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Entrepreneurship in Emerging Markets: Which Institutions Matter?

Author

Listed:
  • Ruta Aidis

    (SSEES, University College London FEE, University of Amsterdam)

  • Saul Estrin

    (London School of Economics)

  • Tomasz Marek Mickiewicz

    (UCL School of Slavonic and East European Studies)

Abstract

In this paper we combine a wide range of country-level institutional indicators with survey data taken from the Global Enterprise Monitor on potential and actual entrepreneurial entry, to investigate the role of the institutions as determinants of the entrepreneurial entry, controlling for individual characteristics. We find that the two most robust institutional features that affect entry are: the size of the financial sector and the protection of property rights. In contrast, we find direct regulatory entry barriers to be insignificant. Interpreting these effects jointly, we argue that the entrepreneurs are forward-looking: in the sense that the business conditions under which they expect their firms to operate matter more than the initial bureaucratic obstacles they have to overcome at time of entry.

Suggested Citation

  • Ruta Aidis & Saul Estrin & Tomasz Marek Mickiewicz, 2007. "Entrepreneurship in Emerging Markets: Which Institutions Matter?," UCL SSEES Economics and Business working paper series 81, UCL School of Slavonic and East European Studies (SSEES).
    • Handle: RePEc:see:wpaper:81
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    Citations

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    Cited by:

    1. Joanna Tyrowicz & Magdalena Smyk & Barbara Liberda, 2017. "Talent workers as entrepreneurs: a new approach to aspirational self-employment," Bank i Kredyt, Narodowy Bank Polski, vol. 48(6), pages 571-592.
    2. Silvia Ardagna & Annamaria Lusardi, 2009. "Where does regulation hurt? Evidence from new businesses across countries," NBER Working Papers 14747, National Bureau of Economic Research, Inc.
    3. Chun Jiang & Amei Feng & Chunhuan Xiao, 2021. "Does Capital Account Liberalization Spur Entrepreneurship: The Role of Financial Development," Sustainability, MDPI, vol. 13(16), pages 1-19, August.
    4. Saul Estrin & Tomasz Mickiewicz, 2012. "Shadow Economy and Entrepreneurial Entry," Review of Development Economics, Wiley Blackwell, vol. 16(4), pages 559-578, November.
    5. Estrin, Saul & Meyer, Klaus E. & Wright, Mike & Foliano, Francesca, 2008. "Export propensity and intensity of subsidiaries in emerging economies," International Business Review, Elsevier, vol. 17(5), pages 574-586, October.

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