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JOURNAL OF MARKETING DEVELOPMENT AND COMPETITIVENESS

The Effects of Institutionalization on the Internationalization of Markets:

A Conceptual Model of Inquiry

Author(s): Constantine G. Polychroniou

Citation: Constantine G. Polychroniou, (2012) "The Effects of Institutionalization on the Internationalization of Markets: A Conceptual Model of Inquiry," Journal of Marketing Development and Competitiveness, Vol. 6, Iss. 5, pp. 27 - 47

Article Type: Research paper

Publisher: North American Business Press

Abstract:

Institutionalization of economic actors is a more sustainable strategy for achieving such growth than

administrative action. This paper offers a conceptual model that identifies relationships among elements

that help institutions evolve, and, attempts to reason out the effects of institutionalization on the

internationalization of markets. The framework identifies three influencers that directly affect the

evolution of institutions and it discusses how such influencers dominate the process of institutionalization.

Intra-institutional cultures, be it monochronic or polychronic, interact under the pressures of endogenous

and exogenous to the institution forces causing institutional evolution. Inter-institutional congruence

empowers institutionalization which helps the internationalization of markets.