Small Business Economics

, Volume 31, Issue 3, pp 235–263 | Cite as

A theoretical grounding and test of the GEM model

  • Jonathan LevieEmail author
  • Erkko Autio


The Global Entrepreneurship Monitor model combines insights on the allocation of effort into entrepreneurship at the national (adult working-age population) level with literature in the Austrian tradition. The model suggests that the relationship between national-level new business activity and the institutional environment, or Entrepreneurial Framework Conditions, is mediated by opportunity perception and the perception of start-up skills in the population. We provide a theory-grounded examination of this model and test the effect of one EFC, education and training for entrepreneurship, on the allocation of effort into new business activity. We find that in high-income countries, opportunity perception mediates fully the relationship between the level of post-secondary entrepreneurship education and training in a country and its rate of new business activity, including high-growth expectation new business activity. The mediating effect of skills perception is weaker. This result accords with the Kirznerian concept of alertness to opportunity stimulating action.


Entrepreneurial activity Entrepreneurial Framework Conditions 

JEL Classifications

L26 L53 O43 



Both authors contributed equally to the development of this article. They are grateful to Paul Reynolds, David Audretsch and Zoltan Acs and to participants in the 2007 GEM Research Conference, Washington, D.C., for their encouragement and comments.


  1. Acs, Z. (2006). How is entrepreneurship good for economic growth? Innovations, 1, 97–107.Google Scholar
  2. Acs, Z. J., & Amorós, J. E. (2008). Entrepreneurship and competitiveness dynamics in Latin America. Small Business Economics, 31(3), this issue. doi: 10.1007/s11187-008-9133-y.
  3. Acs, Z. J., Arenius, P., Hay, M., & Minniti, M. (2005). Global entrepreneurship monitor 2004 executive report. Babson Park, MA: Babson College; London, UK: London Business School.Google Scholar
  4. Acs, Z. J., & Audretsh, D. B. (1990). Innovation and small firms. Boston: MIT Press.Google Scholar
  5. Acs, Z. J., Audretsch, D. B., Braunerhjelm, P., & Carlsson, B. (2004). The missing link: The knowledge filter, entrepreneurship and endogenous growth. Discussion Paper, No. 4783, December. London, UK: Center for Economic Policy Research.Google Scholar
  6. Acs, Z. J., Braunerhjelm, P., Audretsch, D. B., & Carlsson, B. (2006). A knowledge spillover theory of entrepreneurship. Discussion Paper, No. 5326, December. London, UK: Center for Economic Policy Research.Google Scholar
  7. Acs, Z. J., Desai, S. & Hessels, J. (2008a). Entrepreneurship, economic development and institutions. Small Business Economics, 31(3), this issue. doi: 10.1007/s11187-008-9135-9.
  8. Acs, Z. J., Desai, S., & Klapper, L. F. (2008b). What does “entrepreneurship” data really show? Small Business Economics, 31(3), this issue. doi: 10.1007/s11187-008-9137-7.
  9. Acs, Z., & Szerb, L. (2007). Entrepreneurship, economic growth and public policy. Small Business Economics, 28(2/3), 109–122.Google Scholar
  10. Acs, Z., & Varga, A. (2005). Entrepreneurship, agglomeration and technological change. Small Business Economics, 24(3), 323–334.Google Scholar
  11. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.Google Scholar
  12. Ardichvili, A. A., Cardozo, R. R., & Ray, S. S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business Venturing, 19(1), 105–123.Google Scholar
  13. Aronsson, M. (2004). Education matters—but does entrepreneurship education? An interview with David Birch. Academy of Management Learning and Education, 3(3), 289–292.Google Scholar
  14. Audretsch, D. B., Grilo, I., & Thurik, A. R. (2007a), Explaining entrepreneurship and the role of policy: A framework. In D. B. Audretsch, I. Grilo, & A. R. Thurik (Eds.), The handbook of research on entrepreneurship policy (pp. 1–17). Cheltenham, UK: Edward Elgar.Google Scholar
  15. Audretsch, D. B., Grilo, I., & Thurik, A. R. (Eds.). (2007b). Handbook of research on entrepreneurship policy. Cheltenham, UK: Edward Elgar.Google Scholar
  16. Audretsch, D., Keilbach, M., & Lehman, E. (2006). Entrepreneurship and economic growth. Oxford: Oxford University Press.Google Scholar
  17. Autio, E. (2005). GEM 2005 report on high-expectation entrepreneurship. London: GERA.Google Scholar
  18. Autio, E. (2007). GEM 2007 report on high-growth entrepreneurship. London: GERA.Google Scholar
  19. Autio, E., & Acs, Z. (2007, June). Individual and country-level effects on growth aspiration in new ventures. Paper presented at the Babson Entrepreneurship Research Conference, Madrid.Google Scholar
  20. Baltagi, B. H., & Wu, P. X. (1999). Unequally spaced panel data regressions with AR(1) disturbances. Econometric Theory, 15, 814–823.Google Scholar
  21. Baumol, W. J. (1990). Entrepreneurship: Productive, unproductive, and destructive. Journal of Political Economy, 98(5), 893–921.Google Scholar
  22. Baumol, W. J. (2002). The free-market innovation machine. Princeton: Princeton University Press.Google Scholar
  23. Baumol, W. J. (2003). On Austrian analysis of entrepreneurship and my own. In R. Koppl (Ed.), Austrian economics and entrepreneurial studies (Vol. 6, pp. 57–66). Amsterdam: Elsevier Science.Google Scholar
  24. Béchard, J.-P., & Grégoire, D. (2005). Entrepreneurship education research revisited: The case of higher education. Academy of Management Learning and Education, 4(1), 22–49.Google Scholar
  25. Bertrand, Y. (1995). Contemporary theories and practice in education. Madison, WI: Atwood Publishing.Google Scholar
  26. Bitzenis, A., & Nito, E. (2005). Obstacles to entrepreneurship in a transition business environment: The case of Albania. Journal of Small Business and Enterprise Development, 12(4), 564–578.Google Scholar
  27. Bosma, N., Jones, K., Autio, E., & Levie, J. (2008). Global entrepreneurship monitor 2007 executive report. London: Global Entrepreneurship Research Association.Google Scholar
  28. Botero, J., Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2004). The regulation of labor. Quarterly Journal of Economics, 119, 1339–1382.Google Scholar
  29. Boyd, N. G., & Vozikis, G. S. (1994). The influence of self-efficacy on the development of entrepreneurial intentions and actions. Entrepreneurship Theory & Practice, 18(4), 63–77.Google Scholar
  30. Brenner, R. (1992). Entrepreneurship and business ventures in the new commonwealth. Journal of Business Venturing, 7(6), 431–439.Google Scholar
  31. Carree, M. A., & Thurik, A. R. (2000). The life cycle of the U.S. tire industry. Southern Economic Journal, 67(2), 254–287.Google Scholar
  32. Carter, N. M., Gartner, W. B., & Reynolds, P. D. (1996). Exploring start-up event sequences. Journal of Business Venturing, 11(3), 151–166.Google Scholar
  33. Cetorelli, N., & Strahan, P. E. (2006). Finance as a barrier to entry: Bank competition and industry structure in local U.S. markets. The Journal of Finance, 61(1), 437–461.Google Scholar
  34. Chen, C. C., Greene, P. G., & Crick, A. (1998). Does entrepreneurial self-efficacy distinguish entrepreneurs from managers? Journal of Business Venturing, 13, 295–316.Google Scholar
  35. Choo, S., & Wong, M. (2006). Entrepreneurial intention: Triggers and barriers to new venture creations in Singapore. Singapore Management Review, 28(2), 47–64.Google Scholar
  36. Clarysse, B., & Bruneel, J. (2007). Nurturing and growing innovative start-ups: The role of policy as integrator. R&D Management, 37(2), 139–149.Google Scholar
  37. Corbett, A. C. (2005). Experiential learning within the process of opportunity identification and exploitation. Entrepreneurship: Theory & Practice, 29(4), 473–491.Google Scholar
  38. Cotis, J. P. (2007, January). Entrepreneurship as an engine for growth: Evidence and policy challenges. Paper presented at GEM Forum: Entrepreneurship: Setting the Development Agenda, London.Google Scholar
  39. Dahles, H. (2005). Culture, capitalism and political entrepreneurship: Transnational business ventures of the Singapore Chinese in China. Culture & Organization, 11(1), 45–58.Google Scholar
  40. Davidsson, P., & Henrekson, M. (2002). Determinants of the prevalence of start-ups and high-growth firms. Small Business Economics, 19(2), 81–104.Google Scholar
  41. Delmar, F., & Shane, S. (2003). Does business planning facilitate the development of new ventures? Strategic Management Journal, 24(12), 1165–1185.Google Scholar
  42. DeTienne, D., & Chandler, G. (2004). Opportunity identification and its role in the entrepreneurial classroom: A pedagogical approach and empirical test. Academy of Management Learning and Education, 3(3), 242–257.Google Scholar
  43. Directorate-General Enterprise. (2004). Benchmarking enterprise policy: Results from the 2004 scoreboard. Commission Staff Working Document SEC (2004) 1427, NovemberGoogle Scholar
  44. Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2002). The regulation of entry. Quarterly Journal of Economics, 117, 1–35.Google Scholar
  45. Dolinsky, A. L., Caputo, R. K., Pasumarty, K., & Quazi, H. (1993). The effects of education on business ownership: A longitudinal study of women. Entrepreneurship Theory & Practice, 18(1), 43–53.Google Scholar
  46. Dreher, A., & Gassebner, M. (2007). Greasing the wheels of entrepreneurship? Impact of regulations and corruption on firm entry. KOF WP 166. Zurich: KOF Swiss Economic Institute.Google Scholar
  47. Dubini, P. (1989). The influence of motivations and environment on business start-ups: Some hints for public policies. Journal of Business Venturing, 4(1), 11–26.Google Scholar
  48. Eckhardt, J. T., & Shane, S. A. (2003). Opportunities and entrepreneurship. Journal of Management, 29(3), 333–349.Google Scholar
  49. Etzioni, A. (1987). Entrepreneurship, adaptation and legitimation. Journal of Economic Behavior, 8, 175–189.Google Scholar
  50. Fayolle, A. (2000). Exploratory study to assess the effects of entrepreneurship programs on French student entrepreneurial behaviors. Journal of Enterprising Culture, 8(2), 169–184.Google Scholar
  51. Fiet, J. O. (2000). The theoretical side of teaching entrepreneurship. Journal of Business Venturing, 16, 1–24.Google Scholar
  52. Fischer, E., & Reuber, A. R. (2003). Support for rapid-growth firms: A comparison of the views of founders, government policymakers, and private sector resource providers. Journal of Small Business Management, 41(4), 346–365.CrossRefGoogle Scholar
  53. Fisman, R., & Sarria-Allende, V. (2004). Regulation of entry and the distortion of industrial organization. WP 10929. National Bureau of Economic ResearchGoogle Scholar
  54. Garavan, T. N., & O’Cinneide, B. (1994). Entrepreneurship education and training programmes: A review and evaluation part 1. Journal of European Industrial Training, 18(8), 3–12.Google Scholar
  55. Gartner, W., Bird, B., & Starr, J. (1992). Acting as if: Differentiating entrepreneurial from organizational behaviour. Entrepreneurship Theory & Practice, 16(3), 13–32.Google Scholar
  56. George, G. G., & Zahra, S. A. S. (2002). Culture and Its consequences for entrepreneurship. Entrepreneurship Theory & Practice, 26(4), 5–8.Google Scholar
  57. Geroski, P. A. (1989). Entry, innovation and productivity growth. The Review of Economics and Statistics, 71(4), 572–578.Google Scholar
  58. Geroski, P. A. (1995). What do we know about entry? International Journal of Industrial Organization, 13, 421–440.Google Scholar
  59. Ghosh, P., & Cheruvalath, R. (2007). Indian female entrepreneurs as catalysts for economic growth and development. International Journal of Entrepreneurship and Innovation, 8(2), 139–148.Google Scholar
  60. Goldfarb, B., & Henrekson, M. (2003). Bottom-up versus top-down policies towards the commercialization of university intellectual property. Research Policy, 32(4), 639–658.Google Scholar
  61. Grilo, I., & Irigoyen, J. M. (2006). Entrepreneurship in the EU: To wish and not to be. Small Business Economics, 26(4), 305–318.Google Scholar
  62. Hansen, J., & Sebora, T.C. (2003). Applying principles of corporate entrepreneurship to achieve national economic growth. Advances in the Study of Entrepreneurship, Innovation, and Economic Growth, 14, 69–90Google Scholar
  63. Hart, D. M. (Ed.). (2003). The emergence of entrepreneurship policy: Governance, start-ups, and growth in the U.S. knowledge economy. Cambridge: Cambridge University Press.Google Scholar
  64. Hawkins, D. I. (1993). New business entrepreneurship in the Japanese economy. Journal of Business Venturing, 8(2), 137–150.Google Scholar
  65. Hayek, F. A. v. (1945). The use of knowledge in society. American Economic Review, 35(4), 519–530.Google Scholar
  66. Hayek, F. A. v. (1978). Competition as a discovery procedure. In F. A. v. Hayek (Ed.), New studies in philosophy, politics, economics, and the history of ideas (pp. 179–190). Chicago: University of Chicago Press.Google Scholar
  67. Hayton, J. C. J., George, G. G., & Zahra, S. A. S. (2002). National culture and entrepreneurship: A review of behavioral research. Entrepreneurship Theory & Practice, 26(4), 33–52.Google Scholar
  68. Heinonen, J., & Poikkijoki, S.-A. (2006). An entrepreneurial-directed approach to entrepreneurship education: Mission impossible? Journal of Management Development, 25(1), 80–94.Google Scholar
  69. Helms, M. H. (2003). The challenge of entrepreneurship in a developed economy: The problematic case of Japan. Journal of Developmental Entrepreneurship, 8(3), 247–264.Google Scholar
  70. Hofstede, G. (1980). Culture’s consequences: International differences in work-related values. Beverly Hills, CA: Sage Publishers.Google Scholar
  71. Hofstede, G., Noorderhaven, N. G., Thuirik, A. R., Wennekers, A. R. M., Uhlaner, L., & Wildeman, R. E. (2003). Culture’s role in entrepreneurship: Self-employment out of dissatisfaction. In J. Uljin & T. Brown (Eds.), Innovation, entrepreneurship and culture: The interaction between technology, progress and economic growth (pp. 162–203). Cheltenham, UK: Edward Elgar.Google Scholar
  72. Honig, B. (2004). Entrepreneurship education: Toward a model of contingency-based business planning. Academy of Management Learning and Education, 3(3), 258–273.Google Scholar
  73. House, R. J. (1998). A brief history of GLOBE. Journal of Managerial Psychology, 13(3/4), 230–240.Google Scholar
  74. Hunt, S., & Levie, J. (2004). Culture as a predictor of entrepreneurial activity. In W. D. Bygrave, C. G. Brush, P. Davidsson, J. O. Fiet, P. G. Greene, R. T. Harrison, M. Lerner, G. D. Meyer, J. Sohl, & A. Zacharakis (Eds.), Frontiers of entrepreneurship research 2003 (pp. 171–185). Babson Park, MA: Babson College.Google Scholar
  75. Inglehart, R. (1997). Modernization and post modernization: Culture, economic and political change in 43 societies. Princeton: Princeton University Press.Google Scholar
  76. Javidan, M., House, R. J., Dorfman, P. W., Hanges, P. J., & Sully de Luque, M. (2006). Conceptualizing and measuring cultures and their consequences: A comparative review of GLOBE’s and Hofstede’s approaches. Journal of International Business Studies, 37, 897–914.Google Scholar
  77. Kaufmann, P. J., Welsh, D. H. B., & Bushmarin, B. V. (1995). Locus of control and entrepreneurship in the Russian Republic. Entrepreneurship Theory & Practice, 20(1), 43–57.Google Scholar
  78. Kawai, H., & Urata, S. (2002). Entry of small and medium enterprises and economic dynamism in Japan. Small Business Economics, 18, 41–52.Google Scholar
  79. Keuschnigg, C., & Nielsen, S. B. (2001). Public policy for venture capital. International Tax and Public Finance, 8(4), 557–572.Google Scholar
  80. Keuschnigg, C., & Nielsen, S. B. (2002). Tax policy, venture capital, and entrepreneurship. Journal of Public Economics, 87(1), 175–203.Google Scholar
  81. Keuschnigg, C., & Nielsen, S. B. (2004). Start-ups, venture capitalists, and the capital gains tax. Journal of Public Economics, 88(5), 1011–1042.Google Scholar
  82. Kirzner, I. (1979). Perception, opportunity and profit. Chicago, IL: University of Chicago Press.Google Scholar
  83. Kirzner, I. (1985). The perils of regulation: A market process approach. In I. Kirzner (Ed.), Discovery and the capitalist process (pp. 119–149). Chicago, IL: University of Chicago Press.Google Scholar
  84. Kirzner, I. (1997a). How markets work: Disequilibrium, entrepreneurship and discovery. IEA Hobart Paper 133. London: Institute of Economic Affairs.Google Scholar
  85. Kirzner, I. (1997b). Entrepreneurial discovery and the competitive market process: An Austrian approach. Journal of Economic Literature, 35, 60–85.Google Scholar
  86. Klapper, L., Laeven, L., & Rajan, R. (2006). Entry regulation as a barrier to entrepreneurship. Journal of Financial Economics, 82, 591–629.Google Scholar
  87. Klepper, S. (1996). Entry, exit, growth, and innovation over the product life cycle. American Economic Review, 86, 562–583.Google Scholar
  88. Klepper, S. (2002). The capabilities of new firms and the evolution of the US automobile industry. Industrial and Corporate Change, 11(4), 645–666.Google Scholar
  89. Klepper, S., & Sleeper, S. (2005). Entry by spinoffs. Management Science, 51(8), 1291–1306.Google Scholar
  90. Kögel, T. (2004). Did the association between fertility and female employment within OECD countries really change its sign? Journal of Population Economics, 17, 45–65.Google Scholar
  91. Kouriloff, M. (2000). Exploring perceptions of a priori barriers to entrepreneurship: A multidisciplinary approach. Entrepreneurship Theory & Practice, 25(2), 59–79.Google Scholar
  92. Lazear, E. (2004). Balanced skills and entrepreneurship. American Economic Review, 94(2), 208–211.Google Scholar
  93. Lazear, E. P. (2005). Entrepreneurship. Journal of Labor Economics, 23(4), 649–680.Google Scholar
  94. Leibenstein, H. (1966). Allocative efficiency vs. X-efficiency. American Economic Review, 56(3), 392–415.Google Scholar
  95. Leibenstein, H. (1968). Entrepreneurship and development. The American Economic Review, 58(2), 72–83.Google Scholar
  96. Leibenstein, H. (1978). General X-efficiency theory and economic development. Oxford, UK: Oxford University Press.Google Scholar
  97. Leibenstein, H. (1987). Entrepreneurship, entrepreneurial training and X-efficiency. Journal of Economic Bahavior and Organization, 8, 191–205.Google Scholar
  98. Leibenstein, H. (1995). The supply of entrepreneurship. In G. M. Meier (Ed.), Leading issues in economic development (pp. 273–275). New York: Oxford University Press.Google Scholar
  99. Levie, J. (2006). From business plans to business shaping: Reflections on an experiential new venture creation class. WP 040/2006. London, UK: National Council for Graduate Entrepreneurship.Google Scholar
  100. Levie, J., & Autio, E. (2008). Regulation of entry, rule of law, and entrepreneurship: an international panel study. Hunter Centre for Entrepreneurship working paper. Glasgow, UK: University of Strathclyde.Google Scholar
  101. Levie, J., & Hunt, S. (2005). Culture, institutions and new business activity: Evidence from global entrepreneurship monitor. In S. A. Zahra, C. G. Brush, P. Davidsson, J. Fiet, P. G. Greene, R. T. Harrison, M. Lerner, C. Mason, G. D. Meyer, J. Sohl, & A. Zacharakis (Eds.), Frontiers of entrepreneurship research 2004 (pp. 519–533). Babson Park, MA: Babson College.Google Scholar
  102. Liao, J., Welsch, H. P., & Pistrui, D. (2001). Environmental and individual determinants of entrepreneurial growth: An empirical examination. Journal of Enterprising Culture, 9(3), 253–272.Google Scholar
  103. Lopez-Claros, A., Porter, M. E., Schwab, K., & Sala-i-Martin, X. (2006). The global competitiveness report 2006–2007. London, UK: Palgrave-Macmillan.Google Scholar
  104. Lundström, A., & Stevenson, L. (2005). Entrepreneurship policy: Theory & practice. New York: Springer-Verlag.Google Scholar
  105. Maddy, M. (2000). Dream deferred: The story of a high-tech entrepreneur in a low-tech world. Harvard Business Review, 78(3), 57–69.Google Scholar
  106. Maddy, M. (2004). Learning to love Africa: My journey from Africa to Harvard Business School and back. New York: Harper Business.Google Scholar
  107. Malerba, F., & Orsenigo, L. (1996). Schumpeterian patterns of innovation are technology-specific. Research Policy, 25, 451–478.Google Scholar
  108. Michelacci, C. (2003). Low returns in R&D due to the lack of entrepreneurial skills. The Economic Journal, 113(484), 207–225.Google Scholar
  109. Minniti, M., Bygrave, W. D., & Autio, E. (2006). Global entrepreneurship monitor 2005 executive report. Babson Park, MA: Babson College; London, UK: London Business School.Google Scholar
  110. Murphy, P. J., Kickul, J., Barbosa, S. D., & Titus, L. (2007). Expert capital and perceived legitimacy: Female-run entrepreneurial venture signalling and performance. International Journal of Entrepreneurship and Innovation, 8(2), 127–138.Google Scholar
  111. Murphy, K. M., Schleifer, A., & Vishny, R. W. (1991). The allocation of talent: Implications for growth. The Quarterly Journal of Economics, 106(2), 503–530.Google Scholar
  112. Parker, S. C. (2006). Entrepreneurship, self-employment, and the labour market. In M. Casson, B. Yeung, A. Basu, & N. Wadeson (Eds.), Oxford handbook of entrepreneurship (pp. 435–460). Oxford: Oxford University Press.Google Scholar
  113. Peterman, N., & Kennedy, J. (2003). Enterprise education: Influencing students’ perceptions of entrepreneurship. Entrepreneurship Theory & Practice, 28, 129–144.Google Scholar
  114. Puffer, S. M., & McCarthy, D. J. (2001). Navigating the hostile maze: A framework for Russian entrepreneurship. Academy of Management Executive, 15(4), 24–36.Google Scholar
  115. Reynolds, P. D., Bosma, N., Autio, E., De Bono, N., Servais, I., Lopez-Garcia, P., et al. (2005). Global entrepreneurship monitor: Data collection design and implementation 1998–2003. Small Business Economics, 24(3), 205–231.Google Scholar
  116. Reynolds, P. D., Bygrave, W. D., Autio, E., Cox, L. W., & Hay, M. (2002). Global entrepreneurship monitor 2002 executive report. Babson Park, MA: Babson College; London, UK: London Business School.Google Scholar
  117. Reynolds, P. D., Bygrave, W. D., Autio, E., et al. (2003). Global entrepreneurship monitor 2003 executive report. Babson Park, MA: Babson College; London, UK: London Business School.Google Scholar
  118. Reynolds, P. D., Camp, S. M., Bygrave, W. D., Autio, E., & Hay, M. (2001a). Global entrepreneurship monitor 2001 executive report. Babson Park, MA: Babson College; London, UK: London Business School.Google Scholar
  119. Reynolds, P. D., Hay, M., Bygrave, W. D., Camp, S. M., & Autio, E. (2000). Global entrepreneurship monitor 2000 executive report. Babson Park, MA: Babson College; London, UK: London Business School.Google Scholar
  120. Reynolds, P. D., Hay, M., & Camp, M. S. (1999). Global entrepreneurship monitor 1999 executive report. Babson Park, MA: Babson College; London, UK: London Business School. Google Scholar
  121. Reynolds, P. D., Rauch, A., Lopez-Garcia, P., & Autio, E. (2001b). February). Data collection-analysis strategies operations manual. Internal GEM Document. London: London Business School.Google Scholar
  122. Robertson, A., Collins, A., Medeira, N., & Slater, J. (2003). Barriers to start-up and their effect on aspirant entrepreneurs. Education & Training, 45(6), 308–316.Google Scholar
  123. Robinson, P. B., & Sexton, E. A. (1994). The effect of education and experience on self-employment success. Journal of Business Venturing, 9(2), 141–156.Google Scholar
  124. Romer, P. M. (1990). Endogenous technological change. The Journal of Political Economy, 98(5), 71–102.Google Scholar
  125. Ruef, M. (2005). Origins of organizations: The entrepreneurial process (review). Research in the Sociology of Work, 15, 63–100Google Scholar
  126. Schumpeter, J. A. (1934). The theory of economic development. Cambridge, MA: Harvard University Press.Google Scholar
  127. Schumpeter, J. A. (1947a). Capitalism, socialism and democracy (2nd ed.). London: George Allen & Unwin.Google Scholar
  128. Schumpeter, J. A. (1947b). The creative response in economic history. Journal of Economic History, 7, 149–159.Google Scholar
  129. Schwartz, S. (1994). Beyond individualism/collectivism: New cultural dimensions of values. In U. Kim, H. C. Triandis, C. Kagitcibasi, S.-C. Choi, & G. Yoon (Eds.), Individualism and collectivism: Theory, methods and applications (pp. 85–119). London: Sage.Google Scholar
  130. Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science, 11(4), 448–469.Google Scholar
  131. Shane, S. (2002). Executive forum: University technology transfer to entrepreneurial companies. Journal of Business Venturing, 17(6), 537–552.Google Scholar
  132. Shane, S. (2003). A general theory of entrepreneurship: The individual-opportunity nexus. Cheltenham: Edward Elgar.Google Scholar
  133. Shane, S., Locke, E., & Collins, C. J. (2003). Entrepreneurial motivation. Human Resource Management Review, 13, 257–279.Google Scholar
  134. Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25, 217–226.Google Scholar
  135. Shrader, R., & Siegel, D. S. (2007). Assessing the relationship between human capital and firm performance: Evidence from technology-based new ventures. Entrepreneurship Theory & Practice, 31(6), 893–908.Google Scholar
  136. Smith, B., Peterson, M. F., & Schwartz, S. H. (2002). Cultural values, sources of guidance, and their relevance to managerial behavior. Journal of Cross-Cultural Psychology, 33(2), 188–208.Google Scholar
  137. Spencer, J. W., & Gomez, C. (2004). The relationship among national institutional structures, economic factors, and domestic entrepreneurial activity: A multicountry study. Journal of Business Research, 57, 1098–1107.Google Scholar
  138. Storey, D. J. (1994). Understanding the small business sector. London, UK: Routledge.Google Scholar
  139. Storey, D. J., & Tether, B. S. (1998). Public policy measures to support new technology-based firms in the European Union. Research Policy, 26(9), 1037–1057.Google Scholar
  140. Suzuki, K., Kim, S. H., & Bae, Z. T. (2002). Entrepreneurship in Japan and Silicon Valley: a comparative study. Technovation, 22(10), 595–606.Google Scholar
  141. Trulsson, P. (2002). Constraints of growth-oriented enterprises in the southern and eastern African region. Journal of Developmental Entrepreneurship, 7(3), 331–339.Google Scholar
  142. Uhlaner, L. M., & Thurik, A. R. (2007). Post-materialism: A cultural factor influencing total entrepreneurial activity across nations. Journal of Evolutionary Economics, 17(2), 161–185.Google Scholar
  143. Van der Horst, R., Nijsen, A., & Gulhan, S. (2000). Regulatory policies and their impact on SMEs in Europe: The case of administrative burdens. In D. Sexton & H. Landstrom (Eds.), Blackwell handbook of entrepreneurship (pp. 128–149). Malden, MA: Blackwell Publishing.Google Scholar
  144. van Stel, A., Carree, M., & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. Small Business Economics, 24(3), 311–321.Google Scholar
  145. van Stel, A., Storey, D., & Thurik, A. R. (2007). The effect of business regulations on nascent to young business entrepreneurship. Small Business Economics, 28(2/3), 171–186.Google Scholar
  146. Volery, T., Doss, T, Mazzarol, T. & Thein, V. (1997, June). Triggers and barriers affecting entrepreneurial intentionality: The case of western Australian nascent entrepreneurs. Paper Presented at 42nd ICSB World Conference, San FranciscoGoogle Scholar
  147. Von Mises, L. (1949). Human action. New Haven: Yale University Press.Google Scholar
  148. Wennekers, S., van Stel, A., Thurik, R., & Reynolds, P. (2005). Nascent entrepreneurship and the level of economic development. Small Business Economics, 24(3), 293–309.Google Scholar
  149. Witt, U. (2002). How evolutionary is Schumpeter’s theory of economic development? Industry and Innovation, 9(1/2), 7–22.Google Scholar
  150. Wright, M., Hmieleski, K. M., Siegel, D. S., & Ensley, M. D. (2007). The role of human capital in technological entrepreneurship. Entrepreneurship Theory & Practice, 31(6), 791–806.Google Scholar

Copyright information

© Springer Science+Business Media, LLC. 2008

Authors and Affiliations

  1. 1.Hunter Centre for EntrepreneurshipUniversity of StrathclydeGlasgowUK
  2. 2.Tanaka Business SchoolImperial College LondonLondonUK

Personalised recommendations