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Positioning Research on e - Entrepreneurship
in Emerging Economies:
A study of Latin American Digital Ventures
Gerardo Quinones
Brian Nicholson
Richard Heeks
University of Manchester
Centre for Development Informatics
Contents
Introduction
Objectives
Literature Research
Search
Theoretical Frameworks
Findings
Pilot Research
Design
Method
Findings
Next Steps
Expected contribution 2
Introduction
4 The terms “emerging economies”, “emerging countries”, or “developing economies” are used
interchangeably and refer to the list of countries named as such by the International Monetary
Fund (IMF, 2013)
Objectives
Focus:
Academic literature on e-Entrepreneurship.
Pilot Research with seven interviews
Objectives
Discover whether existing academic research can explain the lifecycle of Latin American DVs and their barriers for growth.
Justify the need for future research on e-Entrepreneurship to address current knowledge gaps in the context of emerging economies1 in general and of Latin America specifically.
5 (1) The terms “emerging economies”, “emerging countries”, or “developing economies” are used
interchangeably and refer to the list of countries named as such by the International Monetary Fund (IMF, 2013)
Digital Ventures: New businesses born in the internet exclusively to
sell digital products/services online
Research Questions
6
1. Can the current frameworks on e-
Entrepreneurship explain the lifecycle
of DVs in the context of emerging
economies, and specifically of Latin-
America?
2. What are the barriers for growth that
DVs face in Latin America at different
stages of their lifecycle, and how are
thay facing them?
Research Questions
Research Problem: There are very few examples of Latin American
Digital Ventures that have grown from SME into a large enterprise
Sources: Google Scholar, ProQuest, Business Source Premier, and Emerald.
No filter was applied in respect to the year of publication
250 documents including journals, conference proceedings, professional publications, and e-books were downloaded.
A total of 122 resources based on the following criteria:
i. Related to a theoretical framework of a wider academic discipline from which more specialized papers have drawn
ii. Relevant to the use, and adoption of ICTs in new businesses
iii. Focus on internet-based businesses
iv. Accessible and available in electronic format to be coded and analyzed through computer based analysis software (Nvivo)
7
Literature Research
Literature Research Results
Themes were codified and then grouped in seven categories.
Categories allowed for the mapping of the relationships
Categories converged around the term e-Entrepreneurship
8
Theoretical Frameworks
Morris et al., (2001) Entrepreneurship Framework of Frameworks (FoF)
9
Foster and Heeks, (2013) refer to Systems of Innovations (SoI) framework to explain Innovation in emerging economies.
10
Example of SoI
conceptualization (OECD,
1999, p. 23) in Foster and
Heeks, (2013)
Theoretical Frameworks
11
The Web 2.0 4 factors model.
by Wirtz et al. , (2010)
Theoretical Frameworks
Wirtz et al. , (2010) present a model to explain Web 2.0 success factors
12
Building Blocks and
phases of development
for Ventures in the Digital
Economy by Kollman,
(2006)
Theoretical Frameworks
Literature Research Findings
13
Entrepreneurship FoF, SoI, Web 2.0 4 Factors Model and the Building Blocks, and Phases of Development for DVs frameworks are Level I Theories that provide valuable perspectives on e-Entrepreneurship.
Research in SME e-Commerce adoption shows that constructs for mature and emerging economies vary.
Lack of an empirically grounded theory of e-Entrepreneurship in the context of developing economies, calls for the revision of existing theoretical frameworks to explain the phenomenon of DVs in Latin America.
Pilot Research Design
A semi-structured interview format was used with predefined open-ended questions aligned with the research question.
Seven interviews were done with:
Four e-Entrepreneurs. Two accelerated ( Brazil and Argentina) and two non-accelerated (Argentina and Brazil)
Two Accelerator Owner/Partners (Argentina and Brazil)
One VC Partner/Manager (Argentina)
Researchers have successfully used GTM in building new theories in new fields of information Systems such as e-Entrepreneurship (Urquhart, 2013).
Interviews were transcribed and coded for qualitative analysis following the Grounded Theory Method (GTM).
14
Developing a Level II
e-Entrepreneurship Theory
15
Interrelationships
among Theory Types
by Gregor, (2006)
Pilot Research Method
16
Interviews •E-Entrepreneurs
•Incubators
•Customers
•VCs
Qualitative
Research
Pilot Research Findings
17
Lifecycle is erratic
Ecosystem
Barriers
Stage Barriers
Media
Angels
VCs
Large Corporations
Universities Skilled resources
Entrepreneurs Accelerators
Business Model
Barriers
Future Research
Available theoretical frameworks should inform and support any future research, but the lack of a commonly accepted theory of e-Entrepreneurship leaves enough room open for the creation of new frameworks within an emerging economies context.
An empirical approach would be better suited to ground such new frameworks and cover existing gaps.
A 12 month multi-country longitudinal research is proposed to capture the changes of barriers that DVs face in Latin America during the “Early” and “Expansion” stages, as described in Kollmann (2006).
18
Expected Contributions
1. Develop a Theoretical Framework that explains the lifecycle of DVs in Latin America .
2. Identify barriers that DVs face at different stages.
E-Entrepreneurs will be able to anticipate .
Ecosystem will have a model to improve coordination.
Policy makers will be able to improve program effectiveness.
19
Back-up Slides
21
Digital Economy
Digital Economy
Attributes of the Digital Economy, introduced by Tapscott (1996)
Knowledge, digitization, virtualization, molecularization, internetworking, disintermediation, convergence, innovation, presumption, immediacy, globalization, and discordance
Digital economic activity must be measured differently (Brynjolfsson and Kahin, 2000)
Digital Ventures are not subject to the constraints of the physical, or traditional, economy (Gopal et al., 2003)
e-Commerce and e-Business are terms commonly used interchangeably: “a business transaction that is executed electronically” (Wall et al., 2007)
Therefore a digital enterprise, or a digital business, is usually understood as the entity executing e-business transactions.
22
e-Business
e-Business as an alternative to a traditional way of doing business for existing enterprises.
(Tapscott, 1996, Zimmerman, 2000, Barr (2001, Gopal et al., 2003, Fillis et al., 2004)
Authors recognized the opportunity that e-commerce opened for SMEs to enter new markets and to level the playing field with their larger counterparts, but adopted at a slow pace.
(Fariselli et al., 1999, Taylor and Murphy, 2004, Fillis et al., 2004)
Existence of a new category of digital enterprise purely digital since its inception.
(Taylor and Murphy, 2004, Barnes et al., 2004, Lockett and Brown, 2000, Wall et al., 2007)
23
SMEs & e-Commerce
Research emerged to better understand ICT and e-commerce adoptions barriers in SMEs.
Relevant to the study of Digital Ventures, because they provide an initial framework to understand possible barriers for entrepreneurs to use ICTs as a vehicle for new e-business creation.
The literature could be divided in two periods:
2002-2006: more interested in understanding the barriers and Critical Success Factors (CSF) for SMEs to adopt e-Commerce.
2007-2012: attention shifted towards understanding how SMEs were using e-Commerce, what applications have already been implemented with a certain level of success, and what opportunities still remained for SMEs to further leverage e-Commerce.
24
SME & e-Commerce
25
Literature on e-Commerce and SMEs: Literature Topic Focus
(Al-Weshah and Al-Zubi, 2012) e-Business enablers and barriers in SMEs Barriers/CSF/Adoption/Application
(Hanafizadeh et al., 2012) Internet marketing adoption and SMEs Adoption/Application
(Ghobakhloo et al., 2011) Adoption of e-commerce applications in SMEs Adoption/Application
(Li et al., 2011) Factors for the Adoption of Online Direct Sales among SMEs Adoption/Application
(Woon Kian et al., 2011) B2B Critical Success Factors framework for SMEs Barriers/CSF
(Wymer and Regan, 2011) Factors in adoption of E-Business and E-Commerce by SMEs Adoption/Application
(Zakaria and Janom, 2011) Readiness of Inter-organizational e-Commerce on SMEs Adoption/Application
(Alzougool and Kurnia, 2010) SMEs e-Commerce Adoption Adoption/Application
(Awa et al., 2010) Uptake of e-Commerce by SMEs Adoption/Application
(Wielicki and Arendt, 2010) ICT Implementation Barriers in SMEs Barriers/CSF
(Mohamad and Ismail, 2009) e-Commerce Adoption in SME Adoption/Application
(Chitura et al., 2008) Barriers to e-Commerce Adoption in SMEs Barriers/CSF
(Hamilton and Asundi, 2008) Technology usage and innovation effect on SMEs Adoption/Application
(Chong and Pervan, 2007) Factors influencing deployment of e-Commerce for SMEs Barriers/CSF/Adoption/Application
(Elia et al., 2007) B2B e-commerce initiatives in SMEs Adoption/Application
(Kartiwi and MacGregor, 2007) e-Commerce Adoption Barriers in SMEs Barriers/CSF
(Stockdale and Standing, 2006) SME e-commerce adoption initiatives Barriers/CSF/Adoption/Application
(Fernando Alonso and Fitzgerald, 2005) A multidimensional framework for SME e-business Barriers/CSF/Adoption/Application
(Fillis and Wagner, 2005) e-Business Development in SMEs Barriers/CSF
(Gengatharen and Standing, 2005) Success factors for e-marketplaces for SMEs Barriers/CSF
(Heeks et al., 2005) e-Commerce for SME Development Barriers/CSF
(Kaynak et al., 2005) Factors affecting adoption of e-Commerce by SMEs Barriers/CSF
(Grandon and Pearson, 2004) e-Commerce adoption of SMEs Barriers/CSF
(Houghton and Winklhofer, 2004) Effect of website and e-Commerce adoption on SMEs Adoption/Application
(Jennex et al., 2004) e-Commerce Infrastructure Success Factors for SMEs Barriers/CSF
(MacGregor, 2004) Strategic Alliances in e-Commerce in SMEs Adoption/Application
(Simon, 2004) Critical Success Factors for electronic services in SMEs Barriers/CSF
(Simpson and Docherty, 2004) e-Commerce adoption in SMEs Barriers/CSF
(Stockdale and Standing, 2004) Benefits and barriers of e-marketplace in SMEs Barriers/CSF
(Taylor and Murphy, 2004) SMEs and e-business Barriers/CSF
(Grandon and Pearson, 2003) Strategic value and adoption of e-Commerce in SMEs Adoption/Application
(Matlay and Addis, 2003) Adoption of ICT and e-commerce in SMEs Barriers/CSF
(Daniel et al., 2002) Adoption of e-commerce by SMEs Barriers/CSF
(Fariselli et al., 1999) e-Commerce in SMEs Barriers/CSF/Adoption/Application
Digital Economy
There are common Barriers/CSFs in developed and developing economies, but there are significant differences also (ie. Infrastructure plays a more important role as a barrier in developing countries)
Barriers/CSF among developing economies fairly consistent.
Thus, it is anticipated that such differences and similarities exist between Digital Ventures in developed and developing economies.
Literature with different levels of focus in Latin America:
26
Latin American countries Latin America region Developing Economies
(Knight, 2011) Brazil
(Travica, 2002) Costa Rica
(Martha, 2004) Mexico
(Grandon and Pearson, 2003) Chile
(Rohm et al., 2004)
(Gutierrez, 2004)
(Montealegre, 2001)
(Simon, 2004)
(Martinez and Williams, 2010)
(Jobs, 2012)
27
Business Models
Business Models
Differences in the scope of the definitions.
Timmers (1998) defines a business model as follows: “ [i)] An architecture for the product, service and information flows, including a description of the various business actors and their roles; and [ii)] A description of the potential benefits for the various business actors; and [iii)] A description of the sources of revenues.”
Sako (2012) states that “a business model articulates the customer value proposition; it identifies a market segment; it specifies the revenue generation mechanisms; it describes the positioning within the value network or ecosystem; and it also elaborates on competitive strategy by which the firm gains and holds advantage over rivals.”
There are additional differences between brick-and mortar and e-business models (Weill and Woerner, 2013, Berman, 2012).
28
e-Business Models
Variety of definitions in the literature makes it difficult to evaluate the role Business Models may play in Digital Ventures; however, there are some coincidences:
Business Models are not mechanisms to track actual performance (Timmers, 1998, Doganova and Eyquem-Renault, 2009, Weill and Woerner, 2013, Berman, 2012) .
Business Models offer relevant insight on the way an e-business expects to operate (Timmers, 1998, Rappa, 2003, , Wall et al., 2007, Doganova and Eyquem-Renault, 2009, Sako, 2012, Weill and Woerner, 2013, Berman, 2012).
Business Models are either a mechanism of communication with the market, or an expression of the value creation process and introduction of innovations into the market, that reduce the risk perception of venture capitalists (Timmers, 1998, Sako, 2012, Doganova and Eyquem-Renault, 2009, Weill and Woerner, 2013, Berman, 2012). 29
30
Entrepreneurship
Entrepreneurship
Entrepreneurship as an academic discipline was born in close connection with the study of Innovation (Bhupatiraju et al.,2012):
(Cantillon, 1755) -> (Marshall, 1890)-> (Schumpeter, 1934) -> (Schumpeter, 1939) -> (Rogers, 1962)
Historical evolution and disagreement on the definition of the term (Shailer, 1994, Morris et al., 2012):
Taking risks with the purpose of creating a business (Cantillon, 1755, Marshall, 1890).
Entrepreneur is conceived as the one who undertakes the innovation process with the purpose of creating business value (Schumpeter, 1934, Gartner,1990).
Creation of a company by small business owner whether innovation is involved, or not Shailer (1994).
31
Technology and Entrepreneurship
Recent studies in the context of technology adoption agree that innovation is indeed part of technology-based entrepreneurship.:
32
Literature Findings
(McDaniel, 2000) Entrepreneurship definition is linked to innovation as a function of technology
change/development. The entrepreneur is different from a small business owner, or capitalist.
(Miller and Garnsey, 2000) Place the entrepreneur as the unit of analysis within a technology diffusion framework to better
understand technology advance.
(Klepper, 2001) Propose an evolutionary based theory to explain the creation of employee high-tech start-ups.
(Morris et al., 2001) Presents a comprehensive theory of entrepreneurship through the integration of different
frameworks.
(Hindle and Yencken, 2004) Propose that entrepreneur’s culture and knowledge derived from research are the keys to
technological innovation and the creation of New Technology Based Firms (NTBFs).
(Doganova and Eyquem-
Renault, 2009)
Suggests that business models are market devices that allow entrepreneurs to communicate with
stakeholders enabling the economic network necessary for technology innovation.
(Martinez and Williams, 2010) Explore institutional policies and entrepreneurial activity in the adoption of e-commerce
concluding that institutions are a strong driver, while entrepreneurship is a weak one.
(Chandra and Leenders, 2012) Through a study of user innovation and entrepreneurship in a virtual context, the authors justify
proposition that link their findings to real world entrepreneurial theories.
(Soriano and Huarng, 2013) Summary of 2012 Global Innovation and Knowledge Academy conference papers. ICT
innovations are considered essential instruments of knowledge based entrepreneurship.
(McDaniel, 2000) Entrepreneurship definition is linked to innovation as a function of technology
change/development. The entrepreneur is different from a small business owner, or capitalist.
Entrepreneurship & Incubators
Incubators play a role in the creation, development and growth of technology ventures and follow different models depending on whether they are funded by private or public funds, or whether they are based on developed or developing countries.
(Thewarapperuma, 2013, Facet, 2011, Carayannis and von Zedtwitz, 2005).
33
Five Archetypes of Incubation Carayannis and von Zedtwitz (2005)
“Incubators are in the business of facilitating entrepreneurs and early-stage start-up companies; and compete with consulting firms, real-estate agents, and other companies for the most interesting and valuable start-ups. Incubators differentiate themselves through their particular competitive scope, strategic objective, and service package.”
Digital Ventures, Entrepreneurship
& Innovativeness Innovativeness in technology based ventures:
Whether technological, or business model based, is regarded as a determinant variable that reduces risk and increases the potential of returns (McDaniel, 2000).
Innovation weighs heavily in the decision making process of capital allocation (Carayannis and von Zedtwitz, 2005).
A key element of an incubator support is directed towards the creation of a business model based on innovation differentiation (Facet , 2011).
Hence, it could be expected that incubated Digital Ventures show more innovativeness from either a technology or a business model perspective, than their not incubated counterparts.
34
35
Innovation
Innovation
“Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth” (Drucker , 2002) .
36
Literature timeline on
Technology Innovation
adapted from
Bhupatiraju et al. (2012)
Timeline of Technology Innovation
Timeline of Technology Innovation Theoretical Frameworks
37
Author Frameworks
(Cantillon, 1755,
Marshall, 1890)
Innovation as technology change that provided a creative solution to a particular need resulting in the creation of wealth
and economic growth.
(Schumpeter, 1934)
Invention implied the making of something new that had the potential to generate economic value, innovation was the
process of actually using an invention with a business purpose, and an entrepreneur was the person who actually carries
out innovations through the enterprise.
(Rogers,1962)
Diffusion of Innovations framework through which people learn about, and decide whether to adopt innovations. The
following characteristics of innovation that influence its rate of adoption: relative advantage, compatibility, complexity,
trialability, and observability
(Utterback, 1971)
Three step process of technical innovation: idea generation, problem solving, and implementation, possibly followed by
diffusion. Introduced a Theoretical Framework of Technology Innovation as a function of three factors: (1) characteristics
of the firm's environment, (2) internal characteristics of the firm itself, and (3) flows between the firm and its environment
(Kamien and
Schwartz, 1982)
Theory of Market Structure and Innovation in which innovation was also considered a function of the firm’s market
context
(Tornatzky and
Fleischer, 1990)
Innovation empirical contextual framework called Technology Organization Environment (TOE) that is composed of three
constructs: the external environmental context, the technological context, and the organizational context
(Acs and Audretsch,
1990)
Refocused previous innovation research towards small firms and strengthened the interconnection between Innovation
and SME Entrepreneurship studies
(Fichman, 1999) ICT diffusion and assimilation theories, and provided a framework to classify their key constructs.
(Drucker, 2002)
Innovation should not be understood as the result of a “flash of inspiration”, as he called it, but as a process “to be
managed as other corporate functions.” sources of innovation and proposed the following seven: unexpected
occurrences, incongruities, process needs, industry and market changes, demographic changes in perception, and new
knowledge.
Typolgy of Innovation
Differences between incremental, radical and disruptive innovations (Latzer, 2009), may provide an additional guide for the classification of Digital Ventures by type of innovation.
38
Radical Innovations Incremental Innovations Disruptive Innovations
• Discontinuous (with or without
predecessor; substantial, non-linear
improvement)
• Based on new technology
• Leads to new dominant design
• Can lead to paradigm shift
• Involves great uncertainty
• Entire new set of performance features
• Need for re-education, new
organization and skills
• Attributed to chance, not to necessity;
might be influenced by R&D policy
• Driven by technology push (important
in early phase of technology)
• To achieve economic long-term goals
• Continuous (linear improvement in the
value received by customers)
• Based on old technology
• Dominant design unchanged
• Does not lead to paradigm shift
• Involves low uncertainty
• Feature improvements
• Existing organization and
qualifications are sufficient
• Result of rational response, of
necessity
• Driven by market pull (important in late
phase of technology)
• To achieve economic short-term
goals
• Inferior performance, cheaper,
fast improving
• Leading customer rejection
• Performance overshooting of
established technology
• Lower profits until a new
business model is found
• Emerging market success (in
isolated niches)
• Intersecting trajectories lead to
invasion of the incumbent’s
market;
• First-mover advantages
Innovation in Latin America
The literature reveals that existing Innovation theoretical frameworks have been used in, and have been adapted to both developing economies and Latin American contexts.
39
Author Frameworks Challenges
(Lastres and
Cassiolato, 2000)
• National Systems of
innovations.
• Technology Diffusion.
• Information/Knowledge Economy challenging traditional economies
of Developing countries.
• How can Developing countries take advantage of new ICT paradigm.
• Foster local and national innovation and learning policies to
incorporate developing economies into the Learning Economy.
(Daude, 2010) • Development Accounting.
• Technology Diffusion.
• Latin American countries growing slower than other developing
economies.
• Barriers to innovation and technology adoption.
• Latin American innovation is low-tech in general.
(Hilbert, 2010) • Income Distribution and
Technology Diffusion
• Digital divide among developed countries and developing countries
result in lower innovation and productivity.
(Crespi and Zuñiga,
2012)
• CDM Structural Recursive
Model of Innovation and
Productivity
• Lack of significance of innovation for productivity in Latin America.
• In many Latin American economies, firms’ innovations consist
basically of incremental changes with little or no impact on
international markets, and are mostly based on imitation and
technology transfer
40
Information and
Communication
Technology (ICT)
Why ICTs?
ICTs are the raw materials of Digital Ventures, the structure over which these are built.
Technology has been closely linked in academic research with innovation and entrepreneurship for many years (Bhupatiraju et al., 2012)
The use of the term “Technology Based Firms” exemplifies this interdisciplinary dependencies (Groen et al., 2008, Hindle and Yencken, 2004).
Two ICTs were chosen based on their high potential impact on Digital Ventures:
Cloud Computing
Web 2.0 (Inclusive of Social Networks and Wiki’s)
41
Cloud and SMEs
Literature indeed revealed the existence of research on both the relationship between emergent ICTs and innovation on SMEs e-business models (Ojala and Tyrvainen, 2011, Barnes et al., 2012, Lee et al., 2008)
Research suggests that SMEs are potentially a beneficiary of Cloud services, but that SMEs have slowly adopted them.
(Wieland, 2007, Clark, 2009, Bajenaru, 2010, Han, 2011, Jansen and Grance, 2011, Kushida et al., 2011, Ojala and Tyrvainen, 2011, Bolloju and Murugesan, 2012, Alali and Yeh, 2012, Lacity et al., 2013)
None of the studies included examples in developing economies
42
Web 2.0 and SMEs
43
Literature Focus of Study and Findings
(Barnes et al., 2012)
Studied the way SMEs use Web 2.0 and concludes that: “Benefits from the use of
Web 2.0 are categorized as lifestyle benefits, internal operational efficiency,
enhanced capability, external communications and enhanced service offerings.”
(Lee et al. , 2008) Study of the potential benefits of Web 2.0 for both the creation of online or digital
businesses, and the e-Business expansion for existing SMEs.
Lim et al. (2010)
Study propensity to use Web 2.0 based on the entrepreneurial orientation (defined
by the authors as the willingness to take risks) concluding that those individuals
with higher EO show a higher Web 2.0 adoption rates.
(Brynjolfsson and Hee
Oh, 2012)
This study provides a valuable framework to analyze the economic logic of Digital
Ventures based on Web 2.0 business models apparently presented as free to
producers/consumers.
(Wirtz et al. , 2010) Authors propose a four factors model tested through interviews with Web 2.0
entrepreneurs in US and Germany.
Research suggests there are significant potential benefits for SMEs using Web 2.0 technologies to design e-business models.
None of the Web 2. studies included examples in developing economies
44
e-Entrepreneurship
e-Entrepreneurship
45
Area Literature
Position current and future research (Waesche, 2003, Matlay, 2004, Sinkovics and Bell, 2005, Asghari and
Gedeon, 2010)
Typology (Timmers, 1998, Matlay, 2004, Lumpkin and Dess, 2004, Hull et al.,
2007)
Theoretical framework (Afuah and Tucci, 2000, Lumpkin and Dess, 2004, Kollmann, 2006,
Gundry and Kickul, 2006, Asghari and Gedeon, 2010,
Empirical research (Souitaris and Cohen, 2003, Batjargal, 2005, Matlay and Westhead,
2005, Arenius et al., 2005, Gundry and Kickul, 2006, Lasch et al.,
2007. Matlay and Martin, 2009)
Position current and future research (Souitaris and Cohen, 2003, Mahmood and Cheng Ming, 2005,
Kollmann, 2006, Lasch et al., 2007, Matlay and Martin, 2009)
Variety of terms: Internet-based businesses, Internet ventures, e-Businesses, Completely Digital Enterprises, Internet Entrepreneurship, Digital Entrepreneurship.
e-Entrepreneurship still developing theoretical frameworks based on those of the surrounding disciplines :
e-Entrepreneurship
46
Only seven papers were empirically grounded, four of them followed a longitudinal approach, four of them were based on surveys of 100 samples or more, and three of them followed case studies.
Studies that followed a quantitative methodology based on surveys, included both companies that mixed traditional businesses with an e-Business branch, and Digital Ventures.
studies following a case study approach, none seem to have clearly focused on Digital Ventures only.
Batjargal (2005) studied Internet entrepreneurship in China, but the sample of companies included a wide range of Internet related companies, and was not focused on Digital Ventures.
Mahmood and Cheng Ming (2005) position their research in the context of Asia Pacific economies, which has a blend of both developed and developing countries
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