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Capital is not enough: opportunity entrepreneurship and formal institutions
Ist Teil von
Small business economics, 2019-10, Vol.53 (3), p.709-738
Ort / Verlag
New York: Springer Science + Business Media
Erscheinungsjahr
2019
Link zum Volltext
Quelle
Business Source Ultimate
Beschreibungen/Notizen
We examine how economic institutions, measured by the Economic Freedom of the World (EFW) index, affect the relationship between capital—human, social, and financial—and opportunity-motivated entrepreneurship (OME). To do this, we develop a multilevel model that connects theories of human and social capital at the micro-level to institutional theories at the macro-level. Using data from the Global Entrepreneurship Monitor (GEM), we then test the predictions of our model and find evidence that economic institutions play a crucial role in the relationship between these three distinct types of capital and OME. Our results are somewhat counter-intuitive—as the quality of the institutional environment improves, human and financial capitals become less important determinants of entrepreneurship while the relationship between social capital and entrepreneurship substantially strengthens.