Entrepreneurship, economic development and institutions

Abstract

This paper is an introduction to the special issue from the 3rd Global Entrepreneurship Monitor Research Conference held in Washington, D.C., in 2008. The paper has three objectives. First, to discuss the importance of the three stages of economic development, the factor-driven stage, the efficiency-driven stage and the innovation-driven stage. Second, to examine the empirical evidence on the relationship between stages of economic development and entrepreneurship. Third, to present a summary of the papers in the context of the theory.

The influence of the perceptions of institutional environment on entrepreneurial plans: exploring the moderating effects of firm age and firm size in Bulgarian enterprises

“…Institutional theory has been acknowledged to provide the most consistent and appropriate conceptual framework for examining the impact of environmental characteristics on entrepreneurship (Veciana, 1999). The dynamics of entrepreneurship depends on institutional environment (Acs et al, 2008). Entrepreneurship in transition economies has distinctive characteristics in comparison with mature market economies, which reflects "the unstable and often hostile nature of the external environment and the scarcity of certain key resources, particularly capital" (Smallbone and Welter, 2001, p. 260).…”

“…Scase (1997) argues that in transition economies, most private businesses are "proprietors" (owning property for realizing profits, but not striving for capital accumulation) rather than "entrepreneurs" (striving for capital accumulation and business growth) because of the uncertainty describing these economies. Smallbone and Welter (2001) distinguish various specific forms of entrepreneurship in this context including small business ownership, informal sector entrepreneurship, and "nomenclatura" entrepreneurship 1 .…”

Social progress orientation and innovative entrepreneurship: an international analysis

“…As a result, unofficial economies and necessity entrepreneurship arise as structural responses to overcome the social problems in these regions and countries (Acs and Virgill 2010;Bruton et al 2013). As Acs et al (2008b) underlined, scarce institutional capacity is more seen in most of the countries classified in the factor-driven stage, and some economies in the efficiencydriven group, which contain an entrepreneurial activity not creating social value, but commercial value for short-term periods ).…”

“…This specific recognition is due to the fact that the phenomenon of innovative entrepreneurship has a positive impact on the generation of economic development and social progress at the country level Acs et al 2008b;Amorós and Bosma 2014;Aparicio et al 2016b;Carlsson et al 2013;Reynolds et al 2005;van Stel et al 2005;Wennekers and Thurik 1999;Wennekers et al 2005) and at a regional level Bosma 2009;Dejardin 2011;Feldman 2014;Fritsch 2011). Traditionally, the definition of social progress has been based on economic terms (GDP-oriented).…”

Causal Relationship between Entrepreneurship Povertyand Income Inequality in Thailand

“…Their role is to promote prosperity by creating new jobs [2], reducing unemployment [3], and increase economic development and growth of a region [4]. They also increase productivity by bringing new innovation and speed up structural changes by forcing existing business to reform and increasing competition.…”