Entrepreneurship in Emerging Markets: Which Institutions Matter?
AbstractIn this paper we combine a wide range of country-level institutional indicators with survey data taken from the Global Enterprise Monitor on potential and actual entrepreneurial entry, to investigate the role of the institutions as determinants of the entrepreneurial entry, controlling for individual characteristics. We find that the two most robust institutional features that affect entry are: the size of the financial sector and the protection of property rights. In contrast, we find direct regulatory entry barriers to be insignificant. Interpreting these effects jointly, we argue that the entrepreneurs are forward-looking: in the sense that the business conditions under which they expect their firms to operate matter more than the initial bureaucratic obstacles they have to overcome at time of entry.
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Bibliographic InfoPaper provided by CENTRE FOR THE STUDY OF ECONOMIC AND SOCIAL CHANGE IN EUROPE,School of Slavonic and East European Studies,University College London (SSEES,UCL) in its series Working Papers with number 81 Key Words: entrepreneurship, property rights, access to finance.
Length: 53 pages
Date of creation: Sep 2007
Date of revision:
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- Saul Estrin & Tomasz Mickiewicz, 2012.
"Shadow Economy and Entrepreneurial Entry,"
Review of Development Economics,
Wiley Blackwell, vol. 16(4), pages 559-578, November.
- Silvia Ardagna & Annamaria Lusardi, 2009. "Where does regulation hurt? Evidence from new businesses across countries," NBER Working Papers 14747, National Bureau of Economic Research, Inc.
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