Emerging markets are characterized by underdeveloped institutions and frequent environmental shifts. Yet they also contain many firms that have survived over generations. How are firms in weak institutional environments able to persist over time? Motivated by 69 interviews with leaders of emerging market firms with histories spanning generations, we combine induction and deduction to propose reputation as a meta-resource that allows firms to activate their conventional resources. We conceptualize reputation as consisting of prominence, perceived quality, and resilience, and develop a process model that illustrates the mechanisms that allow reputation to facilitate survival in ways that persist over time. Building on research in strategy and business history, we thus shed light on an underappreciated strategic construct (reputation) in an under-theorized setting (emerging markets) over an unusual period (the historical long run).
New ventures often experience deviations from their plans that oblige them to reorient in pursuit of a better fit between their evolving products and their target customers. Yet, research is largely silent on how managers explain such changes and justify their ventures in the wake of fundamental redirections in strategy. Ventures initially attain legitimacy and amass resources on the strength of aims that audiences find compelling; later, those early claims can complicate course corrections. To shed light on how ventures manage strategic reorientations, we conducted an inductive, comparative case study of ventures in a nascent financial-technology sector. The ventures pursued parallel reorientations and produced comparable end products but diverged conspicuously in managing audiences during transitions. Our process model, inspired by these differences, proposes a sequence of stratagems that may enable entrepreneurs to alter strategy while portraying faithfulness to enduring aims. Our theoretical framework posits that, for ventures, reorientation without penalty may depend on how they anticipate, justify, and stage changes to various audiences.
Inner-shell resonant absorption (IRA) effects were investigated on evolution dynamics of charge state distribution (CSD) in the interaction of ultraintense x-ray pulses with a neon atom. IRA is the physical origin of the large discrepancies found between theory and experiment at a photon energy of 1050 eV [L. Young et al., Nature (London) 466, 56 (2010)], where the rates of K-shell resonant absorption 1s → 4p of Ne 6+ and 1s → 3p of Ne 7+ are larger than the direct single-photon ionization rates by more than one order of magnitude, and hence IRA becomes the dominant absorption mechanism. Only when the IRA effects are properly taken into account can we correctly explain the observed CSD.
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