“…Empirical research has not provided conclusive results on the effect of economic freedom on entrepreneurial activities. Scholars have analysed the role of formal institutions in different entrepreneurial types as opportunity-driven (Angulo-Guerrero et al, 2017;Bárcena-Martín et al, 2021;Díaz-Casero et al, 2012;Raza et al, 2019), necessity-driven (Goel & Saunoris, 2020;Kuckertz et al, 2016;McMullen et al, 2008), selfemployed (Goetz & Rupasingha, 2014;Nyström, 2008;Özkul, 2020), and the establishment of formal business (Ajide, 2021;Barnatchez & Lester, 2017;Bennett, 2021a;Hall et al, 2016;Kosi & Bojnec, 2013;Raza et al, 2019;Sweidan, 2021). Table 1 summarizes the main empirical and theoretical findings on this topic.…”