Mô hình nghiên cứu thu nhập của CEO bằng panel data

TAP CKi CONG THirONS

MO HINH NGHIEN CtfU THU NHAP
CUA CEO BANG PANEL DATA
• PHAN THANH TUNG - NGO DUY DO

TOM TAT:
Nghien cii'u thu nhap ciia cac CEO (INCOM.ddn vi liieudong) lal cac doanh nghiep thifdng
mai, nhom tac gia da thu thap so lieu tai 40 doanh nghiep vdi tan suat lii nam 2012 den nilm
2017 cho ra mSu gom 120 quan sat. tu" do thie't lap mo hinh difa ra mo'i quan he giOa ihu nh5p
eua CEO theo cac bie'n gidi thich: Quy mo doanh nghiep (F_size 1. ly dong), Toe dii tang tru'dng
cua doanh nghiep (Growth, %). Ban quan tri (B_size. ngu'di), Ke'i qua kinh doanh doanh nghi?p
(PER, tydong). Tiep den. khi phan iheo loa ihinh cac doanh nghiep d khu vifc tu" nhan (TN), nha
nirdc (NN) va dau lu'tru'e liep mfdc ngoai (FDI). lac gia siJdung de'n Panel Dala de nghien cu'u
va difa ra mo hinh nghien ciIu ihu nhap cua cac CEO lai cdc loai hinh doanh nghiep nay.
Tiif khoa: Thu nhap eiia CEO. panel data, mo hinh hoi quy, FEM.

1. Cac nban td'iinh hifdng de'n thu nhap cua
CEO
/./. Gid thuye't nghien cifu vd phdn tich tUUng
quan giffa cdc bien
Qua qua trinh nghien ciTu tiie gia xav dung
khung gia ihuve't vdi cae bien du'de su* dung nhu"
Bang 1.
Slf dung phan mem Evieu.s, ta ed ke't qua phan
lich lu'dng quan giiTa eac bie'n trong md hinh nghien
cu'u nhif Bang 2.

Nhan thay cac bien giai ihich khdng cd i
quan he tu'dng quan va cpng tinh vdi nhau,
nhien niifc dd anh hu'dng ciia cac bien giai it

nay ldi bie'n phu thuoc COMP ciing khdng rd
bdi he so' tu'dng quan cap giifa cac bie'n nay
khong cao lif 12,7% de'n 66.4%, Dong Ihdi,
bang k6't qua nay cho tha'y khdng xay ra i
quan he cdng tuye'n giu'a cac bie'n giai ihich
1.2. Xdc dinh cdc nhdn td'dnh hudng tdi
nhqp cda CEO
Xem xet tifng nhan td
Bang 1. Ten bien vd ky hieu
dpng ldi Ihu nhap eua C
bang
cac md hinh hoi quy
Bien
nghien
ciiru
Ky
hi^u
Ddn
v|
i
chung ta cd cac bang ke'i
Quy mo doanh nghiep
Ty dong '
F_SIZE1
1
nhu" Bang 3, 4. 5. 6, 7.
Ngudi
1 Ban quan In
Kei lugn: Qua kel
B_SIZE

i •phan
tfch hdi quy nhan 1
Ty ddng
PER
, Ket qua kmh doanh doanh nghiep
cac nhan to F_SI/
Ngudi
E_SI2E
1 Ban giam ddc
B_SIZE. PER va GROV
d6u cd anh hu'dng COMI
GR
Tang traong
lya chpn Ciic nhan Id'na;
xiv difng mdhinh nghien
, Bien phu
Tyddng |
IN COM
' Thu nhap cua CEO
thu nhap eiia CIO
thuoc
%

268 So 9 - T h o n g 5/2020

'•


KINH DOANH

Bang 2. M a trqn tifdng quan giaa c d c bien trong mo tiinti
INCOM

B_SIZE

E_SIZE

F_SiZE1

GR

PER

INCOM

1.000000

0 262300

0127083

0.381100

0.323234

0.249403

B_SIZE

0.262300

1.000000

0171280

0.029091

0.235398

0 191343

ESIZE

0.127083

0.171280

1.000000

0.409004

0.276364

0 276432

F_SIZE1

0.381100

0.029091

0.409004

1.000000

0.366314

0 254557

GR

0.323234

0.235398

0.276364

0.366314

1.000000

0 664830

PER

0.249403

0.191343

0.276432

0.254557

0.664830

1.000000

Bang 3. Ket qud hoi quy INCOM vd B_size
'Mo hinh INCOM vo B_size.

Dependent Variable, INCOM
Method, Least Squares
I Included ohservations: 120
Vklable

Coefficient

Std. Error

t-Statistic

Prob.

C

76.05254

114.4152

0 664706

0.5070

BSIZE

74.22056

19.36185

3.833341

R-squared

0.069087

0.0002

Mean dependent var

502 8207

Vdi P_value =0.0002 thi B_size co anh hifdng ldi COMP nen
ei) the li/a chon B_size lam nhan lo' anh hifdng den COMP,
Bdng 4. Ket qud h o i quy INCOM vo F_sizel
'Mo hinh INCOM v a F_sizel

i

Dependent Vanable: INCOM
Method-Least Squares

Included observations' 120
Variable

Coefficient

Std. Error

t-Statistio

Prob.

C

458 4778

28.36510

16.16345

0.0000

0.052076 I 0.012632 ' 4122627 ,
R-squared i

0.09053

Mean dependeni var

0.0001

, 502.8207

Wti P_value =0.0001 thi F_size co anh hifdns ldi COMP.
lu.v nhien R:=7.95f nen F_sizcl iinh hir3ng ldi CO.MP la chKa
tJirns ke.

2. Xii\ diing Mo hinh KTL sS
dung Panel Data nghien cii'u thu
nhSpciia cac CEO
2.1. .Md htttit Itiyeii tilth
Ta chon mo hinh nghien ctJu c6
dang sau:
INC0M_TN=C(I1)
+ C(I2)-B_SIZE_TN
+ C(13)*F_SIZE1_TN
+ C(I4)*PER_TN
+ C(15)*GR_TN
INC0M_NN = C(2I)
+ C|22)'B_S]ZE_NN
+ C|23)''F_S1ZE1_NN
+ CI241 PER_NN
+ C(25l'OR_NN
INCOM _FDI = COI)
+ C|32)«B_S1ZE_FDI
+ C(33)>'F_SIZEI_FDI
+ Cl.i41-PER_FDI
+ C(j.5)*GR^FDI
Bang phuong phap hoi quy POOL
LS vdi tac dong co' dinh (Fixed EffecLs Modern) hay mo hinh FEM ta
CO bang ke't qua hoi quy nhtf Bang 8.

Ta cd mo hinh hdi quy mau cd
dang;
INCOM _TN = 285.7243356
+ 23.82040819»B_SIZE_TN
+ O.I721095944*F_SIZEl_'rN
+ 1.992293716*PER_TN
- 0.6142077479»GR_TN
INC0-\1_NN = -519.7952318
-1- 136.1248478»B_SIZE_NN
+ 0.0447990433*F_SIZE1_\N
-I- 9.028890833»PER_NN
- 0.2183908775*GR_NN

So 9-Thang 5/2020 269


IAP CHI CONG THKllNB

1NC0M_FD1 = 84..34()0566
-1^ 24.93411905*B_SIZE_FD1
•I- 0.09368186972*F_SIZE1_FI
+ 0.6S53620081*PER_FD1
•I- 3.395874988*GR_FDI
Nhan xet I:

Bang 5. Kef qud fioi quy INCOf^ vd GR
•f^d tiinti INCOlvl vd GR
Dependent Variable: INCOM
Method' Least Squares
Included obsen/ations: 120

Variable

Coetfident

Std. Enxir

t-5tatistic

Prob.

C

, 258.0635

57.12379

4.517619

0.0000

GR

i 2.622979

0.545736

4.806317

R-squared

0.104480

I

Mean dependent var

Vdi P_value = 0.0000 vi R
GROWTH ldi COMP la dang kc.

0 0000
502.8207

0.4.S'^( thi tac ddng cija

Bdng 6. Ket qud hdi quy INCOM vd PER
] "Md tiinti INCOIVl vd PER
Dependent Vanable: INCOM
Method: Least Squares
Included obsen/ations. 120
Variable

| Coeffident , Std. Error

t-Statistic

Prob.

397.6131 1 39.29771

10.11797

0.0000

7783642

3 623933

C
PER

2147844

R-squared

Mean dependent var

0 0004
502 8207

Vdi P_value = 0.0004 Per cd anh hifdng de'n COMP, luy
nliien he sd' phu hdp cua md hinli khdng cao dat khoang 6.22%.
Bdng 7. Ket qud hoi quy INCOfvl vd E_SIZE
•fvld hinh COMP vd E_size
Dependent Variable' INCOM
Method Least Squares

I

Included observations 200

1

Variable
C
E_SIZE
R-squared

t-Statistic

Prob.

i 355.4557

Coeificient i Std. Enor
75 67646

4.961327

0.0000

,

16.97223

1.802840

209821
0 06150

Mean dependent v

0.0729
502 8207

Vdt PCE_\ alue = 0 0729 lhi E_si/.e khdng cd anh hifdng de'n
CO.MP vdi mu'c >' nghia ?',
270 So 9 - Thang 5/2020

-f R-= 0.496: ciic bie'n giai lhi
dUdc lifa chpn mdi chi giai thich du^
29.60* cho bie'n phu Ihuoc NCOM
-(- Tuy nhien. cac P_value troi
tifng md hinh tai cic loai hinh doai
nghiep hau he'l deu ldn hdn ^'r. I
dd. cac bie'n giai Ihich chifa ihi/c
cd y nghia thd'ng kc.
-i- Qua MH chting ta nh^n th,
rang. Ihu nhap ciia CEO trong doai
nghiep nha nUdc cd phu thude viio
ngUdi Irong ban quan trj (B_size)
Quy md doanh nghiep (F_si/el).
+ Qua md hinh tren ta thii'y riir
cdc bie'n giiii Ihich chUa Ihifc .sU g
thich cho bie'n phu thuoc, do dd ni
thay ddi lai md hinh nghien cdu.
2.2. Mt> htiih LOG-LOG tri
Panel Dala
Dinh dang lai md hinh dudi da
LOG-LOG nhu sau:
L0G(1NC0M_TN) = C(1I)

-1-C(I2)*L0G(B_S1ZE_TN)
+ C( 13)'L0G(F_SIZEI_TN)
+ C(I4)*L0G(PER_TN)
+ C(15)*LO0(GR_TN)
L0G(1NC0M^NN) = C(2I)
-1- C(22)*L0G(B_S1ZE_NN)
•(•C(23)*L0G(F_S1ZEI_NN
-1- C(24)*LOG(PER_NN)
-fC(25)'LOG(GR_NN)
L0G(1NC0M_FD1) = C(3I)
-1- C(32)*L0G(B J l Z E . F D l )
•f Cl33)-'L0G(F_S1ZEI_FDI
+ C(34)>'L0GrPER_FDl)
+ C(35rLOG(GR_FDl)
Bang ket qua hdi quy mo hi
FEM: (Bang 9)

Hiim hdi quy mau cd dang:
L0G(l.\"COM_TNi = 4^259
+ 0.256*LOC(BJIZE_TN)
•I- 0.036»LOG(F_.SIZEI^TN


KINK DOANH

Bdng 8. Ket qud hoi quy mo hinh tuyen hnh bdng POOL LS

NhJn \cl 2:
+) Khi Jinh dang lai mo
hinh ihi cac bie'n gidi thich

Method: Pooled Least Squares
de'n 43 1^'c cho bien phu
thugc.
Included observations' 40
dong ihtli linh phii hdp
Number of cross-sections used: 3
cua nio hinh da tang len rd
rei \a Prob (F-slatislic) =
Total panel (balanced) observations. 120
0.00000.
Variable
Coefficient
Std. Error
t-StaBstic
Prob.
+) Vdi mo hinh doanh
_TN-B_SIZE_TN
23.82041
26.41850
0 901655
0.3684
nghiep irong nha nu'dc
(NN). thu nhap cua CEO
_NN-B_SIZE_NN
136.1248
33.08173
4114805
0.0001
chiu SI/ lac dgng Idn cua
_FDI-B_SIZE_FDI

24.93412
44.22903
0 563750
0.5736
cac nhan to da xac dinh.
+) Y nghTa kinh le:
_TN-F_SIZE1_TN
0.172110
0.115616
1 488637
0.1383
Neu quy mo doanh
_NN-F_SIZE1_NN
0.014214
3151693
0.044799
0 0019
nghiep iang them K/r. ihu
nhap trung binh cua CEO
_FDI-F_SIZE1_FDI
0.093682
0 3016
0.090434
1.035916
trong cac loai hinh doanh
_TN-PER_TN
1.992294
0 7185
5.518247
0.361037

nghiep lu" nhan, nhii nu'dc
_NN~PER_NN
9.028891
\a dau lu" irdc liep nu'dc
5.209963
1 733005
0.0848
ngoai lang lan lu'di 3.63%.
_FDI-PER_FDI
0.685362
3 438419
0199325
0.8422
29.1% va 17.5%.
.TN-GR_TN
1 281357
-0.614208
-0.479342
0.6323
Ne'u doanh nghiep tang
tn/dng
1%-. thu nhap irung
_NN-GR_NN
1.264983
-0.172643
0.8631
-0.218391
binh cua CEO giam irung
_FDI-GR_FDI
1.289868

0.0092
3 395875
2.632731
binh 15.6%. 48.1% va
5 56% lu'dng u'ng d cdc loai
Fixed Effects
hinh doanh nghiep Wnhan,
_TN-C
285.7243
1
nha nddc va dau lu' tri/c
_NN-C
-519.7952
liep nu'dc ngoai.
3. Ke't luan chung
_FDI-C
84.34606
Bang Panel Data khi
Mean depen ent var
503.3863
R-squared
0.496063
,xay dtfng 2 mo hinh ihl mo
hinh
LOG-LOG cho chiing
0.000000
Prob(F-statis ic)
F-statistic
8.882231
la kel qud lot hdn mo hinh

luye'n linh, do dd, Idc gia
de xuat mo hinh nghien cu'u ihu nhap cua CEO
+ 0.021*LOG(PER_TN)
difdi dang nhu" sau:
-O.I56*LOG(GR_TN)
LOG(COMP_TN) = 4.259
LOG(INCOM_NN) = 3.2l
+ 0.256*LOG(B_SIZE_TN)
+ l.38l*LOG(B_SIZE_NN)
+ 0.036*LOG(F__SIZE1_TN)
+ 0.2915*L0G{F_SIZE I _NN)
+ 0.021*LOG(PER_TN)
+ 0.2S98*LOG(PER„NN)
+ 0.156*LOG(GR_TN)
(1)
-0.4I*LOG(GR^NN)
Dependent Variable: INCOM

LOG(INCOM_FDI) = 3.46S
+ 0.693*LOG(B_SIZE_FDI)
+ 0.175*LOG(F_SI2E1_FDI)
+ 0.227*LOG(PER_FD1)
- 0.056*LOG(GR_FDI)

LOG(COMP_NN)=3.21
+ 1.381*LOG(B_SIZE_NN)
+ 0.2915*LOG(F_SIZE1_NN)
+ 0.2898*LOG(PER_NN)
-0.481*LOG(GR_NN)
(2)

So 9-Thang 5/2020 271


TAP Cll CONG TmnfHe

INCOM.FDl = 84.3460566
+ 24.93411905*B_SIZE_FDI
+ 0.09368186972*F_SIZE1_F
ãI- 0.6853620081ôPER_FD1
+ 3.395874988*r,R_FDI
Nhiin \et 1:

Bang 6. Kef q u a fioi q u y INCOIVI v d GR
•fvlo tlinh INCOlifl v d GR
Dependeni Vanable. INCOM
Method: Least Squares
Included observations; 120
Variable

Coefficient

Std. Error i t-Statistic

C

258 0635

57.12379

4.517619

0.0000

GR

2 622979

0.545736

4 806317

0.0000

R-squared , 0.104480

Mean dependent var

Vdi Pvalue = 0.0000 vi R~ 10.45":!- thi tac dpng cua
GROWTH tdi COMP la dang ke.
Bdng 6. Ket q u d hoi q u y INCOfvl v a PER
I ' M o hinh INCOIVI v d PER
Dependent Variable: INCOM
Method. Least Squares
Included observations' 120
Variable
C
PER

Coefficient ^ S t d . Enor

~' 397.6131

39 29771

t

2 147844

7.783642

I 3.623933

Mean dependent var

R-squared ' 0.062202

0 0004
502 8207

Vdi P_\alue = 0.0004 Per cd anil hudng den COMP, tuy
nhien hi; so phii hdp ciia mo liinh khong cao dat khoang 6.22%.
B{3ng 7. Ket q u d hdi q u y INCOfvf v d E_SIZE
*f^6 hinh COfvlP v d E_size
Dependent Vanable' INCOM
Method: Least Squares
Included observations: 200
Variable

Coefficient

Std. Enor

t-Statistic

Prob.

C

356.4557

75.67646

4 961327

0 0000

E_SIZe

20.9821

16 97223

1 802840

R-squared

0.06150

Mean dependent var

0.0729

502.8207

\ d i PCE_\ alue = 0.0729 Ihi E_M/C khong cd anh hudng den
COMP vdi mtic \ nghTa 5''f
270 So 9 - Ttiang 5/2020

+ R-= 0.496: cac bie'n giai thi
dUdc lira chon mdi chi giiii thich du
29.60"^^- cho bien phu Ihugc NOON
-1- Tuy nhien. cac P_value tro
tCfng md hinh tai ciic loai hinh doa
nghiep hiiu het deu ldn hdn 5*7r.
dd. Clic bicn giai thich chua thtic
cd y nghia thong ke.
+ Qua MH chung ta nhan th
ring. Ihu nhiip ciia CEO Irong doa
nghiep nhil nddc cd phu thugc viio
ngudi Irong ban quan tri (B_size)
Quy nio doanh nghiep (F_si/cl).
-t- Qua 1110 hinh tren ta Iha'y rS
cac bie'n giai thich chua Ihuc stt g
thich cho bie'n phu thuoc, do dd n
thay dot Iai md hinh nghiiin ci'fu.
2.2. Ma hinh LOG-LOG tro
Paitel Dala
Dinh dang lai md hinh dudi da
LOG-LOG nhu sau:
L0G(1NC0M^TN) = C(II)

-1-C(I2)''L0G(B_S1ZE^TN)
-1-C(I3)''L0G(F_SIZEI_TN
+ C(I4)-L0G(PER_TN)
-|-C(I5)»L0G(GR_TN)
L0G(INC0M_NN) = C(2I)
•I-C(22)»L00(B_S1ZE^NN)
-1- C(23)''L0G(F_S1ZE1_NN
-I- C(24)*LOG(PER_NN)
•I-C(25)*LOO(GR_NN)
LOG(1NCOM_FD1) = C(3I)
+ C(32)'L0G(B_S1ZE_FD1
-1-C(33rLOG(F_SlZEI_FD
+ CI34I L0G(PER_FD1)
-i-C(35)'LOG(GR_FDl)
Bang ket qua hdi quy nio h
FEM. (Bang 9|

Ham hoi quy mau cd dang:
L0G(1.N'C0\1_TN) = 4^259
+ 0.256»LOGili__slZF.jr.\)
+ 0.0.36»LOGl 1-_SIZE I _TN


KINH DOANH

Bang 8. Ket qua hoi quy mo hinh hjyen tinh b a n g POOL LS
Dependeni Vanable: INCOM
Method, Pooled Least Squares
Induded observations: 40
Numberof cross-sections used: 3

Total panel (balanced) Dbservations. 120
Variable
_TN-B_SIZE_TN

Coefffclent

Std. Error

t-Statistic

Prob.

23.82041

26 41850

0 901656

0.3684

_NN-B_SIZE_NN

136.1248

33 08173

4.114805

0.0001

_FDI-B_SIZE_FDI

24.93412

44.22903

0 563750

0 5736

_TN-F_SIZE1_TN

0 172110

0.115616

1.488637

0.1383

_NN~F_SIZE1_NN

0.044799

0.014214

3.151693

0.0019

_FDI-F_SIZE1_FDI

0.093682

0.090434

1.035916

0.3016

_TN-PER_TN

1.992294

5 518247

0.361037

0.7185

_NN-PER_NN

9 028891

5 209963

1.733005

0.0848

FDI-PER FDI

0 685362

3.438419

0.199325

0.8422

JN-GR_TN

-0.614208

1.281357

-0.479342

0.6323

_NN-GR_NN

-0.218391

1.264983

-0.172643

0.8631

_FDI-GR_FDI

3.395875

1.289868

2.632731

0.0092

Nhiin \ci 2+ ) Khi dinli dang I41 mo
liinh thi cac bie'n giai Ihich
den 43.Vf cho bien phu
thuoc,
dong ih(ii tinh phu htfp
cua 1116 hinh da lang len ro
ret \a Prob (F-siaiistic) =
0.00000.
+) Vdi mo hinh doanh
nghiep irong nha nu'dc
(NM. thu nhap cua CEO
chiu SLf tac dpng Idn cua
cac nhan to da xac dmh.
+ ) Y ngiiTa kinh te:
Neu quy mo doanh
nghiep tang them \%. thu
nhap trung binh cua CEO
trong cac loai hinh doanh
nghiep tif nhan. nha mfdc
\a dau tif iri/c lie'p nifdc

ngoai tang lan lifdl 3.63%,
29.1% va 17.5%.
Ne'u doanh nghiep tang
iru'dng 1%, Ihu nhap (rung
binh cua CEO giam (rung

binh 15 6%, 48.1% va
5 56""^ tu'dng u'ng d cac loai
hinh doanh nghiep lu'nhan,
JN-C
285 7243
nha nu'dc va dau tu" tri/c
^NN-C
-519.7952
tie'p nu'dc ngoai.
3. Ke't luan chung
_FDI-C
84.34605
Bang Panel Data khi
R-squared
0 496063
Mean dependent var
503.3863
\a\ difng 2 md hinh thi mo
hinh LOG-LOG cho chiing
F-statistic
8.882231
Prob(F-statistic)
0.000000
ta ke't qua tot hdn mo hinh

tuyen tinh. do do. tic gia
+ 0.021-^LOG(PER_TN)
de xua't md hinh nghien cifu thu nhap cua CEO
-0.156*LOG(GR_TN)
difdi dang nhif sau:
LOG(COMP_TM = 4.259
L0G(INC0M_NN) = 3 : i
-i- 0.256^LOG(B_S1ZE_TN)
+ !.3S1^L0G(B^S1ZE_NN)
-(-0.036*LOG(F_SIZE1_TN)
+ 0.2915*LOGlF_SIZEl_NN)
-1- 0.021-^LOG(PER_TN)
+ 0 2898*LOG(PER_NN)
-h0.1S6--^LOG(GR_TN)
(1)
-0.4I=^LOG(GR_NN)
Fixed Effects

'

L O G ( l N C O M _ F D n = 3.468

+ ().693*L0G(B_S1ZE_FDI)
+ 0.175'^LOG(F_SI2E1_FDI)
+ 0.227*LOG(PER_FDI)
-0.056*LOG(GR_FDI)

LOG(COMP_\M = 3.21
+ L381*LOG(B_SIZE_NN)
+ 0.2915*LOG(F_SIZE1_NM

-(-0.2898*LOG(PER_NN)
-0.4SPLOG(GR_NM
(2)
Sd9-Thar^g 5/2020 271


TAPCmCONeTKIfdNG

Bong 9. Ket qua hoi quy mo hinh LOG-LOG b a n g POOL LS
Dependent Vanable LOG(INCOM)
Method: GLS (Cross Section Weights)
Number of cross-sections used" 3

--

Total panel (unbalanced) obsen/ations: 12
One-step weighting matrix
Coefficient

Std. Error

t-StaUstlc

Prob.

0 256002

0.373646

0.685146

0.4942

_NN-LOG(B_SIZE_NN)

1 381180

0.383400

3.602450

0 0004

_FDI-LOG(B_SIZE_FDI)

0.692787

0.529019

1.309569

0.1921

_TN-L0G(F_SIZE1_TN)

0.036345

0.130339

0 278848

0.7807

_NN~L0G(F_SIZE1_NN)

0.291480

0 067420

4.323326

0.0000

_FDI~LOG(F_SIZELFDI)

0.174971

0.107733

1.624125

0.1062

_TN-I.OG(PER_TN)

0.020999

0.125081

0167886

0.8669

_NN-LOG(PER_NN)

0 289845

0 088583

3.272007

0.0013

_FDI-LOG(PER_FDI)

0 227096

0.117023

1 940605

0.0540

_TN~LOG(GR_TN)

•0.156226

0 229538

0.680612

0.4971

_NN-LOG(GR_NN)

0.481245

0.264097

•1.822228

0.0702

_FDI~LOG(GR_FDI)

0.055514

0195348

-0.284178

0.7766

Variable
_TN-LOG(B_SIZE_TN)

^

Fixed Effects
_TN-C

4.258947

_NN-C

3.209040

_FDI—C

3468044

" " T

Weighted Statistics
R-squared

0.538952

Mean dependentvar

6.013280

F-statisiic

11 78180

Prob(F-statistJc)

0.000000

0.415498

Mean dependentvar

5.983000

Unweighted Statistics
R-squared

J~

L0G(C0MP_1D1I = 3.468
•I- 0.693*I.OC,I B_SIZE_FDI)
-1- 0.175*LOG(F_S1ZEI_FDI)
-1- 0.227>'LOG(PER_FDI)
- 0.056"LOG(GR_FDI)
(31
Dong thcfi qua cac mo hinh nay. mo hinh kinh te
nghien ciJu thu nhap cua CEO tai cac loai hinh
doanh nghiep duoc viet lai dudi dang:
1\C0\1_TN =e--".(B_SIZE_TN)»-"•

272 So 9-Ttiang 5/2020

.(F_SIZEl_TN)"""' lPER_TNi""-^
(GR_TN)-"'»
INCOIVI^NN = c"-'.iB_SIZE_NN)""
(F_SIZEI_.\Nr-' • lPhR^.\.\|":""
.(GR_NN)"'»'
1NC0M_FD1 = e-"-'" (B^SIZI;_I rJIi"""

.(F_SIZEI_EDI|'

• IPhRFDl)""

.(GR_FDI|"'"

Trong 4 >eu to nni sinh tren. vdi mo hmh (2


KINK DOANH

3 \cu 10 tac dong ro net den thu nhap ciia CEO dd
iaLOG(B_SIZE).LOG(F_SIZEI)vaLOG(PER).
dieu niy hoan loan phii hdp vdi ly thuyet kinh te.
Tu\ nhien. cac ye'u to nay tac dpng khong du manh
de ddp lfng difdc mo hinh hoan hao the hien 6 chS

Iifdng thona tin ma cac \eu to nav siai thich \a tac
dong den^hu nhap ciia CEO'mdi chi xa'p \i
53.S9%. Dieu dd chu'ng td con cd nhifng ye'u to
ngoai sinh \a npi sinh khac con tac dpng den thu
nhap ciia CEO •

TAI LI^LI THAM KHAO:
I NiiuxcnThiMinhNhan, MaiHai An(20l2) Su'dung mo hinh BOX-JENKINS trong dir bao bdn hang lai cdc
doanh nghiep ihUcfng mai nhi nifdc. Tgp chi Khoa Iwc Thuang mgi. ^o 3.
2. ViJ Xuan Thuy (2016). (fng dung ly iliyet EVA trong viec thiet ke ehinh .sdch chi trd cho cde nhd c/iidn ly ciia
edc cong ty cd phdn d Viet Nam. Dgi hgc Thuong mgi. B& tai nghien ciJu khoa hoc ca'p ccf sd.
3. Ale-i Eilmans. Xavier Gabaix. Toma.sz Sadzik. Yuiiy Sanniko\ (2012). Dynamic CEO Compcnsaiiun. The
Journal of The American Finance A.s.sociaticm. 67(5), pp.l603-l647.

4. Damodar N. Gujarati. Basic Eccmcmieiries - International Edition McGR A\V-HILL.

Njiay nh§n bai: 9/4/2020
N(;a\ phan bi§n danh gia va sii'a chi?a: 19/4/2020
Nfja) chS'p nhSn dang bai: 29/4/2020
Thdng dn idc gid:
TS. PHAN THANH TUNG
ThS. NGO DUY DO
Trifdng Dai hoc Thifcfng mai

EXAMINING THE COMPENSATION
OF CEOs BY USING THE PANEL DATA
• PhD. PHAN THANH TUNG
• Master. NGO DUY DO
Thuongmoi University
ABSTRACT:
This study is to analyse the compensation of chief executive oiTicers (CEOs) (INCOM, VND
million) at commercial enterprises. By frequently collecting data about the compensation of CEOs
of 40 enterprises in the period from 2012 to 2017. this study builds a sample of 120 observations to
establish a model that examining the relationship among the compensation of CEOs and following
explanatory variables, namely Firm size (F_sizel, VND billion). Enterprises growth rate
(Growth. 7c), Management board (B_size. people). Business performance (PER, VND billion).
This study also employed the Panel Data to examine the compensation of CEOs of foreigninvested firms.
Keywords: CEO compensation, panel data, regression analysis model. FEM.

So 9 - T h o n g 5/2020 273