Phan Anh Tu * and Nguyen Hong Diem

* Corresponding author (

Main Article Content


This study investigates the impacts of entrepreneurial characteristics on firm performance, based on a survey of 807 private firms in 2004 and 2009 in Mekong River Delta (MRD) in Vietnam. Controlling for firm characteristics and industry characteristics, this study found that entrepreneurial characteristics are directly related to firm performance. Specifically, the results show that there is partial support for an inverted U-shaped relationship between tenure and firm performance. While entrepreneurs with higher education and higher levels of informal education are strongly associated with higher firm performance, entrepreneur’s risk-averse behaviour has no connection. The study reinforces the importance of entrepreneurs in private firms in the MRD in compared with the earlier empirical evidence and suggests further research in the future.
Keywords: Entrepreneurial characteristics, firm performance

Article Details


Adams, R., Almeida, H., Ferreira, D., 2005. Powerful Entrepreneurial And Their Impact On Corporate Performance. The Review of Financial Studies.18(4).

Aidis, R., vanpraag, M., 2007. Illegal entrepreneurship experience: Does it make a difference for business performance and motivation? Journal of Business Venturing. 22(2): 283-310.

Anderson, R.C.,Reeb, D.M., 2003. Founding-family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance.58(3): 1301-1328.

Bantel, K.A.,Jackson, S.E., 1989. Top management and innovations in banking: does the composition of the top team make a difference? Strategic Management Journal.10(S1): 107-124.

Barker III, V.L., Mueller, G.C., 2002. CEO characteristics and firm R&D spending. Management Science. 782-801.

Barney, J., 1991. Firm resources and sustained competitive advantage. Journal of management.17(1): 99.

Becker, G.S., 1993. Human capital.The University of Chicago Press.

Brush, C.G., Manolova, T.S., Edelman, L.F., 2008. Separated by a common language? Entrepreneurship research across the Atlantic. Entrepreneurship Theory and Practice.32(2): 249-266.

Bruderl, J., Preisendorfer, P.,Zeigler, R., 1992. Organizational Survival. American Sociological Review. 57: 227-242.

Chandler, G.N., 1996. Business similarity as a moderator of the relationship between pre-ownership experience and venture performance. Journal article by Gaylen N. Chandler; Entrepreneurship: Theory and Practice.20:

Cooper, A.C., Gimeno-Gascon, F.J.,Woo, C.Y., 1994. Initial Human and Financial Capital as Predictors of New Venture Performance. Journal of Business Venturing. 9: 371-395.

Daellenbach, U.S., McCarthy, A.M., Schoenecker, T.S., 1999. Commitment to innovation: The impact of top management team characteristics. R&D Management.29(3): 199-208.

Duchesneau, D.A., Gartner, W.B., 1990. A profile of new venture success and failure in an emerging industry. Journal of Business Venturing.5(5): 297-312.

Eisenhardt, K.M.,Schoonhoven, C.B., 1990. Organizational growth: Linking founding team, strategy, environment, and growth among US semiconductor ventures, 1978-1988. Administrative Science Quarterly.35(3): 504-529.

Eshach, H., 2007. Bridging in-school and out-of-school learning: Formal, non-formal, and informal education. Journal of Science Education and Technology.16(2): 171-190.

Finkelstein, S., Hambrick, D.C., 1990. Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly. 35(3): 484-503.

Finkelstein, S.,Hambrick, D.C., 1996. Strategic leadership: Top executives and their effects on organizations: West Publishing Company.

Gerber, B., Marek, E., Cavallo, A., 2001. Development of an informal learning opportunities assay. International Journal of Science Education. 23(6): 569-583.

Grimm, C.M.,Smith, K.G., 1991. Research notes and communications management and organizational change: A note on the railroad industry.Strategic Management Journal.12(7): 557-562.

Gupta, A.K.,Govindarajan, V., 1984. Business unit strategy, managerial characteristics, and business unit effectiveness at strategy implementation. The Academy of Management Journal.27(1): 25-41.

Hall, M., Weiss, L., 1967. Firm size and profitability. The Review of Economics and Statistics.49(3): 319-331.

Hambrick, D.C.,Fukutomi, G.D.S., 1991. The seasons of a CEO's tenure. Academy of Management Review.719-742.

Hambrick, D.C.,Mason, P.A., 1984. Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review.9(2): 193-206.

Hersch, J., 1991. Education match and job match. The Review of Economics and Statistics.73(1): 140-144.

Hrebiniak, L.G.,Joyce, W.F., 1985. Organizational adaptation: Strategic choice and environmental determinism. Administrative Science Quarterly.30(3): 336-349.

Jayaraman, N., Khorana, A., Nelling, E., Covin, J., 2000. CEO founder status and firm financial performance. Strategic Management Journal.21(12): 1215-1224.

Karami, A., Analoui, F., Kakabadse, N.K., 2006. The CEOs' characteristics and their strategy development in the UK SME sector: An empirical study.Journal of Management Development.25(4): 316-324.

Lee, D.Y.,Tsang,E.W.K., 2001. The effects of CEO Personality, background, and network activities on venture growth.Journal of Management Studies.38: 583-600.

Lensink, R.,Nam, M.V., 2008. Economic Development of the Mekong Delta in Vietnam.CDS Research paper No. 27.

McMillan, J.,Woodruff, C., 2002. The central role of entrepreneurs in transition economies. The Journal of Economic Perspectives.16(3): 153-170.

Meyer, M.W., 1975. Leadership and organizational structure. The American Journal of Sociology.81(3): 514-542.

Miller, D., 1991. Stale in the saddle: CEO tenure and the match between organization and environment. Management Science.37(1): 34-52.

Miller, D., De Vries, M.F.R.K.,Toulouse, J.M., 1982. Top executive locus of control and its relationship to strategy-making, structure, and environment. Academy of Management Journal. 237-253.

Montgomery, C.A., 1985. Product-market diversification and market power. The Academy of Management Journal.28(4): 789-798.

Nakamura, T., 1999. Risk-aversion and the uncertainty-investment relationship: a note. Journal of economic behavior & organization.38(3): 357-363.

Ninh, L.K., Thong, P.L., Nghiem, L.T., Tu, P.A., Khai, H.V., 2007. Determinants of private firms’ investment decisions in Mekong River Delta. Economic studies.4: 47-55.

Norburn, D., Birley, S., 1988. The top management team and corporate performance. Strategic Management Journal.9(3): 225-237.

Paint, L.W., 1991. An investigation of industry and firm structural characteristics in corporate turnarounds. Journal of Management Studies.28(6): 623-643.

Reuber, A.R., Fischer, E., 1999. Understanding the consequences of founders' experience. Journal of Small Business Management.37: 30-45.

Tu, P.A., 2012. The impact of entrepreneurialcharacteristics on bribery incidence in transition economies. Asian Academy of Management Journal. 17 (2): 155-175.

Schmalensee, R., 1985. Do markets differ much? The American Economic Review.75(3): 341-351.

Singh, A., Whittington, G., 1975. The size and growth of firms. The Review of Economic Studies.42(1): 15-26.

Smith, K.G., Smith, K.A., Olian, J.D., Sims, H.P., O'Bannon, D.P., Scully, J.A., 1994. Top management team demography and process: The role of social integration and communication. Administrative Science Quarterly.39(3): 412-438.

Wiersema, M.F.,Bantel, K.A., 1992. Top management team demography and corporate strategic change. The Academy of Management Journal.35(1): 91-121.

Yamakawa, Y., Peng, M.W.,Deeds, D.L., 2008. What drives new ventures to internationalize from emerging to developed economies? Entrepreneurship Theory and Practice.32(1): 59-82.