|dc.description.abstract||Since the 1980s, China has moved form a closed, centrally planned system to a more market-oriented one. Several reforms led to this situation in domains such as agriculture, fiscal decentralization, state-owned enterprises (SOE) autonomy (Li, 2011), growth of the private sector and small- and medium-sized enterprises (SMEs), creation of a diversified banking system, development of stock markets and opening up to trade and foreign direct investment (FDI). The commensurate shifts in management, marketing, accounting, as well as mergers and acquisitions, SOEs and SMEs have been noted (see Rowley & Cooke, 2010), as have those regarding labor and management, human resource management (HRM), business relations and trust, corporate social responsibility (CSR) (Dyllick and Hockerts, 2002), and bank-corporate relationships (Warner & Rowley, 2011) and financial services, impression management, institutional isomorphic pressure on internationalization, international HRM, competitive strategy choices, and innovative performance of start-ups (Warner & Rowley, 2014).
The reforms and changes were undertaken gradually in order to make the transition toward a form of market capitalism. This development can also be places in the context of different types of capitalism (see Rowley & Oh, 2016a, 2016b; Rowley & Yokongdi, 2016) and business relations. Indeed, it is commonly noted that Chinese firms are characterized bu the inclination to incorporate personal relationships in decision making among which personal control, guanxi (Warner & Rowley, 2011, 2014, 2016) and interpersonal trust or xhinyong are the most well-known.||