Corporate entrepreneurship, ownership and governance in post privatisation vietnam

Corporate Entrepreneurship, Ownership and Governance in PostPrivatisation Vietnam A Thesis Submitted to The University of Manchester for the Degree of Doctor of Philosophy (PhD) in the Faculty of Humanities 2015 THI MY HUONG NGUYEN Manchester Business School List of Contents LIST OF TABLES LIST OF FIGURES 10 ABSTRACT 11 DECLARATION 12 COPYRIGHT STATEMENT 12 ACKNOWLEDGEMENTS 14 ABOUT THE AUTHOR 15 CHAPTER 1: INTRODUCTION 16 1.1 INTRODUCTION 17 1.2 RESEARCH BACKGROUND 17 1.3 RESEARCH OBJECTIVES AND RESEARCH QUESTIONS 20 1.4 STRUCTURE OF THE THESIS 20 CHAPTER 2: VIETNAM: CONTEXT, PRIVATISATION AND CORPORATE GOVERNANCE 22 2.1 INTRODUCTION 23 2.2 OVERVIEW OF VIETNAMESE ECONOMY 23 2.2.1 Political Context and Economic Transition 23 2.2.1.1 Before 1975 23 2.2.1.2 1975─85 23 2.2.1.3 1986─99 24 2.2.1.4 After 2000 26 2.2.2 Institutional Environment 26 2.2.2.1 Formal Institutions 27 2.2.2.2 Informal Institutions 28 2.3 ENTREPRENEURSHIP IN VIETNAM 29 2.4 PRIVATISATION, OWNERSHIP STRUCTURE AND BOARD GOVERNANCE 31 2.4.1 2.4.1.1 Privatisation Process 31 2.4.1.2 Key Features of Vietnamese Privatisation 33 2.4.2 2.5 Privatisation 31 Corporate Governance 34 2.4.2.1 Corporate Governance Regulations in Vietnam 34 2.4.2.2 Key Stakeholders of Privatised Firms 37 2.4.2.3 Ownership Structure 39 2.4.2.4 Board Governance 39 CONCLUSIONS 40 CHAPTER 3: PREVIOUS RESEARCH 41 3.1 INTRODUCTION 42 3.2 CORPORATE ENTREPRENEURSHIP LITERATURE 42 3.2.1 Definition of Entrepreneurship 42 3.2.2 Definition of Corporate Entrepreneurship 44 3.2.3 Corporate Entrepreneurship and its Characteristics 46 3.3 CORPORATE GOVERNANCE ANTECEDENTS OF CORPORATE ENTREPRENEURSHIP 48 3.3.1 Corporate Governance, Ownership Structure and Related Definitions 48 3.3.2 Theoretical Paradigms 49 3.3.3 Board Governance and Corporate Entrepreneurship 51 3.3.3.1 CEO Duality 51 3.3.3.2 Representation of TMT Members 53 3.3.3.3 Representation of Outside Directors 54 3.3.3.4 Board Size 56 3.3.4 Ownership Structure and its Effects on Corporate Entrepreneurship 58 3.3.4.1 Managerial Ownership 58 3.3.4.2 Institutional Ownership 60 3.3.4.3 Concentrated Ownership 62 3.3.5 Board Monitoring 63 3.3.6 Moderating Effects of Environmental Uncertainty 65 3.3.6.1 Dynamism 66 3.3.6.2 Heterogeneity 67 3.3.6.3 Hostility 67 3.4 CONCLUSION 68 CHAPTER 4: THEORETICAL BACKGROUND AND HYPOTHESES 69 4.1 INTRODUCTION 70 4.2 CONCEPTUAL FRAMEWORK AND THEORETICAL BACKGROUND 70 4.2.1 Conceptual Framework 70 4.2.2 Theoretical Background 72 4.2.2.1 Agency Theory 72 4.2.2.2 Agency versus Stewardship Theory 72 4.2.2.3 Agency Theory versus Resource Dependence Theory 74 4.2.2.4 Agency Theory versus Institutional Theory 75 4.3 HYPOTHESES 76 4.3.1 Corporate Governance Hypotheses 77 4.3.1.1 CEO Duality 77 4.3.1.2 Representation of TMT Members 79 4.3.1.3 Representation of Outside Directors 80 4.3.1.4 Board Size 81 4.3.2 Ownership Structure Hypothesis 83 4.3.2.1 Managerial Ownership 83 4.3.2.2 Institutional Ownership 84 4.3.2.3 Ownership Concentration 85 4.3.3 Board Monitoring 87 4.3.4 Moderating Effects of Environmental Uncertainty 87 4.3.4.1 Dynamism 88 4.3.4.2 Heterogeneity 89 4.3.4.3 Hostility 90 4.4 CONCLUSION 91 CHAPTER 5: RESEARCH STRATEGY AND METHODOLOGY 93 5.1 INTRODUCTION 94 5.2 RESEARCH STRATEGY 94 5.2.1 Research Philosophy 94 5.2.2 Mixed-Methods Strategy 96 5.3 THE EXPLORATORY RESEARCH STAGE 98 5.4 SURVEY METHOD 99 5.4.1 Research Design 100 5.4.2 Sampling and Data Collection 100 5.4.3 Survey Instrument 103 5.4.3.1 Questionnaire Design 103 5.4.3.2 Variables and Measures 104 5.4.4 Methods and Models 109 5.4.4.1 Analytic Procedures 109 5.4.4.2 Regression Diagnostics 110 5.5 CASE STUDY METHOD 110 5.5.1 Case Study Design 110 5.5.2 Case Study Selection 111 5.5.3 Data Collection and Interview Instrument 114 5.5.3.1 Data Collection 114 5.5.3.2 Research Questions and Interview Protocol 115 5.6 CONCLUSIONS 116 CHAPTER 6: ANALYSIS OF SURVEY DATA 118 6.1 INTRODUCTION 119 6.2 SCALE REFINEMENT AND RELIABILITY 119 6.3 DESCRIPTIVE STATISTICS AND CORRELATIONS 122 6.3.1 Description of Sample 122 6.3.2 Descriptive Statistics and Correlations 123 6.4 RESULTS 127 6.4.1 The Effects of Board Governance on Corporate Entrepreneurship 127 6.4.1.1 CEO Duality 127 6.4.1.2 Representation of TMT Members 127 6.4.1.3 Representation of Independent Outside Directors 128 6.4.1.4 Board Size 128 6.4.2 The Effects of Ownership Structure on Corporate Entrepreneurship 129 6.4.2.1 Managerial Ownership 129 6.4.2.2 Institutional Ownership 129 6.4.2.3 Ownership Concentration 129 6.4.3 The Effects of Board Monitoring on Corporate Entrepreneurship 129 6.4.4 Moderating Effects of Environmental Factors 133 6.4.4.1 Moderating Effects of Dynamism 133 6.4.4.2 Moderating Effects of Heterogeneity 134 6.4.4.3 Moderating Effects of Hostility 135 6.5 DISCUSSION 139 6.5.1 Board Governance and Corporate Entrepreneurship 139 6.5.1.1 CEO Duality 139 6.5.1.2 Representation of TMT Members 140 6.5.1.3 Representation of Independent Outside Directors 141 6.5.1.4 Board Size 142 6.5.2 Ownership Structure and Corporate Entrepreneurship 143 6.5.2.1 Managerial Ownership 143 6.5.2.2 Institutional Ownership 144 6.5.2.3 Ownership Concentration 145 6.5.3 Board Monitoring 146 6.5.4 Moderating Effects of Environment 146 6.6 CONCLUSIONS 148 CHAPTER 7: INTRODUCTION TO THE CASE STUDIES 150 7.1 INTRODUCTION 151 7.2 CASE REPORTS 151 7.2.1 Capital-intensive Industry Cases 154 7.2.1.1 Overview of the Industry 154 7.2.1.2 CapitalHigh 155 7.2.1.3 CapitalLow 157 7.2.2 Knowledge-intensive Industry Cases 159 7.2.2.1 Construction Industry and KnowledgeHigh 159 7.2.2.2 Environmental and Pollution Control Equipment and Services and KnowledgeLow 162 7.2.3 Labour-intensive Industry Cases 164 7.2.3.1 Overview of the Industry 164 7.2.3.2 LabourHigh 165 7.2.3.3 LabourLow 167 7.3 CONCLUSIONS 169 CHAPTER 8: CASE STUDY ANALYSIS 170 8.1 INTRODUCTION 171 8.2 CASE ANALYSIS PROCEDURE 171 8.3 EXPLANATION OF THE FINDINGS IN THE SURVEY STUDY 173 8.3.1 Board Governance and Long-term Decisions 173 8.3.1.1 CEO Duality 173 8.3.1.2 Representation of TMT Members 176 8.3.1.3 Representation of Independent Outside Directors 179 8.3.1.4 Board Size 182 8.3.2 Ownership Structure and Corporate Entrepreneurship 183 8.3.2.1 Managerial Ownership 183 8.3.2.2 Institutional Ownership 187 8.3.2.3 Ownership Concentration 188 8.3.3 8.4 Board Monitoring 191 EMERGING THEMES FROM CASE STUDY ANALYSIS 193 8.4.1 CEO versus Board Power 193 8.4.2 Non-ownership Directors 194 8.4.3 Board Ownership 195 8.4.4 Affiliated Outside Directors 197 8.4.5 Take-over by Institutional Owners 198 8.5 COMPARATIVE CASE STUDY DISCUSSION 199 8.5.1 High/low Capital-intensive Cases 199 8.5.2 High/low Knowledge-intensive Cases 200 8.5.3 High/low Labour-intensive Cases 201 8.6 MODERATING EFFECT OF STATE OWNERSHIP 202 8.6.1 The Moderating Role of State Ownership 202 8.6.2 Results and Discussion 203 8.7 CONCLUSIONS 208 CHAPTER 9: CONCLUSIONS, IMPLICATIONS AND FUTURE RESEARCH 210 9.1 INTRODUCTION 211 9.2 LIMITATIONS 211 9.3 KEY FINDINGS 213 9.4 CONTRIBUTIONS 219 9.5 POLICY AND MANAGERIAL IMPLICATIONS 224 9.6 FURTHER RESEARCH 227 ANNEX 229 Annex 1: Key Events Affecting Corporate Governance in Vietnamese Privatised Firms 229 Annex 2: Some Prominent Definitions 230 Annex 3: A Summary of Literature Review on the Relationships Between Ownership Structure/ Board Attributes and Organisational Outcomes 231 Annex 4: List of Participants in Exploratory Study Phase 236 Annex 5: Interview Protocols in Exploratory Study 236 Annex 6: Cover Letter 237 Annex 7: Questionnaire in English 238 Annex 8: Questionnaire in Vietnamese 243 Annex 9: Information Sheet in English 247 Annex 10: Information Sheet in Vietnamese 252 Annex 11: Translation, Expert Review and Pre-testing 256 Annex 12: Lists of Participants in Designing Questionnaire 259 Annex 13: Pre-testing Protocol 259 Annex 14: Operationalization of CE Measures 260 Annex 15: Item Pool of CE Measures by Zahra (1996) and Zahra (2000) 262 Annex 16: Selection of Items for CE Measures 263 Annex 17: Environmental Dimensions 264 Annex 18: Selection of Item Pools for Environment Measures 265 Annex 19: Interview Protocol for Board Members 267 Annex 20: Interview Protocol for TMT Members 269 REFERENCES 271 Word-Count Including Footnotes, Tables, and Textboxes but Excluding Annexes: –79.708– List of Tables TABLE 1: KEY MILESTONES IN TRANSITION PROCESS OF VIETNAM ’S ECONOMY 25 TABLE 2: ECONOMIC DEVELOPMENT, 1991─99 25 TABLE 3: KEY ECONOMIC INDICATORS, 2000─10 26 TABLE 4: MILESTONES IN EQUITIZATION IN VIETNAM 31 TABLE 5: SUMMARY OF HYPOTHESES TESTED IN THIS STUDY 92 TABLE 6: THREE RESEARCH STAGES 98 TABLE 7: SUMMARY OF THE DATA COLLECTION ACTIVITIES 102 TABLE 8: CORPORATE ENTREPRENEURSHIP SCALE 105 TABLE 9: DESCRIPTION OF INDEPENDENT VARIABLES 106 TABLE 10: ENVIRONMENTAL DIMENSIONS 107 TABLE 11: RESEARCH QUESTIONS AND INTERVIEW DATA 115 TABLE 12: SUBSCALE ITEMS WITH OBLIQUE ROTATED FACTOR LOADINGS AND RELIABILITY COEFFICIENTS FOR EACH SUBSCALE OF CE MEASURES 120 TABLE 13: SUBSCALE ITEMS WITH OBLIQUE ROTATED FACTOR LOADINGS AND RELIABILITY COEFFICIENTS FOR EACH SUBSCALE OF ENVIRONMENT MEASURES 121 TABLE 14: SUBSCALE ITEMS WITH OBLIQUE ROTATED FACTOR LOADINGS AND RELIABILITY COEFFICIENTS FOR EACH SUBSCALE OF BOARD MONITORING 122 TABLE 15: CHARACTERISTICS OF SAMPLED FIRMS AND DEMOGRAPHICS OF RESPONDENTS 123 TABLE 16: DESCRIPTIVE STATISTICS 124 TABLE 17: CORRELATIONS BETWEEN VARIABLES 125 TABLE 18: RESULTS OF REGRESSIONS FOR INNOVATION 130 TABLE 19: RESULTS OF REGRESSIONS FOR BUSINESS VENTURING 131 TABLE 20: RESULTS OF REGRESSION ANALYSIS FOR STRATEGIC RENEWAL 132 TABLE 21: RESULTS OF MODERATED REGRESSION ANALYSIS FOR INNOVATION 136 TABLE 22: RESULTS OF MODERATED REGRESSION ANALYSIS FOR BUSINESS VENTURING 137 TABLE 23: RESULTS OF MODERATED REGRESSION ANALYSIS FOR STRATEGIC RENEWAL 138 TABLE 24: A SUMMARY OF EMPIRICAL FINDINGS FOR ALTERNATIVE HYPOTHESES 139 TABLE 25: DESCRIPTION OF CASE DATA 153 TABLE 26: CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF CASES IN CAPITAL-INTENSIVE INDUSTRY 157 TABLE 27: CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF CASES IN KNOWLEDGE-INTENSIVE INDUSTRY 162 TABLE 28: CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF CASES IN LABOUR-INTENSIVE INDUSTRY 167 TABLE 29 DESCRIPTIVE INFORMATION FOR RESPONDENTS 172 TABLE 30: OWNERSHIP CONCENTRATION OF THE CASES IN THE SAMPLE (THREE-YEAR AVERAGE) 189 TABLE 31: RESULTS OF REGRESSIONS FOR INNOVATION 205 TABLE 32: RESULTS OF REGRESSIONS FOR BUSINESS VENTURING 206 TABLE 33: RESULTS OF REGRESSION ANALYSIS FOR STRATEGIC RENEWAL 207 TABLE 34: SUMMARY OF RESEARCH FINDINGS 215 List of Figures FIGURE 1: NUMBER OF NEWLY REGISTERED ENTERPRISES 30 FIGURE 2: NUMBER OF EQUITIZED SOES 33 FIGURE 3: MANAGEMENT STRUCTURE OF JOINT-STOCK COMPANY 35 FIGURE 4: HIERARCHY OF TERMINOLOGY IN CORPORATE ENTREPRENEURSHIP 45 FIGURE 5: THE DOMAINS OF CORPORATE ENTREPRENEURSHIP 46 FIGURE 6: INTRAPRENEURSHIP MODEL AND ITS EFFECTS 47 FIGURE 7: MULTI-THEORETICAL APPROACH TO OWNERSHIP–PERFORMANCE RELATIONSHIPS AMONG fiRMS IN AN EMERGING ECONOMY CONTEXT; SOURCE: PERSONAL ADAPTATION OF DOUMA ET AL (2006) 72 FIGURE 8: RESEARCH QUESTIONS, VARIABLES OF INTEREST AND THEORIES 91 FIGURE 9: VISUAL MODEL FOR DESIGN PROCEDURES 117 FIGURE 10: BUSINESS VENTURING AS A FUNCTION OF THE INTERACTION OF DYNAMISM AND TMT BOARD MEMBERSHIP 133 FIGURE 11: PLOTS OF INNOVATION AS A FUNCTION OF THE INTERACTION OF HETEROGENEITY AND BOARD SIZE 134 FIGURE 12: PLOTS OF STRATEGIC RENEWAL AS A FUNCTION OF THE INTERACTION OF HETEROGENEITY AND BOARD SIZE 135 FIGURE 13: PLOTS OF BUSINESS VENTURING AS A FUNCTION OF THE INTERACTION OF HOSTILITY AND INSTITUTIONAL OWNERSHIP 135 FIGURE 14: PHARMACEUTICAL MARKET POTENTIAL OF EMERGING MARKETS AND MATURE MARKETS; 154 FIGURE 15: ESTIMATION OF CONSTRUCTION SPENDING GROWTH IN ASIA FROM 2013 TO 2018 160 FIGURE 16: VIETNAMESE TEXTILES AND GARMENTS EXPORT REVENUE IN 2005-12 165 FIGURE 17: PLOTS OF STRATEGIC RENEWAL AS A FUNCTION OF THE INTERACTION OF 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Context, Privatisation and Corporate Governance Chapter 2: Vietnam: Context, Privatisation and Corporate Governance 22 Chapter 2: Vietnam: Context, Privatisation and Corporate Governance 2.1 Introduction As indicated in Chapter 1, Vietnam is the research setting chosen for this study This chapter therefore will provide an overview of Vietnam, focusing on the economic aspects, entrepreneurship and privatisation. .. Uhlenbruck and Castro, 1998, Newman, 2000) In these countries, external corporate governance mechanisms are often under-developed, so that internal governance becomes the main mechanism for monitoring and controlling management In particular, in transition economies undergoing gradual privatisation and embedding unique historical and cultural contexts, such as China and Vietnam, corporate governance. .. al., 2006) Interestingly, Steer and Sen (2010) found that personal and social networks are still important in Vietnam s uncertain business environment, even though the economy is becoming increasingly mature and formal institutions more efficient 2.3 Entrepreneurship in Vietnam Doi moi has facilitated the building of market institutions and infrastructure, for example by issuing laws and providing support... structure and CE in post- privatisation environments The theoretical arguments are tested using a mixed-method approach, based on a survey of privatised Vietnamese firms and data collected and collated from in- depth interviews of board and top management team members in six selected privatised firms The study findings indicate that a reliance on any single theoretical lens is ineffective in explaining the... most being unproductive, inefficient, and running at a loss The privatisation programme in Vietnam (officially known as the “Equitization Programme”) was started in 1992 in order to address this issue In the context of Vietnam, equalization is defined as the transformation of SOEs into joint-stock companies through selling part of the shares in the company to investors At the beginning of Doi Moi in 1986,... by specifying the exact decision-making rights which were to be assigned to 33 Chapter 2: Vietnam: Context, Privatisation and Corporate Governance SOEs While granting most operating decision rights to SOE managers, the government retained ultimate rights concerning mergers and acquisitions, the disposal of shares and assets, and the appointment of CEOs According to the Ministry of Finance, in 2011 3,976... objectives take and measure risks, and invest in entrepreneurship projects 18 Chapter 1: Introduction This study looks at the links between corporate governance mechanisms and CE in the context of a transition economy Privatisation has been instituted throughout transition economies in recent decades, which has led to radical changes to firm ownership and corporate governance, leading to diverse outcomes... growth in international trade, large-scale inflows of foreign direct investment, a dramatic reduction in poverty, and almost universal access to primary education, healthcare and life-sustaining infrastructure (including paved roads, electricity, piped water, and housing) (Table 3) This transformation has helped Vietnam to move from being a country of extreme poverty to being a lower-middle-income... changed the licensing system, significantly reducing the cost of obtaining a business license Although Vu (2006) reports some improvement in the business environment after 2000, several 27 Chapter 2: Vietnam: Context, Privatisation and Corporate Governance general problems remain with this legal framework Many provisions in the laws issued are inadequate, incomplete and at times confusing The laws themselves... of land users However, its implementation, as in the case of providing market and other information, depends on the practices of local government authorities (Carlier and Tran, 2004) Overall therefore, property rights are not yet well-established in Vietnam 2.2.2.2 Informal Institutions Lin (2001) argues that Confucianism and Marxist Leninist ideology are ingrained traditions in Chinese culture and