Entrepreneurship in Emerging Markets: Which Institutions Matter?

Abstract

In this paper we combine a wide range of country-level institutional indicators with survey data taken from the Global Enterprise Monitor on potential and actual entrepreneurial entry, to investigate the role of the institutions as determinants of the entrepreneurial entry, controlling for individual characteristics. We find that the two most robust institutional features that affect entry are: the size of the financial sector and the protection of property rights. In contrast, we find direct regulatory entry barriers to be insignificant. Interpreting these effects jointly, we argue that the entrepreneurs are forward-looking: in the sense that the business conditions under which they expect their firms to operate matter more than the initial bureaucratic obstacles they have to overcome at time of entry.

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