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

Author

Listed:
  • 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.

Suggested Citation

  • Ruta Aidis & Saul Estrin & Tomasz Mickiewicz, 2010. "Institutions, Finance and the Level of Development: the Impact on Entrepreneurship in Transition," Review of Economics and Institutions, Università di Perugia, vol. 1(1).
  • Handle: RePEc:pia:review:v:1:y:2010:i:1:n:3
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    Citations

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    Cited by:

    1. Alexander Chepurenko, 2017. "Combining Universal Concepts with National Specifics: SME Support Policy," Public administration issues, Higher School of Economics, issue 1, pages 7-30.
    2. GHANEM, Yasmina & ACHOUCHE, Mohamed, 2015. "Impact du développement financier sur la dynamique de création des entreprises : évidence en données de panel sur les pays du MENA
      [Financial development impact on firm dynamic creation: panel data
      ," MPRA Paper 68125, University Library of Munich, Germany.
    3. 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.
    4. Nurullah Gur, 2012. "Financial Constraints, Quality of Institutions and Firm Size: What Do Perceptions Tell Us?," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 2(2), pages 17-36, December.
    5. Lucio Fuentelsaz & Consuelo González-Gil & Juan P. Maicas, 2015. "What determines entepreneurial failure: taking advantage of the institutional context," Documentos de Trabajo dt2015-05, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.

    More about this item

    Keywords

    entrepreneurship; property rights; access to finance;

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • P14 - Economic Systems - - Capitalist Systems - - - Property Rights
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • P37 - Economic Systems - - Socialist Institutions and Their Transitions - - - Legal

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