Non market strategies during transitions: The case of Chile

Marcelo Bucheli, Erica Salvaj, Minyoung Kim

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To study the persistence of non-market strategies and their associated governance structures during a transition from a limited political and economic system to a more open one, this article analyzes the network strategies of domestic business groups, multinational corporations, and state-owned enterprises in Chile, relative to the wider historical context of institutional transitions in that nation between 1970 and 2010. We argue that (a) the effects of transitions at the institutional environment level are historically determined and therefore require historically informed methodologies and analyses; (b) a transition from a more limited to a more open economic and political environment does not necessarily eliminate market imperfections, but it could change the nature of these imperfections from transactional to structural; and (c) open political and economic systems do not decrease incentives for non-market strategies, such as building interlocked corporate board networks and related governance structures. Rather, they create new incentives to continue using such pre-transition strategies and structures.
Original languageEnglish (US)
JournalAcademy of Management Annual Meeting Proceedings
Issue number1
StatePublished - Jan 1 2015


  • institutional transitions
  • MNC
  • network strategies


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