Understanding Asian business strategy: Modeling institution-based legitimacy-embedded efficiency

To understand the unique aspects of Asian business practice, we propose a conceptual framework of institution-based, legitimacy-embedded efficiency. We underscore the institutional foundations of Asian business practice and propose that gaining legitimacy takes priority in order to attain the efficiency that follows from legitimacy in Asian business practice. We then highlight several fundamental, philosophic principles that define the meaning of legitimacy and ways to achieve legitimacy in Asian societies. We also provide a brief summary of each paper in this special issue and then proceed to pinpoint desirable directions for further research in light of our conceptual framework.