This study contributes to the institutional perspective (IP) by exploring the organizational configurations that lead to high ROE in markets affected by institutional voids, such as those characterizing emerging economies. It looks at how the configurations that allow enterprises to achieve profitability change across different institutional contexts, thus taking into account the heterogeneity of emerging markets. This study extends the research agenda on the role of institutions on strategy and performance in emerging market through a multi-causal approach that allows uncovering multiple, non-exclusive mechanisms through which firms succeed in challenges business environments.