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This research examined how Bolsa de Valores de Guayaquil, a Latin American stock exchange, pioneered a strategy to reach global investors in Ecuador and educate its local market using the Internet. The paper focuses not only on the attributes of the innovation, but also on firm-specific capabilities to explain how combinations of competencies and resources were developed, deployed, and protected over the diffusion process. The research complements the diffusion of innovations theory by incorporating the “resource-based” view approach in the context of less-developed countries.

The contents of resource decisions in the diffusion of Internet strategies in less-developed countries: lessons from Bolsa de Valores de Guayaquil