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Institutions, Finance and the Level of Development: the Impact on Entrepreneurship in Transition

Ruta Aidis (), Saul Estrin and Tomasz Mickiewicz
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Saul Estrin: London School of Economics, United Kingdom

Review of Economics and Institutions, 2010, vol. 1, issue 1

Abstract: We investigate the impact of institutions on entrepreneurial entry, based on a large cross-country sample, combining working age population data generated by the GEM project with macro level indicators. Our four key findings indicate that: (a) institutional obstacles to entrepreneurship have different impact in rich countries compared to poor countries; (b) institutional obstacles have a stronger impact on 'opportunity entrepreneurship' than on 'necessity entrepreneurship'; (c) two institutional indicators - property right protection and access to finance - appear to have a dominant impact on entrepreneurship; (d) institutions have a long term impact. More than ten years after the Soviet system imploded in Central and Eastern Europe, these countries still experience significantly lower levels of entrepreneurship than economies coming from different legal traditions.

Keywords: entrepreneurship; property rights; access to finance (search for similar items in EconPapers)
JEL-codes: L26 P14 P51 P37 (search for similar items in EconPapers)
Date: 2010
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