“…In particular, studies investigated the local or regional level, which is considered the most proximate geographical area of the INVs (Spigel, 2013). Studies in this stream focused on how elements of a regional context, such as industries (e.g., Aoyama, 2009; Fritsch & Falck, 2007; Gherhes et al, 2020), clusters (e.g., Davidsson, 1995), embedded knowledge (e.g., Agarwal et al, 2010), culture (e.g., Aoyama, 2009; Arrak et al, 2020; George & Zahra, 2002; Kalisz et al, 2021; Sweeney, 1991) and tradition (e.g., De Massis et al, 2016; Messeni Petruzzelli et al, 2020; Messeni Petruzzelli & Savino, 2015) play a paramount role in the creation, emergence and survival of INVs. To highlight the combined effect of culture, industrial and business tradition, Aoyama (2009) introduced the concept of RL, which is the result of the combined effect of a region’s dominant business, industry practices and regional culture.…”