دانلود رایگان مقاله توسعه سازمانی و سودآوری شرکت در اقتصاد در حال تحول

ABSTRACT

Although transition economies experience significant institutional transformations that vary in their pace and magnitude, our understanding of how such changes influence firm performance is rather limited. We examine how variations in institutional reforms and international openness in 16 transition economies in Central and Eastern Europe (CEE) influence firm profitability. We enhance the understanding of this subject by showing that such institutional changes have different effects on the competitive advantages and in turn profitability of domestic firms and foreign subsidiaries. Our analysis of over 230,000 observations reveals that institutional reforms benefit domestic firms. Conversely, a completely different pattern emerges for foreign subsidiaries, indicating that institutional reforms have negative consequences for their profitability. Hence, in contrast to the established assumption that developed institutional environments are advantageous for foreign subsidiaries, the nature of institutional changes makes domestic firms the main beneficiaries.

5. Discussion

5.1. Theoretical contributions First, we contribute to the institution-based view (Meyer & Peng, 2005; Peng, 2003; Peng et al., 2008) by showing that the effects of institutional development on firm profitability are not uniform but instead vary significantly depending on the firm’s ownership (domestic or foreign). Our analysis therefore helps us improve prior theory that acknowledges that institutional development leads to rent redistribution but has not identified how different economic actors are affected. Similarly, it extends recent work on the differences between domestic and foreign firms (Chari & Banalieva, 2015) by demonstrating that institutions in emerging economies evolve in a manner that benefits domestic firms but not foreign subsidiaries.