Conclusions and Implications

This chapter provides a summary of the concluding remarks from the statistical analysis and case studies conducted in this research. The main research question of this study was why and how a latecomer firm facing adverse policy regimes in Argentina might be able to survive, grow, and eventually catch up, while many other firms lagged behind. The statistical analysis showed that innovative firms performed better than non-innovative ones during the economic crisis in Argentina. Process innovations had a greater impact on total sales than product innovations, indicating that latecomer firms prioritized the sale of cheaper goods through process innovations. Organizational innovations had a nonsignificant effect on firm performance, but when measured as inputs or efforts toward organizational change, they positively impacted performance. The case studies of TENARIS and IMPSA further supported these findings and highlighted the importance of long-term vision, strategic adaptability, innovative behavior, and an entrepreneurial spirit in the success of latecomer firms. TENARIS and IMPSA both followed a contrarian path, ignoring prevailing policy regimes and focusing on strategies, structures, and capabilities that allowed them to catch up with global competitors. TENARIS prioritized the sale of cheaper goods through continuous production, while IMPSA focused on small-batch production and technological modernization. Both firms overcame technological backwardness, gained access to global markets, and managed adverse macroeconomic conditions through their corporate strategies. They also maintained corporate coherence and developed specialized capabilities in their respective industries. The findings of this study have theoretical implications for understanding the strategic maneuvering of latecomer firms and the role of governments and institutions in the process of structural transformation. Methodologically, the study suggests the importance of combining quantitative and qualitative approaches to capture the impact of macro variables on firm behavior. The implications for corporate strategy and policy highlight the need for latecomer firms to be proactive and develop innovative strategies to overcome adverse circumstances. Policymakers should consider supporting successful domestic firms that have the potential to succeed in advanced export markets. Overall, this research provides insights into the factors that contribute to the success of latecomer firms in developing countries.