The 'Iron Cage' of Varieties of Capitalism? Theory of Endogenous Institutional Evolution of Market Economies: Evidence from Fintech Startups in Taiwan and Korea
| Autor: | Karpijoki, Joni Olavi, 可宥倪 |
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| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 亞太研究英語博士學位學程(IDAS) 107 The dissertation proposes a novel and innovative theoretical framework with extensive new empirical data to illustrate how bottom-up endogenous institutional evolution of societies operates and how new startups create new institutions. The research is motivated by theoretical puzzle derived from empirical observations of constant dynamism of market economies challenging the theories of new institutionalism – each year 20-30% of old firms are replaced with new startups. Constant dynamism is a puzzle as New institutionalism (especially Varieties of Capitalism) has construed institutions as ‘Iron Cages’, where rational actors’ optimal strategy within equilibriums is to reproduce the institutions and hence there should be no utility for innovative startups. Fintech startups of Taiwan and Korea provide excellent case study to research how and why new startups are able to restructure the institutions of market economies. The qualitative comparative case study of Taiwan and Korea by data triangulation analyzes extensive new data from interviews of fintech ecosystem stakeholders (startups, VCs, incubators, governmental entities), government documents and industry statistics. The qualitative case study contributes novel findings to illustrate the fintech startups create new institutions to re-organize how economic behavior is coordinated within societies and the startups act as focal points to guide and advice the government in formal regulatory reforms. Case study illustrates also that government is a reactionary entity – formal policies follow informal behavior – but governments can suppress or amplify institutional change by supporting startups. Fintech industry growth of Korea is driven by startups but government is amplifying the growth while in Taiwan the government has blocked innovation. The dissertation contributes new dynamic theory of institutions, with new dynamic structural foundations of institutions, to advance new institutionalism’s understanding how spontaneous and endogenous open-ended institutional evolution is constantly occurring and how startups are predisposed to act as institutional entrepreneurs to create new institutions to restructure and re-organize contemporary market economies. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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