Purpose – Following the demise of the Soviet Union in 1992, Russia undertook major institutional and market‐oriented reforms to enhance the competitive advantage of domestic enterprises. Although Russia has experienced rapid growth over the last two decades, the extent to which institutions...

Purpose – South Africa (SA) has undertaken significant institutional reforms since the change in its political regime in 1994. During the same period, SA has also experienced rapid economic growth. Although it is widely accepted that institutional reform generally has positive impacts on firm...