[Podcast] Business Innovation in ASEAN Countries: Examining the Impact of Management Experience, Practices, and the Executive Role of Female CEOs
6 January, 2025
Keywords: ASEAN countries, female CEOs, innovation, management experience, management practices
There is an increasing body of research on corporate innovation across all sectors as it is a critical determinant of corporate growth and performance. The current economic and social context presents enormous challenges and fluctuations, and businesses around the world are struggling to survive. Millions of businesses are having to re-adjust their organizational operations and business models to cope with disruptions. The study by the author from University of Economics Ho Chi Minh City (UEH) was conducted to examine the impact of management practices and senior management experience on corporate innovation in ASEAN countries. Furthermore, the moderating role of female CEOs is investigted.

In today’s digital business and trade environment, innovation is among the most important factor driving economic growth and overall competitiveness. As current businesses operate in a more globalized and interconnected environment than ever before, it is essential to understand how the innovation of businesses varies by country. The Association of Southeast Asian Nations (ASEAN) is a dynamic and diverse region that provides businesses with diverse, yet, challenging innovation opportunities.
According to the recent studies, innovation is a fundamental driver of sustainable development, essential for the long-term survival and success of businesses. It is also considered the most important factor determining the competitiveness of an economy and a country. With regard to the innovation activities of enterprises in ASEAN countries, the research team from University of Economics Ho Chi Minh City conducted the project “Innovation of enterprises in ASEAN countries: Examining the impact of management experience, practices and the executive role of female CEOs”. The data was collected from the World Bank Enterprise Survey, which covers 151 countries with 180,000 enterprises. In the context of the ASEAN region, the authors used the World Bank Enterprise Survey data for 07 economies: Vietnam, Thailand, Indonesia, Philippines, Malaysia, Laos and Cambodia.
The study concluded these four major results, including:
First, management experience is concerned with the development of new products of enterprises in manufacturing. In innovation activities, internal resources listed as knowledge, skills, capabilities and relationships of the organization make it easier to generate new ideas and to put them into practice. Second, managers make decisions to adjust their management structure or to create new structures, which will have a positive impact on innovation. Positive management practices driven by organizational innovation have a positive impact on innovation performance.
Third, female CEOs have a positive impact on the management experience/practices – innovation relationship. This has important implications for corporate boards and policy makers, and highlights the importance of having more women on corporate boards to bring diversity and meaning to the organization. Female CEOs bring a variety of values, perspectives, backgrounds and skills to the decision-making process to effectively manage innovation in ASEAN businesses. The results of this study may help dispel stereotypes regarding how difficult it is for women to succeed in an area like innovation.
Fourth, current R&D activities in organizations have achieved certain results and are necessary to increase business efficiency. However, R&D activities are costly, requiring capital, human resources, and infrastructure; therefore, investors are currently hesitant in their investment decisions. The results of this study indicated that R&D costs helped businesses to innovate more effectively, which served as empirical evidence to encourage businesses in ASEAN to boldly invest resources in R&D activities to promote innovation in the organization.
From the abovementioned results, the authors have put forward the following policy implications for businesses:
First, female CEOs should be encouraged, even in the fields of science and technology that have traditionally been reserved for men. With experiences and management training, female CEOs have an equally important role compared to men, helping to reduce the difference in perception of management roles between men and women. Therefore, salaries, bonuses, and benefits of female CEOs should be equal to those of male CEOs. Like men, they need the opportunity to learn and to develop their abilities.
Second, the training for managers must constantly update new practices for the organization and to develop their own expertise. This study can inspire business executives to continue investing in innovation, even when initial efforts do not bring immediate results. Some important approaches towards developing innovation in the long term include: (1) Innovation depends heavily on allocating financial resources to research and development, investing in new technologies, studying existing markets, and funding scientific research; business leaders should focus on increasing the proportion of research and development as well as innovation to proactively update the skills and experience of management and employees; (2) Learning and development is an important foundation in building a skilled workforce to promote innovation; investing in training programs can create an innovative environment for businesses at all levels; (3) Supporting infrastructure for innovation, including physical infrastructure listed as laboratories and testing areas, as well as digital infrastructure listed as databases and analytics software are needed to conduct R&D; (4) Collaboration and relationship with partners are important factors to promote innovation and new ideas; therefore, investing in programs that connect academics, entrepreneurs, and industry leaders is a great way to stimulate innovative thinking; currently, co-creation activities have been considered as an option to solve the problems that SMEs face in the innovation process, the ability and the extent to which businesses participate in co-creation platforms depends largely on the direction and policies of the business; (5) Intellectual property protection is essential to promote innovation. Businesses and governments can also invest in green initiatives listed as renewable energy and environmentally friendly construction methods. Overall, funding in these areas can promote innovation and promote sustainable progress. A culture of innovation that drives growth and prosperity can be nurtured through investments in R&D, education and training, infrastructure, collaboration and networking, intellectual property protection, and environmental sustainability.
Third, R&D is the key foundation for achieving higher innovation capabilities and, subsequently, economic independence. To make effective R&D investment decisions and to manage R&D activities effectively, it is essential to grasp the latest trends and knowledge in relevant fields (Sarpong et al., 2022). To make informed decisions reagrding R&D expenditure, leaders and managers must continuously expand their knowledge and skills. They should invest in building a strong R&D team with a wide range of skills and knowledge and stay up-to-date with the latest trends and advances in their fields. They should encourage a culture of innovation and experimentation and enable R&D personnel to learn and to develop continuously. Investment in R&D and managing R&D effectively requires a long-term vision, a sounding tolerance for risk, and a commitment to continuous learning and development. Finally, larger companies often have more financial and human resources to spend on innovation. However, this does not mean that they are always the most innovative or the most effective in creating new products or processes. Small businesses and startups can, sometimes, be more flexible and innovative because they can adapt quickly to changing market conditions. Therefore, the government should support innovation of all types of businesses, regardless of size or age. This could include providing funding and resources for research and development, tax breaks for investments in innovation, and regulations that encourage businesses and research institutes to collaborate and to share knowledge. By encouraging a culture of innovation and supporting businesses of all sizes, the government can create an environment that fosters economic growth and development and innovation in key areas listed as technology and healthcare. Alternatively, small businesses can proactively engage in open innovation ecosystems and platforms, and engage with universities and technology transfer organizations to address resource gaps in the innovation process.
The full-text article “Business innovation in ASEAN countries: Examining the impact of management experience, practices and the executive role of female CEOs” can be accessed HERE.
Authors: Do Ngoc Bich, Nguyen Van Dung, Le Thi Hong Minh, Do Thi Hai Ninh, Pham Thi Truc Ly – University of Economics Ho Chi Minh City
This article is part of the series spreading research and applied knowledge from UEH with the message “Research Contribution For All”, UEH cordially invites readers to read the next UEH Research Insights newsletter.
News, photos: The Authors, UEH Department of Communications and Partnerships

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