This paper deals with the role institutional differences play in managerial risk-taking when engaging in international acquisitions. We assume that MNCs have different interests and capabilities when dealing with international acquisition, which in our view are significantly shaped by specific home country institutional influences. Our study concerns the question of how different forms of ownership -concentrated (e.g.

This article examines changes in global commodity chains in the apparel industry, most notably how supply-driven innovations are linked with changing consumer (demand-driven) behaviour. It begins with a discussion of apparel manufacturing as a quintessentially labour intensive, low capital sector that has a long history in advanced economies. In recent decades, however, two forces have resulted in changes in this industry. First, increased liberalized trade regimes (MFA phase-out) have reduced quotas on apparel exports and imports, encouraging emerging economies to embrace this industry as part of their export-led growth strategies. As a consequence, much of apparel manufacturing has shifted to these emerging economies. Second, Western retailers have increasingly pushed supply chain rationalization and improved channel integration to force manufacturers to be more responsive to cost, quality and speed of delivery requirements. Shortened turn-around time for manufacturers now complements low price as the essential features for sub-contracting and it provides retailers with opportunities to sell inexpensive, fashion-orientated goods. Innovations associated with fast fashion are discussed, particularly how some retailers have combined supply chain rationalization with fashionable product offerings that meet volatile consumer preferences. The interaction between consumer identity formation and retailer strategies is discussed in detail, providing an analysis of the interdependency of both demand for and supply of products. Finally, the article uses examples of two major retailers, Zara and H&M, to illustrate how strategic differences within the fast fashion model reflect variations in global commodity chain restructuring.

This paper examines ways in which patriarchal/familistic cultural systems condition responses to the kinds of social and economic changes that challenge family‐owned businesses. Using a case study of an ethnic enclave in the southeastern United States, the paper looks at intergenerational succession, paying particular attention to how small firms manage to transfer control within the family. Key to successful transfer is the presence of trust and the utilization of social capital as well as the ability of successive generations to acquire skills that enable them to identify new market niches. The manuscript also discusses how firms manage conflict between old and new ideas, develop informal mechanisms for incorporating new ideas, and maintain the flexibility necessary for market survival.

No abstract