The objective of this research is to deepen in the role played by formal institutions on the different types of entrepreneurship (opportunity and necessity) as well as in its relative importance. The institutions we analyze are property rights, business freedom, fiscal freedom, labor freedom, financial capital and educational capital. Our results show that, in general, opportunity entrepreneurship benefits from an improvement of these institutions, while necessity entrepreneurship is damaged. This will positively influence the relative presence of opportunity entrepreneurship that is usually considered to be of greater quality and is more clearly related to economic development in a country.

This paper analyzes opportunity entrepreneurship through the interplay between formal and informal institutions. It seems evident that not all entrepreneurial initiatives have the same quality, thus the goal of a society should be to encourage the activities that best contribute to innovation and value generation. We theorize that informal institutions are contingent to the formal institutional environment where the new ventures operate. Our empirical results, using GEM data, confirm that, in countries with a more individualistic orientation, the relationship between formal institutions and opportunity entrepreneurship is more intense, as happens in societies with lower levels of uncertainty avoidance.

PurposeUtilising the Theory of Planned Behaviour as the conceptual framework, the authors argue that entrepreneurial financial failure enhances entrepreneurial growth aspirations for the subsequent start-up projects. Furthermore, this effect is particularly strong for individuals rich in human capital, both general and specific; for them, financial failure of an entrepreneurial business is likely to be subsequently transformed into higher entrepreneurial growth aspirations.Design/methodology/approachThe authors employ multilevel estimation techniques applied to Global Entrepreneurship Monitor data consisting of annual subsamples, each with at least 2,000 observations drawn from the working age population of 95 countries, for the period 2007–2019.FindingsThe results confirm that the experience of financial failure, both individual and societal, leads to higher growth aspirations for subsequent ventures, while exit for opportunity reasons has an even stronger positive effect on growth aspirations. Furthermore, higher education and entrepreneurial experience enhance the positive impact of financial failure on the growth aspirations of subsequent start-ups.Originality/valueThe authors demonstrate that the Theory of Planned Behaviour, which centres on intentions, can be successfully utilised to understand why entrepreneurial failure may be transformed into high growth aspirations for subsequent projects and why this effect may be enhanced by the human capital of the entrepreneur. Furthermore, the authors apply multilevel methods to a large international dataset from Global Entrepreneurship Monitor and produce novel empirical evidence supporting their theoretical predictions.

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This study explores whether the association between the aggregate level of ISO 14001 adoption in a country and the reduction of its CO 2 emissions differs across national settings. We analyze potential variations in three country features: intensity of competition, inclination of firms to behave ethically, and the importance that firms attach to relationships with stakeholders. Based on a sample of 53 countries for the period 2007-2017, our results show that the connection between the aggregate level of ISO 14001 adoption and lower levels of CO 2 emissions is stronger in countries where firms tend to behave ethically but is weaker in countries where there is intense competition or where firms place high emphasis on relationships with stakeholders.These findings expand our understanding about the macrolevel consequences of ISO 14001 adoption.