The Corporate Governance of the State Bank of Vietnam: A Study Based on Relevant Frameworks and International Best Practices

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Juniper Newman
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1 : A Study Based on Relevant Frameworks and International Best Practices DISSERTATION of the University of St. Gallen, School of Management, Economics, Law, Social Sciences and International Affairs to obtain the title of Doctor Oeconomiae submitted by Lien Dinh from Vietnam Approved on the application of Prof. Dr. Martin Hilb and Prof. Dr. Li Choy Chong Dissertation no D-Druck Spescha, St. Gallen 2012

Gallen, School of Management, Economics, Law, Social Sciences and International Affairs to obtain the

2 Table of Contents 1 Chapter I: INTRODUCTION Problem analysis Research gap Research objective Research questions Research approach Preliminary aspects Nature of the project Definitions Corporate Governance Central Banks and the State Bank of Vietnam Autonomy and independence Structure of the dissertation 33 2 Chapter II: GENERAL THEORETICAL SECTION Macro-structure of the problem: evaluation and impact analysis Dimensions of descriptions in guidelines and literature Traditional Central Bank Governance evaluation framework... 45

6.3 Autonomy and independence 29 1.7 Structure of the dissertation 33 2 Chapter II: GENERAL THEORETICAL SECTION 36 2.

3 2.4 International Best Practice of Central Banks Governance Sampling criteria Relationship between the Central Bank and the Government Diversity of the sample Accessibility Sampling results Applied New Corporate Governance Framework The situational dimension (Keep it situational) Institutional context Providers of capital Employees Top Management National context Normative context Ownership Board configuration Organisational complexity Board role players / Degree of internationalization / Mix of Board functions The Strategic dimension (Keep it strategic) Board team Board structure 78

5.1.1.2 Employees 67 2.5.1.1.3 Top Management 68 2.5.1.2 National context 69 2.5.1.3 Normative context 69 2.5.1.4 Ownership 70 2.5.1.5 Board configuration 72 2.5.1.6 Organisational complexity 72 2.5.1.7 Board role players / Degree of internationalization / Mix of Board functions 74 2.

4 2.5.3 The Integrated Board Management dimension (Keep it integrated) Controlling dimension (Keep it controlled) Theoretical section conclusion 82 3 Chapter III: SPECIFIC EMPIRICAL SECTION Considerations about the research design Empirical objective Research methodology Overview Development of the empirical research questions Selecting relevant sources and subjects Collection of the relevant data Considerations about the data availability Collection of the secondary data Collection of primary data General topics of the interviews The interviewees Interpretation of data and analysis Research findings and analysis Political framework and legal status Relation with the Government Objectives and functions of the State Bank of Vietnam Organisation structure, the Board and Management 130 iii

1.2.2 Development of the empirical research questions 89 3.1.2.3 Selecting relevant sources and subjects 89 3.1.2.4 Collection of the relevant data 90 3.1.2.4.1 Considerations about the data availability 90 3.

5 Organisation structure The Board and Management Comparison with the structure of other Central Banks Accountability and Transparency Assessment of the situation of SBV Low degree of autonomy General findings The actual autonomy of the SBV The missing Board of Directors Recommendations for changing the situation ofsbv Establishing a higher degree of autonomy Establishing aboard structure Reasons for a board based governance structure One Governing Board Integrated Committees The Management Board Establishing clear measures of success Establishing rules for the composition of the board Summary of the recommendations concerning the board structure Chapter IV: CONCLUSION Summary of findings Application for practice 198 iv

4 Recommendations for changing the situation ofsbv 179 3.4.1 Establishing a higher degree of autonomy 180 3.4.2 Establishing aboard structure 181 3.4.2.1 Reasons for a board based governance structure 181 3.

6 4.3 Application for theory Adapting the rule-of-law assumption Application for the 'New Corporate Governance' framework Recommendation for future research Limitations of the research Bibliography Annex 1: List of interviewees Annex 2: Expert interview questions guideline 220

5 Limitations of the research 206 5 Bibliography 209 6 Annex 1: List of

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