Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise

Asia Pacific Journal of Management

Volumn 26, Issue 3, 2009, Pages 361-380

  Carney, Michael ^a   Gedajlovic, Eric ^b   Yang, Xiaohua ^c  

^a John Molson School of Business   (Canada)

^b SIMON FRASER UNIVERSITY   (Canada)

^c QUEENSLAND UNIVERSITY OF TECHNOLOGY   (Australia)

Author keywords

Actor centered theory; Co evolution; Firm strategy; Institutional entrepreneurship; Institutional escape; Institutional innovation; Institutional void; Institutions; VoC

Indexed keywords

EID: 70349296953     PISSN: 02174561     EISSN: 15729958     Source Type: Journal    
DOI: 10.1007/s10490-009-9139-2     Document Type: Editorial

References (73)

1. Ahlstrohm, D., Bruton, G. D., & Yeh, K. S. 2007. Venture capital in China: Past, present, and future. Asia Pacific Journal of Management, 24(3): 247-268.
2. Allen, M. 2004. The varieties of capitalism paradigm: Not enough variety?. Socio-Economic Review, 2: 87-1008.
3. Almeida, H., & Wolfenzon, D. 2006. Should business groups be dismantled? The equilibrium costs of efficient internal capital markets. Journal of Financial Economics, 79: 99-144.
4. Amable, B. 2004. The diversity of modern capitalisms. Oxford: Oxford University press.
5. Amsden, A. 1989. Asia's next giant: South Korea and late industrialization. New York: Oxford University Press.
6. Andriesse, E. H. S., & van Westen, G. 2009. Unsustainable varieties of capitalism along the Thailand-Malaysia border? The role of institutional complementarities in regional development. Asia Pacific Journal of Management, 26 (Special Issue). doi:10.1007/s10490-008-9107-2.
7. Baumol, W. J., Litan, R. E., & Schramm, C. J. 2007. Good capitalism, bad capitalism, and the economics of growth and prosperity. New Haven: Yale University Press.
8. Bebchuk, L. A., & Roe, M. J. 1999. A theory of path dependence in corporate ownership and governance. Stanford Law Review, 52(1): 127-170.
9. Boyer, R. 2005. How and why capitalisms differ. Economy and Society, 34(4): 509-557.
10. Boyer, R., & Hollingsworth, J. R. 1987. From national embeddeness to spatial and institutional nestedness. In R. Boyer & J. R. Hollingsworth (Eds.). Contemporary capitalism: The embeddeness of institutions: 433-484. Cambridge: Cambridge University Press.
11. Campbell, J. L. 2004. Institutional change and globalization. Princeton: Princeton University Press.
12. Carney, M. 2008. Asian business groups: Governance, context and performance. Oxford: Chandos.
13. Carney, M., & Gedajlovic, E. 2002. The co-evolution of institutional environments and organizational strategies: The rise of family business groups in the ASEAN region. Organization Studies, 23(1): 1-31.
14. Chandler, A. D. 1962. Strategy and structure: Chapters in the history of American enterprise. Cambridge: The MIT Press.
15. Crouch, C. 2005. Capitalist diversity and change: Recombinant governance and institutional entrepreneurs. Oxford: Oxford University Press.
16. Djelic, M.-L., & Quack, S. 2003. Globalization as a double process of institutional change and institution building. In M.-L. Djelic & S. Quack (Eds.). Globalization and institutions: Redefining the rules of the economic game: 302-333. Cheltenham: Edward Elgar.
17. Dodgson, M. 2009. Asia's national innovation systems: Institutional adaptability and rigidity in the face of global innovation challenges. Asia Pacific Journal of Management, 26 (Special Issue). doi:10.1007/s10490-008-9105-4.
18. Emirbayer, M., & Mische, A. 1998. What is agency?. American Journal of Sociology, 103: 962-1023.
19. Fenn, G., Liang, N., & Prowse, S. 1995. The economics of the private equity market. Washington, DC: Board of Governors of the Federal Reserve System.
20. Fisman, R., & Khanna, T. 2004. Facilitating development: The role of business groups. World Development, 32(4): 609-628.
21. Fruin, W. M. 1998. Networks, markets and the Pacific Rim. New York: Oxford University Press.
22. Gereffi, G., & Korzeniewicz, M. (Eds.). 1994. Commodity chains and global capitalism. Westport: Krueger.
23. Goodin, R. E. 2003. Choose your capitalism?. Comparative European Politics, 1: 203-213.
24. Guillen, M. F. 2000. Business groups in emerging economies: A resource based view. Academy of Management Journal, 43(3): 362-380.
25. Hall, P. A., & Soskice, D. 2001. Varieties of capitalism: The institutional foundations of comparative advantage. New York: Oxford University Press.
26. Hamilton, G. G., & Biggart, N. W. 1988. Market, culture and authority: A comparative analysis of management in the Far East. American Journal of Sociology, 94: 52-94.
27. Hobday, M. 1995. East Asian latecomer firms: Learning the technology of electronics. World Development, 23: 1171-1193.
28. Huegens, P., van Oosterhout, J. H., & van Essen, M. 2009. Meta-analyzing ownership concentration and firm performance in Asia: Towards a more fine-grained understanding. Asia Pacific Journal of Management, 26(Special Issue). doi:10.1007/s10490-008-9109-0.
29. Kang, D. C. 2003. Transaction costs and crony captitalism in East Asia. Comparative Politics, 35(4): 439-458.
30. Khanna, T., & Palepu, K. 2000. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 55(2): 867-891.
31. Khanna, T., & Yafeh, Y. 2005. Business groups and risk sharing around the world. Journal of Business, 78: 301-340.
32. Krueger, A. 1974. The political economy of the rent-seeking society. American Economic Review, 64(3): 291-303.
33. Lawrence, T. B. 1999. Institutional strategy. Journal of Management, 25(2): 161-188.
34. Lee, K., Peng, M. W., & Lee, K. 2008. From diversification premium to diversification discount during institutional transitions. Journal of World Business, 43(1): 47-65.
35. Makino, S., Isobe, T., & Chan, C. 2004. Does country matter?. Strategic Management Journal, 25: 1027-1043.
36. Mathews, J. A. 2006. Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23(1): 5-27.
37. McGuire, J. B., & Dow, S. 2009. Japanese keiretsu: Past, present, future. Asia Pacific Journal of Management, 26(2): 333-351.
38. McVey, R. 1992. The materialisation of the Southeast Asian entrepreneur. In R. McVey (Ed.). Southeast Asian capitalism: 7-34. New York: Cornell University Southeast Asia Program.
39. Milgrom, P., & Roberts, J. 1990. The economics of modern manufacturing: Technology, strategy, and organization. American Economic Review, 80(3): 511-528.
40. Miller, D., & Le Breton-Miller, I. 2005. Managing for the long run: Lessons in competitive advantage from great family business. Boston: Harvard Business School Press.
41. Morck, R., & Yeung, B. 2004. Family control and the rent seeking society. Entrepreneurship Theory and Practice, 28: 391-409.
42. Morck, R. K., Wolfenzon, D., & Yeung, B. 2005. Corporate governance, economic entrenchment, and growth. Journal of Economic Literature, 43: 655-720.
43. North, D. C. 1990. Institutions, institutional change and economic performance. Cambridge: Cambridge University Press.
44. Oliver, C. 1991. Strategic responses to institutional processes. Academy of Management Review, 16: 145-179.
45. Orru, M., Biggart, N. W., & Hamilton, G. G. 1997. The economic organization of East Asian capitalism. Thousand Oaks: Sage.
46. Park, S. H., & Luo, Y. 2001. Guanxi and organizational networking in Chinese firms. Strategic Management Journal, 22: 455-477.
47. Peng, M. W. 2002. Towards an institution-based view of business strategy. Asia Pacific Journal of Management, 19: 251-267.
48. Peng, M. W., & Delios, A. 2006. What determines the scope of the firm over time and around the world? An Asia-Pacific perspective. Asia Pacific Journal of Management, 23(4): 385-406.
49. Peng, M. W., Wang, D. Y., & Jiang, Y. 2008. An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5): 920-936.
50. Porter, M. E. 1996. What is strategy?. Harvard Business Review, 74(November-December): 65-76.
51. Ramo, J. 2004. The Beijing consensus: Notes on the new physics of Chinese power. London: Foreign Policy Centre.
52. Redding, G. 1990. The spirit of Chinese capitalism. New York: De Gruyter.
53. Redding, G., & Witt, M. 2009. China's business system in its future trajectory. Asia Pacific Journal of Management, 26(Special Issue). doi:10.1007/s10490-008-9126-z.
54. Ritchie, B. K. 2009. Economic upgrading in a state-coordinated, liberal market economy. Asia Pacific Journal of management, 26(Special Issue). doi:10.1007/s10490-008-9089-0.
55. Selznick, P. 1996. Institutionalism "old" and "new." Administrative Science Quarterly, 41(2): 270-277.
56. Steier, L. 2009. Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia. Asia Pacific Journal of management, 26(Special Issue). doi:10.1007/s10490-008-9117-0.
57. Tan, J., & Zeng, Y. 2009. Stage-dependent model of resource utilization, strategic flexibility, and implications for performance over time: Empirical evidence from a transitional environment. Asia Pacific Journal of Management, 26(Special Issue). doi:10.1007/s10490-009-9140-9.
58. Terjesen, S., & Hessels, J. 2009. Varieties of export-oriented entrepreneurship in Asia. Asia Pacific Journal of Management, 26(Special Issue). doi:10.1007/s10490-009-9138-3.
59. Tipton, B. 2009. Southeast Asian capitalism: History, institutions, states, and firms. Asia Pacific Journal of Management, 26(Special Issue). doi:10.1007/s10490-008-9118-z.
60. Tsui-Auch, L. S. 2004. The professionally managed family-ruled enterprise: Ethnic Chinese business in Singapore. Journal of Management Studies, 41(4): 693-723.
61. Wade, R. 1990. Governing the market: Economic theory and the role of government in East Asian industrialization. Princeton: Princeton University Press.
62. Weidenbaum, M., & Hughes, S. 1996. The bamboo network: How expatriate Chinese entrepreneurs are creating a new economic superpower in Asia. New York: Free Press.
63. Whitley, R. 1999. Divergent capitalisms: The social structuring and change of business systems. Oxford: Oxford University Press.
64. Williamson, O. E. 1985. The economic institutions of capitalism: Firms, markets, relational contracting. New York: Free Press.
65. Witt, M., & Lewin, A. W. 2007. Outward foreign direct investment as escape response to home country institutional constraints. Journal of International Business Studies, 38(4): 579-594.
66. Yamakawa, Y., Peng, M. W., & Deeds, D. L. 2008. What drives new ventures to internationalize from emerging to developed economies?. Entrepreneurship: Theory and Practice, 32(1): 59-82.
67. Yang, X., Jiang, Y., Kang, R., & Ke, Y. 2009. A comparative analysis of internationalization of Chinese and Japanese firms. Asia Pacific Journal of Management, 29(1): 141-162.
68. Yang, X., Lim, Y., Sakurai, Y., & Seo, S. 2009. Comparative analysis of internationalization of Chinese and Korean firms. Thunderbird International Business Review, 51(1): 37-51.
69. Yeung, H. W. C. 2002. Entrepreneurship and the internationalization of Asian firms: An institutional perspective. Cheltenham: Edward Elgar.
70. Yeung, H. W. C. 2004. Chinese capitalism in a global era: Toward hybrid capitalism. London: Routledge.
71. Yeung, H. W. C. 2006. Change and continuity in Southeast Asia ethnic Chinese business. Asia Pacific Journal of Management, 23(3): 229-254.
72. Yoshihara, K. 1988. The rise of ersatz capitalism in South-East Asia. Oxford: Oxford University Press.
73. Zutshi, R., & Gibbons, P. 1998. The internationalization process of Singapore government linked companies: A contextual review. Asia Pacific Journal of Management, 15(2): 219-246.