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Politics and institution of corporate governance in Vietnamese state-owned enterprises

(2020) MANAGERIAL AUDITING JOURNAL. 35(5). p.667-684
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Abstract
Purpose The paper aims to examine how the change in political ideology and institutions affects 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 the reform process of the Vietnamese SOE governance, we draw from the “Varieties of Capitalism” (VoC) 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 a reference for the Vietnamese Government and governments of other developing countries in making incremental improvements in existing institutions rather than choosing the “best” model of CG. Originality/value The paper contributes 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 of the SOE governance in Vietnam and enrich comparative studies of CG in the transition countries.
Keywords
Corporate governance, Control, Transparency, SOEs, Political ideology, VoC

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MLA
Nguyen, Cong Phuong, et al. “Politics and Institution of Corporate Governance in Vietnamese State-Owned Enterprises.” MANAGERIAL AUDITING JOURNAL, vol. 35, no. 5, 2020, pp. 667–84, doi:10.1108/MAJ-02-2018-1810.
APA
Nguyen, C. P., Tran, D. K. N., & Ha, P. V. (2020). Politics and institution of corporate governance in Vietnamese state-owned enterprises. MANAGERIAL AUDITING JOURNAL, 35(5), 667–684. https://doi.org/10.1108/MAJ-02-2018-1810
Chicago author-date
Nguyen, Cong Phuong, Dinh Khoi Nguyen Tran, and Phuoc Vu Ha. 2020. “Politics and Institution of Corporate Governance in Vietnamese State-Owned Enterprises.” MANAGERIAL AUDITING JOURNAL 35 (5): 667–84. https://doi.org/10.1108/MAJ-02-2018-1810.
Chicago author-date (all authors)
Nguyen, Cong Phuong, Dinh Khoi Nguyen Tran, and Phuoc Vu Ha. 2020. “Politics and Institution of Corporate Governance in Vietnamese State-Owned Enterprises.” MANAGERIAL AUDITING JOURNAL 35 (5): 667–684. doi:10.1108/MAJ-02-2018-1810.
Vancouver
1.
Nguyen CP, Tran DKN, Ha PV. Politics and institution of corporate governance in Vietnamese state-owned enterprises. MANAGERIAL AUDITING JOURNAL. 2020;35(5):667–84.
IEEE
[1]
C. P. Nguyen, D. K. N. Tran, and P. V. Ha, “Politics and institution of corporate governance in Vietnamese state-owned enterprises,” MANAGERIAL AUDITING JOURNAL, vol. 35, no. 5, pp. 667–684, 2020.
@article{8728678,
  abstract     = {{Purpose
The paper aims to examine how the change in political ideology and institutions affects 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 the reform process of the Vietnamese SOE governance, we draw from the “Varieties of Capitalism” (VoC) 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 a reference for the Vietnamese Government and governments of other developing countries in making incremental improvements in existing institutions rather than choosing the “best” model of CG.

Originality/value
The paper contributes 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 of the SOE governance in Vietnam and enrich comparative studies of CG in the transition countries.}},
  author       = {{Nguyen, Cong Phuong and Tran, Dinh Khoi Nguyen and Ha, Phuoc Vu}},
  issn         = {{0268-6902}},
  journal      = {{MANAGERIAL AUDITING JOURNAL}},
  keywords     = {{Corporate governance,Control,Transparency,SOEs,Political ideology,VoC}},
  language     = {{eng}},
  number       = {{5}},
  pages        = {{667--684}},
  title        = {{Politics and institution of corporate governance in Vietnamese state-owned enterprises}},
  url          = {{http://doi.org/10.1108/MAJ-02-2018-1810}},
  volume       = {{35}},
  year         = {{2020}},
}

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