Does Entrepreneurship Matter for Inclusive Growth? The Role of Social Progress Orientation

Sebastian AparicioORCID iD: https://orcid.org/0000-0003-1121-5667, David Audretsch
  • School of Public and Environmental Affairs, Institute for Development Strategies, Indiana University, Bloomington, USA
  • Search for other articles:
  • degruyter.comGoogle Scholar
and David UrbanoORCID iD: https://orcid.org/0000-0001-7600-8656

Abstract

Building upon institutional economics, we examine how social progress orientation (SPO) affects inclusive growth through innovative and opportunity entrepreneurship. Hypotheses about civic activism, voluntary spirit, and the inclusion of minorities as proxies of SPO that affect entrepreneurship directly and inclusive growth indirectly have been suggested. Using unbalanced panel data of 132 observations (63 countries) and the three-stage least-squares method (3SLS), we provide empirical evidence that these three measures of SPO significantly affect innovative and opportunity entrepreneurship. Interestingly, our endogenous measures of entrepreneurial activity have served to explain inclusive growth, which is observed through poverty reduction across countries. Public policies should focus on social values oriented to progress in order to stimulate valuable entrepreneurial activity and hence facilitate economic development that also embraces vulnerable communities.

  • Acemoglu, D., F. Gallego, and J. A. Robinson. 2014. “Institutions, Human Capital and Development.” Annual Review of Economics 6: 875–912.

  • Acemoglu, D., and J. Robinson. 2012. Why Nations Fail: the Origins of Power. Prosperity and Poverty. London: Profile Books.

  • Acs, Z., T. Åstebro, D. Audretsch, and D. T. Robinson. 2016. “Public Policy to Promote Entrepreneurship: a Call to Arms.” Small Business Economics 47 (1): 35–51.

  • Acs, Z. J., and C. Armington. 2006. Entrepreneurship, Geography and American Economic Growth. Cambridge: Cambridge University Press.

  • Acs, Z. J., D. B. Audretsch, P. Braunerhjelm, and B. Carlsson. 2012. “Growth and Entrepreneurship.” Small Business Economics 39 (2): 289–300.

  • Ács, Z. J., E. Autio, and L. Szerb. 2014. “National Systems of Entrepreneurship: Measurement Issues and Policy Implications.” Research Policy 43 (3): 476–94.

  • Acs, Z. J., M. C. Boardman, and C. L. McNeely. 2013. “The Social Value of Productive Entrepreneurship.” Small Business Economics 40 (3): 785–96.

  • Acs, Z. J., S. Desai, and J. Hessels. 2008. “Entrepreneurship, Economic Development and Institutions.” Small Business Economics 31 (3): 219–34.

  • Acs, Z. J., S. Estrin, T. Mickiewicz, and L. Szerb. 2018. “Entrepreneurship, Institutional Economics, and Economic Growth: an Ecosystem Perspective.” Small Business Economics 51 (2): 501–14.

  • Acs, Z. J., and L. Szerb. 2007. “Entrepreneurship, Economic Growth and Public Policy.” Small Business Economics 28 (2–3): 109–22.

  • Agarwal, R., D. Audretsch, and M. B. Sarkar. 2007. “The Process of Creative Construction: Knowledge Spillovers, Entrepreneurship, and Economic Growth.” Strategic Entrepreneurship Journal 1(3‐4: 263–86.

  • Aghion, P., and P. Howitt. 1992. “A Model of Growth through Creative Destruction.” Econometrica 60 (2): 323–51.

  • Aidis, R., S. Estrin, and T. Mickiewicz. 2008. “Institutions and Entrepreneurship Development in Russia: A Comparative Perspective.” Journal of Business Venturing 23 (6): 656–72.

  • Aldrich, H. E., and P. H. Kim. 2007. “Small Worlds, Infinite Possibilities? How Social Networks Affect Entrepreneurial Team Formation and Search.” Strategic Entrepreneurship Journal 1(1–2): 147–65.

  • Aldrich, H. E., and M. A. Martinez. 2001. “Many are Called, but Few are Chosen: an Evolutionary Perspective for the Study of Entrepreneurship.” Entrepreneurship Theory and Practice 25 (4): 41–56.

  • Aldrich, H. E., and R. Waldinger. 1990. “Ethnicity and Entrepreneurship.” Annual Review of Sociology 16 (1): 111–35.

  • Alkire, S., and M. E. Santos. 2010. A “cute Multidimensional Poverty: A New Index for Developing CountriesOxford Poverty & Human Development Initiative (OPHI).” Working paper No. 38. Accessed April 1, 2014. http://www.ophi.org.uk/wp-content/uploads/ophi-wp38.pdf.

  • Alvarez, S. A., and L. W. Busenitz. 2001. “The Entrepreneurship of Resource-based Theory.” Journal of Management 27 (6): 755–75.

  • Amemiya, T. 1977. “The Maximum Likelihood and the Nonlinear Three-Stage Least Squares Estimator in the General Nonlinear Simultaneous Equation Model.” Econometrica 45 (4): 955–75.

  • Amorós, J. E., and N. Bosma. 2014. Global Entrepreneurship Monitor 2013 Global Report. Santiago de Chile: Global Entrepreneurship Monitor.

  • Anand, R., S. Mishra, and S. J. Peiris 2013. “Inclusive Growth Revisited: Measurement and Determinants.” Economic Premise: Poverty Reduction and Management Network (PREM), No. 122, The World Bank. Accessed January 13, 2020. https://siteresources.worldbank.org/EXTPREMNET/Resources/EP122.pdf.

  • Anderson, A., J. Park, and S. Jack. 2007. “Entrepreneurial Social Capital Conceptualizing Social Capital in New High-tech Firms.” International Small Business Journal 25 (3): 245–72.

  • Anderson, R. B., L. P. Dana, and T. E. Dana. 2006. “Indigenous Land Rights, Entrepreneurship, and Economic Development in Canada: ‘Opting-in’ to the Global Economy.” Journal of World Business 41 (1): 45–55.

  • Antonelli, C., and A. Gehringer. 2017. “Technological Change, Rent and Income Inequalities: A Schumpeterian Approach.” Technological Forecasting and Social Change 115: 85–98.

  • Aparicio, S., D. Urbano, and D. Audretsch. 2016a. “Institutional Factors, Opportunity Entrepreneurship and Economic Growth: Panel Data Evidence.” Technological Forecasting and Social Change 102: 45–61.

  • Aparicio, S., D. Urbano, and D. Gómez. 2016b. “The Role of Innovative Entrepreneurship within Colombian Business Cycle Scenarios: A System Dynamics Approach.” Futures 81: 130–47.

  • Arshed, N., S. Carter, and C. Mason. 2014. “The Ineffectiveness of Entrepreneurship Policy: Is Policy Formulation to Blame?” Small Business Economics 43 (3): 639–59.

  • Audretsch, D. B. 2007. The Entrepreneurial Society. Oxford: Oxford University Press.

  • Audretsch, D. B., W. Bönte, and M. Keilbach. 2008. “Entrepreneurship Capital and Its Impact on Knowledge Diffusion and Economic Performance.” Journal of Business Venturing 23 (6): 687–98.

  • Audretsch, D. B., D. Dohse, and A. Niebuhr. 2010. “Cultural Diversity and Entrepreneurship: a Regional Analysis for Germany.” Annals of Regional Science 45 (1): 55–85.

  • Audretsch, D. B., and M. Keilbach. 2004a. “Does Entrepreneurship Capital Matter?” Entrepreneurship Theory and Practice 28 (5): 419–29.

  • Audretsch, D. B., and M. Keilbach. 2004b. “Entrepreneurship and Regional Growth: an Evolutionary Interpretation.” Journal of Evolutionary Economics 14 (5): 605–16.

  • Audretsch, D. B., and M. Keilbach. 2005. “Entrepreneurship Capital and Regional Growth.” Annals of Regional Science 39 (3): 457–69.

  • Audretsch, D. B., and M. Keilbach. 2008. “Resolving the Knowledge Paradox: Knowledge-spillover Entrepreneurship and Economic Growth.” Research Policy 37 (10): 1697–705.

  • Austin, J., H. Stevenson, and J. Wei‐Skillern. 2006. “Social and Commercial Entrepreneurship: Same, Different, or Both?” Entrepreneurship Theory and Practice 30 (1): 1–22.

  • Baron, R. A., K. M. Hmieleski, and R. A. Henry. 2012. “Entrepreneurs’ Dispositional Positive Affect: the Potential Benefits–and Potential Costs–of Being ‘Up’.” Journal of Business Venturing 27 (3): 310–24.

  • Bauernschuster, S., O. Falck, and S. Heblich. 2010. “Social Capital Access and Entrepreneurship.” Journal of Economic Behavior and Organization 76 (3): 821–33.

  • Baumol, W. J. 1990. “Entrepreneurship: Productive, Unproductive and Destructive.” Journal of Political Economy 98 (5): 893–921.

  • Baumol, W. J., and Robert J. Strom. 2007. “Entrepreneurship and Economic Growth.” Strategic Entrepreneurship Journal 1 (3–4): 233–237. .

    • Crossref
    • Export Citation
  • Bennett, D. L. 2018. “Infrastructure Investments and Entrepreneurial Dynamism in the US.” Journal of Business Venturing. In press. .

    • Crossref
    • Export Citation
  • Berdegué, J. A., F. Carriazo, B. Jara, F. Modrego, and I. Soloaga. 2015. “Cities, Territories, and Inclusive Growth: Unraveling Urban–rural Linkages in Chile, Colombia, and Mexico.” World Development 73: 56–71.

  • Bishop, P., and D. Shilcof. 2017. “The Spatial Dynamics of New Firm Births during an Economic Crisis: the Case of Great Britain, 2004–2012.” Entrepreneurship & Regional Development 29 (3–4): 215–37.

  • Bjørnskov, C., and N. J. Foss. 2016. “Institutions, Entrepreneurship, and Economic Growth: What Do We Know and What Do We Still Need to Know?” Academy of Management Perspectives 30 (3): 292–315. .

    • Crossref
    • Export Citation
  • Bleaney, M., and A. Nishiyama. 2002. “Explaining Growth: a Contest between Models.” Journal of Economic Growth 7 (1): 43–56.

  • Block, J. H., C. O. Fisch, and M. van Praag. 2017. “The Schumpeterian Entrepreneur: a Review of the Empirical Evidence on the Antecedents, Behaviour and Consequences of Innovative Entrepreneurship.” Industry and Innovation 24 (1): 61–95.

  • Bøllingtoft, A., and J. P. Ulhøi. 2005. “The Networked Business Incubator—leveraging Entrepreneurial Agency?” Journal of Business Venturing 20 (2): 265–90.

  • Bosma, N., J. Content, M. Sanders, and E. Stam. 2018. “Institutions, Entrepreneurship, and Economic Growth in Europe.” Small Business Economics 51 (2): 483–99.

  • Bras, G. R., and E. Soukiazis. 2019. “The Determinants of Entrepreneurship at the Country Level: A Panel Data Approach.” Entrepreneurship Research Journal 9 (4): 1–17.

  • Braunerhjelm, P., Z. J. Acs, D. B. Audretsch, and B. Carlsson. 2009. “The Missing Link: Knowledge Diffusion and Entrepreneurship in Endogenous Growth.” Small Business Economics 34 (2): 105–25.

  • Bruton, G. D., D. Ahlstrom, and H.-L. Li. 2010. “Institutional Theory and Entrepreneurship: Where are We Now and Where Do We Need to Move in the Future?” Entrepreneurship Theory and Practice 34 (3): 421–40.

  • Bruton, G. D., D. Ahlstrom, and S. Si. 2015. “Entrepreneurship, Poverty, and Asia: Moving beyond Subsistence Entrepreneurship.” Asia Pacific Journal of Management 32 (1): 1–22.

  • Bruton, G. D., R. D. Ireland, and D. J. Ketchen. 2012. “Toward a Research Agenda on the Informal Economy.” The Academy of Management Perspectives 26 (3): 1–11.

  • Bruton, G. D., D. J. Ketchen, and R. D. Ireland. 2013. “Entrepreneurship as a Solution to Poverty.” Journal of Business Venturing 28 (6): 683–89.

  • Carlsson, B., P. Braunerhjelm, M. McKelvey, C. Olofsson, L. Persson, and H. Ylinenpää. 2013. “The Evolving Domain of Entrepreneurship Research.” Small Business Economics 41 (4): 913–30.

  • Carree, M., A. van Stel, R. Thurik, and S. Wennekers. 2002. “Economic Development and Business Ownership: an Analysis Using Data of 23 OECD Countries in the Period 1976–1996.” Small Business Economics 19 (3): 271–90.

  • Carree, M., A. van Stel, R. Thurik, and S. Wennekers. 2007. “The Relationship between Economic Development and Business Ownership Revisited.” Entrepreneurship & Regional Development 19 (3): 281–91.

  • Casson, M., and M. Della Giusta. 2007. “Entrepreneurship and Social Capital Analyzing the Impact of Social Networks on Entrepreneurial Activity from a Rational Action Perspective.” International Small Business Journal 25 (3): 220–44.

  • Cieślik, J., E. Kaciak, and A. van Stel. 2018. “Country-level Determinants and Consequences of Overconfidence in the Ambitious Entrepreneurship Segment.” International Small Business Journal 36 (5): 473–99.

  • Content, J., N. Bosma, J. Jordaan, and M. Sanders. 2019. “Entrepreneurial Ecosystems, Entrepreneurial Activity and Economic Growth: New Evidence from European Regions.” Regional Studies. In press. .

    • Crossref
    • Export Citation
  • Cumming, D. J., S. Johan, and I. S. Uzuegbunam. 2020. “An Anatomy of Entrepreneurial Pursuits in Relation to Poverty.” Entrepreneurship & Regional Development. In press. .

    • Crossref
    • Export Citation
  • Dana, L. P., C. Gurău, F. Hoy, V. Ramadani, and T. Alexander. 2019. “Success Factors and Challenges of Grassroots Innovations: Learning from Failure.” Technological Forecasting and Social Change. In press. .

    • Crossref
    • Export Citation
  • Davidsson, P., and B. Honig. 2003. “The Role of Social and Human Capital among Nascent Entrepreneurs.” Journal of Business Venturing 18 (3): 301–31.

  • Davidsson, P., and J. Wiklund. 1997. “Values, Beliefs and Regional Variations in New Firm Formation Rates.” Journal Of Economic Psychology 18 (2–3): 179–99.

  • De Castro, J. O., S. Khavul, and G. D. Bruton. 2014. “Shades of Grey: How Do Informal Firms Navigate between Macro and Meso Institutional Environments?” Strategic Entrepreneurship Journal 8 (1): 75–94.

  • De clercq, D., N. Thongpapanl, and M. Voronov. 2018. “Sustainability in the Face of Institutional Adversity: Market Turbulence, Network Embeddedness, and Innovative Orientation.” Journal of Business Ethics 148 (2): 437–55.

  • Dean, T. J., and J. S. McMullen. 2007. “Toward a Theory of Sustainable Entrepreneurship: Reducing Environmental Degradation through Entrepreneurial Action.” Journal of Business Venturing 22 (1): 50–76.

  • Dees, J. G. 1998. “The Meaning of Social Entrepreneurship.” Comments and suggestions contributed from the Social Entrepreneurship Funders Working Group pp. 6.

  • DiMaggio, P. J. 1988. “Interest and Agency in Institutional Theory. Institutional Patterns and Organizations.” Culture and Environment 1: 3–22.

  • Doern, R., N. Williams, and T. Vorley. 2019. “Special Issue on Entrepreneurship and Crises: Business as Usual? an Introduction and Review of the Literature.” Entrepreneurship & Regional Development 31 (5–6): 400–12.

  • Engelbrecht, H.-J. 2014. “A General Model of the Innovation-subjective Well-being Nexus.” Journal of Evolutionary Economics 24 (2): 377–97.

  • Erken, H., P. Donselaar, and R. Thurik. 2018. “Total Factor Productivity and the Role of Entrepreneurship.” The Journal of Technology Transfer 43 (6): 1493–521.

  • Fellnhofer, K. 2017. “Facilitating Entrepreneurial Discovery in Smart Specialisation via Stakeholder Participation within Online Mechanisms for Knowledge-based Policy Advice.” Cogent Business & Management 4 (1): 1–14.

  • Ferreira, J. J., A. Fayolle, C. Fernandes, and M. Raposo. 2017. “Effects of Schumpeterian and Kirznerian Entrepreneurship on Economic Growth: Panel Data Evidence.” Entrepreneurship & Regional Development 29 (1–2): 27–50.

  • Florida, R. 2002. “The Rise of the Creative Class.” The Washington Monthly 34 (5): 15–25.

  • Foa, R., and J. C. Tanner 2012. “Methodology of the Indices of Social Development.” Institute for Social Studies. Accessed May 15, 2014. http://www.indsocdev.org/resources.

  • Galindo, M. Á., and M. T. Méndez. 2013. “Entrepreneurship, Economic Growth, and Innovation: are Feedback Effects at Work?” Journal of Business Research 67 (5): 825–29.

  • García-Rodríguez, F. J., D. Gutiérrez-Taño, and I. Ruiz-Rosa. 2019b. “Analysis of the Potential of Entrepreneurship Education in Young Children.” Entrepreneurship Research Journal 9 (1): 1–9.

  • García‐Rodríguez, F. J., M. Suárez‐Mancha, C. Castilla‐Gutiérrez, and J. L. García‐Rodríguez. 2019a. “Institutional Support and Sustainability of Microcredit Programmes in Developing Countries: the Case of Venezuela.” Journal of International Development 31 (8): 786–804.

  • Gates, W. 2008. “A New Approach to Capitalism.” In Creative Capitalism: A Conversation with Bill Gates, Warren Buffett, and Other Economic Leaders, edited by M. Kinsley, and C. Clarke, 7–16. New York: Simon & Schuster.

  • Gretz, R. T., and A. Malshe. 2019. “Rejoinder to ‘Endogeneity Bias in Marketing Research: Problem, Causes and Remedies’.” Industrial Marketing Management 77: 57–62.

  • Hall, J., S. Matos, L. Sheehan, and B. Silvestre. 2012. “Entrepreneurship and Innovation at the Base of the Pyramid: a Recipe for Inclusive Growth or Social Exclusion?” Journal of Management Studies 49 (4): 785–812.

  • Hamann, R., and S. Bertels. 2018. “The Institutional Work of Exploitation: Employers’ Work to Create and Perpetuate Inequality.” Journal of Management Studies 55 (3): 394–423.

  • Hayton, J. C., G. George, and S. A. Zahra. 2002. “National Culture and Entrepreneurship: A Review of Behavioral Research.” Entrepreneurship Theory and Practice 26 (4): 33–52.

  • Hernández-Carrión, C., C. Camarero-Izquierdo, and J. Gutiérrez-Cillán. 2017. “Entrepreneurs’ Social Capital and the Economic Performance of Small Businesses: the Moderating Role of Competitive Intensity and Entrepreneurs’ Experience.” Strategic Entrepreneurship Journal 11 (1): 61–89.

  • Hodgson, G. M. 2006. “What are Institutions?” Journal of Economic Issues 40 (1): 1–25.

  • Hofstede, G. 1980. Culture’s Consequences: International Differences in Work-related Values. Cross Cultural Research and Methodology Series 5. Newbury Park: Sage.

  • Hofstede, G. 2005. Culture and Organizations: Software of the Mind. Revised and Expanded, 2nd ed. New York: McGraw-Hill.

  • House, R. J., P. J. Hanges, M. Javidan, P. W. Dorfman, and V. Gupta. 2004. Culture, Leadership and Organizations: the GLOBE Study of 62 Societies. Thousand Oaks: Sage.

  • Hu, M. C., J. S. Kang, and C. Y. Wu. 2017. “Determinants of Profiting from Innovation Activities: Comparisons between Technological Leaders and Latecomers.” Technological Forecasting and Social Change 116: 223–36.

  • Hughes, M., R. E. Morgan, R. D. Ireland, and P. Hughes. 2014. “Social Capital and Learning Advantages: A Problem of Absorptive Capacity.” Strategic Entrepreneurship Journal 8 (3): 214–33.

  • Inglehart, R. 1977. The Silent Revolution: Changing Values and Political Styles in Advanced Industrial Society. Princeton: Princeton University Press.

  • Inglehart, R. 1990. Culture Shift in Advanced Industrial Society. Princeton: Princeton University Press.

  • Inglehart, R., and W. E. Baker. 2000. “Modernization, Cultural Change, and the Persistence of Traditional Values.” American Sociological Review 65 (1): 19–51.

  • Inglehart, R., and C. Welzel. 2005. Modernization, Cultural Change, and Democracy: the Human Development Sequence. Cambridge: Cambridge University Press, NY.

  • Intriligator, M., R. Bodkin, and C. Hsiao. 1996. Econometric Models, Techniques and Applications, 2nd ed. Upper Saddle River: Prentice Hall.

  • Khavul, S., and G. D. Bruton. 2013. “Harnessing Innovation for Change: Sustainability and Poverty in Developing Countries.” Journal of Management Studies 50 (2): 285–306.

  • Kim, B.-Y., and Y. Kang. 2014. “Social Capital and Entrepreneurial Activity: A Pseudo-panel Approach.” Journal of Economic Behavior and Organization 97: 47–60.

  • Kwon, H.-J., and I. Yi. 2009. “Economic Development and Poverty Reduction in Korea: Governing Multifunctional Institutions.” Development and Change 40 (4): 769–92.

  • Kwon, S.-W., C. Heflin, and M. Ruef. 2013. “Community Social Capital and Entrepreneurship.” American Sociological Review 78 (6): 980–1008.

  • Lee, S.-Y., R. Florida, and Z. Acs. 2004. “Creativity and Entrepreneurship: a Regional Analysis of New Firm Formation.” Regional Studies 38 (8): 879–91.

  • Lee, T. 2012. Can Women’s Social Capital Mitigate the Gendered Disadvantage in Firm Growth? Princeton: Princeton University Press.

  • Levie, J. 2007. “Immigration, In-migration, Ethnicity and Entrepreneurship in the United Kingdom.” Small Business Economics 28 (2–3): 143–69.

  • Levie, J., and E. Autio. 2008. “A Theoretical Grounding and Test of the GEM Model.” Small Business Economics 31 (3): 235–63.

  • Liao, J., and H. Welsch. 2005. “Roles of Social Capital in Venture Creation: Key Dimensions and Research Implications.” Journal of Small Business Management 43 (4): 345–62.

  • Lin, S., C. Winkler, S. Wang, and H. Chen. 2020. “Regional Determinants of Poverty Alleviation through Entrepreneurship in China.” Entrepreneurship & Regional Development 32 (1–2): 41–62.

  • Mair, J., and I. Marti. 2006. “Social Entrepreneurship Research: A Source of Explanation, Prediction, and Delight.” Journal of World Business 41 (1): 36–44.

  • Martin, R. L., and S. Osberg. 2007. “Social Entrepreneurship: the Case for Definition.” Stanford Social Innovation Review 5 (2): 28–39.

  • Martínez-González, J. A., U. Kobylinska, F. J. García-Rodríguez, and L. Nazarko. 2019. “Antecedents of Entrepreneurial Intention among Young People: Model and Regional Evidence.” Sustainability 11 (24): 6993.

  • Mathews, J. A., H. Tan, and M. C. Hu. 2018. “Moving to a Circular Economy in China: Transforming Industrial Parks into Eco-industrial Parks.” California Management Review 60 (3): 157–81.

  • McElroy, M. B. 1977. “Goodness of Fit for Seemingly Unrelated Regressions: Glahn’s R2y,x and Hooper’s R~2.” Journal of Econometrics 6 (3): 381–87.

  • McGrath, R. G., I. C. MacMillan, and S. Scheinberg. 1992. “Elitists, Risk-takers, and Rugged Individualists? an Exploratory Analysis of Cultural Differences between Entrepreneurs and Non-entrepreneurs.” Journal of Business Venturing 7 (2): 115–35.

  • McMullen, J. S. 2011. “Delineating the Domain of Development Entrepreneurship: a Market‐based Approach to Facilitating Inclusive Economic Growth.” Entrepreneurship Theory and Practice 35 (1): 185–93.

  • Mintrom, M., and P. Norman. 2009. “Policy Entrepreneurship and Policy Change.” Policy Studies Journal 37 (4): 649–67.

  • Morales, C. E., and C. Holtschlag. 2013. “Post Materialist Values and Entrepreneurship: a Multilevel Approach.” International Journal of Entrepreneurial Behavior and Research 19 (3): 266–82.

  • Mueller, P. 2007. “Exploiting Entrepreneurial Opportunities: the Impact of Entrepreneurship on Growth.” Small Business Economics 28 (4): 355–62.

  • Nathan, M., and N. Lee. 2013. “Cultural Diversity, Innovation, and Entrepreneurship: Firm‐level Evidence from London.” Economic Geography 89 (4): 367–94.

  • Naudé, W., J. E. Amorós, and O. Cristi 2013. “‘Romanticizing Penniless Entrepreneurs?’ the Relationship between Start-Ups and Human Wellbeing across Countries. IZA Discussion Paper No. 7547.

  • Naudé, W., J. E. Amorós, and O. Cristi. 2014. “‘Surfeiting, the Appetite May Sicken’: Entrepreneurship and Happiness.” Small Business Economics 42 (3): 523–40.

  • Neumeyer, X., S. C. Santos, A. Caetano, and P. Kalbfleisch. 2018. “Entrepreneurship Ecosystems and Women Entrepreneurs: a Social Capital and Network Approach.” Small Business Economics. In press. .

    • Crossref
    • Export Citation
  • Nijkamp, P., M. Sahin, and T. Baycan-Levent. 2010. “Migrant Entrepreneurship and New Urban Economic Opportunities: Identification of Critical Success Factors by Means of Qualitative Pattern Recognition Analysis.” Tijdschrift Voor Economische En Sociale Geografie 101 (4): 371–91.

  • North, D. C. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.

  • North, D. C. 2005. Understanding the Process of Economic Change. Princeton: Princeton University Press.

  • North, D. C., and R. P. Thomas. 1973. The Rise of the Western World: A New Economic History. Cambridge: Cambridge University Press.

  • Noseleit, F. 2013. “Entrepreneurship, Structural Change, and Economic Growth.” Journal of Evolutionary Economics 23 (4): 735–66.

  • Pathak, S., and E. Muralidharan. 2016. “Informal Institutions and Their Comparative Influences on Social and Commercial Entrepreneurship: the Role of In‐Group Collectivism and Interpersonal Trust.” Journal of Small Business Management 54 (S1): 168–88.

  • Porter, M. E. 2013. Social Progress Index 2013. Washington DC: Social Progress Imperative.

  • Portes, A., and M. Zhou. 1992. “Gaining the Upper Hand: Economic Mobility among Immigrant and Domestic Minorities.” Ethnic and Racial Studies 15 (4): 491–522.

  • Ram, M., and T. Jones. 2008. “Ethnic-minority Businesses in the UK: a Review of Research and Policy Developments.” Environment and Planning. C, Government & Policy 26 (2): 352–74.

  • Ram, M., T. Jones, and M. Villares-Varela. 2017. “Migrant Entrepreneurship: Reflections on Research and Practice.” International Small Business Journal 35 (1): 3–18.

  • Rao, H., C. Morrill, and M. N. Zald. 2000. “Power Plays: How Social Movements and Collective Action Create New Organizational Forms.” Research in Organizational Behavior 22: 239–82.

  • Ravallion, M. 2001. “Growth, Inequality and Poverty: Looking beyond Averages.” World Development 29 (11): 1803–15.

  • Ravallion, M., and S. Chen. 2003. “Measuring Pro-poor Growth.” Economics Letters 78 (1): 93–99.

  • Renko, M., S. Parker Harris, and K. Caldwell. 2016. “Entrepreneurial Entry by People with Disabilities.” International Small Business Journal 34 (5): 555–78.

  • Reynolds, P., N. Bosma, E. Autio, S. Hunt, N. De Bono, I. Servais, P. Lopez-Garcia, and N. Chin. 2005. “Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998–2003.” Small Business Economics 24 (3): 205–31.

  • Roberts, D. L., M. Candi, and M. Hughes. 2017. “Leveraging Social Network Sites for New Product Launch.” Industrial Management & Data Systems 117 (10): 2400–16.

  • Rodrik, D. 2003. In Search of Prosperity: Analytic Narratives on Economic Growth. Princeton: Princeton University Press.

  • Rojas, M. 2011. “The ‘Measurement of Economic Performance and Social Progress’ Report and Quality of Life: Moving Forward.” Social Indicators Research 102 (1): 169–80.

  • Romer, P. M. 1986. “Increasing Returns and Long-run Growth.” Journal of Political Economy 94 (5): 1002–37.

  • Romer, P. M. 1990. “Endogenous Technological Change.” Journal of Political Economy 98 (5): s71–102.

  • Rossi, P. E. 2014. “Even the Rich Can Make Themselves Poor: A Critical Examination of IV Methods in Marketing Applications.” Marketing Science 33 (5): 655–72.

  • Salimath, M. S., and J. B. Cullen. 2010. “Formal and Informal Institutional Effects on Entrepreneurship: a Synthesis of Nation-level Research.” International Journal of Organizational Analysis 18 (3): 358–85.

  • Schramm, C. J-. 2006. The Entrepreneurial Imperative: How America’s Economic Miracle Will Reshape the World (And Change Your Life). Hoboken: Collins HarperBusiness.

  • Schulz, T., and D. Baumgartner. 2013. “Volunteer Organizations: Odds or Obstacle for Small Business Formation in Rural Areas? Evidence from Swiss Municipalities.” Regional Studies 47 (4): 1–16.

  • Schumpeter, J. A. 1911. The Theory of Economic Development: an Inquiry into Profits, Capital, Credit, Interest, and The Business Cycle. New Brunswick: Transaction Publishers.

  • Shane, S. 1993. “Cultural Influences on National Rates of Innovation.” Journal of Business Venturing 8 (1): 59–73.

  • Shane, S. 1995. “Uncertainty Avoidance and the Preference for Innovation Championing Roles.” Journal of International Business Studies 26 (1): 47–68.

  • Shane, S. 2009. “Why Encouraging More People to Become Entrepreneurs Is Bad Public Policy.” Small Business Economics 33 (2): 141–49.

  • Si, S., D. Ahlstrom, J. Wei, and J. Cullen. 2020. “Business, Entrepreneurship and Innovation toward Poverty Reduction.” Entrepreneurship & Regional Development 32 (1–2): 1–20.

  • Si, S., X. Yu, A. Wu, S. Chen, S. Chen, and Y. Su. 2015. “Entrepreneurship and Poverty Reduction: A Case Study of Yiwu, China.” Asia Pacific Journal of Management 32 (1): 119–43.

  • Smallbone, D., M. Dabic, and C. Kalantaridis. 2017. “Migration, Entrepreneurship and Economic Development.” Entrepreneurship & Regional Development 29 (5–6): 567–69.

  • Smallbone, D., J. Kitching, and R. Athayde. 2010. “Ethnic Diversity, Entrepreneurship and Competitiveness in a Global City.” International Small Business Journal 28 (2): 174–90.

  • Sobel, R. S. 2008. “Testing Baumol: Institutional Quality and the Productivity of Entrepreneurship.” Journal of Business Venturing 23 (6): 641–55.

  • Sorenson, O. 2003. “Social Networks and Industrial Geography.” Journal of Evolutionary Economics 13 (5): 513–27.

  • Squazzoni, F. 2009. “Social Entrepreneurship and Economic Development in Silicon Valley: A Case Study on the Joint Venture: Silicon Valley Network.” Nonprofit and Voluntary Sector Quarterly 38 (5): 869–83.

  • Srećković, M. 2018. “The Performance Effect of Network and Managerial Capabilities of Entrepreneurial Firms.” Small Business Economics 50 (4): 807–24.

  • Stephan, U., and S. Pathak. 2016. “Beyond Cultural Values? Cultural Leadership Ideals and Entrepreneurship.” Journal of Business Venturing 31 (5): 505–23.

  • Stephan, U., M. Patterson, C. Kelly, and J. Mair. 2016. “How Organizations Drive Positive Social Change: A Review and an Integrative Framework.” Journal of Management 42 (5): 1250–81.

  • Stephan, U., and L. M. Uhlaner. 2010. “Performance-based Vs Socially Supportive Culture: A Cross-national Study of Descriptive Norms and Entrepreneurship.” Journal International Business Studies 41 (8): 1347–64.

  • Stiglitz, J., A. Sen, and J. P. Fitoussi 2009. “The Measurement of Economic Performance and Social Progress Revisited. Reflections and Overview.” Commission on the Measurement of Economic Performance and Social Progress. Accessed April 30, 2014. http://www.ofce.sciences-po.fr/pdf/dtravail/WP2009-33.pdf.

  • Su, Z. 2020. “The Co-evolution of Institutions and Entrepreneurship.” Asia Pacific Journal of Management. In press. .

    • Crossref
    • Export Citation
  • Suddaby, R., G. D. Bruton, and J. P. Walsh. 2018. “What We Talk about When We Talk about Inequality: an Introduction to the Journal of Management Studies Special Issue.” Journal of Management Studies 55 (3): 381–93.

  • Sutter, C., G. D. Bruton, and J. Chen. 2019. “Entrepreneurship as A Solution to Extreme Poverty: A Review and Future Research Directions.” Journal of Business Venturing 34 (1): 197–214.

  • Teckchandani, A. 2014. “Do Membership Associations Affect Entrepreneurship? the Effect of Type, Composition, and Engagement.” Nonprofit and Voluntary Sector Quarterly 43 (2S): 84S–104S.

  • Thomas, A. S., and Stephen L. Mueller. 2000. “A Case for Comparative Entrepreneurship: Assessing the Relevance of Culture.” Journal International Business Studies 31 (2): 287–301.

  • Thornton, P. H., D. Ribeiro-Soriano, and D. Urbano. 2011. “Socio-cultural Factors and Entrepreneurial Activity: an Overview.” International Small Business Journal 29 (2): 105–18.

  • Turok, I. 2004. “Cities, Regions and Competitiveness.” Regional Studies 38 (9): 1069–83.

  • Uhlaner, L., and R. Thurik. 2007. “Postmaterialism Influencing Total Entrepreneurial Activity across Nations.” Journal of Evolutionary Economics 17 (2): 161–85.

  • Urbano, D., and S. Aparicio. 2016. “Entrepreneurship Capital Types and Economic Growth: International Evidence.” Technological Forecasting and Social Change 102: 34–44.

  • Urbano, D., and S. Aparicio. 2019. “An Overview of the Economics of Entrepreneurship and Small Business: the Legacy of David Audretsch.” In From Industrial Organization to Entrepreneurship. A Tribute to David B. Audretsch, edited by E. E. Lehmann, and M. Keilbach, 279–306. Cham: Springer International Publishing.

  • Urbano, D., S. Aparicio, and D. Audretsch. 2019a. “Twenty-five Years of Research on Institutions, Entrepreneurship, and Economic Growth: What Has Been Learned?” Small Business Economics 53 (1): 21–49.

  • Urbano, D., S. Aparicio, and D. B. Audretsch. 2019b. Institutions, Entrepreneurship, and Economic Performance. Cham: Springer International Publishing.

  • Urbano, D., S. Aparicio, and M. Noguera. 2018b. “Institutions, Gender, and Entrepreneurship in Latin America.” In Evolving Entrepreneurial Strategies for Self-Sustainability in Vulnerable American Communities, Luis Javier Sanchez-Barrios, and Liyis Gomez-Nunez, 19–41. Hershey: IGI Global.

  • Urbano, D., D. Audretsch, S. Aparicio, and M. Noguera. 2019c. “Does Entrepreneurial Activity Matter for Economic Growth in Developing Countries? the Role of the Institutional Environment.” International Entrepreneurship and Management Journal. In press. .

    • Crossref
    • Export Citation
  • Urbano, D., S. Aparicio, and V. Querol. 2016. “Social Progress Orientation and Innovative Entrepreneurship: A International Analysis.” Journal of Evolutionary Economics 26 (5): 1033–66. DOI: .

    • Crossref
    • Export Citation
  • Valliere, D., and R. Peterson. 2009. “Entrepreneurship and Economic Growth: Evidence from Emerging and Developed Countries.” Entrepreneurship & Regional Development 21 (5): 459–80.

  • van Praag, C. M., and P. H. Versloot. 2007. “What Is the Value of Entrepreneurship? A Review of Recent Research.” Small Business Economics 29 (4): 351–82.

  • van Staveren, I., E. Webbink, A. de Haan, and R. Foa. 2014. “The Last Mile in Analyzing Wellbeing and Poverty: Indices of Social Development.” Forum for Social Economics 43 (1): 8–26. DOI: .

    • Crossref
    • Export Citation
  • van Stel, A., D. J. Storey, and R. Thurik. 2007. “The Effect of Business Regulations on Nascent and Young Business Entrepreneurship.” Small Business Economics 28 (2–3): 171–86.

  • Verwimp, P., and J. C. Muñoz-Mora. 2018. “Returning Home after Civil War: Food Security and Nutrition among Burundian Households.” The Journal of Development Studies 54 (6): 1019–40.

  • Webb, J. W., G. D. Bruton, L. Tihanyi, and R. D. Ireland. 2013. “Research on Entrepreneurship in the Informal Economy: Framing a Research Agenda.” Journal of Business Venturing 28 (5): 598–614.

  • Webbink, E. 2012. “Inclusion of Minorities. The Indices of Social Development.” Accessed June 5, 2014. http://www.indsocdev.org/resources/ISD%20Inclusion%20of%20Minorities.pdf.

  • Weinberger, E., D. Wach, U. Stephan, and J. Wegge. 2018. “Having a Creative Day: Understanding Entrepreneurs’ Daily Idea Generation through a Recovery Lens.” Journal of Business Venturing 33 (1): 1–19.

  • Welter, F. 2005. “Entrepreneurial Behavior in Differing Environments.” In Local Heroes in the Global Village, edited by D. Audretsch, H. Grimm, and C. W. Wessner, 93–112. Berlin: Springer.

  • Welter, F., T. Baker, D. B. Audretsch, and W. B. Gartner. 2017. “Everyday Entrepreneurship—A Call for Entrepreneurship Research to Embrace Entrepreneurial Diversity.” Entrepreneurship Theory and Practice 41 (3): 311–21.

  • Wennekers, S., R. Thurik, A. van Stel, and N. Noorderhaven. 2007. “Uncertainty Avoidance and the Rate of Business Ownership across 21 OECD Countries, 1976-2004.” Journal of Evolutionary Economics 17 (2): 133–60.

  • Wennekers, S., A. van Stel, R. Thurik, and P. Reynolds. 2005. “Nascent Entrepreneurship and the Level of Economic Development.” Small Business Economics 24 (3): 293–309.

  • Wong, P. K., Y. P. Ho, and E. Autio. 2005. “Entrepreneurship, Innovation and Economic Growth: Evidence from GEM Data.” Small Business Economics 24 (3): 335–50.

  • Zellner, A., and H. Theil. 1962. “Three-stage Least Squares: Simultaneous Estimation of Simultaneous Equations.” Econometrica 30 (1): 54–78.

  • Zellner, A, and H. Thornber. 1966. “Computational Accuracy and Estimation of Simultaneous Equation Econometric Models.” Econometrica 34 (3): 727–29.

  • Zhai, Q., J. Su, M. Ye, and Y. Xu. 2019. “How Do Institutions Relate to Entrepreneurship: an Integrative Model.” Entrepreneurship Research Journal 9 (2): 1–16.

  • Zhou, M. 2004. “Revisiting Ethnic Entrepreneurship: Convergencies, Controversies, and Conceptual Advancements.” International Migration Review 38 (3): 1040–74.

Purchase article
Get instant unlimited access to the article.
$42.00
Price including VAT
Log in
Already have access? Please log in.


Journal + Issues

Positioned as the premier research journal within the field of entrepreneurship, the Entrepreneurship Research Journal (ERJ) is a forum for scholarly discussion on entrepreneurs and their activities, contexts, processes, strategies and outcomes. It seeks to encourage a scholarly exchange between researchers from any field of study who focus on entrepreneurs and includes both theoretical and empirical articles.

Search