IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v180y2022ics0040162522002608.html
   My bibliography  Save this article

Institutional entrepreneurial orientation: Beyond setting the rules of the game for blockchain technology

Author

Listed:
  • Cowden, Birton
  • Tang, Jintong

Abstract

Regulations keep evolving on currency-based blockchain technology, making it difficult for entrepreneurs within this realm to find a home. Going beyond temporal regulations and traditional metrics to help entrepreneurs evaluate formal institutional environments, we apply and extend the theoretical framework of entrepreneurial orientation (EO) to the institutional level (termed institutional EO) to index an institution's innovativeness, proactiveness, and risk-taking towards blockchain technology. Evaluating a country's institutional EO allows entrepreneurs to understand how embedded the institution is within a certain technology (in this case blockchain technology), which in turn, signals to entrepreneurs longer-term havens in which to locate to develop and commercialize the technology.

Suggested Citation

  • Cowden, Birton & Tang, Jintong, 2022. "Institutional entrepreneurial orientation: Beyond setting the rules of the game for blockchain technology," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    • Handle: RePEc:eee:tefoso:v:180:y:2022:i:c:s0040162522002608
    DOI: 10.1016/j.techfore.2022.121734
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162522002608
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2022.121734?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Horn, Sebastian & Reinhart, Carmen M. & Trebesch, Christoph, 2021. "China's overseas lending," Journal of International Economics, Elsevier, vol. 133(C).
    2. Chang, Victor & Baudier, Patricia & Zhang, Hui & Xu, Qianwen & Zhang, Jingqi & Arami, Mitra, 2020. "How Blockchain can impact financial services – The overview, challenges and recommendations from expert interviewees," Technological Forecasting and Social Change, Elsevier, vol. 158(C).
    3. Marcus M. Keupp & Angela Beckenbauer & Oliver Gassmann, 2010. "Enforcing Intellectual Property Rights in Weak Appropriability Regimes," Management International Review, Springer, vol. 50(1), pages 109-130, February.
    4. Dorothee Hillrichs & Gonzague Vannoorenberghe, 2021. "Recovering Within-Country Inequality From Trade Data," LIDAM Discussion Papers IRES 2021014, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    5. Stephens, Bryan & Butler, John Sibley & Garg, Rajiv & Gibson, David V., 2019. "Austin, Boston, Silicon Valley, and New York: Case studies in the location choices of entrepreneurs in maintaining the Technopolis," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 267-280.
    6. Franklin Allen & Xian Gu, 2021. "Shadow banking in China compared to other countries," Manchester School, University of Manchester, vol. 89(5), pages 407-419, September.
    7. Cooke, Philip & Gomez Uranga, Mikel & Etxebarria, Goio, 1997. "Regional innovation systems: Institutional and organisational dimensions," Research Policy, Elsevier, vol. 26(4-5), pages 475-491, December.
    8. Yeh, Ching-Chiang & Chen, Yi-Fan, 2018. "Critical success factors for adoption of 3D printing," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 209-216.
    9. ., 2021. "Prelude to Chinas leapfrog gambit," Chapters, in: The Global Rise of the Modern Plug-In Electric Vehicle, chapter 6, pages 182-211, Edward Elgar Publishing.
    10. ., 2021. "Understanding Chinas low-carbon transitions in theory," Chapters, in: Le-Yin Zhang (ed.), Conducting and Financing Low-carbon Transitions in China, chapter 2, pages 11-36, Edward Elgar Publishing.
    11. Meindl, Benjamin & Ayala, Néstor Fabián & Mendonça, Joana & Frank, Alejandro G., 2021. "The four smarts of Industry 4.0: Evolution of ten years of research and future perspectives," Technological Forecasting and Social Change, Elsevier, vol. 168(C).
    12. Lumpkin, G. T. & Dess, Gregory G., 2001. "Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle," Journal of Business Venturing, Elsevier, vol. 16(5), pages 429-451, September.
    13. Akyildirim, Erdinç & Corbet, Shaen & Cumming, Douglas & Lucey, Brian & Sensoy, Ahmet, 2020. "Riding the Wave of Crypto-Exuberance: The Potential Misusage of Corporate Blockchain Announcements," Technological Forecasting and Social Change, Elsevier, vol. 159(C).
    14. Antonio Andrés & Simplice Asongu & Voxi Amavilah, 2015. "The Impact of Formal Institutions on Knowledge Economy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 6(4), pages 1034-1062, December.
    15. Tang, Jintong & Yang, Jun & Ye, Wenping & Khan, Shaji A., 2021. "Now is the time: The effects of linguistic time reference and national time orientation on innovative new ventures," Journal of Business Venturing, Elsevier, vol. 36(5).
    16. Mike W Peng & Denis Y L Wang & Yi Jiang, 2008. "An institution-based view of international business strategy: a focus on emerging economies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(5), pages 920-936, July.
    17. Elia, Gianluca & Margherita, Alessandro & Passiante, Giuseppina, 2020. "Digital entrepreneurship ecosystem: How digital technologies and collective intelligence are reshaping the entrepreneurial process," Technological Forecasting and Social Change, Elsevier, vol. 150(C).
    18. William Wales & Erik Monsen & Alexander McKelvie, 2011. "The Organizational Pervasiveness of Entrepreneurial Orientation," Entrepreneurship Theory and Practice, , vol. 35(5), pages 895-923, September.
    19. Adomako, Samuel, 2021. "Resource-induced coping heuristics and entrepreneurial orientation in dynamic environments," Journal of Business Research, Elsevier, vol. 122(C), pages 477-487.
    20. Daron Acemoglu & James Robinson, 2010. "The Role of Institutions in Growth and Development," Review of Economics and Institutions, Università di Perugia, vol. 1(2).
    21. Lori L. Taylor, 2000. "The evidence on government competition," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q2, pages 2-10.
    22. Maresch, Daniela & Gartner, Johannes, 2020. "Make disruptive technological change happen - The case of additive manufacturing," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    23. Wiklund, Johan & Shepherd, Dean, 2005. "Entrepreneurial orientation and small business performance: a configurational approach," Journal of Business Venturing, Elsevier, vol. 20(1), pages 71-91, January.
    24. Jeffrey G. Covin & Danny Miller, 2014. "International Entrepreneurial Orientation: Conceptual Considerations, Research Themes, Measurement Issues, and Future Research Directions," Entrepreneurship Theory and Practice, , vol. 38(1), pages 11-44, January.
    25. Jeffrey G. Covin & Dennis P. Slevin, 1991. "A Conceptual Model of Entrepreneurship as Firm Behavior," Entrepreneurship Theory and Practice, , vol. 16(1), pages 7-26, October.
    26. Lee, Seung-Hyun & Yamakawa, Yasuhiro & Peng, Mike W. & Barney, Jay B., 2011. "How do bankruptcy laws affect entrepreneurship development around the world?," Journal of Business Venturing, Elsevier, vol. 26(5), pages 505-520, September.
    27. -, 2021. "United States economic outlook: Third quarter of 2021," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 47636, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    28. Homin Chen & Tain-Jy Chen, 1998. "Network Linkages and Location Choice in Foreign Direct Investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(3), pages 445-467, September.
    29. Pereira, Joana & Tavalaei, M. Mahdi & Ozalp, Hakan, 2019. "Blockchain-based platforms: Decentralized infrastructures and its boundary conditions," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 94-102.
    30. -, 2021. "United States economic outlook: First half of 2021," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 47276, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    31. Metallo, Concetta & Agrifoglio, Rocco & Schiavone, Francesco & Mueller, Jens, 2018. "Understanding business model in the Internet of Things industry," Technological Forecasting and Social Change, Elsevier, vol. 136(C), pages 298-306.
    32. Lauren & Ashton M Verdery & Rachel Margolis & Léa Pessin, 2021. "Measuring Older Adult Loneliness Across Countries," The Journals of Gerontology: Series B, The Gerontological Society of America, vol. 76(7), pages 1408-1414.
    33. Marvin B. Lieberman & David B. Montgomery, 1988. "First‐mover advantages," Strategic Management Journal, Wiley Blackwell, vol. 9(S1), pages 41-58, June.
    34. Büchi, Giacomo & Cugno, Monica & Castagnoli, Rebecca, 2020. "Smart factory performance and Industry 4.0," Technological Forecasting and Social Change, Elsevier, vol. 150(C).
    35. Danny Miller, 1983. "The Correlates of Entrepreneurship in Three Types of Firms," Management Science, INFORMS, vol. 29(7), pages 770-791, July.
    36. Umar, Muhammad & Rizvi, Syed Kumail Abbas & Naqvi, Bushra, 2021. "Dance with the devil? The nexus of fourth industrial revolution, technological financial products and volatility spillovers in global financial system," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    37. Igor Makarov & Antoinette Schoar, 2021. "Blockchain Analysis of the Bitcoin Market," NBER Working Papers 29396, National Bureau of Economic Research, Inc.
    38. Jintong Tang & Zhi Tang & Birton J. Cowden, 2017. "Exploring the Relationship between Entrepreneurial Orientation, CEO Dual Values, and SME Performance in State–Owned vs. Nonstate–Owned Enterprises in China," Entrepreneurship Theory and Practice, , vol. 41(6), pages 883-908, November.
    39. Goel, A. & Vohra, Neharika & Zhang Liyan & Arora, Bhupinder, 2007. "Attitudes of the Youth towards Entrepreneurs and Entrepreneurship: A Cross-cultural Comparison of India and China," IIMA Working Papers WP2007-01-06, Indian Institute of Management Ahmedabad, Research and Publication Department.
    40. Adedoyin, Festus Fatai & Bekun, Festus Victor & Driha, Oana M. & Balsalobre-Lorente, Daniel, 2020. "The effects of air transportation, energy, ICT and FDI on economic growth in the industry 4.0 era: Evidence from the United States," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    41. Bindseil, Ulrich & Panetta, Fabio & Terol, Ignacio, 2021. "Central Bank Digital Currency: functional scope, pricing and controls," Occasional Paper Series 286, European Central Bank.
    42. Kimani, Danson & Adams, Kweku & Attah-Boakye, Rexford & Ullah, Subhan & Frecknall-Hughes, Jane & Kim, Ja, 2020. "Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    43. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2010. "The worldwide governance indicators : methodology and analytical issues," Policy Research Working Paper Series 5430, The World Bank.
    44. Jeffrey G. Covin & Dennis P. Slevin, 1989. "Strategic management of small firms in hostile and benign environments," Strategic Management Journal, Wiley Blackwell, vol. 10(1), pages 75-87, January.
    45. Farzana Chowdhury & David B. Audretsch & Maksim Belitski, 2019. "Institutions and Entrepreneurship Quality," Entrepreneurship Theory and Practice, , vol. 43(1), pages 51-81, January.
    46. Zoltan Acs & Sameeksha Desai & Jolanda Hessels, 2008. "Entrepreneurship, economic development and institutions," Small Business Economics, Springer, vol. 31(3), pages 219-234, October.
    47. Sung, Tae Kyung, 2018. "Industry 4.0: A Korea perspective," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 40-45.
    48. Jeffrey G. Covin & Dennis P. Slevin, 1988. "The Influence Of Organization Structure On The Utility Of An Entrepreneurial Top Management Style," Journal of Management Studies, Wiley Blackwell, vol. 25(3), pages 217-234, May.
    49. John A. Pearce II & David A. Fritz & Peter S. Davis, 2010. "Entrepreneurial Orientation and the Performance of Religious Congregations as Predicted by Rational Choice Theory," Entrepreneurship Theory and Practice, , vol. 34(1), pages 219-248, January.
    50. Tobias Kollmann & Julia Christofor & Andreas Kuckertz, 2007. "Explaining individual entrepreneurial orientation: conceptualisation of a cross-cultural research framework," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 4(3), pages 325-340.
    51. Ahluwalia, Saurabh & Mahto, Raj V. & Guerrero, Maribel, 2020. "Blockchain technology and startup financing: A transaction cost economics perspective," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
    52. Covin, Jeffrey G. & Rigtering, J.P. Coen & Hughes, Mathew & Kraus, Sascha & Cheng, Cheng-Feng & Bouncken, Ricarda B., 2020. "Individual and team entrepreneurial orientation: Scale development and configurations for success," Journal of Business Research, Elsevier, vol. 112(C), pages 1-12.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chung, Kenneth Hsien Yung & Li, Dan & Adriaens, Peter, 2023. "Technology-enabled financing of sustainable infrastructure: A case for blockchains and decentralized oracle networks," Technological Forecasting and Social Change, Elsevier, vol. 187(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gabriel Linton, 2019. "Innovativeness, risk-taking, and proactiveness in startups: a case study and conceptual development," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 9(1), pages 1-21, December.
    2. Wales, William J. & Kraus, Sascha & Filser, Matthias & Stöckmann, Christoph & Covin, Jeffrey G., 2021. "The status quo of research on entrepreneurial orientation: Conversational landmarks and theoretical scaffolding," Journal of Business Research, Elsevier, vol. 128(C), pages 564-577.
    3. Daniel R. Clark & Robert J. Pidduck & G. T. Lumpkin & Jeffrey G. Covin, 2024. "Is It Okay to Study Entrepreneurial Orientation (EO) at the Individual Level? Yes!," Entrepreneurship Theory and Practice, , vol. 48(1), pages 349-391, January.
    4. Francisco Javier Forcadell & Fernando Úbeda, 2022. "Individual entrepreneurial orientation and performance: the mediating role of international entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 875-900, June.
    5. Engelen, Andreas & Kube, Harald & Schmidt, Susanne & Flatten, Tessa Christina, 2014. "Entrepreneurial orientation in turbulent environments: The moderating role of absorptive capacity," Research Policy, Elsevier, vol. 43(8), pages 1353-1369.
    6. Saadat Saeed & Shumaila Y. Yousafzai & Andreas Engelen, 2014. "On Cultural and Macroeconomic Contingencies of the Entrepreneurial Orientation–Performance Relationship," Entrepreneurship Theory and Practice, , vol. 38(2), pages 255-290, March.
    7. Hernández-Perlines, Felipe & Covin, Jeffrey G. & Ribeiro-Soriano, Domingo E., 2021. "Entrepreneurial orientation, concern for socioemotional wealth preservation, and family firm performance," Journal of Business Research, Elsevier, vol. 126(C), pages 197-208.
    8. Felipe Hernández-Perlines & Manuel Alejandro Ibarra Cisneros, 2018. "The Role of Environment in Sustainable Entrepreneurial Orientation. The Case of Family Firms," Sustainability, MDPI, vol. 10(6), pages 1-16, June.
    9. Santos, Gina & Marques, Carla Susana & Ferreira, João J.M., 2020. "Passion and perseverance as two new dimensions of an Individual Entrepreneurial Orientation scale," Journal of Business Research, Elsevier, vol. 112(C), pages 190-199.
    10. Bradley A. George & Louis Marino, 2011. "The Epistemology of Entrepreneurial Orientation: Conceptual Formation, Modeling, and Operationalization," Entrepreneurship Theory and Practice, , vol. 35(5), pages 989-1024, September.
    11. Mitja Ruzzier & Evan J. Douglas & Maja Konečnik Ruzzier & Jana Hojnik, 2020. "International Entrepreneurial Orientation and the Intention to Internationalize," Sustainability, MDPI, vol. 12(14), pages 1-19, July.
    12. Lin Wang & Murad Ali & Hyun Jeong Kim & Sareum Lee & Felipe Hernández Perlines, 2021. "Individual entrepreneurial orientation, value congruence, and individual outcomes: Does the institutional entrepreneurial environment matter?," Business Strategy and the Environment, Wiley Blackwell, vol. 30(5), pages 2293-2312, July.
    13. Maryono & Imam Ghozali & Amie Kusumawardhani & R. Mahelan Prabantarikso & Firdaus Basbeth, 2020. "Entrepreneurial Orientation in Government-Owned Bank: Do They Improve Competitive Advantage?," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(2), pages 262-270, April.
    14. Krzysztof Wach, 2015. "Entrepreneurial Orientation and Business Internationalisation Process: The Theoretical Foundations of International Entrepreneurship," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 3(2), pages 9-24.
    15. Katharina Fellnhofer, 2019. "The Complementary Effects Of Firms’ And Team Leaders’ Entrepreneurial Orientation On Innovation Success And Performance," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(05), pages 1-32, June.
    16. Jelle Schepers & Wim Voordeckers & Tensie Steijvers & Eddy Laveren, 2014. "The entrepreneurial orientation–performance relationship in private family firms: the moderating role of socioemotional wealth," Small Business Economics, Springer, vol. 43(1), pages 39-55, June.
    17. Theresia Gunawan & Jojo Jacob & Geert Duysters, 2016. "Network ties and entrepreneurial orientation: Innovative performance of SMEs in a developing country," International Entrepreneurship and Management Journal, Springer, vol. 12(2), pages 575-599, June.
    18. Basco, Rodrigo & Hernández-Perlines, Felipe & Rodríguez-García, María, 2020. "The effect of entrepreneurial orientation on firm performance: A multigroup analysis comparing China, Mexico, and Spain," Journal of Business Research, Elsevier, vol. 113(C), pages 409-421.
    19. Cardona Montoya, Raúl Armando & Martins, Izaias & Velásquez Ceballos, Hermilson, 2017. "Entrepreneurial orientation, assessment and management of projects and impact in corporate entrepreneurship: intention to action," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
    20. Federica Antonaglia & Thierry Verstraete & Gerard Neraudau, 2019. "The conciliation of the scientific, cultural and economic missions of a cultural company through the entrepreneurial orientation of its business model. The case of Semitour," Post-Print hal-03420358, HAL.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:180:y:2022:i:c:s0040162522002608. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.