The objective of this workshop is to discuss how formal institutions (contracts, incentives, authority) and informal institutions (norms, routines, political processes) interact and influence the governance of exchanges within and between firms. The joint analysis of formal and informal institutions has been embraced by scholars as a way to refine and improve existing theories of economic organization. We will highlight, in particular, three potential areas of research exploring the interplay between formal and informal institutions: first, whether formal institutions support (complement) or undermine (substitute for) the contributions of informal institutions; second, how vacillation in formal organizational modes allows managers to efficiently alter the trajectory of informal institutions; and third, how certain informal institutions influence the boundaries of the firm.