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The article provides an overview of recent policy developments and enforcement actions in Taiwan's digital economy. It focuses on two specific cases: the competition between delivery platforms and the mergers of online banks. In the case of delivery platforms, the article explains how Foodpanda's practices can harm competition and give it an advantage. In the case of online bank mergers, the Taiwan Fair Trade Commission (TFTC) considered factors like data access and protection. The TFTC found that data was not a barrier to entry and that the mergers did not restrict competition in terms of data protection. The article concludes by stating that the TFTC's enforcement decisions consider the unique characteristics of the digital economy. [Extracted from the article]

Intellectual capital (IC) and sustainable start-up performance (SP) are the two pillars required for the survival of ventures. Besides, the competitiveness of new ventures is ensured by the importance of intangible assets within the firm as well as strategies implemented by the start-up founders. This study aims to map the conceptual structure of research on intellectual capital and sustainable start-up performance conducted between 2002 and 2021 using bibliometric citation analysis. For that purpose, 292 papers from the Scopus database are scrutinized further to determine the publication activities of the concerned area. VOSviewer and Excel software were used to analyze the data. It is found that the publication activities of intellectual capital and SP are a relatively new concept that emerged in 2002 and is showing a favorable trend. The study discovered that most intellectual capital studies focus on sustainable start-up performance, innovative capabilities, and knowledge management practices. [ABSTRACT FROM AUTHOR]

The purpose of this article is to advance the field of strategic marketing within the marketing discipline, which will in turn, the author argues, contribute to enhancing the discipline’s impact beyond the narrow confines of its own journals. Towards this goal, certain aspects of the history of marketing strategy need to be reviewed. However, though this article draws extensively on historical sources, it is not a history of marketing strategy. Rather, this article uses historical materials and arguments concerning the four ‘Eras’ of marketing thought to advance five major claims: the area of strategic marketing (1) had significant promise when the marketing academic discipline was founded in Era I (1900-1920), (2) was neglected in Era II (1920-1950), (3) rose to prominence in Era III (1950-1980), (4) has become a ‘fragment’ in Era IV (1980-present) and (5) has prospects that are both promising and problematic in the future ‘Era V’. Finally, a tentative prognosis for strategic marketing and the marketing discipline is suggested. [ABSTRACT FROM AUTHOR]

This review looks at conversational marketing, a new marketing approach that is focused on replacing staff with technology in order to enhance the overall customer experience. It starts with the introduction of the concept, followed by the foundation theories, benefits, and conclusion. Essentially, this paper has been developed to concisely discuss what conversational marketing is all about and how ventures can incorporate it into their marketing activities. [ABSTRACT FROM AUTHOR]

The Jumpstart Our Business Startups (JOBS) Act was signed into law on April 5, 2012. A key objective of the JOBS Act was to allow new ventures in the United States to go public and raise growth capital more easily and cost-effectively than before. The aim of this paper is to discuss the implications of the JOBS Act for initial public offerings (IPOs). We argue that the JOBS Act gives rise to important spillover effects that may create ambiguous consequences for firms' IPOs. The central question is whether the JOBS Act's mandate of facilitating fund raising can come to fruition and, if so, which features of it may lead to shifts in capital markets in entrepreneurship. Our paper begins to address these questions and aims to serve as a catalyst for future academic work in this area. [ABSTRACT FROM AUTHOR]

NGOs place much emphasis on the provision of diverse relevant training, counselling, mentoring, and financial empowerment in cash and equipment grants, loans and subsidies that made little or no impact on the lives of beneficiaries and the economy. Hence, this study examined the impact of financial empowerment and entrepreneurial venture creation among NGO beneficiaries in Kwara State, Nigeria. The study was posited on the empowerment theory. A survey was carried out employing the simple random sampling technique to select 358 respondents from a total of 5,354 sampling frame of NGOs' beneficiaries in Kwara State. Data analysis was performed using descriptive and inferential statistics. The results indicated that financial empowerment contributes significantly to entrepreneurial venture creation among the NGOs' beneficiaries. It was further revealed that cash loans and subsidies offered by NGOs have a positive impact on entrepreneurial venture creation, while grants have an inverse impact on entrepreneurial venture creation. The study, therefore, suggests among other things that the management of NGOs should scrutinize business plans properly before giving loans, grants, and subsidies to the beneficiaries so that only viable and innovative ideas will be funded. Also, they should offer training and enlightenment to beneficiaries to ensure the presence of unique and innovative activities and solutions pointing at entrepreneurial ventures creation. [ABSTRACT FROM AUTHOR]

This article examines how strategic orientation and foreign parent control jointly affect differentiation capability building of international joint ventures (IJVs) in an emerging market. With a multisource data set of 156 IJVs in China, the authors find that technology and customer orientations have a positive effect on IJV differentiation capability and that such effects are contingent on foreign parent control. Technology orientation leads to stronger differentiation capability when foreign equity control is higher or operational control is greater. In contrast, customer orientation is more beneficial for differentiation capability building when foreign operational control is lower or social control is greater. [ABSTRACT FROM AUTHOR]

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We investigate the impact of market-supporting institutions on business strategies by analyzing the entry strategies of foreign investors entering emerging economies. We apply and advance the institution-based view of strategy by integrating it with resource-based considerations. In particular, we show how resource-seeking strategies are pursued using different entry modes in different institutional contexts. Alternative modes of entry—greenfield, acquisition, and joint venture (JV)—allow firms to overcome different kinds of market inefficiencies related to both characteristics of the resources and to the institutional context. In a weaker institutional framework, JVs are used to access many resources, but in a stronger institutional framework, JVs become less important while acquisitions can play a more important role in accessing resources that are intangible and organizationally embedded. Combining survey and archival data from four emerging economies, India, Vietnam, South Africa, and Egypt, we provide empirical support for our hypotheses. Copyright © 2008 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

The authors explore the effects of trust at three distinct organizational levels in a marketing collaboration: interorganizational trust between collaborating firms, each firm's agency trust in its own representatives assigned to a collaborative entity (coentity), and intraentity trust among the representatives assigned to the coentity. Dyadic survey and longitudinal objective performance data from 114 international joint ventures indicate that trust at each level has unique effects but similarly influences the collaborating firms' resource investments or the coentity's use of those resources. Interorganizational and agency trust motivate resource investments in the coentity, particularly in the context of a differentiation strategy, whereas intraentity trust promotes coordination within the coentity, and interorganizational trust and a differentiation strategy magnify that effect. Intraentity trust can also undermine coentity responsiveness to environmental change, especially when joined by interorganizational trust between collaborating firms and formalized decision making within the coentity. These findings demonstrate that managing and building trust at multiple levels is critical to the success of interorganizational marketing collaborations. [ABSTRACT FROM AUTHOR]

This study examines the question whether joint ventures or wholly owned subsidiaries are more likely to survive in the context of Japanese subsidiaries in China. The author suggests that the answer to this question depends on the time the subsidiary was established. Specifically, it is argued that joint ventures founded during the early stage of institutional reforms are more likely to survive than wholly owned subsidiaries set up at that time, and vice versa for subsidiaries established in the late phase of institutional reforms. The rationale for these propositions is that at the beginning of market-oriented reforms, contributions provided by local partners make shared ownership an optimal entry mode strategy, whereas a relatively stable regulatory framework in the late stage of institutional reforms enables the firm to realize benefits associated with sole ownership more efficiently. Empirical evidence supports both propositions. [ABSTRACT FROM AUTHOR]

Firms that have failed to meet the performance expectations of investors must seek new ways of creating value or face the loss of financial support. Using resource-based arguments, we find that valuable and difficult-to-imitate strategies that recombine the firm's existing stock of resources to create new products, processes, or technologies have a positive effect on organizational recovery as measured by investors' expectations. Similarly, acquiring new resources through mergers or acquisitions also has positive effects on investors' expectations. In contrast, valuable and difficult-to-imitate strategies that provide the firm with access to new resources through alliances or joint ventures do not affect investors' expectations of performance. We also find that taking actions that are not valuable and difficult-to-imitate either have no effect on performance or may lead to further performance declines. Lastly, our results show that valuable and difficult-to-imitate strategic actions that use existing resources in new ways contribute the most to organizational recovery. Copyright © 2007 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

We examine the impact of diversification on performance for firms operating in different institutional environments during a relatively stable period and during a major economy-wide shock. We locate our study in six Asian countries at different levels of institutional development. Results indicate that diversification negatively impacts performance in more developed institutional environments while improving performance only in the least developed environments. Even in the least developed institutional environments, diversification offers limited benefits when an economy-wide shock strikes. Though successful diversifiers are sometimes affiliated with business groups, diversification is associated with poorer performance for both affiliated firms and independent firms. In sum, we find that the outcomes of diversification are influenced by institutional environments, economic stability and affiliation with business groups. Copyright © 2007 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

The resource-based view (RBV) is one of the most widely accepted theories of strategic management. However, to date no systematic assessment of the RBV's level of empirical support has been conducted. In response, a sample of RBV-grounded empirical articles was analyzed from which it was found that the RBV has received only modest support overall and that this support varies considerably with the independent variable and theoretical approach employed. It is therefore suggested that scholars avoid the tendency to test models reflecting early incarnations of the RBV and instead test those that incorporate its more contemporary theoretical extensions. Copyright © 2007 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

This study examines how joint venture partners' opportunism is influenced by environmental volatility in a drastically changing emerging economy. Building on transaction cost and information-processing theories, we develop the hypothesis that opportunism increases to cope with industry structural instability, information unverifiability, and law unenforceability, the three interrelated yet distinct characteristics that jointly describe environmental volatility in an emerging economy. Our analysis of 188 foreign joint ventures in an emerging market suggests that opportunism increases with information unverifiability and law unenforceability. These relationships are even stronger when joint ventures depend more on the host country environment, but weaker when joint ventures operate in faster-growing industries. Finally, opportunism is found to play a mediating role in the relationship between environmental volatility and joint venture performance. Copyright © 2007 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

The article discusses the developments of academic consortia from its establishment to its achievement in South Africa. Based on a survey conducted among South African academic libraries in 2004, there were several steps taken in the development of service delivery, participation of members and strategic development namely: to provide collective strategic leadership in the academic library, to provide leadership to find research solutions, and to provide seedbeds or incubators for innovative services. These strategic plans should be coupled with transparent business plan for the purpose of continuous developments.

We present and solve a new, more accurate model of behavior within alliance activity. The model is essentially an iterated prisoners' dilemma with an exit option in each stage of the alliance. The proposed solution results in each partner receiving its opportunity cost as its expected average pay-off in the alliance. Managerial implications include: identification of where to focus efforts to improve alliance cooperation and performance; and an explanation for why more sophisticated partnership strategies than tit-for-tat are likely to be superior in this game. [ABSTRACT FROM AUTHOR]

This study examines the value created from acquiring and divesting a joint venture. Unlike previous research which focuses on parent firm factors, the study examines value in light of the reason behind the termination of the venture and the characteristics of the target market. Consistent with the real options view, the paper finds that ventures divested to refocus a parent firm's product market portfolio were associated with significant value creation. In contrast, ventures acquired with the objective of growth and expansion in a target market, while not associated with significant value creation, did not destroy value either. Apart from these results, the paper also finds that acquirers and divesters gained lesser value when they terminated ventures in uncertain and concentrated industries. These latter findings highlight an important caveat with regard to termination: joint ventures confer valuable flexibility which is also forgone once they are terminated. Implications are discussed. [ABSTRACT FROM AUTHOR]

The dynamic capabilities perspective posits that a firm can leverage the performance impact of existing resources through resource configuration, complementarity, and integration, but little empirical research addresses these issues. We investigate the effects on performance of marketing capabilities, technological capabilities, and their complementarity (interaction), and whether these effects are moderated by low vs. high technological turbulence. Results from SEM two-group analyses (with controls) show that both main effects positively impact performance in both environmental contexts. However, (1) their interaction effect is significant only in the high-turbulence environment; (2) the marketing-related main effect is lower in the high-turbulence environment; and (3) the main effects of technology-related capabilities are the same in both environments. Our research suggests that the synergistic performance impact of complementary capabilities can be substantive in particular environmental contexts: while synergistic rents cannot always be obtained, it is possible to leverage existing resources through complementarity. [ABSTRACT FROM AUTHOR]

This note extends transaction cost analysis of international joint ventures (IJVs) to include explicitly the effect of equity. It challenges the common practice of treating all foreign investments with between 5 percent and 95 percent equity as IJVs. A fine-grained analysis of the role of foreign equity ownership on the survival of 12,984 overseas subsidiaries confirms a declining, nonlinear, and asymmetrical relationship between equity and mortality in overseas subsidiaries. While investments involving small ownership levels (<20%) have very high mortality rates, those with high ownership levels (>80%) have mortality rates comparable to that of wholly owned subsidiaries. Implications for research, practice, and policy are discussed. [ABSTRACT FROM AUTHOR]

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash-flow rights as a function of the state of the world and the entrepreneur's effort. This property can be used to induce the entrepreneur and the venture capitalist to invest efficiently into the project. The result is robust to renegotiation and to changes in the timing of investments and information flows. The model is consistent with the observations that conversion is often automatic and that convertible securities are rarely used by outside investors. [ABSTRACT FROM AUTHOR]

Previous research examining the effectiveness of international joint ventures (IJVs) has focused on differences in the backgrounds and bargaining power of IJV parent firms, while little attention has been given to the IJV itself. This study takes a different perspective by examining the relationship between IJV parent firms and the IJV. Specifically, we examine how IJV and parent involvement in strategic decision-making influences the IJV management team's commitment to the IJV and to the parent firms. We hypothesize that the IJV management team tends to be more committed to the IJV than to the parent firms, and that there is a strong positive relationship between procedural justice, strategic decision control, and organizational commitment. A field study involving 51 IJVs supported our hypotheses. We discuss the implications of organizational commitment and procedural justice for managing IJVs. [ABSTRACT FROM AUTHOR]

This study investigates economic and strategic inducements of R&D cooperation. We focus on industry and company factors that affect a firm's rate of participation in R&D consortia. These factors are analyzed in a dynamic context using a sample of 312 Japanese firms in 74 industries between 1969 and 1992. We find a firm in an industry with weak competition and appropriability conditions has a higher rate of consortia participation. A firm's R&D capabilities, network formation through past consortia, encounter with other firms in product markets, age, and past participation in large-scale consortia also positively affect its tendency of consortia formation. [ABSTRACT FROM AUTHOR]

Relational exchange arrangements supported by trust are commonly viewed as substitutes for complex contracts in interorganizational exchanges. Many argue that formal contracts actually undermine trust and thereby encourage the opportunistic behavior they are designed to discourage. In this paper, we develop and test an alternative perspective: that formal contracts and relational governance function as complements. Using data from a sample of information service exchanges, we find empirical support for this proposition of complementarity. Managers appear to couple their increasingly customized contracts with high levels of relational governance (and vice versa). Moreover, this interdependence underlies their ability to generate improvements in exchange performance. Our results concerning the determinants of these governance choices show their distinct origins, which further augments their complementarity in practice. [ABSTRACT FROM AUTHOR]

This study examines the roles of firm characteristics and environmental factors in the formation of interfirm alliances. Specifically, we examine the dual role of these groups of factors as inducements and opportunities for Chinese high-technology new ventures (HTNVs) in their adoption of agency business activity, a downstream type of alliance involving marketing and distribution of the products of foreign firms. Results suggest that both internal and external factors are related to the adoption of agency business activity but the inducement and opportunity value of environmental uncertainty may be dampened by institutional support provided to HTNVs. Further, we find that successful agency business activity is positively related to new venture performance but negatively related to its product innovation efforts. Theoretical and managerial implications are discussed. [ABSTRACT FROM AUTHOR]

Investigating the effect of product innovation strategy on the performance of new technology ventures in China, we found the innovation-performance link was contingent on both environmental factors, including environmental turbulence and institutional support, and the relationship-based strategies of the ventures, such as strategic alliances for product development and political networking. Our results suggest the need for simultaneous consideration of environment- and relationship-based strategy factors as moderators in the discourse on product innovation strategy among new technology ventures. [ABSTRACT FROM AUTHOR]

This paper develops a model for assessing options in joint ventures. The model is used specifically to examine the option to acquire or divest a joint venture, both in the case where the acquisition/divestiture price is specified ex ante in the initial contract and in the case where the price is to be negotiated ex post. The results derived from the model show how the value of the option and each partner's pay-off from the venture vary with the structure of the option and how the presence of the option may affect the structuring of the joint venture. The main theoretical insights are stated in 12 potentially testable propositions, and possible ways to operationalize some of the propositions for empirical testing are also explored. [ABSTRACT FROM AUTHOR]

Prahalad and Bettis (1986) have proposed that the successful management of highly diversified firms can be attributed to the concept of a corporate "dominant logic" that guides all of its business units. We argue that dominant logic addresses the problem of balancing the needs of business units against those of the corporation as a whole. We also suggest that the presence of a clear and consistent dominant logic must lead to a high degree of consistency in the strategic moves that are undertaken by each of the business units within the diversified firm. Based on a study of the joint ventures initiated by General Electric between 1984 and 1993, we show that the design of these ventures follows a pattern that is consistent with the presence and influence of dominant logic. Finally, we demonstrate that the early failure of joint ventures can generally be linked to a shift away from this dominant logic. [ABSTRACT FROM AUTHOR]

Private venture capital casts a long shadow over corporate ventures, in part because they compete for the same entrepreneurial talent. Corporate venturing may improve its performance by emulating certain practices of private venture capital but will never achieve the structures that private venture capital can create. Instead, the design principles for corporate ventures should embrace potential structural advantages of corporate venturing and leverage those advantages. These potential advantages include: an indefinite time horizon, the ability to commit very large sums of capital, the ability to coordinate complementarities with non-tradable corporate assets, and the ability to retain greater group and organizational learning from failed venture experiences. Lucent's New Ventures Group adopts many useful practices of private venture capital, but retains some of the potential structural advantages of venturing within an established firm. [ABSTRACT FROM AUTHOR]

Research into network formation generally takes one of two approaches. Either it examines the outcomes of variations in the context and motives of the formation without examining the dynamics of the process, or it identifies the sequence of activities during the formation but does not examine variations within the formation. In this paper we complement both approaches by examining variations within the formation process and their consequences. We take an exploratory approach. Our analysis of survey data collected on the formation process of 53 R&D consortia reveals two distinct formation paths. The first involves emergent processes, developing from changes in the environment and a common interest and similar views among potential members. In the second, the process appears to be engineered-a triggering entity actively recruits potential members to join in the consortium. We conclude the paper with propositions on the importance of these formation types for the development of strategic networks. [ABSTRACT FROM AUTHOR]

Using a sample of 115 manufacturing ventures, this study examined elements of industry structure which prior theory and research in the fields of industrial organization economics, strategic management, and entrepreneurship suggest are the most important structural characteristics of industries. Future researchers should carefully select the particular operationalization of industry structure as our research demonstrates that the influence of industry structural elements on measures of firm performance is strongly dependent upon the particular operationalization utilized. In addition, measures of industry structure were found to have a differential impact on alternative measures of firm performance, suggesting that different performance measures are not interchangeable proxies for one another. [ABSTRACT FROM AUTHOR]

Recent graduates in the field of international business face not only the entry shock of making the transition from school to work, but also the culture shock of working in foreign countries or with joint ventures and foreign subsidiaries. Using survey data collected from 459 recent recipients of masters degrees in international business, this article explores the special problems new entrants into the field of international business face in their first few jobs and suggests organizational strategies for more effectively socializing these new global managers. INSETS: Table II: Difficulties Encountered in Entry Shock & Culture...;Table III: Recommendations for Socializing New Global.... [ABSTRACT FROM AUTHOR]

This study describes operational experiences in 73 equity joint ventures (EJVs) in China. Key difficulties are identified in the areas of local sourcing, recruitment of skilled Chinese managers, and the clarity of laws and regulations. Although interesting and meaningful differences are identified across ventures, the analyses indicate that these three operational aspects are serious and problematic irrespective of geographic location of the EJV in China, its business scope, and the national culture of the foreign partner. Neither location, nor industry, nor ethnic relation among partners shields the EJV against the most problematic operational concerns. Given their structural and cultural origins, these operational difficulties are likely to remain a headache for foreign managers operating in China in the near future. [ABSTRACT FROM AUTHOR]

We are at the end of the era of sustainable excellence. Too much is changing for even the largest "excellent" companies to be complacent. Firms must learn to thrive on chaos--on impermanence and constant change. Both established industrial giants and rapid-growth new technology firms must confront the pressures that are driving America into decline. This article debunks the traditional American myth of "big is better, biggest is best" and shows how this philosophy has led us astray and hampered our competitiveness in manufacturing and in services. The author provides a prescription for a new kind of American competitor and offers recommendations for policymakers. [ABSTRACT FROM AUTHOR]

The author posits that the joint venture (IV) form of governance imposes a greater burden of bargaining and political influence costs than is present in a hierarchy. The JV's incremental costs derive from shared sovereignty and incomplete contracting. The magnitude of those costs is related to parental differences, factionalism, and task interdependence in the top management team (TMT), and dynamism in the task environment. The costs are argued to undermine the quality of TMT decision making, thereby negatively affecting organizational adaptation, performance, and survival. [ABSTRACT FROM AUTHOR]

New business startups with venture capital backing depend on mutual cooperation between entrepreneurs and venture capitalists, but little is known about what makes these relationships work. The present article considers the implicit similarities between entrepreneur-venture capitalist relationships and the Prisoner's Dilemma framework, using this paradigm to develop a conceptual model of entrepreneurs' and venture capitalists' decisions to cooperate. The model is used to generate a number of testable propositions concerning long- term cooperation between entrepreneurs and venture capitalists. Implications of the model for researchers, entrepreneurs, and venture capitalists are discussed, and the paper concludes by examining implications of the entrepreneur-venture capitalist context for the traditional Prisoner's Dilemma framework. "We need each other. We're in the same lifeboat; once we've cut the mooring and written the check and are rowing out to sea with the guy (sic), we can either pull in the same direction or we can hit each other over the head with the oars." (Venture capitalist quoted in Sapienza, 1989) [ABSTRACT FROM AUTHOR]

A framework is proposed that develops the dimensions of vertical integration strategies and proposes key factors that might augment their uses within various scenarios. These represent new hypotheses and conjectures about make-or-buy decisions that require empirical testing. If the framework is valid, strategists could formulate better hybrid vertical integration strategies by recognizing the hypothesized effects of these forces on the industries that might be linked. [ABSTRACT FROM AUTHOR]

This paper presents a transaction costs theory of equity joint ventures. It distinguishes between 'scale' and 'link' JVs. Scale JVs arise when parents seek to internalize a failing market, but indivisibilities due to scale or scope economies make full ownership of the relevant assets inefficient. Link JVs result from the simultaneous failing of the markets for the services of two or more assets whenever these assets are firm-specific public goods, and acquisition of the firm holding them would entail significant management costs. [ABSTRACT FROM AUTHOR]

In some areas, the ecosystem is enriched by industrial activities and by- products, such as strip mining and heated water discharge. Management/labor relations may emphasize mutually beneficial combinations of individual differences among workers instead of majority rule or consensus. Causal loop leverage points to remedy the mutual amplification of goallessness among business, government, and the consumer are identified. New concepts are introduced: synchronized "morphogenetic incentives" to facilitate complex "morphogenetic joint ventures" involving heterogeneous industries. [ABSTRACT FROM AUTHOR]