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1 – 10 of over 3000Irem Demirkan, Qin Yang and Crystal X. Jiang
The purpose of this paper is to examine the current state of corporate entrepreneurship (CE) of emerging market firms (EMFs) and provide direction for future research on the topic.
Abstract
Purpose
The purpose of this paper is to examine the current state of corporate entrepreneurship (CE) of emerging market firms (EMFs) and provide direction for future research on the topic.
Design/methodology/approach
The authors specifically review the recent literature between the years 2000 and 2019 on CE with the keywords “corporate entrepreneurship,” “emerging economies” and “emerging countries” published in the Australian Business Deans Council list journals. The authors review the existing literature about CE in emerging markets, summarize current achievements and present an agenda for future research.
Findings
Based on the review, the authors categorized the macro and micro contexts of CE and summarized the current articles on CE in emerging markets within each macro and micro context. The authors conclude that despite the abundance of research on CE that investigates the three prongs of CE in terms of innovation, strategic renewal and new venturing in developed market contexts, there is a scarcity of literature that focuses on CE in emerging markets from a holistic perspective.
Originality/value
While there is an abundance of literature review on CE in general in terms of the drivers of the construct, the contexts contributing to it and the outcomes, the reviews are lacking about CE specifically within the context of emerging markets. Emerging markets vary from developed markets institutionally, economically, culturally, socially and technologically. However, the questions of how these differences impact the CE activities, as it relates to innovation, venturing and strategic renewal in EMFs, and how these differences provide incentives or hinder the activities that contribute to CE remain mostly unanswered. This paper reviewed the research on CE and emerging market contexts from 2000 to present. It targets to provide a better understanding of the current achievement on this topic and what to be done in the future.
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Ashish Kumar, Shikha Sharma, Ritu Vashistha, Vikas Srivastava, Mosab I. Tabash, Ziaul Haque Munim and Andrea Paltrinieri
International Journal of Emerging Markets (IJoEM) is a leading journal that publishes high-quality research focused on emerging markets. In 2020, IJoEM celebrated its fifteenth…
Abstract
Purpose
International Journal of Emerging Markets (IJoEM) is a leading journal that publishes high-quality research focused on emerging markets. In 2020, IJoEM celebrated its fifteenth anniversary, and the objective of this paper is to conduct a retrospective analysis to commensurate IJoEM's milestone.
Design/methodology/approach
Data used in this study were extracted using the Scopus database. Bibliometric analysis, using several indicators, is adopted to reveal the major trends and themes of a journal. Mapping of bibliographic data is carried using VOSviewer.
Findings
Study findings indicate that IJoEM has been growing for publications and citations since its inception. Four significant research directions emerged, i.e. consumer behaviour, financial markets, financial institutions and corporate governance and strategic dimensions based on cluster analysis of IJoEM's publications. The identified future research directions are focused on emergent investments opportunities, trends in behavioural finance, emerging role technology-financial companies, changing trends in corporate governance and the rising importance of strategic management in emerging markets.
Originality/value
To the best of the authors' knowledge, this is the first study to conduct a comprehensive bibliometric analysis of IJoEM. The study presents the key themes and trends emerging from a leading journal considered a high-quality research journal for research on emerging markets by academicians, scholars and practitioners.
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Halil Kiymaz and Koray D. Simsek
The purpose of this paper is to examine the performance of US mutual funds that invest primarily in emerging market equities and bonds.
Abstract
Purpose
The purpose of this paper is to examine the performance of US mutual funds that invest primarily in emerging market equities and bonds.
Design/methodology/approach
The study adopts the Morningstar classification of mutual funds and uses the Lipper US Mutual Fund Database through FactSet to obtain monthly returns and various metrics for emerging market equity and bond mutual funds covering the period from January 2000 to May 2017. Several descriptive statistics for these funds are reported as well as various risk-adjusted performance measures. Alphas are computed for different sub-periods using different factor models to mitigate potential biases.
Findings
The results show that diversified emerging market funds generate some significant alphas for their investors during the study period. Emerging market bond funds, on the other hand, do not provide any significant positive alphas; mostly alphas are negative. An analysis of sub-period performance suggests that these funds do not consistently provide excess returns, showing great variations from one period to another.
Originality/value
The emerging market funds provide US investors with an alternative source of exposure for their portfolios. Emerging markets differ from developed markets on a wide range of market and economic characteristics, including size, liquidity, and regulation. This study contributes to the scarce literature on these types of funds and provides a comprehensive performance assessment against various benchmarks during a period that encompasses significant bear and bull markets across the world.
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Donatella Depperu, Ilaria Galavotti and Federico Baraldi
This study aims to examine the multidimensional nature of institutional distance as a driver of acquisition decisions in emerging markets. Then, this study aims to offer a nuanced…
Abstract
Purpose
This study aims to examine the multidimensional nature of institutional distance as a driver of acquisition decisions in emerging markets. Then, this study aims to offer a nuanced perspective on the role of its various formal and informal dimensions by taking into account the potential contingency role played by a firm’s context experience.
Design/methodology/approach
Building on institutional economics and organizational institutionalism, this study explores the heterogeneity of institutional distance and its effects on the decision to enter emerging versus advanced markets through cross-border acquisitions. Thus, institutional distance is disentangled into its formal and informal dimensions, the former being captured by regulatory efficiency, country governance and financial development. Furthermore, our framework examines the moderating effect of an acquiring firm’s experience in institutionally similar environments, defined as context experience. The hypotheses are analyzed on a sample of 496 cross-border acquisitions by Italian companies in 41 countries from 2008 to 2018.
Findings
Findings indicate that at an increasing distance in terms of regulatory efficiency and financial development, acquiring firms are less likely to enter emerging markets, while informal institutional distance is positively associated with such acquisitions. Context experience mitigates the negative effect of formal distance and enhances the positive effect of informal distance.
Originality/value
This study contributes to institutional distance literature in multiple ways. First, by bridging institutional economics and organizational institutionalism and second, by examining the heterogeneity of formal and informal dimensions of distance, this study offers a finer-grained perspective on how institutional distance affects acquisition decisions. Finally, it offers a contingency perspective on the role of context experience.
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Prior studies argue that social capital is vital for firm growth. Adding to this line of research, this paper provides more evidence regarding the contribution of bonding and…
Abstract
Prior studies argue that social capital is vital for firm growth. Adding to this line of research, this paper provides more evidence regarding the contribution of bonding and bridging social ties to various aspects of small-l and medium-sized enterprise (SME) development. Building on the original data from Russia, this paper investigates the effects of firm-internal and firm-external relational ties on SME performance and geographic expansion. The findings indicate that horizontal bridging ties facilitate specific strategies of SME growth. Thus, this paper supports prior research conducted in the Asian context, and allows for extending the outcomes of bonding and bridging social capital into broader institutional settings. In addition, this study raises the question of relationship between the composition of social capital and distinct organizational characteristics of SMEs. Finally, the paper discusses the implications for future research, and outlines some practical recommendations for SMEs operating in emerging markets.
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International business as a field values perspectives from various contexts, but scholars from emerging markets face a number of often-unseen challenges preventing them from fully…
Abstract
Purpose
International business as a field values perspectives from various contexts, but scholars from emerging markets face a number of often-unseen challenges preventing them from fully contributing to the field. This study aims to explain those challenges and what the author has done to manage them.
Design/methodology/approach
This is a Reflexive piece in which the author makes sense of her own experience as a scholar not only of but also in an emerging market, as well as the experiences at her school in seeking to develop a high-quality doctoral program.
Findings
When leading scholars interact, whether in writing or in person, they tend to be in academically and otherwise well-resourced locations. This is true even for the leading international business scholars of emerging markets, and it imposes time and financial costs on scholars located in emerging markets wanting to participate in such conversations. Having experienced such challenges, the author worked with colleagues to design a doctoral program that could nurture rich scholarly conversations at the school. However, there remains a clear and pervasive tension between the inclusive aspirations of the field and the tendency for cutting-edge academic conversations to be concentrated in the developed world.
Originality/value
The experiences of emerging market scholars remain underrepresented in the field. By drawing on her own experience, both as a scholar and the head of the doctoral program at her school, the author provides suggestions for how to think about and develop a more inclusive scholarly conversation.
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Thabo J. Gopane, Noel T. Moyo and Lesego F. Setaka
Stirred by scant regard for market phases in portfolio performance assessments, the current paper investigates the active versus passive investment strategies under the bull and…
Abstract
Purpose
Stirred by scant regard for market phases in portfolio performance assessments, the current paper investigates the active versus passive investment strategies under the bull and bear market conditions in emerging markets focusing on South Africa as a case study.
Design/methodology/approach
Methodologically, the measures of Jensen's alpha and Treynor index are applied to the monthly returns of 20 funds from January 2010 to June 2022.
Findings
The results are enlightening; though they contradict developed market evidence, they are consistent with emerging market trends. The findings show that actively managed funds outperform the market benchmark and passive investing style under bear and normal market conditions. Passive investment strategy outperforms both market benchmark and actively investing style under bull market conditions.
Practical implications
In the face of improved market efficiency, increased liquidity and recent technological impact, the findings of this study have practical application. The study outcomes should inform and update global investors, especially asset managers interested in emerging markets; however, the limitations of the study should also be considered.
Originality/value
While limited studies consider market conditions when comparing and contrasting the performance of passive versus active investing, such consideration is lacking in emerging markets. The current study corrects this literature imbalance.
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Silvio John Camilleri, Semiramis Vassallo and Ye Bai
This paper examines whether there are differences in the nature of the price discovery process across established versus emerging stock markets using a twenty-country sample.
Abstract
Purpose
This paper examines whether there are differences in the nature of the price discovery process across established versus emerging stock markets using a twenty-country sample.
Design/methodology/approach
The authors analyse security returns for traces of predictability or non-randomness using variance ratio tests, Granger-Causality models and runs tests.
Findings
The findings pinpoint at predictabilities which seem inconsistent with market efficiency, and they suggest that the inherent cause of predictability differs across groups.
Research limitations/implications
The authors present empirical evidence which may be used to attain a deeper understanding of the links between predictability and market efficiency, in view of the conflicting evidence in prior literature.
Practical implications
Whilst the pricing process in emerging markets may be hindered by delayed adjustments, in case of established markets it seems that there is a higher tendency for price reversals which could be due to prior over-reactions.
Originality/value
This study presents evidence of substantial differences in predictability across developed and emerging markets which was gleaned through the rigorous application of different empirical tests.
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Book review by Nadia Ballard. Ilan Alon and Diane H. B. Welsh, editors, International Franchising in Emerging Markets: Central and Eastern Europe and Latin America. Chicago: CCH…
Abstract
Book review by Nadia Ballard. Ilan Alon and Diane H. B. Welsh, editors, International Franchising in Emerging Markets: Central and Eastern Europe and Latin America. Chicago: CCH Inc., 2001.
Ilan Alon and Diane H. B. Welsh, editors, International Franchising in Emerging Markets: China, India and Other Asian Countries. Chicago: CCH Inc., 2001.