Institutions, Entrepreneurship, and Economic Growth: What Do We Know and What Do We Still Need to Know?

TY - JOUR

T1 - Institutions, Entrepreneurship, and Economic Growth: What Do We Know and What Do We Still Need to Know?

AU - Bjørnskov, Christian

AU - Foss, Nicolai J.

PY - 2016/8/1

Y1 - 2016/8/1

N2 - We review the literature that links institutions, entrepreneurship, and economic growth outcomes, focusing in particular on empirical research. Most of the literature has an economics orientation, but we also review relevant literature from other social sciences, including management research. The review helps identify a number of conceptual, theoretical, and empirical gaps, calling for further research. For example, the literature narrowly identifies entrepreneurship with start-ups and self-employment; does not theorize many potentially relevant inter-level links and mechanisms; and suffers from sample limitations, omitted variable biases, causality issues, and response heterogeneity. We argue that theories in management research, such as the resource-based view, transaction cost economics, and strategic entrepreneurship theory, can fill some of the conceptual and theoretical gaps.

AB - We review the literature that links institutions, entrepreneurship, and economic growth outcomes, focusing in particular on empirical research. Most of the literature has an economics orientation, but we also review relevant literature from other social sciences, including management research. The review helps identify a number of conceptual, theoretical, and empirical gaps, calling for further research. For example, the literature narrowly identifies entrepreneurship with start-ups and self-employment; does not theorize many potentially relevant inter-level links and mechanisms; and suffers from sample limitations, omitted variable biases, causality issues, and response heterogeneity. We argue that theories in management research, such as the resource-based view, transaction cost economics, and strategic entrepreneurship theory, can fill some of the conceptual and theoretical gaps.

UR - http://www.scopus.com/inward/record.url?scp=84987846916&partnerID=8YFLogxK

U2 - 10.5465/amp.2015.0135

DO - 10.5465/amp.2015.0135

M3 - Journal article

SN - 1558-9080

VL - 30

SP - 292

EP - 315

JO - Academy of Management Perspectives

JF - Academy of Management Perspectives

IS - 3

ER -