Search results

The purpose of this paper is to review the practicality and implications of capital controls in emerging economies in the international financial landscape subsequent to the 1997 Asian financial crisis (AFC) and the 2008 global financial crisis (GFC).

The doctrinal approach used in this study relies primarily on primary data from relevant statutes and regulations in the capital and financial markets, and secondary data from research findings of published sources available in the public domain. It also makes concurrent use of the case study approach.

The disdain over the use of capital controls by emerging economies such as Malaysia in the 1997 AFC by multilateral agencies like the International Monetary Fund (IMF) since then and particularly after the 2008 GFC and the 2011/2012 European financial crisis (EFC) has been quietly and gradually transformed into a viable policy option under defined circumstances, especially at the IMF and global forums like the G20. The 1997 AFC in particular induced East Asian economies and others to strengthen the macroeconomic and financial positions, such that they were not only able to withstand the impacts of the 2008 GFC and the 2011/2012 EFC but also contributed to their gradual recoveries through their participation as net lenders to the IMF. The enhanced confidence of these emerging economies to use various capital controls without seeking IMF support spawned new thinking at the IMF to result in the introduction of policy guidelines sanctioning the use of capital controls under particular circumstances.

The paper is constrained by the usual limitations connected with qualitative studies, but this is generally mitigated by triangulation of perspectives and so on.

This paper provides a critical overview of the pros and cons of capital controls. In particular, it analyses the implications of capital controls as a policy option for emerging economies when facing severe financial crisis. It also critically discusses how and why flowing from the aftermath of its application by Malaysia in the 1997 AFC and subsequent employment by other successful emerging economies in response to the 2008 GFC and 2011/2012 EFC, multilateral institutions such as the IMF and international forum like the G20 developed a more positive approach toward the use of capital controls.

Asian economy in transition is facing great deal of challenges, so its corporate governance. This paper investigates the dominant corporate governance models practiced under the liberal market capitalism, cooperative capitalism, collective capitalism and the state capitalism across the continents and proposes conscious governance approach for Asia and emerging economies.

The paper explores and compares Anglo-American and Continental European corporate governance models. The report further investigates the development of corporate governance across Asian publicly listed companies, state-owned enterprises, small and medium enterprises and other privately held large enterprises, and raises questions and concerns and derives conclusion.

The Asian experience of imposing Western corporate governance models is more of a simplification of tasks based on political, cultural and globalization needs rather than the regions’ economic, financial and social development reality.

The unique proposition of conscious corporate governance aligns corporate governance practice with Asian socio-economic transition vision and helps with further development and reforms.

The paper adds to the existing efforts and triggers a fresh view to the Asian and emerging economies corporate governance research and strategy.

The direct selling model adopted in the beauty and cosmetics industry puts female consumer entrepreneurs at the heart of the business model. A neglected phenomenon in female entrepreneurship, this study aims to focus on female sales agents’ capabilities that are linked to sales performance and examine which capabilities might be shaped and enhanced through coaching and training in an emerging economy context.

Survey data were generated from a sample of 249 female sales agents who agreed to participate in a coaching and training programme run by a focal firm. Data were collected in two phases to investigate the capabilities linked to sales performance pre-intervention and the impact of coaching and training on the relationships between the capabilities and sales performance post-intervention. The time-lag data were analysed using partial least squares structural equation modelling.

For female sales agents, self-efficacy and sales experience have a significant positive effect on adaptive sales performance both before and after the coaching and training intervention. In contrast, intellectual capital and self-motivation had a non-significant relationship with sales performance before the intervention. However, after the intervention, the relationship between these variables became positive and significant.

The study demonstrates the effects of pre- and post-coaching and training on female consumer entrepreneurs’ capabilities and the links to sales performance. These findings add critical empirical knowledge on how female consumer entrepreneurship may be developed and the role of entrepreneurship for female empowerment in the Asian context. Collectively, the findings bring to the fore the female sphere in consumer entrepreneurship research in emerging economies.

The paper aims to explore how market pressures, upper echelons theory and slack resources interact to affect pro-environmental strategies in an emerging market. Specifically, the authors assess external market factors (consumer concerns, regulatory forces and competitors' concerns) in terms of how they are negotiated through internal resources and company capabilities (top management commitment and discretionary slack) to produce or not produce pro-environmental strategies (environmental corporate strategy and environmental marketing strategy).

A total of 1,000 questionnaires were distributed in the Pakistani manufacturing sector – where energy use and natural resources consumption is intensive. The final 181 useable responses were analyzed using covariance-based structural equation modeling and the PROCESS macro.

The results reveal that regulatory forces and competitors' concerns have both direct and conditional indirect effects on environmental corporate strategy but only conditional indirect effects on environmental marketing strategies through the mediation of top management commitment and at different levels of discretionary slack. However, consumer concerns remain inconsequential antecedents with insignificant direct effects and conditional indirect effects on environmental corporate and marketing strategies through the mediation of top management commitment at different levels of discretionary slack.

The authors propose an integrative model as a functioning mechanism for the environmental strategic decisions of companies in emerging markets. This model relies on both slack resource and upper echelons theories. These findings contribute to a better understanding of the impacts of internal and external determinants and functions on environmental strategies at corporate and functional levels in emerging markets. The various paths to diverse levels of environmental strategy and the insignificant role of consumer concerns suggest a need for further investigation of corporate environmentalism in emerging markets that consider their distinctive legal, societal, market and institutional contexts.

This paper aims to identify strategies used by companies during the recent global recession and to investigate the effectiveness of offensive and defensive strategies. It also investigates how these different types of strategies are sequenced.

The paper draws on cases from seven publicly listed Indian information technology (IT) and information technology-enabled services (ITESs) companies. This longitudinal study draws on 32 semi-structured interviews with top management. The data were triangulated using annual and quarterly reports, emails, organization profiles and customer satisfaction reports.

Offensive and defensive strategic responses were deployed concurrently, not sequentially. Offensive responses were crucial in turning around a firm. Identical strategies can yield different results in product and service companies.

The findings of this paper should be generalized with care because of the sampling scope. Future studies should include quantitative research over different recession periods.

The paper provides insights for practitioners on how to respond to economic recession and prepare for recovery.

The paper enriches the corporate turnaround and business cycle management literature by analyzing the behavior of firms from India and from the high-tech industry.

The paper is a synthesis of the 2017 Global Food Policy Report, and the purpose of this paper is to put into perspective the major food policy issues, developments, and decisions of 2016 and highlights challenges and opportunities for 2017.

The paper presents an overview of recent changes in the global context for food security and nutrition, and synthesizes research findings on major issues that arise in an urbanizing world. Based on its findings, the authors present policy recommendations and areas for future research for food security and nutrition.

Urbanization is linked with dietary changes to more energy-dense diets, and, the triple burden of malnutrition is increasing, particularly in rapidly urbanizing developing countries. Rural-urban linkages are key to improving food security and nutrition in both rural and urban areas, and traditional agricultural value chains linking farms to cities are undergoing a “quiet revolution.” Governance to enhance food security in the context of rapid urbanization faces various challenges in the institutional, administrative, and political realms, especially for the informal economy in developing countries. To address the unique challenges of urbanization, policies will need to create enabling environments, promote efficient and inclusive value chains, improve governance, and promote tailored programs. Research gaps that need to be filled include better, updated, and disaggregated data on food security and nutrition, as well as an enhanced understanding of enabling environments.

The paper highlights the increasingly relevant issue of rapid urbanization, especially in developing countries, for food security and nutrition, and synthesizes recent research in this area.

Extant literature has indicated that government support is one of the main drivers of international expansion of Chinese multinational enterprises. However, research on the influence of governors on firm internationalization is still limited. Drawing upon the institution-based view, we theorize a novel concept of institutional enablement to illustrate the influence of a governor's pro-market ideology on Chinese firms' internationalization.

We analyze the relationship between a governor's pro-market ideology (consisting of a pro-market political ideology, an overseas educational background and a business background) and firm internationalization with a sample of Chinese public companies during 2014–2017.

We find a direct and positive effect of a governor's pro-market ideology on firm internationalization. We also find an indirect and positive effect of a governor's pro-market ideology through regional, inward foreign direct investment.

To the best of our knowledge, this paper is the first to investigate an underexplored question of the impact of governors on firm internationalization and to develop a novel concept of institutional enablement, based on discursive institutionalism.

The main purpose of this paper is to introduce a comprehensive model explaining what affects the scope of the firm and also to find out its impact on firm performance.

This paper is based on an empirical analysis of a sample of 312 hardware manufacturing companies in Taiwan.

The research findings indicate that capability exploitation and upgrading will exert a positive influence on corporate diversification. In addition, corporate diversification will exhibit a curvilinear effect on firm performance.

Under the logic of capability‐based growth, managers should manage portfolios of capability upgrading and capability exploitation; and then, managers have to conduct econometric analyses to find out a firm's optimal level of corporate diversification for performance maximization.

This study attempts to propose a dynamic capabilities perspective, which suggests that the successful growth of a firm hinges on a strategic logic of capability‐based growth management containing both capability exploitation and capability upgrading, for exploring the antecedents and consequences of corporate diversification.

This study aims to analyze the university environment’s role in the intention–action gap (IAG)of highly successful startup founders in an emerging market.

Using multiple regression analysis, this study analyzed data collected from 314 founders representing 99 successful startups (289 valid observations), renowned for their high funding and value operating in an emerging market, Brazil.

The results demonstrate that extracurricular activities and exchange programs lead to a reduced IAG while living in a significant economic center extends it. Computer science and industrial engineering students show reduced IAGs. Studying together with future co-founders also leads to reduced gaps.

The study contributes to the microfoundations theory by presenting new interactions between students and the university environment that influence entrepreneurial action. Limitations are related to the sample, limited to Brazilian founders and selected only through venture capital firms’ filters.

This study also provides practical insights to the universities’ leaders on how they can create programs that improve the rate of startup creation, potentially leading to successful companies.

This study investigates the association between the university role and the entrepreneur’s IAG in emerging markets. The entrepreneur’s IAG is still a relatively new phenomenon explored in entrepreneurship. Even less understanding and limited empirical data exist on successful startups from emerging markets. This study drew on the microfoundations literature to answer how universities in emerging markets could address specific resources and entrepreneurship programs to reduce the IAG among students and alumni.

This study aims to examine the impact of regulatory, normative and cultural cognitive institutions and firm and individual factors on entrepreneurial behavior.

Using the quantitative research method, the authors collected data from 316 micro, small and medium enterprises (MSMEs) in Kosovo, a transition economy, through a cross-sectional research design. The authors performed exploratory factor analyses, correlation and regression analyses on the data using SPSS 26 and STATA software.

The research findings indicate that, within transition economies, normative and cultural-cognitive institutions have a positive impact on entrepreneurial behaviors. The authors could not determine the effect of regulatory institutions on entrepreneurial behavior. The authors also discovered that young firms are more inclined toward entrepreneurial behavior than older firms, and micro firms display a stronger entrepreneurial behavior than small firms. Furthermore, family businesses showed a greater tendency for entrepreneurial behavior than nonfamily firms. Interestingly, when the rational decision-making interacts with regulatory institutions, the effect on entrepreneurial behavior is negative.

This study employed a cross-sectional approach to investigate the influence of macro, meso, and micro-level factors on entrepreneurial behavior within a transitioning community across three industries. Future studies could replicate these findings within comparable institutional contexts, employing longitudinal studies that include additional variables beyond those considered in our present study.

Considering the importance of MSMEs for a country’s economic and sustainable development, the authors provide some policy implications. The authors recommend managers carefully evaluate the information gathered while they decide and also increase their capabilities concerning digitalization, which is crucial for their firm’s survival, growth and sustainable competitive advantage.

This paper contributes to the literature and shows and analyses entrepreneurial behavior at institutional (macro), firm-level factors (meso) and managers' rational decision-making (micro), providing evidence from a transition community.