The link between firm risk-taking and CEO power of listed firms on the Vietnamese stock market: the role of state ownership

References

• Abramov, A., Radygin, A., Entov, R., & Chernova, M. (2017). State ownership and efficiency characteristics. Russian Journal of Economics, 3(2), 1–16. https://doi.org/10.1016/j.ruje.2017.06.002
   Google Scholar
• Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. Review of Financial Studies, 18(4), 1403–1432. https://doi.org/10.1093/rfs/hhi030
   Web of Science ®Google Scholar
• Anderson, C., & Berdahl, J. L. (2002). The experience of power: Examining the effects of power on approach and inhibition tendencies. Journal of Personality and Social Psychology, 83(6), 1362–1377. https://doi.org/10.1037/0022-3514.83.6.1362
   PubMed Web of Science ®Google Scholar
• Anderson, C., & Galinsky, A. D. (2006). Power, optimism, and risk-taking. European Journal of Social Psychology, 36(4), 511–536. https://doi.org/10.1002/ejsp.324
   Web of Science ®Google Scholar
• Angeloni, I., Faia, E., & Lo Duca, M. (2015). Monetary policy and risk taking. Journal of Economic Dynamics and Control, 52, 285–307. https://doi.org/10.1016/j.jedc.2014.12.001
   Web of Science ®Google Scholar
• Assidi, S., Aliani, K., & Omri, M. A. (2016). Tax optimization and the firm’s value: Evidence from the Tunisian context. Borsa Istanbul Review, 16(3), 177–184. https://doi.org/10.1016/j.bir.2016.04.002
   Web of Science ®Google Scholar
• Baldenius, T., Melumad, N., & Meng, X. (2014). Board composition and CEO power. Journal of Financial Economics, 112(1), 53–68. https://doi.org/10.1016/j.jfineco.2013.10.004
   Web of Science ®Google Scholar
• Band, D. (1992). Corporate governance: Why agency theory is not enough. European Management Journal, 10(4), 453–459. https://doi.org/10.1016/0263-2373(92)90011-r
   Google Scholar
• Benlemlih, M., Shaukat, A., Qiu, Y., & Trojanowski, G. (2016). Environmental and social disclosures and firm risk. Journal of Business Ethics, 152(3), 613–626. https://doi.org/10.1007/s10551-016-3285-5
   Web of Science ®Google Scholar
• Ben-Nasr, H., Boubakri, N., & Cosset, J. C. (2015). Earnings quality in privatized firms: The role of state and foreign owners. Journal of Accounting and Public Policy, 34(4), 392–416. https://doi.org/10.1016/j.jaccpubpol.2014.12.003
   Web of Science ®Google Scholar
• Bertrand, M., & Mullainathan, S. (2003). Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy, 111(5), 1043–1075. https://doi.org/10.1086/376950
   Web of Science ®Google Scholar
• Bhatti, B. H., & Sarwet, A. (2011). Financial performance of state owned enterprises in emerging economies. Chartered Institute of Management Accountants, 8, 1–14.
   Google Scholar
• Braga-Alves, M. V., & Shastri, K. (2011). Corporate governance, valuation, and performance: Evidence from a voluntary market reform in Brazil. Financial Management, 40(1), 139–157. https://doi.org/10.1111/j.1755-053X.2010.01137.x
   Web of Science ®Google Scholar
• Canta, C., Nilsen, Ø. A., & Ulsaker, S. A. (2023). Competition and risk taking in local bank markets: Evidence from the business loans segment. Journal of Empirical Finance, 73, 153–169. https://doi.org/10.1016/j.jempfin.2023.06.003
   Web of Science ®Google Scholar
• Chakraborty, A., Gao, L., & Sheikh, S. (2019). Corporate governance and risk in cross-listed and Canadian only companies. Management Decision, 57(10), 2740–2757. https://doi.org/10.1108/MD-10-2017-1052
   Web of Science ®Google Scholar
• Cheikh, S. B. (2014). Determinants of CEO power and characteristics of managerial profile: Implications for risk-taking in listed Tunisian firms. International Journal of Economics and Finance, 6(6). https://doi.org/10.5539/ijef.v6n6p140
   Google Scholar
• Cheng, T. Y., Lee, C. I., & Lin, C. H. (2020). The effect of risk-taking behavior on Profitability: Evidence from futures market. Economic Modelling, 86, 19–38. https://doi.org/10.1016/j.econmod.2019.04.017
   Web of Science ®Google Scholar
• Chintrakarn, P., Jiraporn, P., & Tong, S. (2014). How do powerful CEOs view corporate risk-taking? Evidence from the CEO pay slice (CPS). Applied Economics Letters, 22(2), 104–109. https://doi.org/10.1080/13504851.2014.927565
   Web of Science ®Google Scholar
• Cho, M., & Keltner, D. (2020). Power, approach, and inhibition: Empirical advances of a theory. Current Opinion in Psychology, 33, 196–200. https://doi.org/10.1016/j.copsyc.2019.08.013
   PubMed Web of Science ®Google Scholar
• Crossland, C., Zyung, J., Hiller, N. J., & Hambrick, D. C. (2014). CEO career variety: Effects on firm-level strategic and social novelty. Academy of Management Journal, 57(3), 652–674. https://doi.org/10.5465/amj.2012.0469
   Web of Science ®Google Scholar
• Darsono, S. N. A. C., Wong, W.-K., Nguyen, T. T. H., & Wardani, D. T. K. (2022). The economic policy uncertainty and its effect on sustainable investment: A panel ARDL approach. Journal of Risk and Financial Management, 15(6), 254. https://doi.org/10.3390/jrfm15060254
   Web of Science ®Google Scholar
• Ding, X., Chong, X., Bao, Z., Xue, Y., & Zhang, S. (2017). Fuzzy comprehensive assessment method based on the entropy weight method and its application in the water environmental safety evaluation of the Heshangshan drinking water source Area, three gorges reservoir area, China. Water, 9(5), 329. https://doi.org/10.3390/w9050329
   Web of Science ®Google Scholar
• Dong, X., Lu, H., Xia, Y., & Xiong, Z. (2016). Decision-making model under risk assessment based on entropy. Entropy, 18(11), 404. https://doi.org/10.3390/e18110404
   Web of Science ®Google Scholar
• Duong, K. D., Tran, P. M. D., & Pham, H. (2023). CEO overpower and corporate social responsibility of commercial banks: The moderating role of state ownership. Cogent Economics & Finance, 11(1), 2171609. https://doi.org/10.1080/23322039.2023.2171609
   Web of Science ®Google Scholar
• Faccio, M., Marchica, M.-T., & Mura, R. (2011). Large shareholder diversification and corporate risk-taking. Review of Financial Studies, 24(11), 3601–3641. https://doi.org/10.1093/rfs/hhr065
   Web of Science ®Google Scholar
• Faccio, M., Marchica, M.-T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008
   Web of Science ®Google Scholar
• Farag, H., & Mallin, C. (2016). The influence of CEO demographic characteristics on corporate risk-taking: Evidence from Chinese IPOs. The European Journal of Finance, 24(16), 1528–1551. https://doi.org/10.1080/1351847X.2016.1151454
   Web of Science ®Google Scholar
• Fast, N. J., Sivanathan, N., Mayer, N. D., & Galinsky, A. D. (2012). Power and overconfident decision-making. Organizational Behavior and Human Decision Processes, 117(2), 249–260. https://doi.org/10.1016/j.obhdp.2011.11.009
   Web of Science ®Google Scholar
• Finkelstein, S. (1992). Power in top management teams: Dimensions, measurement, and validation. Academy of Management Journal. Academy of Management, 35(3), 505–538. https://doi.org/10.5465/256485
   PubMed Web of Science ®Google Scholar
• Finkelstein, S., Hambrick, D. C., & Cannella, A. A. (2008). Do top executives matter? In Strategic leadership (pp. 16–42). Oxford University Press.
   Google Scholar
• Foong, S.-S., Khong, J.-S., & Lim, B.-L. (2021). Chinese CEO, risk taking and the power of CEO: Empirical evidence from Malaysian family firms. Malaysian Journal of Economic Studies, 58(1), 59–84. https://doi.org/10.22452/MJES.vol58no1.4
   Web of Science ®Google Scholar
• Haider, J., & Fang, H.-X. (2018). CEO power, corporate risk taking and role of large shareholders. Journal of Financial Economic Policy, 10(1), 55–72. https://doi.org/10.1108/JFEP-04-2017-0033
   Web of Science ®Google Scholar
• Haleblian, J., & Finikelstein, S. (1993). Top management team size, CEO dominance, and firm performance: The moderating roles of environmental turbulence and discretion. Academy of Management Journal, 36(4), 844–863. https://doi.org/10.2307/256761
   Web of Science ®Google Scholar
• Han, S., Nanda, V. K., & Silveri, S. D. (2016). CEO power and firm performance under pressure. Financial Management, 45(2), 369–400. https://doi.org/10.1111/fima.12127
   Web of Science ®Google Scholar
• Hang, N. P. T. (2022). The impact of governance characteristics on the corporate performance: Evidence from Vietnamese non-financial listed companies. International Journal of Operations and Quantitative Management, 28(1), 242–258.
   Google Scholar
• Hirsh, J. B., Galinsky, A. D., & Zhong, C.-B. (2011). Drunk, powerful, and in the dark. Perspectives on Psychological Science: A Journal of the Association for Psychological Science, 6(5), 415–427. https://doi.org/10.1177/1745691611416992
   PubMedGoogle Scholar
• Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The Journal of Finance, 67(4), 1457–1498. https://doi.org/10.1111/j.1540-6261.2012.01753.x
   Web of Science ®Google Scholar
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405x(76)90026-x
   Web of Science ®Google Scholar
• Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441–456. https://doi.org/10.1007/s10551-012-1492-2
   Web of Science ®Google Scholar
• Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263. https://doi.org/10.2307/1914185
   Web of Science ®Google Scholar
• Kang, Y.-S., & Kim, B.-Y. (2012). Ownership structure and firm performance: Evidence from the Chinese corporate reform. China Economic Review, 23(2), 471–481. https://doi.org/10.1016/j.chieco.2012.03.006
   Web of Science ®Google Scholar
• Keltner, D., Gruenfeld, D. H., & Anderson, C. (2003). Power, approach, and inhibition. Psychological Review, 110(2), 265–284. https://doi.org/10.1037/0033-295x.110.2.265
   PubMed Web of Science ®Google Scholar
• Kennedy, J. A., & Anderson, C. (2017). Hierarchical rank and principled dissent: How holding higher rank suppresses objection to unethical practices. Organizational Behavior and Human Decision Processes, 139, 30–49. https://doi.org/10.1016/j.obhdp.2017.01.002
   Web of Science ®Google Scholar
• Khaw, K. L.-H., Nordin, S., & Wong, W. C. (2019). Firm risk and corporate policies: From the Shariah certification perspective. International Journal of Business & Society, 20(3), 1257–1275.
   Web of Science ®Google Scholar
• Kim, K.-H., & Buchanan, R. (2011). CEO duality leadership and firm risk-taking propensity. Journal of Applied Business Research (JABR), 24(1). https://doi.org/10.19030/jabr.v24i1.1364
   Google Scholar
• Le, H. T. M., Kweh, Q. L., Ting, I. W. K., & Nourani, M. (2022). CEO power and earnings management: Dual roles of foreign shareholders in Vietnamese listed companies. International Journal of Finance & Economics, 27(1), 1240–1256. https://doi.org/10.1002/ijfe.2211
   Web of Science ®Google Scholar
• Lewellyn, K. B., & Muller-Kahle, M. I. (2012). CEO power and risk taking: Evidence from the subprime lending industry. Corporate Governance: An International Review, 20(3), 289–307. https://doi.org/10.1111/j.1467-8683.2011.00903.x
   Web of Science ®Google Scholar
• Li, J., & Tang, Y. (2010). CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Management Journal, 53(1), 45–68. https://doi.org/10.5465/amj.2010.48036912
   Web of Science ®Google Scholar
• Li, H. (2019). CEO Power and Risk-taking: Based on the Different Ownership Backgrounds [Paper presentation]. Paper Presented at the 2019 International Conference on Educational Reform, Management Science and Sociology (ERMSS 2019), Shanghai, China.
   Google Scholar
• Loukil, N., & Yousfi, O. (2022). Do CEO’s attributes increase risk-taking? Empirical evidence from France. Asia-Pacific Journal of Business Administration, 15(5), 721–745. https://doi.org/10.1108/APJBA-07-2021-0330
   Web of Science ®Google Scholar
• Maner, J. K., Gailliot, M. T., Butz, D. A., & Peruche, B. M. (2007). Power, risk, and the status quo. Personality & Social Psychology Bulletin, 33(4), 451–462. https://doi.org/10.1177/0146167206297405
   PubMed Web of Science ®Google Scholar
• Mihet, R. (2013). Effects of culture on firm risk-taking: A cross-country and cross-industry analysis. Journal of Cultural Economics, 37(1), 109–151. https://doi.org/10.1007/s10824-012-9186-2
   Web of Science ®Google Scholar
• Mirza, S. S., Safdar, R., Yu, Y., & Gulzar, M. A. (2019). Managerial empowerment and firm risk-taking. SAGE Open, 9(2), 215824401985696. https://doi.org/10.1177/2158244019856963
   Web of Science ®Google Scholar
• Mubeen, R., Han, D., Abbas, J., Álvarez-Otero, S., & Sial, M. S. (2021). The Relationship Between CEO Duality and Business Firms’ Performance: The Moderating Role of Firm Size and Corporate Social Responsibility. Frontiers In Psychology, 12, 669715. https://doi.org/10.3389/fpsyg.2021.669715
   Google Scholar
• Nguyen, T. T. H., Moslehpour, M., Vo, T. T. V., & Wong, W.-K. (2020). State ownership and risk-taking behavior: An empirical approach to get better profitability, investment, and trading strategies for listed corporates in Vietnam. Economies, 8(2), 46. https://doi.org/10.3390/economies8020046
   Web of Science ®Google Scholar
• Nguyen, T. T. H., & Wong, W.-K. (2021). Do state ownership and business environment explain corporate cash holdings? Empirical evidence from an emerging country. Asian Academy of Management Journal of Accounting and Finance, 17(1), 1–33. https://doi.org/10.21315/aamjaf2021.17.1.1
   Web of Science ®Google Scholar
• Patrick, C. J., Fowles, D. C., & Krueger, R. F. (2009). Triarchic conceptualization of psychopathy: Developmental origins of disinhibition, boldness, and meanness. Development and Psychopathology, 21(3), 913–938. https://doi.org/10.1017/s0954579409000492
   PubMed Web of Science ®Google Scholar
• Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Academy of Management Review, 4, 521–532.
   Google Scholar
• Pham, D. H., & Pham, Q. V. (2020). The impact of CEO duality on firm performance: Examining the life-cycle theory in Vietnam. Accounting, 737–742. https://doi.org/10.5267/j.ac.2020.6.010
   Google Scholar
• Sanders, W. G., & Hambrick, D. C. (2007). Swinging for the fences: The effects of CEO stock options on company risk taking and performance. Academy of Management Journal, 50(5), 1055–1078. https://doi.org/10.5465/amj.2007.27156438
   Web of Science ®Google Scholar
• Sassenberg, K., Ellemers, N., & Scheepers, D. (2012). The attraction of social power: The influence of construing power as opportunity versus responsibility. Journal of Experimental Social Psychology, 48(2), 550–555. https://doi.org/10.1016/j.jesp.2011.11.008
   Web of Science ®Google Scholar
• Schweizer, D., Walker, T., & Zhang, A. (2019). Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections. Journal of Corporate Finance, 57, 63–85. https://doi.org/10.1016/j.jcorpfin.2017.12.023
   Web of Science ®Google Scholar
• Shabir, M., Jiang, P., Shahab, Y., & Wang, P. (2023). Geopolitical, economic uncertainty and bank risk: Do CEO power and board strength matter? International Review of Financial Analysis, 87, 102603. https://doi.org/10.1016/j.irfa.2023.102603
   Web of Science ®Google Scholar
• Shahab, Y., Ntim, C. G., Ullah, F., Yugang, C., & Ye, Z. (2020). CEO power and stock price crash risk in China: Do female directors’ critical mass and ownership structure matter? International Review of Financial Analysis, 68, 101457. https://doi.org/10.1016/j.irfa.2020.101457
   Web of Science ®Google Scholar
• Sharma, P., Cheng, L. T. W., & Leung, T. Y. (2020). Impact of political connections on Chinese export firms’ performance: Lessons for other emerging markets. Journal of Business Research, 106, 24–34. https://doi.org/10.1016/j.jbusres.2019.08.037
   Web of Science ®Google Scholar
• Sheikh, S. (2019). CEO power and corporate risk: The impact of market competition and corporate governance. Corporate Governance: An International Review, 27(5), 358–377. https://doi.org/10.1111/corg.12285
   Web of Science ®Google Scholar
• Shiah-Hou, S.-R. (2021). Powerful CEOs and earnings quality. Managerial Finance, 47(12), 1714–1735. https://doi.org/10.1108/MF-07-2020-0363
   Web of Science ®Google Scholar
• Song, M., Wang, S., & Zhang, H. (2020). Could environmental regulation and R&D tax incentives affect green product innovation? Journal of Cleaner Production, 258, 120849. https://doi.org/10.1016/j.jclepro.2020.120849
   Web of Science ®Google Scholar
• Souder, D., & Shaver, J. M. (2010). Constraints and incentives for making long horizon corporate investments. Strategic Management Journal, 31(12), 1316–1336. https://doi.org/10.1002/smj.862
   Web of Science ®Google Scholar
• Tang, J., Crossan, M., & Rowe, W. G. (2011). Dominant CEO, deviant strategy, and extreme performance: The moderating role of a powerful board. Journal of Management Studies, 48(7), 1479–1503. https://doi.org/10.1111/j.1467-6486.2010.00985.x
   Web of Science ®Google Scholar
• Teixeira, S. J., Ferreira, J. J., Wanke, P., & Moreira Antunes, J. J. (2021). Evaluation model of competitive and innovative tourism practices based on information entropy and alternative criteria weight. Tourism Economics, 27(1), 23–44. https://doi.org/10.1177/1354816619878995
   Web of Science ®Google Scholar
• Thi Pham, P. M., & Thi Dao, B. T. (2022). A meta-analysis of risk taking and corporate performance. Cogent Business & Management, 9(1), 2064263. https://doi.org/10.1080/23311975.2022.2064263
   Web of Science ®Google Scholar
• Ting, H.-I., Chueh, H., & Chang, P.-R. (2017). CEO power and its effect on performance and governance: Evidence from Chinese banks. Emerging Markets Review, 33, 42–61. https://doi.org/10.1016/j.ememar.2017.09.005
   Web of Science ®Google Scholar
• Tran, T. P., & Le, A.-T. (2022). Which formula for corporate risk-taking around the world? Exploring happiness as the “black box”. Journal of Asian Business and Economic Studies, 29(4), 242–262. https://doi.org/10.1108/JABES-01-2021-0009
   Google Scholar
• Tran, T. K., Truong, M. T., Bui, K. T., Duong, P. D., Huynh, M. V., & Nguyen, T. T. (2023). Firm risk and tax avoidance in Vietnam: Do good board characteristics interfere effectively? Risks, 11(2), 39. Retrieved from https://doi.org/10.3390/risks11020039
   Web of Science ®Google Scholar
• Uddin, M. H. (2016). Effect of government share ownership on corporate risk taking: Case of the United Arab Emirates. Research in International Business and Finance, 36, 322–339. https://doi.org/10.1016/j.ribaf.2015.09.033
   Web of Science ®Google Scholar
• Vo, X. V. (2018). Do firms with state ownership in transitional economies take more risk? Evidence from Vietnam. Research in International Business and Finance, 46, 251–256. https://doi.org/10.1016/j.ribaf.2018.03.002
   Web of Science ®Google Scholar
• Vu, T.-H., Nguyen, V.-D., Ho, M.-T., & Vuong, Q.-H. (2019). Determinants of Vietnamese listed firm performance: Competition, wage, CEO, firm size, age, and international trade. Journal of Risk and Financial Management, 12(2), 62. https://doi.org/10.3390/jrfm12020062
   Web of Science ®Google Scholar
• Wiseman, R. M., & Gomez-Mejia, L. R. (1998). A behavioral agency model of managerial risk taking. The Academy of Management Review, 23(1), 133–153. https://doi.org/10.2307/259103
   Web of Science ®Google Scholar
• Wu, J., Xue, C., Tian, R., & Wang, S. (2017). Lake water quality assessment: a case study of Shahu Lake in the semiarid loess area of northwest China. Environmental Earth Sciences, 76(5). https://doi.org/10.1007/s12665-017-6516-x
   PubMed Web of Science ®Google Scholar
• Zhou, K. Z., Gao, G. Y., & Zhao, H. (2016). State ownership and firm innovation in China: An integrated view of institutional and efficiency logics. Administrative Science Quarterly, 62(2), 375–404. https://doi.org/10.1177/0001839216674457
   Web of Science ®Google Scholar
• Zhou, Y., Zhu, H., Yang, J., & Zou, Y. (2021). Does CEO power backfire? The impact of CEO power on corporate strategic change. Sustainability, 13(16), 8847. https://doi.org/10.3390/su13168847
   Web of Science ®Google Scholar
• Zou, H., Qi, G., Xie, X., & Ma, H. (2020). The effects of formal and informal CEO power on firm risk in China: The mediating role of corporate social responsibility. Asia Pacific Business Review, 27(5), 749–775. https://doi.org/10.1080/13602381.2020.1843243
   Web of Science ®Google Scholar