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