The construction of opportunity entrepreneurship function
This paper interprets opportunity entrepreneurship, within the framework of Solow—Romer model and the characteristics of society’s entrepreneurship capital, as it is expressed by cultural background, transaction characteristics and economic institutions, using the principal components and regression analysis. It extends the concepts of growth theory to the entrepreneurial determination framework, based on the assumption that growth is generated by entrepreneurship. Τhe paper accomplishes to organize an integrated model of the actual opportunity entrepreneurship determination where the cultural variables play a predominant role. From the variables used to express entrepreneurial economy and its effects on the levels of opportunity entrepreneurship, only the variables expressing cultural background seem to have an effect, and more specifically a promoting one. It is established that for the configuration of opportunity entrepreneurship, the effect of cultural background is more serious than that of the Solow-Romer factors. Furthermore, the institutions and the transactions characteristics are purely endogenous formations.
KeywordsOpportunity entrepreneurship Entrepreneurial society Transaction characteristics Economic institutions Cultural background
I would like to thank Mrs. Kafka Kyriaki (Researcher, University of Athens/ Economic Department), Mr. Kostis Pantelis (PhD Candidate, University of Athens/ Economic Department) and Mr. Valsamis Dionysis (Researcher, University of Athens/ Economic Department) for their valuable assistance in developing this paper. Also, I would like to thank Associate Professor Kotsios Stelios (University of Athens/ Economic Department) for his assistance in the methodology employed.
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