“…Moreover, there is broad scholarly consensus that institutions (Wales et al ., 2021; Pindado et al ., 2023; Medase et al ., 2023), macroeconomic indicators (Charfeddine and Zaouali, 2022) and the developmental stages of countries (De Mello et al ., 2022) act as guiding forces for entrepreneurial activities. Recent studies have emphasized the role of institutions (Bjørnskov and Foss, 2016; Li et al ., 2021; De Mello et al ., 2022) and macroeconomic indicators (Charfeddine and Zaouali, 2022) in shaping entrepreneurial activities in both developed and developing economies (Afawubo and Noglo, 2022; De Mello et al ., 2022; Stephen et al ., 2005; Escandon-Barbosa et al ., 2019; Guerrero et al ., 2021). Despite these insights, our understanding of the multilevel impacts of institutions and macroeconomic indicators on entrepreneurial activities remains incomplete.…”