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Economic and political institutions and entry into formal and informal entrepreneurship

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Abstract

We investigated the influence of economic and political institutions on the prevalence rate of formal and informal entrepreneurship across 18 countries in the Asia-Pacific region during the period 2001–2010. We found the quality of institutions to exercise a substantial influence on both formal and informal entrepreneurship. One standard-deviation increase in the quality of economic and political institutions could double the rates of formal entrepreneurship and halve the rates of informal entrepreneurship. The two types of institutions had a complementary effect on driving entry into formal entrepreneurship, whereas only direct effects were observed for informal entry.

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Notes

  1. Consistent with theory in institutional economics, we assume that entrepreneurs are boundedly rational. Although they seek to make choices that maximize their utility, such choices are not necessarily optimal given incomplete information and cognitive limitations.

  2. GEM asks whether the individual’s business has paid salaries to anyone during the past 3 calendar years. Because the survey is carried out in June, this means that GEM’s new entrepreneur rate captures new entrepreneurs whose businesses are between 0 and 3.5 years (42 months) of age.

  3. We did not control for GDP per capita because this correlated strongly with the quality of political and economic institutions. However, the joint effect of population size and GDP level indirectly captures this effect.

  4. The overlap between the GEM Survey and the World Bank Enterprise Survey is not perfect, so we were able to use only seven years of the data.

  5. We conducted a similar test using the larger sample of 67 countries worldwide (p = .802) and reached the same conclusion.

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Acknowledgments

This research was supported by the UK Entrepreneurship Research Centre. The authors received valuable feedback during the December 2012 Shanghai workshop for this special issue and during the July 2013 Oxford Colloqium of Entrepreneurship Scholars. They would like to thank Rachel (Rae) Pinkham and Marc Ahlstrom of Burlington County College for their editorial assistance.

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  1. Imperial College Business School, Exhibition Road, London SW7 2AZ, UK

    Erkko Autio & Kun Fu

  2. Department of Industrial Engineering and Management, Aalto University, Espoo, Finland

    Erkko Autio

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Autio, E., Fu, K. Economic and political institutions and entry into formal and informal entrepreneurship. Asia Pac J Manag 32, 67–94 (2015). https://doi.org/10.1007/s10490-014-9381-0

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