Micro perspective: Define institutional capital as the input that can create economic income, from the angle of corporate strategic management and acqusition of competitive adcantage.

The environmental factors and capabilities that embedded in the environment and support value-added activities.

Oliver, C. (1997), Smith, et al. (2008),

Lounsbury, M., Glynn, M. A. (2001),

Bresser, R., Millonig, K. (2003),

Reihlen, M. et al. (2010),

Yang, Z., Su, C. (2014),

Child, J., Marinova, S. (2014)

Formal or informal institutional arrangements or institutional structure of an economy.

Hall, P. A., Soskice, D. (2001),

Platje (2007, 2008, 2011),

Leitch, J. (2012)

A set of unique resources embedded in the institutional environment.

Lu, Y. et al. (2010)

Enterprises’ resources, knowledge and information that gained by taking advantage of networks.

Gao, Y. (2015)

Revenues obtained through corporate profit-sharing, taking institution as inputs.

Schultz, T. W. (1994), Picciotto, R. (1996),

Zhou, Y. M. (2003, 2013, 2014),

Yang, M. et al. (2013)

A collection of written or unwritten behavioral rules and social consensus built by organization or set up supported by the organization.

Lin, N. (2005),

Hoff, K. and Sen, A. (2005)

Macro perspective: Define institutional capital as superiority resulting from national economic institutions and political institutions.

National superiority or comparative institutional advantage obtained from certain economy.

Healey, P. (1998), Wolsink, H. (1999),

Brunell, L. (2005), Chen, Z. W. (2008), Schneider, M. R. (2010),

Lietaer, B., Hallsmith, G. (2011)