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The Institutions of Industrial Restructuring in Southeast Asia

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  • Michael Carney

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Abstract

The expected restructuring of Asian corporations in the aftermath of the 1997 financial crisis has not materialized. This paper argues that restructuring in Asia will depend upon two institutional changes. First, the creation of high quality institutions that promotes the growth of new entrants and provides incentives to incumbents to restructure and or exit. Second, that the market scope of dominant incumbents be confronted and limited. The first condition creates pathways for new organizational populations to enter the economy and the second ensures room for their growth. The current debate emphasizes the former but neglects the latter. The absence of either inhibits the rate and direction of restructuring for two reasons. First, incumbents may lack the incentive and ability to exit or transform their structures and, secondly, incumbents can create a 'blocking coalition' to diminish competition from new entrants.

Suggested Citation

  • Michael Carney, 2004. "The Institutions of Industrial Restructuring in Southeast Asia," Asia Pacific Journal of Management, Springer, vol. 21(1_2), pages 171-188, March.
  • Handle: RePEc:kap:asiapa:v:21:y:2004:i:1_2:p:171-188
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    1. repec:kap:asiapa:v:34:y:2017:i:2:d:10.1007_s10490-016-9489-5 is not listed on IDEAS
    2. Seung-Hyun Lee & Kyeungrae Oh, 2007. "Corruption in Asia: Pervasiveness and arbitrariness," Asia Pacific Journal of Management, Springer, vol. 24(1), pages 97-114, March.
    3. Erin Pleggenkuhle-Miles & Ramya Aroul & Sunny Sun & Yu-Shan Su, 2007. "The adolescence of Asia management research: APJM, 1997–2006," Asia Pacific Journal of Management, Springer, vol. 24(4), pages 467-489, December.
    4. Mike Peng & Jessie Zhou, 2005. "How Network Strategies and Institutional Transitions Evolve in Asia," Asia Pacific Journal of Management, Springer, vol. 22(4), pages 321-336, December.
    5. Edo Andriesse & Guus Westen, 2009. "Unsustainable varieties of capitalism along the Thailand–Malaysia border? The role of institutional complementarities in regional development," Asia Pacific Journal of Management, Springer, vol. 26(3), pages 459-479, September.
    6. Ben Kedia & Debmalya Mukherjee & Somnath Lahiri, 2006. "Indian business groups: Evolution and transformation," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 559-577, December.
    7. Michael Carney, 2008. "The many futures of Asian business groups," Asia Pacific Journal of Management, Springer, vol. 25(4), pages 595-613, December.
    8. Martin Wielemaker & Eric Gedajlovic, 2011. "Governance and capabilities: Asia’s entrepreneurial performance and stock of venture forms," Asia Pacific Journal of Management, Springer, vol. 28(1), pages 157-185, March.
    9. Mike Peng & Andrew Delios, 2006. "What determines the scope of the firm over time and around the world? An Asia Pacific perspective," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 385-405, December.
    10. Siri Terjesen & Jolanda Hessels, 2009. "Varieties of export-oriented entrepreneurship in Asia," Asia Pacific Journal of Management, Springer, vol. 26(3), pages 537-561, September.
    11. Marleen Dieleman & Wladimir Sachs, 2006. "Oscillating between a relationship-based and a market-based model: The Salim Group," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 521-536, December.
    12. Jisun Yu & Seung-Hyun Lee & Kunsoo Han, 2015. "FDI motives, market governance, and ownership choice of MNEs: A study of Malaysia and Thailand from an incomplete contracting perspective," Asia Pacific Journal of Management, Springer, vol. 32(2), pages 335-362, June.

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