Skip to main content


This is a study of variations in trust relations according to institutional setting. A wide body of comparative institutional literature within economics and finance engages with trust. However, as most comparative institutional literature uses macro-level data and/or stylistic ideal types, it normally neglects intra-firm trust. This paper redresses this lacuna by using both macro-level data and comparative firm-level evidence. We found that both country trust and firm-level trust have a positive impact on performance, and that they act as substitutes for each other. Both employee rights and investor rights are negatively correlated with country trust.

Related Working Papers

Scroll to Top