In my opinion, the answer to all of these is "yes." Frontier markets are attractive to all of these types of entites as long as they understand the strengths and weaknesses of those markets.
Both individual and instituional investors can hope to make large returns on their investments in frontier markets -- these returns are potentially larger than those gotten from other markets. However, there is a great deal of risk so the investors must not commit too much of their resources to these risky investments.
If a firm wishes to grow quickly, a frontier market is a good opportunity because it is so wide open. However, firms must also beware of the risks and not over commit to these frontier markets.
Frontier markets is a term used in international stock markets to describe countries that have small market capitalization and/or low turnover and/or market restrictions unsuitable for inclusion in the larger emerging market category indexes, but demonstrate a relative openness to and accessibility for foreign investors and are not under extreme economic and political instability. Countries coming under the category of frontier markets fall under three broad category. One, countries are likely to have relatively high development level which are still small for emerging markets. two, countries with investment restrictions that have begun to loosen. Finally countries at a lower development level than the existing “mainstream” emerging markets.
Investing in frontier market is equally attractive or risky for all types of investors including individual investors, institutional investors or companies. However it should be noted that no single investor of company can control the entire frontier market. Also no one really owns the market. Stock market refers to the buying and selling of stocks. This is not something that can be owned by any one.
There are some rating agencies that rate markets of some countries as emerging markets. These ratings are not 100 percent correct, and decisions based on these ratings alone can be faulty. Also within a frontier market the payoff for any investor will depend a lot on the portfolio of stocks and the timing of investment and investment. However, based on the description of nature of emerging markets, we can say that in the long term entering such markets is likely to be profitable for all types of investors.