... Although there is still an ongoing debate around the precise meaning of institution, the author defines it as constraints that structure political, economic, and social interaction, consisting of formal rules and informal constraints. Therefore, to gauge the institutional conditions in a country, researchers have been using these three types of institutions, namely: (i) political institutions, such as corruption (e.g., Mauro, 1995;Iqbal and Daly, 2014), political instability (e.g., Campos et al., 2012;, and democracy (e.g., Acemoglu et al., 2001; Mathonnat and Minea, 2019); (ii) economic institutions, such as property rights (e.g., Pereira and Luiz, 2020), and contract-intensive money (e.g., Clague et al., 1999); and, (iii) social institutions, such as culture, customs, and religion (e.g., Bernardelli and Michellon, 2018). ...