| Summary: | 碩士 === 國立政治大學 === 企業管理研究所(MBA學位學程) === 106 === External and internal growth momentum are required when enterprises are in the process of development, and the present study aims to explore how enterprises grow constantly by analyzing the growth of the Alibaba Group. Compared with developed countries, institutional voids are generally existed in emerging markets, which provide entrepreneurs with the opportunities to enter the markets. It is indeed via filling such institutional voids in the trading market that Alibaba gained its initial growth momentum in China. However, when the institutional voids are filled up, enterprises must seek other channels to grow. According Penrose (1959), the growths of enterprises can be achieved by their internal management, talent training, and strategy, without being affected by external factors. The case of Alibaba clearly illustrates such theory in that its senior management is mostly composed of internally trained employees. By the time enterprises accumulate enough management experience and resources, they would be able to move towards the development of diversification, as reflected by the fact that Alibaba has been gaining momentum of growth through diversification and investment in recent years.
Key words: Emerging markets, Institutional voids, Firm growth, Diversification
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