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Do institutional dimensions matter at different stages of the entrepreneurial process? A multi-country study

Author

Listed:
  • Claudia Alvarez

    (Universidad EAFIT)

  • Tatiana Lopez

    (Universitat Autònoma de Barcelona
    Universidad EAFIT
    Universitat Autònoma de Barcelona)

  • David Urbano

    (Universitat Autònoma de Barcelona)

Abstract

Entrepreneurs should navigate through different stages from the conception of an idea until the business is operational. According to these stages, we expected that the context has a different impact on an individual’s decisions. This paper analyses the role of institutional dimensions (regulative, normative, and cultural-cognitive) in the entrepreneurial process (potential, nascent, and new entrepreneurship), using data from the Global Entrepreneurship Monitor and Heritage Foundation, with a sample of 99 countries for the period 2001–2017. Through panel data, the main findings show that (a) regulations regarding new business creation have a stronger influence on new entrepreneurship, (b) social norms have more influence on potential entrepreneurs and individual perceptions regarding their self-capacity and experience to start a new business, and (c) the cultural-cognitive dimension has a stronger influence on nascent entrepreneurship. Policymakers could consider these results to promote and generate target group policies that effectively encourage entrepreneurial activity, which is also distinguished by the level of development among countries.

Suggested Citation

  • Claudia Alvarez & Tatiana Lopez & David Urbano, 2025. "Do institutional dimensions matter at different stages of the entrepreneurial process? A multi-country study," Small Business Economics, Springer, vol. 64(2), pages 353-381, February.
    • Handle: RePEc:kap:sbusec:v:64:y:2025:i:2:d:10.1007_s11187-024-00920-4
    DOI: 10.1007/s11187-024-00920-4
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    More about this item

    Keywords

    Institutional dimensions; Entrepreneurial process; Regulative dimension; Normative dimension; Cultural-cognitive dimension; Multi-country study;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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