Probing theoretically into Central and Eastern Europe: transactions, resources, and institutions
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Probing theoretically into Central and Eastern Europe: transactions, resources, and institutions Klaus E Meyer1 and Mike W Peng2 1
University of Reading, Reading, Berkshire, UK; University of Texas at Dallas, Richardson, Texas, USA 2
Correspondence: Klaus E Meyer, University of Reading, Whiteknights, PO Box 217, Reading, Berkshire RG6 6AH, UK. Tel: þ 44 (0) 118 378 6034; Fax: þ 44 (0) 118 378 6305; E-mail: [email protected]
Abstract Since the 1990s, Central and Eastern Europe (CEE) has provided unique societal quasi-experiments, which represent opportunities to test the applicability of existing theories in international business and management studies and to develop new ones. Specifically, three lines of theorising have been advanced: (1) organisational economics theories; (2) resource-based theories; and (3) institutional theories. For each of these theories, we discuss how they contribute to the understanding of key issues, such as entry strategies of foreign investors, restructuring strategies of local incumbents, and entry and growth strategies of entrepreneurs. On this basis, we assess how CEE research has influenced the overall trajectories of theory development. CEE research has in particular highlighted the importance of contextual influences such as institutions. Thus, scholars have aimed at incorporating institutions into theories (such as organisational economics theories and resource based theories) and advancing an institution-based view of business strategy as a complementary perspective. We outline how future research in CEE and other emerging economies may advance this research agenda further. Journal of International Business Studies (2005) 36, 600–621. doi:10.1057/palgrave.jibs.8400167 Keywords: international business theory; Central and Eastern Europe; transaction cost theory; resource-based theory; institutional theory
Received: 7 April 2003 Revised: 8 January 2005 Accepted: 22 February 2005 Online publication date: 22 September 2005
Introduction At the core of contemporary research in international business (IB) and management lies the development of alternative theoretical perspectives. New phenomena of interest permit new applications for existing theories, as well as the advancement of modified or new theories. Therefore, new phenomena present a fascinating research laboratory in which to assess the explanatory and predictive power of different theories. As scholarly interests in the transition economies of Central and Eastern Europe (CEE)1 have expanded significantly since the late 1980s (Peng, 2000; Meyer, 2001a), these interests have started to assert influence on broader theory development (Zahra et al., 2000). CEE provides an interesting laboratory for developing and testing theories, because the transition processes provide a series of unique societal quasi-experiments. Even among emerging economies, CEE is special owing to the radical switch from central planning to
Probing theoretically
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