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International Business - Chapter 2
Mike Peng and Klaus Meyer
31
Business
Post-Graduate
01/10/2014

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Term
Institution-based view
Definition
A leading perspective in international business that suggest that firms performance is, at least in part, determined by the institutional frameworks governing firm
Term
Institution
Definition
Formal and informal rules of game
Term
Institutional frameworks
Definition
Formal and informal institutions governing individual and firm behavior
Term
Formal institution
Definition
Institutions represented by laws, regulation and rules
Term
Informal institution
Definition
Rules are not formalised but exist in for example norms and values
Term
Regulatory pillar
Definition
The coercive power of government
Term
Normative pillar
Definition
The mechanism through which norms influence individual and firm behaviour
Term
Cognitive pillar
Definition
The internalised taken-for-granted value and beliefs that guide individual and firm behaviour
Term
Transaction costs
Definition
The cost associated with economic transactions
Term
Opportunistic behaviour
Definition
Seeking self-interest with guile
Term
Institutional transittion
Definition
Fundamental and comprehensive changes introduced to the formal and informal rules of the game that affect organisation as players
Term
Political systems
Definition
A system of rules of the game on how a country is governed politically
Term
Totalitarianism( dictatorship)
Definition
A political system in which one person or party exercises absolute political control over the population
Term
Democracy
Definition
A political system in which citizens elect representatives to govern the country on their behalf
Term
Political risk
Definition
Risk associated with political changes that may negatively impact on domestic and foreign firms
Term
Economic system
Definition
Rule of the game on how a country governed economically
Term
Market economy
Definition
An economy that is characterised by the "invisible hand" of market force
Term
Command economy
Definition
An economy in which all factors of production are government- or state-owned and controlled, and all supply demand and pricing are planned by the government
Term
Varieties of capitalisms view
Definition
A scholarly view suggesting that economies have different inherent logic on how market and other mechanisms coordinate economic activity
Term
Liberal market economy(LME)
Definition
A system of coordination primarily through market signals
Term
Coordinated market economy(CME)
Definition
A system of coordination through a variety of other means in addition to market signals
Term
Legal system
Definition
The rules of the game on how a country's law are enacted and enforced
Term
Civil law
Definition
A legal tradition that uses comprehensive statutes and codes as primary means to form legal judgments
Term
Common law
Definition
A legal tradition that is shaped by precedents and traditions fro previous judicical decisions
Term
Legal certainty
Definition
Clarity over the relevant rules applying to a particular situation
Term
Property rights
Definition
The legal rights to use an economic property( resource) and to derive income and benefits from it
Term
Intellectual property rights
Definition
Rights associated with the ownership of intellectual property
Term
Patents
Definition
Legal rights awarded by government authorities to inventors of new technological ideas, who are given exclusive( monopoly) rights to derive income from such inventions
Term
Copyright
Definition
Exclusive legal right of authors and publishers to publish and disseminate their work
Term
Trademark
Definition
Exclusive legal rights of firm to use specific names, brands and designs to differentiate their products from others
Term
Corporate governance
Definition
Rules by which shareholders and other interested parties control corporate decision-makers
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