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Economic reforms and political changes often take place simultaneously. The outcomes of reforms in transitional countries depend on the sequence of these changes. Kornai developed his transition framework based on Central and Eastern Europe, and extended it to Asian nations. This article builds on Kornai's model and the institutional dialogue of economic development to construct and apply a model of transformation for Latin America. The aim is to better explain the relationship between institutional transformation and developmental outcomes over time. Our analysis utilises historical information and the views of current political leaders in Argentina. The analysis performed reflects on institutional performance, and evaluates the applicability of the proposed Latin American transition framework in practice. Based on the empirical evidence presented, we argue that economic transition is a path-dependent phenomenon, and that our model explaining the interaction of economic and political changes provides an explanation for the performance of institutional transformation in Argentina.
Gibrat’s Law mandates the independence of firm size and growth, while the resource-based view of the firm implies a positive relationship between firm size and profits, to be concluded in a profit–growth trade-off. Empirical studies of entrepreneurial success however, have demonstrated firms’ ability to reach a state of high growth and profitability, despite the trade-offs encapsulated within the profit–growth nexus. Upon assessing the relationships between past profitability, current firm growth and size in Australian ICT SMEs, results demonstrate positive relationships between all three indicators. This suggests that profitability can be considered the most important precursor of entrepreneurial success, and also that successful businesses do not suffer from the trade-offs implied by theory.
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