Many scholars have recognized the importance of institutions in international business over the years. Peng (2002) discussed the importance of institutions and argues that there is considerable room to integrate the more established, resource-based view with the emerging, institution-based view of business strategy. Peng notes that it is important to recognize that these perspectives are not mutually exclusive. The institutions-based view complements and enriches traditional policy research by drawing attention to the often overlooked importance of institutions, both formal and informal, that are broader than the traditional notion of national cultural differences. Following on from Peng's 2002 study, Peng, Wang, and Jiang (2008) argue that a growing number of researchers now understand that institutions are important and that research on international business strategies, particularly in economies emerging (and developed) economies, cannot simply focus on industrial conditions and firm capabilities. They argue that an institution-based view, combined with industry- and research-based views, strengthens the strategic tripod. An institutional view of international business strategy, combined with an industry and resource-based view, will help maintain a strategic tripod and bring to the stage the fundamental issues facing international businesses, in relation to the drivers of strategy of the company and the determinants of international commercial strategy. business success and failure. Peng, Wang, and Jiang (2008) pay homage to Douglass North's concept of institutions, that assets tied to institutions have become more important. It promotes the idea that scholars of international trade should give the greatest importance to institutional issues in the middle of the paper, as well as the enforceability of property rights and contracting institutions. These measures are useful tools for understanding the institutional context of strategy and entrepreneurship in international business. Additionally, Dung presents a brief definition of investment in resources and capabilities, which constitutes an important mechanism by which the three pillars of the strategic tripod come together and interact rather than being separate forces governing the behavior and successes of the company. Furthermore, McKinley, Mone, and Moon (1999) argued that the recognition of a particular theory depends on its continuity, novelty, and scope. The researchers conclude that the institutional view shines in all three attributes, propelling its recent rise as the third dominant perspective on strategy, in combination with the resource-based and industry-based views...