The motivation index of entrepreneurial activity and institutional environment

Authors

  • Ольга Рафаиловна Верховская Graduate School of Management, Saint Petersburg State University, 3, Volkhovskiy per., St. Petersburg, 199004, Russian Federation
  • Екатерина Александровна Александрова National Research University Higher School of Economics, 16, ul. Souza Pechatnikov, St. Petersburg, 190008, Russian Federation https://orcid.org/0000-0001-7067-5087

DOI:

https://doi.org/10.21638/spbu05.2018.402

Abstract

The article investigates the institutional factors that affect the motivation index wich is measured as the proportion between the share of Improvement-Driven entrepreneurs and necessity-driven entrepreneurs. The difference between entrepreneurs with necessity and opportunity motivation figures the difference in entrepreneurial behavior. Those of them who consider an income increase and anindependence desire as the motives of their activities (Improvement-Driven Entrepreneurs) are ready for large investments in business creation, for the production of new products and for the usage of new technologies, providing a greater contribution to economic development. We test few hypotheses using data of Global Entrepreneurship Monitor Survey for the period 2007–2016. The results confirm the existence of positive relationship between the level of economic development and the motivation index, an increase in the share of Improvement-Driven entrepreneurs is typical for developed countries. Despite the necessity to develop all types of entrepreneurship, which are widely discussed in policy and programs for small and medium businesses, the promotion of Improvement-Driven Entrepreneurship entrepreneurs can contribute to GDP growth by creating new, including innovative, products and technologies, as well as increasing the scale of business. We found confirmation of the hypothesis that the protection of property rights, the regulation of corruption and the quality of education have a positive effect on the motivation index. Theconfidence that income and property are protected increases the likelihood of opting for voluntary entrepreneurship. Protection of rights affects not so much the general level of entrepreneurial activity, but rather the change in its “quality”. The perception of society as corrupt also reduces the level of forced entrepreneurship, but restricting corruption more strongly stimulates highly competitive entrepreneurs than forced ones.

Keywords:

индекс мотивации, предпринимательская активность, добровольные предприниматели,, вынужденные предприниматели, высокопритязательные предприниматели, институциональная среда

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References

Литература на русском языке

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McMullen J., Bagby D., Palich L. Economic freedom and the motivation to engage in entrepreneurial action // Entrepreneurship Theory and Practice. 2008. No. 32 (5). P. 875–895.

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Romer P. Economic growth The Concise Encyclopedia of Economics. Liberty Fund. 1990. Endogenous Technological Change // Journal of Political Economy 2007. No. 98 (5 part 2). P. S71–S102.

Scott W. Institutions and organizations. Foundations for organizational science. London: A Sage Publication Series, 1995.

Shane S., Venkataraman S. The promise of entrepreneurship as a field of research // Academy of management review. 2000. No. 25 (1). P. 217–226.

Singer S. Policy environment for promoting entrepreneurship in Croatia. Strengthening entrepreneurship innovation & economic development at the local level in Croatia — An Active Review. 2007. Zagreb, OECD, USAID, LEED program 11–41.

Solow R. M. A contribution to the theory of economic growth // The quarterly journal of economics. 1956. № 70 (1). P. 65–94.

Stenholm P., Acs Z., Wuebker R. Exploring country-level institutional arrangements on the rate and type of entrepreneurial activity // Journal of Business Venturing. 2013. No. 28 (1). P. 176–193.

Swan T. Economic growth and capital accumulation // Economic record. 1956. No. 32 (2). P. 334–361.

Tipu S. A. A. Comparing the behaviour of opportunity and necessity driven entrepreneurs // International Journal of Entrepreneurship and Small Business. 2016. No. 27 (1). P. 84–107.

Urbano D., Alvarez C. Institutional dimensions and entrepreneurial activity: an international study // Small Business Economics. 2014. No. 42 (4). P. 703–716.

Valdez M., Richardson J. Institutional determinants of macro‐level entrepreneurship // Entrepreneurship theory and practice. 2013. No. 37 (5). P. 1149–1175.

Van der Zwan P., Thurik R., Verheul I., Hessels J. Factors influencing the entrepreneurial engagement of opportunity and necessity entrepreneurs // Eurasian Business Review. 2016. No. 6 (3). P. 273–295.

Van Stel A., Carree M., Thurik R. The effect of entrepreneurial activity on national economic growth// Small business economics. 2005. No. 24 (3). P. 311–321.

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Wennekers S., Van Wennekers A., Thurik R., Reynolds P. Nascent entrepreneurship and the level of economic development // Small business economics. 2005. No. 24 (3). P. 293–309.

Whitley R. Developing innovative competences: the role of institutional frameworks. Industrial and Corporate Change. 2002. No. 11(3). P. 497–528.

Wong P., Ho Y., Autio E. Entrepreneurship, innovation and economic growth: Evidence from GEM data // Small business economics. 2005. No. 24 (3). P. 335–350.

Xavier S., Kelley D., Kew J., Herrington M., Vorderwuelbecke A. Global Entrepreneurship Monitor 2012 Executive Report. US, MA: Babson College, Babson Park; Chile, Santiago: Universidad del Desarrollo; Malaysia, Kuala Lampur, Universiti Tun Abdul Razak; UK, London: London Business School, 2013.

Zali M., Faghih N., Ghotbi S., Rajaie S. The effect of necessity and opportunity driven entrepreneurship on business growth // International Research Journal of Applied and Basic Sciences. 2013. No. 7 (2). P. 100–108.


Translation of references in Russian into English

Acemoglu D. A simple model of inefficient institutions. The Scandinavian Journal of Economics, 2006, vol. 108, no. 4, pp. 515–546.

Acs Z., Audretsch D., Braunerhjelm P., Carlsson B. Growth and entrepreneurship. Small Business Economics, 2012, vol. 39, no. 2, pp. 289–300.

Ács, Z., Autio E., Szerb L. National systems of entrepreneurship: Measurement issues and policy implications. Research Policy, 2014, vol. 43, no. 3, pp. 476–494.

Aidis R., Estrin S., Mickiewicz T. Institutions and entrepreneurship development in Russia: A comparative perspective. Journal of Business Venturing, 2008, vol. 23, no. 6, pp. 656–672.

Alvarez C., Urbano D. Environmental factors and entrepreneurial activity in Latin America. Academia Revista Latinoamericana de Administración, 2011, no. 48, pp. 31–45.

Anokhin S., Schulze W. Entrepreneurship, innovation, and corruption. Journal of business venturing, 2009, vol. 24, no. 5, pp. 465–476.

Anokhin S., Wincent J., Autio E. Operationalizing opportunities in entrepreneurship research: use of data envelopment analysis. Small Business Economics, 2011, vol. 37, no. 1, pp. 39–57.

Aparicio S., Urbano D., Audretsch D. Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence. Technological Forecasting and Social Change, 2016, no. 102, pp. 45–61.

Audretsch D., Keilbach M. Resolving the knowledge paradox: Knowledge-spillover entrepreneurship and economic growth. Research Policy, 2008, vol. 37, no. 10, pp. 1697–1705.

Autio E., Acs Z. Intellectual property protection and the formation of entrepreneurial growth aspirations. Strategic Entrepreneurship Journal, 2010, vol. 4, no. 3, pp. 234–251.

Baker T., Gedajlovic E., Lubatkin M. A framework for comparing entrepreneurship processes across nations. Journal of International Business Studies, 2005, vol. 36, no. 5, pp. 492–504.

Baron R., Ensley M. Opportunity recognition as the detection of meaningful patterns: Evidence from comparisons of novice and experienced entrepreneurs. Management science, 2006, vol. 52, no. 9, pp. 1331–1344.

Baumol W. Entrepreneurship: Productive, unproductive, and destructive. Journal of Business Venturing, 1996, vol. 11, no. 1, pp. 3–22.

Beach W., O’Driscoll G. Explaining the Factors of the Index of Economic Freedom, in 2003 Index of Freedom.

Bjørnskov C., Foss N. How strategic entrepreneurship and the institutional context drive economic growth. Strategic Entrepreneurship Journal, 2013, vol. 7, no. 1, pp. 50–69.

Block J., Wagner M. Opportunity Recognition and Exploitation by Necessity and Opportunity Entrepreneurs: Empirical Evidence from Earning Equations. Academy of Management Proceedings, vol. 2007, no. 1, pp. 1–6.

Bowen H., De Clercq D. Institutional context and the allocation of entrepreneurial effort. Journal of International Business Studies, 2008, vol. 39, no. 4, pp. 747–767.

Bruton G., Ahlstrom D., Li H. Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrepreneurship theory and practice, 2010, vol. 34, no. 3, pp. 421–440.

Busenitz L., Gomez C., Spencer J. Country institutional profiles: Unlocking entrepreneurial phenomena. Academy of Management journal, 2000, vol. 43, no. 5, pp. 994–1003.

Chepurenko A. Entrepreneurial Activity in Post-Soсialist Countries: Methodology and Research Limitations. Foresight and STI Governance, 2017, vol. 11, no. 3, pp. 11–24.

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Dheer R. Cross-national differences in entrepreneurial activity: role of culture and institutional factors. Small Business Economics, 2017, vol. 48, no. 4, pp. 813–842.

Douhan R., Henrekson M. Entrepreneurship and second-best institutions: going beyond Baumol’s typology. Journal of Evolutionary Economics, 2010, vol. 20, no. 4, pp. 629–643.

Dreher A., Gassebner M. Greasing the wheels? The impact of regulations and corruption on firm entry. Public Choice, 2013, vol. 155, no. 3–4, pp. 413–432.

Eckhardt J., Shane S. 2003. Opportunities and entrepreneurship. Journal of management, 2003, vol. 29, no. 3, pp. 333–349.

Estrin S., Korosteleva J., Mickiewicz T. Which institutions encourage entrepreneurial growth aspirations? Journal of business venturing, 2013, vol. 28, no. 4, pp. 564–580.

Fuentelsaz L., González C., Maícas J., Montero J. 2015. How different formal institutions affect opportunity and necessity entrepreneurship. BRQ Business Research Quarterly, 2015, vol. 18, no. 4, pp. 246–258.

Gnyawali D., Fogel D. Environments for entrepreneurship development: key dimensions and research implications. Entrepreneurship theory and practice, 1994, vol. 18, no. 4, pp. 43–62.

Grilo I., Thurik R. Entrepreneurial engagement levels in the European Union. International Journal of Entrepreneurship Education (IJEE) , 2005, vol. 3, no. 2, pp. 143–168.

Hall P., Soskice D. 2001. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Industrial Relations Journal, 2001, vol. 34, no. 2, pp. 185–190.

Heckelman J. Economic Freedom and Economic Growth: a Short-Run Causal Investigation. Journal of Applied Economics, 2000, vol. 3, no. 1, pp. 71–91.

Hessels J., Van Gelderen M., Thurik R. Entrepreneurial aspirations, motivations, and their drivers. Small Business Economics, 2008, vol. 31, no. 3, pp. 323–339.

Jiménez A., Palmero-Cámara C., González-Santos M., González-Bernal J., Jiménez-Eguizábal J. The impact of educational levels on formal and informal entrepreneurship. BRQ Business Research Quarterly, 2015, vol. 18, no. 3, pp. 204–212.

Kirzner I. Entrepreneurial discovery and the competitive market process: An Austrian approach. Journal of economic Literature, 1997, vol. 35, no. 1, pp. 60–85.

Kostova T. Country institutional profiles: Concept and measurement. Academy of management Proceedings, 1997, no. 1, pp. 180–184.

Letinić S., Štavlić K. Entrepreneurial activity-indicator of regional development in Croatia. International Scholarly and Scientific Research & Innovation, 2011, vol. 5, no. 5, pp. 536–539.

Levie J., Autio E. Entrepreneurial framework conditions and national-level entrepreneurial activity: Seven-year panel study. Third Global Entrepreneurship Research Conference, 2007, October, p. 53.

Levie J., Autio E. Regulatory burden, rule of law, and entry of strategic entrepreneurs: An international panel study. Journal of Management Studies, 2011, vol. 48, no. 6, pp. 1392–1419.

Levie J., Autio E., Acs Z., Hart M. Global entrepreneurship and institutions: an introduction. Small business economics, 2014, vol. 42, no. 3, pp. 437–444.

Malchow-Møller N., Markusen J., Skaksen J. Labour market institutions, learning and self-employment. Small Business Economics, 2010, vol. 35, no. 1, pp. 35–52.

McMullen J., Bagby D., Palich L. Economic freedom and the motivation to engage in entrepreneurial action. Entrepreneurship Theory and Practice, 2008, vol. 32, no. 5, pp. 875–895.

Muñoz P., Kibler E. Institutional complexity and social entrepreneurship: A fuzzy-set approach. Journal of Business Research, 2016, vol. 69, no. 4, pp. 1314–1318.

North D. Institutions, institutional change and economic performance. Cambridge: Cambridge University Press, 1990.

Obraztsova O., Poliakova T., Popovskaya E. The Choice of Funding Sources for Start-Ups in a Transitional Economy: The Ability to Predict in a National Context. Foresight and STI Governance, 2017, vol. 11, no. 3.

Obraztsova O.I. GEM kak istochnik al’ternativnoi statistiki dlia sravnitel’nogo mezhstranovogo analiza predprinimatel’skoi aktivnosti [GEM as a source of alternative statistics for comparative cross-country analysis of entrepreneurial activity]. Teoriia predprinimatel’stva v Rossii. Po materialam Global’nogo monitoring predprinimatel’stva [Entrepreneurship Theory in Russia. Based on the Global Monitoring of Entrepreneurship]. Eds T. A. Alimova, O. I. Obraztsovoy, A. Yu. Chepurenko. Moscow, State University — Higher School of Economics, 2010, pp. 18–62. (In Russian)

Reynolds P., Camp S., Bygrave W., Autio E., Hay M. Global entrepreneurship monitor gem 2001 summary report. London Business School and Babson College. London, 2002.

Reynolds P., Hay M., Camp S. Global entrepreneurship monitor. 1999.

Rodrik D. Institutions, integration, and geography: In search of the deep determinants of economic growth. Search of Prosperity: Analytic Country Studies on Growth. Princeton University Press, Princeton, NJ, 2003.

Romer P. Economic growth The Concise Encyclopedia of Economics. Liberty Fund, 1990. Endogenous Technological Change. Journal of Political Economy, 2007, vol. 98, no. 5, part 2, pp. S71–S102.

Scott W. Institutions and organizations. Foundations for organizational science. London, A Sage Publication Series, 1995. 255 p.

Shane S., Venkataraman S. The promise of entrepreneurship as a field of research. Academy of management review, 2000, vol. 25, no. 1, pp. 217–226.

Singer S. Policy environment for promoting entrepreneurship in Croatia. Strengthening entrepreneurship innovation & economic development at the local level in Croatia. An Active Review, 2007, Zagreb, OECD, USAID, LEED program, pp. 11–41.

Solow R. M. A contribution to the theory of economic growth. The quarterly journal of economics, 1956, vol. 70, no. 1, pp. 65–94.

Stenholm P., Acs Z., Wuebker R. Exploring country-level institutional arrangements on the rate and type of entrepreneurial activity. Journal of Business Venturing, 2013, vol. 28, no. 1, pp. 176–193.

Swan T. Economic growth and capital accumulation. Economic record, 1956, vol. 32, no. 2, pp. 334–361.

Tipu S. A. A. Comparing the behaviour of opportunity and necessity driven entrepreneurs. International Journal of Entrepreneurship and Small Business, 2016, vol. 27, no. 1, pp. 84–107.

Urbano D., Alvarez C. Institutional dimensions and entrepreneurial activity: an international study. Small business economics, 2014, vol. 42, no. 4, pp. 703–716.

Valdez M., Richardson J. Institutional determinants of macro‐level entrepreneurship. Entrepreneurship theory and practice, 2013, vol. 37, no. 5, pp. 1149–1175.

Van der Zwan P., Thurik R., Verheul I., Hessels J. Factors influencing the entrepreneurial engagement of opportunity and necessity entrepreneurs. Eurasian Business Review, 2016, vol. 6, no. 3, pp. 273–295.

Van Stel A., Carree M., Thurik R. The effect of entrepreneurial activity on national economic growth. Small business economics, 2005, vol. 24, no. 3, pp. 311–321.

Volkmann C., Audretsch D. Entrepreneurship Education at Universities. Springer, 2017. 655 p.

Wennekers S., Van Wennekers A., Thurik R., Reynolds P. Nascent entrepreneurship and the level of economic development. Small business economics, 2005, vol. 24, no. 3, pp. 293–309.

Whitley R. Developing innovative competences: the role of institutional frameworks. Industrial and Corporate Change, 2002, vol. 11, no. 3, pp. 497–528.

Wong P., Ho Y., Autio E. Entrepreneurship, innovation and economic growth: Evidence from GEM data. Small business economics, 2005, vol. 24, no. 3, pp. 335–350.

Xavier S., Kelley D., Kew J., Herrington M., Vorderwuelbecke A. Global Entrepreneurship Monitor 2012 Executive Report. US, MA: Babson College, Babson Park, Chile, Santiago: Universidad del Desarrollo, Malaysia, Kuala Lampur, Universiti Tun Abdul Razak, UK, London: London Business School, 2013.

Zali M., Faghih N., Ghotbi S., Rajaie S. The effect of necessity and opportunity driven entrepreneurship on business growth. International Research Journal of Applied and Basic Sciences, 2013, vol. 7, no. 2, pp. 100–108.

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Published

2019-02-16

How to Cite

Верховская, О. Р., & Александрова, Е. А. (2019). The motivation index of entrepreneurial activity and institutional environment. St Petersburg University Journal of Economic Studies, 34(4), 511–533. https://doi.org/10.21638/spbu05.2018.402

Issue

Vol. 34 No. 4 (2018)

Section

Economic theory in historical development

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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.