Over the years, many scholars have recognized the importance of institutions in international business. Peng (2002) touched on the importance of institutions and states that there is substantial space to integrate the more established resource-based view with the emerging institution-based view of business strategy. Peng emphasizes that it is important to recognize that these perspectives are not mutually exclusive. The institutional view complements and enriches traditional strategy research by drawing attention to the often overlooked importance of institutions, both formal and informal, which are broader than the traditional notion of national cultural differences. Following Peng's 2002 study, Peng, Wang, and Jiang (2008) assert that a growing number of scholars now understand that institutions matter and that research on international business strategies, especially in emerging economies (even developed economies) cannot simply focus on industry conditions and business capabilities. According to them, an institutional vision combined with industry and research-based vision makes the strategic tripod stronger. An institution-based view of international business strategy, combined with an industry- and resource-based view, will help support a strategic tripod and bring to the stage the fundamental issues facing international business, in relation to the drivers of business strategy and the determinants of international business strategy. business successes and failures. Peng, Wang, and Jiang (2008) pay homage to Douglass North's concept of institutions, that is, resources related to institutions have become more important. It promotes the idea that scholars of international affairs should give utmost importance to institutional issues beyond the applicability of property rights and contracting institutions. These measures are useful tools for understanding the institutional context of strategy and entrepreneurship in international business. Furthermore, Dung presents a brief definition of investment in resources and capabilities which is a significant mechanism through which the three legs of the strategic tripod come together and interact rather than being separate forces governing firm behavior and successes. Furthermore, McKinley, Mone, and Moon (1999) argued that whether a particular theory gains mainstream recognition depends on its continuity, novelty, and scope. The scholars conclude that the institution-based view shines in all three attributes, thus prompting its recent rise as the third leading perspective in strategy, combined with the resource-based view and the industry-based view...