends on the characteristics of each company. Besides, the results also show that net working capital, cash flow, ROA, and dividend payment have a positive correlation with the cash holdings of the company. Listed companies should pay attention to two factors: the proportion of women on the Board of Directors and female executives in order to diversify gender in the leadership and improve the ability to decide on financial strategies.

 © 2022 The Authors. Published by IASE.

 This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

 Keywords: Gender diversity, Board of directors, Female executives, Cash holdings, Listed companies

 Article History: Received 22 February 2022, Received in revised form 14 May 2022, Accepted 18 May 2022

 Acknowledgment 

No Acknowledgment.

 Compliance with ethical standards

 Conflict of interest: The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.

 Citation:

 Le TN, Le LH, and Duong BT et al. (2022). The influence of female leadership on the cash holdings of listed companies in Vietnam. International Journal of Advanced and Applied Sciences, 9(8): 55-64

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 Tables

 Table 1 Table 2 Table 3 Table 4 Table 5 Table 6

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