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date: 17 February 2020

(p. 713) Index

(p. 713) Index

acquisition strategy 570
Aditiya Birla 630
advanced cities see Hong Kong; Singapore
advance North East economies see South Korea; Taiwan
Aeon/Jusco 621, 622, 623, 624
affiliation see group affiliation
Agency for the Assessment and Application of Technology 475
agency theory 312, 319
agricultural economy 492–3
Ali-Baba networks 151, 155, 160
All-China Federation of Industry and Commerce (ACFIC) 19
All-China Federation of Trade Unions (ACFTU) 19, 395, 676
All-India Central Council of Trade Unions (AICCTU) 65
All-India Trade Union Congress (AITUC) 65
All Indonesia Workers Union (SPSI) 86
Ambani 60, 70
American Express 490
am/pm 622
Anglo-Saxon firms 704
Apple 408
ASEAN Free Trade Area (AFTA) 456
ASEAN Industrial Cooperation (AICO) 456
ASEAN Investment Area (AIA) 456
Asian Corporate Governance Association 17, 343, 345
Asian Financial Crisis 422, 578, 579
and corporate governance 343, 351, 352, 600
and foreign ownership 341
Indonesia 80
Japan 599, 618
Malaysia 601
and minority shareholders 334
Philippines 427
Singapore 197
and state ownership 342
South Korea 216, 231, 342, 424, 599, 618–18
Taiwan 618
asset turnoever 573–4, 574
A*STAR 474
Auchan 626
autonomy 368, 369
Bangalore 495
Bangladesh
GDP/GDP per capita 572
offshoring 497
Bankgo Sentral ng Pilipinas (BSP) 174
bank-led financial systems see under financial systems
Bank Mandiri 84
Bank of Muamalat 160
banks 337–9, 677
China 14–15, 338, 677
Hong Kong 38–9, 339
India 58–9, 339, 677
Indonesia 82, 84
Laos 127, 677
Philippines 174, 339
Singapore 211n.4
Taiwan 241, 339, 641, 646
Thailand 264, 339
Vietnam 286, 677
Banque Pour Le Commerce Exterieur (BCEL; Laos) 127, 128
behaviour of firms see strategic behaviour of firms
BGA Forestry 133
Bharatiya Janata Party (BJP) 64
Bharatiya Mazdoor Sangh (BMS) 64, 65, 66
Bharat Petroleum 61
Bharti 630
Bharti Airtel 61
Bhutan
GDP/GDP per capita 572
Biopolis 475
Birla 60, 70
boards of directors see corporate governance
Bombay Stock Exchange (BSE) 56, 58
bonds 420, 421
China 430
Singapore 197
booty capitalism 172
Bo Xilai 13
brands 482, 617
Bretton Woods System (BWS) 633–4
Brunei
GDP/GDP per capita 572
Buddhism 277–8, 362, 370, 378
Bumiputra firms 146, 147, 150, 151, 153, 160
bureaucracy 594–5, 598
Burma see Myanmar
business groups (BGs) 309–27, 320, 321, 323, 564, 568–8, 677, 687
changing dynamics 611–30
China (qiye jituan) 310, 313, 319, 321, 326, 569, 670
and employment relations 385–6
Hong Kong 310, 319, 670, 687
India 319, 321, 325, 326, 670
Indonesia 319, 321, 341, 670
Japan 111, 319, 321, 322, 670
Japan (keiretsu) 112, 310, 313, 347, 368, 423–4, 426, 614, 619, 620–4, 629, 677
Japan (sogo shosha) 619, 622–4
Japan (zaibatsu) 111, 341, 423, 426
Laos 672
Malaysia 319, 341, 672
Pakistan 319
Philippines 319, 672
Singapore 310, 319, 322, 672, 687
South Korea (chaebol) 216, 220–1, 222, 227–8, 229, 231, 310, 312, 313, 314, 317, 319, 321, 322, 341, 347, 348, 351, 368, 424–5, 426, 554, 569, 614, 617, 619, 626–8, 629, 636, 653–5, 672
Taiwan (jituanqiye) 246, 250–1, 310, 313, 314, 319, 321, 322, 614, 629, 656–8, 674
Thailand 275, 319, 321, 674
Vietnam 674
business systems
and corporate governance3 332, 333–6
and culture 376–9, 426, 564, 595–7, 602, 687–8, 690, 703
Hong Kong 33–50
South Korea 564, 635–8, 635, 650, 653–5
stakeholder 347
call centres 75n.3, 387
Cambodia
GDP/GDP per capita 572
social capital 524
canon law 364
capital, social see social capital
capital, sources of 336–7
capitalism, booty see booty capitalism
capitalism, cowboy see cowboy capitalism
capitalism, crony see crony capitalism
capitalism, dependent market see dependent market capitalism
capitalism, ‘ersatz’ see ‘ersatz’ capitalism
capitalism, exodus see exodus capitalism
capitalism, free-market see free-market capitalism
capitalism, frontier see frontier capitalism
capitalism, hybrid see hybrid capitalism
capitalism, inequality-trapped see inequality-trapped capitalism
capitalism, migration-trapped see migration-trapped capitalism
capitalism, personal see personal capitalism
capitalism, rent see rent capitalism
capitalism, state see state capitalism (p. 715)
capitalism, varieties of (VoC) see varieties of capitalism (VoC)
Carrefour 619, 625, 627
caste see under India
Catholic Church see Roman Catholic Church
Central Provident Fund 203, 425
Centre for Indian Trade Unions (CITU) 64, 65
Cheil Jedang 619
Cheung Kong group 38, 39, 310
China 11–28, 681–2, 703, 704
asset turnover 574
banks 14–15, 338, 677
bonds 430
bureaucracy 594–5, 598
business groups (qiye jituan) 310, 313, 319, 321, 326, 569, 670
as colonists 591, 592
comparative advantage 28
complementarities, institutional 23–5
Confucianism 437
corporate governance 15–17, 24, 26, 343, 344, 346, 349
corruption 13, 14, 17, 433, 523, 518–19, 697
culture 347, 364, 367, 368–9, 369, 372, 373, 374, 378–9, 437, 438, 705, 707
delegation 18, 25
deviant behaviour tolerance 365
education 20–1, 494, 501, 670
employment relations (ER) 19–20, 345, 349, 387, 388, 389, 390–1, 395–6, 670
evolutionary dynamics 25–6
FDI (foreign direct investment) 13, 22, 35, 448, 450, 451, 452, 453, 454, 455, 457, 619
financial system 14–15, 24, 338, 421, 422, 428–36, 670, 677
financing methods 338
GDP/GDP per capita 365
global sourcing and offshoring 488–9, 497, 498, 500–1, 505
guanxi 23, 516, 520–2, 569, 570, 593
historical influences 593–5, 596, 597, 600–1
human resource management (HRM) 18, 396–7
infrastructure development 456
innovation 27, 28, 477
intellectual property rights 22, 482
inter-company relations 21–2
internal structure of firms 18, 25, 26, 671
IT systems 459
labour regulation 20, 395
labour turnover 18, 21
legal system 12, 18, 23, 323
literacy 20, 670
middle-income trap 28, 528–9
MNEs (multinational enterprises) 13, 450, 451, 456, 458
ownership of firms 15–17, 24, 340, 340, 341, 342, 348, 552, 564, 671
ownership of land 26, 429
retail 593, 626, 629
ROS (returns on sales) 573, 574, 575, 575, 576, 576, 577, 577, 579
sales growth 573
shareholders 40
shareholders, minority 17, 24, 323
skills formation 20–1, 25, 670
social capital (trust) 12, 18, 23, 24, 25, 516, 523, 525, 528–9, 533, 671
SOEs (state-owned enterprises) 13, 15, 16, 17, 18, 22, 24, 26, 593, 423–6
sovereign-wealth funds 342
state, role of the 12–14, 545, 547, 549, 550, 554, 555, 555, 671, 680
stock markets 337, 337, 430
strategic behaviour of firms 566, 570
supply chain 459
tax collection 435, 436
technology 470, 472, 473, 476–8
terms of employment 20, 396
township and village enterprises 429, 593
unions 19, 395, 553, 670, 676
universities 476
wholly foreign-owned enterprises (WFOEs) 22
see also Hong Kong
China Development Bank 15
China Enterprise Confederation (CEC) 19 (p. 716)
China Export-Import Bank 15
China Investment Company 342, 450
China Steel 614
China Trust Financial Holding Co. 245
CIMB Group 151, 160
Circle K 622
Citibank 39, 490
CITIC 39
Civility/Practicality 374
Closer Economic Partnership Arrangement (CEPA) 35
CMEs (Co-ordinated Market Economies) 385, 684
and employment relations 387
and financial systems 419, 420, 421
and MNEs 443
and state, role of the 540–1, 542, 545, 555, 555, 556
and strategy 565
Coldstone Creamery 626
collectivism 366, 368, 370, 371, 372, 378
colonialism 56, 363, 469, 590–2, 594
Communist Party of China (CPC) 12–14, 19, 23, 25, 343, 345, 429, 431, 435, 593
Communist Party of Laos 123
Communist Party of Vietnam (CPV) 283–4, 285, 291, 298, 593
Compaq 459
comparative advantage 318, 556, 562, 590, 601, 602, 692
China 28
and global sourcing 496
India 500
Japan 113
and technology 467, 469
compensating states 542
competency 369
complementarities, institutional 501
China 23–5
Hong Kong 45–9
Japan 113–15
Laos 136–7
Philippines 183–5
Singapore 207–9
South Korea 229–31
Vietnam 296–7
Computer Manpower Development Programme (India) 499
computers see IT systems; PCs
Confederation of Indian Industry (CII) 71
Confucian Dynamism 366, 367, 372, 378, 596
Confucianism 347, 362, 364, 368, 372, 373, 374, 376, 377, 481, 595, 596
China 437
Hong Kong 43
Japan 401
South Korea 401, 533
Taiwan 248, 533, 642
Vietnam 292
conservation in society 368, 378
Consultative Group on Indonesia (CGI) 93
convergence 350, 611–12, 691, 692
Co-ordinated Market Economies see CMEs
CORFO 500
corporate governance 4, 332–57, 679
and business groups 312, 315, 322–3
China 15–17, 24, 26, 343, 344, 346, 349
Hong Kong 39–41, 42, 343, 344, 345, 346, 679
India 59–61, 74, 344, 348
Indonesia 84–5, 344
Japan 103–4, 114, 343, 344, 345, 346, 352, 690
Laos 129, 137 344
Malaysia 153, 344, 348
Philippines 176, 184, 186, 344, 348
Singapore 197, 199–200, 343, 344, 345, 6790
South Korea 220–1, 230, 343, 344, 346, 348, 352, 653
Taiwan 243–5, 244, 344, 352
Thailand 268–9, 279n.11, 344
Vietnam 289, 344, 679
Corporate Governance Forum of Japan 343
corruption 323, 324, 438, 522, 523, 706–7
China 13, 14, 17, 433
Hong Kong 38, 45
India 57, 72, 74, 74
Indonesia 82, 84, 324
Japan 113
Laos 135
Malaysia 161, 163 (p. 717)
Philippines 172, 177, 183, 532
Singapore 206
South Korea 218, 221, 229
Taiwan 253
Thailand 261–2, 263
Vietnam 285, 288, 296, 297
Costco 625, 627
Council of Trust for Indigenous People (MARA) 147, 153
cowboy capitalism 138
CP Group 275
CREATE 474
crony capitalism 172, 297, 316, 324, 704
culture 5, 358–79, 365, 367, 369, 687–8
and business systems 376–9, 426, 564, 595–7, 602, 687–8, 690, 703
Hong Kong 46, 361, 367, 368, 369, 372, 373, 376–7, 426
India 368, 370, 373, 374, 378, 438, 707
Indonesia 368, 370, 373, 374, 378
and innovation 481
Japan 347, 361, 367, 368, 369, 370, 372, 373, 374, 377, 401, 426, 433–4, 438, 705
Malaysia 153–4, 368, 369, 373, 374, 707
and market research 482
Pakistan 362, 365, 368
Philippines 183, 368, 370, 372, 373, 378, 707
Singapore 208, 367, 368, 369, 369, 372, 373, 376–7
and social capital 516, 520
South Korea 347, 361, 367, 368, 372, 373, 374, 377–8, 401, 426
Taiwan 248, 347, 367, 368, 369, 370, 372, 373, 374, 377–8, 426
Thailand 368, 369, 369, 370, 372, 374, 378
versus politics and economics 426
Vietnam 368, 370, 707
World Values Survey 365, 367, 369, 370
Cycle and Carriage 151
Daewoo 614, 627
Daiei 621, 622, 623, 624
Daimaru 623
delegation 637, 678
China 18, 25
Hong Kong 41
Japan 105, 635, 637, 650
Singapore 201
South Korea 222, 230, 635, 637, 650
Taiwan 246, 635, 637, 642, 650
Dell Computers 617
Democratic Progressive Party (DPP; Taiwan) 646
Deng Xiaoping 14
dependent market capitalism 317
deposits 420, 421
design 482–3
Development and Commercial Bank (Malaysia) 152
Development Bank of Japan 423
DHL 490
directors, boards of see corporate governance
diversification strategy 569–70
dot.com bubble 618
EBITA (earnings before interest and tax) 571
Economic Freedom Index (EFI) 420–1, 422, 551, 552
education 4, 494, 669
China 20–1, 494, 501, 670
Hong Kong 43–4, 670
India 67–70, 494, 499, 670
Indonesia 88–9, 670
Japan 109–10, 670
Laos 131–3, 672
Malaysia 157–8, 672
Philippines 180–1, 186, 672
Singapore 203–5, 211n.7, 672
South Korea 225–7, 672
Taiwan 249–50, 674
Thailand 273–5, 674
Vietnam 292–4, 674
Eijkman Institute of Molecular Biology 475
Électricité de France International 134 (p. 718)
E-mart 619, 627, 628
Emerging South East Asia see Indonesia; Malaysia; Philippines; Thailand
Employees Provident Fund (EPF; Malaysia) 150
employment regulation see labour regulation
employment relations (ER) 4, 383–410, 637, 676–7, 707–8
and business systems 384–6
employee representation 333, 345–6
Hong Kong 42–3, 389, 391, 670
Indonesia 86–8, 345, 389, 670
Japan 105–9, 114, 156, 345, 388, 389, 391, 394, 411n.3, 401–3, 407, 408, 652, 670
Laos 130–1, 672
Malaysia 155–7, 345, 387, 388, 389, 390–1, 672
Philippines 178–80, 184, 186, 387, 388, 389, 390–1, 397–9, 672
Singapore 202–3, 345, 387, 388, 389, 392, 405–6, 407, 672
South Korea 223–5, 387, 388, 389, 391, 401–3, 407, 408, 672
Taiwan 247–9. 389, 391, 407, 657, 674
Thailand 270–3, 389, 391, 393–4, 411n.3, 674
and varieties of capitalism 384–6
‘ersatz’ capitalism 50, 172
étatisme 541, 554, 554, 555, 556
evolutionary dynamics
China 25–6
Hong Kong 48–9
Japan 115–16
Laos 137–8
Philippines 185–6
South Korea 231
Taiwan 253–4
Vietnam 297–8
exchange theory 313
exodus capitalism 185
Export-Oriented Industrialization (EOI) 386, 387, 615
Japan 614
South Korea 614, 640
Taiwan 614, 619, 641
Thailand 393
facilitation 707
FamilyMart 622, 625
Far Eastern Group 619, 625
Fate Control 373
FDI (foreign direct investment) 441, 442, 448–53, 449, 450, 451, 452, 565, 567, 571
China 13, 22, 35, 448, 457, 619
Hong Kong 35, 448
Indonesia 448
Japan 567
Laos 127, 128
Malaysia 448
Philippines 448
Singapore 448
South Korea 448
Taiwan 448
Thailand 261, 448
Vietnam 292, 448
Federation of Indian Chambers of Commerce and Industry (FICCI) 71
Federation of Korean Industries (FKI) 228
Federation of Korean Trade Unions (FKTU) 223, 402
FedEx 490
financial systems 4, 419–38, 421, 677
bank-led 337–9, 419, 420, 421, 638–40, 677
formal 421
Hong Kong 38–9, 338, 420, 421, 422, 425, 670
Indonesia 82–4, 420, 421, 421, 422, 426–7, 670
informal 421, 422
Malaysia 147–51, 420, 421, 422, 428, 672
market-led 339, 419, 420–1
Philippines 173–5, 420, 421, 421, 422, 426, 672
securities 415, 416
Singapore 196–9, 198, 338, 420, 421, 422, 425, 672
South Korea 219–20, 420, 421, 422, 424–5, 426, 639, 640, 672, 677
stocks 415, 416
Taiwan 241–2, 420, 421, 422, 425, 639, 641, 674
Thailand 264–6, 420, 421, 422, 427–8, 674
Vietnam 285–7, 674
firms’ ownership see ownership of firms
firms’ performance see performance of firms
firms’ strategy see strategic behaviour of firms
Flextronics 400
foreign direct investment see FDI
Formosa Plastics 310, 614
free-market capitalism 350, 374, 377, 704
frontier capitalism 123, 124–5, 138
Fung, Victor 459
Fusionopolis 475
Future Orientation 371, 372
Fuyo 111, 614, 622
gambling 37
game theory 598
Gandhi, Indira 57, 58, 66
Gateway Computers 617
GDP per capita 364, 365, 572
GE 490
Genteng 152
GIC 342, 450
GLCs (government linked companies)
Malaysia 146, 151, 162
Singapore 201, 205
globalization 350
Global Expenditure on Research and Development (GERD) 472, 472
global sourcing 487–506, 502, 539
Bangladesh 497
India 489, 490, 497, 498–500, 503
Indonesia 497
Philippines 497
Thailand 497
Vietnam 497
see also offshoring
Globe 471
GLOBE studies on leadership 370–2
Government Investment Corporation (Singapore) 425
government involvement see state, role of the
group affiliation 318–21
GS 619, 627
guanxi 564
China 23, 516, 520–2, 569, 539, 569, 570
Singapore 207
Taiwan 246, 251, 252, 254, 259, 459, 568, 574
Guomindang see Kuomintang (KMT)
Guangzhou 369, 477
Habibie, President 475
Hankyu 623
harmony 370, 377, 378
Health Corporation of Singapore 199, 206
hierarchical capitalism 317, 318
hierarchy 369, 378, 379, 688, 707
high-level equilibrium trap 594
Hi-Life 625
Hind Mazdoor Sabha (HMS) 64, 65
Hinduism 71, 378, 481, 595
historical influences 589–603, 692
India 592, 595–6, 600
Indonesia 599
Japan 596, 599, 600
Malaysia 592
Philippines 170, 590, 598
Singapore 592, 597
South Korea 591, 597, 598, 599, 600
Taiwan 591, 598, 600
Thailand 591
Vietnam 593–4, 597, 600
HK Federation of Trade Unions 43 (p. 720)
Holmsgreen Holdings 625
Homeplus 628
Hong Kong 33–50, 563, 703
asset turnover 574
banks 38–9, 339
business groups 310, 319, 670, 687
compared to Singapore 49–50
complementarities, institutional 45–9
Confucianism 43
corporate governance 39–41, 42, 343, 344, 345, 346, 679
corruption 38, 45, 523
culture 46, 361, 367, 368, 369, 372, 373, 376–7, 426
delegation 41
deviant behaviour tolerance 365
education 43–4, 670
employment relations 42–3, 389, 391, 670
evolutionary dynamics 48–9
FDI (foreign direct investment) 35, 448, 450, 451, 452, 453, 454, 455
financial system 38–9, 338, 420, 421, 422, 425, 670
financing methods 338
gambling 37
GDP/GDP per capita 365, 572
inter-company relations 44–5
internal structure of firms 41–2, 671
legal system 38, 47
literacy 670
MNEs (multinational enterprises) 42
ownership of firms 39–40, 340, 340, 348, 546, 552, 671
ownership of land 37
ROS (returns on sales) 573, 574, 575, 576, 576, 577
sales growth 573
shareholders, minority 40, 546
skills formation 43–4, 670
SMEs (small and medium-sized enterprises) 38, 39, 43, 46
social capital 47–8, 523, 533, 671
state, role of the 37–8, 545, 546, 547, 554, 554, 555, 671, 680
stock market 337, 337, 339
strategic behaviour of firms 570
supply chains 45
technology 472
terms of employment 43
unions 43, 553, 553, 670
universities 44
see also China
Hong Kong Council for Academic Accreditation 44
Hong Kong Jockey Club 37, 45
Hong Kong model 34
Hong Kong Towngas 49
Hong Leong 310, 152
HP (Hewlett-Packard) 459
HSBC 39, 49, 339
Hsinchu 458
Huawei 15
human capital see social capital
human resource management (HRM) 383–410
China 18, 396–7
India 399–401
Japan 403–5
Malaysia 158
Philippines 401
Singapore 406
South Korea 403–5
Thailand 394–5
Vietnam 293, 396–7
Hutchison Whampoa group 49
hybrid capitalism 317, 468
Hyundai 221, 228, 317, 614, 617, 619, 627, 653
IBM 459
Icarus groups 319
ICICI Bank 61, 70
IFDI (inward foreign direct investment) see FDI (foreign direct investment)
Ikkan 111
implications for managerial practice 698–711
implications for theory 684–91
Import-Substitution Industrialization (ISI) 387, 393
Independent Committee Against Corruption (Hong Kong) 45 (p. 721)
Index of Economic Freedom see Economic Freedom Index (EFI)
India 55–75, 351, 681–2, 703
asset turnover 574
banks 58–9, 339, 677
business groups 319, 321, 325, 326, 670
call centres 387
caste 71, 72,73, 595–6
comparative advantage 500
corporate governance 59–61, 74, 344, 349
corruption 57, 72, 74, 74, 324, 430, 523
CPSEs (central public-sector enterprises) 59–60, 62
culture 368, 370, 373, 374, 378, 438, 707
deviant behaviour tolerance 365
education 67–70, 494, 499, 670
employment relations (ER) 63–7, 64, 345, 387, 388, 389, 390–1, 397–9, 670
FDI (foreign direct investment) 450, 451, 452, 453, 454, 455
financial system 58–9, 421, 422, 434–6, 670
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 489, 490, 497, 498, 498–500, 503, 505
Hinduism 71, 378, 481, 595
historical influences 592, 595–6, 600
human resource management (HRM) 399–401
inter-company relations 70–1
internal structure of firms 57, 62, 671
IT systems and training 499–500
knowledge clusters 496
labour regulation 397
legal system.laws 72–4
literacy 67–8, 670
ownership of firms 59–61, 340, 340, 342, 552, 671
ownership of land 434
PSUs (public-sector undertakings) 57, 59
quality and standards 500
retail 630
ROS (returns on sales) 574, 575, 575, 576, 576, 577, 577, 579
sales growth 573
SEZs (special economic zones) 57
shareholders, minority 85, 427
skills formation 67–70, 670
social capital 71–4, 523, 671
social capital indicators 518–19
SOEs 59, 62, 435
state, role of the state 56–7, 547, 550, 554, 555, 671
stock markets 58, 337, 337, 339
strikes 65–7, 66, 67, 677
tax collection 435, 436
technology 470, 472, 473
terms of employment 63, 399, 400
unions 63–5, 65, 75n.3, 390, 398, 553, 670
universities 68–9
Indian Oil 60
Indian National Congress 64, 398, 436
Indian National Trade Union Congress (INTUC) 64, 65
individualism 366, 368, 370, 689
Indonesia 79–95, 703
Asian Financial Crisis 80
asset turnover 573, 574
banks 82, 84
business groups 319, 321, 341, 670
corporate governance 84–5, 344
corruption 82, 84, 523
culture 368, 370, 373, 374, 378
education 88–9, 670
employment relations 86–8, 345, 389, 670
evolutionary dynamics 91–4
FDI (foreign direct investment) 448, 450, 451, 452, 453, 454, 455
financial system 82–4, 420, 421, 421, 422, 426–7, 670
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 497
historical influences 591, 599
inter-company relations 89–91
internal structure of firms 85–6, 671
Islam 362, 378
labour regulation 86
legal system/laws 90, 93, 96n.10
literacy 670
ownership of firms 80, 84–5, 340, 341, 342, 552, 671
ROS (returns on sales) 575, 575, 576, 577
sales growth 573 (p. 722)
skills formation 89, 670
social capital 91, 523, 671
SOEs (state-owned enterprises) 80, 85
state, role of the 81–2, 543, 545, 547, 550, 554, 554, 555, 671
stock market 83, 94, 337
technology 90, 472, 473, 475–6
terms of employment 87
unions 86, 87, 553, 670
Indonesian Bank Restructuring Agency (IBRA) 80
Indonesian Employers Association (APINDO) 87
Indonesian Institute of Sciences (LIPI) 475
industrialization 594
industrial relations see employment relations
inequality-trapped capitalism 184, 185, 187
informality 688–90
business systems 686
corporate governance 349–50
financial systems 421–2, 427, 429, 435
institutions 564, 688–90
Infosys Technologies 61, 70, 489, 500
In-Group Collectivism 372, 376, 515
innovation 465–71
China 27, 28, 477
Singapore 207–8
see also technology
institutional change 309, 310, 312, 314, 315, 322
institutional collectivism 371, 372, 378, 515
institutional complementarities see complementarities, institutional
institutional convergence see convergence
institutional distances 700, 701
institutionalized trust see under social capital
institutional voids 311, 319–20, 445, 564, 565
Intel 459, 617
intellectual property (IP) rights 22, 482
inter-company relations (networks) 4, 455–6, 564, 596, 677–8
China 21–2
Hong Kong 44–5
India 70–1
Indonesia 89–91
Japan 111–12, 115, 569, 636
Laos 133–5
Malaysia 159–61
and MNEs (multinational enterprises) 458–9
Philippines 181–2, 185, 186
Singapore 205–6
South Korea 227–8
and strategy 569
Taiwan 250–2, 569
Thailand 275–6
Vietnam 294–5
internal structure of firms
China 18, 25, 26, 671
Hong Kong 41–2, 671
India 57, 62, 671
Indonesia 85–6, 671
Japan 104–5, 671
Malaysia 153–5, 673
participatory 42, 62, 104–5, 671
Philippines 176–6, 184, 673
Singapore 200–2, 673
South Korea 221–3, 673
Taiwan 245–7, 674
Thailand 269–70, 674
top-down 344, 671, 673, 674, 678, 688, 707
Vietnam 289–90, 674
internationalization 567–8
intervention, state 14, 551, 552, 554, 554, 555, 556, 564
Isetan 620, 623
Islam 362
culture/values 153–4, 363
finance 147, 428
Indonesia 362, 378
Malaysia 153–4, 362, 428
Itochu 622, 624
Ito-Yokado 621, 622, 623
IT systems
India 499–500
Taiwan 459
Jakarta Stock Exchange (JSX) 83
Japan 100–17, 635–8, 635, 649–53, 650, 658–9, 684, 703, 704
Asian Financial Crisis 599, 618
asset turnover 574
business groups 111, 319, 321, 322, 670
business groups (keiretsu) 112, 310, 313, 347, 368, 423–4, 426, 614, 619, 620–4, 629, 677
business groups (sogo shosha) 619, 622–4
business groups (zaibatsu) 111, 341, 381, 423, 426
business inertia 115–16
as colonists 590, 591
comparative advantage 113
complementarities, institutional 113–15
Confucianism 401
corporate governance 103–4, 114, 343, 344, 345, 346, 352, 690
corruption 113, 523
culture 347, 361, 367, 368, 369, 370, 372, 373, 374, 377, 401, 426, 433–4, 438, 705
delegation 105, 635, 637, 645
deviant behaviour tolerance 365
education 109–10, 115, 670
employment relations (ER) 105–9, 114, 156, 345, 388, 389, 391, 394, 401–3, 407, 408, 411n.3, 652, 670
evolutionary dynamics 115–16
Export-Oriented Industrialization (EOI) 613–15
FDI (foreign direct investment) 450, 451, 452, 453, 454, 455, 567
financial system 102, 113–14, 339, 423–4, 426, 431–4, 436, 638, 639, 647, 670
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 616
historical influences 596, 599, 600
human resource management (HRM) 403–5
inter-company relations 111–12, 115, 569, 636
internal structure of firms 104–5, 671
kaisha 564
labour regulation 106, 639, 648, 652
legal system/laws 113
literacy 670
MNEs 443, 454, 567
ownership of firms 103–4, 340, 340, 341, 342, 352, 671, 679
PCs (personal computers) 617
retail 619, 620–4, 623
ROS (returns on sales) 573, 574, 575, 575, 576, 577, 577, 579
sales growth 573
shareholders 103, 104, 114
shareholders, minority 343
skills formation 110–11, 114, 670, 676
social capital (trust) 112–13 114–15, 523, 525, 526–8, 533, 639, 648, 671
stakeholder system 347
state, role of the 100–2, 545, 547, 548, 549, 554, 554, 555, 638, 639, 647, 671, 678
stock market 337, 337, 648, 668
strategic behaviour of firms 566, 567–8
strikes 677
technology 472, 473
terms of employment 105–6, 107, 114, 404
universities 473
zombie companies 102
Jardine group 39
JASDAQ 648
joint ventures 568, 569, 703
Jollibee 401
just-in-time delivery 490, 616
see also supply chains
kaisha 564
keiretsu 112, 310, 313, 347, 368, 423–4, 426, 614, 619, 620–4, 629, 677
Kerry 310
Khazanah Nasional 146, 147, 159
knowledge clusters 495–7
Koo, Jeffrey 245 (p. 724)
Korea see South Korea
Korea Chamber of Commerce and Industry (KCCI) 228
Korean Confederation of Trade Unions (KFTU) 223
Korean Council of Trade Unions (KCTU) 402, 645
Korea Tripartite Commission (KTC) 224
Kuang Chuan group 625
Kuomintang (KMT) 239, 241, 248, 425, 641, 642, 645, 646
Labour Congress of Thailand (LCT) 271
labour productivity 158
labour regulation 349, 659
China 20, 395
India 397
Indonesia 86
Japan 106, 639, 648, 652
Philippines 179, 398
South Korea 224–5, 639, 654
Taiwan 639
Thailand 393
Vietnam 291–2, 395
labour relations see employment relations (ER)
labour supply 491–7
labour turnover
China 18, 21
Hong Kong 43
land ownership see ownership of land
Lao Coffee Export Association 134
Lao Federation of Trade Unions (LFTU) 131
Lao Garment Industry (ALGI) 131, 134
Lao Holding State Enterprise 133
Lao National Chamber of Commerce (LNCCI) 131, 134
Laos 123–39
banks 127, 677
business groups 672
complementarities, institutional 136–7
corporate governance 129, 137, 344
corruption 135, 523
education 131–3, 672
employment relations (ER) 130–1, 672
evolutionary dynamics 137–8
FDI (foreign direct investment) 127, 128, 450, 451, 452, 453, 454, 455
financial system 126–8, 672
financing methods 338
GDP/GDP per capita 365, 572
inter-company relations 133–5
internal structure of firms 129–30, 673
leadership 598
literacy 131, 672
ownership of firms 128–9, 340, 340, 552, 673
skills formation 132–3, 672
SMEs (small and medium enterprises) 130, 134, 136–7
social capital 135–6, 524, 673
SOEs (state-owned enterprises) 128–9, 129–30, 132
state, role of the 125–6, 136, 547, 550, 554, 555, 555, 673
stock market 337
terms of employment 131
unions 131, 553, 553, 672, 676
universities 132
Lao Stock Exchange 127
Lawson Daiei 622
lean retailing see under retail
Lee Byung-chull 222
Lee Kwan Yew 592
Lee Myung-bak 218, 221, 228
legal systems/laws 323, 332, 334, 347
China 12, 18, 23, 323
Hong Kong 38, 47
India 72–4
Indonesia 90, 93, 96n.10
Japan 113
Philippines 173
Singapore 196, 206
Taiwan 323
Lianhu 629
Liberal Democratic Party (Japan) 433, 436
liberal market economies see LMEs
Life Corporation 622
Li Ka Shing 39
Lion Group 151 (p. 725)
literacy 669, 670, 672, 674
China 20, 670
Hong Kong 670
India 67–8, 670
Indonesia 670
Japan 670
Laos 131, 672
Malaysia 157, 672
Philippines 672
Singapore 672
South Korea 672
Taiwan 674
Thailand 674
Vietnam 292, 674
Little Dragons see Hong Kong; Singapore; South Korea; Taiwan
LMEs (liberal market economies) 385, 419, 540, 684
and developmental states 643
and employments relations (ER) 387
and financial systems 420, 421
and MNEs 443
and state, role of the 541, 542, 545, 546, 555, 555
and strategy 565
see also financial systems, market-led
long-term orientation 367, 367
Lotte 627, 628
Lucky Goldstar (LG) 317, 614, 617, 619, 627, 653
Maersk 490
Mahathir, Prime Minister of Malaysia 155, 163, 428
Mahindra 630
Makro 619, 625, 627
Malayan Banking 151
Malaysia 144–65, 351, 703
Ali-Baba networks 151, 155, 160
Asian Financial Crisis 601
asset turnover 574
Bumiputra firms 146, 147, 150, 151, 153, 160
business groups 319, 341, 672
complementarities, institutional 163–4
corporate governance 153, 344, 348
corruption 161, 163, 523
culture 153–4, 368, 369, 373, 374, 707
deviant behaviour tolerance 365
education 157–8, 672
employment relations (ER) 155–7, 345, 387, 388, 389, 390–1, 672
FDI (foreign direct investment) 448, 450, 451, 452, 453, 454, 455
financial system 147–51, 420, 421, 422, 428, 672
financing methods 338
GDP/GDP per capita 365, 572
GLCs (government-linked companies) 146, 151, 162
global sourcing and offshoring 497, 498
historical influences 591, 592
human resource management (HRM) 158
inter-company relations 159–61
internal structure of firms 153–5, 673
Islam 153–4, 362, 428
literacy 157, 672
middle-income trap 144
MNEs (multinational enterprises) 154, 450, 451, 452, 458
ownership of firms 151–3, 340, 340, 341, 342, 552, 673
ROS (returns on sales) 575, 576, 577
sales growth 573
shareholders, minority 150, 153
skills formation 157–9, 459, 672
SMEs (small and medium-sized enterprises) 152–3
social capital 161–3, 523, 673
SOEs (state owned enterprises) 146, 150, 151
state, role of the 145–7, 543, 545, 547, 550, 554, 555, 555, 673
stock market 337, 337, 339
strikes 156
technology 470, 472, 473, 478–9
unions 155, 553, 672
universities 478
Malaysian Employers Federation (MEF) 156
Malaysian Trades Union Congress (MTUC) 155
managerial practice, implications for see implications for managerial practice
market research 482
Marubeni 622, 624
Maruetsu 622
Marui 623
Masculinity–Femininity 366, 367, 377
mastery 369, 378
Matsushita 621
Matsuya 623
Matsuzakaya 620, 623
mercantile capitalism 50
MEST 479
Michii 623
Microsoft 617
middle-income trap 318, 351, 466, 480, 515
China 28, 528–9
Malaysia 144
Thailand 260, 263, 395
migration-trapped capitalism 185
Millennium Retailing 622
Ministop 622
Minmetals 125
minority shareholders see shareholders, minority
Misc/Petronas 151
Mister Donut 626
Mitsubishi 111, 423, 454, 614, 622, 624
Mitsukoshi 620, 623
Mitsui 111, 423, 614, 624
MKE 479
MNCs (multinational corporations) see MNEs (multinational enterprises)
MND Holdings 199, 206
MNEs (multinational enterprises) 317–18, 441–61, 571, 691
China 13, 450, 451, 456, 458
and employment relations 387
Hong Kong 42
and human resource management (HRM) 408
Indonesia 80
inter-company relations 458–9
Japan 443, 454, 567
and knowledge clusters 496
Malaysia 154, 450, 451, 452, 458
Singapore 450, 451, 456
spillovers 446–7, 457–8
Thailand 261, 262, 276
Vietnam 288, 397
Modi 60
Mongolia
GDP/GDP per capita 572
MOTHERS 648
Motorola 459, 490
MUI Group 152
Multi-Commodity Exchange of India (MCX) 58
Multi-Fiber Arrangement 137, 601
multiplexity 690–1
Multi-Purpose Holdings 152
Myanmar
GDP/GDP per capita 572
social capital 524
Mycal 623
Nanda 60
National Aluminium (India) 61
National Association of Software and Services Companies (NASSC) 71
National Congress of Private Industrial Employees (NCPE) 271
National Research Foundation (Singapore) 474
National Science and Technology Development Agency (NASDA; Thailand) 276
National Stock Exchange (NSE; India) 58
National Thermal Power Corporation Limited (India) 60
National Trades Union Congress (NTUC; Singapore) 202, 205, 405
Needham Puzzle 594–5
Nehru, Jawaharlal 56–7
Neo-Confucianism 437
Nepal
GDP/GDP per capita 572
newly-industrializing economies (NIE) 420, 421, 422, 424–4
New Order 79, 80–1, 82, 92, 93
Nichii 623
Nissan 423
Nike 408
Nonggongshan 629
NT2 dam 134
offshoring 489–99, 498, 504–5, 616, 691
Offshoring Research Network (ORN) 504–6
Oil and Natural Gas Corporation Limited (India) 60, 61
Oil India 61
Oji Paper 133
on the job training (OJT) see under skills formation
Oriental Holdings 151
Over-the-Counter Exchange of India (OTCEI) 58
ownership of firms 4, 339–42, 341, 351
China 15–17, 24, 340, 340, 341, 342, 348, 552, 564, 671
family-owned 340, 341, 344, 546, 549, 550, 564, 570, 678, 687
foreign 341
Hong Kong 39–40, 42, 340, 348, 546, 671
hybrid 348
India 59–61, 340, 342, 671
Indonesia 80, 84–5, 671
Japan 103–4, 340, 341, 671, 679
Laos 128–9, 340, 673
Malaysia 151–3, 340, 342, 673
Philippines 175–6, 342, 673
Singapore 199–200, 340, 342, 348, 673
South Korea 220–1, 341, 342, 348, 614, 636, 673, 678
state-owned 340, 342, 349, 549, 550, 551, 552, 678
and strategy 570
Taiwan 242–5, 340, 614, 636, 655, 675
Thailand 266–9, 550, 675
Vietnam 287–9, 340, 675
widely held 678
ownership of land 493
China 26, 429
Hong Kong 37
India 434
Philippines 531
Overseas Chinese Banking Corp. (OCBC) 151
Pakistan 543
business groups 319
culture 362, 365, 368
GDP/GDP per capita 572
Panyapiwat Institute of Management (PIM) 275
Park Chung Hee 424, 426
PCs (personal computers) 617
Penang Development Corporation 160
Penang Skills Development Centre (PSDC) 459
People’s Action Party (Malaysia) 316
People’s Action Party (PAP; Singapore) 405
People’s Bank of China (PBC) 429, 430
People’s Solidarity for Participatory Democracy (PSPD) 343
Perbadanan Nasional Berhad (Pernas) 150
Peregrine merchant bank 39
Performance Orientation 371, 372
performance of firms 561, 562, 570–81, 692
Permodalan Nasional Berhad (PNB) 150
personal capitalism (Malaysia) 145, 146, 159, 163, 165
Petroleum Authority of Thailand (PTT) 267, 275
Philippine Overseas Employment Administration (POEA) 179
Philippines 169–87, 351, 703
Asian Financial Crisis 427
asset turnover 574
banks 174, 338
business groups 319, 672
complementarities, institutional 183–5
corporate governance 176, 184, 186, 344, 348
corruption 172, 177, 183, 523, 532
culture 183, 368, 370, 372, 373, 378, 707
education 180–1, 186, 672
employee categories 176 (p. 728)
employment relations (ER) 178–80, 184, 186, 387, 388, 389, 390–1, 397–9, 672
evolutionary dynamics 185–6
FDI (foreign direct investment) 448, 450, 451, 452, 453, 454, 455
financial system 173–5, 420, 421, 421, 422, 426, 672
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 497, 498
historical influences 170, 590, 591, 598
human resource management (HRM) 401
inequality trap 184, 185, 187
inter-company relations 181–2, 185, 186
internal structure of firms 176–7, 184, 673
labour regulation 179, 398
legal system/laws 173
literacy 672
migration of labour force 171, 179–80, 181, 185
ownership of firms 175–6, 340, 342, 352, 673
ownership of land 531
ROS (returns on sales) 573, 574, 575, 576, 577
sales growth 573
shareholders, minority 175, 176
skills formation 180–1, 672
social capital 182–3, 185, 186, 524, 525, 530–2, 673
state, role of the 171–3, 543, 545, 547, 550, 554, 554, 555, 555, 673
stock market 175, 184, 337
technology 181, 471
terms of employment 178, 399, 401
unions 179, 398, 553, 672
Philippine Stock Exchange 174, 175
Plaza Accord 615–18
Poongsan Corporation 596
Postal Savings Bank (Philippines) 423
post-socialist states see China; India; Vietnam
post-war East Asian business systems 628–31
Power Grid of India 61
Power Distance 366, 368, 378, 689
PRC (People’s Republic of China) see China
predatory state see under state, role of the
Programme for International Student Assessment (PISA) 68
Price Club 627
Pricewaterhouse Coopers 129
principal-principal agency relationship 341
Promodès 625
Proton 160
PT Krakatau Steel 86
PT Rekayasa Industri 86
public training see under skills formation
quality and standards 500
R&D (research and development) see technology
regulation see legal systems and laws
regulation, labour see labour regulation
Regulation School 386
Reliance ADAG 60
Reliance Industries 60, 61
Reliance Telecommunications 61
religion, and societal behaviour 362, 373
rent capitalism 172
retail 692
China 593, 626, 629
India 630
Japan 619, 620–4, 623
lean retailing 615–16, 622
South Korea 619, 626–8
Taiwan 619, 624–6
Vietnam 593
return on sales see ROS
revenue farming see tax collection
Reward for Application 373
Rhee, Syngman 217
RISTEK 475
role of the state see state, role of the
Roman Catholic Church 183
ROS (return on sales) 571, 574–9, 575, 576, 577, 578
Royal Bank of Canada 39 (p. 729)
RT-Mart 619, 625, 626
Ruentex Financial Group 619, 625, 626
SAFE Investment Company 342
Saison 622
sales growth 572–3, 573
Salim 310
Samsung 221, 222, 317, 614, 617, 619, 627, 653
Sanwa 111, 614
Sasken 400
science and technology (S&T) see technology
securities 420, 421
Securities Exchange Board of India (SEBI) 61
Seibu 623
Seicomart 622
Seiyu 623
Self-Directedness/Other Directedness 374–5, 375, 377
Self-Reliance 376, 378
7-Eleven 619, 622, 625, 626
SEWA 65, 70
Shanghai 45, 49, 368, 369, 477, 495, 626, 699
Shanghai model 34
shareholders 312
China 40
Japan 103, 104, 114
South Korea 230
Thailand 268
shareholders, minority
and business groups 311, 312, 318, 319, 322, 324, 325
and corporate governance 334, 342, 343, 345, 350, 351, 679
China 17, 24, 323
Hong Kong 40, 546
Indonesia 85, 427
Japan 343
Malaysia 150, 153
Philippines 175, 176
Singapore 200, 207
South Korea 220
Taiwan 323
Thailand 265, 268
Shenzhen 458
Shinawatra, Thaksin 262, 277, 428
Shinsegae 619, 627
Shisheido 621
short-term orientation 367, 367
Siam Cement 275
Singapore 192–210, 563, 703
Asian Financial Crisis 197
asset turnover 574
banks 211n.4
bonds 197
business groups 310, 319, 322, 672, 687
compared to Hong Kong 49–50
complementarities, institutional 207–9
corporate governance 197, 199–200, 343, 344, 345, 679
corruption 206, 523
culture 208, 367, 368, 369, 369, 372, 373, 376–7
delegation 201
deviant behaviour tolerance 365
education 203–5, 211n.7, 672
employment relations (ER) 202–3, 345, 345, 387, 388, 389, 392, 405–6, 407, 672
FDI (foreign direct investment) 448, 450, 451, 452, 453, 454, 455
financial system 196–9, 198, 338, 420, 421, 422, 425, 672
financing methods 338
GDP/GDP per capita 365, 572
GLCs (government-linked companies) 201, 205
global sourcing and offshoring 497, 498
guanxi 207
historical influences 592, 597
human resource management (HRM) 406
infrastructure investment 456
innovation 207–8
intellectual property rights 482
inter-company relations 205–6
internal structure of firms 200–2, 673
legal system/laws 196, 206
literacy 672
MNEs (multinational enterprises) 450, 451, 456 (p. 730)
outward FDI data 450
ownership of firms 199–200, 340, 340, 342, 348, 552, 673
ROS (returns on sales) 575, 576, 577
sales growth 573
shareholders, minority 200, 207
skills formation 203–5, 211n.7, 483, 672
social capital 206–7, 523, 533, 673
state, role of the 193–6, 209, 545, 547, 548, 549, 554, 554, 555, 673, 700
stock market 197, 209, 337, 337, 339
strategic behaviour of firms 569, 570
strikes 677
technology 466, 470, 472, 473, 474–5
terms of employment 406
unions 202, 405, 406, 553, 554, 672, 676
universities 204, 473, 474
Singapore National Employers Federation (SNEF) 202
Singapore Technologies 201
Singapore University of Technology and Design 483
SK 220, 221
skills formation 4, 459, 676
China 21, 25, 670
Hong Kong 43–4, 670
India 67–70, 670
Indonesia 89, 670
Japan 110–11, 114, 670, 676
Laos 132–3, 672
Malaysia 157–9, 459, 672
on the job training (OJT) 110–11, 114, 676
Philippines 180–1, 672
public training 459, 676
Singapore 203–5, 211n.7, 483, 672
South Korea 226–7, 672, 676
Taiwan 250, 674, 676
Thailand 275, 674
Vietnam 293, 674
vocational 21, 89, 109, 110, 226, 676
Smart 471
SMEs (small and medium-sized enterprises)
Hong Kong 38, 39, 43, 46
Laos 130, 134, 136–7
Malaysia 152–3
South Korea 228, 636, 655
Taiwan 241–2, 247, 657
SMEs (state-led market economies) 685
social axioms 372–3
social capital (trust) 4, 313, 513–33, 519, 523, 679, 686, 705–7
China 12, 18, 23, 24, 25, 516, 525, 528–9, 533, 671
Hong Kong 47–8, 533, 671
India 71–22, 671
Indonesia 91, 671
institutionalized (system) 513, 522, 679, 686–7, 690, 705
Laos 135–6, 673
Malaysia 161–3, 673
Philippines 182–3, 185, 186, 525, 530–2, 673
interpersonal (relational) 513, 514–22, 679, 705
Singapore 206–7, 533, 673
South Korea 228–9, 533, 639, 673
Taiwan 252–3, 533, 639, 675
Thailand 276–8, 675
Vietnam 295–6, 533, 675
Social Complexity 373
Social Cynicism 373, 376, 378
socializing children 373–6, 375
social systems of innovation and production see SSIPs
SOEs (state-owned enterprises)
China 13, 15, 16, 17, 18, 22, 24, 26, 593
India 59, 435
Indonesia 80, 85
Malaysia 146, 150, 151
Taiwan 241, 247, 646
Vietnam 288, 289, 290
Sogo 623
sogo shosha 619, 622–4
Sony 103
South Korea 216–32, 542, 564, 635–8, 635, 650, 653–5, 703, 704
Asian Financial Crisis 216, 231, 342, 424, 599, 618–18 (p. 731)
asset turnover 574
business groups (chaebol) 218, 220–1, 222, 227–8, 229, 231, 310, 312, 313, 314, 317, 319, 321, 322, 341, 347, 348, 351, 368, 424–5, 426, 554, 569, 614, 617, 619, 626–8, 629, 636, 653–5, 672
call centres 75n.3, 387
complementarities, institutional 229–31
Confucianism 401, 533
corporate governance 220–1, 230, 343, 344, 346, 352, 653
corruption 218, 221, 229, 523
culture 347, 361, 367, 368, 372, 373, 374, 377–8, 401, 426
delegation 222, 230, 635, 637, 650
deviant behaviour tolerance 365
education 225–7, 672
employment relations 223–5, 387, 388, 389, 391, 401–3, 407, 408, 672
evolutionary dynamics 231
Export-Oriented Industrialization (EOI) 614–15, 640
FDI (foreign direct investment) 448, 450, 451, 452, 453, 454, 455
financial system 219–20, 420, 421, 422, 424–5, 426, 639, 640, 672, 677
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 497, 616
historical influences 591, 597, 598, 599, 600
human resource managements (HRM) 403–5
inter-firm relations 227–8
internal structure of firms 221–3, 673
labour regulation 224–5, 639, 654
literacy 672
ownership of firms 220–1, 340, 341, 342, 348, 352, 614, 636, 673, 678
PCs (personal computers) 617
retail 619, 626–8
ROS (return on sales) 574, 575, 575, 576, 577
sales growth 573
shareholders 230
shareholders, minority 220
skills formation 226–7, 672, 676
SMEs (small and medium-sized enterprises) 228, 636, 655
social capital (trust) 228–9, 523, 533, 639, 673
state, role of the 216–19, 545, 549, 554, 554, 555, 638, 639, 643–5, 644, 655, 673
stock market 337, 337
strategic behaviour of firms 567–8, 570
strikes 224, 677
technology 470, 472, 473, 479
terms of employment 224, 403, 404
unions 223, 402–3, 407, 553, 554, 639, 642, 645, 655, 672
universities 226, 473
Southland Corporation 625
sovereign-wealth funds 342, 450
spillovers 446–7, 457–8
Sri Lanka
GDP/GDP per capita 572
SSIPs (social system of innovation and production) 541
S&T (science and technology) see technology
stakeholder system see under business systems
Standard Chartered 339
Starbucks 619, 626
state, role of the 4, 538–57, 547, 548, 549, 554, 555, 679–80, 709–10
China 12–14, 545, 549, 550, 555, 671, 680
developmental state 100–1, 315–16, 318, 542–3, 544, 545, 548–50, 556, 633, 638, 643, 679, 680
Hong Kong 37–8, 545, 546, 554, 671, 680
India 56–7, 550, 671
Indonesia 81–2, 543, 545, 550, 554, 671
Japan 100–2, 548, 549, 554, 638, 639, 644, 647, 671, 680
Laos 125–6, 136, 550, 555, 673
Malaysia 145–7, 543, 545, 550, 555, 673
Pakistan 543
Philippines 171–3, 543, 545, 550, 554, 555, 673
predatory state 543, 545, 547, 550, 554, 555, 556, 671, 673, 675, 679–80, 682, 709, 710
regulatory state 545, 546–8, 547, 680
Singapore 193–6, 209, 545, 548, 549, 554, 673
Thailand 261–4, 543, 545, 550, 554, 675
Vietnam 283–5, 550, 675
welfare state 218, 545, 547, 548, 680
State Bank of India (SBI) 58, 61
state capacity 556
state capitalism 333, 342, 350, 704
State Enterprises Workers Relations Confederation (SERC; Thailand) 271
state-led market economies see SMEs
State-Owned Assets Supervision and Administration Commission (SASAC; China) 13, 434
state-owned enterprises see SOEs
state ownership of firms see ownership of firms, state-owned
Steel Authority of India 60, 61
stock markets 337, 337, 422
China 337, 430
Hong Kong 337, 339
India 58, 337, 339
Indonesia 83, 94
Japan 337, 647, 668
Malaysia 337, 339
Philippines 175, 184
Singapore 197, 209, 337, 339
South Korea 337
Taiwan 242, 337
Vietnam 286
stocks 420, 421
strategic behaviour of firms 561–81, 692
China 566, 570
Hong Kong 570
Japan 566, 567–8
Singapore 569, 570
South Korea 567–8, 570
Taiwan 569
strikes 411n.4, 677
Hong Kong 43
India 65–7, 66, 67, 677
Japan 677
Malaysia 156
Singapore 677
South Korea 224, 677
Vietnam 291, 292
Suharto 80–1, 316, 324, 426
Sumitomo 111, 423
Sun Art Retail Group 626
Sun Yat Sen 513, 642
supply chains 490, 601, 616, 691, 683
China 459
Hong Kong 45
Taiwan 459
Suzhou Industrial Park 456
Swire group 39
switchmen 589, 600–1
Tainan 458
Taipei Stock Exchange 646
taishang (transnational business) 254
Taisun Group 625
Taiwan 238–55, 635–8, 635, 650, 655–8, 703
Asian Financial Crisis 618
asset turnover 573, 574
banks 241, 339, 641, 646
business groups (jituanqiye) 246, 250–1, 310, 313, 314, 319, 321, 322, 614, 629, 656–8, 674
Confucianism 248, 533, 642
corporate governance 243–5, 244, 344, 352
corruption 253, 523
culture 248, 347, 367, 368, 369, 370, 372, 373, 374, 377–8, 426
delegation 246, 635, 637, 642, 650
education 249–50, 674
employment relations (ER) 247–9, 389, 391, 407, 657, 674
evolutionary dynamics 253–4
Export-Oriented Industrialization (EOI) 614–15, 619, 641
FDI (foreign direct investment) 448, 450, 451, 452, 453, 454, 455
financial system 241–2, 420, 421, 422, 425, 639, 641, 674
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 497, 616
historical influences 591, 598, 600
inter-company relations 250–2, 569
internal structure of firms 245–7, 674
IT systems 459
labour regulation 639
legal system 323
literacy 674
ownership of firms 242–5, 340, 340, 636, 655, 675
PCs (personal computers) 617
retail 619, 624–6
ROS (returns on sales) 575, 576, 577
sales growth 573
shareholders, minority 323
skills formation 250, 674, 676
SMEs (small and medium-sized enterprises) 241–2, 247, 657
social capital (trust) 252–3, 523, 533, 639, 675
SOEs (state-owned enterprises) 241, 249, 646
state, role of the 239–41, 253–4, 545, 547, 548, 549, 552, 554, 554, 555, 639, 645–7, 675
stock market 242, 337, 337
strategic behaviour of firms 570
supply chain 459
taishang (transnational business) 254
technology 470, 481
unions 247–8, 553, 554, 639, 642, 646, 674
universities 249–50
Takashimaya 620, 623
Taoism 437
Tata 60, 61, 70, 315, 630
Tata Consultancy Services (TCS) 489, 490
tax collection 435, 436, 591
technology 465–84, 472, 692
China 470, 473, 476–8
India 470, 473
Indonesia 90, 473, 475–6
IT systems 459
Japan 473
Malaysia 470, 473, 478–9
Philippines 181, 471
Singapore 466, 470, 473, 474–5
South Korea 470, 473, 479
spillovers 457
Taiwan 470, 481
Thailand 470
Technology Promotion Association (TPA; Thailand) 274
Telekom Malaysia 151, 160
Temasek 199, 201, 205, 342, 425, 450
terms of employment
China 20, 396
India 63, 399, 400
Hong Kong 43
Indonesia 87
Japan 105–6, 107, 114, 404
Laos 131
Philippines 178, 399, 401
Singapore 406
South Korea 224, 403, 404
Vietnam 396
Tesco 625, 627
Texas Instruments 490
Thailand 259–79, 703
asset turnover 573, 574
banks 264, 338
Buddhism 277–8
business groups 275, 319, 321, 674
corporate governance 268–9, 279n.11, 344
corruption 261–2, 263, 523
culture 368, 369, 369, 370, 372, 374, 378
education 273–5, 674
employment relations (ER) 270–3, 389, 391, 393–4, 411n.3, 674
FDI (foreign direct investment) 261, 448, 450, 451, 452, 453, 454, 455
financial system 264–6, 420, 421, 422, 427–8, 674
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 497
historical influences 591
human resource management (HRM) 394–5
inter-firm relations 275–6
internal structure of firms 269–70, 674
labour regulation 393
literacy 674
middle-income trap 260, 263, 395
MNEs (multinational enterprises) 261, 262, 276 (p. 734)
ownership of firms 266–9, 340, 552, 675
ROS (returns on sales) 575, 576, 577
sales growth 573
shareholders 268
shareholders, minority 265, 268
skills formation 275, 674
social capital 276–8, 523, 675
state, role of the 261–4, 543, 545, 547, 550, 554, 554, 555, 675
stock market 264, 337
unions 271, 271, 393, 394, 408, 553, 674
universities 273–4
Thai-Nichi Institute of Technology (TNI) 274
Thai Trade Union Congress (TTUC) 271
Tibbett and Britten Logistics 630
Tiger economies see Japan; Singapore; South Korea; Taiwan
Tokyo Stock Exchange 647
township and village enterprises 429, 593
Toyoko 623
Trade Union Coordinated Committee (TUCC) 65
trade unions see unions
training see skills formation
transaction cost theory (TCT) 310–11, 319
Trends in International Mathematics and Science Study (TIMMS) 68
UEM Builders 160
Uncertainty Avoidance 366, 367, 371
Uncertainty Tolerance 372, 377
unions 345, 386, 389, 391, 539, 552–3, 553, 676–7
China 19, 395, 670, 676
Hong Kong 43, 553, 670
India 63–5, 65, 75n.3, 390, 398, 670
Indonesia 86, 87, 670
Laos 131, 553, 672, 676
Malaysia 155, 672
Philippines 179, 398, 672
Singapore 202, 405, 406, 554, 672, 676
South Korea 223–4, 402–3, 407, 554, 639, 642, 645, 655, 672
Taiwan 247–8, 554, 639, 642, 646, 674
Thailand 271, 271, 393, 394, 408, 674
Vietnam 291, 395, 553, 674, 676
Uni-President 619, 625, 626
United Trade Union Congress (UTUC; India) 65
universities 494
China 476
Hong Kong 44
India 68–9
Japan 473
Laos 132
Malaysia 478
Singapore 204, 473, 474
South Korea 226, 473
Taiwan 249–50
Thailand 273–4
Vietnam 292
Uny 622, 623
UPS 490
USA
influence on conception of control 335
influence on corporate governance 343
varieties of capitalism (VoC)
and Asia 668, 684
and business groups 326
and competitive advantage 315
and economic performance 565
and employment relations 384–6
hierarchical 317, 318
and innovation 468
and institutions 316, 358
importance of politics and the state 538
and offshoring 492
Vietnam 283–9, 703 (p. 735)
banks 286, 677
business groups 674
complementarities, institutional 296–7
Confucianism 292
corporate governance 289, 344, 679
corruption 285, 288, 296, 297, 523
culture 368, 370, 707
education 292–4, 674
employment relations (ER) 290–2, 389, 390–1, 395–6, 674
evolutionary dynamics 297–8
FDI (foreign direct investment) 292, 448, 450, 451, 452, 453, 454, 455
financial system 285–7, 674
financing methods 338
GDP/GDP per capita 365, 572
global sourcing and offshoring 497
historical influences 593–4, 597, 600
human resource management (HRM) 293, 396–7
inter-company relations 294–5
internal structure of firms 289–90, 674
labour regulation 291–2, 395
literacy 292, 674
ownership of firms 287–9, 340, 340, 552, 675
retail 593
skills formation 293, 674
social capital 295–6, 523, 533, 675
SOEs 286–7, 288, 292, 294
state, role of the 283–5, 547, 550, 555, 675, 700
stock market 286, 387
strikes 291, 292
supply-chains 295
terms of employment 396
unions 291, 292, 395, 553, 553, 674, 676
universities 292
Vietnam Chamber of Commerce and Industry (VCCI) 291
Vietnam Cooperative Alliance (VCA) 291
Vietnam Father Front 291
Vietnam General Confederation of Labour (VGCL) 295, 395
vocational training see under skills formation
Wal-Mart 616, 627
wealth distribution 368
Wen Jiabao 434
Wenzhou rate 15
wholly foreign-owned enterprises (WFOEs) 22
Wintel 617
Wipro 61, 70, 489
Worldwide group 39
Wu-Mei 630
Xían 459
Xi Jinping 13
yin and yang 367, 516, 518, 519, 521
YTL 152
Yudhoyono, Susilo Bambang 82, 92
zaibatsu 111, 341, 423, 426
zaitech 424, 433
Zhu Rongji 429, 434
zombie companies 102 (p. 736)