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4 votes
Informal institutions require what type of "supporting pillar(s)?"

a. Normative and cognitive
b. Regulatory
c. Regulatory and normative
d. Normative

1 Answer

3 votes

I think the answer is A: normative and cognitive.

The normative pillar is about how the values, beliefs, and actions of other relevant players - collectively known as norms - influence the behavior of focal individuals and firms. And the cognitive pillar is composed by the internalized (or taken-for-granted) values and beliefs that guide individual and firm behavior.

User Pablo Castilla
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