Số phát hành: Số 18 - Tháng 6 - 2026Quản trị - Quản lý
The relationship between ownership structure and CEO characteristics: Managerial implications for Vietnam
Xuất bản: tháng 6 30, 2026
doi:10.62831/nckh.2026.626.v1
Tóm tắt
This study provides a conceptual overview of the relationship between ownership structure and CEO characteristics, with a focus on state ownership, foreign ownership, and family ownership. Drawing on Agency Theory and Upper Echelons Theory, the study argues that ownership structure plays a significant role in shaping CEO selection, managerial attributes, and strategic decision-making processes. It also examines the current corporate governance landscape in Vietnam in the context of recent strategic policy changes. Based on this analysis, the study develops a conceptual framework to explain how different forms of ownership influence CEO characteristics and discusses key governance implications for Vietnamese enterprises.
Abramov, A., Radygin, A., Entov, R., & Chernova, M. (2017). State ownership and efficiency characteristics. Russian Journal of Economics, 3(2), 129 - 157.
2.
Ahrens, J. P., Landmann, A., & Woywode, M. (2015). Gender preferences in the CEO successions of family firms: Family characteristics and human capital of the successor. Journal of Family Business Strategy, 6(2), 86 - 103.
3.
Brickley, J. A., Coles, J. L., & Terry, R. L. (1994). Outside directors and the adoption of poison pills. Journal of Financial Economics, 35(3), 371 - 390.
4.
Chakraborty, D., & Mahakud, J. (2023). CEO attributes and foreign shareholdings: Evidence from an emerging economy. Journal of Financial Reporting and Accounting.
5.
Dang, H. (2019). Nan đề chuyển giao thế hệ trong các doanh nghiệp gia đình [Challenges of generational transition in family businesses]. TheLeader. https://theleader.vn/nan-de-chuyen-giao-the-he-trong-cac-doanh-nghiep-gia-dinh-d26765.html#google_vignette
6.
Government News. (2026). Những nhiệm vụ, giải pháp cải thiện môi trường kinh doanh, nâng cao năng lực cạnh tranh quốc gia năm 2026. https://baochinhphu.vn/giai-phap-cai-thien-moi-truong-kinh-doanh-nang-cao-nang-luc-canh-tranh-quoc-gia-nam-2026-102260116184117514.htm
7.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review, 9(2), 193. https://doi.org/10.2307/258434
Hanousek, J., Shamshur, A., & Tresl, J. (2017). Firm efficiency, foreign ownership and CEO gender in corrupt environments. CERGE-EI Working Paper Series, 595. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3014469
9.
Jensen, M. C., & Meckling, W. H. (1979). Theory of the firm: Managerial behavior, agency costs, and ownership structure. In K. Brunner (Ed.), Economics social institutions (Vol. 1, pp. 163–231). Springer Netherlands. https://doi.org/10.1007/978-94-009-9257-3_8
Kabir, R., & Thai, H. M. (2021). Key factors determining corporate social responsibility practices of Vietnamese firms and the joint effects of foreign ownership. Journal of Multinational Financial Management, 59, Article 100676.
11.
Khidmat, W. B., Habib, M. D., Awan, S., & Raza, K. (2022). Female directors on corporate boards and their impact on corporate social responsibility (CSR): Evidence from China. Management Research Review, 45(4), 563 - 595.
12.
Luan, C. J., Chen, Y. Y., Huang, H. Y., & Wang, K. S. (2018). CEO succession decision in family businesses: A corporate governance perspective. Asia Pacific Management Review, 23(2), 130 - 136.
13.
Ministry of Industry and Trade. (2024). Giải pháp cải thiện môi trường kinh doanh, nâng cao năng lực cạnh tranh quốc gia năm 2024 [Solutions to improve the business environment and enhance national competitiveness in 2024]. https://moit.gov.vn/tin-tuc/bao-chi-voi-nguoi-dan/giai-phap-cai-thien-moi-truong-kinh-doanh-nang-cao-nang-luc-canh-tranh-quoc-gia-nam-2024.html
14.
Nguyen, T. T., & Nguyen, H. T. (2020). State ownership and firm performance in Vietnam: Role of state-owned holding company. Asian Journal of Business and Accounting, 13(2), 181 - 211.
15.
Tihanyi, L., Aguilera, R., Heugens, P., van Essen, M., Duran, P., Sauerwald, S., & Turturea, R. (2019). State ownership and political connections. Journal of Management, 45(6), 2293 - 2321.
16.
Zhang, X., Yu, M., & Chen, G. (2020). Does mixed-ownership reform improve SOEs’ innovation? Evidence from state ownership. China Economic Review, 61, Article 101450.
17.
Zhou, K. Z., Gao, G. Y., & Zhao, H. (2017). State ownership and firm innovation in China: An integrated view of institutional and efficiency logics. Administrative Science Quarterly, 62(2), 375 - 404.