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date: 19 July 2019

Abstract and Keywords

In this article, we explore Asian strategic behaviors and firm performance outcomes that business systems theory suggests are related to a country’s institutions. Based on a review of mainstream management and business journal publications, we identified four salient Asian strategic behaviors: internationalization strategies, network-based strategies, diversification and acquisition strategies, and ownership strategy. Using firm-level panel data, this article found that between 1997 and 2010, indigenous firm performance varied significantly across countries in Asia: Chinese firms had the highest mean and growth but the lowest skewness in performance, whereas the opposite was found for Japanese firms. Firms in other Asian countries fell between the two. This article also found that performance means were negatively associated with skewness, which was in turn significantly influenced by macro-economic conditions. This article contributes to the literature on business systems and varieties of capitalism as well as on international strategic management.

Keywords: strategy and firm performance, Asia, business systems, varieties of capitalism, institutions

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