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Entrepreneurship in Emerging Regions Around the World BATTEN ENTREPRENEURSHIP SERIES

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Entrepreneurship in Emerging Regions Around the World BATTEN ENTREPRENEURSHIP SERIES Entrepreneurship in Emerging Regions Around the World BATTEN ENTREPRENEURSHIP SERIES Series Editor: Sankaran Venkataraman, University of Virginia, USA Titles in the series include: Entrepreneurship in Emerging Regions Around the World Theory, Evidence and Implications Edited by Phillip H. Phan, Sankaran Venkataraman and S. Ramakrishna Velamuri Entrepreneurship in Emerging Regions Around the World Theory, Evidence and Implications Edited by Phillip H. Phan Rensselaer Polytechnic Institute, USA Sankaran Venkataraman University of Virginia, USA and S. Ramakrishna Velamuri China Europe International Business School, China BATTEN ENTREPRENEURSHIP SERIES Edward Elgar Cheltenham, UK • Northampton, MA, USA © Phillip H. Phan, Sankaran Venkataraman and S. Ramakrishna Velamuri 2008 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Cataloguing in Publication Data Entrepreneurship in emerging regions around the world : theory, evidence, and implications / edited by Phillip H. Phan, Sankaran Venkataraman, and S. Ramakrishna Velamuri. p. cm. — (Batten entrepreneurship series) Papers presented at a 2006 academic conference held at the Indian School of Business in Hyderabad, India. Includes bibliographical references and index. 1. Entrepreneurship—Congresses. 2. Entrepreneurship—Government policy—Congresses. 3. Regional economics—Congresses. 4. Venture capital—Congresses. 5. High technology industries—Government policy—Congresses. I. Phan, Phillip Hin Choi, 1963– II. Venkataraman, Sankaran. III. Velamuri, S. Ramakrishna, 1962– HB615.E63346 2008 338′.04091724—dc22 2007045784 ISBN 978 1 84720 800 2 Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall Contents List of contributors vii Introduction 1 Phillip H. Phan, Sankaran Venkataraman and S. Ramakrishna Velamuri PART 1 INSTITUTIONAL DETERMINANTS OF ENTREPRENEURSHIP IN EMERGING REGIONS 1 The dynamics of an emerging entrepreneurial region in Ireland 9 Frank Roche, Rory O’Shea, Thomas J. Allen and Dan Breznitz 2 The entrepreneurial drivers of regional economic transformation in Brazil 47 José Cezar Castanhar, João Ferreira Dias and José Paulo Esperança 3 Institutional transformation during the emergence of New York’s Silicon Alley 92 Andaç T. Arıkan PART 2 GOVERNMENT AND NON-GOVERNMENTAL ORGANIZATION INFLUENCES ON ENTREPRENEURSHIP IN EMERGING REGIONS 4 Institutional entrepreneurship in the emerging regional economies of the Western Balkans 125 Denise Fletcher, Robert Huggins and Lenny Koh 5 The role of government in the formation of late emerging entrepreneurial clusters of India 153 Kavil Ramachandran and Sougata Ray v vi Contents PART 3 EMERGENCE OF VENTURE CAPITAL IN ENTREPRENEURIAL ECONOMIES IN EMERGING REGIONS 6A comparative analysis of the development of venture capital in the Irish software cluster 185 Frank Barry and Beata Topa 7Policy intervention in the development of the Korean venture capital industry 206 Seungwha (Andy) Chung, Young Keun Choi, Jiman Lee, Sunju Park and Hyun-Han Shin PART 4 FIRM LEVEL RESPONSES TO ENTREPRENEURIAL OPPORTUNITIES IN EMERGING REGIONS 8 The founding conditions of entrepreneurial firms as a function of emerging institutional arrangements in China 239 Atipol Bhanich Supapol, Eileen Fischer and Yigang Pan 9 The entrepreneurial role of border traders in Laos and Thailand 269 Edward Rubesch 10 The value of social capital to family enterprises in Indonesia 297 Michael Carney, Marleen Dieleman and Wladimir Sachs Conclusion 325 Phillip H. Phan, Sankaran Venkataraman and S. Ramakrishna Velamuri Index 329 Contributors Thomas J. Allen is Professor of Management at the Sloan School of Management, Massachusetts Institute of Technology, and is co-director of MIT’s programs on the Pharmaceutical Industry and the Lean Aircraft Initiative. He received his PhD from MIT. Andaç T. Arıkan is Assistant Professor at the Florida Atlantic University, College of Business. He received his PhD from the Stern School of Business at New York University. His research concerns emergent entrepreneurship in a regional context and various topics on geographical clusters. Frank Barry holds an endowed Chair in International Business and Development at Trinity College Dublin. Recent co-authored books of his include Multinational Firms in the World Economy (Princeton University Press, 2004) and Understanding Ireland’s Economic Growth (Macmillan, 1999). Dan Breznitz is Assistant Professor at the Sam Nunn School of International Affairs and at the School of Public Policy, Georgia Institute of Technology.During 2006 Breznitz has been a visiting scholar at Stanford University Project on Regions of Innovation and Entrepreneurship. He obtained his PhD from MIT. Michael Carney is Professor of Management at the John Molson School of Business. He received his undergraduate degree in economics at Keele University and an MBA and PhD in Organization Theory at the University of Bradford. His research focuses primarily upon corporate restructuring processes during periods of institutional change. José Cezar Castanhar teaches entrepreneurship and finance at EBAPE Business School, Brazil. He is also a consultant for SMEs in Brazil and researches entrepreneurship, firm performance and regional development. His publications include articles in Revista de Administração Pública (Brazil), Revista de Administración (Mexico) and Revista d’ Afers Internacionals (Spain). vii viii Contributors Young Keun Choi is a senior venture capitalist in POSCO Research Institute in Seoul and doctoral candidate in management at Yonsei University. He has been a venture capitalist for the last ten years. His research interest is on entrepreneurial development in Korean venture industry. Seungwha (Andy) Chung is Professor of Management and Vice Dean of the Graduate School of Business, Yonsei University. He has published in the Strategic Management Journal, Research Policy, Social Networks, Korean Management Review, Korean Venture Management Review and Korean Small Business Review. He received his PhD in management from the University of Pennsylvania. João Ferreira Dias is Associate Professor at ISCTE Business School (Portugal) and invited professor of Fundação Getúlio Vargas (Brazil), where he teaches strategic management. He is author of several articles and papers. His research areas are sustainable development and business simu- lation. Marleen Dieleman is a visiting fellow at NUS Business School in Singapore. She holds a Master’s degree in business administration from Rotterdam School of Management and a PhD from Leiden University, both in the Netherlands. Her research interests include business groups, Asian family business and strategy in emerging markets. José Paulo Esperança teaches corporate finance and international business at ISCTE Business School, Portugal. He is the head of AUDAX, a center on entrepreneurship and family business. His publications include articles in the Portuguese Review of Financial Markets, Journal of Multinational Financial Management, Management Research and Journal of Applied Financial Economics. Eileen Fischer is Professor of Marketing and the Anne and Max Tanenbaum Chair in Entrepreneurship and Family Enterprise in the Schulich School of Business at York University. She has published extensively in both the fields of entrepreneurship and consumer research. Denise Fletcher is Director of Research at the Centre for Regional Economic and Enterprise Development at the University of Sheffield’s Management School. Her work focuses on the contribution that narrative, ethnographic and social constructionist ideas have for deepening under- standings of how and why entrepreneurial practices occur. Contributors ix Robert Huggins is Director of Regional Development at the Centre for Regional Economic and Enterprise Development at the University of Sheffield’s Management School and is also co-director of the Centre for International Competitiveness. His key areas of research include the study of competitiveness, business networks, knowledge based economic devel- opment and entrepreneurship. S.C. Lenny Koh is Director of Logistics and Supply Chain Management Research Group at the University of Sheffield’s Management School. Her research interests include enterprise resource planning, uncertainty man- agement, modern operations management, logistics and supply chain management, e-business, e-organizations, knowledge management and sustainable business. Jiman Lee is Associate Professor of Management at Yonsei University School of Business. His research interests include strategic human resource management and industrial relations. He has published research papers in the International Journal of Human Resource Management, Mutinational Business Review, Personnel Review and Korean Journal of Management. Rory P. O’Shea is a college lecturer at the Smurfit Graduate School of Business, University College Dublin. Rory completed his post-doctoral studies at the Sloan School of Management, MIT. Rory received his Bachelor, Masters and PhD degrees from UCD. Yigang Pan is Professor of Marketing and International Business at
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