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"Bruton, Garry D"
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Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments
This paper examines performance effects of ownership concentration and two types of private equity investors (venture capitalists and business angels) in firms that have recently undergone an initial public offering (IPO) in the United Kingdom and France. We expand and contextualize nascent understanding of multiple agency theory by examining heterogeneity of private equity investors and by suggesting that multiple agency relationships are affected by different institutional contexts. We employ a unique, hand-collected dataset of 224 matched IPOs (112 in each country). Controlling for the endogeneity of private equity investors' retained share ownership, we find support for the agency theory argument that concentrated ownership improves IPOs' performance. The research also shows that the two types of private equity investors have a differential impact on performance, and the legal institutions in a given country moderate this impact.
Journal Article
Institutional Differences and the Development of Entrepreneurial Ventures: A Comparison of the Venture Capital Industries in Latin America and Asia
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.
Journal Article
Venture capital in China: Past, present, and future
This article reviews the literature on venture capital in China and examines where China’s venture capital industry has been and where it is likely to go in the future. Since the 1980s, venture capital in China has grown steadily alongside the robust national economy. The future is likely to offer even greater opportunities, as entrepreneurs are encouraged and property rights improve. However, there will also be a period of transition as the market continues to mature and as new legal structures and commercial arrangements emerge. Venture capital in China has many interesting differences from that in Western countries. The venture capital industry is shaped by the institutional context and China is no exception to this. This article also examines some specific differences between the system in China and that of the United States. Future prospects for venture capital are also appraised as China continues its transition to a market economy. Copyright Springer Science+Business Media, LLC 2007
Journal Article
The board chair effect across countries
Research Summary
Strategic leadership scholars have produced consistent evidence that the CEO effect on firm performance depends on the latitude of actions CEOs enjoy in their particular context. We argue that as the governance leaders of their firms, board chairs choose a firm's objectives more than they do its actions. As a result, the board chair effect should vary with latitude of objectives, rather than latitude of actions. We explore this possibility by comparing the board chair effect in two countries with relatively high latitude of objectives—Germany and China—with the board chair effect in two countries with relatively low latitude of objectives—the United States and United Kingdom. Results confirm that latitude of objectives influences the effect of board chair heterogeneity on firm performance.
Managerial Summary
Do board chairs matter to different degrees in different countries? Building on prior work showing that U.S. board chairs account for a significant portion of firm performance, we collected data on board chairs from four different countries to find out if this effect differs by institutional environment. We find that board chairs matter for firm performance across countries, but that board chairs in Germany and China exhibit a considerably larger effect on firm performance than do board chairs in the United States and United Kingdom. We interpret these findings as evidence that board chairs enjoy wider discretion with regard to organizational objectives in Germany and China than they do in the United States and United Kingdom.
Journal Article
China has emerged as an aspirant economy
It is common for articles in the business and management field that employ China as a sample to still place that research in the stream of transition and/or emerging economies. Such a rendering was accurate 40 years ago as China’s economic reforms began. However, China no longer meets the definitional characteristics of “emerging economies” that of low income, rapid economic growth with institutional instability, and a reliance on low cost production to drive this growth. China is one of a number of upper middle-income countries seeking to move to high-income status that we define as “aspirant economies.” In this article, we discuss why China should be considered as having emerged and now aspiring, rather than emerging. We highlight how scholars still rely on a traditional view of China as an emerging economy despite its economic reality, and where research that examines China as an aspirant economy should move in the future.
Journal Article
Theories of the (state-owned) firm
State-owned enterprises (SOEs) contribute approximately 10% of the world’s GDP. SOEs at one time were predicted to disappear from the economic landscape of the world, but today SOEs are growing more prevalent in the world economy. The current theories of the firm that form the pillars of the management discipline largely ignore the theoretical differences that SOEs introduce into the conceptualization of the firm. Therefore, we extend four core theories of the firm by incorporating SOEs as a mainstream (not special or marginal) organizational form into these theories. We focus specifically on property rights theory, transaction cost theory, agency theory, and resource-based theory, culminating in a research agenda with 12 testable propositions.
Journal Article
Turnaround in East Asian firms: evidence from ethnic Overseas Chinese communities
Research done primarily in the United States has shown that firms in decline enjoy better odds of returning to health when strong measures are taken. The culture of the Overseas Chinese of East Asia has helped to shape the region's prior commercial success but it also impacts responses to firm decline and turnaround. This research provides the first empirical investigation of the turnaround strategies of Overseas Chinese firms in East Asia. The evidence gathered shows that the utility of the predominantly U.S. model of firm turnaround has limits in East Asia. In particular, the role of strong owner-managers and the importance of relationships among business people constrain the applicability of prior U.S. research to East Asia.
Journal Article
Knowledge management in technology-focused firms in emerging economies: Caveats on capabilities, networks, and real options
In mature economies, technology-focused industries and the management of knowledge are widely viewed as critical to success. Increasingly, in emerging economies technology-focused industries and the management of knowledge are also viewed as important. To date, however, little is known about such activities in emerging economies. Particularly, it is not understood how knowledge management can impact efforts for corporate renewal in such environments. The literatures of the resource-based view of the firm, social capital/network theory, and real options theory are vital to providing insights for technology-focused industries and the management of knowledge in mature economies. In this paper we focus on the caveats when applying such theoretical foundations to emerging economies. To illustrate these issues we will draw on the largest emergent economy in the world, China. Copyright Springer Science+Business Media, LLC 2007
Journal Article
Entrepreneurship, poverty, and Asia: Moving beyond subsistence entrepreneurship
Approximately 1.7 billion people in Asia live in poverty today. To date, efforts to address poverty in Asia have largely focused on subsistence entrepreneurship rather than on creating ventures that empower them to break out of poverty. That is, the mechanisms that have been used, such as microlending, generally lead entrepreneurs to create businesses providing basic life essentials rather than helping them build businesses that generate capital to improve the entrepreneur’s standard of living. This article initially reviews what we know about entrepreneurship as a solution to poverty in Asia. We then examine what we know about other major tools to address poverty in Asia. Next, we propose a research agenda on poverty in Asia. Finally, we introduce the articles in this Special Issue of the
Asia Pacific Journal of Management
, “Asia & Poverty: Closing the Great Divide through Entrepreneurship & Innovation,” on new approaches to entrepreneurship to help address the key issue of the alleviation of poverty.
Journal Article