Building Market Institutions in South Eastern Europe

Broadman, Harry G.; Anderson, James H.; Claessens, C.A.M.F.; Ryterman, Randi; Slavova, Stefka; Vagliasindi, Maria; Vincelette, Gallina Andronova

doi:10.1596/0-8213-5776-x

Cited by 32 publications

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“…For example, a hostile external environment may impede the level of capital investment, place fiscal and regulatory barriers, and dissuade the rise of the entrepreneurial spirit that is characteristic of certain cultures. Broadman and colleagues (Broadman et al, 2004) found that economic growth in the emerging economies of Eastern Europe was impeded by the absence of effective market-based institutions to protect property rights and to ensure fair competition. Frustrated by the ineffective legal enforcement of contracts and property rights, private entrepreneurs in such environments depend profoundly on informal norms for security (Ahlstrom, Bruton, & Lui, 2000) and actively seek to design alternative governance structures and contractual arrangements (Peng, 2006).…”

Section: Stream 1-the Institutional Setting and Entrepreneurshipmentioning

confidence: 99%

Institutional Theory and Entrepreneurship: Where Are We Now and Where Do We Need to Move in the Future?

Bruton

Ahlström

2010

Entrepreneurship Theory and Practice

1,217

1,009

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Institutional theory is an increasingly utilized theoretical lens for entrepreneurship research. However, while institutional theory has proven highly useful, its use has reached a point that there is a need to establish a clearer understanding of its wide-ranging application to entrepreneurship research. Therefore, we will initially review the existing entrepreneurship literature that employs institutional theory to both understand the current status of the field, its current shortcomings, and where we need to move in the future. We then summarize and discuss the articles in this special issue and how they contribute to this process of advancing institutional theory and its application in entrepreneurship research.

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Section: Stream 1-the Institutional Setting and Entrepreneurshipmentioning

confidence: 99%

Institutional Theory and Entrepreneurship: Where Are We Now and Where Do We Need to Move in the Future?

Bruton

Ahlström

2010

Entrepreneurship Theory and Practice

1,217

1,009

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“…Thus, the high costs resulting from the regulatory regime could deter entrepreneurial entry rates in certain emerging economies. Yet another World Bank study (Broadman et al, 2004) found that economic growth in the emerging market economies of South Eastern Europe was impeded by the absence of effective market-based institutions to protect property rights, fair competition, and financial discipline, making the risk and costs of doing business excessively high. Not surprisingly, frustrated by the ineffective legal enforcement of contracts and property rights, private entrepreneurs depend to a large extent on informal norms for security (Peng, 2004) and actively seek to design alternative governance structures and contractual arrangements.…”

Section: The Research Questionsmentioning

confidence: 99%

Institutional Environments for Entrepreneurship: Evidence from Emerging Economies in Eastern Europe

Manolova

Eunni

Gyoshev

2008

Entrepreneurship Theory and Practice

417

328

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In this article, we sought to empirically validate an instrument for measuring country institutional profiles for the promotion of entrepreneurship in a sample of 254 business students from three emerging economies: Bulgaria, Hungary, and Latvia. Results from the confirmatory factor analysis suggest high reliability, internal consistency, and construct validity of the instrument. Further, we find important differences in the three dimensions (regulatory, cognitive, and normative) of the institutional profiles across the three emerging economies, reflecting their idiosyncratic cultural norms and values, traditions, and institutional heritage in promoting entrepreneurship. Implications for future research, managerial practice, and public policy are discussed.

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“…The literature on transition economies makes reference to certain types of institution relevant for entrepreneurship. The most cited problems are the institutional barriers to entry, mainly connected to economic barriers in terms of technology or resources and government restrictions that can be institutional in nature or policy drive (Broadman et al, 2004). Moreover, institutions that encourage an alertness to previously unknown knowledge are also crucial.…”

Section: Forms Of Entrepreneurship: the Role Of Institutions In Suppomentioning

confidence: 99%

Exploring the Role of the Business Support Infrastructure in Albania: The Need for a Rethink?

Xheneti

2005

Environ Plann C Gov Policy

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Introduction: the role of entrepreneurship in economic development It is widely recognised in the literature (Acs and Audretsch, 2003; Audretsch and Keilbach, 2004; Baumol, 2002) that entrepreneurial activity is among the most important determinants of the different economic performances of countries. Entrepreneurship activities and especially small-business activities have been connected to job creation (Audretsch et al, 2001; Bridge et al, 2003; Storey, 1994), economic competitiveness (CEC, 2004; Schumpeter, 1945), innovation, especially in skill-intensive industries in developed countries (Beck et al, 2003), and`imitation processes' in developing countries (Baumol, 2002). Moreover, although the above-summarised roles can be fulfilled in every context, the encouragement of entrepreneurship and the small-business sector in transition economies was based on the very unbalanced structure of entrepreneurial organisations with a focus on big firms, as functional to central planning but abnormal to a market economy (Chilossi, 2001; Smallbone and Welter, 2001). In these contexts, transition economies could also introduce more flexible production processes and a wider range of products to consumers, considering the inflexibility of production processes inherited from central planning (Smallbone and Welter, 2001). The evidence so far shows that the small and medium-sized enterprise (SME) sector developed spontaneously at the beginning of transition. Recently, governmental initiatives have been designed in various countries to support the`grass-roots development' of the SME sector. Despite the`bottom-up transformation' that has happened in some countries, such as Poland or Hungary, there is consensus in the literature over the role that institutions play in entrepreneurship and SME development which have constrained the development of this sector for many years, as crosscountry survey evidence has proved (

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Building Market Institutions in South Eastern Europe

Cited by 32 publications

References 0 publications

Institutional Theory and Entrepreneurship: Where Are We Now and Where Do We Need to Move in the Future?

Institutional Theory and Entrepreneurship: Where Are We Now and Where Do We Need to Move in the Future?

Institutional Environments for Entrepreneurship: Evidence from Emerging Economies in Eastern Europe

Exploring the Role of the Business Support Infrastructure in Albania: The Need for a Rethink?

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