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How Do Institutions Shape Productive Entrepreneurship Across Levels of Economic Development? A Multilevel Analysis
This paper examines the influence of each economy’s institutional framework conditions on the productivity potential of new entrepreneurial businesses.
Using primary data from the Global Entrepreneurship Monitor from 2006 to 2022, the authors find that an economy’s institutional framework (business regulations, rule of law, and financial conditions) is instrumental in shaping productive entrepreneurship. The effects are more pronounced in developing economies, with evidence of decreasing returns for advanced economies. The novelty of the analysis is in the use of an extended panel, the use of a multilevel design to appropriately control for individual-level effects, and the exploration of the moderating effect of economic development.
Using primary data from the Global Entrepreneurship Monitor from 2006 to 2022, the authors find that an economy’s institutional framework (business regulations, rule of law, and financial conditions) is instrumental in shaping productive entrepreneurship. The effects are more pronounced in developing economies, with evidence of decreasing returns for advanced economies. The novelty of the analysis is in the use of an extended panel, the use of a multilevel design to appropriately control for individual-level effects, and the exploration of the moderating effect of economic development.
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