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<p>In this paper, we investigate the impact of corporate culture on firm performance by using firm-level data from Vietnamese listed companies. We use three proxies for corporate culture and several indicators for firm performance. The cross-section regression analysis yields evidence that there exists a significant and positive association between corporate culture promotion and firm performance in Vietnam. The specification that controls for possible endogeneity and simultaneity problems also confirms this impact of corporate culture. By interacting corporate culture with foreign factor, we expose an interesting result that corporate culture does drive and improve firm performance and employees work under foreign leadership even earn more than under domestic leadership, but the foreign-invested firms do not earn more than domestic firms in Vietnam.</p>

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Corporate Culture and Firm Performance: Foreign Leadership Matters for Vietnamese Listed Firms

  • 期刊论文

  • 发表日期：

    2026年1月8日

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  • Dong Xuan Nguyen,
  • Quyen Thi Ngoc Tran

摘要

In this paper, we investigate the impact of corporate culture on firm performance by using firm-level data from Vietnamese listed companies. We use three proxies for corporate culture and several indicators for firm performance. The cross-section regression analysis yields evidence that there exists a significant and positive association between corporate culture promotion and firm performance in Vietnam. The specification that controls for possible endogeneity and simultaneity problems also confirms this impact of corporate culture. By interacting corporate culture with foreign factor, we expose an interesting result that corporate culture does drive and improve firm performance and employees work under foreign leadership even earn more than under domestic leadership, but the foreign-invested firms do not earn more than domestic firms in Vietnam.