“…Factors that seem to manifest this lack of globalisation in the hospitality industry are manifold such as regulations, most markedly visa restrictions for travellers, labour legislation, local competition intensity, high human asset specificity, cultural distance, or legal enforcement (Ayoun & Moreo, 2008;Rugman & Verbeke, 2008;Aramberri, 2009;Martorell et al, 2013). All those factors are institutional in nature.…”