Institutions and market competition: A case study of Hong Kong property management industry

Abstract

This paper attempts to use the frameworks of institutional analysis to understand how institutional context may hinder the competition and firm development of a particular market sector in Hong Kong. Firm development involves the study of constancy and change in business firms over time. Business firms are socially and historically constructed organizations that influence, and are influenced by, the multiple and interlocking networks into which they fit. By reviewing the relevant institutional factors such as the relevant ordinances, legal system, and financial system, we can identify how those built-in mechanisms become major barriers to small-and-medium-sized enterprises...