The lack of managerial capital was recently put forward as a constraint
for developing countries firms (Bruhn et al., 2010). While established for
large and medium firms, its importance for micro enterprises has yet to
be proven: evidence found in Development Economics and
Entrepreneurial Studies is, at best, mixed. This paper uses a panel of
Vietnamese micro, small and medium enterprises to investigate this
question in a comparative manner. The data let building a multidimensional
measure of Managerial Capital, and allows consistent
estimates of firm-level productivity. Even though bias might still affect
the estimation of the average influence of managerial capital on
productivity, I am able to show that this influence is as important for
micro firms as it is for medium ones.