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The need for a firm’s business strategy to be responsive to the institutional contexts of emerging markets is well-established in the literature. Often, however, strategic responsiveness is impeded by defining institutional contexts as country-level aggregations (macro-level) and glossing over sub-national variations (micro-level). The purpose of this paper is to investigate micro-level contexts that can defy macro-level assumptions of economic rationality.

As a research site, the motivations of street vendors in Mexico City are analyzed in terms staying in one sub-national context, the informal sector, as opposed movement to another, the formal sector. Unanticipated reluctance to move from one context to another is defined as stickiness.

Sub-national institutional contexts are found to be sticky, with less movement between informal and formal sectors than would have been anticipated. Unexpectedly, it is found that a significant number of street vendors prefer the hardship of the informal sector to the relative security of the formal sector.

International business research makes assumptions about the growth narrative of emerging markets, often characterizing a growing middle class as a rising tide that lifts all boats. In terms of further research on adapting strategy, however, assumptions of rational expectations ought to be tempered, as demonstrated by the stickiness of the informal sector.

A contribution is made to the international business literature by showing that macro-level assumptions about institutional context based on rational expectations of wealth-maximizing behavior in emerging markets may result in an incomplete view of institutional context. Ultimately, adaptation of strategy could be impaired as a result.

This paper examines the internationalization response of entrepreneurs in Hong Kong to the institutional upheaval of the Umbrella Revolution (UR), analyzed through the lens of post-colonial theory.

Inductive methods are applied to interview data on dimensions of ethnic background (local Chinese, regional Chinese and British expatriates) and geographical scope of business (Hong Kong only or global). The analysis consists of first-order concepts, second-order themes and aggregate dimensions which link the results to post-colonial theory and international entrepreneurial orientation (IEO).

Amongst informants with a high international entrepreneurial orientation (IEO), strategy response to upheaval is highly influenced by ethnic background and geographical flexibility in a post-colonial context. Applying Bhabhaian post-colonial theory, the Hong Kong UR is found to be a liminal space, where internationalization strategy in response to upheaval belies subconscious, ethics-laden constructions of post-colonial identity, manifesting in counterintuitive ways.

This paper addresses the paucity of studies on liminality and entrepreneurship and on how IEO responds to acute uncertainty in the business environment. Further, IEO is found to be an individual rather than a firm-level construct. Finally, a post-colonial theory is considered in a larger context of liminality and how the transitional self of entrepreneurs comes to terms with institutional upheaval.

This paper examines social impact investing (SII), a growing source of investment from the Global North to the Global South celebrated as a new way of doing good in low-income countries, but bearing elements of neoliberalism that can reify post-colonial contexts.

A microfoundational, autoethnographic approach is used based on the author’s experiences and emotional epiphanies while engaged in an activist entrepreneurial enterprise. The author’s goal was to effect positive social change with Indigenous Mexican producers of mezcal liquor.

Despite the best of intentions and following best practices for SII, the expected altruistic outcomes were eclipsed by inadvertent post-colonial behaviours. Neoliberal foundations of financialization gave primacy to the perspectives and egos of the investors rather than meaningful impact for the Indigenous beneficiaries.

Based on the findings, three areas are presented for further research. First, how Global North social impact investors balance the ego of their motivations with the altruism of intended outcomes for beneficiaries. Second, what ownership structures of Global North investments allow for social benefits to flow through to intended beneficiaries. Third, how post-colonial power imbalances can be redressed to give an equal position to Global South beneficiaries as people, rather than financial metrics indicating only that they have become less poor.

By using autoethnographic methods that expose the vulnerability of the researcher, unique insights are generated on what happens when good intentions meet with a post-colonial context. The neoliberal underbelly of SII is revealed, and ways to make improvements are considered.