“…The surge of interest in the institutional dimension of economic and regional development has led to many and only partially overlapping understandings of the term institution. Looking at the variety of institutional research, authors may refer to organizations (e.g., financial institutions), to formal (e.g., laws and regulations) and informal rules (e.g., social norms, conventions), to social beliefs (e.g., institutional logics), to stable patterns of interactions, or to the sum of all these categories (Barley & Tolbert, 1997;Hodgson, 2006;McPherson & Sauder, 2013;North, 1990;Scott, 2007). Due to this polysemy, the empirical impact of institutions on regional economic development is still poorly understood and, hence, perhaps markedly underestimated (Martin, 2000;Pike, Marlow, McCarthy, O'Brien, & Tomaney, 2015).…”