Resumen de High-impact entrepreneurship through the interplay between formal and informal institutions
Lucio Fuentelsaz Lamata, Consuelo González Gil, Juan Pablo Maicas López
This work analyzes the role of the institutional context in determining the levels of highimpact entrepreneurship in a given territory. Contrary to usual practice in the literature when analyzing entrepreneurship in absolute terms, our approach considers that not all initiatives have the same quality and that the goal of a society should be to encourage those activities that best contribute to innovation and value generation. Moreover, in incorporating the institutional component to the analysis of high-impact entrepreneurship, we distinguish between formal and informal institutions by elaborating on the moderating role of the latter on the former. Our main result suggests that a strong development of formal institutions increases high-impact entrepreneurship. However, the informal dimension moderates this effect. In particular, in countries with a more individualistic orientation, the relationship between formal institutions and high-impact entrepreneurship is more intense, as happens in societies with lower levels of uncertainty avoidance.
