Natural resource endowment and firm performance: The moderating role of institutional endowment
研究了制度禀赋（自然资源治理）如何调节自然资源丰裕度与企业绩效的关系，基于27个非洲国家492家企业的2013年数据，发现制度质量高时资源丰裕提升企业销售，制度质量低时资源匮乏反而利润更高。
Research Summary D oes institutional endowment moderate the relationship between natural resource abundance and firm performance? Drawing from institution‐based theories ( IBT ), we examine the interactive effects of institutional endowment (as indicated by natural resource governance) on firm performance. We use 2013 data of 492 firms from 27 A frican countries and multilevel techniques to find significant interactions of institutional endowment. We discuss the theoretical and practical implications of these findings for management and organization scholarship. Managerial Summary T he purpose of this study is to examine the extent to which firm performance differs across countries in A frica as a function of institutional factors given natural resource abundance. We find that firm sales are higher in countries with strong institutions, strong enabling environments, and strong safeguards and quality controls when natural resource abundance is high. When natural resource abundance is low, firm sales and net profits are higher in countries with strong reporting practices, and profit margins are higher in countries with strong safeguards and quality controls.