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The Impact of CEO Reputation on Firm Risk-Taking: Evidence in Vietnam

In: Vietnamese Business and Sustainable Development in a Globalized and Digitalized Era

Author

Listed:
  • Doan Ngan Ha

    (Ton Duc Thang University, Lecturer Department of Banking, Faculty of Finance and Banking)

  • Hoa Do Minh

    (Ton Duc Thang University, BBA, StudentDepartment of Tourism, Faculty of Social Sciences and Humanities)

  • Nguyen-Quynh-Nhu Ngo

    (Ton Duc Thang University, Lecturer Department of Finance, Faculty of Finance and Banking)

Abstract

The paper explores the impact of CEO reputation on firm risk-taking behaviors in Vietnam from 2013 to 2023, utilizing a dataset of 9,353 observations. By employing the Generalized Method of Moments method, the study uncovers nonlinear relationships between reputed CEO and risky projects decision making. Specifically, when the corporate is in the introduction stage, CEO reputation affects firm risk-taking in an inverted U-shaped manner, whereas in the other phases of the firm life cycle, this effect follows a U-shaped pattern. Furthermore, the study identifies a moderating role of stock market development, which influences the impact of CEO reputation on firm risk-taking in the growth and mature stages only. These findings support identity theory, prospect theory, and agency theory, providing managerial implications for investors when considering investments in any stock.

Suggested Citation

  • Doan Ngan Ha & Hoa Do Minh & Nguyen-Quynh-Nhu Ngo, 2026. "The Impact of CEO Reputation on Firm Risk-Taking: Evidence in Vietnam," Springer Proceedings in Business and Economics, in: Zafar U. Ahmed & Nhat Tan Pham (ed.), Vietnamese Business and Sustainable Development in a Globalized and Digitalized Era, pages 531-549, Springer.
    • Handle: RePEc:spr:prbchp:978-3-032-24745-2_27
    DOI: 10.1007/978-3-032-24745-2_27
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