Exploring the Multiple Combinations of Individual Capital and Institutional Contexts for High Levels of Entrepreneurial Activity

Through the lens of capital and institutional theories, this study investigates the configurational effect of pertinent factors on entrepreneurial quantity versus entrepreneurial quality under the circumstance that different individual capital endowments and institutional logics are intertwined. Using the Global Entrepreneurship Monitor data and employing the fuzzy-set qualitative comparative analysis approach, this study performs an exploratory investigation to explore the multiple combinations of individual capital (financial, human, and social capital) and institutional contexts (financial system, educational system, and social norms) for high levels of entrepreneurial activity. The results show that individual capital and institutional factors synergistically influence entrepreneurial activity, behaving differently across entrepreneurial activities. Specifically, there are two distinct profiles for bringing out high entrepreneurial quantity and two for high entrepreneurial quality. Moreover, financial capital is necessary for the presence of high entrepreneurial quantity but not necessary for the presence of high entrepreneurial quality. Furthermore, this study summarizes two driving paths that lead to the mutual achievement of both high quantity and quality of entrepreneurship. These findings are helpful for policymakers to allocate resources to achieve high levels of entrepreneurial quantity and quality.