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Resilience of the economy is related with its ability to cope with the challenges (e.g., economic and environmental crises). Economies need to be resilient as countries having resilient economy can enhance welfare of their people and achieve sustainable development (SD). Total factor productivity can be improved through smart technologies, smart workforce, and innovations. It requires holistic and systematic as well as strategic approach as it is directly related with the SD of the countries and welfare of their people. It is directly related with the policies covering all these main aspects with the long-term, systematic, and holistic view. Resilient economies need to enhance their resilience to keep them resilient despite of the changes which can act as threats in the future. Resilience of the economy necessitates transformation of the manufacturing industry (MI) into the sustainable, smart, circular, and global one. In this way MI's competitiveness can be enhanced. For this reason, based on an in-depth literature review, this chapter aims to examine ways for enhancing resilience of the global economy through smart, circular, and competitive MI. Specific focus is on the policies fostering the transformation of the MI into the sustainable, smart, circular, global, and innovative one. This chapter emphasizes the importance of and need for the productivity-based resilient economy. Policy makers, academics, and researchers in the relevant field can get benefit from this chapter.

In this paper, we bridge the gap between imitation and creativity, as we examine whether and how it is possible to succeed in imitation, understood here as the intentional creation of alikeness and, at the same time, the production of something novel and valuable. By distinguishing processes of copying, echoing, and eluding, we scrutinize how different imitation processes intended to create alikeness lead to the emergence of novelty. Using empirical data from two distinct empirical fields, music and pharmaceuticals, we discuss if and how these processes may even lead to emulation and thus the emergence of novelty superseding the imitated original. We find that novelty emerges during processes of imitation from the interplay of a guiding structure obtained from existing originals and the performative variation embedded in processes of imitation. We thereby identify performance enactment, translations between an imitated core and surrounding opportunities as well as the generative effects of intellectual property regulation as key ingredients to foster emulative novelty.

This research examines the bidirectional relationship between Environmental, Social and Governance (ESG) voluntary disclosure engagement and financial performance of a panel of banks extracted from the Gulf Cooperation Council (GCC) banking industry, covering a period of 11 years (2007–2017). We find that GCC banks, and in particular Islamic banks, voluntarily disclose low level of information related to ESG activities. Using system GMM methodology, we provide evidence that ESG disclosure adversely affects bank performance, regardless of the bank performance measure used. Thus spending on ESG turns out to be costly for GCC banks, a result that is consistent with the agency problem, where managers are likely to reduce long-term expenditures related to ESG actions in order to boost short-term profits. As managers' compensations often relate to short-term financial performance, managers tend to reduce their spending on ESG activities. Furthermore, contrary to previous research, our results indicate that the relationship between ESG and financial performance is bidirectional and dynamic. We also find evidence that ESG disclosure positively affects performance only for well-diversified banks. Finally, although conventional banks disclose significantly more information related to ESG activities, we do not find any significant differences between the two types of banks in the relationship between ESG disclosure and performance. Our suggestion is that these results are consistent with what we call “clientele” and “gravitation” effects, where a customer tends to choose to deal with the bank that reflects his religious beliefs (gravitation effect) and with the bank that provides him with the best services (clientele effect) regardless of its ESG disclosure.

This paper points out new directions for the deepening and broadening of the institution-based view, by drawing on three streams of research with which I have been involved recently: (1) outward foreign direct investment from emerging economies, (2) bankruptcy laws and entrepreneurship development, and (3) institution-based research focusing on Africa. Such deepening has been accomplished by enhancing our institution-based understanding of foreign direct investment with a focus on emerging multinationals, while broadening has been done both substantively by probing into the impact of bankruptcy laws on entrepreneurship development around the world and geographically by calling for enhanced research attention on Africa via an institution-based lens.

Introduction: Why companies pay dividends and the determinants of dividend policy are considered an unresolved dividend puzzle. To reach a consensus over the puzzle, researchers must investigate the factors affecting dividend policy by incorporating all the determinants into a single research effort.

Purpose: We examine the dividend policy determinants of Sri Lankan firms, explicitly focusing on the banking, finance, and insurance (BFI) sectors.

Methodology: This study uses the quantitative approach applying the Generalized Method of Moments (GMM) system to examine the dividend policy determinants by obtaining secondary data from 51 listed BFI organisations in Sri Lanka.

Findings: The analysis disclosed that the variables of changes in revenues, firm size, liquidity, corporate tax, business risk, and profitability have a positive relationship with dividend yield, whereas investment opportunities, leverage, change in revenues, corporate tax, and firm size impact positively on the propensity to pay dividends in BFI organisations in Sri Lanka. Our findings opine that managers in the BFI industries should prioritise changing their dividend policies by paying close attention to factors, such as dividend yield, changes in revenue, firm size, liquidity, corporate tax ratio, business risk, and profitability because the dividend policy is critical to retaining current investors and luring new ones.

Institutions and culture as well as their distance between home and host countries matter for international business activities. Yet, the exact nature of this influence is still not fully understood. In this chapter, we develop the concept of institutional and cultural compatibility and propose empirical measures of both to contribute to our understanding in this regard. We argue that the institutional and cultural profiles of home and host countries can create synergies that facilitate bilateral foreign direct investment (FDI) flows (that is being compatible) even if they are characterized by high distances. We apply our measures of compatibility to a sample of bilateral FDI flows between 127 host and 122 home countries over 12 years.

Research on institutional logics has missed the opportunity to understand how and why societies may fundamentally differ in their material and symbolic systems. In this chapter, the authors offer a qualitative examination of the implementation of infrastructure public–private partnership (PPP) projects in the Arab state of Qatar. The authors illustrate how the macrofoundations of Qatari society are rooted in the notion of tribe, an inter-institutional system under which the intertwined institutional orders of the state, the market, and the family have historically developed and operated. Their study sheds light on how these macrofoundations shape the processes and mechanisms that underpin the resistance to the introduction of innovative organizational forms. The chapter makes two contributions. First, it identifies how “foreign” organizational forms rooted in Western institutional orders trigger adverse reactions from societies characterized by different institutional orders. Second, it demonstrates the challenge of implementing PPPs in an institutional context that is unfavorable to them and where actors seek to preserve the supremacy of the extant inter-institutional system.

Throughout centuries, Latin America has faced a paradox. On one hand, the abundance of resources has attracted immigrants who find a suitable place to undertake profitable business ventures in the region. On the other hand, the limited entrepreneurial resources of most countries of the region have motivated the migration of talented people, among them entrepreneurs, to non-Latin American countries. This chapter explores this paradox through the analysis of entrepreneurs' motivations to immigrate to, and migrate from Latin America, the influence of their profile on their business ventures, as well as the role played by both the home and the host countries' institutional conditions. The findings of this analysis underline the diversity of migrant entrepreneurs in terms of personal resources and survival versus opportunity-driven migration decisions. They also reveal the kind of mechanisms migrant entrepreneurs use to counteract their host country's institutional challenges.

In this study, we analyze the general effect of acquirers’ ownership strategy on the survival in foreign acquisitions. Furthermore, we attempt to address five potential moderating effects: international, regional, target country experience, cultural distance, as well as host country development. The developed hypotheses are tested on a sample of 1,345 acquisitions made by 174 Finnish firms in 59 countries during 1980–2005. The results indicate that in general WOS increases the probability of survival of foreign acquired units. We further find that the impact of WOS on the survival of foreign acquired units is contingent upon cultural distance and host country development but not on the experience of buying firms.

In this study, the authors develop in-depth understanding of how refugee entrepreneurs navigate institutional voids in market participation in Malaysia. The authors employ an inductive research design consistent with recent research investigating adversity and disadvantaged entrepreneurship. The findings of this study reveal that refugees adopted different, gendered approaches to navigate institutional voids in market participation. The women refugees in this study anchored towards safety by leveraging legitimacy of market intermediaries (e.g. social ventures and refugee support organisations) to gain protection for entrepreneurial activities and access markets while conducting their labour at home. The men refugees in this study engaged in harbouring – concealing entrepreneurial activities in the local community or under others’ identities to protect income-generating opportunities. The findings of this study thus provide nuance and demonstrate plurality in how refugee entrepreneurs navigate institutional voids, contributing towards more holistic understanding of refugee entrepreneurship, offering insights for development agencies, policy-makers, and other institutions on how to support refugees’ entrepreneurial activities.