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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
Entrepreneurship Theory and Practice ( IF 10.5 ) Pub Date : 2021-01-07 , DOI: 10.1177/1042258720985477
Trung Quang Dinh 1, 2 , Andrea Calabrò 3 , Giovanna Campopiano 4 , Rodrigo Basco 5
Affiliation  

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.



中文翻译:

具有政治联系的首席执行官和董事会对公司绩效的影响:越南家族企业和非家族企业的研究

结合新的制度经济学和资源依赖理论,本研究调查了转型型经济体(从中央控制型经济向更多市场导向型经济转变)在家族企业(FFs),非家族企业(non-family companiess)和非家族企业之间是否存在绩效差异。前国有企业(前国有企业),以及政治联系是否影响这些差异。我们的发现表明,除非非FF具有政治联系的CEO,否则FF的表现要优于非FF和前国有企业。在董事会政治联系强度很高的情况下,支持FF的绩效差距会增加。在FF中,表现最好的FF要么提倡非家族式领导,要么将家族式领导与具有政治联系的董事会相结合。

更新日期:2021-01-14
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