UNIVERSITY OF COLORADO AT BOULDER



UNIVERSITY OF COLORADO AT BOULDER

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ramiro Montealegre Campus Box 419

Assistant Professor Boulder, Colorado 80309-0419

(303) 492-0416

(303) 492-5962 Facsimile

E-mail: Ramiro.Montealegre@Colorado.edu

July 26, 1999

Dr. Izak Benbasat

Editor-in-Chief

Information Systems Research (ISR)

Faculty of Commerce and Business Administration

The University of British Columbia

2053 Main Mall, Vancouver, B.C.

Canada V6T 1Z2

Dear Izak,

I am enclosing a manuscript that I would like to be considered for publication in ISR. The title of the manuscript is: "Dynamic Capabilities Development in Less-Developed Countries: Lessons form the Internet Strategy at Bolsa de Valores de Guayaquil.” The paper analyzes how a Latin American stock exchange, Bolsa de Valores de Guayaquil (BVG), pioneered a global strategy to use the Internet to educate its local Ecuadorian market and reach investors worldwide. The BVG case study presents a powerful example of how an Internet strategy can be successfully developed even in a less-developed country with poor infrastructure, lack of governmental support, scarce resources, and insufficient technical and managerial skills.

This study suggests that the process of Internet strategy formation and implementation at BVG depended fundamentally on the development of dynamic capabilities, and on difficult-to-imitate combinations of external, organizational, and technological resources. It identifies how the Internet strategy at BVG was supported by a particular set of dynamic capabilities (strategic foresight, flexibility, trustworthiness, and integration) that, in turn, were created by combining firm-specific resources. Furthermore, this study articulates, for the first time, a model proposing a temporal ordering of the resources that enabled the creation of those dynamic capabilities in less-developed countries. In doing so, it provides an opportunity to complement and expand the “resource-based” approach.

The study also contributes to practice by providing normative suggestions to managers concerning tactics that may prove useful during the various phases of Internet strategy formation and implementation. This research should help to better understand how a firm can develop dynamic capabilities to shape a marketplace and use the Internet strategically in a constraining and unstable environment. Thus, it should be of interest to both IT researchers and practitioners.

I would like to suggest that Dr. Cynthia Beath serve as Associate Editor. In the event that Dr. Beath is unable to handle the manuscript, I would like to suggest Dr. Joyce Elam.

In considering experts who would be in a position to review this paper, I would suggest the following individuals:

Dr. T. Ravinchandran

Lally School of Management & Technology

Rensselaer Polytechnic Institute

Troy, NY 12180

TELEPHONE: (518) 276 2035

FAX: (518) 276 8661

EMAIL: ravit@rpi.edu

Dr. Dorothy E. Leidner

INSEAD

Boulevard de Constance

77305 Fontainebleau cedex France

TELEPHONE: 33-1-60-72-40-04

FAX: 33-1-60-74-55-00

EMAIL: dorothy.leidner@insead.fr

Dr. Dennis F. Galletta

Katz Graduate School of Business

University of Pittsburgh

Pittsburgh, PA 15260

TELEPHONE: 412-648-1699

FAX: 412-648-1693

EMAIL: galletta@vms.cis.pitt.edu

Please address all correspondence on this submission to me at the address listed at the end of this message or to my e-mail address (Ramiro.Montealegre@Colorado.edu). Thanks in advance for your help in processing this manuscript. I look forward to hearing from the various reviewers.

Sincerely,

The findings suggest that the process of Internet strategy formation and implementation at BVG depended fundamentally on the development of a particular set of dynamic capabilities (strategic foresight, flexibility, trustworthiness, and integration), and on difficult-to-imitate combinations of external, organizational, and technological resources.

The contribution of this study is in the development of a grounded model that adds a temporal perspective, allowing a disparate set of resources (assets and competencies) and capabilities to be tied together into a more coherent framework that can serve as the basis for further investigations.

More generally, this research brings to light some of the strategies and tactics that managers can employ to develop dynamic capabilities to support the formation and implementation of Internet strategies in less-developed countries.

While prior research has identified a number of resources and capabilites now believed to be realted to how firms can create competitive value from IT initiatives, there is no overall model of how some of these resources are developed and managed.

This study advances..

This study represents a contribution to research in that it articulates, for the first time, a model proposing a temporal ordering of the firm-specific resources that enable the creation of those dynamic capabilities in LDCs. But as this temporal model was derived from a single case study, even though the propositions based on it make conceptual sense, an independent test is still required.

The BVG case study presents a powerful example of how an Internet strategy can be successfully developed even in an LDC with poor IT infrastructure, lack of governmental support, scarce resources, and staff with insufficient technical and managerial skills. The past literature on IT innovations in LDCs has tended to highlight the importance of adapting information practices and IT implementations to the core competencies (including infrastructure) and values of a nation (Lachman et al. 1994). However, a number of authors have recently begun to challenge this research focus on “fit” and “adaptation” (Barret and Walsham 1995, Jarvenpaa and Leidner 1998, Montealegre 1997). This study shows that an example of how an IT initiative can be successfully formulated and implemented even in an LDC with contextual imperfections and scarcities.

Dear Professor Benbasat,

I am acknowledging the reception of your review of my paper "Dynamic Capabilities Development in Less-Developed Countries: Lessons form the Internet Strategy at Bolsa de Valores de Guayaquil” (ISR log #1999-078-0). Although receiving such a decision is never easy, I really appreciate your promptness in your review, and your comments. I am sure your suggestions will be very helpful in improving my manuscript, particularly the literature review section. I spent much time working on reporting the case study facts and findings, and was not careful in properly citing and providing credit to prior research works. Thank you for your advice.

Sincerely,

UNIVERSITY OF COLORADO AT BOULDER

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ramiro Montealegre Campus Box 419

Assistant Professor Boulder, Colorado 80309-0419

(303) 492-0416

(303) 492-5962 Facsimile

E-mail: Ramiro.Montealegre@Colorado.edu

September 3, 1999

Dr. Vladimir Zwass

Editor-in-Chief, Journal of Management Information Systems

19 Warewoods Road

Saddle River, New Jersey 07458

Dear Dr. Zwass,

Enclosed you will find four copies of an original manuscript that would like to be considered for publication in the Journal of Management Information Systems. The title of the manuscript is: "Development of Dynamic Capabilities in Less-Developed Countries: A Case Study of the Internet Strategy at Bolsa de Valores de Guayaquil.” The paper analyzes how a Latin American stock exchange, Bolsa de Valores de Guayaquil (BVG) in Ecuador, pioneered a global strategy to use the Internet to educate its local Ecuadorian market and reach investors worldwide. The BVG case study presents a powerful example of how an Internet strategy can be successfully developed even in a less-developed country with poor infrastructure, lack of governmental support, scarce resources, and insufficient technical and managerial skills.

This study suggests that the process of Internet strategy formation and implementation at BVG depended fundamentally on the development of dynamic capabilities, and on difficult-to-imitate combinations of external, organizational, and technological resources. It identifies how the Internet strategy at BVG was supported by a particular set of dynamic capabilities (strategic foresight, flexibility, trustworthiness, and integration) that, in turn, were created by combining firm-specific resources. Furthermore, this study articulates, for the first time, a model proposing a temporal ordering of the resources that enabled the creation of those dynamic capabilities in less-developed countries. In doing so, it provides an opportunity to complement and expand the “resource-based” approach.

The study also contributes to practice by providing normative suggestions to managers concerning tactics that may prove useful during the various phases of Internet strategy formation and implementation. This research should help to better understand how a firm can develop dynamic capabilities to shape a marketplace and use the Internet strategically in a constraining and unstable environment. Thus, it should be of interest to both IT researchers and practitioners.

If you have any questions, please feel free to correspond. Thanks in advance for your help in processing this manuscript. I look forward to hearing from the various reviewers.

Sincerely,

UNIVERSITY OF COLORADO AT BOULDER

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ramiro Montealegre Campus Box 419

Assistant Professor Boulder, Colorado 80309-0419

(303) 492-0416

(303) 492-5962 Facsimile

E-mail: Ramiro.Montealegre@Colorado.edu

September 20, 1999

Diane Crawford

Executive Editor

Communications of the ACM

1515 Broadway

New York, New York 10036

Dear Ms. Crawford,

Enclosed you will find three copies of an original manuscript to be considered for publication in Communications of the ACM. The title of the manuscript is: "Developing Internet Strategies in Less-Developed Countries: Lessons from Bolsa de Valores de Guayaquil.” The paper analyzes how a Latin American stock exchange, Bolsa de Valores de Guayaquil (BVG) in Ecuador, pioneered a global strategy to use the Internet to educate its local market and reach investors worldwide. The BVG case study presents a powerful example of how an Internet strategy can be successfully developed even in a less-developed country with poor infrastructure, lack of governmental support, scarce resources, and insufficient technical and managerial skills. Thus, it affords an opportunity of investigating the use of the Internet in a research context that differs from today’s dominant research setting (North America/Europe).

The article provides normative suggestions concerning tactics that may prove useful during the various phases of Internet strategy development. This research should help to better understand how a firm can shape a marketplace and use the Internet strategically in a constraining and unstable environment. Thus, it should be of interest to both computing practitioners and researchers.

In considering experts who would be in a position to review this paper, I would suggest the following individuals:

Dr. Laurence Press

Computer Information Systems

Office SBS D-322

1000 East Victoria Street

School of Management

California State University, Dominguez Hills

Carson, California 90747

TELEPHONE: (310) 243-3579

EMAIL: Lpress@isi.edu

Dr. Richard Heeks

Institute for Development Policy & Management

University of Manchester

Crawford House, Precinct Centre

Oxford Road

Manchester M13 9GH, U.K.

TELEPHONE: +44-161-275-2870

FAX: +44-161-273-8829

EMAIL: Richard.Heeks@man.ac.uk

If you have any questions, please feel free to correspond. Thanks in advance for your help in processing this manuscript. I look forward to hearing from the various reviewers.

Sincerely,

UNIVERSITY OF COLORADO AT BOULDER

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ramiro Montealegre Campus Box 419

Assistant Professor Boulder, Colorado 80309-0419

(303) 492-0416

(303) 492-5962 Facsimile

E-mail: Ramiro.Montealegre@Colorado.edu

Dear Heather Semon

Attached you will find my original manuscript to be considered for publication in IEEE Computer (in MS Word format). The title of the manuscript is: "Developing Internet Strategies in Constrained and Uncertain Environments: Lessons from Bolsa de Valores de Guayaquil.” The paper analyzes how a Latin American stock exchange, Bolsa de Valores de Guayaquil (BVG) in Ecuador, pioneered a global strategy to use the Internet to educate its local market and reach investors worldwide. The BVG case study presents a powerful example of how an Internet strategy can be successfully developed even in a less-developed country with poor infrastructure, lack of governmental support, scarce resources, and insufficient technical and managerial skills. Thus, it affords an opportunity of investigating the use of the Internet in a research context that differs from today’s dominant research setting (North America/Europe).

The article provides normative suggestions concerning tactics that may prove useful during the various phases of Internet strategy development. This research should help to better understand how a firm can shape a marketplace and use the Internet strategically in a constraining and unstable environment. Thus, it should be of interest to both computing practitioners and researchers.

If you have any questions, please feel free to correspond. Thanks in advance for your help in processing this manuscript. I look forward to hearing from the various reviewers.

Sincerely,

UNIVERSITY OF COLORADO AT BOULDER

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ramiro Montealegre Campus Box 419

Assistant Professor Boulder, Colorado 80309-0419

(303) 492-0416

(303) 492-5962 Facsimile

E-mail: Ramiro.Montealegre@Colorado.edu

March 24, 2000

Professor Claudia Bird Schoonhoven

Editor-in-Chief, Organization Science

Graduate School of Management

University of California-Irvine

Irvine, California 92697-3125

Dear Professor Schoonhoven,

Enclosed you will find five copies of an original manuscript that would like to be considered for publication in the Organization Science. The title of the manuscript is: " Internet Strategy at Bolsa de Valores de Guayaquil: A Model of Resources and Competencies Ordering to Develop Dynamic Capabilities in a Less-Developed Country.”

I would like to suggest that Dr. Wanda Orlikowski serve as Senior Editor. In considering experts who would be in a position to review this paper, I would suggest the following individuals:

Dr. T. Ravinchandran

Lally School of Management & Technology

Rensselaer Polytechnic Institute

Troy, NY 12180

TELEPHONE: (518) 276 2035

FAX: (518) 276 8661

EMAIL: ravit@rpi.edu

Dr. Cynthia M. Beath

The University of Texas at Austin

CBA 5.202

Austin, TX 78712-1175

TELEPHONE: (512) 471-3322

FAX: (512) 471-0587

EMAIL: cbeath@mail.utexas.edu

Dr. Dorothy E. Leidner

INSEAD

Boulevard de Constance

77305 Fontainebleau cedex France

TELEPHONE: 33-1-60-72-40-04

FAX: 33-1-60-74-55-00

EMAIL: dorothy.leidner@insead.fr

Dr. Dennis F. Galletta

Katz Graduate School of Business

University of Pittsburgh

Pittsburgh, PA 15260

TELEPHONE: 412-648-1699

FAX: 412-648-1693

EMAIL: galletta@vms.cis.pitt.edu

I affirm that my manuscript conforms to the submission policy of Organization Science.

The paper analyzes how a Latin American stock exchange, Bolsa de Valores de Guayaquil (BVG) in Ecuador, pioneered a global strategy to use the Internet to educate its local Ecuadorian market and reach investors worldwide. The BVG case study presents a powerful example of how an Internet strategy can be successfully developed even in a less-developed country with poor infrastructure, lack of governmental support, scarce resources, and insufficient technical and managerial skills.

This study suggests that the process of Internet strategy formation and implementation at BVG depended fundamentally on the development of dynamic capabilities, and on difficult-to-imitate combinations of external, organizational, and technological resources. It identifies how the Internet strategy at BVG was supported by a particular set of dynamic capabilities (strategic foresight, flexibility, trustworthiness, and integration) that, in turn, were created by combining firm-specific resources. Furthermore, this study articulates, for the first time, a model proposing a temporal ordering of the resources that enabled the creation of those dynamic capabilities in less-developed countries. In doing so, it provides an opportunity to complement and expand the “resource-based” approach.

The study also contributes to practice by providing normative suggestions to managers concerning tactics that may prove useful during the various phases of Internet strategy formation and implementation. This research should help to better understand how a firm can develop dynamic capabilities to shape a marketplace and use the Internet strategically in a constraining and unstable environment. Thus, it should be of interest to organizational and information technology researchers and practitioners.

If you have any questions, please feel free to correspond. Thanks in advance for your help in processing this manuscript. I look forward to hearing from the various reviewers.

Sincerely,

UNIVERSITY OF COLORADO AT BOULDER

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ramiro Montealegre Campus Box 419

Assistant Professor Boulder, Colorado 80309-0419

(303) 492-0416

(303) 492-5962 Facsimile

E-mail: Ramiro.Montealegre@Colorado.edu

December 8, 2000

Andrea Canfield

Managing Editor, Organization Science

Graduate School of Management 419A

University of California-Irvine

Irvine, California 92697-3125

Dear Dr. Canfield,

Following Claudia Bird Schoonhoven’s recommendation, enclosed you will find five copies of my revised paper “A Process Model of Resource and Capability Development: Lessons from the EC Strategy at Bolsa de Valores de Guayaquil” (Manuscript: OS00-1044). Please notice that the original title of the paper was “Internet Strategy at Bolsa de Valores de Guayaquil: A model of resources and competencies ordering to develop dynamic capabilities in a less-developed country.”

The revisions suggested by the Senior Editor, and the three reviewers have been made. I found their extensive comments very helpful in further developing my ideas and the manuscript. Also enclosed I have reproduced the original comments furnished to me by the Senior Editor James Walsh on the paper along with how I have responded to these comments in this revision.

If you have any questions, please feel free to correspond. Thanks in advance for your help in processing this manuscript. I look forward to hearing from the Senior Editor and the various reviewers.

Sincerely,

UNIVERSITY OF COLORADO AT BOULDER

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ramiro Montealegre Campus Box 419

Associate Professor Boulder, Colorado 80309-0419

(303) 492-0416

(303) 492-5962 Facsimile

E-mail: Ramiro.Montealegre@Colorado.edu

May 16, 2001

Andrea Canfield

Managing Editor, Organization Science

Graduate School of Management 419A

University of California-Irvine

Irvine, California 92697-3125

Dear Dr. Canfield,

Enclosed you will find five copies of my revised paper “A Process Model of Resource and Capability Development: Lessons from the EC Strategy at Bolsa de Valores de Guayaquil” (Manuscript: OS00-1044.1).

The revisions suggested by the Senior Editor and the reviewers have been made. I found their extensive comments very helpful in further developing my ideas and the manuscript. Also enclosed I have reproduced the original comments furnished to me by the Senior Editor James Walsh on the paper along with how I have responded to these comments in this revision.

If you have any questions, please feel free to correspond. Thanks in advance for your help in processing this manuscript. I look forward to hearing from the Senior Editor.

Sincerely,

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