Toward a new (evolutionary) economics of sports

2018 ◽  
Vol 8 (1) ◽  
pp. 82-96 ◽  
Author(s):  
Jason Potts ◽  
Stuart Thomas
Keyword(s):  
Institutional Economics ◽  
Optimal Allocation ◽  
Evolutionary Economics ◽  
Research Question ◽  
Life Cycles ◽  
New Institutional Economics ◽  
Economic Research ◽  
Sports Economics ◽  
Content Type ◽  
Economics Of Sports

Purpose The purpose of this paper is to propose a new classification of rules-driven sports and technology-driven sports that suggests different models of how sports develop. This paper outlines some key aspects of an evolutionary view of sports economics research and, separately, an institutional view of sports economic research. Design/methodology/approach This paper is a conceptual/theoretical piece rather than an empirical analysis of a research question. The authors scaffold a proposed analytic framework that is a combination of evolutionary economics and new institutional economics. Findings A new dynamic approach to the study of sports industries is called for. The authors observe that sports and sports industries exhibit dynamic qualities but in the study of sports there is no analogue of “industrial dynamics” as in economics. What is missing is the field of “evolutionary sports dynamics.” To build this, the authors frame a new evolutionary approach to the study of the sports economy and sports industries – by examining the evolution of sports, their industries, and the complex industrial ecosystems they operate in, through the lens of institutional and evolutionary economics. Originality/value The paper establishes a theoretical basis for a “New Economics of Sports” – as a shift in the types of questions that sports economics seeks to answer. These are away from “sports statics” – as a branch of applied economics of industrial organization and optimal allocation of sports resources (ala Rottenberg, 1956; Neale, 1964) – and toward concern with the economics of “sports dynamics.” The prime questions are less with the optimal organization of existing sports, and more toward understanding the origin of new sports and the evolutionary life cycles of sports.

The institutional structure of experience production in the Russian tourism industry

2016 ◽  
Vol 8 (3) ◽  
pp. 273-286 ◽  
Author(s):  
Vitaly Tambovtsev
Keyword(s):  
Institutional Economics ◽  
Institutional Arrangement ◽  
Institutional Structure ◽  
Tourism Industry ◽  
New Institutional Economics ◽  
Tourism Research ◽  
Content Type ◽  
Depth Analysis ◽  
Tourist Experience ◽  
Production Stages

Purpose The paper aligns two lines of research that tend to develop separately in tourism studies: new institutional economics (NIE) and theory of experience production. The purpose of this study is to gain a better understanding of the institutional restraints on tourism growth in developing and transit countries. Design/methodology/approach The study is based on a qualitative research methodology. A summary of key literature is presented alongside an in-depth analysis of the possibilities for NIE application in tourism research. Findings The notion of institutional structure of experience production is defined as an institutional arrangement supporting or inhibiting experience production. It is proposed as a promising framework for a more intensive NIE methodology application to tourism research. This framework is applied to tourist experience production stages, and some specific institutions accounting for positive experience creation are revealed for key experience production stages. Research limitations/implications This paper is limited in that it offers a conceptual analysis, though directions for further empirical research are proposed. Originality/value The paper is a first attempt at emphasizing impacts of some specific institutions on positive tourist experience production and it stresses their importance to the international tourism industry as it expands in developing and transit countries.

Altruism, reciprocity and Islamic equity finance

2016 ◽  
Vol 9 (2) ◽  
pp. 205-221 ◽  
Author(s):  
Yasushi Suzuki ◽  
Mohammad Dulal Miah
Keyword(s):  
Institutional Economics ◽  
Transaction Cost Economics ◽  
Theoretical Background ◽  
Fund Raising ◽  
New Institutional Economics ◽  
Economic Behavior ◽  
Content Type ◽  
Protection Mechanisms ◽  
Equity Finance ◽  
The Right

Purpose This paper argues how Islamic altruism and reciprocity can enhance or drain the supply of Islamic equity finance. The paper also analyzes the feasibility of Islamic equity finance through the lens of new institutional economics (NIE) and transaction cost economics (TCE). Design/methodology/approach One of the salient contributions by NIE is to support the proposition that effective contracting depends greatly on institutions in terms of “rules that constrain economic behavior”, including informal or intangible institutions, such as religion, culture and customary practices. This paper draws on the theoretical contributions of the NIE and TCE and applies some of these contributions to an analysis of general altruism and reciprocity in Islamic economies. Findings It is said that solutions based on the Islamic injunctions (collectively termed as spiritual quotient) could serve to mitigate agency risks. However, in theory, the Muslim principal (particularly fund providers) is exposed to higher agency risk unless appropriate rules of protecting the right of the principal (or of punishing the agent when its opportunistic behavior is revealed) are devised, because the Muslim fund providers have the divine obligation to share risks in enterprise under the profit-loss sharing (PLS) scheme as well as to share a portion of income with the poor or those entrepreneurs who face difficulties in fund-raising. Originality/value Many scholars refer to the lack of the “formal” institutions that hinder the sound development of Islamic venture capital (VC). This paper contributes to shedding an analytical light on the unique feature of the Muslims’ “informal” constraints which make them hesitate to invest in Islamic VC. To develop the Islamic VC market, this paper provides a theoretical background to suggest how important it would be for the national financial system to devise some tangible provisions by installing enterprise-friendly regulations as well as adequate incentive and protection mechanisms consistent with Islamic principles.

Do institutional risk preferences exist in Chinese direct investments in ASEAN countries? A case study of Chinese-funded enterprises in Laos

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Siyue Chen ◽  
Gengzhi Huang ◽  
Hongou Zhang ◽  
Yuyao Ye ◽  
Qitao Wu
Keyword(s):  
Multinational Enterprises ◽  
Institutional Economics ◽  
Sampling Strategy ◽  
Political Stability ◽  
New Institutional Economics ◽  
Strategic Decision ◽  
Institutional Factors ◽  
Snowball Sampling ◽  
Content Type ◽  
The Relationship

Purpose Institutional factors play an important and complex role in Chinese outward foreign direct investment (OFDI) location choices that do not seem to be influenced by a host country’s high political risks. Moreover, the location choice for OFDI is key to corporate strategic decision-making on internationalization. Therefore, this study aims to examine the direct investments of Chinese multinational enterprises (MNEs) in Laos. Design/methodology/approach Combining the purposive sampling strategy and snowball sampling method, the authors interviewed nine market- and resource-seeking Chinese enterprises in Laos. Drawing from the mainstream eclectic paradigm and the theory of new institutional economics, the authors analyzed two key variables – enterprise investment motivation and enterprise heterogeneity. Findings Chinese MNEs are not insensitive to the regressive institutional quality of host countries; the relationship effect and institutional distance are the location decision pathways along with which institutional factors influence Chinese multinationals’ investments in Laos; political stability is necessary for Chinese-funded enterprises to invest in Laos and the degree of corruption is an overestimated institutional preference factor. Originality/value The relationship effect is introduced into the analysis framework as an intermediate variable that influences the decision of MNEs to invest in countries with underdeveloped institutions. It verifies the significant roles of bilateral political relations and network relations in the OFDI location decisions of state-owned and private enterprises, respectively.

Introduction to the special issue on the future of institutional and evolutionary economics

2014 ◽  
Vol 10 (4) ◽  
pp. 513-540 ◽  
Author(s):  
GEOFFREY M. HODGSON ◽  
J. W. STOELHORST
Keyword(s):  
Historical Perspective ◽  
Institutional Economics ◽  
Evolutionary Economics ◽  
Research Programme ◽  
New Institutional Economics ◽  
Special Issue ◽  
The Future ◽  
The Common

Abstract:This special issue of the Journal of Institutional Economics on the future of institutional and evolutionary economics consists of this introduction, four full essays, and two sizeable comments. Ménard and Shirley (2014) and Ménard (2014) discuss the future of the new institutional economics, and their two essays are followed by a reflection by Hodgson. Winter (2014) and Witt (2014) discuss the future of evolutionary economics, and their essays are followed by a comment by Stoelhorst. Here, we introduce these essays and comments by putting them in a broader historical perspective. In particular, we trace the common origins of modern institutional and evolutionary economics, particularly in the work of Veblen, as well as important additional influences such as Schumpeter and Simon. We highlight how the two approaches became disconnected, and signal the possibility of, and need for, re-establishing closer connections between them. Possible elements of a future overlapping research programme are outlined.

Procurement contract management in the local government authorities (LGAs) in Tanzania

2016 ◽  
Vol 29 (6) ◽  
pp. 545-564 ◽  
Author(s):  
Geraldine Arbogast Rasheli
Keyword(s):  
Local Government ◽  
Transaction Costs ◽  
Local Governments ◽  
Institutional Economics ◽  
Public Procurement ◽  
New Institutional Economics ◽  
Contract Management ◽  
Content Type ◽  
Procurement Contract ◽  
Very High

Purpose The purpose of this paper is to examine the transaction costs involved in managing procurement contracts in the public sector, particularly at the lower and higher level of local governments from the clients’ perspective. Design/methodology/approach The paper uses new institutional economics, specifically the transaction cost approach. A multiple case study design was used, in which five local government authorities (LGAs) were selected from the Kigoma and Tanga regions of Tanzania. Interviews with heads of procurement management units, focus groups and secondary sources were used to collect information for lower level LGAs. Findings Very high information, negotiation and monitoring transaction costs were revealed at the post-contractual stage for higher levels of local government in all cases. Transaction costs were associated with institutional problems, lack of financial resources and attitudes towards accountability, transparency and competition. It was also found that lower levels of local government are faced with very high transaction costs for all procurement stages due to a lack of procurement contract management capacity among ward and village procurement project committees, low levels of support from higher level LGAs, a lack of simple Swahili-standardised documents and guidelines for lower level procurement contract management which reflect current legal issues and the lack of a legal framework for procurement at the lower level of local government. These costs are associated with poor accountability and a lack of competition, transparency and efficiency throughout public procurement chains. Research limitations/implications There is no estimate for quantitative approaches, because it is was difficult to measure transaction costs associated with accountability, transparency and efficiency. Originality/value The paper contributes knowledge on qualitative levels of transaction costs for procurement contract management for both higher and lower levels of LGAs from the clients’ viewpoint.

Jaroslav Vanek, participation and labor management: an assessment including some bibliometric analysis

2020 ◽  
Vol 3 (2/3) ◽  
pp. 93-105
Author(s):  
Derek C. Jones
Keyword(s):  
Bibliometric Analysis ◽  
Design Methodology ◽  
Institutional Economics ◽  
Employee Ownership ◽  
New Institutional Economics ◽  
Strong Impact ◽  
Labor Management ◽  
Content Type ◽  
Pure Case ◽  
Similar Assessment

PurposeThe main aim of this paper is to provide an assessment of the intellectual impact of the work of Jaroslav Vanek in the related fields of participation and labor management (hereafter, PLM) and participation and employee ownership (hereafter, PEO).Design/methodology/approachThis paper used mixed methods including bibliometric analysis.FindingsVanek's work, particularly the General Theory of Labor-Managed Market Economies, (Vanek, 1970) is the building block for the modern scientific study of cooperatives and for helping to establish the fields of PLM and PEO. Vanek (1970) continues to be the highest cited publication each year that investigates the pure case of a labor-managed firm. Arguably his work has played a significant role is setting the stage for the development of adjacent fields in economics such as the new institutional economics. For an economist, his work has had an unusually strong impact on work outside of economics.Originality/valueNo similar assessment has been undertaken before.

Frugal innovation: aligning theory, practice, and public policy

2014 ◽  
Vol 6 (1) ◽  
pp. 29-47 ◽  
Author(s):  
Pavan Soni ◽  
Rishikesha T. Krishnan
Keyword(s):  
Institutional Economics ◽  
New Institutional Economics ◽  
Current View ◽  
Frugal Innovation ◽  
Content Type ◽  
Domestic Enterprise ◽  
Institutional Influences ◽  
Enterprise Level ◽  
Key Aspects ◽  
Frugal Innovations

Purpose – The paper aims to address two key gaps in the literature of frugal innovation. First, it disambiguates frugal innovations into its types, and into the various levels at which it happens. Second, it builds upon the theoretical foundations of resource-based view, new institutional economics, economics of location, and institutional theory to offer testable propositions on determinants of frugal innovations. Design/methodology/approach – This is a conceptual paper. The authors first systematically reviewed the extant literature on frugal innovation and related domains and categorized the existing understanding on the domain into various typologies of frugal innovation. The authors then justified why certain key theoretical lenses are tenable to understand the determinants of frugal innovation and then examined the conditions that enable such innovations. Findings – The paper has three key findings. First, frugal innovation comprises of a frugal mindset, a frugal process and a frugal outcome, which may be practiced distinctly. Second, frugal innovators are of three types: grassroots-level, domestic-enterprise level, and MNC-subsidiary level. Each has their distinctive incentives and styles of frugal innovation. Third, a frugal mindset is encouraged by a resource-scarce environments, weaker institutional intermediaries, and a higher tolerance for uncertainty. Frugal processes are espoused by poor property rights regime and a critical size of lead market; and frugal outcomes are influenced by the network-position of innovators, and the presence of critical lead-markets. Research limitations/implications – The propositions are though testable, but proxies need to be developed to measure the variables, such as a frugal mindset, and a frugal process. Further, the current view on various types and levels of frugal innovation is that of mutual exclusivity, whereas this may not always be the case. Hence, it might be useful to identify contingencies in which these distinctions fade away. Originality/value – The paper is valuable in two key aspects. First, it offers a much-needed theoretical underpinning to the phenomenon of frugal innovation, such that the phenomenon could be better understood and influenced. Second, it nuances the phenomenon by identifying distinct types of frugal innovators in terms of their motivation, institutional influences, and styles of innovation.

Towards micro-foundations of institutional change

2017 ◽  
Vol 23 (3) ◽  
pp. 223-240 ◽  
Author(s):  
Kyle Bruce ◽  
Peter von Staden
Keyword(s):  
Institutional Theory ◽  
Institutional Change ◽  
Institutional Economics ◽  
New Institutionalism ◽  
New Institutional Economics ◽  
Research Review ◽  
Sociocultural Context ◽  
Content Type ◽  
Organizational Sociology ◽  
Micro Foundations

Purpose Given managerial choices and the sociocultural context in which they are made are at the heart of management history, then an understanding of both is critical. This paper argues that the “late” North (2005) provides such an understanding. Design/methodology/approach This study is a research review synthesizing much disparate but cognate literature across the new institutionalism in organizational sociology/studies and in economics. Findings “Late” North (2005) provides an important ontological frame for dealing with the so-called “paradox of embedded agency”, an approach that may afford management historians a more thorough account of how institutions are formed and change over time. North has always maintained that institutional change is the outcome of deliberate or intentional choices made by actors. However, and unlike his earlier work which ignores how humans come to make the said choices, North (2005) explicates the sociocognitive process by which intentionality emerges with expanded consciousness, as humans construct ideas and beliefs about reality, beliefs that shape decisions to alter the said reality via the process of institutional change. Originality/value It is rather curious that despite North’s status as a “historian”, management historians – or at least those publishing in this journal from its founding in 1995 – do not seem to be terribly interested in North’s work. Although North rates a mention in rival journals, other than Dagnino and Quattrone’s (2006) study, papers in this journal invoking institutional theory align with the new institutionalism in organizational sociology/studies (NIOS) rather than North’s new institutional economics (NIE). Even in the related sub-discipline of business history, those professing an interest in institutions are more interested in the NIE of non-historians Coase and Oliver Williamson than they are in North’s NIE. And, in recent work analysing the place and significance of institutional theory in historical research, the foundations are unmistakeably NIOS rather than North’s NIE.

Neoclassical economics and new institutional economics

2015 ◽  
Vol 33 (5) ◽  
pp. 412-429 ◽  
Author(s):  
Alirat Olayinka Agboola
Keyword(s):  
Real Estate ◽  
Design Methodology ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Economic Thought ◽  
Neoclassical Economics ◽  
Property Market ◽  
Content Type ◽  
Representative Study ◽  
Philosophical Orientations

Purpose – The purpose of this paper is to examine the provisions of both the neoclassical economics and new institutional economics theses and assesses the implications of their methodologies for property market analysis. Design/methodology/approach – This research is based on secondary literature review and desk-based study. Findings – It is argued that new institutional economics, grounded on firmer foundations of human behaviour, offers an analytical approach to the study of the property market which emphasizes the institutionally contingent nature of real estate exchange, thus placing real estate within its socio-economic context. Originality/value – In-depth examination and juxtaposition of the provisions, assumptions, philosophical orientations and limitations of these main traditions of economic thought towards the achievement of a representative study of the workings of the property market.

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