Tripod Peng, Wang and Jiang (2004) Argue Essay

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Tripod

Peng, Wang and Jiang (2004) argue that the institutional perspective should join the resource-based view and the industry-based view of international business. The authors support this view with four different anecdotes that illustrate the importance of institutions in economic development, but also in the strategic choices that the businesses make.

Intuitively, there is some logic to the views that the authors express. The firm's internal resources do not just interact with the market, but they also interact with the institutions in a nation. This concept is particularly important in international business. The first is that in international business, the choices that firms face multiply across the different parts of the world, and the institutions in each county will impact these decisions. Nations impose themselves on economies in a variety of ways, and these choices affect the desirability of any given industry, and also impact the resources. It is this interconnectedness between industry, resources and institutions that highlights why the tripod analogy makes sense.

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Peng (2009) elaborates on this, outlining that all three contribute to strategy -- firms set strategy taking into account institutions. For students of international business, this should not be a surprise. Firms regularly take into account the political environment, legal environment and economic environment of a nation when setting strategic course, and all of these things are formed as the result of institutions. Trade and tax policy are often factors -- this can be seen frequently when governments seek to attract businesses with things like free trade zones.

Gao, Murray, Kotabe and Lu (2010) provide further evidence to support the tripod theory. In a major longitudinal study, they find that the institutional environment does affect competencies and their behaviors. This finding supports the idea that institutions matter in business. Further support comes from Peng, Yamakawa and Lee (2009), who discussed the legal framework with respect to bankruptcy laws. Naturally, the legal environment….....

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