“…The macroeconomic data in our analysis came from the World Bank and the United Nations UniversityComparative Regional Integration Studies (UNU-CRIS, 2008). The Regional Institutional Diversity data came from the Business Environment Risk Intelligence (BERI) (e.g., Ali, 2003;Chong & Zanforlin, 2000;Knack & Keefer, 1995) We then proceeded by selecting the sample of firms based in the Triad nations. To ensure the firms were sufficiently independent to determine their own strategy, we excluded firms in which another entity held more than 25% ownership, as provided by OSIRIS (Bartram, Brown, How, & Verhoeven, 2007;Chen, 2007).…”