Understanding institutions and entrepreneurship: The microfoundations lens and emerging economies
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Understanding institutions and entrepreneurship: The microfoundations lens and emerging economies Sunny Li Sun 1
& Weilei
(Stone) Shi 2 & David Ahlstrom 3
& Li
(Rachel) Tian 4
Accepted: 13 September 2020/ # Springer Science+Business Media, LLC, part of Springer Nature 2020
Abstract The emerging economy perspective provides an excellent opportunity to theorize the intertwined fields of entrepreneurship and institution research. How do the institutions in emerging economies change the entrepreneurial dynamics and entrepreneurial behaviors? How do entrepreneurs reshape the institutions more favorably at multiple levels? In this paper, we identify literature gaps in theorizing institutions and entrepreneurship and build a microfoundations lens to tackle theorizing challenges in this filed. We also introduce the seven papers in this Special Issue of Asia Pacific Journal of Management on institutions and entrepreneurship with different levels of analysis and research designs. Finally, we outline a systematic research agenda in this promising and important field. Keywords Entrepreneurship . Institutions . Microfoundations . Emerging economies
* Sunny Li Sun [email protected] Weilei (Stone) Shi [email protected] David Ahlstrom [email protected] Li (Rachel) Tian [email protected]
1
University of Massachusetts Lowell, Pulichino Tong Business Center, 220A, 72 University Ave, Lowell, MA 01854, USA
2
City University of New York (CUNY), Baruch College, 1 Bernard Baruch Way, New York, NY 10010, USA
3
Department of Management, The Chinese University of Hong Kong, Shatin, NT, Hong Kong SAR
4
Nankai Business School, Nankai University, Baidi Rd, Tianjin, Nankai District, China
S. L. Sun et al.
Emerging economies have become a major engine of global economic growth over the past three decades (Ahlstrom, Chang, & Cheung, 2019; Carden & McCloskey, 2018). China, India, and more recently sub-Saharan Africa have accounted for growth rates exceeding those of the post-WW2 period (McCloskey, 2013). Though there is some debate about what causes economic growth (McCloskey, 2013; Rodrik, Subramanian, & Trebbi, 2004; Tomizawa, Zhao, Bassellier, & Ahlstrom, 2020), entrepreneurship is widely thought to play a key role (Ács & Szerb, 2007; Si, Ahlstrom, Wei, & Cullen, 2020). Entrepreneurship is a key driver for social and economic improvement as it creates jobs and aids in development (Bruton, Ahlstrom, & Li, 2010; Sutter, Bruton, & Chen, 2019). Governments around the world are paying increased attention to the removal of entrepreneurial barriers and the support of entrepreneurial development via several constructive policies, increased business education, and entrepreneurial finance (Ács & Szerb, 2007; Ahlstrom, Cumming, & Vismara, 2018). Lacking stabilizing institutions, entrepreneurs would have much more difficulty in starting businesses and husbanding their development (Baumol, Litan, & Schramm, 2007; Langlois, 2016). Institutions are thought to influence entrepreneurship in a variety of ways, ranging from improvin
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