This paper examines the strategic initiatives adopted by local companies in response to economic liberalization in emerging economies, and identifies strategies that lead to successful performance. Using systematic primary data gathered through surveys with companies in several Latin American countries, we investigate how firms responded through changes in strategic perspective, business scope, corporate governance, management teams, and operational strategies. The results indicate that the firms have responded remarkably well to changes in their environment due to economic liberalization. © 2005 Elsevier Inc. All rights reserved.
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