a r t i c l e i n f o To understand the unique aspects of Asian business practice, we propose a conceptual framework of institution-based, legitimacy-embedded efficiency. We underscore the institutional foundations of Asian business practice and propose that gaining legitimacy takes priority in order to attain the efficiency that follows from legitimacy in Asian business practice. We then highl...

This study is an attempt to examine the effects of external shocks on macroeconomic variables in selective small open emerging economies in Southeast Asia. A quarterly Global Vector Autoregressive (GVAR) model, including 33 countries, was used throughout 1979–2013. The empirical results showed that the target countries were affected by external shocks, especially the shocks in the U.S, Euro are...

• Since the crisis, most East Asian governments recognise the urgent need to strengthen regulations to increase corporate transparency and enforce better treatment of outside investors; this is essential to support regional economies transition from a relationship to a rules based business model and enable their return to robust growth. • In the region's most advanced economies, corporate discl...