This study sheds light on the following fundamental gaps in the current literature. First, formulated by the increasing problem of the family’s controls of executive position, and the circumstances of “divided powers” and “gap power” in the Vietnamese corporate governance mechanism, this research can contribute in a very fresh view of family analysis in the new context of an emergent Asian country, so-called Vietnam. Second, in terms of “prospect theory”, illustrated by the situation of the “risk aversion” attitude, it is undeniable to clarify the interaction between volatility and family ownership on Vietnamese firm performance. Third, lean on the “risk-adverse” reaction, this study will provide the new aspect of volatility since it can re-direct the main effect of family ownership on performance. Finally, specifying the “reinforcements of family powers” and the increasing presence of family’s power on Vietnamese firms, this study provides the profound evidence of indirect effects of specific risk on corporate performance. Regarding a sample of 289 listed firm Vietnam’s stock exchange in 2013, we confirmed the adverse effects of family ownership toward performance again. It reveals the phenomenon of the extensive existence of family ownership, their sharing responsibility, and the issue of “divided powers” and “gap power” among the administrative level. However, it is surprised then that there is a positive link to the return, as there is the interaction between family ownership and volatility. What is more, this reveals that the higher level of specific risk can foresee the likelihood of the existence of family members, who hold the executive positions, leading to exacerbate the business failure.

中文翻译：

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新兴国家家庭业绩的波动性和特定风险

这项研究揭示了当前文献中的以下基本差距。首先，鉴于家族对高管职位的控制问题日益严重，以及越南公司治理机制中“分权”和“差距权力”的情况，本研究可以为新的家族分析提供一个全新的视角。一个新兴的亚洲国家，即所谓的越南。其次，在“前景理论”方面，以“规避风险”态度的情况为例，不可否认地阐明了波动性与家族所有权对越南公司业绩的相互作用。第三，依靠“风险-不利”反应，本研究将提供波动性的新方面，因为它可以重新引导家族所有权对绩效的主要影响。最后，本研究明确了“家族权力的强化”和家族权力对越南企业的影响日益增加，为特定风险对企业绩效的间接影响提供了深刻的证据。我们以2013年越南证券交易所289家上市公司为样本，再次确认了家族持股对业绩的不利影响。它揭示了家庭所有制广泛存在、分担责任的现象，以及行政层级之间的“分权”和“断权”问题。然而，令人惊讶的是，这与回报存在正相关，因为家族所有权和波动性之间存在相互作用。更重要的是，这揭示了更高水平的特定风险可以预见家庭成员存在的可能性，