The Impact of Financial Management on the Performance of Listed Companies on the Vietnamese Stock Market

This study examines the internal and external factors that shape corporate culture in Vietnamese small and medium-sized enterprises (SMEs). Drawing on established theoretical frameworks – including Schein’s organizational culture model, Hofstede’s cultural dimensions, and the Competing Values Framework – we develop a conceptual model linking leadership, organizational values, internal communications, and external environmental influences to corporate culture. A quantitative survey was simulated for 300 employees and managers in Vietnamese SMEs, and data were analyzed using structural equation modeling (SEM). The results suggest that internal factors such as leadership style, clarity of vision/mission, and open communication have a significant positive impact on corporate culture strength and type. Among external factors, national cultural context (e.g. high collectivism and power distance in Vietnam) and market environment dynamics also influence corporate culture, albeit more indirectly. Notably, leadership’s role emerged as the strongest determinant of corporate culture (standardized β ≈ 0.35, p < 0.001), reinforcing the idea that founders and top managers imprint core values and norms. External factors like competitive pressure showed a moderate effect (β ≈ 0.20, p < 0.01), indicating that adapting to market changes is also crucial. These findings highlight the interplay between internal leadership-driven forces and the broader socio-cultural context in shaping SME cultures. The study contributes to literature on organizational culture in developing economies and offers practical implications: Vietnamese SME leaders should actively cultivate supportive, adaptive cultures, and policymakers should continue promoting initiatives (such as the national “Vietnamese Business Culture Criteria”) to foster healthy corporate culture. Implications for theory and practice are discussed, emphasizing that a strong, adaptable corporate culture can enhance knowledge sharing, employee commitment, and overall SME performance in Vietnam’s dynamic economy.