This study provides a stage-level analysis of firm-scale pooled data of 16 Asian countries to classified income economy-based data for various firm-and country-specific predictors of leverage. Our analysis captures the selection impact of both micro-and macro-level determinants on capital structure with and without income economy-based models. The regression model evaluated the significance of predictor variables based on random effect model of panel data setting. The study further explores the issue of interest by looking at key individual regression models by income economy to avoid any potential loss of information. We argue that this approach provides a comprehensive and insightful set of determinants because of the newer dimension of income economy classification based on per-capita Gross National Product (GNP) defined by the World Bank. The estimating equations for financing determinants identify the additional variables of non-debt tax shield, liquidity, tax and GDP growth rate in case of Asian countries. Our study establishes that the core variables of tangibility, growth, size, and profitability retain their significance for leverage choice in both options during 2008-2014 in Asian economies. Furthermore, the findings show that the financing choices of firms in Asian Quratulain Zafar ABOUT THE AUTHORS Ms. Quratulain is Assistant professor at BUITEMS, Pakistan. She is currently pursuing her PhD in FinancialEconomics, from Asian Institute of Technology, Thailand with scholarship from HEC under Faculty Development program. Her research encompasses financial development system and relationship with financing choices in 16 Asian Countries during 2008-2014. Dr. Winai is an applied economist whose research interests span areas of government regulation, investment, entrepreneurship, and business strategy. From 2005-2007, worked as consultant at NERA Economic Consulting, New York, USA. He earned his PhD in managerial economics and strategy from Kellogg School of

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Purpose – The purpose of this paper is to understand the roles various drivers such as cost, strategy and risk play when business process outsourcing/information technology enabled services (BPO/ITES) firms in India outsource their information technology (IT) functions to third-party vendors. If all key drivers associated with IT outsourcing were understood, and such knowledge of those variables was incorporated into the reasons for outsourcing, there would be a greater probability of a successful outcome. Design/methodology/approach – A “hybrid” (quantitative and qualitative) research methodology was used to gain insight into the IT-outsourcing paradigm by BPO/ITES firms in India. A structured questionnaire related to IT-outsourcing activities conducted from 1999 to 2010 was distributed to nine firms. The resulting data were then analyzed. In addition, two Indian BPO/ITES firms that had outsourced their IT to a third-party vendor to cut cost generously granted in-depth information into their IT-outsourcing paradigm and life cycle. Findings – IT outsourcing is perhaps more complicated than other types of outsourcing. Focussing purely on cost is very risky. Practitioners need to take all three drivers – cost, strategy and risk into consideration. Any degradation of services or responsibilities due to IT outsourcing would mean a very unhappy client or even loss of business. Originality/value – BPO/ITES firms in India tend to focus only on cost reduction from IT outsourcing without taking into consideration other equally important drivers such as strategy and risk. This paper counsels a holistic approach toward IT outsourcing for a successful outcome. In addition, an IT-outsourcing framework and guide is proposed for practitioners.

Purpose – The purpose of this paper is to substantiate Porter's ideas through multiple case studies of firms in one of Thailand's potential niches – Thai silk. Design/methodology/approach – This study examined upgrading strategies adopted by six companies involved in the production and distribution of silk and silk products in Thailand. Information was gathered from company documents and interview statements given by company executives and government policy makers. Standard approaches to organizing and analyzing qualitative case study data, including description, pattern identification, concept categorization and generalization were utilized. Findings – The companies have implemented upgrading strategies in the following four main areas: first, balancing efficiency and old customs in production; second, innovating new products while preserving unique traditional features; third, developing modern marketing and distribution techniques with a cultural flare; and fourth, building linkages and clusters. Practical implications – Stakeholders of traditional- or cultural-related industries may increase their chances of successfully renewing their businesses’ competitive advantage by carefully balancing the needs to both preserve and modernize key processes in their industries’ value chains. Originality/value – The paper's findings and recommendations may to be useful to other traditional industries that share similar challenges both in Thailand and in other Southeast Asian countries.

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