Top Highlights

• n South Africa, for example, the government’s support for the transfer of assets to the historically disenfranchised native African community—a laudable social objective—has affected the development of the capital market.
• Companies in developed countries usually take for granted the critical role that “soft” infrastructure plays in the execution of their business models in their home markets
• Many multinational corporations look at either the macro factors
• In Malaysia, for instance, foreign companies should enter into joint ventures only after checking if their potential partners belong to the majority Malay community or the economically dominant Chinese community, so as not to conflict with the government’s long-standing policy of transferring some assets from Chinese to Malays
• n China, state-owned enterprises control nearly half the economy,

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