Linking institutions, entrepreneurship, and economic development: an international study
- Autores: Sebastián Aparicio Rincón
- Directores de la Tesis: David Urbano Pulido (dir. tes.)
- Lectura: En la Universitat Autònoma de Barcelona ( España ) en 2017
- Idioma: inglés
- Tribunal Calificador de la Tesis: Robert Blackburn (presid.), José María Sallán Leyes (secret.), Mercedes Teruel Carrizosa (voc.)
- Programa de doctorado: Programa de Doctorado en Creación y Gestión de Empresas / IDEM, Doctorate in Entrepreneurship and Management por la Universidad Autónoma de Barcelona
- Materias:
- Enlaces
- Tesis en acceso abierto en: DDD
- Resumen
There is a consensus that entrepreneurship is an important element in explaining the economic development process of countries. Among other reasons, scholars and policy makers have been interested in what factors might determine entrepreneurial activity. Although a vast amount of disciplines have analyzed entrepreneurship antecedents, the institutional approaches have gained relevance due to their capacity to provide a framework in which entrepreneurs make decisions based on the context where they are embedded. Particularly, this theoretical view was designed to explain the economic development differences across countries. Therefore, it turns out that institutional economics is useful for comprehending why individuals decide to become entrepreneurs, and at the same time, how they contribute to the economic development to better the social conditions.
Thus, this investigation explores the institutional factors that encourage entrepreneurial activity to achieve higher economic development across developing and developed countries. The methodology used is quantitative and mostly regards the estimations of various equations simultaneously (multiple regression, instrumental variables, and three-stage least-square). Thus, for the equation dealing with institutions and entrepreneurship, this research employed data from Global Entrepreneurship Monitor (GEM) to measure different variables of entrepreneurial activity. Concerning the institutional factors, this thesis used data from Doing Business, Worldwide Governance Indicators, World Values Survey, Indices of Social Development, the Hofstede Centre, the United Nations Development Programme, the National Experts Survey of GEM and the Center for System Peace. Regarding the equation of entrepreneurship and economic development, information was used from the World Development Indicators (World Bank) and Social Progress Imperative.
The main findings of this thesis suggest that effectively there is a causal chain that runs from the institutional context, affecting entrepreneurship and ultimately economic development. In this sense, it is found that the informal institutions are more important for entrepreneurship than the formal ones. The intentionality toward progress constitutes an institutional characteristic that encourages the type of entrepreneurial activity needed to achieve higher growth and development, where, in addition, inclusive processes are created.
Finally, this research has theoretical and public policy implications. In terms of the theoretical debate, this thesis may provide empirical evidence for the idea that economic development embraces not only those determinants that explain growth directly, but also those fundamental factors that condition the decisions of economic agents. In this sense, entrepreneurship is proven to be affected by institutional factors, and at the same time, to influence outcomes such as economic growth and development. Thus, policy makers that are constantly creating strategies should take into consideration that any policy implemented affects entrepreneurial decisions, and at the same time, the development path of countries.
