When the first editor of this book went to Florida State University as a Fulbright Visiting Faculty, prof. James S. Ang asked whether theory and practice of management in emerging markets like Nepal are different from those of developed countries, mainly USA; and whether Management text books written in the context of developed countries like USA are relevant in the context of emerging markets like Nepal. Hence, one of the main reasons to write this book is to indicate the main difference on theory and practices of management in emerging markets other than the developed ones. Based on our many years of teaching, learning, and research, we are of the view that theory and practice of management differ greatly in emerging markets as compared to the developed ones. We are of the view that management problems faced by emerging markets have their own features which are all so unique. The economics, social, demographic, technological and political trends are so different that they are unique to emerging markets, especially Nepal. Due to this , theory and practice of management have also gone different. As a result, the legal provisions and institutional arrangements for achieving efficient management have also have gone different. They have also changed over a period of time. This book therefore aims at providing academicians and practitioners with a knowledge of the difference in management theories and practices in an emerging market setting.