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VIETNAM NATIONAL UNIVERSITY, HANOI
INTERNATIONAL SCHOOL
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NGUYEN THU TRANG
INVESTIGATING THE IMPACT OF
FEMALE TOP MANAGER ON FIRM
PERFORMANCE AND STRATEGIC OUTCOMES
Program: Master in International Business
Code: 8340120
Supervisor: Dr. Nguyen Tra My
Hanoi - 2025
DECLARATION OF AUTHORSHIP
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I hereby declare that this thesis was carried out by myself under the guidance and
supervision of Dr. Nguyen Tra My; and that the work contained in it and the results in
it are true by the author and have not violated research ethics. The data and figures
presented in this thesis are for analysis, comments, and evaluations from various
resources by my own work and have been duly acknowledged in the reference part.
In addition, other comments, reviews and data used by other authors, and
organizations have been acknowledged and explicitly cited.
I will take full responsibility for any fraud detected in my thesis..
Hanoi, date  month  year 2025
Author
(Signature and full name)
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Nguyen Thu Trang//
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ACKNOWLEDGEMENTS
I would like to express my profound gratitude to my thesis advisor, Dr. Nguyen Tra
My, as well as the esteemed faculty members of the Economics and Management
Department at the International School, Vietnam National University, Hanoi. Their
unwavering support, thoughtful guidance, and dedication throughout my studies and
the completion of my master’s thesis have been invaluable.
To successfully complete this thesis, I have endeavored to apply the knowledge and
expertise imparted by the distinguished faculty of the International Business program
during my academic journey. I am fully aware that there may still be shortcomings and
challenges in my work, and I deeply appreciate any constructive feedback and
evaluations from the department to further improve it.
I sincerely wish Dr. Nguyen Tra My continued health, fulfillment, and even greater
success in her professional endeavors. May the International School flourish and
continue to cultivate generations of highly accomplished scholars and professionals in
the future.
Hanoi, date  month  year 2025
Author
Nguyen Thu Trang
TABLE OF CONTENTS
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DECLARATION OF AUTHORSHIP........................................................................i
ACKNOWLEDGEMENTS........................................................................................ii
TABLE OF CONTENTS...........................................................................................iii
LIST OF TABLES......................................................................................................iv
LIST OF ABBREVIATION........................................................................................v
INTRODUCTION.......................................................................................................1
CHAPTER 1: THEORETICAL BASIS.................................................................5
1.1. Overview of theoretical foundations....................................................................
1.2. Research objectives and research methodology.................................................
1.3. Significance of the study....................................................................................
CHAPTER 2: RESEARCH RESULTS................................................................17
2.1. Description of collected data..............................................................................
2.2. Empirical model.................................................................................................
2.3. The impact of female top managers on business performance...........................
2.4. The impact of female top managers on firms' investment decisions and access
to finance..................................................................................................................
2.5. The impact of female top managers on bribery in firms.....................................
2.6. The impact of female top managers on firms' innovation and technology
adoption....................................................................................................................
2.7. The impact of female top managers on firms' energy consumption...................
CHAPTER 3: IMPLICATIONS AND RECOMMENDATIONS......................55
3.1. Managerial and policy implications from the research results...........................
3.2. Solutions to enhance the role of female top managers in businesses in Asia.....
3.3. Solutions to enhance business performance under female leadership................
CONCLUSION..........................................................................................................62
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LIST OF TABLES
Table 1. Summary Estimation Table 21
Table 2. Estimating the impact of female top managers on business performance in
Asia 27
Table 3. Estimating the impact of female top managers on business performance in
South Asia, Central Asia, and East Asia 30
Table 4. Estimating the impact of female top managers on firms' investment decisions
in Asia 32
Table 5. Estimating the impact of female top managers on firms' access to finance in
Asia. 34
Table 6. Estimating the impact of female top managers on firms' investment decisions
in South Asia, Central Asia, and East Asia 37
Table 7. Estimating the impact of female top managers on firms' access to finance in
South Asia, Central Asia, and East Asia 38
Table 8. Estimating the impact of female top managers on bribery in firms across Asia
41
Table 9. Estimating the impact of female top managers on bribery in firms across
South Asia, Central Asia, and East Asia 43
Table 10. Estimating the impact of female top managers on firms' innovation and
technology adoption across Asian countries 46
Table 11. Estimating the impact of female top managers on firms' innovation and
technology adoption in South Asia, Central Asia, and East Asia 49
Table 12. Estimating the impact of female top managers on firms' energy consumption
in Asia 51
Table 13. Estimating the impact of female top managers on firms' energy consumption
in South Asia, Central Asia, and East Asia 53
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