Formal rules refer to government regulations regarding foreign and domestic firms. In most modern emerging environments, formal rules ensure equal playing field for all companies, regardless of origin.

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Formal rules set by the government ensure that all companies operate under the same regulations, creating an equal playing field. Formal rules are put in place to prevent discrimination against any specific company, both domestic or foreign. The purpose is to provide a fair and equitable business environment for all companies operating within the jurisdiction.

Formal Rules Refer to Government Regulations Regarding Foreign and Domestic