“…Ioannou's and Serafeim's (2012) conception of ''promotion of competition'' is a first step in this direction, yet they measure regulatory rather than market conditions. Social institutions, for instance non-governmental organizations (NGOs), have also been conceptually proposed to be drivers of CEP (Hendry, 2003), but extant empirical studies have focused on the impact of such social institutions on corporate social responsibility only (Lim & Tsutsui, 2012;Toffel, Short, & Quellet, 2012) rather than CEP. Hence, we do not yet have empirical evidence whether-across countries-social institutions also affect CEP.…”