None

Institutional voids refer to situations where there are gaps or weaknesses in the formal and informal institutions that govern economic activity. These voids can have a significant impact on firm strategies, as they face challenges in terms of transaction costs, market power, and corruption. The literature on institutional voids is still emerging, but it has already provided valuable insights into how firms respond to these challenges.This review highlights the different types of institutional voids that firms may face, including those related to legal, political, and social institutions. It also discusses the various strategies that firms may adopt in response to these voids, such as investing in relations, using negotiations, or relying on external institutions.The review suggests that further research is needed to better understand how firms respond to institutional voids and the spillover effects of these responses. Additionally, it highlights the need for more research on how institutional voids impact firms and how firms can reduce transaction costs in these situations.Overall, this review provides a valuable overview of the emerging literature on institutional voids and their implications for firm strategies. It highlights the importance of further research in this area to better understand the complex interplay between institutions, transactions, and firm strategies.