“…Previous studies suggests that institutions matter in economic development (Feiock & Clingermayer, 1986;Sharp, 1991;Basolo & Huang, 2001) in which the pursuit of development is shaped by the risks, rewards, and opportunities of policymakers (Lewis, 1996;Feiock, Jeong, & Kim, 2003). Thus, since economic development takes place in a political marketplace and decisions reflect the strategic political position of policy actors, the choice to form a joint venture agreement may be strongly influenced by the local governing Downloaded by [Monash University Library] at 20:09 05 October 2014 HAWKINS institution.…”