“…The reason is that its anti-establishment ideology changes and challenges the status quo, which sets the context for a new reality that deserves more attention from the IB literature to comprehend its implications on firm strategies (Ghauri et al , 2021). This notion focuses on the effect of the institutional context of emerging markets on the internationalization decision of local firms (Losada-Otálora and Andonova, 2022), because such markets may provide a fertile ground for the interventionism of the state in the economy. This aspect is also related to the increase of protectionist policies pervasive to integration among countries and, consequently, increased global uncertainty and costs for cross-border transactions (Ciravegna and Michailova, 2022).…”