“…The topic has, however, attracted renewed interest in the twentyfirst century (Flier et al, 2003;Graetz and Smith, 2006;Porter, 2006;Smith and Graetz, 2006), and more recent articles partly focus on ethics -though not specifically in the organisation-environment arena (Arce, 2004;Butcher and Clarke, 2006;Juma, 2005;Laaksonen et al, 2007;Sarasvathy, 2001). Our article contributes by focusing on institutions including legal systems, the informal systems that underlie them, and the immediate link with norms and values that they display.…”