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The Impact of Politically Connected CEOs and Boards of Directors on Firm Performance: A Study of Vietnamese Family and Nonfamily Firms

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  • Trung Quang Dinh
  • Andrea Calabrò
  • Giovanna Campopiano
  • Rodrigo Basco

Abstract

Integrating new institutional economics and resource dependence theory, this study investigates whether in transition economies, characterized by shifting from centrally commanded to more market-oriented economies, there are performance differences among family firms (FFs), nonfamily firms (non-FFs), and former state-owned enterprises (former SOEs), and whether political connections affect these differences. Our findings suggest that FFs outperform non-FFs and former SOEs, unless non-FFs have politically connected CEOs. The performance gap in favor of FFs increases at high levels of board political connection intensity. Among FFs, the top-performing ones either promote nonfamily leadership or combine family leadership with politically connected boards of directors.

Suggested Citation

  • Trung Quang Dinh & Andrea Calabrò & Giovanna Campopiano & Rodrigo Basco, 2022. "The Impact of Politically Connected CEOs and Boards of Directors on Firm Performance: A Study of Vietnamese Family and Nonfamily Firms," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1284-1316, September.
    • Handle: RePEc:sae:entthe:v:46:y:2022:i:5:p:1284-1316
    DOI: 10.1177/1042258720985477
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