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

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 there are performance differences among family firms (FFs), nonfamily (non-FFs), former state-owned enterprises (former SOEs), political connections affect these differences. Our findings suggest that FFs outperform non-FFs SOEs, unless have politically connected CEOs. The gap favor of increases at high levels board connection intensity. Among FFs, the top-performing ones either promote leadership or combine with boards directors.