ArticleAuthors: Ngo, Vi Dung; Janssen, Frank (2017)
The business environment of emerging and transition economies (EE&TE)
is highly volatile and unpredictable, mainly because they lack strong formal
market-supporting institutions, especially in their early phase of transition
(McMillan, 1995; Peng, 2003). In this context, certain authors argue that
a firm’s strategy can be better explained and predicted by the institutionbased view, followed by the industry-based view and the resource-based
view (Hoskisson et al., 2000; Peng et al., 2008; Wright et al., 2005). Despite
the fact that institutional conditions vary not only between countries but
also within a country and between industries (Gao et al., 2010; Wright et
al., 2005), p...