Institutions and entrepreneurship in the economic crisis

Since the 1980s, the importance of entrepreneurial activity to economic and social development in all countries and regions around the world has increased. Not surprisingly, high expectations are placed by economic agents and governments on entrepreneurship as one of the key elements to fighting the...

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2011
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Universidad de Medellín
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Repositorio UDEM
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eng
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oai:repository.udem.edu.co:11407/6179
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http://hdl.handle.net/11407/6179
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id REPOUDEM2_b56304a3e72ffdfe20412da23b4da431
oai_identifier_str oai:repository.udem.edu.co:11407/6179
network_acronym_str REPOUDEM2
network_name_str Repositorio UDEM
repository_id_str
dc.title.none.fl_str_mv Institutions and entrepreneurship in the economic crisis
title Institutions and entrepreneurship in the economic crisis
spellingShingle Institutions and entrepreneurship in the economic crisis
title_short Institutions and entrepreneurship in the economic crisis
title_full Institutions and entrepreneurship in the economic crisis
title_fullStr Institutions and entrepreneurship in the economic crisis
title_full_unstemmed Institutions and entrepreneurship in the economic crisis
title_sort Institutions and entrepreneurship in the economic crisis
description Since the 1980s, the importance of entrepreneurial activity to economic and social development in all countries and regions around the world has increased. Not surprisingly, high expectations are placed by economic agents and governments on entrepreneurship as one of the key elements to fighting the global economic crisis. The objective of this chapter is to analyze the influence of institutions on entrepreneurship, evaluating the impact of the economic crisis on that relationship. Thus, by panel data models, we show the impact of formal and informal institutions on the rate of entrepreneurship in two different scenarios: before the economic crisis (2006-2007) and during the crisis (2008-2009). In general terms, the results of the study indicate that informal institutions are more important than formal institutions for the promotion of entrepreneurship and that the impact of these institutions on entrepreneurship is more relevant during the crisis. Also, the findings indicate that the economic crisis has a positive impact on entrepreneurial activity, but that this impact is higher in countries with a lower income. This could be very useful for the design of governmental policies and strategies to help overcome the economic crisis. © 2011 Nova Science Publishers, Inc. All rights reserved.
publishDate 2011
dc.date.accessioned.none.fl_str_mv 2021-02-05T15:00:28Z
dc.date.available.none.fl_str_mv 2021-02-05T15:00:28Z
dc.date.none.fl_str_mv 2011
dc.type.eng.fl_str_mv Book Chapter
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dc.identifier.isbn.none.fl_str_mv 9781612094922; 9781617619984
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/11407/6179
identifier_str_mv 9781612094922; 9781617619984
url http://hdl.handle.net/11407/6179
dc.language.iso.none.fl_str_mv eng
language eng
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dc.relation.citationvolume.none.fl_str_mv 1
dc.relation.citationstartpage.none.fl_str_mv 117
dc.relation.citationendpage.none.fl_str_mv 134
dc.relation.references.none.fl_str_mv Aidis, R., Estrin, S., Mickiewicz, T., Institutions and entrepreneurship development in Russia: a comparative perspective (2008) Journal of Business Venturing, 23 (6), pp. 656-672
Aldrich, H.E., Zimmer, C., (1986) Entrepreneurship through social networks., , In D. L. Sexton and Smilor (Eds.), The Art and Science of Entrepreneurship (3-23). New York: Ballinger
Arenius, P., Minniti, M., Perceptual variables and nascent entrepreneurship (2005) Small Business Economics, 24 (3), pp. 233-247
Berger, B., (1991) The Culture of Entrepreneurship., , San Francisco: ICS Press
Birch, D., (1979) The Job Generation Process., , Cambridge: Cambridge Mass
Blanchflower, D.G., Oswald, A.J., What makes an entrepreneur? (1998) Journal of Labor Economics, 16 (1), pp. 26-60
Brockhaus, R.H., The effect of job dissatisfaction on the decision to start a business (1980) Journal of Small Business Management, 18 (1), pp. 37-43
Busenitz, L.W., Gomez, C., Spencer, J.W., Country institutional profiles: Unlocking entrepreneurial phenomena (2000) Academy of Management Journal, 43 (5), pp. 994-1003
Carree, M., Van Stel, A., Thurik, R., Wennekers, S., The relationship between economic development and business ownership revisited (2007) Entrepreneurship and Regional Development, 19, pp. 281-291
Carree, M., Thurik, R., (2003) The impact of Entrepreneurship on Economic Growth., pp. 437-471. , D.B. Audretsch and Z.J. Acs (Eds.), Handbook of entrepreneurship research, Boston/Dordrecht: Kluwer Academic Publishers
Carroll, G., Mosakowski, E., The career dynamics of selfemployment (1987) Administrative Science Quarterly, 32, pp. 570-589
Collins, O.F., Moore, D.G., Unwalla, D.B., (1964) The Enterprising Man., , East Lansing, USA: Bureau of Business and Economic Research, Michigan State University
Davidsson, P., Continued entrepreneurship: Ability, need, and opportunity as determinants of small firm growth (1991) Journal of Business Venturing, 6 (6), pp. 405-429
Djankov, S., La Porta, R., Lopez-De-Silanes, F., Shleifer, A., The regulation of entry (2002) Quarterly Journal of Economics, 117 (1), pp. 1-37
Evans, D.S., Jovanovic, B., An estimated model of entrepreneurial choice under liquidity constraints (1989) Journal of Political Economy, 97 (4), pp. 808-827
Evans, D.S., Leighton, L.S., Some empirical aspects of entrepreneurship (1989) American Economic Review, 79 (3), pp. 519-535
Gilad, B., Levine, P., A behavioral model of entrepreneurial supply (1986) Journal of Small Business Management, 24 (4), pp. 44-53
Gnyawali, D.R., Fogel, D.S., Environments for entrepreneurship development: Key dimensions and research implications (1994) Entrepreneurship: Theory and Practice, 18 (4), pp. 43-62
Gunther, R., MacMillan, I.C., An exploratory analysis of cultural differences between entrepreneurs and non-entrepreneurs (1992) Journal of Business Venturing, 7, pp. 115-135
Kihlstrom, R.E., Laffont, J.J., A general equilibrium theory of firm formations based on risk aversion (1979) Journal of Political Economy, 87 (4), pp. 719-748
Kolvereid, L., Prediction of employment status choice intentions (1996) Entrepreneurship Theory and Practice, 21, pp. 47-57
Krueger, N.F., The impact of prior entrepreneurial exposure on perceptions of new venture feasibility and desirability (1993) Entrepreneurship Theory and Practice, 18 (1), pp. 5-21
Krueger, N.F., The cognitive infrastructure of opportunity emergence (2000) Entrepreneurship Theory and Practice, 24, pp. 5-23
Krueger, N.F., Brazeal, D., Entrepreneurial potential and potential entrepreneurs (1994) Entrepreneurship Theory and Practice, 18 (3), pp. 91-104
Manolova, T.S., Eunni, R.V., Gyoshev, B.S., Institutional environments for entrepreneurship: Evidence from emerging economies in Eastern Europe (2008) Entrepreneurship: Theory and Practice, 32 (1), pp. 203-218
Matthews, C.H., Moser, S.B., Family background and gender:implications for interest in small firm ownership (1995) Entrepreneurship and Regional Development, 7, pp. 365-377
Minniti, M., Nardone, C., Being in someone else`s shoes: The role of gender in nascent entrepreneurs (2007) Small Business Economics, 28, pp. 223-238
Mueller, S., Thomas, A., Entrepreneurial potential: A nine country study of locus of control and innovativeness (2000) Journal of Business Venturing, 16, pp. 51-75
North, D.C., (1990) Institutions, institutional change and economic performance., , Cambridge: Cambridge University Press
North, D.C., (2005) Understanding the process of economic change., , Princeton: Princeton University Press
Parker, S.C., (2004) The economics of self-employment and entrepreneurship., , United Kingdom: Cambridge University Press
Reynolds, P., Bygrave, W., Autio, E., Cox, L., Hay, M., (2002) Global Entrepreneurship Monitor., , 2002 Executive Report. GEM
Scherer, R., Adams, J., Carley, S., Wiebe, F., Role model performance effects on development of entrepreneurial career preferences (1989) Entrepreneurship Theory and Practice, 13, pp. 53-71
Scott, M., Twomey, D., The long-term supply of entrepreneurs:students' career aspirations in relation to entrepreneurship (1988) Journal of Small Business Management, 26 (4), pp. 5-13
Shapero, A., (1975) The displaced, uncomfortable entrepreneur., pp. 83-88. , Psychology Today
Shapero, A., Sokol, L., (1982) The social dimensions of entrepreneurship., pp. 72-90. , In C.A. Kent, D.L. Sexton, and K.H. Vesper (Eds.), Encyclopedia of entrepreneurship, Englewood Cliffs. NJ: Prentice-Hall
Stephen, F., Urbano, D., Van Hemmen, S., The responsiveness of entrepreneurs to working time regulations (2009) Small Business Economics, 32, pp. 259-276
Steyaert, C., Katz, J., Reclaiming the space of entrepreneurship in society: geographical, discursive and social dimensions (2004) Entrepreneurship and Regional Development, 16 (3), pp. 179-196
Storey, J., Employment (1994) Understanding the small business sector, pp. 160-203. , D.J. Storey (Ed), London: Routledge
Thomas, A.S., Mueller, S.L., A case for comparative entrepreneurship: Assessing the relevance of culture (2000) Journal of International Business Studies, 31 (2), pp. 287-301
(2009) Conference on the World Financial and Economic Crisis and its Impact on Development, , (Outcome Document, Draft) June
Van Auken, H., Fry, F.L., Stephens, P., The influence of role models on entrepreneurial intentions (2006) Journal of Developmental Entrepreneurship, 11, pp. 157-167
Van Gelderen, M., Thurik, R., Bosma, N., Success and risk factors in the pre-startup phase (2006) Small Business Economics, 26 (4), pp. 319-335
Van Stel, A., Carree, M., Thurik, R., The effect of entrepreneurial activity on national economic growth (2005) Small Business Economics, 24, pp. 311-321
Van Stel, A., Storey, D.J., Thurik, R., The effect of business regulations on nascent and young business Entrepreneurship (2007) Small Business Economics, 28, pp. 171-186
Vinogradov, E., Kolvereid, L., Cultural background, human capital and self-employment rates among immigrants in Norway (2007) Entrepreneurship and Regional Development, 19 (4), pp. 359-376
Weber, E.U., Milliman, R.A., Perceived risk attitudes: Relating risk perception to risk choice (1997) Management Science, 43 (2), pp. 123-144
Welter, F., Entrepreneurial behavior in differing environments (2005) Local Heroes in the Global Village Globalization and the New Entrepreneurship Policies, pp. 93-112. , D. B. Audretsch, H. Grimm and C. W. Wessner (Eds.), International Studies in Entrepreneurship. New York: Springer
Wennekers, S., Thurik, R., Linking entrepreneurship and economic growth (1999) Small Business Economics, 13, pp. 27-55
Wennekers, S., Van Wennekers, A., Thurik, R., Reynolds, P., Nascent entrepreneurship and the level of economic development (2005) Small Business Economics, 24 (3), pp. 293-309
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_16ec
rights_invalid_str_mv http://purl.org/coar/access_right/c_16ec
dc.publisher.none.fl_str_mv Nova Science Publishers, Inc.
dc.publisher.program.spa.fl_str_mv Administración de Empresas
dc.publisher.faculty.spa.fl_str_mv Facultad de Ciencias Económicas y Administrativas
publisher.none.fl_str_mv Nova Science Publishers, Inc.
dc.source.none.fl_str_mv Advances in Business and Management
institution Universidad de Medellín
repository.name.fl_str_mv Repositorio Institucional Universidad de Medellin
repository.mail.fl_str_mv repositorio@udem.edu.co
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spelling 20112021-02-05T15:00:28Z2021-02-05T15:00:28Z9781612094922; 9781617619984http://hdl.handle.net/11407/6179Since the 1980s, the importance of entrepreneurial activity to economic and social development in all countries and regions around the world has increased. Not surprisingly, high expectations are placed by economic agents and governments on entrepreneurship as one of the key elements to fighting the global economic crisis. The objective of this chapter is to analyze the influence of institutions on entrepreneurship, evaluating the impact of the economic crisis on that relationship. Thus, by panel data models, we show the impact of formal and informal institutions on the rate of entrepreneurship in two different scenarios: before the economic crisis (2006-2007) and during the crisis (2008-2009). In general terms, the results of the study indicate that informal institutions are more important than formal institutions for the promotion of entrepreneurship and that the impact of these institutions on entrepreneurship is more relevant during the crisis. Also, the findings indicate that the economic crisis has a positive impact on entrepreneurial activity, but that this impact is higher in countries with a lower income. This could be very useful for the design of governmental policies and strategies to help overcome the economic crisis. © 2011 Nova Science Publishers, Inc. All rights reserved.engNova Science Publishers, Inc.Administración de EmpresasFacultad de Ciencias Económicas y Administrativashttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85027863252&partnerID=40&md5=d6ef538f1af5902869883c77a3e0d3101117134Aidis, R., Estrin, S., Mickiewicz, T., Institutions and entrepreneurship development in Russia: a comparative perspective (2008) Journal of Business Venturing, 23 (6), pp. 656-672Aldrich, H.E., Zimmer, C., (1986) Entrepreneurship through social networks., , In D. L. Sexton and Smilor (Eds.), The Art and Science of Entrepreneurship (3-23). New York: BallingerArenius, P., Minniti, M., Perceptual variables and nascent entrepreneurship (2005) Small Business Economics, 24 (3), pp. 233-247Berger, B., (1991) The Culture of Entrepreneurship., , San Francisco: ICS PressBirch, D., (1979) The Job Generation Process., , Cambridge: Cambridge MassBlanchflower, D.G., Oswald, A.J., What makes an entrepreneur? (1998) Journal of Labor Economics, 16 (1), pp. 26-60Brockhaus, R.H., The effect of job dissatisfaction on the decision to start a business (1980) Journal of Small Business Management, 18 (1), pp. 37-43Busenitz, L.W., Gomez, C., Spencer, J.W., Country institutional profiles: Unlocking entrepreneurial phenomena (2000) Academy of Management Journal, 43 (5), pp. 994-1003Carree, M., Van Stel, A., Thurik, R., Wennekers, S., The relationship between economic development and business ownership revisited (2007) Entrepreneurship and Regional Development, 19, pp. 281-291Carree, M., Thurik, R., (2003) The impact of Entrepreneurship on Economic Growth., pp. 437-471. , D.B. Audretsch and Z.J. Acs (Eds.), Handbook of entrepreneurship research, Boston/Dordrecht: Kluwer Academic PublishersCarroll, G., Mosakowski, E., The career dynamics of selfemployment (1987) Administrative Science Quarterly, 32, pp. 570-589Collins, O.F., Moore, D.G., Unwalla, D.B., (1964) The Enterprising Man., , East Lansing, USA: Bureau of Business and Economic Research, Michigan State UniversityDavidsson, P., Continued entrepreneurship: Ability, need, and opportunity as determinants of small firm growth (1991) Journal of Business Venturing, 6 (6), pp. 405-429Djankov, S., La Porta, R., Lopez-De-Silanes, F., Shleifer, A., The regulation of entry (2002) Quarterly Journal of Economics, 117 (1), pp. 1-37Evans, D.S., Jovanovic, B., An estimated model of entrepreneurial choice under liquidity constraints (1989) Journal of Political Economy, 97 (4), pp. 808-827Evans, D.S., Leighton, L.S., Some empirical aspects of entrepreneurship (1989) American Economic Review, 79 (3), pp. 519-535Gilad, B., Levine, P., A behavioral model of entrepreneurial supply (1986) Journal of Small Business Management, 24 (4), pp. 44-53Gnyawali, D.R., Fogel, D.S., Environments for entrepreneurship development: Key dimensions and research implications (1994) Entrepreneurship: Theory and Practice, 18 (4), pp. 43-62Gunther, R., MacMillan, I.C., An exploratory analysis of cultural differences between entrepreneurs and non-entrepreneurs (1992) Journal of Business Venturing, 7, pp. 115-135Kihlstrom, R.E., Laffont, J.J., A general equilibrium theory of firm formations based on risk aversion (1979) Journal of Political Economy, 87 (4), pp. 719-748Kolvereid, L., Prediction of employment status choice intentions (1996) Entrepreneurship Theory and Practice, 21, pp. 47-57Krueger, N.F., The impact of prior entrepreneurial exposure on perceptions of new venture feasibility and desirability (1993) Entrepreneurship Theory and Practice, 18 (1), pp. 5-21Krueger, N.F., The cognitive infrastructure of opportunity emergence (2000) Entrepreneurship Theory and Practice, 24, pp. 5-23Krueger, N.F., Brazeal, D., Entrepreneurial potential and potential entrepreneurs (1994) Entrepreneurship Theory and Practice, 18 (3), pp. 91-104Manolova, T.S., Eunni, R.V., Gyoshev, B.S., Institutional environments for entrepreneurship: Evidence from emerging economies in Eastern Europe (2008) Entrepreneurship: Theory and Practice, 32 (1), pp. 203-218Matthews, C.H., Moser, S.B., Family background and gender:implications for interest in small firm ownership (1995) Entrepreneurship and Regional Development, 7, pp. 365-377Minniti, M., Nardone, C., Being in someone else`s shoes: The role of gender in nascent entrepreneurs (2007) Small Business Economics, 28, pp. 223-238Mueller, S., Thomas, A., Entrepreneurial potential: A nine country study of locus of control and innovativeness (2000) Journal of Business Venturing, 16, pp. 51-75North, D.C., (1990) Institutions, institutional change and economic performance., , Cambridge: Cambridge University PressNorth, D.C., (2005) Understanding the process of economic change., , Princeton: Princeton University PressParker, S.C., (2004) The economics of self-employment and entrepreneurship., , United Kingdom: Cambridge University PressReynolds, P., Bygrave, W., Autio, E., Cox, L., Hay, M., (2002) Global Entrepreneurship Monitor., , 2002 Executive Report. GEMScherer, R., Adams, J., Carley, S., Wiebe, F., Role model performance effects on development of entrepreneurial career preferences (1989) Entrepreneurship Theory and Practice, 13, pp. 53-71Scott, M., Twomey, D., The long-term supply of entrepreneurs:students' career aspirations in relation to entrepreneurship (1988) Journal of Small Business Management, 26 (4), pp. 5-13Shapero, A., (1975) The displaced, uncomfortable entrepreneur., pp. 83-88. , Psychology TodayShapero, A., Sokol, L., (1982) The social dimensions of entrepreneurship., pp. 72-90. , In C.A. Kent, D.L. Sexton, and K.H. Vesper (Eds.), Encyclopedia of entrepreneurship, Englewood Cliffs. NJ: Prentice-HallStephen, F., Urbano, D., Van Hemmen, S., The responsiveness of entrepreneurs to working time regulations (2009) Small Business Economics, 32, pp. 259-276Steyaert, C., Katz, J., Reclaiming the space of entrepreneurship in society: geographical, discursive and social dimensions (2004) Entrepreneurship and Regional Development, 16 (3), pp. 179-196Storey, J., Employment (1994) Understanding the small business sector, pp. 160-203. , D.J. Storey (Ed), London: RoutledgeThomas, A.S., Mueller, S.L., A case for comparative entrepreneurship: Assessing the relevance of culture (2000) Journal of International Business Studies, 31 (2), pp. 287-301(2009) Conference on the World Financial and Economic Crisis and its Impact on Development, , (Outcome Document, Draft) JuneVan Auken, H., Fry, F.L., Stephens, P., The influence of role models on entrepreneurial intentions (2006) Journal of Developmental Entrepreneurship, 11, pp. 157-167Van Gelderen, M., Thurik, R., Bosma, N., Success and risk factors in the pre-startup phase (2006) Small Business Economics, 26 (4), pp. 319-335Van Stel, A., Carree, M., Thurik, R., The effect of entrepreneurial activity on national economic growth (2005) Small Business Economics, 24, pp. 311-321Van Stel, A., Storey, D.J., Thurik, R., The effect of business regulations on nascent and young business Entrepreneurship (2007) Small Business Economics, 28, pp. 171-186Vinogradov, E., Kolvereid, L., Cultural background, human capital and self-employment rates among immigrants in Norway (2007) Entrepreneurship and Regional Development, 19 (4), pp. 359-376Weber, E.U., Milliman, R.A., Perceived risk attitudes: Relating risk perception to risk choice (1997) Management Science, 43 (2), pp. 123-144Welter, F., Entrepreneurial behavior in differing environments (2005) Local Heroes in the Global Village Globalization and the New Entrepreneurship Policies, pp. 93-112. , D. B. Audretsch, H. Grimm and C. W. Wessner (Eds.), International Studies in Entrepreneurship. New York: SpringerWennekers, S., Thurik, R., Linking entrepreneurship and economic growth (1999) Small Business Economics, 13, pp. 27-55Wennekers, S., Van Wennekers, A., Thurik, R., Reynolds, P., Nascent entrepreneurship and the level of economic development (2005) Small Business Economics, 24 (3), pp. 293-309Advances in Business and ManagementInstitutions and entrepreneurship in the economic crisisBook Chapterinfo:eu-repo/semantics/bookPartinfo:eu-repo/semantics/articlehttp://purl.org/coar/resource_type/c_3248http://purl.org/coar/resource_type/c_2df8fbb1Alvarez, C., Faculty of Economics and Management, University of Medellin, ColombiaUrbano, D., Faculty of Economics and Management, University of Medellin, Colombia, Business Economics Department, Autonomous University of Barcelona, Spainhttp://purl.org/coar/access_right/c_16ecAlvarez C.Urbano D.11407/6179oai:repository.udem.edu.co:11407/61792021-02-05 10:00:28.499Repositorio Institucional Universidad de Medellinrepositorio@udem.edu.co

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