...Yao Wang; Yafei Hu Purpose This study explains how the informal sector impacts deal completion and the contingent roles of formal institutions, infrastructure and major restructuring. Using institutional complexity theory, this study aims to propose a new link between the informal sector and deal...

... an inverse effect. However, home country infrastructure had no statistically significant effect on firm internationalisation. Research limitations/implications The findings highlight the importance of considering home country attributes in understanding the internationalisation of firms. Originality...

... of transition we find that the the presence of informal institutions in more rapidly or advanced transforming economies negatively influences foreign equity shares. Complex infrastructure discourages foreign equity shareholdings, and foreign companies use informal practices to overcome unfavourable host country...