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Institutions, Finance and the Level of Development: the Impact on Entrepreneurship in Transition

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Author Info

  • Ruta Aidis

    (University College London, United Kingdom)

  • Saul Estrin

    (London School of Economics, United Kingdom)

  • Tomasz Mickiewicz

Abstract

We investigate the impact of institutions on entrepreneurial entry, based on a large cross-country sample, combining working age population data generated by the GEM project with macro level indicators. Our four key findings indicate that: (a) institutional obstacles to entrepreneurship have different impact in rich countries compared to poor countries; (b) institutional obstacles have a stronger impact on 'opportunity entrepreneurship' than on 'necessity entrepreneurship'; (c) two institutional indicators - property right protection and access to finance - appear to have a dominant impact on entrepreneurship; (d) institutions have a long term impact. More than ten years after the Soviet system imploded in Central and Eastern Europe, these countries still experience significantly lower levels of entrepreneurship than economies coming from different legal traditions.

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Bibliographic Info

Article provided by Università di Perugia in its journal Review of Economics and Institutions.

Volume (Year): 1 (2010)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:pia:review:v:1:y:2010:i:1:n:3

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Keywords: entrepreneurship; property rights; access to finance;

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Cited by:
  1. Richard Woodward & Elzbieta Wojnicka & Wojciech Pander, 2012. "Innovation Systes and Knowledge-Intensive Enterpreneurship: a Country Case Study of Poland," CASE Network Studies and Analyses 0446, CASE-Center for Social and Economic Research.

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