The Relevance of the Institutional Underpinnings of Porter's Five Forces Framework to Emerging Economies: An Epistemological Analysis
用图尔敏方法分析波特五力框架在新兴经济体中的适用性，发现交易成本、资本流动和竞争法律三个关键限定条件在这些经济体中不成立，企业采用框架外的策略应对制度环境。
ABSTRACT Using the Toulmin method, we present an epistemological analysis of Porter's Five Forces Framework (FFF) in light of the increasing evidence pertaining to the institutional context in emerging economies. The analysis reveals three key qualifiers in the theoretical structure of FFF – transaction costs, capital flows and laws governing rivalry. Evidence from emerging economies indicates that FFF's assumptions about the qualifiers are not met in these economies. Indeed, firms in these economies adopt strategies not derivable from FFF to tackle their unique institutional contexts. Our Toulmin analysis helps pinpoint the directions for further research in emerging economies. Specifically, the three qualifiers provide a meaningful way of building typologies and taxonomies to accommodate the diversity of institutional contexts and to link them to firm‐level strategies. Our discussion also highlights the need to turn the spotlight on laws governing rivalry, a relatively under‐explored topic in emerging economies, and the effectiveness of different network strategies.