Expanding the boundaries of institutional analysis in the transitional periphery

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Abstract

Institutional theory provided scholars from various backgrounds with powerful and effective theoretical tools to probe into the post-socialist transition economies over the last two decades. Researchers, particularly in the fields of International Business and Small Business & Entrepreneurship, benefitted significantly by drawing on neo-institutional perspectives to explore and explain the various effects of unstable institutional settings and embedded institutional factors on firm behaviour in these environments. However, it is highlighted here that the neo-institutionalist approach, and in particular the new institutional economics lens, tends to represent the most dominant approach utilised by scholars with interest on post-socialist economies. While this perspective remains powerful and effective, this chapter proposes that research in this area can potentially benefit in important ways from expanding the boundaries of institutional analysis by integrating insights from two emerging but hitherto underexploited institutional perspectives, namely the varieties of transition approach, which is an alternative to the mainstream comparative capitalism, and a more actor-centred perspective on institutional change. It can be argued that the transition process in post-socialist states has not followed the once-anticipated linear progression towards Western models of capitalism. Despite the popularity of institutional approaches in studying transition economies, research on transitional periphery within the broader realm of business studies has remained largely silent in acknowledging the divergent transition paths and the possible implications of this institutional divergence on firm behaviour. Furthermore, limited attention has been paid on the role of actors as agents of institutional change, including the mechanisms they deploy to achieve such change. Thus, integrating insights from comparative capitalism and theory of institutional change can enrich the current thinking on institutions and the firm in the transitional periphery by shedding new light on these important issues.
Original languageEnglish
Title of host publicationComparative Capitalism and the Transitional Periphery
Subtitle of host publicationFirm Centred Perspectives
EditorsMehmet Demirbag, Geoffrey Wood
Place of PublicationCheltenham
Chapter1
Pages12-43
Number of pages32
Publication statusPublished - 26 Oct 2018

Fingerprint

Institutional analysis
Institutional change
Capitalism
Transition economies
Firm behavior
Institutional perspective
Business studies
International business
Progression
Models of capitalism
Divergence
Institutional theory
Post-socialist transition
Limited attention
New institutional economics
Institutional factors
Transition process
Entrepreneurship
Small business

Keywords

  • institutions
  • firms
  • SMEs
  • transitional periphery
  • institutional change
  • varieties of transition

Cite this

Makhmadshoev, D. (2018). Expanding the boundaries of institutional analysis in the transitional periphery. In M. Demirbag, & G. Wood (Eds.), Comparative Capitalism and the Transitional Periphery: Firm Centred Perspectives (pp. 12-43). Cheltenham.
Makhmadshoev, Dilshod. / Expanding the boundaries of institutional analysis in the transitional periphery. Comparative Capitalism and the Transitional Periphery: Firm Centred Perspectives. editor / Mehmet Demirbag ; Geoffrey Wood. Cheltenham, 2018. pp. 12-43
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Makhmadshoev, D 2018, Expanding the boundaries of institutional analysis in the transitional periphery. in M Demirbag & G Wood (eds), Comparative Capitalism and the Transitional Periphery: Firm Centred Perspectives. Cheltenham, pp. 12-43.

Expanding the boundaries of institutional analysis in the transitional periphery. / Makhmadshoev, Dilshod.

Comparative Capitalism and the Transitional Periphery: Firm Centred Perspectives. ed. / Mehmet Demirbag; Geoffrey Wood. Cheltenham, 2018. p. 12-43.

Research output: Chapter in Book/Report/Conference proceedingChapter

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PY - 2018/10/26

Y1 - 2018/10/26

N2 - Institutional theory provided scholars from various backgrounds with powerful and effective theoretical tools to probe into the post-socialist transition economies over the last two decades. Researchers, particularly in the fields of International Business and Small Business & Entrepreneurship, benefitted significantly by drawing on neo-institutional perspectives to explore and explain the various effects of unstable institutional settings and embedded institutional factors on firm behaviour in these environments. However, it is highlighted here that the neo-institutionalist approach, and in particular the new institutional economics lens, tends to represent the most dominant approach utilised by scholars with interest on post-socialist economies. While this perspective remains powerful and effective, this chapter proposes that research in this area can potentially benefit in important ways from expanding the boundaries of institutional analysis by integrating insights from two emerging but hitherto underexploited institutional perspectives, namely the varieties of transition approach, which is an alternative to the mainstream comparative capitalism, and a more actor-centred perspective on institutional change. It can be argued that the transition process in post-socialist states has not followed the once-anticipated linear progression towards Western models of capitalism. Despite the popularity of institutional approaches in studying transition economies, research on transitional periphery within the broader realm of business studies has remained largely silent in acknowledging the divergent transition paths and the possible implications of this institutional divergence on firm behaviour. Furthermore, limited attention has been paid on the role of actors as agents of institutional change, including the mechanisms they deploy to achieve such change. Thus, integrating insights from comparative capitalism and theory of institutional change can enrich the current thinking on institutions and the firm in the transitional periphery by shedding new light on these important issues.

AB - Institutional theory provided scholars from various backgrounds with powerful and effective theoretical tools to probe into the post-socialist transition economies over the last two decades. Researchers, particularly in the fields of International Business and Small Business & Entrepreneurship, benefitted significantly by drawing on neo-institutional perspectives to explore and explain the various effects of unstable institutional settings and embedded institutional factors on firm behaviour in these environments. However, it is highlighted here that the neo-institutionalist approach, and in particular the new institutional economics lens, tends to represent the most dominant approach utilised by scholars with interest on post-socialist economies. While this perspective remains powerful and effective, this chapter proposes that research in this area can potentially benefit in important ways from expanding the boundaries of institutional analysis by integrating insights from two emerging but hitherto underexploited institutional perspectives, namely the varieties of transition approach, which is an alternative to the mainstream comparative capitalism, and a more actor-centred perspective on institutional change. It can be argued that the transition process in post-socialist states has not followed the once-anticipated linear progression towards Western models of capitalism. Despite the popularity of institutional approaches in studying transition economies, research on transitional periphery within the broader realm of business studies has remained largely silent in acknowledging the divergent transition paths and the possible implications of this institutional divergence on firm behaviour. Furthermore, limited attention has been paid on the role of actors as agents of institutional change, including the mechanisms they deploy to achieve such change. Thus, integrating insights from comparative capitalism and theory of institutional change can enrich the current thinking on institutions and the firm in the transitional periphery by shedding new light on these important issues.

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Makhmadshoev D. Expanding the boundaries of institutional analysis in the transitional periphery. In Demirbag M, Wood G, editors, Comparative Capitalism and the Transitional Periphery: Firm Centred Perspectives. Cheltenham. 2018. p. 12-43