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High-growth aspiration entrepreneurship and exit: the contingent role of market-supporting institutions

Lucio Fuentelsaz, Consuelo González () and Juan P. Maícas ()
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Consuelo González: University of Zaragoza
Juan P. Maícas: University of Zaragoza

Small Business Economics, 2021, vol. 57, issue 1, No 19, 473-492

Abstract: Abstract In this paper, we analyse entrepreneurial exit from an institutional lens and consider high-growth aspiration initiatives. We elaborate on the idea that institutions that are market-supporting reduce exit, while the level of high-growth aspiration entrepreneurship increases it. More importantly, we show that the existence of strong market-supporting institutions in a country decreases the positive relationship between the level of high-growth aspiration entrepreneurship and exit. We employ panel data of 74 countries for the years 2007–2017. Model estimations confirm our hypotheses.

Keywords: Exit; High-growth aspiration entrepreneurship; Market-supporting institutions; Global entrepreneurship monitor (search for similar items in EconPapers)
JEL-codes: L26 M13 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s11187-020-00320-4

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