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
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.