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- August 2005 (Revised March 2024)
- Background Note
Spotting Institutional Voids in Emerging Markets
By: Tarun Khanna and Krishna Palepu
With the demise of communism, many countries in the world are striving to build their economic activity around markets and to participate in free trade arrangements, such as the World Trade Organization (WTO), European Union (EU), and North American Free Trade... View Details
Keywords: Emerging Markets
Khanna, Tarun, and Krishna Palepu. "Spotting Institutional Voids in Emerging Markets." Harvard Business School Background Note 106-014, August 2005. (Revised March 2024.)
- 2014
- Working Paper
Finance and Social Responsibility in the Informal Economy: Institutional Voids, Globalization and Microfinance Institutions
By: Hao Liang, Christopher Marquis and Sunny Li Sun
We examine the heterogeneous effects of globalization on the interest rate setting by microfinance institutions (MFIs) around the world. We consider MFIs as a mechanism to overcome the institutional void of credit for small entrepreneurs in developing and emerging... View Details
Keywords: Institutional Voids; Microfinance Institutions; Economic Globalization; Social Globalization; Microfinance; Globalization; Developing Countries and Economies
Liang, Hao, Christopher Marquis, and Sunny Li Sun. "Finance and Social Responsibility in the Informal Economy: Institutional Voids, Globalization and Microfinance Institutions." Harvard Business School Working Paper, No. 15-029, October 2014.
- November 2017
- Article
Overcoming Institutional Voids: A Reputation-Based View of Long Run Survival
Emerging markets are characterized by underdeveloped institutions and frequent environmental shifts. Yet they also contain many firms that have survived over generations. How are firms in weak institutional environments able to persist over time? Motivated by 69... View Details
Gao, Cheng, Tiona Zuzul, Geoffrey Jones, and Tarun Khanna. "Overcoming Institutional Voids: A Reputation-Based View of Long Run Survival." Strategic Management Journal 38, no. 11 (November 2017): 2147–2167. (Video Abstract.)
- 2016
- Working Paper
Overcoming Institutional Voids: A Reputation-Based View of Long Run Survival
By: Cheng Gao, Tiona Zuzul, Geoffrey Jones and Tarun Khanna
Emerging markets are characterized by underdeveloped institutions and frequent environmental shifts. Yet they also contain many firms that have survived over generations. How are firms in weak institutional environments able to persist over time? Motivated by 69... View Details
Keywords: Institutional Voids; Intangible Resources; Business Ventures; Business or Company Management; Business History; Reputation; Emerging Markets
Gao, Cheng, Tiona Zuzul, Geoffrey Jones, and Tarun Khanna. "Overcoming Institutional Voids: A Reputation-Based View of Long Run Survival." Harvard Business School Working Paper, No. 17-060, January 2017.
- May – June 2011
- Article
Winning in Emerging Markets: Spotting and Responding to Institutional Voids
By: Tarun Khanna and Krishna G. Palepu
Keywords: Emerging Markets
Khanna, Tarun, and Krishna G. Palepu. "Winning in Emerging Markets: Spotting and Responding to Institutional Voids." World Financial Review (May–June 2011): 18–20.
- April 2002
- Background Note
Local Institutions and Global Strategy
By: Tarun Khanna
Explores how location affects a firm's strategy and identifies the different ways location affects industry structure, choice of a firm's position, and the sustainability of that position. The intellectual foundations lie in an appreciation of institutional economics.... View Details
Keywords: Global Range; Global Strategy; Product Positioning; Market Transactions; Industry Structures; Negotiation Deal; Organizational Design; Outcome or Result; Strategic Planning
Khanna, Tarun. "Local Institutions and Global Strategy." Harvard Business School Background Note 702-475, April 2002.
- 12 Nov 2014
- Working Paper Summaries
Finance and Social Responsibility in the Informal Economy: Institutional Voids, Globalization, and Microfinance Institutions
- Article
A Case for Contextual Intelligence
By: Tarun Khanna
In this perspective, I make a case for entrepreneurs and academics alike to focus on what I have referred to elsewhere as Contextual Intelligence, the ability to understand the limits of our knowledge, and to adapt that knowledge to a context different from the one in... View Details
Keywords: Contextual Intelligence; Institutional Voids; Entrepreneurship In Emerging Markets; Knowledge Use and Leverage; Situation or Environment; Developing Countries and Economies; Entrepreneurship
Khanna, Tarun. "A Case for Contextual Intelligence." Special Issue on Leveraging India: Strategies for Global Competitiveness. Management International Review 55, no. 2 (April 2015): 181–190.
- 31 Aug 2012
- Working Paper Summaries
The Effect of Institutional Factors on the Value of Corporate Diversification
- January 2019
- Background Note
Blockchain and the Movement of Value in Africa
By: John D. Macomber, Liang Wu and Ina Folea
This technical note discusses the potential of Blockchain technologies in Africa, particularly to overcome institutional voids in trust and transactions. View Details
Macomber, John D., Liang Wu, and Ina Folea. "Blockchain and the Movement of Value in Africa." Harvard Business School Background Note 219-084, January 2019.
- 15 Aug 2022
- Book
University of the Future: Finding the Next World Leaders in Higher Ed
“Will China threaten American supremacy?” asks Kirby in his new book Empires of Ideas: Creating the Modern University from Germany to America to China. "Public institutions in the United States educate three-quarters of all American... View Details
- September 2010 (Revised May 2011)
- Case
Leadership in Corporate Reporting Policy at Tata Steel
By: Karthik Ramanna and Rachna Tahilyani
The case describes the challenges faced by Tata Steel, India's largest private sector steel company, as it transitions from Indian GAAP to IFRS. It first describes those challenges in the context of the institutional voids that make IFRS adoption difficult in India.... View Details
Keywords: Financial Reporting; International Accounting; Multinational Firms and Management; Policy; Leadership; Emerging Markets; Standards; Organizational Change and Adaptation; Steel Industry; India
Ramanna, Karthik, and Rachna Tahilyani. "Leadership in Corporate Reporting Policy at Tata Steel." Harvard Business School Case 111-028, September 2010. (Revised May 2011.)
- 21 Jun 2010
- Research & Ideas
Strategy and Execution for Emerging Markets
Malaysia, and African countries. Eastern European countries have their own set of challenges, potentially benefiting from the EU yet not large enough and therefore getting crowded out. Q: What are "institutional voids," and how should managers around the world think... View Details
Keywords: by Martha Lagace
- Research Summary
Resources, Strategy, and Performance During Industry Replication: The Case of Emerging Markets Private Equity
Competitive dynamics in emerging markets private equity closely resemble those of nascent technology industries. This is because institutional voids undermine core components of the traditional PE business model. I am examining how resources shape strategy... View Details
- 2014
- Contribution
Entrepreneurship in Emerging Markets: Contextual Intelligence for the Study of Two Thirds of the World's Population
By: Tarun Khanna
In this paper, I review the concept of "institutional voids" that provides a way to understand the structure of emerging markets. These voids impede would-be buyers from getting together with would-be sellers, and hence compromise the functioning of markets.... View Details
Khanna, Tarun. "Entrepreneurship in Emerging Markets: Contextual Intelligence for the Study of Two Thirds of the World's Population." Contribution to Multidisciplinary Insights from New AIB Fellows. Vol. 16, edited by Jean J. Boddewyn, 221–238. Research in Global Strategic Management. Bingley, UK: Emerald Group Publishing, 2014.
- 2010
- Book
Winning in Emerging Markets: A Road Map for Strategy and Execution
By: Tarun Khanna, Krishna G. Palepu and Richard Bullock
The best way to select emerging markets to exploit is to evaluate their size or growth potential, right? Not according to Krishna Palepu and Tarun Khanna. In 'Winning in Emerging Markets,' these leading scholars on the subject present a decidedly different framework... View Details
Keywords: Developing Countries and Economies; Management Analysis, Tools, and Techniques; Emerging Markets; Organizations; Opportunities; Business Strategy
Khanna, Tarun, Krishna G. Palepu, and Richard Bullock. Winning in Emerging Markets: A Road Map for Strategy and Execution. Boston: Harvard Business Press, 2010.
- December 2013
- Article
Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases
By: Carlos F. K. V. Inoue, Sergio G. Lazzarini and Aldo Musacchio
In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected... View Details
Keywords: Business Groups; Development Banks; State Capitalism; Performance; State Ownership; Brazil
Inoue, Carlos F. K. V., Sergio G. Lazzarini, and Aldo Musacchio. "Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases." Academy of Management Journal 56, no. 6 (December 2013).
- July–August 2018
- Article
When Technology Gets Ahead of Society
By: Tarun Khanna
New technologies can be unsettling for industry incumbents, regulators, and consumers, because norms and institutions for dealing with them don’t yet exist. Interestingly, businesspeople in emerging economies face similar challenges: The rules are unclear and... View Details
Keywords: Technological Innovation; Society; Situation or Environment; Infrastructure; Entrepreneurship; Performance Effectiveness; Cooperation
Khanna, Tarun. "When Technology Gets Ahead of Society." Harvard Business Review 96, no. 4 (July–August 2018): 86–95.
- Research Summary
Professor Hiatt’s research is aimed at discovering how institutional factors can affect sector growth and technology development and adoption by mediating and moderating uncertainty. His work encompasses two related research questions:
1) How can... View Details
- 2016
- Working Paper
Diversified Business Groups in the West: History and Theory
By: Asli M. Colpan and Takashi Hikino
This working paper examines the historical origins, evolutionary paths, and long-term resilience of diversified business groups in contemporary developed economies of Western Europe, North America, and Oceania. It aims to come up with a new theoretical understanding of... View Details
Colpan, Asli M., and Takashi Hikino. "Diversified Business Groups in the West: History and Theory." Harvard Business School Working Paper, No. 17-035, October 2016.