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 The Changing Face
of Multinationals in
Southeast Asia

The rise of computer-based technology and the growth of the Internet, instantaneous
global communication channels, corporate mergers, changing education levels, and the
dawn of new-age terror networks are some of the factors impacting the way
multinational corporations have reappraised their structures and strategies for the
twenty-first century. Gripped by the region-wide economic meltdown of the late 1990s,
Southeast Asia stands at the cusp of this new, unprecedented era of global change.
Written from a rarely glimpsed insider’s perspective, this book reveals how and why the
world’s foremost companies have sought to revive and develop their fortunes in this
emerging and strategically critical region. Using the region’s downturn as the “engine of
reform,” our cohort of corporate practitioners epitomize the sea change in corporate
attitudes toward Southeast Asian business units. From the boom years of the 1980s to
the early 1990s, many of these units were lauded for their speed and flexibility, and were
handed unprecedented levels of autonomy. In the immediate wake of the ensuing crash,
however, corporate head offices sought to impose “international” best practice, in order
to bring these “errant” units back in line with global corporate norms.
This book recounts their story. Using practitioner insights, the authors outline the initial
corporate-oriented programs of change, and trace in detail, using often explosive first-
hand accounts, the subsequent waves of indigenous managerial resistance. The authors go
on to explore the resultant “compromise” business methods, in the light of which the
book proposes a “cross-vergent” framework for strategic thinking, composed from the
best of both Western and Eastern managerial cultures. Drawing on the authors’ combined
experience of corporate methods in the region, the book represents an agenda-setting
analysis of the cultural foundations of international management strategy. In an era of
increasing speed, risk and uncertainty, The Changing Face of Multinationals in Southeast
Asia draws a blueprint for sustainable competitive advantage, based upon inherent
synergies that can be gained from an integrated East–West corporate approach.
Tim G. Andrews is Senior Lecturer in International Marketing, Bristol Business School,
University of the West of England. Nartnalin Chompusri is Marketing Officer at the
Bristol Business School, University of the West of England. Bryan J. Baldwin OBE is
Chairman of Trafalgar International, Global Investments Ltd, Evergreen Comware and
Director of PCI International.
 Working in Asia

General Editors:
Tim G. Andrews
Bristol Business School, University of the West of England
and Keith Jackson
School of Oriental and African Studies, University of London

This series focuses on contemporary management issues in the Asia-Pacific region.

It draws on the latest research to highlight critical factors impacting on the conduct
of business in this diverse and dynamic business environment.
Our primary intention is to provide management students and practitioners with
fresh dimensions to their reading of standard texts. With each book in the Working in
Asia series, we offer a combined insider’s and outsider’s perspective on how
managers and their organizations in the Asia-Pacific region are adapting to
contemporary currents of both macro- and micro-level change.
The core of data for the texts in this series has been generated by recent interviews
and discussions with established senior executives as well as newly fledged
entrepreneurs; with practising as well as aspiring middle managers; and with women
as well as men. Our mission has been to give voice to how change is being perceived
and experienced by a broad and relevant range of people who live and work in the
region. We report on how they and their organizations are managing change as the
globalization of their markets, together with their business technologies and
traditions, unfolds.
Drawing together the combined insights of Asian and Western scholars, and
practitioners of management, we present a uniquely revealing portrait of the future
of working and doing business in Asia.

Titles in the series include:

The Changing Face of Multinationals in Southeast Asia
Tim G. Andrews, Nartnalin Chompusri and Bryan J. Baldwin OBE

The Changing Face of Chinese Management

Jie Tang and Anthony Ward
The Changing Face
of Multinationals in
Southeast Asia

Tim G. Andrews, Nartnalin Chompusri

and Bryan J. Baldwin OBE
First published 2003 by Routledge
11 New Fetter Lane, London EC4P 4EE
Simultaneously published in the USA and Canada
by Routledge
29 West 35th Street, New York NY 10001
Routledge is an imprint of the Taylor & Francis Group
This edition published in the Taylor & Francis e-Library, 2004.
© 2003 Tim G. Andrews, Nartnalin Chompusri and Bryan J. Baldwin OBE
All rights reserved. No part of this book may be reprinted or reproduced
or utilized in any form or by any electronic, mechanical, or other means,
now known or hereafter invented, including photocopying and recording,
or in any information storage or retrieval system, without permission in
writing from the publishers.
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging in Publication Data
Andrews, Tim G., 1968–
The changing face of multinationals in Southeast Asia /
Tim G. Andrews, Nartnalin Chompusri and Bryan J. Baldwin.
p. cm. – (Working in Asia)
Includes bibliographical references and index.
1. International business enterprises–Asia, Southeastern.
2. Corporations, Foreign–Asia, Southeastern. 3. Investments, Foreign–
Asia, Southeastern. 4. Financial crises–Asia, Southeastern. I. Chompusri,
Nartnalin, 1970– II. Baldwin, Bryan J., 1937– III. Title. IV. Series.
HD2901 .A514 2002
338.8'88599–dc21
2002075175

ISBN 0-203-36158-X Master e-book ISBN

ISBN 0-203-37415-0 (Adobe eReader Format)

ISBN 0–415–26095–7 (hbk)
ISBN 0–415–26096–5 (pbk)
I would like to dedicate this book to my wonderful children:
Antony, Helen and Ariane
Bryan J. Baldwin OBE
Contents

Acknowledgments x

Introduction 1
● Aims and rationale 3
● Focus “roots” 4
● Perspective 6
● Scope 8
● Method 10
● Style and content 11
● Structure 12

Part I
The Southeast Asia regional bloc: salient features 15

1 ASEAN business context 17

● Overview 17
● Crisis 18
● Cultural foundations 19
● Opening up 24

2 Rise of the multinational 28

● History and current operations 28
● Moving in 32

Part II
Organizational change 53

3 Organizational downsizing 55
● Cost control: initial measures 56
● The onset of layoffs: rationale for change 60
● First-wave implementation 65
● Longer-term measures 72
viii • Contents

4 Corporate consolidation 79
● Status quo: the precrisis years 81
● Postcrisis consolidation 82
● Implementation: culture’s consequences 89
● Implementation “cross-vergence” 99

5 Human resources management 103

● Recruitment 106
● Where the twain meet: expatriates v. local recruits 109
● Managerial rotation 115
● The rise of the “younger” executive 118
● Reward structure 120
● Appraisals 125
● Training 130
● Language 140

6 Electronic technology 143

● Local challenges 147
● Culture factors 151
● Security 155
● Response of the multinationals 157
● Concluding thoughts 160

7 Information tracking 161

● ISO certification in Southeast Asia 163
● Rationale for accreditation 164
● General critiques 168
● Implementation within ASEAN 170
● Culture-based resistance 179
● Tentative resolutions 183

Part III
Marketing 187

8 The marketing function 191

● The traditional marketing function 191
● The rise of Western marketing methodology 193
● Indigenous resistance 198
● “Cross-verging” market practice: hybrid working methods 209
● Localization: general pointers 212
● Strategic planning 215

9 Product, brand and pricing strategy 226

● Traditional practice 229
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 Contents • ix

● Multinational brand repositioning strategies 232

● The underflow: forces for adaptation 239
● “Cross-verging” brand perspectives 249

10 Advertising and promotion 256

● The traditional dilemma 257
● Corporate advertising and promotion retrenchment 262
● Indigenous resistance 267
● Intra-ASEAN promotion strategy 269
● Advertising and promotion strategy “cross-vergence” 277

11 Distribution 280
● Traditional ASEAN distribution 282
● Distribution chain subversion: global corporate fightbacks 288
● “Cross-verging” distribution practice 296

Conclusions 307
● The dialectic of “cross-vergence”: closing summary 309
● Globalization: toward an integrated redefinition 314
● Facing the future 316

References 320
Index 326
Acknowledgments

The authors would like to express their gratitude to the multitude of

corporate respondents for their gracious assistance in the research of this
book.
Special thanks: Johnny Johnson, Richard Mead, and our commissioning
editor, Catriona King.
Introduction

● Aims and rationale

● Focus “roots”
● Perspective
● Scope
● Method
● Style and content
● Structure

Once you think you know Southeast Asia, you’ve just

made your first mistake.
(Castrol International Executive)

The only certainty is uncertainty.

(Eastern proverb)

Loosely translated from the Thai, the latter quotation provides as good a
starting point as any for a book on multinational corporations in
Southeast Asia. This is not to suggest that there are no clearly discernible
and emerging trends. But it certainly summarizes events of the past
decade, during which the bubbling optimism of the mid-1990s quite
without precedent gave way to the long, gloom-laden months of 1998,
when most of the region was caught in the iron grip of economic and
financial collapse. As the precursor of the region-wide downturn and
subsequent contraction, Thailand provides the starkest example of this
change. Just a few short years ago Thailand was viewed by the world’s
foremost financial institutions as an emerging tiger, with one of the
highest economic growth rates ever witnessed. In early 1995 The
Economist projected Thailand to be the world’s eighth largest economy
in 2020, and a year later the country’s economic planners took the
almost unbelievable step of actually writing 8 percent growth into the
next five-year plan (Keeratipipatpong, 1998; Phongpaichit and Baker,
1998). To most observers it seemed the Asian miracle would go on
indefinitely.
2 • Introduction

The export slump of that same year gave a stark warning of what was to
come, for within a few months the Thai currency was battered and finally
unhinged to sink to well under half its previous value. By year-end 1997
the vast majority of existing multinational corporations (MNCs) in the
region were coming to terms with an undreamed of – and yet very real –
specter of a shrinking market, rising cost structures and excessive staffing
levels. In retrospect, the regional crisis was only a number of key forces
in a wider, increasingly global context with which business corporations
have had to contend. The flotation of the Thai baht itself has now
emerged as merely one effect of the resounding impact of instantaneous
and hitherto largely unregulated flows of huge amounts of footloose
capital around the globe, itself a consequence of the rapid development
of electronic technology. Of understandable concern to the governments
of developing economies is the continuing spectacle of investors being
able to move billions of dollars among nations in search of better
opportunities at the touch of a button. Assisted in turn by the rise in
instantaneous flows of market information, this freewheeling money
supply has the ability to pump-prime and then undermine a nation’s
macroeconomic performance, as illustrated by the recent destabilization
of economies such as Thailand and Indonesia.
In this respect the postcrisis recovery process in Southeast Asia comes at
a time of dramatic global business change at the confluence of a new and
previously unheard-of set of meta-level forces. Added to the
technologically derived efficiencies in global communications and
information flows – instanced by the explosive growth of computing
power and mobile telephony – MNCs are also faced with the prospect of
overcapacity in their home territories against a backdrop of declining
interest rates and recessions. This has prompted many large corporations
to diversify their investment portfolios away from their saturated home
markets and toward the establishment of operations in the developing
economies of the Asia-Pacific region. Concurrent developments are
increasing the pace and ferocity of global business competition,
instanced by the continuing industrialization and deregulation of
emerging markets. In seeking to adapt to this new world order,
corporations have sought to merge into conglomerates of unprecedented
size as a means of holding down costs and extending global reach.
Attempts to implement business process standardization and
transparency measures are viewed as the logical extension of this activity,
as managers seek to maintain central control of huge and often unwieldy
enterprises.
 Introduction • 3

In practical terms, the extent and rapidity of these changes have placed
corporate business executives in uncharted and often confusing new
territory. The past decade has witnessed a strategic reevaluation by
multinationals from a cross section of industries of their strategic goals
on global, regional and domestic levels. This is well illustrated by the
Western corporate reaction to the recently shifting business climate in
Southeast Asia. The emergence of an unstable, uncertain global market
arena has led many such companies to seek to rethink the way in which
their operations are both forecast and measured , seeking to deal
effectively with previously unheard-of macro-market scenarios. The
refusal of Western-headquartered multinationals to accept this newly
destabilized regional business environment as the norm underlies what
are seen to be their attempts to force a uniform standard upon their global
structures and modi operandi. These attempts will form part of the
backdrop to the tempestuous scenes of corporate life “at the coalface”
described later in this book.
In summary, the Asian economic crisis was in many ways a catalyst for
corporate readjustment to the plethora of changes already occurring.
Southeast Asia had become a focal point for the spate of global corporate
restructuring programs. On the ground we are witnessing the canon of
global competition pitted against the traditional “Asian way” of doing
business. This has found expression in the conflicting set of forces for
global coordination on the one hand and those of local flexibility on the
other, of business practice standardization pitted against localized
adaptation. Locked into this shifting balance of forces is the debate as to
how far business theories and concepts drawn primarily from the
industrialized, market-oriented (often Western) economies can be
extrapolated for use in the economies of the East. Assumptions made
among corporate executives have often tended to oversimplify
developments and overemphasize technology’s impacts. But at the
downstream level we are faced with the same problem; that is, just how a
Western-headquartered MNC would implement its global strategies in
countries traditionally set against the idea of change.

Aims and rationale

In broad terms the objective of this book is to provide a rich and detailed
account of how and why multinational corporations are changing their
strategies and structures in postcrisis Southeast Asia. We have therefore
4 • Introduction

concerned ourselves primarily with the identification and exploration of

these key trends with which a cross section of MNCs are having to
contend, rather than merely seeking to provide yet another survey catalog
of the region’s corporate cohort. Our focus is upon the ground-floor
implementation of these changes in practice, seeking to delineate and
understand the local reactions to the respective corporate measures and
how, in turn, these companies have sought to resolve ongoing disputes
over time. With our emphasis upon the experiences of insiders in the
field – including our own – we shall provide some of the first and most
in-depth empirical data ever compiled within the Southeast Asian
context.
The macro dimensions of the regional economic downturn have already
been documented and analyzed more than adequately by numerous
authors (e.g. Godement, 1999). Yet there has been little attempt to
explore the situation “in the trenches.” The perspective and role of the
indigenous labor supply in the acceptance of these corporate-imposed
changes in the postcrisis years have been particularly overlooked. This
book is thus an attempt to redress the balance. In extracting a surgical
slice of the multinational corporate fraternity in the region we have
sought to build on the work of these economically oriented scholars by
adding “flesh” to the bone structure of previous survey-oriented analyses.
Taking advantage of our detailed personal knowledge and largely
unhindered access to the internal workings of a cross section of Western-
and Japanese-headquartered multinationals, we investigate more
profoundly than is usually possible the indigenous reaction to these
destabilizing macro-management developments. Although the book is
based at the micro level of analysis – and addressing the emerging
nucleus of the Southeast Asian trading bloc almost exclusively – we
anticipate that in complementing the macro emphasis of the existing
cross-national management literature, the observations traced herein may
provide valuable insights for both students and business practitioners
engaged in similar commercial environments, particularly those of the
developing world.

Focus “roots”

The original impetus for this book came from the experiences of all three
authors within the multinational corporate fraternity in Southeast Asia,
particularly across Thailand and the Greater Mekong Subregion through
Other documents randomly have
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 Introduction ¥ 11

Style and content

12 ¥ Introduction

Structure
Part I
The Southeast Asia
regional bloc: salient
features
 1 ASEAN business context

Overview
Crisis
Cultural foundations
Opening up

Overview

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✴❈❉▲ ❒❅❇❉❏■❁● ❇❒❏◆❐❉■❇ ❉▲ ❄❅❐❉❃▼❅❄✌ ❁●❏■❇ ◗❉▼❈ ✣❈❉■❁ ❁■❄ ✩■❄❉❁✌ ❁▲ ❏■❅ ❏❆
▼❈❅ ◗❏❒●❄→▲ ●❅❁❄❉■❇ ❅❍❅❒❇❉■❇ ❍❁❒❋❅▼▲ ❂❙ ▼❈❅ ✵✳ ✤❅❐❁❒▼❍❅■▼ ❏❆
✣❏❍❍❅❒❃❅✎ ✢❙ ▲❏❍❅ ❁❃❃❏◆■▼▲ ✡✳✥✡✮ ❉▲ ❃◆❒❒❅■▼●❙ ✡▲❉❁→▲ ❍❏▲▼ ❁▼▼❒❁❃▼❉❖❅
❒❅❇❉❏■ ❆❏❒ ▼❈❅ ❏❖❅❒❁●● ❄❅❖❅●❏❐❍❅■▼ ❏❆ ❃❏■▲◆❍❅❒ ❉■❄◆▲▼❒❙✎ ✯■ ❐❁❐❅❒✌ ❁▼
●❅❁▲▼✌ ✡✳✥✡✮ ❉▲ ●❁❒❇❅❒✌ ❉■ ❅❃❏■❏❍❉❃ ▼❅❒❍▲✌ ❒❉❃❈❅❒✌ ❁■❄ ❍❏❖❉■❇ ❆❁▲▼❅❒
▼❏◗❁❒❄ ▼❒❁❄❅ ●❉❂❅❒❁●❉❚❁▼❉❏■ ▼❈❁■ ❅❉▼❈❅❒ ✩■❄❉❁ ❏❒ ✣❈❉■❁✎ ✩▼ ❁●▲❏ ❈❁❒❂❏❒▲ ❖
❁■❄ ●❁❒❇❅●❙ ◆■▼❁❐❐❅❄ ❐❏▼❅■▼❉❁● ❆❏❒ ❅❘❐❁■▲❉❏■✌ ●❁❒❇❅●❙ ❁▼ ❉▼▲ ■❏❒▼❈❅❒■
❆❒❏■▼❉❅❒✌ ◗❈❅❒❅ ✶❉❅▼■❁❍✌ ✬❁❏▲✌ ✭❙❁■❍❁❒ ❁■❄ ✣❁❍❂❏❄❉❁ ❒❅❍❁❉■
❐❒❅❄❏❍❉■❁■▼●❙ ❁❇❒❁❒❉❁■ ❁■❄ ❈❁❖❅ ❏■●❙ ❊◆▲▼ ❂❅❅■ ❏❐❅■❅❄ ◆❐ ❆❏❒ ▼❒❁❄❅✎ ✥❖❅■
❉■ ▼❈❅ ❍❁■◆❆❁❃▼◆❒❉■❇ ❐❏◗❅❒❈❏◆▲❅▲ ❏❆ ▼❈❅ ❒❅❇❉❏■ ▲◆❃❈ ❁▲ ✭❁●❁❙▲❉❁ ❁■❄
✴❈❁❉●❁■❄✌ ▼❈❅❒❅ ❉▲ ▼❒❅❍❅■❄❏◆▲ ▲❃❏❐❅ ❆❏❒ ❆◆❒▼❈❅❒ ❄❅❖❅●❏❐❍❅■▼ ❂❙ ❍❏❖❉■❇
18 ¥ The Southeast Asia regional bloc

▼❏◗❁❒❄ ❍❏❒❅ ▲❏❐❈❉▲▼❉❃❁▼❅❄✌ ▲❐❅❃❉❁●❉❚❅❄ ❁■❄ ❈❉❇❈❅❒ ❖❁●◆❅✍❁❄❄❅❄

❍❁■◆❆❁❃▼◆❒❅❄ ❅❘❐❏❒▼▲ ✈✵●❁❃❋ ❁■❄ ✬❅❉■❂❁❃❈✌ ✒✐✐✐✉✎
✴❈❅ ❅❖❉❄❅■▼ ❈❅▼❅❒❏❇❅■❅❉▼❙ ❏❆ ▼❈❅ ✡✳✥✡✮ ❒❅❇❉❏■✌ ❃❈❁❒❁❃▼❅❒❉❚❅❄ ❂❙
❄❉❆❆❅❒❅■❃❅▲ ❉■ ❉■❄◆▲▼❒❉❁● ❄❅❖❅●❏❐❍❅■▼✌ ❐❏●❉▼❉❃❁● ❏❒❇❁■❉❚❁▼❉❏■ ❁■❄ ❅▼❈■❉❃
❍❁❋❅▲ ▼❈❅ ▼❁▲❋ ❏❆ ❄❅➞■❉■❇ ◗❈❁▼ ❃❏■▲▼❉▼◆▼❅▲ ❁ ➒✳❏◆▼❈❅❁▲▼ ✡▲❉❁■➓ ❍❏❄❅ ❏❆
◗❏❒❋❉■❇ ❁●● ▼❈❅ ❍❏❒❅ ❄❉❆➞❃◆●▼✎ ✵■●❉❋❅ ▼❈❏▲❅ ❉■ ▼❈❅ ❍❏❒❅ ❄❅❖❅●❏❐❅❄
❃❏◆■▼❒❉❅▲ ❏❆ ▼❈❅ ✷❅▲▼ ❁■❄ ❉■ ✪❁❐❁■✌ ❂◆▲❉■❅▲▲ ▲❙▲▼❅❍▲ ❉■ ✳❏◆▼❈❅❁▲▼ ✡▲❉❁
▼❅■❄ ▼❏ ❂❅ ❒❅●❁▼❉❖❅●❙ ❄❙■❁❍❉❃ ❁■❄ ❃❏■▲▼❁■▼●❙ ❅❖❏●❖❉■❇✌ ❏◗❉■❇ ▼❏ ❂❏▼❈ ▼❈❅❉❒
➒❉❍❍❁▼◆❒❉▼❙➓ ❁■❄ ▼❈❅❉❒ ❒❁❐❉❄ ❇❒❏◗▼❈✎ ✩■❄❅❅❄✌ ▼❈❅ ▼❒❁■▲❉▼❏❒❙ ■❁▼◆❒❅ ❏❆
✡✳✥✡✮ ❃❁■ ❂❅ ❅❖❉❄❅■❃❅❄ ❂❙ ❉▼▲ ❅❖❏●◆▼❉❏■ ❂❏▼❈ ❆❒❏❍ ❁ ❃❏❍❍❁■❄
❅❃❏■❏❍❙ ▼❏ ❁ ❍❁❒❋❅▼✍❂❁▲❅❄ ❏■❅ ❁■❄ ❆❒❏❍ ❁ ❃❏●●❅❃▼❉❏■ ❏❆ ❒◆❒❁●✌
❁❇❒❉❃◆●▼◆❒❁● ▲❏❃❉❅▼❉❅▲ ▼❏ ❏■❅▲ ▼❈❁▼ ❁❒❅ ❉■❃❒❅❁▲❉■❇●❙ ◆❒❂❁■ ❁■❄ ❉■❄◆▲▼❒❉
✩■ ❇❅■❅❒❁● ▼❅❒❍▲✌ ❁●▼❈❏◆❇❈ ▼❈❅ ❒❅❇❉❏■ ❃❏■▼❁❉■▲ ▲❏❍❅ ❏❆ ▼❈❅ ◗❏❒●❄→▲ ❆❁▲▼❅▲
❇❒❏◗❉■❇ ❅❃❏■❏❍❉❅▲ ❁■❄ ❍❏▲▼ ❒❁❐❉❄●❙ ❃❈❁■❇❉■❇ ▲❏❃❉❅▼❉❅▲✌ ❉▼ ❁●▲❏ ❉■❃●◆❄❅▲
▲❏❍❅ ❏❆ ❉▼▲ ❐❏❏❒❅▲▼ ■❁▼❉❏■▲✎ ✴❈❅ ❐❏●❉▼❉❃❁● ❄❉❃❈❏▼❏❍❙ ▼❈❁▼ ❈❁▲ ❃❈❁❒❁❃▼❅❒
▼❈❅ ❒❅❇❉❏■ ❉■ ▼❈❅ ❐❁▲▼ ❄❅❃❁❄❅ ➞■❄▲ ❅❘❐❒❅▲▲❉❏■ ❉■ ▼❈❅ ❃❏■▼❒❁▲▼ ❂❅▼◗❅❅■ ▼❈❅
▼❅❃❈■❏●❏❇❉❃❁● ❁■❄ ▼❒❁❄❅✍❄❒❉❖❅■ ❄❅❖❅●❏❐❍❅■▼ ❉■ ✳❉■❇❁❐❏❒❅ ▼❈❒❏◆❇❈ ▼❏ ❍◆❃❈
❏❆ ▼❈❅ ❄❉▲❏❒❄❅❒✌ ❄❉▲❐◆▼❅▲ ❁■❄ ❉▲❏●❁▼❉❏■ ▲❈❏◗■ ❁▼ ▼❈❅ ❒❅❇❉❏■→▲ ■❏❒▼❈❅❒■
❆❒❏■▼❉❅❒✎ ✩■❄❅❅❄✌ ❅❘❃❅❐▼ ❆❏❒ ✳❉■❇❁❐❏❒❅✌ ▼❈❅ ❃❏◆■▼❒❉❅▲ ❏❆ ✡✳✥✡✮ ❁❒❅ ▲▼❉●●
❄❅❐❉❃▼❅❄ ❁▲ ➒❄❅❖❅●❏❐❉■❇✌➓ ❁●▼❈❏◆❇❈ ▲❏❍❅▼❉❍❅▲ ✭❁●❁❙▲❉❁ ❁■❄ ❏❃❃❁▲❉❏■❁●●❙
✴❈❁❉●❁■❄ ❁❒❅ ❄❅▲❃❒❉❂❅❄ ❁▲ ➒■❅◗●❙ ❉■❄◆▲▼❒❉❁●❉❚❅❄✎➓ ✩■ ❉■❄◆▲▼❒❉❁● ▼❅❒❍▲ ▼❈❅
❄❉❆❆❅❒❅■❃❅▲ ❁❒❅ ❉■▲▼❁■❃❅❄ ❉■ ▼❈❅ ❒❅▲❐❅❃▼❉❖❅ ■❁▼❉❏■▲→ ❍❁■◆❆❁❃▼◆❒❅❄ ❅❘❐❏❒▼
◗❈❉❃❈ ▼❅■❄ ▼❏ ❂❅ ❄❏❍❉■❁▼❅❄ ❂❙ ▼❅❘▼❉●❅▲✌ ❃●❏▼❈❉■❇ ❁■❄ ●❅❁▼❈❅❒ ❇❏❏❄▲ ❉■ ▼❈❅
●❅❁▲▼ ❉■❄◆▲▼❒❉❁●❉❚❅❄ ❃❏◆■▼❒❉❅▲ ❂◆▼ ◗❉▼❈ ❁■ ❉■❃❒❅❁▲❉■❇ ❐❒❅❖❁●❅■❃❅ ❏❆
❃❏■▲◆❍❅❒ ❅●❅❃▼❒❏■❉❃ ❁■❄ ❅●❅❃▼❒❉❃❁● ❇❏❏❄▲ ❅●▲❅◗❈❅❒❅✎

Crisis

✤❅▲❃❒❉❂❅❄ ❁▲ ✡▲❉❁→▲ ❍❁❊❏❒ ❅❃❏■❏❍❉❃ ❅❍❅❒❇❅■❃❙ ❏❆ ▼❈❅ ❐❁▲▼ ➞❆▼❙ ❙❅❁❒▲✌ ▼❈❅
❅❃❏■❏❍❉❃ ❃❒❉▲❉▲ ◗❈❉❃❈ ❂❅❇❁■ ❉■ ✴❈❁❉●❁■❄ ❉■ ➞▲❃❁● ✑✙✙✘ ◗❁▲ ❁ ❍❁▲▲❉❖❅
▼❅❃▼❏■❉❃ ▲❈❏❃❋ ❆❏❒ ▼❈❅ ✡✳✥✡✮ ❂●❏❃✎ ✡●▼❈❏◆❇❈ ❆❅◗ ■❏◗ ▲❁❙ ▼❈❅❙ ❈❁❄
▼❈❏◆❇❈▼ ▼❈❅ ❒❅❇❉❏■ ◗❏◆●❄ ❅▲❃❁❐❅ ▼❈❅ ❉■❅❖❉▼❁❂❉●❉▼❙ ❏❆ ❁ ❂◆▲❉■❅▲▲ ❃❙❃●❅
❄❏◗■▼◆❒■✌ ❁●● ■❏◗ ❁❄❍❉▼ ▼❏ ❈❁❖❉■❇ ❂❅❅■ ▼❁❋❅■ ❏❆❆ ❇◆❁❒❄ ❂❙ ▼❈❅ ▲❅❖❅❒❉▼❙ ❏❆
▼❈❅ ▼◆❒■❁❒❏◆■❄✌ ◗❈❉❃❈ ❄❅❖❁▲▼❁▼❅❄ ▼❈❅ ❒❅❇❉❏■ ❁■❄ ❄❉❍❉■❉▲❈❅❄ ❉▼▲ ❖❁●◆❅▲✌
❂❒❉■❇❉■❇ ▼❏ ❁ ❈❁●▼ ▼◗❏ ❄❅❃❁❄❅▲ ❏❆ ❇❒❁❄◆❁● ❐❏❖❅❒▼❙ ❒❅❄◆❃▼❉❏■ ❁■❄
❉❍❐❒❏❖❅❍❅■▼ ❉■ ●❉❖❉■❇ ▲▼❁■❄❁❒❄▲✎
✥❃❏■❏❍❉❃ ❁❃▼❉❖❉▼❙ ❁❃❒❏▲▲ ▼❈❅ ❒❅❇❉❏■ ▲❈❒❁■❋ ❂❙ ▲❏❍❅ ✔✐ ❐❅❒❃❅■▼ ❏❖❅❒ ▼◗❏
❙❅❁❒▲ ❁▲ ❃❏❍❐❁■❉❅▲ ▲▼❒◆❇❇●❅❄ ▼❏ ❃❏❐❅ ◗❉▼❈ ▼❉❇❈▼❅■❉■❇ ❍❁❒❋❅▼❉■❇ ❍❁❒❇❉■▲
 ASEAN business context ¥ 19

❁■❄ ❉■❃❒❅❁▲❅❄ ❃❏❍❐❅▼❉▼❉❏■✎ ✡▲ ❁ ❃❁▲❅ ❉■ ❐❏❉■▼✌ ▼❈❅ ❁◆▼❏❍❏▼❉❖❅ ❉■❄◆▲▼❒❙

▲◆❆❆❅❒❅❄ ❍❁❒❋❅❄●❙ ❆❒❏❍ ▼❈❅ ❒❉▲❉■❇ ❃❏▲▼▲ ❏❆ ❉❍❐❏❒▼❉■❇ ❋❉▼▲ ❁■❄ ❐❁❒▼▲ ❉■ ▼❈
◗❁❋❅ ❏❆ ▼❈❅ ❃◆❒❒❅■❃❙ ❄❅❖❁●◆❁▼❉❏■✎ ✬❉❋❅ ▲❏ ❍❁■❙ ❏▼❈❅❒▲✌ ▼❈❉▲ ❐❁❒▼❉❃◆●❁❒
❉■❄◆▲▼❒❙ ❅❘❐❅❒❉❅■❃❅❄ ❁■ ❅▲❐❅❃❉❁●●❙ ▲❅❖❅❒❅ ❄❏◗■▼◆❒■ ❉■ ✴❈❁❉●❁■❄✌ ◗❈❅❒❅
▲❁●❅▲ ❆❅●● ❂❙ ❁▲ ❍◆❃❈ ❁▲ ✗✕ ❐❅❒❃❅■▼ ❉■ ▼❈❅ ➞❒▲▼ ❙❅❁❒ ❏❆ ❃❒❉▲❉▲✌ ❁ ▲❉▼◆❁▼❉❏■
▼❈❁▼ ◗❁▲ ▼❏ ❒❅▲◆●▼ ❉■ ❍❁▲▲ ●❁❙❏❆❆▲ ❁❃❒❏▲▲ ▼❈❅ ❁◆▼❏❍❏▼❉❖❅ ❁■❄ ▲❐❁❒❅ ❐❁❒▼▲
❉■❄◆▲▼❒❉❅▲ ▼❈❒❏◆❇❈ ✑✙✙✗ ❁■❄ ✑✙✙✘✎ ✡▲ ▼❈❅ ✩✭✦ ❆❒❁■▼❉❃❁●●❙ ▲❏◆❇❈▼ ▼❏
❁❒❒❁■❇❅ ❁■❄ ❉❍❐●❅❍❅■▼ ❉▼▲ ▲❅❃❏■❄ ●❁❒❇❅▲▼ ❅❖❅❒ ❂❁❉●❏◆▼✌ ●❏❃❁● ❊❏◆❒■❁●❉▲▼
❂❅❇❁■ ▲❐❉■■❉■❇ ❉❍❁❇❅▲ ❏❆ ▲❉❃❋ ❇❅❅▲❅✌ ▼❒❅❍❂●❉■❇ ▼❉❇❅❒▲ ❁■❄ ❅❘❈❁◆▲▼❅❄
❄❒❁❇❏■▲ ▼❏ ❄❅❐❉❃▼ ▼❈❅ ◗❏❒▲❅■❉■❇ ❐❒❅❄❉❃❁❍❅■▼✎ ✰❈❏■❇❐❁❉❃❈❉▼ ❁■❄ ✢❁❋❅❒
✈✑✙✙✘✉ ❁▲▼◆▼❅●❙ ❃❏❍❐❁❒❅❄ ▼❈❅ ❅■❄ ❏❆ ✴❈❁❉●❁■❄→▲ ❂❏❏❍ ❁▲ ❂❅❉■❇ ●❉❋❅ ❁ ➒❃❁❒
❃❒❁▲❈❉■❇ ❉■ ▲●❏◗ ❍❏▼❉❏■✎➓

Cultural foundations

✴❈❅ ❇❅❏❇❒❁❐❈❉❃ ❆❏❃◆▲ ❏❆ ▼❈❉▲ ❂❏❏❋ ❃❏❍❐❒❉▲❅▲ ❁ ❈❉❇❈●❙ ❃❏❍❐●❅❘✌ ❄❉❖❅❒▲❅

❁■❄ ❅❖❅❒✍❃❈❁■❇❉■❇ ◗❅❂ ❏❆ ❅❃❏■❏❍❉❅▲✎ ✹❅▼ ❉■ ▲❐❉▼❅ ❏❆ ▼❈❅▲❅ ❄❉❆❆❅❒❅■❃❅▲✌ ▼❈❅
❃❏◆■▼❒❉❅▲ ❄❅❐❉❃▼❅❄ ❁❒❅ ▲❙▲▼❅❍❁▼❉❃❁●●❙ ▲❉❍❉●❁❒ ❉■ ❍❁■❙ ◗❁❙▲✌ ▲◆❆➞❃❉❅■▼●❙ ▲❏
▼❏ ❍❁❋❅ ❏◆❒ ❁■❁●❙▲❉▲ ❂❏▼❈ ❆❅❁▲❉❂●❅ ❁■❄ ◆▲❅❆◆●✎ ✣❏■❃◆❒❒❅■▼ ◗❉▼❈ ❏◆❒ ❏❖❅❒❁●
➒▼❁❋❅➓ ❏■ ▼❈❅ ❉▲▲◆❅ ❏❆ ❅❖❏●❖❉■❇ ✭✮✣ ❐❒❁❃▼❉❃❅ ❉■ ▼❈❅ ❒❅❇❉❏■✌ ▼❈❅ ✡✳✥✡✮
❇❒❏◆❐ ❏❆ ❃❏◆■▼❒❉❅▲ ❁❒❅ ❇❒❏◆❐❅❄ ▼❏❇❅▼❈❅❒ ❆❏❒ ❁■❁●❙▲❉▲ ❈❅❒❅ ❍❁❉■●❙ ❉■ ▼❅❒❍▲
❏❆ ▼❈❅❉❒ ▲❈❁❒❅❄
❃❈❁❒❁❃▼❅❒❉▲▼❉❃▲✌ ❂❒❏❁❄●❙ ❄❅➞■❅❄ ❁▲ ▼❈❏▲❅ ❂❅●❉❅❆▲✌
❐❒❁❃▼❉❃❅▲ ❁■❄ ❖❁●◆❅▲ ▼❈❁▼ ❁❒❅ ◗❉❄❅●❙ ▲❈❁❒❅❄ ❉■ ▼❈❅ ●❏❃❁● ▲◆❂▲❉❄❉❁❒❉❅▲ ❁■❄
❊❏❉■▼ ❖❅■▼◆❒❅▲ ❁■❄ ◗❈❉❃❈ ▲▼❅❍ ❆❒❏❍ ▼❈❅▲❅ ❃❏◆■▼❒❉❅▲→ ❒❅●❉❇❉❏■▲✌ ❐❒❏❘❉❍❉▼❙✌
❈❉▲▼❏❒❙✌ ❃●❉❍❁▼❅ ❁■❄ ❅❄◆❃❁▼❉❏■✎ ✡●▼❈❏◆❇❈ ▼❈❅❒❅ ❁❒❅ ❒❅❃❏❇■❉❚❁❂●❅ ❃◆●▼◆❒❁●
❄❉❆❆❅❒❅■❃❅▲ ❂❅▼◗❅❅■ ▼❈❅ ❃❏◆■▼❒❉❅▲✌ ▼❈❅❙ ❁●▲❏ ❅❘❈❉❂❉▼ ❁ ❃●◆▲▼❅❒❉■❇ ❏❆
❃◆●▼◆❒❁● ▼❅■❄❅■❃❉❅▲ ◗❈❉❃❈ ❍❅●❄ ▼❈❅❍ ❁■❄ ❒❅■❄❅❒ ▼❈❅❍ ❄❉▲▼❉■❃▼ ❆❒❏❍ ❂❏▼❈
▼❈❅ ✷❅▲▼❅❒■ ❁■❄ ▼❈❅ ✪❁❐❁■❅▲❅ ❅■❖❉❒❏■❍❅■▼▲✎ ✴❈❅ ❃❏❍❍❏■ ❒❏❏▼ ◗❈❉❃❈
▼❈❒❅❁❄▲ ▼❈❒❏◆❇❈ ▼❈❅❉❒ ❒❅▲❐❅❃▼❉❖❅ ❍❁■❁❇❅❍❅■▼ ❃◆●▼◆❒❅▲ ●❉❅▲ ❉■ ▼❈❅ ✣❈❉■❅▲
❏❖❅❒▲❅❁▲ ❃❏■■❅❃▼❉❏■ ❁■❄ ▼❈❅❉❒ ❐❁❒▼❉❃◆●❁❒ ❂❒❁■❄ ❏❆ ❅❃❏■❏❍❉❃ ❁■❄ ❂◆▲❉■❅▲▲
❃❁❐❉▼❁●❉▲❍✎
✡●▼❈❏◆❇❈ ❃❏❍❐❒❉▲❉■❇ ❂❁❒❅●❙ ✑✐ ❐❅❒❃❅■▼ ❏❆ ▼❈❅ ❒❅❇❉❏■→▲ ❐❏❐◆●❁▼❉❏■✌ ▼❈❅
✳❏◆▼❈❅❁▲▼ ✡▲❉❁■ ✣❈❉■❅▲❅ ❁❒❅ ▼❈❏◆❇❈▼ ▼❏ ❃❏■▼❒❏● ❏❖❅❒ ▼◗❏✍▼❈❉❒❄▲ ❏❆ ❉▼▲
❒❅▼❁❉● ▼❒❁❄❅✎ ✴❈❅❉❒ ◆■❐❁❒❁●●❅●❅❄ ❄❏❍❉■❁▼❉❏■ ❏❆ ✳❏◆▼❈❅❁▲▼ ✡▲❉❁■
❃❏❍❍❅❒❃❉❁● ❁❃▼❉❖❉▼❙ ❉▲ ❆◆❒▼❈❅❒ ❅❘❐❒❅▲▲❅❄ ❉■ ✣❈❉■❅▲❅ ●❅❖❅●▲ ❏❆ ❏◗■❅❒▲❈❉❐
◗❉▼❈❉■ ▼❈❅ ❒❅❇❉❏■→▲ ❐❒❉❖❁▼❅ ▲❅❃▼❏❒✎ ✥❖❅■ ❉■ ✩■❄❏■❅▲❉❁ ❁■❄ ✭❁●❁❙▲❉❁ ➐ ◗❈❅❒❅
▼❈❅ ✣❈❉■❅▲❅ ❈❁❖❅ ❂❅❅■ ▼❒❁❄❉▼❉❏■❁●●❙ ❖◆●■❅❒❁❂●❅ ▼❏ ❅❘❃●◆▲❉❏■ ❁■❄
❐❅❒▲❅❃◆▼❉❏■ ➐ ▼❈❅❙ ❁❒❅ ▲❁❉❄ ▼❏ ❈❏●❄ ▼❈❅ ❖❁▲▼ ❍❁❊❏❒❉▼❙ ❏❆ ▼❈❅▲❅ ❃❏◆■▼❒❉❅▲→
❃❏❒❐❏❒❁▼❅ ◗❅❁●▼❈✎ ✩■ ❒❅❃❅■▼ ❙❅❁❒▲ ▼❈❅ ❐◆❂●❉❃ ❐❒❏➞●❅ ❏❆ ❅▼❈■❉❃ ✣❈❉■❅▲❅
24 ¥ The Southeast Asia regional bloc

✡ ❆◆❒▼❈❅❒ ❃❒❉▼❉❑◆❅ ❏❆ ▼❈❅ ▲❅■❉❏❒❉▼❙ ▲❙▲▼❅❍ ❖❏❉❃❅❄ ❂❙ ❃❏❒❐❏❒❁▼❅ ❅❘❐❁▼❒❉❁▼❅▲

❃❏■❃❅❒■▲ ▼❈❅ ❐❒❁❃▼❉❃❁● ❉❍❐❁❃▼ ❏❆ ❈❉❇❈ ❐❏◗❅❒ ❄❉▲▼❁■❃❅ ❏■ ▼❈❅ ❐❒❏❄◆❃▼❉❖❉▼❙
●❅❖❅●▲ ❏❆ ❒❁■❋✍❁■❄✍➞●❅ ❅❍❐●❏❙❅❅▲✎ ✴❈❅ ▼❒❁❄❉▼❉❏■❁● ❅❍❐❈❁▲❉▲ ❏■ ❈❉❅❒❁❒❃❈❙
❁❐❐❅❁❒▲ ▼❏ ❄❉▲❃❏◆❒❁❇❅ ❐❅❏❐●❅ ❆❒❏❍ ▼❁❋❉■❇ ❒❅▲❐❏■▲❉❂❉●❉▼❙ ❏❒ ❆❒❏❍ ❒❉▲❋❉■❇
❍❉▲▼❁❋❅▲ ➐ ◆■●❅▲▲ ▼❈❅❙ ❈❁❐❐❅■ ▼❏ ❂❅ ❐❏▲❉▼❉❏■❅❄ ❒❉❇❈▼ ❁▼ ▼❈❅ ▼❏❐ ❏❆ ▲❏❃❉❁●
▲▼❒❁▼❁✎ ✴❈❉▲ ❉▲ ■❅❁▼●❙ ▲◆❍❍❅❄ ◆❐ ❂❙ ❏■❅ ❒❅▲❐❏■❄❅■▼ ◗❈❏ ❂❅❍❏❁■❅❄ ▼❈❅
❃❏■▼❉■◆❉■❇ ❐❒❅❄❉●❅❃▼❉❏■ ❁❍❏■❇ ▲❅■❉❏❒ ❃❏❒❐❏❒❁▼❅ ❅❘❅❃◆▼❉❖❅▲ ❆❏❒ ▼❒❙❉■❇ ▼❏ ❒◆
▼❈❅❉❒ ❃❏❒❐❏❒❁▼❅ ❄❉❖❉▲❉❏■▲ ❁▲ ❉❆ ▼❈❅❙ ◗❅❒❅ ➒❃❏❒■❅❒ ▲❈❏❐▲✌➓ ❉■▲❉▲▼❉■❇ ❏■ ▼❈❅
▲❏●❅ ❒❉❇❈▼ ▼❏ ❁❐❐❒❏❖❅ ❅❖❅■ ▼❈❅ ▲❍❁●●❅▲▼ ❏❆ ❄❅❃❉▲❉❏■▲✎ ✷❅ ▲❈❏◆●❄ ❁●▲❏ ■❏▼❅
▼❈❅ ❐❒❅❖❁●❅■▼ ❐❅❒❃❅❐▼❉❏■▲ ▼❈❁▼ ▼❈❅ ●❏❃❁● ❍❁■❁❇❅❒▲ ❁■❄ ▼❈❅❉❒ ❄❅❐❁❒▼❍❅■▼▲
❒❅●◆❃▼❁■▼ ➐ ❅❖❅■ ◆■❁❂●❅ ➐ ▼❏ ❆❏❒❍ ▲❅●❆✍❄❉❒❅❃▼❅❄ ▼❅❁❍▲✎ ✴❈❉▲ ❉▲ ❃●❁❉❍❅❄ ❂❙
▼❈❅❏❒❉▲▼▲ ▲◆❃❈ ❁▲ ✮❉❒❁▼❐❁▼▼❁■❁▲❁❉ ✈✑✙✙✗✉ ▼❏ ▲▼❅❍ ❆❒❏❍ ▼❈❅ ❆❁❃▼ ▼❈❁▼ ❉■ ❁
❁❇❒❉❃◆●▼◆❒❁● ▲❏❃❉❅▼❙ ❉■ ◗❈❉❃❈ ❆❁❒❍❅❒▲ ◗❏❒❋❅❄ ❉■ ▼❈❅❉❒ ❏◗■ ➞❅●❄▲ ▼❈❅❒❅ ◗❁▲
❖❅❒❙ ●❉▼▼●❅ ❃❁●● ❆❏❒ ➒▼❅❁❍◗❏❒❋➓ ✈❉■ ▼❈❅ ❃❏■▼❅❍❐❏❒❁❒❙ ▲❅■▲❅ ❏❆ ▼❈❅ ◗❏❒❄✉✎
✩■ ▲◆❍❍❁❒❉❚❉■❇ ▲❏❍❅ ❏❆ ▼❈❅ ❂❅❈❁❖❏❒❁● ❄❉❆❆❅❒❅■❃❅▲ ◗❉▼■❅▲▲❅❄ ❁❂❏❖❅✌ ◗❅
❃❏■❃●◆❄❅ ▼❈❉▲ ▲❅❃▼❉❏■ ◗❉▼❈ ▼❈❅ ❃❏■▲❏●❉❄❁▼❅❄ ➞■❄❉■❇▲ ❏❆ ❁ ➒✷❏❒❋
✶❁●◆❅▲✏✣❈❁❒❁❃▼❅❒ ✡▲▲❅▲▲❍❅■▼ ✳◆❒❖❅❙➓ ◗❈❉❃❈ ◗❁▲ ◆▲❅❄ ❂❙ ▼❈❅ ✷❅▲▼❅❒■
❈❅❁❄❑◆❁❒▼❅❒▲ ❏❆ ❁ ❍❁❊❏❒ ✵✳ ❏❉● ❃❏■❇●❏❍❅❒❁▼❅ ❉■ ❏❒❄❅❒ ▼❏ ❅▲▼❁❂●❉▲❈ ▼❈❅
❄❉❖❅❒❇❅■❃❅ ❉■ ❂◆▲❉■❅▲▲ ❐❒❁❃▼❉❃❅▲ ❁■❄ ❖❁●◆❅▲ ❂❅▼◗❅❅■ ❈❅❁❄ ❏❆➞❃❅ ❁■❄ ❉▼▲
✡✳✥✡✮ ▲◆❂▲❉❄❉❁❒❉❅▲✎ ✤❉▲▼❒❉❂◆▼❅❄ ❉■ ✑✙✙✖ ❆❏❒ ❃❏❒❐❏❒❁▼❅ ❃❒❏▲▲✍❃◆●▼◆❒❁●
▼❒❁❉■❉■❇ ❐◆❒❐❏▲❅▲✌ ▼❈❉▲ ❉■▼❅❒■❁● ▲◆❒❖❅❙ ◗❁▲ ❁■■❏▼❁▼❅❄ ❁■❄ ▲❃❏❒❅❄ ❂❙ ❂❏▼❈
❉■❄❉❇❅■❏◆▲ ❁■❄ ✵✳✍❂❁▲❅❄ ❍❁■❁❇❅❍❅■▼ ❒❅❐❒❅▲❅■▼❁▼❉❖❅▲✎ ✩▼ ❁❐❐❅❁❒▲ ▼❏
❄❅❍❏■▲▼❒❁▼❅ ▼❈❁▼ ◗❈❅❒❅❁▲ ✷❅▲▼❅❒■ ❈❅❁❄ ❏❆➞❃❅ ❐❅❒▲❏■■❅● ❁❒❅ ❏❖❅❒✍
◗❈❅●❍❉■❇●❙ ➒❒❅▲◆●▼▲ ❄❒❉❖❅■✌➓ ➒▲❅❒❉❏◆▲✌➓ ➒❁▲▲❅❒▼❉❖❅✌➓ ➒❐◆■❃▼◆❁●✌➓ ➒▲❅●❆✍
❄❉▲❃❉❐●❉■❅❄✌➓ ➒❄❉●❉❇❅■▼➓ ❁■❄ ➒❍❅▼❉❃◆●❏◆▲✌➓ ▼❈❅❉❒ ✡✳✥✡✮ ❃❏◆■▼❅❒❐❁❒▼▲
❄❉▲❐●❁❙ ❁ ▲❅▼ ❏❆ ❂◆▲❉■❅▲▲ ❃❈❁❒❁❃▼❅❒❉▲▼❉❃▲ ❄❅❐❉❃▼❅❄ ❁▲ ➒❐❒❏❃❅▲▲ ❏❒❉❅■▼❅❄
➒❒❅●❁▼❉❏■▲❈❉❐ ❄❒❉❖❅■✌➓ ➒❉■❆❏❒❍❁●➓ ❁■❄ ➒❒❅▲❐❅❃▼❆◆●✎➓ ✫❅❙ ❄❉❆➞❃◆●▼❉❅▲
❅❘❐❒❅▲▲❅❄ ❂❙ ❃❏❒❐❏❒❁▼❅ ▲▼❁❆❆ ❉■❖❏●❖❅❄ ◗❉▼❈ ✳❏◆▼❈❅❁▲▼ ✡▲❉❁ ❃❅■▼❅❒ ❏■ ▼❈❅
❐❅❒❃❅❉❖❅❄ ➒●❁❃❋ ❏❆ ❆❏❒◗❁❒❄ ❐●❁■■❉■❇➓ ❂❙ ▼❈❅ ●❏❃❁● ❍❁■❁❇❅❍❅■▼✌ ❁●❏■❇
◗❉▼❈ ▼❈❅❉❒ ❃❏■❃❅❒■ ❆❏❒ ❂◆▲❉■❅▲▲ ➒❆❏❒❍ ❁■❄ ❐❒❏❃❅❄◆❒❅➓ ❏❖❅❒ ➒❏◆▼❃❏❍❅▲✌➓
❁■❄ ❁ ➒❍❙▲▼❅❒❉❏◆▲➓ ❅❍❐❈❁▲❉▲ ❏■ ■❏■❖❅❒❂❁● ❃◆❅▲ ▼❏ ❉❍❐❁❒▼ ❏❐❉■❉❏■ ❁■❄
❆❅❅●❉■❇✎

Opening up

✴❈❅ ❅❃❏■❏❍❉❃ ❃❒❉▲❉▲ ▲❅❒❖❅❄ ▼❏ ❁❃❃❅●❅❒❁▼❅ ▼❈❅ ❄❅❒❅❇◆●❁▼❉❏■ ❍❏❏▼❅❄ ❉■ ▼❈❅

✑✙✙✗ ✷❏❒●❄ ✴❒❁❄❅ ✯❒❇❁■❉❚❁▼❉❏■ ✈✷✴✯✉ ❁❇❒❅❅❍❅■▼✌ ❁■❄ ❈❁▲ ❏❐❅■❅❄ ◆❐
❐❒❏▼❅❃▼❅❄ ❍❁❒❋❅▼▲ ❁■❄ ❍❏■❏❐❏●❉❅▲ ❆❁❒ ❍❏❒❅ ❒❁❐❉❄●❙ ▼❈❁■ ❁▼ ➞❒▲▼ ❅■❖❉▲❁❇❅❄
✴❈❅ ❖❅❒❙ ❁◆▼❈❏❒❉▼❉❅▲ ▼❈❁▼ ❈❁❄ ❐❒❅❖❉❏◆▲●❙ ❉❇■❏❒❅❄ ▼❈❅ ●❁❒❇❅▲▼ ❆❏❒❅❉❇■
 2 Rise of the multinational

History and current operations

Moving in

History and current operations

32 ¥ The Southeast Asia regional bloc

Moving in

Market screening
Part II
Organizational change
3 Organizational downsizing

Cost control: initial measures

The onset of layoffs: rationale for change
First-wave implementation
Longer-term measures

✴❁❋❅■ ❉■ ❉▼▲ ◆▲◆❁● ❃❏■▼❅❘▼✌ ▼❈❅ ❐❈❒❁▲❅ ➒❏❒❇❁■❉❚❁▼❉❏■❁● ❄❏◗■▲❉❚❉■❇➓ ❉▲

❖❉❅◗❅❄ ❁▲ ❂❅❉■❇ ❊◆▲▼ ❁■❏▼❈❅❒ ❅◆❐❈❅❍❉▲❍ ❆❏❒ ➒●❁❙❏❆❆▲✎➓ ✢◆▲❉■❅▲▲
❃❏❒❐❏❒❁▼❉❏■▲ ❁❒❅ ◆■❄❅❒▲▼❁■❄❁❂●❙ ❃❁❇❅❙ ◗❈❅■ ❄❉▲❃◆▲▲❉■❇ ❂❏▼❈ ▼❈❅ ❄❅▲❉❇■
❁■❄ ▼❈❅ ❉❍❐●❅❍❅■▼❁▼❉❏■ ❏❆ ▼❈❅❉❒ ❏◗■ ❐❒❏❇❒❁❍▲ ❆❏❒ ❄❅❁●❉■❇ ◗❉▼❈ ▲◆❃❈
❅❖❅■▼◆❁●❉▼❉❅▲✌ ❅▲❐❅❃❉❁●●❙ ◗❈❅■ ❁❄❍❉■❉▲▼❅❒❅❄ ❁❃❒❏▲▲ ❂❏❒❄❅❒▲✎ ✡●▼❈❏◆❇❈
❐❅❒❉❏❄❉❃ ●❁❙❏❆❆▲ ❃❁■ ❂❅ ▲❅❅■ ❁▲ ❍❅❒❅●❙ ▲❙❍❐▼❏❍❁▼❉❃ ❏❆ ▼❈❅ ❄❏◗■▲❉❄❅ ❏❆
❇●❏❂❁● ❂◆▲❉■❅▲▲ ❃❙❃●❅▲✌ ▼❈❅ ▲❅❖❅❒❉▼❙ ❏❆ ▼❈❅ ❐❒❏❇❒❁❍▲ ❉❍❐❏▲❅❄ ❉■ ▼❈❅
❁❆▼❅❒❍❁▼❈ ❏❆ ▼❈❅ ✡▲❉❁■ ❃❒❉▲❉▲ ■❅❃❅▲▲❉▼❁▼❅▲ ❃❁◆▼❉❏■ ◗❉▼❈ ❒❅❇❁❒❄ ▼❏ ❉■❄❉❖❉
❁■❄ ❃❏❒❐❏❒❁▼❅ ❉❄❅■▼❉▼❉❅▲✎ ✷❉▼❈ ❒❅▲❐❅❃▼ ▼❏ ▼❈❅ ❈❉❇❈●❙ ▲❅■▲❉▼❉❖❅ ■❁▼◆❒❅ ❏❆
❍❁▼❅❒❉❁● ❃❏●●❁▼❅❄ ❆❏❒ ▼❈❉▲ ❃❈❁❐▼❅❒✌ ◗❅ ❈❁❖❅ ❁❇❒❅❅❄✌ ◗❈❅❒❅ ❒❅❑◆❅▲▼❅❄✌ ▼❏
❄❉▲❇◆❉▲❅ ❃❏❍❐❁■❙ ❉❄❅■▼❉▼❉❅▲✌ ❋❅❅❐❉■❇ ▼❏ ▼❈❅ ❂❒❏❁❄❅❒ ❄❅■❏❍❉■❁▼❉❏■ ❏❆
❉■❄◆▲▼❒❙ ▼❙❐❅ ❁■❄ ❃❏◆■▼❒❙ ❏❆ ❏❒❉❇❉■✎
✤❒❉❖❅■ ❉■ ❐❁❒▼ ❂❙ ▼❈❅ ❄❒❁❍❁▼❉❃ ❃❈❁■❇❅▲ ❉■ ▼❈❅ ❍❁❒❋❅▼ ❅■❖❉❒❏■❍❅■▼✌ ❁
■◆❍❂❅❒ ❏❆ ❆❏❒❅❉❇■ ❃❏❒❐❏❒❁▼❉❏■▲ ❈❁❖❅ ❉■ ❒❅❃❅■▼ ❙❅❁❒▲ ❅❍❂❁❒❋❅❄ ❏■
❐❒❏❇❒❁❍▲ ❏❆ ❒❁▼❉❏■❁●❉❚❁▼❉❏■ ❁■❄ ❒❅▲▼❒◆❃▼◆❒❉■❇ ❉■ ❏❒❄❅❒ ▼❏ ❍❁❉■▼❁❉■
❐❒❏➞▼❁❂❉●❉▼❙ ●❅❖❅●▲✎ ✢◆▼ ❆❏❒ ❍❁■❙ ❆❏❒❅❉❇■ ❃❏❒❐❏❒❁▼❉❏■▲ ▼❈❅ ❃❒❉▲❉▲ ❁●▲❏
❐❒❏❖❉❄❅❄ ❁ ▼❉❍❅●❙ ❅❘❃◆▲❅ ▼❏ ❐◆▲❈ ▼❈❒❏◆❇❈ ❃❅■▼❒❁●●❙ ❐❒❅❏❒❄❁❉■❅❄ ❒❅❖❉▲❉❏■▲
▼❏ ▼❈❅ ◗❏❒❋❉■❇ ▲▼❒◆❃▼◆❒❅✌ ❏❆▼❅■ ❐●❁■■❅❄ ❆❏❒ ❍❁■❙ ❙❅❁❒▲ ❂◆▼ ■❅❖❅❒ ❈❉▼❈❅❒▼❏
❅❘❅❃◆▼❅❄ ❏■ ▼❈❅ ❇❒❏◆■❄▲ ❏❆ ▼❈❅ ❒❅❇❉❏■→▲ ❐❈❅■❏❍❅■❁● ▲◆❃❃❅▲▲✎ ✩■ ▼❈❉▲
❃❏■▼❅❘▼ ❍❁■❙ ❃❏❒❐❏❒❁▼❅ ❃❈❉❅❆▲ ◗❅❒❅ ❆❁❉❒●❙ ❃❁■❄❉❄ ❏■ ▼❈❅ ❄❏◗■▼◆❒■→▲ ❒❏●❅
❁▲ ❁■ ➒❅■❇❉■❅ ❏❆ ❒❅❆❏❒❍✌➓ ❁●▼❈❏◆❇❈ ❏❆ ❃❏◆❒▲❅ ▼❈❅ ❍❅▼❈❏❄▲ ❅❍❐●❏❙❅❄ ❁■❄
▼❈❅ ❐❒❏❂●❅❍▲ ❆❁❃❅❄ ◗❉▼❈❉■ ▼❈❅ ❒❁■❋▲ ❏❆ ▼❈❅❉❒ ●❏❃❁● ❅❍❐●❏❙❅❅▲ ◗❅❒❅ ❊◆▲▼
❁▲ ▲❅❖❅❒❅✎
✷❈❁▼❅❖❅❒ ▼❈❅ ❍❏▼❉❖❁▼❉❏■✌ ▼❈❅ ❒❁❐❉❄●❙ ❄❅▼❅❒❉❏❒❁▼❉■❇ ❒❅❇❉❏■❁● ❂◆▲❉■❅▲▲
❅■❖❉❒❏■❍❅■▼ ❆❏❒❃❅❄ ❁ ❃❒❏▲▲ ▲❅❃▼❉❏■ ❏❆ ✭✮✣▲ ▼❏ ❃❏■▼❅■❄ ◗❉▼❈ ❁ ▲❈❒❉■❋❉■❇
❍❁❒❋❅▼✌ ❒❉▲❉■❇ ❃❏▲▼ ▲▼❒◆❃▼◆❒❅▲ ❁■❄ ❅❘❃❅▲▲❉❖❅ ▲▼❁❆➞■❇ ●❅❖❅●▲✎ ✭❁■❙ ❆❏◆■❄
▼❈❅❍▲❅●❖❅▲ ❆❏❒❃❅❄ ▼❏ ❒❅❑◆❅▲▼ ◆■❐❒❅❃❅❄❅■▼❅❄ ❃❁▲❈ ❉■❆◆▲❉❏■▲ ❆❒❏❍ ❃❏❒❐❏❒❁▼
56 ¥ Organizational change

❈❅❁❄❑◆❁❒▼❅❒▲ ❉■ ❏❒❄❅❒ ▼❏ ➒▼❉❄❅ ▼❈❅❍▲❅●❖❅▲ ❏❖❅❒➓ ◆■▼❉● ▼❈❅ ❍❁❒❋❅▼ ❒❅❃❏❖❅❒

➐ ❁ ▲❈❏❃❋ ❆❏❒ ▼❈❅ ●❏❃❁● ◗❏❒❋❆❏❒❃❅✌ ❃❏■❖❉■❃❅❄ ▼❈❅❉❒ ✷❅▲▼❅❒■ ❁❆➞●❉❁▼❉❏■▲
❁◆▼❏❍❁▼❉❃❁●●❙ ❍❁❄❅ ▼❈❅❍ ❁◗❁▲❈ ◗❉▼❈ ❃❁❐❉▼❁●✎ ✴❈❅ ❍❁❊❏❒ ●❁❃❋ ❏❆ ➟❅❘❉❂❉●❉▼❙
◗❈❉❃❈ ❅■▲◆❅❄ ❍❅❁■▼ ▼❈❁▼ ❉■ ❐❒❁❃▼❉❃❅ ●❏❃❁● ✭✮✣ ◆■❉▼▲ ◗❅❒❅ ◆■❁❂●❅ ▼❏
❐❒❏❇❒❅▲▲ ◗❉▼❈ ▼❈❅❉❒ ❂◆❄❇❅▼❅❄ ❍❁❒❋❅▼ ❐●❁■▲ ❁■❄ ▼❈❅ ❖❁▲▼ ❍❁❊❏❒❉▼❙ ❏❆
❅❘❐❁■▲❉❏■ ❐❒❏❊❅❃▼▲ ◗❅❒❅ ❅❉▼❈❅❒ ❐◆▼ ❏■ ❈❏●❄ ❏❒ ❃❁■❃❅●●❅❄✎

Cost control: initial measures

✲❅❇❉❏■✍◗❉❄❅ ❄❅❃●❉■❅ ❉■ ◆■❉▼ ❒❅❖❅■◆❅▲ ❐❒❏❍❐▼❅❄ ❁ ❍❏❒❅ ❃❏■▲❅❒❖❁▼❉❖❅

❁❐❐❒❏❁❃❈ ▼❏ ➞■❁■❃❉❁● ❍❁■❁❇❅❍❅■▼✌ ◗❉▼❈ ◆❒❇❅■▼ ❐❒❏❇❒❁❍▲ ❏❆ ❃❏▲▼ ❃❏■▼❒❏●
❉■▲▼❉▼◆▼❅❄ ❉■ ❏❒❄❅❒ ▼❏ ❒❁▼❉❏■❁●❉❚❅ ❁■❄ ▲▼❒❅❁❍●❉■❅ ❄❁❙✍▼❏✍❄❁❙ ❏❐❅❒❁▼❉❏■▲✎
✩■❉▼❉❁● ❁▼▼❅❍❐▼▲ ❂❙ ❃❏❍❐❁■❉❅▲ ▼❏ ❃◆▼ ❃❏▲▼▲ ❉■❃●◆❄❅❄ ▼❈❅ ▲❐❉■✍❏❆❆ ❏❆
■❏■❃❏■▼❒❉❂◆▼❉■❇ ❁❆➞●❉❁▼❅▲✌ ❁ ❆❒❅❅❚❅ ❏■ ▲▼❁❆❆ ❈❅❁❄ ❃❏◆■▼✌ ❁ ❃◆▼ ❉■
❁❄❖❅❒▼❉▲❉■❇ ❁■❄ ❐❒❏❍❏▼❉❏■ ❆❅❅▲✌ ❁■❄ ❃❏●●❁❂❏❒❁▼❉❏■▲ ◗❉▼❈ ❃❏❍❐❅▼❉▼❏❒▲ ❉■
▲❏❍❅ ❁❒❅❁▲ ▼❏ ❒❅❄◆❃❅ ➞❘❅❄ ❍❁❒❋❅▼❉■❇ ❃❏▲▼▲✎ ✳❅■❉❏❒ ●❏❃❁● ❍❁■❁❇❅❒▲ ◗❅
▲❐❏❋❅ ▼❏ ❁▼ ▼❈❅ ▼❉❍❅ ▲▼❁▼❅❄ ▼❈❁▼ ▼❈❅❙ ❈❁❄ ◆■❄❅❒▼❁❋❅■ ❆❏❒◗❁❒❄✍●❏❏❋❉■❇ ❐●❁■
▼❏ ➒❒❅❆❏❃◆▲ ▼❈❅❉❒ ❂◆▲❉■❅▲▲ ❐❒❉❏❒❉▼❉❅▲✎➓ ✹❅▼ ◗❈❅■ ❁▲❋❅❄ ▼❏ ❅❘❐●❁❉■ ▼❈❅ ■❁▼
❏❆ ▼❈❏▲❅ ❐●❁■▲✌ ▼❈❅ ❁■▲◗❅❒▲ ❐❒❏❆❆❅❒❅❄ ◗❅❒❅ ❍❏▲▼●❙ ❇❅■❅❒❁● ❁■❄
■❏■▲❐❅❃❉➞❃✌ ▲◆❇❇❅▲▼❉■❇ ▼❈❁▼ ▼❈❅❙ ◗❅❒❅ ❇❒❁❂❂❉■❇ ❁▼ ❁■❙ ❁❃▼❉❖❉▼❙ ▼❈❁▼ ❍❉❇❈▼
❆❏▲▼❅❒ ❃❏▲▼ ▲❁❖❉■❇▲ ❁■❄ ❍❁❒❋ ▼❉❍❅ ◆■▼❉● ▼❈❅ ❃❒❉▲❉▲ ❁❂❁▼❅❄✎
✡❍❏■❇ ▼❈❅ ❉■❉▼❉❁● ❃❏▲▼✍❃◆▼▼❉■❇ ❍❅❁▲◆❒❅▲ ◗❅ ◗❉▼■❅▲▲❅❄ ◗❅❒❅ ❁▼▼❅❍❐▼▲
❍❁❄❅ ❂❙ ❁ ❈❏▲▼ ❏❆ ❃❏❍❐❁■❉❅▲ ▼❏ ❒❅❄◆❃❅ ❐❏◗❅❒ ❃❏▲▼▲ ❂❙ ▲❈◆▼▼❉■❇ ❄❏◗■ ❁●●
●❉❇❈▼▲ ❁■❄ ❁❉❒✍❃❏■❄❉▼❉❏■❉■❇ ◆■❉▼▲ ➐ ❆❏❒ ▼❈❅ ❄◆❒❁▼❉❏■ ❏❆ ▼❈❅ ●◆■❃❈ ❈❏◆❒✌ ❆
❅❘❁❍❐●❅✌ ❄◆❒❉■❇ ◗❈❉❃❈ ▼❈❅ ❏❆➞❃❅ ◗❁▲ ▼❏ ❂❅ ❖❁❃❁▼❅❄✎ ✢◆▼ ❁▲ ❏■❅ ❃❏❒❐❏❒❁▼❅
❒❅❐❒❅▲❅■▼❁▼❉❖❅ ❏❂▲❅❒❖❅❄✌ ➒✴❈❅ ◗❈❏●❅ ▼❈❉■❇→▲ ❃❒❁❚❙✎ ✷❅ ❁❒❅ ❁ ▼❒❁❄❉■❇
❃❏❍❐❁■❙✎ ✷❅❏■ ❐❅❏❐●❅ ❃❁●●❉■❇ ❉■ ▼❏ ❐●❁❃❅ ▼❈❅❉❒ ❏❒❄❅❒▲ ◗❉▼❈ ▼❈❅ ▲❁●❅▲
❇◆❙▲✎ ✳❏ ▲❈◆▼▼❉■❇ ◆❐ ▲❈❏❐ ●❉❋❅ ▼❈❉▲ ❉▲ ■❏▼ ❊◆▲▼ ❉●●❏❇❉❃❁● ➐ ❉▼→▲ ❁▲▼❏■❉▲
◗❈❁▼❅❖❅❒ ▼❈❅ ❃❉❒❃◆❍▲▼❁■❃❅▲✎➓ ✯▼❈❅❒ ❅❘❁❍❐●❅▲ ❏❆ ▲◆❃❈ ❐❉❅❃❅❍❅❁● ❍❅❁▲◆❒❅▲
❉■❃●◆❄❅ ❍❏❖❅▲ ▼❏ ❍❏■❉▼❏❒ ❁●● ◆❐✍❃❏◆■▼❒❙ ▼❅●❅❐❈❏■❅ ❃❁●●▲ ❁■❄ ❆❁❘❅▲✌ ❒❅❖❉▲❅
❅❘❉▲▼❉■❇ ❒❅❇◆●❁▼❉❏■▲ ❆❏❒ ▼❈❅ ●❅❖❅● ❏❆ ❁❉❒✍❃❏■❄❉▼❉❏■❉■❇✌ ❁■❄ ❅■❃❏◆❒❁❇❉■❇
▲▼❁❆❆ ▼❏ ▲❈❅❄ ◆■■❅❃❅▲▲❁❒❙ ◆■❄❅❒❇❁❒❍❅■▼▲ ❉■ ❏❒❄❅❒ ▼❏ ❍❁❋❅ ▼❈❅❍▲❅●❖❅▲
❃❏❍❆❏❒▼❁❂●❅ ❉■ ▼❈❅ ◗❁❒❍❅❒ ❁❉❒✎ ✴❈❅ ❄❉▲▼❒❉❂◆▼❉❏■ ❏❆ ❆❒❅❅ ❈❏▼ ❂❅❖❅❒❁❇❅▲ ❂❙
❃❏❍❐❁■❙ ❍❁❉❄▲ ◗❁▲ ❁●▲❏ ▲▼❏❐❐❅❄✌ ❁■❄ ❁ ❂❁■ ❉■❉▼❉❁▼❅❄ ❏■ ▼❈❅ ◆▲❅ ❏❆ ■❅◗
❐❁❐❅❒✌ ◗❉▼❈ ❁●● ❉■▼❅❒■❁● ❄❏❃◆❍❅■▼▲ ❂❅❉■❇ ❃❉❒❃◆●❁▼❅❄ ❅❉▼❈❅❒ ❅●❅❃▼❒❏■❉❃❁●●
❏■ ❒❅❃❙❃●❅❄ ❆❏❏●▲❃❁❐✎
✴❈❅❒❅ ◗❁▲ ❁ ❍❁❒❋❅❄ ❉■❃❒❅❁▲❅ ❉■ ▼❈❅ ❃❁■❃❅●●❁▼❉❏■ ❏❆ ❃❏❒❐❏❒❁▼❅ ✣❈❒❉▲▼❍❁▲
❁■❄ ✮❅◗ ✹❅❁❒ ❅❖❅■▼▲ ▼❏◗❁❒❄ ▼❈❅ ❅■❄ ❏❆ ▼❈❅ ➞❒▲▼ ▼◗❏ ❙❅❁❒▲ ❏❆ ❅❃❏■❏❍❉❃
❄❏◗■▼◆❒■✌ ❂❅❇❉■■❉■❇ ❉■ ✴❈❁❉●❁■❄ ❉■ ✑✙✙✗ ❁■❄ ✑✙✙✘✎ ✡ ■◆❍❂❅❒ ❏❆ ●❏❃❁●
60 ¥ Organizational change

❂❙ ●❏❃❁● ❍❅❄❉❁ ❃❏●◆❍■❉▲▼▲ ❆❏❃◆▲❉■❇ ❏■ ❃❏❍❐❁■❉❅▲ ▲◆❃❈ ❁▲ ▼❈❅ ✢❁■❇❋❏❋

✢❁■❋ ❉■ ✴❈❁❉●❁■❄ ❁▼ ▼❈❅ ▲▼❁❒▼ ❏❆ ▼❈❅ ❃❒❉▲❉▲ ❉■ ✑✙✙✗✌ ◗❈❉❃❈ ◗❅❒❅ ❈❅●❄ ▼❏ ❂❅
❅■❇❁❇❅❄ ❉■ ➞■❄❉■❇ ◗❁❙▲ ▼❏ ❁❖❏❉❄ ➒❍❁▲▲ ●❁❙❏❆❆▲➓ ❁■❄ ❁❄❏❐▼ ❁ ❍❏❒❅ ➒✡▲❉❁■
❁❐❐❒❏❁❃❈➓ ▼❏◗❁❒❄ ❒❅▲▼❒◆❃▼◆❒❉■❇ ▼❁❉●❏❒❅❄ ▼❏ ▼❈❅ ➒❃❏◆■▼❒❙→▲ ❃❏❒❐❏❒❁▼❅
❃◆●▼◆❒❅➓ ✈✢◆■❙❁❍❁■❅❅ ❁■❄ ✹◆▼❈❁❍❁■❏❐✌ ✑✙✙✘✛ ✫❏▲❉▼❃❈❏▼❅▼❈❁■❁✌
✑✙✙✘❁✌ ❂✉✎ ✬❅▲▲ ■❏▼❅❄ ◗❁▲ ▼❈❅ ❍❉❒❒❏❒❉■❇ ❏❆ ▲◆❃❈ ❁❃▼❉❖❉▼❉❅▲ ❁❍❏■❇ ❆❏❒❅❉❇■
❍◆●▼❉■❁▼❉❏■❁●▲ ❉■ ▼❈❅ ❒❅❇❉❏■✛ ❁ ❆❁❉❒ ❐❒❏❐❏❒▼❉❏■ ❏❆ ▼❈❅❍ ▲❏◆❇❈▼ ❆❏❒ ◗❁❙▲ ▼
❒❅❄◆❃❅ ❖❁❒❉❁❂●❅ ❃❏▲▼▲ ❁▲ ❁ ❐❒❅❆❅❒❁❂●❅ ❁●▼❅❒■❁▼❉❖❅ ▼❏ ❒❅❄◆❃❉■❇ ▲▼❁❆❆ ■◆❍❂
➐ ❉■▲▼❉▼◆▼❅❄ ➒◗❈❁▼❅❖❅❒ ▼❈❅❙ ❍❁❙ ▼❈❉■❋ ❁❂❏◆▼ ◆▲✌➓ ❁▲ ❏■❅ ✷❅▲▼❅❒■ ❍❁■❁❇❅❒
❅❘❃●❁❉❍❅❄✎ ✬❏❏❋❉■❇ ❂❁❃❋✌ ❉▼ ▲❅❅❍▲ ❆❁❉❒ ▼❏ ▲◆❐❐❏▲❅ ▼❈❁▼ ◗❈❁▼❅❖❅❒ ▼❈❅❉❒
❉■▼❅❒■❁● ❆❅❁❒▲ ❆❏❒ ▼❈❅ ❆◆▼◆❒❅✌ ❉■ ▼❈❅ ❉❍❍❅❄❉❁▼❅ ❍❏■▼❈▲ ❆❏●●❏◗❉■❇ ▼❈❅ ❃❒❉▲
❃❏❒❐❏❒❁▼❅ ❒❅❐❒❅▲❅■▼❁▼❉❖❅▲ ❁❃❒❏▲▲ ▼❈❅ ❒❅❇❉❏■ ◗❅❒❅ ❈❏❐❉■❇ ▼❈❁▼ ▲◆❃❈ ❁❃▼❉❏
◗❏◆●❄ ❂❅ ❅■❏◆❇❈ ▼❏ ❁❃❈❉❅❖❅ ▼❈❅ ❏❐❅❒❁▼❉■❇ ▲❁❖❉■❇▲ ❒❅❑◆❉❒❅❄✎

The onset of layoffs: rationale for change

✡▲ ▼❈❅ ❃❒❉▲❉▲ ◗❏❒❅ ❏■✌ ❉▼ ❂❅❃❁❍❅ ❃●❅❁❒ ▼❈❁▼ ▼❈❅ ❉■❉▼❉❁● ❍❅❁▲◆❒❅▲✌ ❄❅▲❃❒❉❂❅
❁❂❏❖❅✌ ◗❅❒❅ ▲❉❍❐●❙ ■❏▼ ❇❏❉■❇ ▼❏ ❂❅ ❅■❏◆❇❈✎ ✴❈❅ ❖❁▲▼ ❍❁❊❏❒❉▼❙ ❏❆ ❆❏❒❅❉❇■
❍◆●▼❉■❁▼❉❏■❁●▲ ▼❈◆▲ ❂❅❇❁■ ❍❁❋❉■❇ ▼❅■▼❁▼❉❖❅ ▲▼❅❐▲ ▼❏◗❁❒❄ ▼❈❅ ❉❍❐❏▲❉▼❉❏
❁ ▲❉❇■❉➞❃❁■▼ ▲❈❁❋❅❏◆▼ ❏❆ ❐❅❒▲❏■■❅●✎ ✴❏ ❂❅❇❉■ ◗❉▼❈✌ ❁ ■◆❍❂❅❒ ❏❆ ❏❐❅■
❉■❖❉▼❁▼❉❏■▲ ◗❅❒❅ ❄❒❁◗■ ❆❏❒ ▲▼❁❆❆ ▼❏ ❒❅❇❉▲▼❅❒ ▼❈❅❉❒ ❉■▼❅❒❅▲▼ ❉■ ▼❁❋❉■❇
❖❏●◆■▼❁❒❙ ❒❅❄◆■❄❁■❃❙✎ ✢❙ ❙❅❁❒✍❅■❄ ✑✙✙✗ ✴❈❁❉●❁■❄ ❁■❄ ✭❁●❁❙▲❉❁ ❈❁❄
❁●❒❅❁❄❙ ◗❉▼■❅▲▲❅❄ ▼❈❅❉❒ ➞❒▲▼ ❆❏❒❍❁● ◗❁❖❅▲ ❏❆ ❃❏❒❐❏❒❁▼❅ ❄❏◗■▲❉❚❉■❇✌ ❁■❄
❅❘❉▲▼❉■❇ ▲▼❁❆❆ ❁❃❒❏▲▲ ▼❈❅ ❒❅❇❉❏■ ◗❅❒❅ ❂❅❇❉■■❉■❇ ▼❏ ▲❅❅ ❒❅❐●❉❃❁▼❉❏■▲ ❁▲
❉■❅❖❉▼❁❂●❅✌ ❅❖❉❄❅■❃❅❄ ❂❙ ▼❈❅ ❏■❇❏❉■❇ ❒❅❐❏❒▼▲ ❏❆ ▲◆❃❈ ❏❃❃◆❒❒❅■❃❅▲ ❉■ ▼❈❅
❐❒❅▲▲✎ ✭❏❒❁●❅ ❄◆❒❉■❇ ▼❈❉▲ ❐❅❒❉❏❄ ◗❁▲ ❉■❅❖❉▼❁❂●❙ ●❏◗ ❁❍❏■❇ ❏◆❒
❒❅▲❐❏■❄❅■▼▲✌ ❁●▼❈❏◆❇❈ ❁ ▲❉❇■❉➞❃❁■▼ ❐❒❏❐❏❒▼❉❏■ ❃●◆■❇ ■❏■❅▼❈❅●❅▲▲ ▼❏ ▼❈❅
❉❄❅❁ ▼❈❁▼ ▼❈❅ ◗❈❏●❅ ➒●❁❙❏❆❆ ▼❈❉■❇➓ ◗❁▲ ❉■ ❅▲▲❅■❃❅ ❁ ✷❅▲▼❅❒■ ❐❒❏❂●❅❍ ❁■❄
◗❏◆●❄ ❅❖❅■▼◆❁●●❙ ❆❁❉● ▼❏ ❂❅ ❉❍❐●❅❍❅■▼❅❄ ❉■ ▼❈❅ ▲❁❍❅ ◗❁❙ ❉■ ✡▲❉❁✎
✡▲ ▼❈❅ ❅❃❏■❏❍❉❃ ▲❉▼◆❁▼❉❏■ ❃❏■▼❉■◆❅❄ ▼❏ ❄❅▼❅❒❉❏❒❁▼❅✌ ✷❅▲▼❅❒■✍❐❁❒❅■▼❅❄
◆■❉▼▲ ◗❅❒❅ ❃❏❍❉■❇ ◆■❄❅❒ ❉■❃❒❅❁▲❉■❇ ❐❒❅▲▲◆❒❅ ❆❒❏❍ ▼❈❅❉❒ ❒❅▲❐❅❃▼❉❖❅
❈❅❁❄❑◆❁❒▼❅❒▲ ▼❏ ❒❅❁●❉❇■ ▼❈❅❉❒ ❅❍❐●❏❙❅❅ ■❅❅❄▲✎ ✩■❃❏❍❉■❇ ❃❏❒❐❏❒❁▼❅
➒❁◆❄❉▼❏❒▲✌➓ ◗❈❉●❅ ❖❏❉❃❉■❇ ▼❈❅❉❒ ❍◆▼❅❄ ▲❁▼❉▲❆❁❃▼❉❏■ ❁▼ ▼❈❅ ◗❁❙▲ ❉■▼❅❒■❁●
❃❏▲▼▲ ❈❁❄ ❂❅❅■ ▲●❁▲❈❅❄✌ ◗❅❒❅ ❃❏■❃❅❒■❅❄ ◗❉▼❈ ▼❈❅ ●❁❃❋ ❏❆ ❃❏❍❐●❁❉■▼▲ ▼❈❅❙
◗❅❒❅ ❒❅❃❅❉❖❉■❇ ❆❒❏❍ ▲❅■❉❏❒ ●❏❃❁● ❅❘❅❃◆▼❉❖❅▲✌ ❁ ❐❈❅■❏❍❅■❏■ ▼❈❅❙ ❃●❁❉❍❅❄
▼❏ ❂❅ ➒❐❒❏❆❏◆■❄●❙ ◗❏❒❒❙❉■❇✎➓ ✴❈❅ ■❅❅❄ ▼❏ ❄❏◗■▲❉❚❅ ●❏❃❁● ◗❏❒❋❆❏❒❃❅▲ ◗❁▲
❇❉❖❅■ ❃❒❅❄❅■❃❅ ❂❙ ▼❈❅ ❖❉▲◆❁● ❅❖❉❄❅■❃❅ ❏❆ ➒❅❘❃❅▲▲❉❖❅➓ ❐❅❒▲❏■■❅●✌ ▼❙❐❉➞❅❄
❂❙ ▼❈❅ ■◆❍❂❅❒ ❏❆ ❄❒❉❖❅❒▲✌ ❍❁❉❄▲✌ ❒❅❃❅❐▼❉❏■❉▲▼▲✌ ❇◆❁❒❄▲✌ ❃●❅❁■❅❒▲✌ ❁■❄ ▲❏
❆❏❒▼❈ ❁▼ ▼❈❅ ❁❖❅❒❁❇❅ ❄❏❍❅▲▼❉❃ ❈❅❁❄ ❏❆➞❃❅✎ ✦❁❒ ❆❒❏❍ ❂❅❉■❇ ❁■ ❁◆❄❉▼❅❄
 Organizational downsizing ¥ 65

●❁❒❇❅●❙ ❒❅▲❐❏■▲❉❂●❅ ❆❏❒ ▼❈❅ ❃❏■▼❉■◆❉■❇ ❊❏❂▲✍❆❏❒✍●❉❆❅ ❂◆▲❉■❅▲▲ ❃◆●▼◆❒❅✌

▼❏ ❇❉❖❅ ◗❁❙ ▼❏ ▼❈❅ ➒■❅◗ ◗❏❒●❄➓ ❏❆ ❉■❄❉❖❉❄◆❁● ❃❁❒❅❅❒ ❄❅❖❅●❏❐❍❅■▼✎ ✢◆▼
❍❁■❙ ✷❅▲▼❅❒■ ❅❘❅❃◆▼❉❖❅▲ ◗❅❒❅ ❁●▲❏ ❐❒❅❐❁❒❅❄ ▼❏ ❃❏■❃❅❄❅ ▼❈❁▼ ▼❈❅ ❅❘▼❅■▼ ❏❆
▼❈❅ ❄❏◗■▲❉❚❉■❇ ◗❁▲ ❉■ ❍❁■❙ ◗❁❙▲ ▼❈❅ ❐❒❉❃❅ ▼❏ ❂❅ ❐❁❉❄ ❆❏❒ ▼❈❅❉❒ ❆❁❉●❉■❇ ▼❏
❉■❖❅▲▼ ❉■ ❇●❏❂❁●●❙ ❏❒❉❅■▼❅❄ ▲▼❁❆❆ ❄❅❖❅●❏❐❍❅■▼ ▼❒❁❉■❉■❇✎
✷❈❁▼❅❖❅❒ ▼❈❅ ❃❁▲❅✌ ▼❈❅ ●❏❏❍❉■❇ ▼❈❒❅❁▼ ❏❆ ❅❃❏■❏❍❉❃ ❈❁❒❄▲❈❉❐ ❁■❄
◆■❃❅❒▼❁❉■▼❙ ❆❏❒ ❍❁▲▲❅▲ ❏❆ ❏❒❄❉■❁❒❙ ▲▼❁❆❆ ❅❍❐●❏❙❅❅▲ ▲❁■❋ ❍❏❒❁●❅ ▼❏ ❁■ ❁●●✍
▼❉❍❅ ●❏◗✎ ✴❈❅ ●❏❃❁● ❏❆➞❃❅▲ ❏❆ ❍❁■❙ ❆❏❒❅❉❇■ ✭✮✣▲ ◗❅❒❅ ◗❉▼■❅▲▲ ▼❏ ❁
▲❅❒❉❅▲ ❏❆ ❁■❏■❙❍❏◆▲ ❁■❄ ❖❉▼❒❉❏●❉❃ ●❅▼▼❅❒▲ ▼❈❁▼ ❂❅❇❁■ ▼❏ ❃❉❒❃◆●❁▼❅ ❃❏◆❒▼❅
❏❆ ▲◆❃❈ ▲❅●❆✍❁❐❐❏❉■▼❅❄ ❇❒❏◆❐▲ ❁▲ ▼❈❅ ➒✣❏❍❍❉▼▼❅❅ ❆❏❒ ▼❈❅ ✰❒❏▼❅❃▼❉❏■ ❏❆
✬❏❃❁● ✥❍❐●❏❙❅❅▲➓ ❁▼ ✣❁▲▼❒❏●✎ ✴❈❅▲❅ ●❅▼▼❅❒▲ ❆◆❒■❉▲❈❅❄ ❐❒❏❏❆ ➐ ❉❆ ❐❒❏❏❆
◗❅❒❅ ■❅❅❄❅❄ ➐ ■❏▼ ❏■●❙ ❏❆ ▼❈❅ ❄❅❅❐ ❁■❇❅❒ ❁■❄ ▲❈❏❃❋ ▼❏◗❁❒❄ ▼❈❅ ❃❈❁■❇❅▲
❂❅❉■❇ ❐❒❏❐❏▲❅❄✌ ❂◆▼ ❁●▲❏ ❏❆ ▼❈❅ ▲◆❂▼●❅ ❂◆▼ ❐❅❒❖❁▲❉❖❅ ❐❏●❁❒❉❚❁▼❉❏■ ❏❆ ▼❈❅
◗❏❒❋❆❏❒❃❅ ❁●❏■❇ ❃◆●▼◆❒❁● ❄❉❖❉❄❅▲✎ ✩■ ▼❈❉▲ ❃●❉❍❁▼❅ ❆❅❁❒▲ ◗❅❒❅ ❁●▲❏ ❂❅❉■❇
❅❘❐❒❅▲▲❅❄ ❁❍❏■❇ ❁ ◗❉❄❅ ❃❒❏▲▲ ▲❅❃▼❉❏■ ❏❆ ❅❘❐❁▼❒❉❁▼❅▲ ❆❏❒ ▼❈❅❉❒ ❐❈❙▲❉❃❁●
▲❁❆❅▼❙✌ ❐❁❒▼❉❃◆●❁❒●❙ ❉■ ❃❏◆■▼❒❉❅▲ ▲◆❃❈ ❁▲ ✩■❄❏■❅▲❉❁✌ ◗❈❅❒❅ ❉■❃❉❄❅■▼▲ ❏❆
❈❉❊❁❃❋❉■❇✌ ❋❉❄■❁❐❐❉■❇ ❁■❄ ❁▲▲❁▲▲❉■❁▼❉❏■▲ ◗❅❒❅ ▲❅❅■ ❁▲ ❂❅❉■❇ ❁●● ▼❏❏
❃❏❍❍❏■ ❉■ ▲◆❃❈ ❃❉❒❃◆❍▲▼❁■❃❅▲✎ ✰▲❙❃❈❏●❏❇❉❃❁●●❙✌ ❁▼ ●❅❁▲▼✌ ❍❁■❙ ❏❆ ▼❈❅❉❒
❃❏◆■▼❅❒❐❁❒▼▲ ❉■ ✴❈❁❉●❁■❄✌ ✭❁●❁❙▲❉❁ ❁■❄ ▼❈❅ ❉■❃❒❅❁▲❉■❇ ▲❐❒❅❁❄ ❏❆ ❃❏◆■▼❒❉❅
❁❆❆❅❃▼❅❄ ◗❅❒❅ ❁●▲❏ ❂❅❇❉■■❉■❇ ▼❏ ❆❅❅● ▼❈❅ ▲▼❒❁❉■✎ ✴❈❅ ❒❅▲❅■▼❍❅■▼ ❅❘❐❒❅▲▲❅❄
❂❙ ❄❏❍❅▲▼❉❃ ◗❏❒❋❆❏❒❃❅▲ ▲▼❅❍❍❅❄ ❉■ ❐❁❒▼ ❆❒❏❍ ▼❈❅ ❂❅●❉❅❆ ▼❈❁▼ ▼❈❅▲❅
➒❅❘❐❅■▲❉❖❅ ❆❏❒❅❉❇■ ❅❘❐❁▼❒❉❁▼❅▲➓ ◗❅❒❅ ▲❏❍❅❈❏◗ ▲❅▼ ❏■ ❄❅▲▼❒❏❙❉■❇ ▼❈❅❉❒
❃❈❅❒❉▲❈❅❄ ●❏❃❁● ❍❅▼❈❏❄▲ ❏❆ ◗❏❒❋❉■❇✌ ◗❈❉❃❈ ◆■▼❉● ❖❅❒❙ ❒❅❃❅■▼●❙ ❈❁❄ ❂❅❅■
▼❈❅ ▼❁❒❇❅▼ ▲❏●❅●❙ ❆❏❒ ▼❈❅❉❒ ❐❒❁❉▲❅ ❁■❄ ❁❄❍❉❒❁▼❉❏■✎

First-wave implementation

Procedures

✴❈❅ ❍❁❊❏❒❉▼❙ ❏❆ ❆❏❒❅❉❇■ ❍◆●▼❉■❁▼❉❏■❁●▲ ◗❅❒❅ ❅❖❅■▼◆❁●●❙ ▼❏ ❄❏◗■▲❉❚❅ ▼❈❅❉❒

●❏❃❁● ❏❐❅❒❁▼❉❏■▲✌ ❒❅■❄❅❒❉■❇ ▼❈❅ ✡▲❉❁■ ❅❘❐❅❒❉❅■❃❅ ❏❆ ❍❁▲▲ ●❁❙❏❆❆▲ ❁
❃❏❍❍❏■❐●❁❃❅ ❁■❄ ❃❏■▼❉■◆❉■❇ ❐❏▲▼❃❒❉▲❉▲ ❆❅❁▼◆❒❅✎ ✴❈❅ ✲❏❙❁● ✤◆▼❃❈✏✳❈❅●●
❏❉● ❃❏❍❐❁■❙ ◗❁▲ ▼❈❅ ➞❒▲▼ ❏❆ ▼❈❅ ❍❁❊❏❒ ❆❏❒❅❉❇■ ❏❉● ➞❒❍▲ ▼❏ ❅❍❂❁❒❋ ❏■
●❁❒❇❅✍▲❃❁●❅ ❒❅❄◆■❄❁■❃❉❅▲ ❉■ ▼❈❅ ❒❅❇❉❏■✌ ▼❁❋❉■❇ ▼❈❅ ◆■❐❒❅❃❅❄❅■▼❅❄ ▲▼❅❐ ❏❆
▲❈❅❄❄❉■❇ ■❅❁❒●❙ ✓✐ ❐❅❒❃❅■▼ ❏❆ ❉▼▲ ✑✌✐✐✐✍▲▼❒❏■❇ ✴❈❁❉ ◗❏❒❋❆❏❒❃❅✎ ✷❉▼❈❉■ ▼❈
▲❅❒❖❉❃❅▲ ▲❅❃▼❏❒ ▼❈❅ ✵✫✍❂❁▲❅❄ ✳▼❁■❄❁❒❄ ✣❈❁❒▼❅❒❅❄ ✢❁■❋ ◗❁▲ ▲❏❏■ ▼❏
❆❏●●❏◗ ▲◆❉▼✌ ◗❉▼❈ ✗✐✐ ●❁❙❏❆❆▲ ❆❒❏❍ ❉▼▲ ▲▼❁❆❆ ❏❆ ✒✌✑✐✐✎ ✢❏▼❈ ❃❏❍❐❁■❉❅▲
❃●❁❉❍❅❄ ▼❈❁▼ ▼❈❅❉❒ ❁❃▼❉❏■▲ ❅❍❂❏❄❉❅❄ ▼❈❅ ❍❁❊❏❒ ❒❅❏❒❇❁■❉❚❁▼❉❏■ ❏❆ ▼❈❅❉❒
●❏❃❁● ❏❐❅❒❁▼❉■❇ ◆■❉▼▲ ❉■ ❒❅▲❐❏■▲❅ ▼❏ ▼❈❅ ❃❒❉▲❅▲ ❁❆❆❅❃▼❉■❇ ▼❈❅❉❒ ❒❅▲❐❅❃▼❉
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