“…In terms of comparative institutional analysis, the Varieties of Capitalism approach and the broadly compatible Business Systems theory suggest that both formal institutions, including laws, regulations, and the strength of collective bargaining, and informal institutions, such as norms, conventions and other informal practices, can significantly vary in the ways organisations and market operate (Whitley, 1994). Although early work focused on broad societal differences, in recent years, considerable attention has been paid to the impact of these formal and informal institutions on HRM and employment relations, applying a longer term historical framework from the institutionalist perspective to explain how different HR practices are formed and develop over time (Wilkinson et al, 2014;Wilkinson & Wood, 2012;Wood & Bischoff, 2020). The HR strategies adopted by firms within a country would typically reflect the dominant norms and values of the managers and employees, as well as formative historical developments, and institutionalisation of, inter alia, labour market practices (Bond, 1996;Boxall & Purcell, 2000;Fields et al, 2006;Gooderham et al, 1999;Tregaskis, 1997).…”