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The impact of institutional change on entrepreneurship in a crisis-hit economy: the case of Greece

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  • Nick Williams
  • Tim Vorley

Abstract

This paper examines how changes to the institutional environment in a crisis-hit economy impact on entrepreneurial activity. Through a case study of Greece, the paper demonstrates how the institutional environment has changed in light of the crisis and the resultant response of entrepreneurs to these changes. Drawing on in-depth interviews with entrepreneurs, the findings suggest that changes to institutions have served to limit entrepreneurial activity rather than enhance it, and that this has worsened in the midst of the crisis. We argue that this will detrimentally impact Greece's ability to navigate out of the crisis and regain competitiveness in the longer term. The paper concludes by offering a number of theoretical and policy implications which are focused on improving institutional environments so that entrepreneurship can play an appropriate role in recovering from economic crises.

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  • Nick Williams & Tim Vorley, 2015. "The impact of institutional change on entrepreneurship in a crisis-hit economy: the case of Greece," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 27(1-2), pages 28-49, January.
    • Handle: RePEc:taf:entreg:v:27:y:2015:i:1-2:p:28-49
    DOI: 10.1080/08985626.2014.995723
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    1. Transparency International TI, 2012. "Corruption Perceptions Index 2012," Working Papers id:5186, eSocialSciences.
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    1. Ioannis Giotopoulos & Alexander S. Kritikos & Aggelos Tsakanikas, 2023. "A lasting crisis affects R&D decisions of smaller firms: the Greek experience," The Journal of Technology Transfer, Springer, vol. 48(4), pages 1161-1175, August.
    2. Alfonso Jesús Torres Marín, 2020. "Learning Lessons from the Economic Crisis in Self-employment," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 14(1), March.
    3. Estrin, Saul & Guerrero, Maribel & Mickiewicz, Tomasz, 2024. "A framework for investigating new firm entry: The (limited) overlap between informal-formal and necessity-opportunity entrepreneurship," Journal of Business Venturing, Elsevier, vol. 39(4).
    4. Susana C. Santos & António Caetano & Paola Spagnoli & Sílvia Fernandes Costa & Xaver Neumeyer, 2017. "Predictors of entrepreneurial activity before and during the European economic crisis," International Entrepreneurship and Management Journal, Springer, vol. 13(4), pages 1263-1288, December.
    5. Caloghirou, Yannis & Giotopoulos, Ioannis & Kontolaimou, Alexandra & Korra, Efthymia & Tsakanikas, Aggelos, 2021. "Industry-university knowledge flows and product innovation: How do knowledge stocks and crisis matter?," Research Policy, Elsevier, vol. 50(3).
    6. Naeem A. Albihany & Abdullah M. Aljarodi, 2024. "The role of personal connections Wasta on early-stage entrepreneurial orientations: empirical evidence from Saudi Arabia," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
    7. Theodore Tarnanidis & Jason Papathanasiou & Demetres Subeniotis, 2019. "How Far the TBL Concept of Sustainable Entrepreneurship Extends Beyond the Various Sustainability Regulations: Can Greek Food Manufacturing Enterprises Sustain Their Hybrid Nature Over Time?," Journal of Business Ethics, Springer, vol. 154(3), pages 829-846, February.
    8. Björklund, Tua A. & Mikkonen, Maria & Mattila, Pauliina & van der Marel, Floris, 2020. "Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    9. Chen Zhou & Huatao Peng & Bingbing Li, 2022. "How Risk Prevention Mechanisms Regulate Serial Entrepreneurs to Achieve Sustainable Entrepreneurship—A Policy Text Analysis," Sustainability, MDPI, vol. 14(21), pages 1-23, October.
    10. José Ernesto Amorós & Luciano Ciravegna & Vesna Mandakovic & Pekka Stenholm, 2019. "Necessity or Opportunity? The Effects of State Fragility and Economic Development on Entrepreneurial Efforts," Entrepreneurship Theory and Practice, , vol. 43(4), pages 725-750, July.
    11. Margarita Nyfoudi & Nicholas Theodorakopoulos & Alexandros Psychogios & Anders Dysvik, 2022. "Tell it like it is in SME teams: Adverse working conditions, citizenship behaviour and the role of team information sharing in a turbulent economy," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 43(2), pages 516-535, May.
    12. Scheidgen, Katharina & Gümüsay, Ali Aslan & Günzel-Jensen, Franziska & Krlev, Gorgi & Wolf, Miriam, 2021. "Crises and entrepreneurial opportunities: Digital social innovation in response to physical distancing," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    13. Kuckertz, Andreas & Brändle, Leif & Gaudig, Anja & Hinderer, Sebastian & Morales Reyes, Carlos Arturo & Prochotta, Alicia & Steinbrink, Kathrin M. & Berger, Elisabeth S.C., 2020. "Startups in times of crisis – A rapid response to the COVID-19 pandemic," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    14. Rachel Doern & Nick Williams & Tim Vorley, 2016. "Entrepreneurship and crises: business as usual?," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 28(5-6), pages 471-475, May.
    15. Muñoz, Pablo & Naudé, Wim & Williams, Nick & Williams, Trenton & Frías, Rodrigo, 2020. "Reorienting entrepreneurial support infrastructure to tackle a social crisis: A rapid response," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    16. Zafeirios Thomakis & Irene Daskalopoulou, 2022. "Entrepreneurial Views and Rural Entrepreneurial Potential: Evidence from Greece," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(2), pages 1611-1634, June.
    17. Jenni Dinger & Michael Conger & David Hekman & Carla Bustamante, 2020. "Somebody That I Used to Know: The Immediate and Long-Term Effects of Social Identity in Post-disaster Business Communities," Journal of Business Ethics, Springer, vol. 166(1), pages 115-141, September.
    18. Yannis Caloghirou & Ioannis Giotopoulos & Alexandra Kontolaimou & Aggelos Tsakanikas, 2022. "Inside the black box of high-growth firms in a crisis-hit economy: corporate strategy, employee human capital and R&D capabilities," International Entrepreneurship and Management Journal, Springer, vol. 18(3), pages 1319-1345, September.
    19. Christos, Genakos & Kaplanis, Ioannis & Tagaraki, Maria Theano & Tsakanikas, Aggelos, 2023. "Firm resilience and growth during the economics crisis: lessons from the Greek depression," LSE Research Online Documents on Economics 119705, London School of Economics and Political Science, LSE Library.
    20. Fadil Sahiti, 2021. "Institutions and entrepreneurial activity: a comparative analysis of Kosovo and other economies," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 10(1), pages 98-119, February.
    21. Rosa Caiazza & Phillip Phan & Erik Lehmann & Henry Etzkowitz, 2021. "An absorptive capacity-based systems view of Covid-19 in the small business economy," International Entrepreneurship and Management Journal, Springer, vol. 17(3), pages 1419-1439, September.
    22. José Carlos Pinho & Maria Lurdes Martins, 2020. "The opportunity to create a business: Systemic banking crisis, institutional factor conditions and trade openness," Journal of International Entrepreneurship, Springer, vol. 18(4), pages 393-418, December.
    23. Xu, Zeshui & Wang, Xindi & Wang, Xinxin & Skare, Marinko, 2021. "A comprehensive bibliometric analysis of entrepreneurship and crisis literature published from 1984 to 2020," Journal of Business Research, Elsevier, vol. 135(C), pages 304-318.
    24. Ewa Multan & Bartosz Sobotka, 2022. "Knowledge about Competences Increasing Resilience to Crises in the Modern Business Sector: Results of the Polish University Project," Sustainability, MDPI, vol. 14(16), pages 1-27, August.
    25. Christos Genakos & Ioannis Kaplanis & Maria Theano Tagaraki & Aggelos Tsakanikas, 2023. "Firm Resilience and Growth during the Economics Crisis: lessons from the Greek depression," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 186, Hellenic Observatory, LSE.

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