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Link Between Entrepreneurship and Formal Institutions with Reference to the Legislative Framework – Evidence from Meta Regression Analysis

Author

Listed:
  • Zdilar Ante

    (PhD Senior Teaching and Research Assistant Faculty of Economics and Business University of Dubrovnik Lapadska obala 7, 20 000 Dubrovnik Croatia)

  • Ivandić Ana

    (PhD Assistant Professor Faculty of Economics and Business University of Dubrovnik, Croatia)

  • Zoričić Zdenka Obuljen

    (PhD Senior Teaching and Research Assistant Faculty of Economics and Business University of Dubrovnik, Croatia)

Abstract

Summarising the results from a sample of 71 papers and 328 regressions, this paper provides new insights into the relationship between formal institutions and entrepreneurship. The results of the meta-regression analysis show that the basic effect of institutions on entrepreneurship is positive and statistically significant but becomes progressively weaker over time. However, when the analysis focuses on newly registered enterprises and controls for endogeneity, the results indicate an exceptionally strong, positive, and statistically significant effect of institutions on entrepreneurship in the short and medium term. The effect becomes even stronger if the models are specified without interactions of institutions with other variables. In contrast, this effect is absent in the case of women’s entrepreneurship. The paper highlights precisely defined conditions under which formal institutions have the greatest impact on entrepreneurship. The evidence provides policymakers with clear guidelines to help them reshape institutional frameworks to increase the level and efficiency of entrepreneurship in the economy.

Suggested Citation

  • Zdilar Ante & Ivandić Ana & Zoričić Zdenka Obuljen, 2026. "Link Between Entrepreneurship and Formal Institutions with Reference to the Legislative Framework – Evidence from Meta Regression Analysis," South East European Journal of Economics and Business, Sciendo, vol. 21(2), pages 112-127.
    • Handle: RePEc:vrs:seejeb:v:21:y:2026:i:2:p:112-127:n:1007
    DOI: 10.2478/jeb-2026-0013
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    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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