Market based institutional reforms across the globe have led to massive improvements in business conditions and have contributed to unprecedented rates of cross-border business activities. Scholars have tried to understand the implications of such reforms and have amassed a significant body of work in this area, but analysis of this literature highlights some deficiencies limiting its impact. A primary issue is the fragmentation of this work across different disciplines and the use of different terminology even in the business literature, leading to disconnected conversations and limited progress on the topic. The purpose of this article is two-fold: (1) provide a systematic review of the literature on the effect of market based institutional reforms on firm strategy and performance, and (2) propose a future research agenda. We argue that employing an aggregate perspective, as opposed to one focusing on individual reform subcomponents, provides a more comprehensive understanding of their systemic implications. We use this approach to analyze extant work on the implications of reforms including both direct effects on firm strategy and performance and various contingences such as location, time, institutional legacies, and global organizations. To summarize our two objectives, we develop two graphical models – one depicting the current state of the literature and the other highlighting possible theoretical additions for future research.

全球范围内以市场为基础的机构改革已导致商业条件的大幅度改善，并促成了前所未有的跨境商业活动。学者们试图理解这种改革的含义，并积累了该领域的大量著作，但是对这一文献的分析强调了一些缺陷，限制了其影响。一个主要问题是，这项工作分散在不同的学科中，甚至在商业文献中也使用了不同的术语，从而导致对话断断续续，并且在该主题上的进展有限。本文的目的有两个方面：（1）对基于市场的机构改革对企业战略和绩效的影响进行文献综述，以及（2）提出未来的研究议程。我们认为，采用一种总体观点，而不是侧重于单个改革子组件，可以对它们的系统含义提供更全面的理解。我们使用这种方法来分析现存的工作对改革的影响，包括对公司战略和绩效的直接影响以及诸如地点，时间，机构遗产和全球组织等各种偶然因素。为了总结我们的两个目标，我们开发了两个图形化模型-一个描述了文献的当前状态，另一个则突出了可能用于将来研究的理论补充。我们使用这种方法来分析现存的工作对改革的影响，包括对公司战略和绩效的直接影响以及诸如地点，时间，机构遗产和全球组织等各种偶然因素。为了总结我们的两个目标，我们开发了两个图形化模型-一个描述了文献的当前状态，另一个则突出了可能用于将来研究的理论补充。我们使用这种方法来分析现存的工作对改革的影响，包括对公司战略和绩效的直接影响以及诸如地点，时间，机构遗产和全球组织等各种偶然因素。为了总结我们的两个目标，我们开发了两个图形化模型-一个描述了文献的当前状态，另一个则突出了可能用于将来研究的理论补充。