- Preface and Acknowledgements
- List of Figures
- List of Tables
- China: Authoritarian Capitalism
- Hong Kong: Hybrid Capitalism as Catalyst
- India: From Failed Developmental State Towards Hybrid Market Capitalism
- Indonesia: Oligarchic Capitalism
- Japan: Coordinated Capitalism Between Institutional Change and Structural Inertia
- Laos: Frontier Capitalism
- Malaysia: Personal Capitalism
- The Philippines: Inequality–Trapped Capitalism
- Singapore: Open State-Led Capitalism
- South Korea: Plutocratic State-Led Capitalism Reconfiguring
- Taiwan: Sme-Oriented Capitalism in Transition
- Thailand: Post-Developmentalist Capitalism
- Vietnam: Post-State Capitalism
- Business Groups in Asia: An Institutional Perspective
- Corporate Governance and Business Systems in Asia
- Culture and the Business Systems of Asia
- Employment Relations and Human Resource Management in Asia: Explaining Patterns in Asian Societies
- Financial Systems in Asia: Where Politics Meets Development
- MNEs in Asian Business Systems
- National R&D Systems and Technology Development in Asia
- The Co-evolution of Global Sourcing of Business Support Functions and the Economic Development of Asian Emerging Economies
- Social Capital in Asia: Its Dual Nature and Function
- The Role of the State in Asian Business Systems
- A Survey of Strategic Behaviour and Firm Performance in Asia
- Pictures of the Past: Historical Influences in Contemporary Asian Business Systems
- Beyond Production: Changing Dynamics of Asian Business Groups
- Change and Continuity in East Asian Business Systems
- Asian Business Systems: Implications and Perspectives for Comparative Business Systems and Varieties of Capitalism Research
- Asian Business Systems: Implications for Managerial Practice
Abstract and Keywords
This article provides an overview of the institutional structure of the business system of Malaysia. It explores the role of the state, the financial system, ownership and corporate governance, the internal structure of the firm (management), employment relations, education and skills formation, inter-company relations (networks), and social capital. The article describes how the institutions of the developmental state and liberal market economies were combined and infused with personalized patron–client relationships. The interaction of these institutional spheres has produced a succession of short-lived business groups with weak governance structures and a managerial ethos that provides few incentives to develop sustainable forms of competitive advantage in the international marketplace. This article contributes directly to the business systems and varieties of capitalism literatures and identifies institutional contingencies for comparative and international social science research in general.
Michael Carney is Professor in the Department of Management at the John Molson School of Business, Concordia University, Montreal, Canada.
Edo Andriesse is Assistant Professor at the Department of Geography, Seoul National University, Korea.
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