The Performance Impact of Informal and Formal Institutional Differences in Cross-Border Alliances

摘要: Abstract This study addresses the simultaneous and diverse effects of differences in informal formal institutions on cross-border alliances’ financial performance. We utilize data from 405 microfinance (MFIs), based 74 developing countries, that have alliances with partners developed countries. find impact institutional between MFIs their is sigmoid-shaped, performance first increasing, then declining, before improving again as grow large. By contrast, appear to be detrimental MFIs’ Consistent our prediction, we experience moderates both effects.