ABSTRACT How does institutional risk influence firm performance in Africa? While most studies focus on formal institutional risk, I argue that informal institutional risks are equally influential. Consistent with that view I use informal institutions theory and multilevel techniques to analyze data from 411 firms in 18 African countries. I find negative effects of informal institutional risks (socioeconomic conditions) on firm performance. In addition, I find interactive effects of control of corruption. I discuss the implications of the findings for research and practice.

中文翻译：

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非洲的机构风险和公司绩效：腐败控制的调节作用

摘要机构风险如何影响非洲的公司绩效？尽管大多数研究都关注正式的制度风险，但我认为非正式的制度风险具有同等影响力。与该观点一致的是，我使用非正式制度理论和多层次技术来分析来自18个非洲国家的411家公司的数据。我发现非正式机构风险（社会经济条件）对公司绩效的负面影响。此外，我发现了控制腐败的互动效果。我讨论了这些发现对研究和实践的意义。