“…Although there is a growing emphasis on 'soft' or informal institutions including social mores (Donges et al, 2021;Adhikari and Agrawal, 2016) and corporate culture (Sunder et al, 2017), the majority of studies continue to focus on formal economic and political institutions (Acemoglu and Robinson, 2012) including the development of finance and product markets (Moshirian et al, 2021), human resource endowments (Cinnirella and Streb, 2017;Anelli et al, 2020), government policies, regulations and laws, including industrial policy (Cheah and Ho, 2020), competition policy (Anderson et al, 2021), fiscal incentives (Mukherjee et al, 2017), trade policy (Akcigit et al, 2018), and, most notably, the protection of property rights in general and intellectual property rights (IPR) in particular. Indeed, the relationship between the strength of IPR systems and innovation outcomes remains controversial (Sweet and Eterovic, 2019;Woo et al, 2015;Neves et al, 2021). This issue is exacerbated by the reliance of most previous studies on indices (see, for example, Ginarte and Park (1997); Park (2008)) or empirical models employing count data variables such as laws and reforms relating to IPR systems (Allred and Park, 2007;Chen and Puttitanun, 2005;Kanwar and Evenson, 2003).…”