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Do Board Size and Board Members Matter to the Internationalization of Listed Firms on the Hanoi Stock Market?

This study estimates the effects of board size and director board composition on the internationalization of listed firms on the Hanoi stock market (HNX). The data collected from the HNX listed enterprises’ annual reports in the period 2009-2018 are employed to test the proposed hypotheses. The REM regression results reveal that the bigger the size of the board, the lower the internationalization. We, however, also find that boards with foreign members are positively and significantly associated with listed firms’ internationalization. We fail to confirm the relationship between non-executive directors and firm internationalization. Based on those results, some managerial implications are proposed in this study.