Market Institutional Environment Research Articles

The Uncompleted Privatization of Functional Land in Slovenia and Attempts at its Re-nationalization

The article discusses the unsettled ownership status of many tracts of urban land in Slovenian cities that persists as a consequence of the disorderly transition from the socialist into the market institutional environment. Problems arising from the privatization of real estate, which can be detected all over the former Yugoslavia, typically affect functional land, i.e. land directly intended for the regular use and functioning of a building. Frequently, the land register does not show the rightful ownership status of such plots, leading to disputes and lengthy court proceedings for the determination of ownership. This is particularly the case with shared outdoor parts of residential neighborhoods, which are often subject to unfounded ownership claims based on obsolete entries in the land register. Even some municipal authorities have attempted to bring such land into public domain under this pretense, which would, if successful, amount to a 21st-century nationalization.

A contingent view of institutional environment, firm capability, and innovation performance of emerging multinational enterprises

Drawing on the institution theory and the resource-based view of the firm, we propose a contingent view on the relationship between host market's institutional environment, emerging multinational enterprises (EMNEs)’ capability, and their innovation performance in the internationalization process. Specifically, we examine three key aspects of host market's institutional environment: market maturity, intellectual property right protection, and cultural distance, to investigate their distinct impact on innovation performance. We further explore how the effects of institutional environment is contingent upon firm-specific absorptive capability. The analyses of a panel data of 735 Chinese EMNEs provide support for this contingent view, and the findings of this study thus can help advance our understanding of the internationalization process of EMNEs.

Эмпирическое конструирование институциональной карты российского металлургического комплекса

The article presents to an assessment of the institutional complexity level of the industry markets on the example of seven Russian metallurgical industries. The author specifies the system of institutional interaction in the industry markets. The research methodology bases on the construction of an industry markets institutional map, which is a system of two projections: the complexity level of the industry market institutions and the complexity level of industrial market institutional environment. The result of the paper is the empirical institutional mapping for the seven metallurgical industries in the fact and with the adjustment for stability. The institutional map visualizes high complexity level in all metallurgical industries, but this fact is due to various reasons. Our research can be interesting for updating of the enterprises strategy, and for the choice of an industrial policy.

Foreign IPO capital market choice: Understanding the institutional fit of corporate governance

AbstractWhile product market choices have been central to strategy formulation for firms in the past, the integration of financial markets makes the choice of capital markets an equally important strategic decision. We advance a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. We find that internal governance characteristics (founder‐CEO, executive incentives, and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication, and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms. Our results suggest foreign IPO firms select a host market where the firms' governance characteristics and third party affiliations fit the host market's institutional environment. Copyright © 2012 John Wiley & Sons, Ltd.