Understanding the role of institutions and economic context on entrepreneurial value creation choice

IF 7.6 1区 经济学 Q1 ECONOMICS Oeconomia Copernicana Pub Date : 2023-06-30 DOI:10.24136/oc.2023.011
Julián Andrés Diaz Tautiva, Erica Salvaj Carrera, Felipe Vásquez-Lavín, Roberto D. Ponce Oliva
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Abstract

Research background: The observable discrepancies in entrepreneurship activity across countries have motivated both researchers and policymakers to comprehend the sources of these variations. Certain scholars have suggested that the answer to this empirical puzzle lies in the macrolevel processes that influence entrepreneurial endeavours. Purpose of the article: As the understanding of macrolevel processes that shape entrepreneurial behaviour is limited, this research aims to answer how institutions and the economic context influence entrepreneurial value creation choices (i.e., for-profit, non-profit, and mixed). Methods: Using a cross-country sample of 7,891 entrepreneurs in 58 countries, we employ a multilevel ordered probit to evaluate a novel conceptual framework. Our analysis models the direct impact of the regulative framework, the normative pillar, and the cultural pillar, alongside the moderating influence of income inequality and economic uncertainty on value creation choices. Findings & value added: Our findings show that the regulative framework has a positive marginal effect on for-profit and mixed-value creation, but a negative effect on non-profit value creation. Meanwhile, the normative pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. The cultural pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. Furthermore, income inequality moderates positive the relationship between normative pillar and for-profit and mixed-value creation, while economic uncertainty moderates negative the relationship between normative pillar and for-profit and mixed-value creation. Our research contributes to the literature by providing a nuanced understanding of how institutional pillars can act as drivers or barriers for different entrepreneurial forms, evidence of how uncertainty interacts with institutional forces to shape value creation decisions, and insights into the distinctive attributes of different entrepreneurial forms. Our findings have implications for public policy development.
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理解制度和经济背景对创业价值创造选择的作用
研究背景:各国创业活动的显著差异促使研究人员和政策制定者理解这些差异的来源。某些学者认为,这个经验难题的答案在于影响创业努力的宏观层面的过程。文章目的:由于对塑造创业行为的宏观层面过程的理解有限,本研究旨在回答制度和经济环境如何影响创业价值创造选择(即营利性、非营利性和混合性),我们使用一个多级有序probit来评估一个新的概念框架。我们的分析模拟了监管框架、规范支柱和文化支柱的直接影响,以及收入不平等和经济不确定性对价值创造选择的调节影响。研究结果与增值:我们的研究结果表明,监管框架对营利性和混合型价值创造具有正向边际效应,但对非营利价值创造具有负向效应。同时,规范支柱对营利性和混合型价值创造具有负边际效应,但对非营利价值创造具有正效应。文化支柱对营利性和混合型价值创造具有负边际效应,但对非营利价值创造具有正效应。此外,收入不平等对规范支柱与营利性和混合价值创造之间的关系起正向调节作用,而经济不确定性对规范支柱和营利性及混合价值创造的关系起负向调节作用。我们的研究通过细致入微地理解制度支柱如何成为不同创业形式的驱动因素或障碍,提供不确定性如何与制度力量相互作用以塑造价值创造决策的证据,以及对不同创业形式独特属性的见解,为文献做出了贡献。我们的研究结果对公共政策的制定具有启示意义。
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来源期刊
CiteScore
13.70
自引率
5.90%
发文量
26
审稿时长
24 weeks
期刊介绍: The Oeconomia Copernicana is an academic quarterly journal aimed at academicians, economic policymakers, and students studying finance, accounting, management, and economics. It publishes academic articles on contemporary issues in economics, finance, banking, accounting, and management from various research perspectives. The journal's mission is to publish advanced theoretical and empirical research that contributes to the development of these disciplines and has practical relevance. The journal encourages the use of various research methods, including falsification of conventional understanding, theory building through inductive or qualitative research, first empirical testing of theories, meta-analysis with theoretical implications, constructive replication, and a combination of qualitative, quantitative, field, laboratory, and meta-analytic approaches. While the journal prioritizes comprehensive manuscripts that include methodological-based theoretical and empirical research with implications for policymaking, it also welcomes submissions focused solely on theory or methodology.
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