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Authors: Sheila M. Puffer, Daniel J McCarthy and Alfred M Jaeger

Publication: International Journal of Emerging Markets, Vol. 11, No. 1, 2016

Abstract:

Purpose
The purpose of this paper is to present a comparative analysis of institutions and institutional voids in Russia, Brazil, and Poland over the decades of the 1980s through to 2015. The paper asserts that Russia and Brazil could learn much from Poland regarding formal institution building and formal institutional voids that cause problems like corruption and limit economic growth.

Design/methodology/approach
A comparative case study approach is utilized to assess the relative success of the three emerging market countries in transitioning to a market economy, viewed through the lens of institutional theory.

Findings
Poland鈥檚 experience in building successful formal institutions and mitigating major institutional voids can be instructive for Russia and Brazil which have shown far less success, and correspondingly less sustained economic growth.

Research limitations/implications
This paper demonstrates the value of applying institutional theory to analyze the progress of emerging economies in transitioning to a market economy.

Practical implications
This country comparison can prove valuable to other emerging economies seeking a successful transition to a market economy.

Social implications
Since institutions are the fabric of any society, the emphasis on institutions in this paper can have positive implications for society in emerging markets.

Originality/value
This paper is an original comparison of two BRIC countries with a smaller emerging economy, utilizing institutional theory. Factors contributing to Poland鈥檚 success are compared to Russia and Brazil to assess how those countries might be positively informed by Poland鈥檚 experience in building and strengthening sustainable formal institutions as well as avoiding institutional voids and their associated problems.

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