In this session, we will discuss how firms engage with institutional heterogeneity not merely as a constraint to be managed, but as a resource for strategic advantage. Moving beyond classic adaptation- and distance-based views, we will introduce mechanisms through which firms actively leverage, arbitrage, and shape institutional environments across countries. The session will also discuss how these ideas can be operationalized empirically, drawing on research settings such as global patenting, cross-border litigation, and innovation governance. The goal is to provide participants with clear conceptual and empirical frameworks for studying global strategy in a fragmented and constantly changing institutional landscape.