“…Many studies have used institutional factors to explore different dimensions of firms (Arndt, ; Oliver, ; Homburg et al, ; Grewal and Dharwadkar, ; Davidsson et al, ; Auh and Menguc, ; Peng et al, ; Simpson, ; Gaur et al, ; Shou et al, ; Chittoor et al, ; Hong et al, ). Although some studies have shown the direct and positive effect of the institutional factors on organizations’ performance (Peng and Luo, ; Li and Zhang, ; Zhang and Li, ), some have considered this effect and relationship under several conditions (Siegel, ; Li et al, ; Okhmatovskiy, ; Sheng et al, ).…”