Institutional Determinants of Macro‐Level Entrepreneurship

27 Pages Posted: 11 Sep 2013

See all articles by Michael E. Valdez

Michael E. Valdez

Seton Hall University

James E. Richardson

University of Hawaii at Manoa Shidler College of Business

Date Written: September 2013

Abstract

This multicountry study empirically explores the institutional determinants of macro‐level entrepreneurship. Findings suggest that a society's normative, cultural‐cognitive, and regulative institutions are related to entrepreneurial activity. Normative and cultural‐cognitive institutions’ descriptive power in explaining entrepreneurial activity is higher than regulative institutions' or per capita gross domestic product. This suggests that differences in values, beliefs, and abilities may play a greater role than purely economic considerations of opportunity and transaction costs. Specific attention is given to opportunity‐ and necessity‐motivated entrepreneurship due to their relationship to economic development.

Suggested Citation

Valdez, Michael E. and Richardson, James E., Institutional Determinants of Macro‐Level Entrepreneurship (September 2013). Entrepreneurship Theory and Practice, Vol. 37, Issue 5, pp. 1149-1175, 2013, Available at SSRN: https://ssrn.com/abstract=2323923 or http://dx.doi.org/10.1111/etap.12000

Michael E. Valdez (Contact Author)

Seton Hall University ( email )

400 S Orange Avenue
South Orange, NJ 07079
United States

James E. Richardson

University of Hawaii at Manoa Shidler College of Business ( email )

2404 Maile Way
Honolulu, HI 96822
United States
808-956-7270 (Phone)

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