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Twenty-five years of research on institutions, entrepreneurship, and economic growth: what has been learned?

David Urbano (), Sebastian Aparicio () and David Audretsch ()
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David Urbano: Universitat Autònoma de Barcelona
David Audretsch: Indiana University

Small Business Economics, 2019, vol. 53, issue 1, 21-49

Abstract: Abstract This paper analyzes an emergent stream of research shedding light on the institutional factors shaping entrepreneurial activity and its effect on economic growth. This integrative analysis spanning a broad spectrum of diverse literature enables a distinction between two different research lines in the field of entrepreneurship. The findings of this study, based on articles from the journals included in the Web of Science database, facilitate a broader comprehension of two separate lines of research, which allows an analysis of the interaction among institutions, entrepreneurship, and economic growth. The systematic literature analysis over the last 25 years (1992–2016) of research reveals that institutions could be related to economic growth through entrepreneurship, which would open new research questions about what institutional factors are conducive to entrepreneurship, which in turn spurs economic growth. Thus, not only is understanding both complex relationships and their possible sequence useful for planning strategies and public policies, but it is also helpful for advancing and providing new insights in these research fields, which could be complementary and interdisciplinary.

Keywords: Institutional approach; Entrepreneurship; Economic growth; Economic development; Formal and informal institutions; Systematic literature analysis (search for similar items in EconPapers)
JEL-codes: B52 L26 M13 O17 O40 (search for similar items in EconPapers)
Date: 2019
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