AUGUST 2019
VOL. 29 2022
is a wonderful life." ( Auntie Asma in Ayad Akhtar’s Homeland Elegies)
fastest growing sectors in post industrialized economies. Cultural capital is globally sourced, but the dominant players are still concentrated in the major global cities. And in terms of international trade, English-based cultural products still dominate the exports worldwide. However, research shows that global connectedness has increased the attractiveness of foreign cultural products and services. Recently, we have seen the rising visibility and influence of cultural products from emerging markets. K-pop and Bollywood movies are among the most notable examples. But we know very little about the mechanisms behind this catch up. In the realm of cultural industries, there is a significant lack of knowledge of successful business practices originated from the emerging markets, which inevitably leads to the imbalance between scientific knowledge and business practice. Statistics published by UNESCO in 2016 (http://www.uis.unesco.org/culture/Documents/int ernational-flows-cultural-goods-report-en.pdf) reported that Asia contributes 46% of world exports of cultural goods. Also, South and East Asia had the most exported cultural goods for the
audio-visual and interactive media domains. However, the current business literature has primarily focused on developed countries, with Asia accounting for only 14.53% of countries selected for empirical examination. This project explores the role of business practices in promoting arts and culture originated from the emerging markets. Therefore, findings from this research have the potential to shed a new light on responsive business practices that have long been neglected in the existing international business literature. To supplement the panel dataset of K- pop performance (measured by the number of per capita YouTube views) in 3,011 cities worldwide from 2018 to 2021, we are also constructing an extensive dataset of city-level variables associated with Korean business organizations operating 2 in the host cities. By testing the relationship between local international business landscape and cultural product performance, we aim to expand theories of emerging market firms from the lens of cultural industries.
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