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

Garry D Bruton, David Ahlstrom and Tomas Puky
Additional contact information
Garry D Bruton: M J Neeley School of Business, Texas Christian University, Fort Worth, USA
David Ahlstrom: Department of The Chinese University of Hong Kong, Shatin, Hong Kong
Tomas Puky: VA Tech Hydro Corporation, University Research Park, Charlotte, USA

Journal of International Business Studies, 2009, vol. 40, issue 5, 762-778

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. Journal of International Business Studies (2009) 40, 762–778. doi:10.1057/jibs.2009.3

Date: 2009
References: Add references at CitEc
Citations: View citations in EconPapers (61)

Downloads: (external link)
http://www.palgrave-journals.com/jibs/journal/v40/n5/pdf/jibs20093a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/jibs/journal/v40/n5/full/jibs20093a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:jintbs:v:40:y:2009:i:5:p:762-778

Ordering information: This journal article can be ordered from
http://www.springer. ... nt/journal/41267/PS2

Access Statistics for this article

Journal of International Business Studies is currently edited by John Cantwell

More articles in Journal of International Business Studies from Palgrave Macmillan, Academy of International Business
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().