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 Politics and institution of corporate governance in Vietnamese state-owned enterprises
Tác giả hoặc Nhóm tác giả: Nguyen Cong Phuong, Tran Dinh Khoi Nguyen, Ha Phuoc Vu
Nơi đăng: Managerial Auditing Journal (Publication date: 14 March 2020); Số: Vol. 35, Issue 5 (SSCI, Scopus Q1);Từ->đến trang: 667-684;Năm: 2020
Lĩnh vực: Kế toán; Loại: Bài báo khoa học; Thể loại: Quốc tế
TÓM TẮT
Purpose - The paper aims to examine how the change in political ideology and institutions affecting corporate governance (CG) of the state-owned enterprise (SOE) in Vietnam as well as its consequences.Design/methodology/approach – To link macro-level institutional change to micro-level of reform process of Vietnamese SOE governance, we draw from the “Varieties of Capitalism” framework, adopt a triangulation approach for data collection. Findings – The paper shows the CG of SOEs is a variant of capitalist CG. Changes in the function, state control, and structure of governance in the Vietnamese SOEs have been shaped by the political ideology and institution. It also shows that the political and bureaucratic interferences of the State in SOEs are for political interests rather than for firms’ effectiveness. Research limitations/implications - The political ideology has existed in major aspects of the governance structure of the SOEs as a part of the Party’s effort to maintain its economic legitimacy and a government of “control and domination”. Practical implications – The findings of this study can be seen as the reference for Vietnamese government and other developing countries in making incremental improvements in existing institutions rather than choosing “best” model of CG. Originality/value – The paper makes a contribution to the literature by applying the VoC framework to analyse the change in SOE governance in a transition country while preserving the communist ideology. It can deepen our understanding the SOE governance in Vietnam and enrich comparative studies of CG in the transition countries.
ABSTRACT
Purpose - The paper aims to examine how the change in political ideology and institutions affecting corporate governance (CG) of the state-owned enterprise (SOE) in Vietnam as well as its consequences. Design/methodology/approach – To link macro-level institutional change to micro-level of reform process of Vietnamese SOE governance, we draw from the “Varieties of Capitalism” framework, adopt a triangulation approach for data collection. Findings – The paper shows the CG of SOEs is a variant of capitalist CG. Changes in the function, state control, and structure of governance in the Vietnamese SOEs have been shaped by the political ideology and institution. It also shows that the political and bureaucratic interferences of the State in SOEs are for political interests rather than for firms’ effectiveness. Research limitations/implications - The political ideology has existed in major aspects of the governance structure of the SOEs as a part of the Party’s effort to maintain its economic legitimacy and a government of “control and domination”. Practical implications – The findings of this study can be seen as the reference for Vietnamese government and other developing countries in making incremental improvements in existing institutions rather than choosing “best” model of CG. Originality/value – The paper makes a contribution to the literature by applying the VoC framework to analyse the change in SOE governance in a transition country while preserving the communist ideology. It can deepen our understanding the SOE governance in Vietnam and enrich comparative studies of CG in the transition countries.
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