Resumen: This research examines the role played by home and host country learning in the relationship between the speed of institutional change and subsidiary performance. We posit a negative relationship between the speed of institutional change in the host country and subsidiary performance. We also argue that this relationship is contingent on the institutional learning that parent multinationals (MNEs) have previously attained in other countries. By integrating the dynamic institution-based view and the organizational learning literature, our analysis highlights the key role that abilities and skills developed by MNEs to face rapid institutional changes have on the host countries in which they operate. We test our theoretical model using a sample of 342 subsidiaries from 68 MNEs operating in emerging and developed economies during 2001-2017. Idioma: Inglés DOI: 10.1002/gsj.1416 Año: 2022 Publicado en: Global strategy journal 12, 1 (2022), 163-195 ISSN: 2042-5791 Factor impacto JCR: 7.6 (2022) Categ. JCR: MANAGEMENT rank: 44 / 227 = 0.194 (2022) - Q1 - T1 Factor impacto CITESCORE: 12.3 - Business, Management and Accounting (Q1)