Question: Implications for Action When entering a new country, do your homework and have a thorough understanding of the formal institutions governing firm behavior. When doing

Implications for Action When entering a new country, do your homework and have a thorough understanding of the formal institutions governing firm behavior. When doing business in countries with a strong propensity for informal relational exchanges, insisting on formalizing the contract right away may backfire. Implications for Action When entering a new country, do your homework and have a thorough understanding of the formal institutions governing firm behavior. When doing business in countries with a strong propensity for informal relational exchanges, insisting on formalizing the contract right away may backfire

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