Varieties of Asian capitalism : toward an institutional theory of Asian enterprise

Carney, Michael, Gedajlovic, Eric, & Yang, Xiaohua (2009) Varieties of Asian capitalism : toward an institutional theory of Asian enterprise. Asia Pacific Journal of Management, 26(3), pp. 361-380.

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In this paper we respond to calls for an institution-based perspective on strategy. With its emphasis upon mimetic, coercive, and normative isomorphism, institutional theory has earned a deterministic reputation and seems an unlikely foundation on which to construct a theory of strategy. However, a second movement in institutional theory is emerging that gives greater emphasis to creativity and agency. We develop this approach by highlighting co-evolutionary processes that are shaping the varieties of capitalism (VoC) in Asia. To do so, we examine the extent to which the VoC model can be fruitfully applied in the Asian context. In the spirit of the second movement of institutional theory, we describe three processes in which firm strategy collectively and intentionally feeds back to shape institutions: (1) filling institutional voids, (2) retarding institutional innovation, and (3) deploying institutional escape. We outline the key contributions contained in the articles of this Special Issue and discuss a research agenda generated by the VoC perspective.

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84 citations in Scopus
72 citations in Web of Science®
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ID Code: 27585
Item Type: Journal Article
Refereed: Yes
Additional URLs:
Keywords: VoC, Institutions, Co-evolution , Actor-centered Theory , Institutional Innovation
DOI: 10.1007/s10490-009-9139-2
ISSN: 0217-4561
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > International Business (150308)
Divisions: Current > Research Centres > Australian Centre for Business Research
Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Management
Deposited On: 27 Sep 2009 23:54
Last Modified: 10 Aug 2011 14:14

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