Formal and informal institutional factors, opportunity entrepreneurship and economic growth by GMM method

Document Type : Research Paper

Authors

1 Department of Economics, University of Science and Research, Islamic Azad University, Tehran, Iran

2 Associate Professor, Islamic Azad University, Science and Research Branch, Tehran, Iran.

3 Department of Economics, Islamic Azad University, Firoozkooh Branch, Firoozkooh, Iran

Abstract

The literature shows that entrepreneurship and a quality institutional environment lay a firm foundation for the economic growth in a developed country and yield the desirable outcomes. The present paper studied the role of an institutional environment in the execution of entrepreneurial activities and the economic growth. Accordingly, the effective institutional factors were categorized under official institutional factors and non-official institutional factors; entrepreneurial activities were classified under two motivational groups: opportunity-oriented entrepreneurship and necessity-oriented entrepreneurship. Afterwards, their effects in the economic growth were examined. The main objective of this study was to examine the effect of entrepreneurship and institutional environments on the economic growth in the selected countries. The data of 30 selected countries were gathered through Generalized Method of Moments (GMM) within the 2009-2017 timeframe. The results showed that the opportunity-oriented entrepreneurship, official institutions, and non-official institutions had a significant effect on the economic growth; the degree of effect varied according to how developed the countries were. Therefore, in order to attain the economic growth and development, the policymakers should place the quality of the institutional environment and the type of entrepreneurs’ motivation at the top of their agendas.

Keywords

Main Subjects

References

پاداش، حمید و نیکونسبتی، علی. (1387). نقش نهادها در توسعه کارآفرینی، برنامه‌ریزی و بودجه، 13(1): 129-154.
صباحی، احمد؛ ناجی میدانی، علی‌اکبر و سلیمانی، الهه (1392). بررسی اثر کارآفرینی بر رشداقتصادی در کشورهای منتخب. پژوهش‌های رشد و توسعه اقتصادی، 3 (11) : 9-18.
زبیری، هدی (1396). ریسک سیاسی، نهادها و کارآفرینی، اقتصاد مقداری، 14 (2): 207-173.
کاظمی ترقبان، مریم و مبارکی، محمدحسن (1391). بررسی اثر کارآفرینی بر رشداقتصادی ایران با استفاده از رویکرد میانگین‌گیری بیزی. توسعه کارآفرینی،  5(3):125 -144.
کمیجانی، اکبر و سهیلی‌احمدی، حبیب (1391). نگاهی به نقش عوامل موثر اقتصاد کلان در ترکیب انگیزشی کارآفرینان. برنامه‌و بودجه، 17(1): 72-49.
نجارزاده نوش‌آبادی، ابوالفضل؛ مهرانفر، جهانبخش و طبرسی محبوبه (1391). نقش کارآفرینی مولد و غیرمولد در رشداقتصادی، برنامه و بودجه، 17 (2):130-115.
ندیری، محمد و محمدی، تیمور (1390). بررسی تأثیر ساختارهای نهادی بر رشد اقتصادی با روش GMMداده‌های تابلویی پویا. مدلسازی اقتصادی، شماره3 (2): 24-1.
Audretsch, D. (2008). Entrepreneurship capital and economic growth. Oxford review of Economic policy, 23(2): 63-78.
Acemoglou, D., Johnson, S., & Robinson, J. (2001). The colonial of comparative Development: An Empirical Investigation. The American Economic Review, 91 (5): 1396- 1401.
Acs, Z.J., Audretsh, D.B., Braunerhjelm, P., Carlsson, B. (2012). Growth and entrepreneurship. Small Bus.Econ, 39 (2): 289-300.
Anderson, A. & Smith, R. (2007). The moral space in entrepreneurship: An exploration of ethical imoratives and the moral legitimacy of being enterprising. Entrepreneurship and Regional Development, 19(6): 479-497.
Aparicio, S., Urbano, D. & Audretsch, D. (2015). Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence. Technological Forecasting & Social Change, 102 (1): 45-61.
Anderson, A. & Miller, C. (2003). Human and social capital in the entrepreneurial process. The journal of socio-economics, 3(1): 17-36.
Barro, R. & Lee. J. (1996). International measures of schooling years and shooling quality. American economic reveiew, 86(2): 23-218.
Bosma, N., Autio, E., Hunt, S., De Bono, & N., Servais, I. (2008). Global entrepreneurship monitor: Data collection design and implementation. Small Business Economics, 24(3):  205–231.
Bjornskov, C. & Foss, N. (2013). How Strategic entrepreneurship and the institutional context drive economic growth. Strategic entrepreneurship journal banner, 7(1):50-69.
Caselli, F., Esquivel, G. & Lefort, F. (1996). Reopening the convergence Debate: A new look at Cross- Country Growth Empirics. Journal of Economic Growth, 1(3): 89-263.
Bruton, G., Ashlstrom, D. & Han-lin, L. (2010). Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrepreneurship theory and practice banner, 34(3): 421-440.
Carree, M., van Stel, A., Thurik, R., & Wennekers, S. 2007. The relationship between economic development andbusiness ownership revisited. Entrepreneurship andRegional Development, 19(3):  281–291.
Esrtin, S., Mickiewicz, T. & Stephan, U. (2013). Entrepreneurship, social capital, and institutions: Social and commercial entrepreneurship across nations. Entrepreneurship Theory & Practice, 7(3), 479-504.
Fuentelsaz, L., Maricas, J. & Monteri, J. (2018). Entrepreneurs and Innovation: the contingent role of institutional factors. International small business Journal, 36 (4): 72- 87.
Helms, J. (2003). A Pragmatic View of social justice. The counseling Psychologist, 31 (3): 222- 301.
Grilo, I., Irigoyen, J. M., (2006). Entrepreneurship in the EU: To Wish and not to be. Small Business Economics, 26(4): 305-318.
Giacomin, O., Janssen, F., Pruett, M. & Rachel, S. (2011). Entrepreneurial intentions, motivations and Barriers: Differences Among Smerican, Asian and European Students. International Entrepreneurship and Management Journal, 7(2): 219-238.
Gnyawali, D. & Fogel, D. (1994). Environment for Entrepreneurship Development, key Dimensions and Research Implications. Entrepreneurship Theory and Practice, 11(1): 43-62.
Kaufman, p., Welsh, D. & Bushmarin, N. (1995). Locus of control and Entrepreneurship in the Russian Republic. Entrepreneurship Theory and Practice, 20 (1): 43-56.
Klapper, L., Luc Laevena, B., Rajanc, R. (2006). Entry Regulation as a barrier to Entrepreneurship. Journal of Financial Economics, 82 (3): 591-629.
Lafuente, M. & Vaillont, Y. (2008). Generationally driven influence role-models on entrepreneurship: institutional memory in a transition economy. CEBR working paper series, 03.
Levie, J.D. and Autio, Erkko (2008). A theoretical grounding and test of the GEM
model. Small Business Economics, 31 (3): 235-263.
Minniti, M., Levesque, M. (2006). The effect of aging on entrepreneurial behavior. Journal of Business Venturing,21 (2): 177- 194.
North, D. 1990. Institutions Institutional Changes and Economic Performance. Cambridge University Press, Cambridge.
Puffer, s. & McCarthy, A. (2010). Entrepreneurship in Russia and china: The impact of formal institutional voids. Entrepreneurship theory and Practice, 34(3): 441-467.
Robertson, M., Collons, A., Medeira, N., James, S., (2003). Barriers to start-up and their effect on aspirant entrepreneurs. Educacation & traninig, 45(6): 308-316.
Salimath, M., Cullen, J., (2000). Formal and Informal institutional effects on entrepreneurship: A synthesis of nation-level research. International Journal of Organizational Analysis, 18 (3): 358-385.
Urbano, D. & Alvarez, C. (2014). Institutional dimensions and entrepreneurial activity: an international study. Small business economies, 42(4): 703-716.
Valliere D. & Peterson, R. (2009). Entrepreneuship and economic growth: Evidance from emerging and developed countries. Entrepreneurship & Regional Development, 21(5): 459-480.
Wennekers, S., van Stel, A., Thurik, A. R., & Reynolds, P. 2005. Nascent entrepreneurship and the level of economidevelopment. Small Business Economics, 24(3): 293–309.
Williamson, O. E. 1998. The institutions of governance. TheAmericanEconomic Review, 88(2): 75–79.
 
Zahra, Z. & George, G. (2002). Absorptive capacity: a review, reconcep tualization and extension. The academy of Management Review, 27 (2): 133-157.

منابع

پاداش، حمید و نیکونسبتی، علی. (1387). نقش نهادها در توسعه کارآفرینی، برنامه‌ریزی و بودجه، 13(1): 129-154.
صباحی، احمد؛ ناجی میدانی، علی‌اکبر و سلیمانی، الهه (1392). بررسی اثر کارآفرینی بر رشداقتصادی در کشورهای منتخب. پژوهش‌های رشد و توسعه اقتصادی، 3 (11) : 9-18.
زبیری، هدی (1396). ریسک سیاسی، نهادها و کارآفرینی، اقتصاد مقداری، 14 (2): 207-173.
کاظمی ترقبان، مریم و مبارکی، محمدحسن (1391). بررسی اثر کارآفرینی بر رشداقتصادی ایران با استفاده از رویکرد میانگین‌گیری بیزی. توسعه کارآفرینی،  5(3):125 -144.
کمیجانی، اکبر و سهیلی‌احمدی، حبیب (1391). نگاهی به نقش عوامل موثر اقتصاد کلان در ترکیب انگیزشی کارآفرینان. برنامه‌و بودجه، 17(1): 72-49.
نجارزاده نوش‌آبادی، ابوالفضل؛ مهرانفر، جهانبخش و طبرسی محبوبه (1391). نقش کارآفرینی مولد و غیرمولد در رشداقتصادی، برنامه و بودجه، 17 (2):130-115.
ندیری، محمد و محمدی، تیمور (1390). بررسی تأثیر ساختارهای نهادی بر رشد اقتصادی با روش GMMداده‌های تابلویی پویا. مدلسازی اقتصادی، شماره3 (2): 24-1.
Audretsch, D. (2008). Entrepreneurship capital and economic growth. Oxford review of Economic policy, 23(2): 63-78.
Acemoglou, D., Johnson, S., & Robinson, J. (2001). The colonial of comparative Development: An Empirical Investigation. The American Economic Review, 91 (5): 1396- 1401.
Acs, Z.J., Audretsh, D.B., Braunerhjelm, P., Carlsson, B. (2012). Growth and entrepreneurship. Small Bus.Econ, 39 (2): 289-300.
Anderson, A. & Smith, R. (2007). The moral space in entrepreneurship: An exploration of ethical imoratives and the moral legitimacy of being enterprising. Entrepreneurship and Regional Development, 19(6): 479-497.
Aparicio, S., Urbano, D. & Audretsch, D. (2015). Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence. Technological Forecasting & Social Change, 102 (1): 45-61.
Anderson, A. & Miller, C. (2003). Human and social capital in the entrepreneurial process. The journal of socio-economics, 3(1): 17-36.
Barro, R. & Lee. J. (1996). International measures of schooling years and shooling quality. American economic reveiew, 86(2): 23-218.
Bosma, N., Autio, E., Hunt, S., De Bono, & N., Servais, I. (2008). Global entrepreneurship monitor: Data collection design and implementation. Small Business Economics, 24(3):  205–231.
Bjornskov, C. & Foss, N. (2013). How Strategic entrepreneurship and the institutional context drive economic growth. Strategic entrepreneurship journal banner, 7(1):50-69.
Caselli, F., Esquivel, G. & Lefort, F. (1996). Reopening the convergence Debate: A new look at Cross- Country Growth Empirics. Journal of Economic Growth, 1(3): 89-263.
Bruton, G., Ashlstrom, D. & Han-lin, L. (2010). Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrepreneurship theory and practice banner, 34(3): 421-440.
Carree, M., van Stel, A., Thurik, R., & Wennekers, S. 2007. The relationship between economic development andbusiness ownership revisited. Entrepreneurship andRegional Development, 19(3):  281–291.
Esrtin, S., Mickiewicz, T. & Stephan, U. (2013). Entrepreneurship, social capital, and institutions: Social and commercial entrepreneurship across nations. Entrepreneurship Theory & Practice, 7(3), 479-504.
Fuentelsaz, L., Maricas, J. & Monteri, J. (2018). Entrepreneurs and Innovation: the contingent role of institutional factors. International small business Journal, 36 (4): 72- 87.
Helms, J. (2003). A Pragmatic View of social justice. The counseling Psychologist, 31 (3): 222- 301.
Grilo, I., Irigoyen, J. M., (2006). Entrepreneurship in the EU: To Wish and not to be. Small Business Economics, 26(4): 305-318.
Giacomin, O., Janssen, F., Pruett, M. & Rachel, S. (2011). Entrepreneurial intentions, motivations and Barriers: Differences Among Smerican, Asian and European Students. International Entrepreneurship and Management Journal, 7(2): 219-238.
Gnyawali, D. & Fogel, D. (1994). Environment for Entrepreneurship Development, key Dimensions and Research Implications. Entrepreneurship Theory and Practice, 11(1): 43-62.
Kaufman, p., Welsh, D. & Bushmarin, N. (1995). Locus of control and Entrepreneurship in the Russian Republic. Entrepreneurship Theory and Practice, 20 (1): 43-56.
Klapper, L., Luc Laevena, B., Rajanc, R. (2006). Entry Regulation as a barrier to Entrepreneurship. Journal of Financial Economics, 82 (3): 591-629.
Lafuente, M. & Vaillont, Y. (2008). Generationally driven influence role-models on entrepreneurship: institutional memory in a transition economy. CEBR working paper series, 03.
Levie, J.D. and Autio, Erkko (2008). A theoretical grounding and test of the GEM
model. Small Business Economics, 31 (3): 235-263.
Minniti, M., Levesque, M. (2006). The effect of aging on entrepreneurial behavior. Journal of Business Venturing,21 (2): 177- 194.
North, D. 1990. Institutions Institutional Changes and Economic Performance. Cambridge University Press, Cambridge.
Puffer, s. & McCarthy, A. (2010). Entrepreneurship in Russia and china: The impact of formal institutional voids. Entrepreneurship theory and Practice, 34(3): 441-467.
Robertson, M., Collons, A., Medeira, N., James, S., (2003). Barriers to start-up and their effect on aspirant entrepreneurs. Educacation & traninig, 45(6): 308-316.
Salimath, M., Cullen, J., (2000). Formal and Informal institutional effects on entrepreneurship: A synthesis of nation-level research. International Journal of Organizational Analysis, 18 (3): 358-385.
Urbano, D. & Alvarez, C. (2014). Institutional dimensions and entrepreneurial activity: an international study. Small business economies, 42(4): 703-716.
Valliere D. & Peterson, R. (2009). Entrepreneuship and economic growth: Evidance from emerging and developed countries. Entrepreneurship & Regional Development, 21(5): 459-480.
Wennekers, S., van Stel, A., Thurik, A. R., & Reynolds, P. 2005. Nascent entrepreneurship and the level of economidevelopment. Small Business Economics, 24(3): 293–309.
Williamson, O. E. 1998. The institutions of governance. TheAmericanEconomic Review, 88(2): 75–79.
Zahra, Z. & George, G. (2002). Absorptive capacity: a review, reconcep tualization and extension. The academy of Management Review, 27 (2): 133-157.
 
 
Journal of Entrepreneurship Development
Volume 11, Issue 3 - Serial Number 41
October 2018
Pages 521-539

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