Abstract
We contribute to an improved understanding of the effects of informal institutions on local firms' acquisition behavior in an emerging economy context. We compare the different regions of the Russian Federation and propose that the continuity and autonomy of the regional leadership and interaction between businesses and local decision-makers through corrupt practices contribute to the emergence of an informal institutional context that is supportive of acquisitive growth. Results from an analysis of the behavior of 2,981 firms in 40 different regions of Russia during 2001-2008 support our predictions. We extend the existing research on institutional determinants of behavior and the importance of informal institutions for stability and predictability when businesses have to cope with formal institutional voids.
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