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In line with the recent shift of R&D internationalization towards developing Asia, this Perspective paper reviews, contextualises, and evaluates the evolving patterns of creation, transfer, and assimilation of knowledge in multinational enterprises (MNEs). A typology is proposed consisting of four stylized nodes: West (industrialized mature economies), East One (emerging industrializing economies of developing Asia), East Two (Asian economies at an earlier stage of industrialization), and East Three (Asian economies with limited visible signs of industrialization). Within these nodes, this paper applies an institution-based view to discuss their diverse national innovation environment (with particular attention paid to governments, indigenous firms, and institutional conditions), and the network perspective to propose an intra-regional knowledge hierarchy, reflecting dynamic knowledge links. [ABSTRACT FROM AUTHOR]

Examines the achievements and potential of Asian management research in shaping the body of management knowledge. Applicability of organization theories in Asian management research; Challenges of Asian management research; Limitations of Asian management research.

The Asia Pacific Journal of Management (APJM) has been an outlet for the publication of research on the Asia Pacific for 14 years. This paper seeks to track the range of papers that have been published in this time to identify research trends and issues. This is done to provide a broad overview of research done in the region, serve as a reference for APJM's editors and potential contributors for future research, and also traces the evolution of managment scholarship in the region. [ABSTRACT FROM AUTHOR]

Asia is a geographical region with a cultural emphasis on power distance, paternalism, collectivism, and social relations. Leadership in this area plays an important role in organizational processes and outcomes; however, whether this role is similar to that outlined in the mainstream leadership research and non-Asian settings is yet to be confirmed. In this Special Issue on 'Leadership in Asia,' we selected six papers and identified four emerging themes. First, several mainstream leadership theories are applicable in Asia. On the other hand, we also identified processes and effects that are unique in Asia. Second, leadership in Asia affects organizational outcomes. Third, a strong emphasis on families and social ties among Asian corporations highlights intriguing leadership dynamics in this part of the world. Finally, new context-specific leadership constructs are identified and discussed. In light of these findings, we discuss the future directions of leadership research in Asia. [ABSTRACT FROM AUTHOR]

Can government ownership of a firm spur innovation? While a robust body of empirical and theoretical work suggests that government ownership suppresses innovation, the increasing global competitiveness of government-owned firms coupled with the transition of these firms' competitive advantage from low-cost labor-focused to innovation-focused suggests we reconsider the relationship between government ownership and innovation. This paper develops and tests a theory that a minority level of government ownership has a positive influence on firm-level innovation, by substituting for a better-developed financial market and alleviating financial constraints. By combining the incentives and monitoring benefits of private ownership with the more 'patient' shareholders of and protection from failure by the state, minority government ownership can provide an environment for firms to pursue otherwise risky innovative projects. The testing of this theory makes use of a large sample of Asian firms, and the results with respect to matched minority government-owned and privately held firms show that minority government ownership increases the likelihood of innovation among financially constrained firms; moreover, it especially increases the likelihood of process innovation (as opposed to product innovation), which is traditionally difficult to finance. The study's results-which stand to benefit firms and governments worldwide-remain robust to alternative mechanisms and controls, as well as to a variety of sensitivity tests. [ABSTRACT FROM AUTHOR]

Structurally inert firms suffer elevated failure risks in the face of environmental change because inertia makes it difficult to keep pace with the speed of such change. Traditionally, this ecology theory based outlook focuses on the risks of mortality, treating the make-up of an organization's architecture as uniform and thus relatively inconsequential for understanding this hazard. Renewing recent debates on inertia and on structure, in this paper we examine the specifics of the make-up of structural inertia in the context of failure hazards—the measurable survival risks associated with failure. Developing a classification of structural inertia, we test a sample of 755 firms listed on the Taiwanese Security Exchange across 52 industries to develop a convention on organizational structure, ratifying that structural inertia differs by type in incorporating failure hazards. Findings differentiate between and elaborate the validating environmental and resource conditions for these different categories, detailing the extent to which failure hazards are related to the specifics of each type. This variation is helpful in explaining better why, despite conditions leading to failure, inert organizations continue to thrive over time. Discussing this logic addresses the narrow representation of structural inertia and limitations to its theoretical development over several decades. It also shows that traditional organizational ecology measures can be legitimately underplayed in organizations dealing with increased failure hazards in favor of the characteristics of different structural inertia types. [ABSTRACT FROM AUTHOR]

Research on Belt and Road Initiative (BRI) is rising but far from complete. This special issue (SI) aims to enhance our understanding of how firms in Asia and beyond strategically respond to the BRI and what new theories and investigations are needed to better elucidate this new environment. In this editorial, we present a brief description of BRI, a review of related studies in the international business (IB) domain, a summary of the articles included in the SI and their contributions to the study of BRI, and an agenda for future research. We suggest that more attention should be given to examination of organizational heterogeneity under the BRI theme. In particular, there exists a variety of players like the governments of the host countries, non-government institutions, firms with different ownership structures, managers with different backgrounds, and their idiosyncratic characteristics should be incorporated in BRI studies. Moreover, future studies should find fine-grained ways to theorize and operationalize the policy effects of BRI. We call for further investigation of the consequences of BRI, including but not limiting to different aspects of IB activities, innovation, entrepreneurship, and corporate social responsibility. [ABSTRACT FROM AUTHOR]

Scholars have long been interested in understanding organizational slack. Peng et al. (2010) is a landmark study examining the effect of slack on firm performance. We seek to advance our understanding of the topic in three ways. First, we replicate the core findings of Peng et al. (2010) by drawing on a major and yet less investigated economy in Asia—Taiwan. Second, we differentiate the effect of slack by investigating both short- and long–term performance. Third, in addition to CEO duality, our study also examines the moderating effects of business groups and family firms as two widespread governance factors in Asia. Our results suggest that the effect of organizational slack on firm performance is contingent on the short– versus long–term perspective. Furthermore, we find that the slack–performance relationship is shaped by boundary conditions. Overall, our findings contribute to the literatures on organizational slack, corporate governance, and research in Asia. [ABSTRACT FROM AUTHOR]

This paper explores principal-principal conflicts in corporate governance during times of economic crisis. We address the question: What external and internal governance mechanisms can best protect minority shareholders? Drawing on 877 publicly listed large corporations with concentrated ownership in seven Asian countries and regions, we compare different control structures between family firms and non-family firms during crisis. We find that family firms tend to choose certain control structures associated with potential principal-principal conflicts. However, these choices can be constrained by external and internal governance mechanisms. Specifically, legal institutions and presence of multiple blockholders serve as useful external and internal governance mechanisms, respectively, to constrain potential expropriation of minority shareholders. [ABSTRACT FROM AUTHOR]

While prominent differences in corporate governance exist across the Asia Pacific region, there are common concerns about controlling shareholders expropriating wealth from minority shareholders at the expense of overall wealth creation, as well as about the roles and qualifications of managers in Asian companies. The contributors to this Special Issue of the Asia Pacific Journal of Management address these concerns and provide new evidence on their empirical relevance, as well as the factors conditioning that relevance. They also provide cautionary insight into the merits of specific proposals to reform Asian corporate governance. An important theme emerging from this Special Issue is that one needs to understand the institutional framework in which organizations operate in order to understand the rationale for and consequences of specific corporate governance models, as well as the likelihood that specific governance reforms will be adopted and prove effective. In this context, informal institutions are often more important than formal institutions. In addition to advancing our understanding and appreciation of the linkages between formal and informal institutions, corporate behavior, and performance, as well as the prospects for corporate governance reform, the papers in this Special Issue also suggest challenging and potentially fruitful areas for future research. [ABSTRACT FROM AUTHOR]

In this paper we respond to calls for an institution-based perspective on strategy. With its emphasis upon mimetic, coercive, and normative isomorphism, institutional theory has earned a deterministic reputation and seems an unlikely foundation on which to construct a theory of strategy. However, a second movement in institutional theory is emerging that gives greater emphasis to creativity and agency. We develop this approach by highlighting co-evolutionary processes that are shaping the varieties of capitalism (VoC) in Asia. To do so, we examine the extent to which the VoC model can be fruitfully applied in the Asian context. In the spirit of the second movement of institutional theory, we describe three processes in which firm strategy collectively and intentionally feeds back to shape institutions: (1) filling institutional voids, (2) retarding institutional innovation, and (3) deploying institutional escape. We outline the key contributions contained in the articles of this Special Issue and discuss a research agenda generated by the VoC perspective. [ABSTRACT FROM AUTHOR]

What does the future hold for Asian business groups? This paper discusses three rival hypotheses whose predictions for the future of Asian business groups differ from the predictions of the prevailing institutional voids hypothesis. The latter is a two stage model that posits that business groups first emerge to solve market failures for affiliated firms. Subsequently government initiates the construction of a “soft market infrastructure” that plug institutional voids and so weakens the rationale for group affiliation. Groups should then unravel and dissolve. Yet, business groups remain important in Asian countries that have attained high levels of market development, which casts doubt on the institutional voids hypothesis. In this paper I review three alternative hypotheses of business group development—life cycle, state-led industrialization, and crony capitalism perspectives. A synthesis of these rival hypotheses suggests that Asian business groups are likely to persist in many possible future scenarios. [ABSTRACT FROM AUTHOR]

Asia Pacific offers a lot of promising growth opportunities, but it also presents high levels of uncertainty for multinational enterprises (MNEs). In this paper, we introduce real options theory as a theory of investment under uncertainty, and we discuss its implications for MNEs and their strategies with a focus on the emerging economies in Asia Pacific. We suggest that MNEs must recognize the various sources of uncertainty, as well as the various options embedded in their investments, and real options theory can help them structure and design their investments to benefit from uncertainty. In particular, MNEs need to develop the dynamic capabilities of managing real options in their investments to respond to the evolving economic and institutional environment in the region. This paper also provides several implications for policy makers in Asia Pacific to stimulate investment activities in the region and to help their firms venture successfully in the international market place. [ABSTRACT FROM AUTHOR]

What should copyright holders do about the piracy of digital media? This paper first discusses the causes of piracy, with particular reference to the factors that lead consumers to engage in piracy en masse. Then it explores the consequences of piracy for copyright holders. The final section of the paper builds upon the proceeding sections to look at the different strategic responses copyright holders can adopt to deal with piracy. Given widespread digital piracy in Asia, these insights have particular relevance for the region. [ABSTRACT FROM AUTHOR]

This paper provides an overview of my three primary research streams and the six principles that have guided me in topic selection in the past and which will continue to assist me in choosing research topics in the future. The paper then outlines several important themes that pertain to Asia that merit research attention in the next five to ten years. [ABSTRACT FROM AUTHOR]

Would multinational corporation (MNC) subsidiaries be more profitable in host countries where corruption is less severe? Would MNC subsidiaries be more profitable in less corrupt countries if they focus on local sales? This paper examines the impact of the level of corruption on the profitability of US MNCs in the Asia Pacific region. Using foreign direct investment (FDI) data archived by the US Bureau of Economic Analysis and corruption data reported by the World Bank, we find that MNC subsidiaries located in countries with a lower level of corruption are more profitable. In addition, MNC subsidiaries with a greater focus on local sales are more profitable when the corruption level is low. This study contributes to the literature by showing that when local sales are important to MNC subsidiaries, a lower level of corruption by host countries positively affects the profitability of the MNC subsidiaries. [ABSTRACT FROM AUTHOR]

The prevalence of ownership concentration in Asian firms presents a challenge to the influential agency theory-based understanding of the role of corporate boards. In this paper we develop and test hypotheses about board attributes and firm performance that reflect Asian institutional conditions. We present the first meta-analysis of the relationship between board attributes and performance of Asian firms using a varied set of meta-analytical techniques on a database of 86 studies covering nine Asian countries. First, we find that board structure and composition preferences are influenced by the identity of the concentrated owner. Second, consistent with US data, we find very limited evidence of a direct relationship between board attributes and firm financial performance in the Asian context. Third, we find that the relationship between board structure and composition and firm performance is mediated by the revealed strategic preferences of Asian firms specifically by the level of R&D investment. [ABSTRACT FROM AUTHOR]

High employee turnover rates among multinational companies (MNCs) in Asia have become an organisational issue, which cannot be sufficiently addressed at the individual level. In this paper, we examine the issue of employee turnover at the organisational level. A group of organisational variables (e.g., training, size, age, industry, percentage of expatriate managers and headquarters’ national base) were tested, using a sample of 529 MNCs in six Asian countries. The standard multiple regressions show that training, size, the length of operation in local subsidiary and nature of industry are significantly related to turnover. An effect of the percentage of expatriate managers present in the local subsidiary on employee turnover appears to be moderate. These results fill a research gap by identifying organisational variables (as opposed to individual characteristics) and contribute to better explanation of employee turnover at firm level. Implications to MNCs in the greater Chinese region and Asia are discussed. [ABSTRACT FROM AUTHOR]

A careful review of the history of research on global strategy and cross-cultural management reveals that considerable attention has been paid to the functioning of organizations located in the Asian context in comparison with their Western counterparts. While research in this tradition has generated some useful insights, there is a need for improving robustness of management theories that are applicable in the Asian context. In this paper, we advance a taxonomy of cross-cultural management theories and suggest methods of deriving research propositions well-grounded in the latest findings in cross-cultural research. It is suggested that robustness of management theories that are uniquely applicable to the Asia Pacific countries is best achieved by addressing the complex interplay of cultural variations found in these countries with globalization-related influences. [ABSTRACT FROM AUTHOR]

This paper explores differences in the proportion of export-oriented early-stage entrepreneurial activity in 12 Asian countries. Drawing on varieties of capitalism theory, we find that Asian countries with high quality institutions are more likely to have higher proportions of young export-oriented firms. However, analysis on a 51 country data set indicates that Asian countries have significantly fewer young export-oriented firms than do non-Asian countries. Furthermore, the multi-country study reveals that countries with higher proportions of export-oriented entrepreneurial activity tend to have flexible industrial relations, high quality vocational training, and confrontational labor–employer relations, however the proportion of export-oriented new ventures is not related to the quality of corporate governance and inter-firm relations. [ABSTRACT FROM AUTHOR]

We present a meta-analysis of the relationship between concentrated ownership and firm financial performance in Asia. At the cross-national level of analysis, we find a small but significant positive association between both variables. This finding suggests that in regions with less than perfect legal protection of minority shareholders, ownership concentration is an efficient corporate governance strategy. Yet, a focus on this aggregate effect alone conceals the existence of true heterogeneity in the effect size distribution. We purposefully model this heterogeneity by exploring moderating effects at the levels of owner identity and national institutions. Regarding owner identity, we find that our focal relationship is stronger for foreign than for domestic owners, and that pure “market” investors outperform “stable” or “inside” owners whom are multiply tied to the firm. Regarding institutions, we find that a certain threshold level of institutional development is necessary to make concentrated ownership an effective corporate governance strategy. Yet we also find that strong legal protection of shareholders makes ownership concentration inconsequential and therefore redundant. Finally, in jurisdictions where owners can easily extract private benefits from the corporations they control, the focal relationship becomes weaker, presumably due to minority shareholder expropriation. [ABSTRACT FROM AUTHOR]

Although emerging market firms (EMFs) seek to undertake aggressive cross-border mergers and acquisitions (M&As), many of the announced deals are not finalized. This study examines how the prior failure of EMFs to complete cross-border M&As may influence the likelihood of completing future deals. Challenging the conventional wisdom that failure is the mother of eventual success, we argue that EMFs' prior failure experiences may instead reduce the likelihood of their completing a subsequent deal. Moreover, the negative effect of prior failure experience is conditioned on firm capabilities to learn and the institutional contexts of the subsequent deals. Specifically, if EMFs have successfully completed cross-border M&A(s) or achieved a high degree of internationalization, they can learn more effectively from prior failure experience. Prior failure experience can be even more detrimental when the subsequent deal is carried out in an institutionally distant or more developed market. Based on over 30 years of data on cross-border M&As announced by EMFs, mostly from Asia, our analyses strongly support these propositions. [ABSTRACT FROM AUTHOR]

The Asia Pacific region has provided the fastest growing and the most profitable overseas markets for US multinational banks (MNBs) since 1975. In the region, US MNBs remain the dominant banking power despite a recent contraction in their relative market share. This paper discusses major characteristics of US MNB activities in the region and identifies empirically major determinants of MNB performance in the two key countries of the region (Singapore and South Korea) using an eclectic approach. [ABSTRACT FROM AUTHOR]

Partnership under the form of joint-ventures and licensing agreements between a multinational company and a local entrepreneur has become a predominant mode of entry into growing markets of the developing world. This paper illustrates three major issues in the process of building partnerships in the international selling, namely, the strategic perspective of both parties, the selection of partners, and the negotiation of the partnership. Data for this study was drawn from an earlier investigation at the Euro-Asia Center of INSEAD. [ABSTRACT FROM AUTHOR]

This study examines the underlying mechanisms through which Yin-Yang cognition, an Eastern philosophy of paradoxical cognition, affects firm ambidexterity. Based on strategic cognition theory, this research identifies strategic flexibility as a mediator. Moreover, we also identify three fundamental characteristics of Yin-Yang cognition based on an Eastern philosophy. Using a sample of 206 manufacturing firms in China to test our model, we find that two types of strategic flexibility (resource flexibility and coordination flexibility) are important channels through which Yin-Yang cognition influences organizational ambidexterity. We describe how these findings offer several theoretical and managerial implications. [ABSTRACT FROM AUTHOR]

This article serves as a review of the existing research on Asian family firms, synthesizing the literature using the goals, governance, and resources (GGR) framework, and suggesting future research directions. The article intends to take stock of the knowledge on Asian family firms and compare it with the literature on Western firms to enhance our understanding of family firms. [ABSTRACT FROM AUTHOR]

Approximately 1.7 billion people in Asia live in poverty today. To date, efforts to address poverty in Asia have largely focused on subsistence entrepreneurship rather than on creating ventures that empower them to break out of poverty. That is, the mechanisms that have been used, such as microlending, generally lead entrepreneurs to create businesses providing basic life essentials rather than helping them build businesses that generate capital to improve the entrepreneur's standard of living. This article initially reviews what we know about entrepreneurship as a solution to poverty in Asia. We then examine what we know about other major tools to address poverty in Asia. Next, we propose a research agenda on poverty in Asia. Finally, we introduce the articles in this Special Issue of the Asia Pacific Journal of Management, 'Asia & Poverty: Closing the Great Divide through Entrepreneurship & Innovation,' on new approaches to entrepreneurship to help address the key issue of the alleviation of poverty. [ABSTRACT FROM AUTHOR]

In this research we conduct a systematic and critical review of the literature on executive compensation in Asian countries. We discuss the particular characteristics of executive compensation in Asia in terms of pay criteria, contingency factors, and implications for performance and turnover. We thereby highlight the unique contributions of Asian studies to the mainstream Western research in executive compensation, and call for future research integrating agency theory and the institution-based view in examining pay variances across different institutions. [ABSTRACT FROM AUTHOR]

Investigates the international competitive advantage of business enterprises in Asia. Impact of the financial crisis on export markets; Development of a conceptual model focusing on key the elements of internal resources of a firm; Need for firms to leverage internal resources within an external environment.

Focuses on the theme of corporate governance in the industrialized economies in Asia. Devaluation of the Thai Baht; Problems associated with the balance of payments; Deterioration of macroeconomic conditions.

Provides evidence that Canada's trade performance with Asian countries is consistent with Canada's underlying pattern of comparative advantage. Canadian government's promotion of increased Canadian integration with Asian economies; Role of freer trade and investment regimes with Asian countries in promoting Canada's increased exports and outward direct investment to the region.

Until recently, conclusions drawn about leadership have been made from a decidedly Western perspective, primarily based on theory developed in the U.S. using data gathered from U.S. sources. As our data show, however, times have changed, as there has been a significant shift in the source of leadership research with study samples increasingly coming from outside the U.S. Although the GLOBE study illustrated that national culture has a significant impact on how leadership is practiced and perceived, our data also show that cultural influence is largely ignored in terms of its impact on empirical findings. This raises an important question: Are we being misled by applying theories built in the U.S. to empirical work performed in different cultural contexts? Through analysis of leadership research published in five major journals between 1991 and 2015, we address this and related issues, including authors' acknowledgement of cultural implications. We also discuss important issues associated with the results and propose steps to address the cultural influence on future leadership research. [ABSTRACT FROM AUTHOR]

Decision-making continues to be a vital area of research on organizations, particularly in Asia. After years of research under the cognitive approach, there has been an upsurge of scholarly attention connecting decision-making to emotion. Nonetheless, competing accounts of the role played by emotion in decision-making have created a conundrum as to whether emotion is rational or irrational and whether it should even be considered along with other cognitive aspects of the decision-making process. In response, we derive a hybrid process decision-making model to integrate the effects from cognition and emotions varying with the levels of uncertainty. In proposing this model, we seek to differentiate the rationality of emotions from the instrumental, functional, and expressive mechanisms in decision-making. In particular, we proffer that affective construal legitimates the rational account of emotions under high uncertain situation. Finally, we draw some key implications and recommendations for organizational research in the Asian region. [ABSTRACT FROM AUTHOR]

We explore macro-level factors that shape perceptions of the ethicality of favors in Asian workplaces using the subordinate influence ethics (SIE) measure. We also expand and use the crossvergence model to examine the cross-level relationship between socio-cultural (i.e., traditional/secular; survival/self-expression; in-group favoritism) and business ideology influences (i.e., human development level, control of corruption) on perceptions of favor-seeking at work. This study examines the perceptions of a total of 4,325 managers and professionals in a diverse set of 11 Asian societies: China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Singapore, South Korea, Taiwan, Thailand, and Vietnam. Our investigation focuses on both the 'softer' (image management) and 'harder' (self-serving) sides of subordinate influence attempts to seek favors, as well as the degree of ethical differentiation across these societies. Key results based on hierarchical linear modeling (HLM) suggest that both the World Value Survey's socio-cultural values as well as in-group favoritism contribute to our understanding of influence behaviors in Asia. Likewise, level of human development and control of corruption also appear to be promising predictors of influence ethics. In sum, our results suggest that widening the scope of the crossvergence conceptualization of socio-cultural and business ideology influences engender a better understanding of differences in attitudes toward subordinate use of favoritism across Asian societies. [ABSTRACT FROM AUTHOR]

Despite attempts to identify Asian indigenous concepts in the past 10 years, we found that a lot of proposed concepts have not been described clearly. People who are not familiar with Asian indigenous cultures may have difficulty in understanding why the concepts are distinct. Using the Chinese guanxi as an example, we attempt to describe its etic and emic components. In contrast to existing concepts about interpersonal relationship in the literature, the dominant element of the Chinese guanxi concept is the role of obligations and social and ethical norms. Thus, we define guanxi as 'the closeness of a relationship that is associated with a particular set of differentiated behavioral obligations based on social and ethical norms.' The specific situation in Chinese society is described in details and agenda for future research questions is highlighted. [ABSTRACT FROM AUTHOR]

ian economies display large evident differences in their entrepreneurial capabilities and performance. While existing explanations of these differences have largely focused on formal and informal background institutions, we instead emphasize differences in national stocks of venture forms. We suggest that alternate venture forms, because of their different governance characteristics, possess unique entrepreneurial capabilities and pursue distinct opportunities. Consequently, nations must possess a diverse and balanced stock of venture forms and have such forms engaged in the unique and complementary activities for which they are best suited. Viewed in this light, addressing national limitations in entrepreneurial performance requires changes in stocks of venture forms. In developing the policy implications of our analysis, we highlight the past successes and current development challenges of Japan, Korea, Singapore, Hong Kong, Taiwan, and mainland China. [ABSTRACT FROM AUTHOR]

Family ownership and control play an important role in large firms in Asia. There is a puzzle regarding the relationship between concentrated family ownership and control on the one hand and firm performance on the other hand. Three positions suggest that such concentration may be good, bad, or irrelevant for firm performance. This article reports two studies to shed further light on this puzzle. Study 1 uses 744 publicly listed large family firms in eight Asian countries (Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand) to test competing hypotheses on the impact of family ownership and control on firm performance. On a country-by-country basis, our findings support all three positions. On an aggregate, pooled sample basis, the results support the 'irrelevant' position. Using 688 firms in the same eight countries, Study 2 endeavors to answer why Study 1 obtains different results for different countries. We theorize and document that Study 1 findings may be systematically associated with the level of (minority) shareholder protection afforded by legal and regulatory institutions. Study 2 thus provides critical insights on a cross-country, institution-based theory of corporate governance. [ABSTRACT FROM AUTHOR]

We develop and test hypotheses derived from a multi-level theoretical framework for understanding factors shaping the credit risk and capital structure of a quintessentially Asian form of investment known as project finance. It differs from other corporate financing approaches. A project company is separate and bankruptcy remote from the investing firm sponsors that create it. The project company relies extensively on debt capital provided by creditors to fund project operations. Creditors provide more (less) debt as a percentage of overall project capital when there is less (more) risk of project failure and non-repayment. We define a target risk framework identifying country-, industry-, syndicate-, firm-, and project-related factors shaping Asian project finance company credit risk and thus, project debt. In a sample of 238 project finance companies announced in 13 Asian countries from 1995–2004, we observe substantial effects on project capital structure with respect to country-level factors linked to institutional and macroeconomic theories, syndicate structure factors linked to agency theory, and lead sponsor experience and project size factors linked to learning and transaction cost theories. We argue that these and other determinants of project finance company credit risk and capital structure in Asia since the mid-1990s anticipate similar relationships now emerging elsewhere around the globe. [ABSTRACT FROM AUTHOR]

How does one understand the differences and similarities of corruption among various Asian countries? We use a recent framework developed by Rodriguez, Uhlenbruck, and Eden () to suggest that corruption has to be examined from two different dimensions: pervasiveness and arbitrariness. Using this framework, we ask why some Asian countries are able to achieve high levels of economic growth in the midst of high level corruption while other countries suffer from economic stagnation. We specifically suggest that more firms would bribe when pervasiveness is high, while fewer firms would bribe when arbitrariness is high. We also look into the implications on foreign direct investment. [ABSTRACT FROM AUTHOR]

The challenges faced by Asian businesses merit scholarly investigation, both to help local business and to enrich the global scholarly discourse. Such research should be able to make major contributions, for instance by explaining context-specific variables and effects, and by drawing on traditional Asian thought in developing new theories. Yet, recent work, in part due to a lack of self-confidence to analyze the implications of indigenous contexts, seems to have made little progress on this agenda. I first discuss how Asian management research could potentially contribute to global management knowledge. On this basis, I outline institutional constraints that may suppress indigenous and innovative research and thus inhibit the potential impact of local work. I conclude that Asian scholars ought to be more careful in applying theories developed in other contexts, and they can be more self-confident in exploring locally relevant research issues, and in developing theories that explain Asian phenomena. [ABSTRACT FROM AUTHOR]

This article contributes to the literature on network strategies and institutional transitions in emerging economies in Asia by identifying a realistic, intermediate phase between the early and late phases of institutional transitions suggested by Peng (2003). Focusing on the intermediate phase, we advance two arguments based on network strength and network content. First, in terms of network strength, we leverage earlier insights that networks can be classified as strong ties and weak ties. Consequently, we suggest that as institutional transitions unfold, strong-tie-based networks, instead of being phased out, are being transformed into weak-ties-based networks. Second, from a network content standpoint, we argue that the various scale and scope of institutional transitions shape the content of different networks which focus on business-to-government (B2G) ties and business-to-business (B2B) relationships. Our propositions delineate how different transitions of political and legal institutions affect the evolution of B2G and 82B networks. Overall, we suggest that networks not only differ in strength but also in content, and that their evolution is driven by the impact of different dimensions of institutional transitions governing B2G and B2B relationships. [ABSTRACT FROM AUTHOR]

This study investigated the factors that determined the change in firm performance during the Asian economic crisis. Applying a process-oriented resource-based view and MNC network theory, we argued that host country experience, industry experience, subsidiary experience, and group affiliation would influence subsidiary performance during an economic crisis. By testing the hypotheses on a sample of 1128 Japanese subsidiaries in Thailand, Indonesia, Malaysia, and Korea, we found that, among different knowledge resources that the MNC accumulated in its internationalization process, subsidiary experiential knowledge was most significant in picking the winners from the losers during the crisis. Keiretsu affiliation and the parent firm’s industry experience were also significant, positive factors for firms remaining profitable or even better after the crisis. However, firm size and industry effects were not related to performance. [ABSTRACT FROM AUTHOR]

This study utilizes the temporal lens afforded by the unprecedented pace of the Asian financial crisis to re-conceptualize the convergence-divergence-crossvergence (CDC) framework. Grounded at the Western-headquartered ASEAN subsidiary, CDC is hypothesized as a dialectical progression comprising Western corporate culture (‘convergence’) ASEAN societal culture (‘divergence’) and ending with the institutionalization of these forces (‘crossvergence’) as a transient re-equilibrium. Against a backdrop of increasing macro-level turbulence, the CDC dialectic is then fed through a dyadic cycle of environmental shocks and organizational responses. Managerial implications are discussed along with suggestions for future research. [ABSTRACT FROM AUTHOR]

Focuses on Asian multinational enterprises (MNEs). Rise in MNEs from the developing countries; Problems related to MNEs from developing countries; Perception of MNEs from the developing countries as latecomers.

Examines whether foreign and domestic venture capital firms differ in their monitoring of investees. Development of venture capital markets in Asia; Need for high levels of monitoring by new entrepreneurial businesses.

Explores the impact of corruption on an organization in Asian management system. Concept and nature of corruption; Interpersonal relations in business activities; Organizational perspective of corruption.

Assesses the state of Asian management research. Questions asked in a management research; Involvement of researchers; Methodologies used in a research; Contributions of research results.

Presents a dualistic model of harmony and its implications for conflict management in Asia. Indigenous conflict theories in East Asia; Non-Asian perspectives on harmony and conflict management; Reconceptualization of harmony; Interplay between the value and instrumental perspectives; Behaviors associated with the conflict styles.

Investigates the relationship of business planning and control systems with strategic choices in Singapore. Significance of the Prospector-like strategy for the financial performance of a firm; Impact of the 1997-1998 Asian crisis on the intensity of the pursuance to the Prospector-like strategy; Need for long-term orientation for decision-making.

Compares the managerial values in the Peoples' Republic of China, Hong Kong and Taiwan. Aspects of managerial values addressed in the study; Effects of the political and economic systems on the divergence in management practices across the three regions; Impact of differing subcultures on their respective management styles.