Foreign ventures have been going on the rise in recent decades. Their involvement in
emerging markets brings to the table complex institutional environments with several types of stakeholders taking part in their establishment phase. Previous studies have addressed the importance of the networks at the time of entering new markets. Nevertheless, a deeper analysis to the stakeholders influencing the entry and how to improve these relationships remain understudied. This research addresses these gaps and tends to contribute to network and stakeholder approach.
This study was carried out taking a qualitative research approach using multiple case
methodology. The research was done with semi-structured interviews and archival data from five major companies leading the development of the industry in Taiwan. The findings uncovered three main stakeholders affecting the entry and establishment phase to enter new markets with a complex institutional environment: Government, Main Public Institutions and Local Groups. It is argued that a proper relationship with society and partners would lead to an improvement of the market conditions. Consequently, shared value would be created for the stakeholders involved in the industry.
This thesis proposes a model, suggesting that the adequate approach to the stakeholders, challenges and opportunities by the firms would lead them to have a better opportunity to succeed in markets with these characteristics.

TABLE OF CONTENTS
LIST OF FIGURES v
LIST OF TABLES vi
Introduction 1
Literature Review 5
2.1 Network Theory 5
2.2 New market entry 6
2.3 Cross-cultural environment 7
2.4 Shared value creation 8
2.5 Communication in cross sector partnerships in new markets 9
2.6 Institutional environment and firms’ adaptation 11
Methodology 14
3.1 Taiwanese offshore wind power industry 14
3.2 Research Design 16
3.3 Sampling strategy 17
3.4 Data analysis 20
Findings 21
4.1 Government 24
4.2 Main Public Institutions 29
4.3 Local Groups 33
Discussion 37
5.1 Model 37
5.1.1 Stakeholders influencing the new market entry 38
5.1.1.1 Government as a barrier in a new market 39
5.1.1.2 Relationship with Main Public Institutions 39
5.1.1.3 Local Groups importance in new markets 40
5.1.2 Challenges faced when entering a new market 41
5.1.3 Opportunities to improve performance in new markets 42
Conclusion 44
6.1 Theoretical contribution 44
6.2 Managerial implications 45
6.3 Future research 45
References 46