The paper investigates the impact of institutional quality on economic growth by taking 48 countries in Asia between 2005 and 2018. By using the quantile regression methods with panel data, institutional quality is found to be a key factor of economic development. However, in the lower-income Asian countries, the institution with better quality appears to promote the growth more effectively than in the higher-income ones. Moreover, the paper also finds out a nonlinear relationship between institutions and economic growth. The results show that there is an institutional threshold for economic growth to reach its highest level. If the institution indicator exceeds the threshold, it causes the reverse effect on the growth. Moreover, the economic growth of Asian countries is also affected by inflation (INF), labor force (LABO), trade openness (OPEN), and infrastructure (TELE). From that, the study suggests some policy implications for Asian countries and Vietnam, in particular, in order to improve institutions contributing to economic growth.

We examine how powerful CEOs affect stock price crash risk. We focus on family businesses in Vietnam because they contribute 25% of the national GDP. This study employs the Ordinary Least Squares and Fixed Effect Models and dynamic system Generalized Method of Moments to analyze a balanced panel of 983 annual observations of listed family businesses from 2005 to 2020. Our findings indicate that family businesses with CEO duality have about 60% higher crash risk than firms without CEO duality. However, higher CEO ownership reduces the stock price crash risk in the family businesses. The findings are robust after enacting the Law on Enterprises in Vietnam. Our findings align with agency theory, managerial power theory, information asymmetry theory, organizational theory, and prior literature. Our study contributes practical corporate governance implications for managing stock price crash risk in family businesses.

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