Collusive Behaviour, Risk and Performance of Tourism Firms

Kiet Tuan Duong, Vu Quang Trinh, Neelu Seetaram*, Xuan Vinh Vo

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


This paper aims to enrich social network and managerial powers theories by examining the effects of board-CEO friendship ties in tourism firms. Specifically, we focus on the association between the board-CEO social network ties (e.g., serving external boards together or sharing memberships at social organizations) and performance and risk-taking behaviour among tourism firms. The findings show that friendship ties between CEO and board members result in higher risk-taking, lower profitability, and market values. In addition, professional ties (i.e., current and past employment) significantly impact tourism firms’ outcomes, whereas non-professional ties (i.e., education and other social organizations) do not. The findings prevail after controlling for the Covid-19 pandemic. However, friendship ties lead to better information sharing, resulting in more effective decision-making by board members.
Original languageEnglish
JournalTourism Economics
Volume0(0) 1–26
Publication statusAccepted/In press - 24 Sept 2022

Bibliographical note

This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details


  • Board-CEO ties
  • Collusive behaviour
  • Firm’s risks
  • Firms’ performance
  • Market value
  • Governance
  • Tourism firms

Cite this