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Institutional differences and the development of entrepreneurial ventures: A comparison of the venture capital industries in Latin America and Asia

Published on Jun 1, 2009in Journal of International Business Studies7.72
· DOI :10.1057/jibs.2009.3
Garry D. Bruton50
Estimated H-index: 50
(TCU: Texas Christian University),
David Ahlstrom37
Estimated H-index: 37
(CUHK: The Chinese University of Hong Kong),
Tomas Puky1
Estimated H-index: 1
(VT: Virginia Tech)
Abstract
This paper examines how differences in distinct institutional clusters of countries impact on the vital entrepreneurial activity of venture capital, and how individuals, organizations, and their collective action in turn shape those institutions. The focus on venture capital offers researchers the opportunity to view an industry that comes from a common root, with strong and consistent traditions, in which to examine how the differing institutional settings impact on behaviors in different markets, and how the institutions themselves may change in these settings. We also focus on emerging economies, since such economies offer a natural laboratory to study the impact of institutional change. Specifically, this paper employs an institutional theory perspective to examine venture capital in two regions of the world that form institutional clusters of countries – Latin America and Asia. It is found that the venture capital industry exhibits a strong consistency across many dimensions; yet institutions in these two distinct settings result in significant differences in industry practice. Therefore this research is able to contribute to both empirical and theoretical understanding of emerging economies, institutions in those environments, and venture capital.
  • References (84)
  • Citations (114)
References84
Newest
#1Yuanqiong He (HUST: Huazhong University of Science and Technology)H-Index: 2
#2Zhilong Tian (HUST: Huazhong University of Science and Technology)H-Index: 7
Last.Yun Chen (HUST: Huazhong University of Science and Technology)H-Index: 1
view all 3 authors...
#1David Ahlstrom (CUHK: The Chinese University of Hong Kong)H-Index: 37
#2Michael N. Young (CUHK: The Chinese University of Hong Kong)H-Index: 16
Last.Garry D. Bruton (TCU: Texas Christian University)H-Index: 50
view all 4 authors...
Cited By114
Newest
#1Martin Hemmert (KU: Korea University)H-Index: 13
#2Adam R. Cross (Xi'an Jiaotong-Liverpool University)H-Index: 13
Last.Leven Jianwen Zheng (Xi'an Jiaotong-Liverpool University)
view all 8 authors...
#1Garry D. Bruton (TCU: Texas Christian University)H-Index: 50
#2David Ahlstrom (CUHK: The Chinese University of Hong Kong)H-Index: 37
Last.Juanyi Chen (JLU: Jilin University)H-Index: 4
view all 3 authors...
#1Li Peng (Xi'an Jiaotong University)
#2Yuan Li (Tongji University)
Last.Mike W. Peng (UTD: University of Texas at Dallas)H-Index: 60
view all 4 authors...
View next paperInstitutional Theory and Entrepreneurship: Where are We Now and Where Do We Need to Move in the Future?