This paper is aimed to analyze some of the institutional and cultural implications on internationalization analysis of multinational firms. The analysis begins questioning what the main institutional and cultural variables are considered in the involvement of internationalization of multinational firms. To answer this question, firstly it is reviewed the literature on internationalization of multinational firms based on institutional and cultural frameworks to find the main research tendencies. Secondly, these institutional and cultural variables are analyzed to integrate findings. Considering some findings of the reviewed literature on institutionalism and culture, this paper centers the analysis on the implications of intangible capital, learning and innovation on multinational firms. This paper also explores a more dynamic and multivariable approach to organizational culture to explain the complexities of multicultural distributed teams and contextual factors on performance of multinational firms. While doing so, the paper reviews the involvement of organizational culture in internationalization processes of multinational firms centered on strategic alliances and joint ventures and the creation of a third culture of management and leadership styles. Finally, it is discussed and concluded the need to design a better institutional and cultural balance among the development of a local-regional transformation, convergence and governance.