دانلود رایگان مقاله انگلیسی پویایی شناسی نهادهای طرفدار بازار و عملکرد شرکت - اشپرینگر 2018

Abstract

We analyze how pro-market institutions affect firm performance in emerging markets. Integrating transaction costs and signaling theory, we advance three arguments. First, we separate four dynamic components of pro-market institutions: intensifying and fading pro-market reforms and intensifying and fading pro-market reversals. Second, we propose an asymmetric dynamic view whereby not only intensifying reforms but also fading reversals improve firm performance, while not only fading reforms but also intensifying reversals reduce performance. Finally, we argue that more efficient firms perform better under each of the dynamics. We test these arguments on a sample of 1092 firms from 34 emerging markets during 1998–2011.

DISCUSSION AND CONCLUSION

The implementation of pro-market reforms has, overall, been beneficial for countries. Learning from the spread of pro-market reform experiences across the world (Yergin & Stanislaw, 1998), country-level research has gradually adopted the view that pro-market reforms can stimulate economic development. However, the path of pro-market reforms has not been smooth, with many governments wavering between pro-market reforms and reversals, influenced by concerns over the uneven distribution of benefits and costs from these institutional dynamics (Breslin, 2011).

In contrast, the impact of pro-market reforms on firms is less clear. Firm-level research in management and finance that studied the effects of these pro-market reforms on companies (Bhaumik & Dimova, 2014; Park et al., 2006) has yielded conflicting findings. Some analyses have found a positive influence of pro-market reforms on firm performance (e.g., Cuervo-Cazurra & Dau, 2009a), while others have found a negative effect (e.g., Chari & David, 2012). We resolve this divergence by proposing an asymmetric dynamic view of the impact of pro-market institutions on firms, separating changes in pro-market institutions into four types. We explained how some of these changes in pro-market institutions support performance while others harm it. Specifically, we advanced the arguments that intensifying reforms and fading reversals increase firm performance, while fading reforms and intensifying reversals lower it. These ideas clarify the macro–micro bridge of how country changes in institutions affect transaction costs and firm performance via managers’ interpretation of government signals and their impact on transaction costs.