Skip to main content
SpringerLink
Log in

Institutions and the internationalization of US venture capital firms

  • Article
  • Published:
Journal of International Business Studies Aims and scope Submit manuscript

Abstract

In recent years, venture capital firms have increasingly turned to foreign countries in search of investment opportunities. The cross-border expansion of venture capital firms presents an interesting case of internationalization, because they are at variance with both conventional portfolio and direct investment models. Given the specific nature of venture capital investing, a new theoretical perspective is needed to understand foreign venture capital investments. This paper contributes to international business research by examining the features of the institutional environment that influence venture capital firms’ foreign market entry decisions, and how their effect changes as firms acquire experience. We report results on 216 American venture capital firms potentially investing in 95 countries during the 1990–2002 period. We find that venture capital firms invest in host countries characterized by technological, legal, financial, and political institutions that create innovative opportunities, protect investors’ rights, facilitate exit, and guarantee regulatory stability, respectively. We also find that as firms gain more international experience, they are more likely to overcome constraints related to these institutions.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Figure 1

Similar content being viewed by others

Notes

  1. “The Global Startup,” Forbes Global, 29 November 2004.

  2. Erel Margalit, founder of Jerusalem Venture Partners. See “The Global Startup,” Forbes Global, 29 November 2004.

  3. Interviews with K.O. Chia, formerly a principal at a Hong Kong VC firm, and Chen Siwei, National People's Congress and Chinese Academy of Sciences.

  4. Other studies have focused on differences in decision-making (Manigart et al., 2000), or on the willingness to invest abroad (Hall & Tu, 2003).

  5. Becker and Hellmann (2005) argue that, while having an active capital market is important to venture capital, it is not sufficient. In the 1970s and 1980s government-supported experiments with establishing a domestic venture capital industry failed in Germany, in spite of the existence of well-developed capital markets (Becker & Hellmann, 2005).

  6. VentureXpert includes “standard US venture investing” in portfolio companies, as long as the company is domiciled in the US, at least one of the investors is a venture capital firm, venture investment is a primary investment, and it entails an equity transaction.

  7. While the number of venture capital firms represented in the sample may seem high, it should be noted that not all firms are active during the entire period of observation. We checked the sensitivity of our results by excluding VC firms that made fewer than three investments in the US in each year. The results of the analyses with the reduced sample are qualitatively similar to the ones reported here.

  8. Our analyses of this loss of information did not reveal any significant biases in the sense that the years for which information was not available for some of the countries appeared to be random. The countries with more missing years of data on some variables tended to be less developed than the countries with more complete data. In the empirical analysis we control for the level of economic development, which did not alter the general pattern of results. We considered using multiple imputation techniques, but the fact that we are not using ordinary least-squares estimation prevented us from implementing them in an appropriate way.

References

  • Adams, J. D., & Jaffe, A. B. 1996. Bounding the effects of R&D: An investigation using matched establishment-firm data. RAND Journal of Economics, 27 (4): 700–721.

    Article  Google Scholar 

  • Alcacer, J., & Chung, W. 2007. Location strategies and knowledge spillovers. Management Science, 53 (5): 760–776.

    Article  Google Scholar 

  • Allison, P. D. 1995. Survival analysis using the SAS system: A practical guide. Cary, NC: SAS Institute, Inc.

    Google Scholar 

  • Almeida, P., & Kogut, B. 1999. Localization of knowledge and the mobility of engineers in regional networks. Management Science, 45 (7): 905–917.

    Article  Google Scholar 

  • Audretsch, D. B., Lehman, E. E., & Warning, S. 2005. University spillovers and new firm location. Research Policy, 34 (7): 1113–1122.

    Article  Google Scholar 

  • Barkema, H. G., Bell, J. H. J., & Pennings, J. M. 1996. Foreign entry, cultural barriers, and learning. Strategic Management Journal, 17 (2): 151–166.

    Article  Google Scholar 

  • Barry, C. B., Muscarella, J. W., Peavy III, J. W., & Vetsuypens, M. R. 1990. The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics, 27 (2): 447–471.

    Article  Google Scholar 

  • Beach, W. W., & Miles, M. A. 2006. Explaining the factors in the index of economic freedom. In M. A. Miles, K. Holmes, & M. A. O'Grady (Eds), 2006 Index of Economic Freedom: 55–76. Washington: The Heritage Foundation.

    Google Scholar 

  • Becker, R., & Hellmann, T. 2005. The genesis of venture capital: Lessons from the German experience. In C. Keuschnigg and V. Kanniainen (Eds.), Venture Capital Entrepreneurship and Public Policy. 33–67. MIT Press.

  • Black, B. S., & Gilson, R. J. 1998. Venture capital and the structure of capital markets: Banks versus stock markets. Journal of Financial Economics, 47 (3): 243–277.

    Article  Google Scholar 

  • Bonacich, P. 1987. Power and centrality: A family of measures. American Journal of Sociology, 92 (5): 1170–1182.

    Article  Google Scholar 

  • Bottazzi, L., Da Rin, M., & Hellmann, T. 2004. The changing face of European venture capital industry: Facts and analysis. Journal of Private Equity, 7 (2): 26–53.

    Article  Google Scholar 

  • Bottazzi, L., Da Rin, M., & Hellmann, T. 2008. What is the role of legal systems in financial intermediation? Theory and evidence. Journal of Financial Intermediation, advance online publication 8 August. doi:10.1016/j.jfi.2008.04.003.

  • Caves, R. E. 1996. Multinational enterprise and economic analysis. Cambridge: Cambridge University Press.

    Google Scholar 

  • Chang, S. J. 1995. International expansion strategy of Japanese firms: Capability building through sequential entry. Academy of Management Journal, 38 (2): 383–407.

    Article  Google Scholar 

  • Chung, W., & Alcacer, J. 2002. Knowledge seeking and location choice of foreign direct investment in the United States. Management Science, 48 (12): 1534–1555.

    Article  Google Scholar 

  • Cyert, R. M., & March, J. G. 1963. A behavioral theory of the firm. Englewood Cliffs, NJ: Prentice-Hall.

    Google Scholar 

  • Delios, A., & Henisz, W. J. 2003. Political hazards, experience and sequential entry strategies: The international expansion of Japanese firms, 1980–1998. Strategic Management Journal, 24 (12): 1153–1164.

    Article  Google Scholar 

  • Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. 2003. Courts. Quarterly Journal of Economics, 118 (2): 453–517.

    Article  Google Scholar 

  • Dunning, J. 1993. Multinational enterprises and the national economy. Reading, MA: Addison-Wesley.

    Google Scholar 

  • Dunning, J. 1998. Location and the multinational enterprise: A neglected factor? Journal of International Business Studies, 29 (1): 45–66.

    Article  Google Scholar 

  • Fenn, G. W., Liang, N., & Prowse, S. 1997. The private equity market: An overview. Financial Markets and Instruments, 6 (4): 1–106.

    Article  Google Scholar 

  • Ferner, A., Almond, P., & Colling, T. 2005. Institutional theory and the cross-national transfer of employment policy: The case of “workforce diversity” in US multinationals. Journal of International Business Studies, 36 (3): 304–321.

    Article  Google Scholar 

  • Florida, R. 1997. The globalization of R&D: Results of a survey of foreign-affiliated R&D laboratories in the USA. Research Policy, 26 (1): 85–103.

    Article  Google Scholar 

  • Florida, R., & Kenney, M. 1988. Venture capital and high technology entrepreneurship. Journal of Business Venturing, 3 (4): 301–319.

    Article  Google Scholar 

  • Freeman, J. 2005. Venture capital and modern capitalism. In V. Nee & R. Swedberg (Eds), The economic sociology of capitalism. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Furman, J. L., Porter, M. E., & Stern, S. 2002. The determinants of national innovative capacity. Research Policy, 31 (6): 899–933.

    Article  Google Scholar 

  • Glendon, M. A., Gordon, M. W., & Osakwe, C. 1994. Comparative legal traditions. St Paul, MN: West.

    Google Scholar 

  • Gompers, P., & Lerner, J. 2000. The venture capital cycle. Cambridge, MA: MIT Press.

    Google Scholar 

  • Gompers, P., & Lerner, J. 2001. The money of invention: How venture capital creates wealth. Boston, MA: Harvard Business School Press.

    Google Scholar 

  • Guillén, M. F. 1994. Models of management: Work, authority and organization from a comparative perspective. Chicago: University of Chicago Press.

    Google Scholar 

  • Guillén, M. F. 2000. Corporate governance and globalization: Is there convergence across countries? Advances in Comparative International Management, 13: 175–204.

    Google Scholar 

  • Guillén, M. F. 2002. Structural inertia, imitation, and foreign expansion: South Korean firms and business groups in China, 1987–95. Academy of Management Journal, 45 (3): 509–525.

    Article  Google Scholar 

  • Guillén, M. F. 2003. Experience, imitation, and the sequence of foreign entry: Wholly owned and joint-venture manufacturing by South Korean firms and business groups in China, 1987–1995. Journal of International Business Studies, 34 (2): 185–198.

    Article  Google Scholar 

  • Guler, I., & Guillén, M. F. 2010. Home-country networks and foreign expansion, Academy of Management Journal, 53 (2).

  • Guler, I., Guillén, M. F., & MacPherson, J. M. 2002. Global competition, institutions, and the diffusion of organizational practices: The international spread of ISO 9000 quality certificates. Administrative Science Quarterly, 47 (3): 207–232.

    Article  Google Scholar 

  • Guthrie, D. 1997. Between markets and politics: Organizational responses to reform in China. American Journal of Sociology, 102 (5): 1258–1305.

    Article  Google Scholar 

  • Hall, G., & Tu, C. 2003. Venture capitalists and the decision to invest overseas. Venture Capital, 5 (2): 181–190.

    Article  Google Scholar 

  • Hall, B. H., Jaffe, A. B., & Trajtenberg, M. 2001. The NBER patent citations data file: Lessons, insights and methodological tools, NBER Working Paper 8498, National Bureau of Economic Research.

  • Hall, B. H., Link, N., & Scott, J. T. 2003. Universities as research partners. Review of Economics and Statistics, 85 (2): 485–491.

    Article  Google Scholar 

  • Hannan, M. T., & Freeman, J. 1989. Organizational ecology. Cambridge, MA: Harvard University Press.

    Google Scholar 

  • Henisz, W. J. 2000a. The institutional environment for economic growth. Economics and Politics, 12 (1): 1–31.

    Article  Google Scholar 

  • Henisz, W. J. 2000b. The institutional environment for multinational investment. Journal of Law, Economics and Organization, 16 (2): 334–364.

    Article  Google Scholar 

  • Henisz, W. J. 2002. The institutional environment for infrastructure investment. Industrial and Corporate Change, 11 (2): 355–389.

    Article  Google Scholar 

  • Henisz, W. J., & Delios, A. 2001. Uncertainty, imitation, and plant location: Japanese multinational corporations, 1990–1996. Administrative Science Quarterly, 46 (3): 443–475.

    Article  Google Scholar 

  • Henisz, W. J., & Williamson, O. E. 1999. Comparative economic organization: Within and between countries. Business and Politics, 1 (3): 261–277.

    Article  Google Scholar 

  • Henisz, W. J., & Zelner, B. A. 2001. The institutional environment for telecommunications investment. Journal of Economic and Management Strategy, 10 (1): 123–148.

    Article  Google Scholar 

  • Hochberg, Y., Ljungqvist, A. P., & Lu, Y. 2007. Whom you know matters: Venture capital networks and investment performance. Journal of Finance, 62 (1): 251–301.

    Article  Google Scholar 

  • Hymer, S. 1976. The international operations of national firms: A study of foreign investment. Cambridge, MA: MIT Press.

    Google Scholar 

  • ICRG. 1996. International country risk guide: Political and financial risk tables. East Syracuse, NY: Political Risk Services Group.

  • Jaffe, A. B., Tratjenberg, M., & Henderson, R. 1993. Geographic localization of knowledge spillovers as evidenced by patent citations. Quarterly Journal of Economics, 108 (3): 577–598.

    Article  Google Scholar 

  • Jeng, L. A., & Wells, P. C. 2000. The determinants of venture capital funding: Evidence across countries. Journal of Corporate Finance, 6 (3): 241–289.

    Article  Google Scholar 

  • Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4): 305–360.

    Article  Google Scholar 

  • Kalbfleisch, J. D., & Prentice, R. L. 2002. The statistical analysis of failure time data, (2nd ed.). New York: Wiley.

    Book  Google Scholar 

  • Kaplan, S. N., Martel, F., & Stromberg, P. 2007. How do legal differences and experience affect financial contracts? Journal of Financial Intermediation, 16 (3): 273–311.

    Article  Google Scholar 

  • Kenney, M., Han, K., & Tanaka, S. 2002. Venture capital industries in East Asia. Davis, CA: World Bank Report.

    Google Scholar 

  • Kindleberger, C. P. 1969. American business abroad. New Haven, CT: Yale University.

    Google Scholar 

  • Kobrin, S. 1987. Testing the bargaining hypothesis in the manufacturing sector in developing countries. International Organization, 41 (4): 609–638.

    Article  Google Scholar 

  • Kogut, B., & Chang, S. J. 1991. Technological capabilities and Japanese foreign direct investment in the United States. Review of Economics & Statistics, 73 (3): 401–413.

    Article  Google Scholar 

  • Kogut, B., & Zander, U. 1993. Knowledge of the firm and the evolutionary theory of the multinational corporation. Journal of International Business Studies, 24 (4): 625–645.

    Article  Google Scholar 

  • Kortum, S., & Lerner, J. 2000. Assessing the contribution of venture capital to innovation. Rand Journal of Economics, 31 (4): 674–692.

    Article  Google Scholar 

  • Kostova, T. 1999. Transnational transfer of strategic organizational practices: A contextual perspective. Academy of Management Journal, 24 (2): 308–324.

    Google Scholar 

  • Kuemmerle, W. 1999. The drivers of foreign direct investment into research and development: An empirical investigation. Journal of International Business Studies, 30 (1): 1–24.

    Article  Google Scholar 

  • Kumaresan, N., & Miyazaki, K. 1999. An integrated network approach to systems of innovation: The case of robotics in Japan. Research Policy, 28 (6): 563–585.

    Article  Google Scholar 

  • Kunt, A. D., & Levine, R. (Eds). 2004. Financial structure and economic growth. Cambridge, MA: The MIT Press.

    Google Scholar 

  • La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance, 54 (2): 471–517.

    Article  Google Scholar 

  • La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. 2008. The economic consequences of legal origins. Journal of Economic Literature, 46 (2): 285–332.

    Article  Google Scholar 

  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. 1998. Law and finance. Journal of Political Economy, 106 (6): 113–155.

    Article  Google Scholar 

  • Leachman, L., Kumar, V., & Orleck, S. 2002. Explaining variations in private equity: A panel approach, Duke Economics Working Paper #02–14, Duke University.

  • Lerner, J. 1994. The syndication of venture capital investments. Financial Management, 23 (3): 16–27.

    Article  Google Scholar 

  • Lerner, J., & Schoar, A. 2005. Does legal enforcement affect financial transactions? The contractual channel in private equity. Quarterly Journal of Economics, 120 (1): 223–246.

    Google Scholar 

  • Levitt, B., & March, J. G. 1988. Organizational learning. Annual Review of Sociology, 14 (1): 319–338.

    Article  Google Scholar 

  • Manigart, S., De Waele, K., Wright, M., Robbie, K., Desbrieres, P., Sapienza, H. J., & Beekman, A. 2000. Venture capitalists, investment appraisal and accounting information: A comparative study of the USA, UK, France, Belgium and Holland. European Financial Management, 6 (3): 389–403.

    Article  Google Scholar 

  • March, J. G., & Olsen, J. P. 1984. The new institutionalism: Organizational factors in political life. The American Political Science Review, 78 (3): 734–749.

    Article  Google Scholar 

  • Marshall, M. G., & Jaggers, K. 2000. Polity IV project: Political regime characteristics and transitions, 1800–2003. http://www.cidcm.umd.edu/inscr/polity/.

  • Maskus, K. E. 2000. Intellectual property rights in the global economy. Washington, DC: Institute for International Economics.

    Google Scholar 

  • Maula, M. V. J., & Makela, M. M. 2003. Cross-border venture capital. In A. Hyytinen & M. Pajarinen (Eds), Financial systems and firm performance: Theoretical and empirical perspectives: 269–291. Helsinki: Taloustieto.

    Google Scholar 

  • Megginson, W. L., & Weiss, K. A. 1991. Venture capitalist certification in initial public offerings. Journal of Finance, 46 (3): 879–903.

    Article  Google Scholar 

  • Nelson, R. R., & Rosenberg, N. 1993. Technical innovation and national systems. In R. R. Nelson (Ed.), National innovation systems: 3–21. New York: Oxford University Press.

    Google Scholar 

  • Niosi, J. 2002. National systems of innovation are “x-efficient” (and x-effective): Why some are slow learners. Research Policy, 31 (2): 291–302.

    Article  Google Scholar 

  • North, D. C. 1990. Institutions, institutional change and economic performance. Cambridge: Cambridge University Press.

    Book  Google Scholar 

  • North, D. C., & Thomas, R. P. 1973. The rise of the western world: A new economic history. Cambridge: Cambridge University Press.

    Book  Google Scholar 

  • Patel, P., & Pavitt, K. 1994. National innovation systems: Why they are important, and how they might be measured and compared. Economics of Innovation & New Technology, 3 (1): 77–95.

    Article  Google Scholar 

  • Penrose, E. T. 1959. The theory of the growth of the firm. New York: John Wiley.

    Google Scholar 

  • Podolny, J. M. 2001. Networks as the pipes and prisms of the market. American Journal of Sociology, 107 (1): 33–60.

    Article  Google Scholar 

  • Podolny, J. M. 2005. Status signals: A sociological study of market competition. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Porter, M. E. 1990. The competitive advantage of nations. New York: Free Press.

    Book  Google Scholar 

  • Powell, W. W., Koput, K. W., Bowie, J., & Smith-Doerr, L. 2002. The spatial clustering of science and capital: Accounting for biotech firm–venture capital relationships. Regional Studies, 36 (3): 291–305.

    Article  Google Scholar 

  • PricewaterhouseCoopers. 2006. Global Private Equity.

  • Rajan, R., & Zingales, L. 2003. The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69 (1): 5–50.

    Article  Google Scholar 

  • Reynolds, T. H., & Flores, A. A. 1989. Foreign law. Littleton, CO: Rothman.

    Google Scholar 

  • Rogers, W. H. 1993. Regression standard errors in clustered samples. Stata Technical Bulletin, 13: 19–23.

    Google Scholar 

  • Romer, P. 1990. Endogenous technological change. Journal of Political Economy, 98 (5): S71–S102.

    Article  Google Scholar 

  • Sahlman, W. A. 1990. The structure and governance of venture capital organizations. Journal of Financial Economics, 27 (2): 473–521.

    Article  Google Scholar 

  • Schneper, W. D., & Guillen, M. F. 2004. Stakeholder rights and corporate governance: A cross-national study of hostile takeovers. Administrative Science Quarterly, 49 (2): 263–295.

    Google Scholar 

  • Scott, W. R. 2001. Institutions and organizations, (2nd ed.). Thousand Oaks, CA: Sage.

    Google Scholar 

  • Shane, S., & Stuart, T. 2001. Organizational endowments and performance of university start-ups. Management Science, 48 (1): 154–170.

    Article  Google Scholar 

  • Shleifer, A., & Vishny, R. W. 1986. Large shareholders and corporate control. Journal of Political Economy, 94 (3): 461–488.

    Article  Google Scholar 

  • Sorensen, J. 1999. Stpiece: Stata module to estimate piecewise-constant hazard rate models. http://econpapers.repec.org/.

  • Sorenson, O., & Stuart, T. E. 2001. Syndication networks and the spatial distribution of venture capital investments. American Journal of Sociology, 106 (6): 1546–1588.

    Article  Google Scholar 

  • Spicer, A., McDermott, G. A., & Kogut, B. 2000. Entrepreneurship and privatization in Central Europe: The tenuous balance between destruction and creation. Academy of Management Journal, 25 (3): 630–650.

    Google Scholar 

  • Stuart, T. E., & Sorenson, O. 2003a. The geography of opportunity: Spatial heterogeneity in founding rates and the performance of biotechnology firms. Research Policy, 32 (2): 229–253.

    Article  Google Scholar 

  • Stuart, T. E., & Sorenson, O. 2003b. Liquidity events and the geographic distribution of entrepreneurial activity. Administrative Science Quarterly, 48 (2): 175–201.

    Article  Google Scholar 

  • Trevino, A. J. 1996. The sociology of law: Classical and contemporary perspectives. New York: St Martin's.

    Google Scholar 

  • Tuma, N. B., & Hannan, M. T. 1984. Social dynamics: Models and methods. Orlando, FL: Academic Press.

    Google Scholar 

  • Venture Impact. 2007. The economic importance of venture capital backed companies to the US economy. Global Insight. www.nvca.org, accessed 1 April 2008.

  • Wasserman, N. 2003. The non-division of labor: Knowledge separability, structure, and the upside-down venture capitalist, Working paper.

  • Weber, M. 1978. Economy and society. Berkeley, CA: University of California Press.

    Google Scholar 

  • Whitley, R. 1992. Business systems in East Asia: Firms, markets, and societies. London: Sage Publications.

    Google Scholar 

  • Wooldridge, J. M. 2002. Econometric analysis of cross section and panel data. Cambridge, MA: MIT Press.

    Google Scholar 

  • World Bank. 2008. World development indicators (Web-based dataset). Washington, DC: The World Bank.

  • Wright, M., Pruthi, S., & Lockett, A. 2005. International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7 (3): 135–165.

    Article  Google Scholar 

  • Zacharakis, A. L., McMullen, J. S., & Shepherd, D. A. 2007. Venture capitalists’ decision policies across three countries: An institutional theory perspective. Journal of International Business Studies, 38 (5): 691–708.

    Article  Google Scholar 

  • Zollo, M., & Winter, S. G. 2002. Deliberate learning and the evolution of dynamic capabilities. Organization Science, 13 (3): 339–351.

    Article  Google Scholar 

  • Zweigert, K., & Kotz, H. 1998. Introduction to comparative law. Oxford: Clarendon Press.

    Google Scholar 

Download references

Acknowledgements

We thank the Area Editor and two anonymous reviewers for valuable suggestions and comments. Funding from the Mack Center for Technological Innovation at the Wharton School is greatly appreciated. Gary Dushnitsky, Vit Henisz, Steve Kobrin, Robert Salomon, Harry Sapienza, Adrian Tschoegl and seminar participants at the Academy of Management Meetings, the universities of Maryland, Michigan, and Southern California, Harvard Business School and The Wharton School provided excellent comments and suggestions on various versions of this draft.

Author information

Authors and Affiliations

  1. Kenan-Flager Business School, University of North Carolina, Chapel Hill, USA

    Isin Guler

  2. The Wharton School of the University of Pennsylvania, Philadelphia, USA

    Mauro F Guillén

Authors
  1. Isin Guler
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Mauro F Guillén
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Isin Guler.

Additional information

Accepted by Anand Swaminathan, Area Editor, 21 February 2009. This paper has been with the authors for two revisions.

APPENDIX: LIST OF COUNTRIES IN THE SAMPLE

APPENDIX: LIST OF COUNTRIES IN THE SAMPLE

illustration

figure a

Rights and permissions

Reprints and permissions

About this article

Cite this article

Guler, I., Guillén, M. Institutions and the internationalization of US venture capital firms. J Int Bus Stud 41, 185–205 (2010). https://doi.org/10.1057/jibs.2009.35

Download citation

  • Received:

  • Revised:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1057/jibs.2009.35

Keywords

Search

Navigation