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

Doan Ngan Ha (), Hoa Do Minh and Nguyen-Quynh-Nhu Ngo ()
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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

A chapter in Vietnamese Business and Sustainable Development in a Globalized and Digitalized Era, 2026, pp 531-549 from Springer

Abstract: 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.

Keywords: CEO reputation; firm risk-taking; stock market development; firm life cycle; introduction stage; growth stage; mature stage; decline stage; shake-out stage; Vietnam; identity theory; prospect theory; agency theory (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-032-24745-2_27

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DOI: 10.1007/978-3-032-24745-2_27

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