Governance Mechanisms and Conflict of Interest Resolution in Vietnamese Family Businesses: Integrating Stewardship Theory and Agency Theory
DOI:
https://doi.org/10.63783/dla.2026.031Keywords:
Từ khóa — Doanh nghiệp gia đình (family business), cơ chế quản trị (governance mechanism), xung đột lợi ích (conflict of interest), lý thuyết người đại diện (agency theory), lý thuyết quản gia (stewardship theory).Abstract
Abstract — Family businesses (FBs) serve as core growth drivers in developing and transitional economies. The complex interplay among three systems - Family, Ownership, and Business - frequently triggers profound conflicts of interest that threaten sustainable organizational development. This study conducts a Systematic Literature Review (SLR) on representative studies published between 2020 and 2025, constructing an integrated governance model drawing on Agency Theory (AT) and Stewardship Theory (ST). The findings systematize four core types of conflicts of interest and propose a configurational framework of nine integrated governance mechanisms (Hybrid Governance) to mediate these tensions. The study also proposes locally-adapted governance solutions to help Vietnamese family businesses resolve internal conflicts under conditions of highly concentrated ownership and a transitioning institutional environment.
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