Entrepreneurship and the Face of Janus of Institutions: Stimulus Policies for High-Impact Entrepreneurs in Brazil and Russia

• Sarfati, Gilberto ^[1]
  1. [1] FGV EAESP
• Localización: Teoria e Prática em Administração (TPA), ISSN-e 2238-104X, Vol. 9, Nº. 1, 2019, págs. 15-28
• Idioma: inglés
• DOI: 10.21714/2238-104x2019v9i1-40753
• Enlaces
  • Texto completo (pdf)
• Resumen

  • Institutional theory has been widely applied to the study of entrepreneurship. Based on the current understanding of the institutional gap, we suggest that the relationship between institutions and entrepreneurship in emerging economies is reminiscent of the Face of Janus. Janus is a mythological figure with two faces, one looking backward and the other looking forward. Therefore, he is associated with transition and the chaos connected with the ambiguous relationship between the past and the future. This ambiguity may be seen as characteristic of entrepreneurship in emerging economies. In other words, the Face of Janus that looks backward corresponds to the institutional void, and the face that looks forward corresponds to stimulus policies that promote high-impact entrepreneurs. In this article, we comparatively discuss two case studies in Brazil and Russia. In Brazil, the Agency for Innovation’s (Financiadora de Estudos e Projetos – FINEP) INOVAR program while in Russia the Skolkovo Foundation. This article contributes to the entrepreneurship literature by advancing the concept of the institutional void in the context of emerging economies and by identifying strategies to develop high-impact entrepreneurship in two countries that have received little attention in previous articles.

• Referencias bibliográficas
  • Acs, Z. K. (2008). Foundations of high impact entrepreneurship. Foundations and Trends in Entrepreneurship, 4(6), 535-620.
  • Abubakar, Y., & Mitra, J. (2017). Knowledge spillovers and high-impact growth: Comparing local and foreign firms in the UK. Journal of...
  • Ahlstrom, D. & Bruton, G. (2010). Rapid institutional shifts and the co-evolution of entrepreneurial firms in transition economies. Entrepreneurship...
  • Aidis, R. (2005). Institutional barriers to small-and medium-sized enterprises operations in transitions countries. Small Business Economics,...
  • Ajjan, H., Fabian, F., Tomczyk, D., & Hattab, G. (2015). Social Media Use to Support Entrepreneurship in the Face of Disruption. Journal...
  • Armanios, D. E., Eesley, C. E., Li, J., & Eisenhardt, K. M. (2017). How entrepreneurs leverage institutional intermediaries in emerging...
  • Audretcsch, D. B., Keilbach, M. C., & Lehmann, E. E. (2006). Entrepreneurship and Economic Growth. Oxford: Oxford University Press.
  • Audretcsch, D. B. & Thurik, R. (2001). What’s new about new economy? Sources of growth in the managed and entrepreneurial economies. Industrial...
  • Baker, T. & Nelson, R. E. (2005). Creating something from nothing: resource construction through entrepreneurial bricolage. Administrative...
  • Baumol, W. J. (1990). Entrepreneurship: productive, unproductive and destructive. Journal of Political Economy, 98(5), 893–921.
  • Birch, D. L, Haggerty, A. & Parsons, W. (1995). Who’s creating jobs? Boston: Cognetics Inc.
  • Bjerregaard, T. & Lauring, J. (2012). Entrepreneurship as institutional change: strategies of bridging institutional contradictions. European...
  • Bjørnskov, C., & Foss, N. J. (2016). Institutions, Entrepreneurship, and Economic Growth: What Do We Know And What Do We Still Need to...
  • Bruton, G. D., Ahlstrom, D., & Li, H. (2010). Institutional theory and entrepreneurship: where are we now and where do we need to move...
  • Bruton, G. D., Ahlstrom, D., &; Obloj, K. (2008). Entrepreneurship in emerging economies: where we are today and where should the research...
  • Coad, A., Cowling, M., & Siepel, J. (2017). Growth processes of high-growth firms as a four-dimensional chicken and egg. Industrial &...
  • Cunneen, D. J. & Meredith, G. G. (2007). Entrepreneurial founding activities that create gazelles. Small Enterprise Research, 15(1), 39-59.
  • De Jong, G., & Van Witteloostuijn, A. (2015). Regulatory Red Tape and Private Firm Performance. Public Administration, 93(1), 34-51
  • DiMaggio, P. J. (1998). Interest and agency in institutional theory. In L. G. Zucker (Ed.), Institutional patterns and organizations: culture...
  • Eisenhardt, K.M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532-550.
  • Figueroa-Armijos, M., & Johnson, T. (2016). Entrepreneurship policy and economic growth: Solution or delusion? Evidence from a state initiative....
  • Global Entrepreneurship Research Association (GERA). The Global Entrepreneurship Monitor 2016/17. GERA.
  • Gohman, S. (2012). Institutions, latent entrepreneurship, and self-employment: an international comparison. Entrepreneurship Theory and Practice,...
  • Johnson, S., Kaufmann, D., & Zoido-Lobaton, P. (1998). Regulatory Discretion and the Unofficial Economy. American Economic Review, 88(2),...
  • Karadağ, H. (2018). A Comparative Analysis on the Relationship Between Institutional Environment and Entrepreneurship in Emerging Economies....
  • Keilbach, M., Tamvada, J.P & Audretsch, D. B. (2009). Sustaining entrepreneurship and economic growth. New York: Springer.
  • Kickul, J., Griffiths, M., Bacq, S., & Garud, N. (2018). Catalyzing social innovation: is entrepreneurial bricolage always good? Entrepreneurship...
  • Kistruck, G. M., Webb, J. W., Sutter, C. J., & Bailey, A. V. (2015). The double-edged sword of legitimacy in base-of-the-pyramid markets....
  • Khanna, T. & Palepu, K. (1997). Why Focused strategies may be wrong for emerging markets. Harvard Business Review, 75(4), 41-51.
  • Korppoo, A. (2018). Russian associated petroleum gas flaring limits: Interplay of formal and informal institutions. Energy Policy, 116, 232-241.
  • Kshetri, N. (2007). Institutional changes affecting entrepreneurship in China. Journal of Developmental Entrepreneurship, 12(4), 415-432.
  • Kshetri; N. & Dholakia, N. (2011). Regulative institutions supporting entrepreneurship in emerging economies: a comparison of China and...
  • Lee, S. H., Yamakawa, Y., Peng, M.W., & Barney, J. B. (2011). How do bankruptcy laws affect entrepreneurship development around the world?...
  • Lévi-Strauss, C. (1966). The savage mind. Chicago: University of Chicago Press.
  • Luthans, F. & Ibrayeva, E. S. (2006). Entrepreneurship self-efficacy in Central Asia transition economies: quantitative and qualitative...
  • Mair, J. & Martí, I. (2009). Entrepreneurship in and around institutional voids: a case study from Bangladesh. Journal of Business Venturing,...
  • Mair, J., Martí, I., & Ventresca, M. J. (2012). Building inclusive markets in rural Bangladesh: how intermediates work institutional voids....
  • Manolova, T. S., Eunni, R. V., & Gyoshev, B. S. (2008). Institutional environments for entrepreneurship: evidence from emerging economies...
  • McCarthy, D. J., & Puffer, S. M. (2016). Institutional Voids in an Emerging Economy. Journal of Leadership & Organizational Studies,...
  • McMillan, J. & Woodruff, C. (2002). The central role of entrepreneurs in transition economies. Journal of Economic Perspectives, 16(3),...
  • Michael, S. C. & Pearce. J. A. (2009). The need for innovation as a rationale for government involvement in entrepreneurship. Entrepreneurship...
  • Minniti, M. (2008). The role of government policy on entrepreneurial activity: productive, unproductive, or destructive? Entrepreneurship...
  • Moreno, A. M. & Casillas, J. C. (2007). High growth SMEs versus non high-growth SMEs: a discriminate analysis. Entrepreneurship and Regional...
  • North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge: Cambridge University Press.
  • OECD. (2011). Entrepreneurship at a glance 2011. Paris: OECD Publishing.
  • Peci, F., Kutlovici, E., Tmava, Q., & Shala, V. (2012). Small and medium enterprises facing institutional barriers in Kosovo. International...
  • Peng, M. W. (2000). Business strategies in transition economies. Thousand Oaks: Sage.
  • Peng, M. W. (2006). How entrepreneurs create wealth in transition economies. In: Li, H. Growth of new technology ventures in China’s emerging...
  • Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. (2009). The institution-based view as a third leg for a strategy tripod. Academy of Management...
  • Pereira, V., & Temouri, Y. (2018). Impact of institutions on emerging European high-growth firms. Management Decision, 56(1), 175-187
  • Puffer, S. M., McCarthy, D.J., & Boisot, M. (2010). Entrepreneurship in Russia and China: The impact of formal institutional voids. Entrepreneurship...
  • Raynard, P. & Forstater, M. (2002). Corporate social responsibility: implications for small and medium enterprises in developing countries....
  • Scott, W. R. (2001). Institutions and organizations. Thousand Oaks, CA: Sage.
  • Shane, S. & Foo, M. (1999) New firm survival: institutional explanations for new franchisor mortality. Management Science, 45(2), 142–159.
  • Smallbone, D. & Welter, F. (2001). The role of government in SME development in transition countries. International Small Business Journal,...
  • Smit, H., Pennings, E., & Bekkum, S. (2017). Real options and institutions. Journal of International Business Studies, 48(5), 620-644
  • Sobel, R. S. (2008). Testing Baumol: institutional quality and the productivity of entrepreneurship. Journal of Business Venturing, 23(6),...
  • Sobel, R. S., & Clark, J. R. (2016). Interest Group Activity and Government Growth: A Causality Analysis. CATO Journal, 36(3), 507-533.
  • St-Jean, E. Julien, P. A., & Audet, J. (2008). Factors associated with growth changes in ‘gazelles’. Journal of Enterprising Culture,...
  • Stake, R. 1995. The art of case research. Newbury Park: CA: SAGE.
  • Tasavori, M., Kwong, C., & Pruthi, S. (2018). Resource bricolage and growth of product and market scope in social enterprises. Entrepreneurship...
  • Tracey, P. & Phillips, N. (2011). Entrepreneurship in emerging markets: strategies for new ventures creation in uncertain institutional...
  • Van Maanen, J. (1988). Tales of the field: on writing ethnography. Chicago, IL.: University of Chicago Press.
  • Van Stel, A., Carree, M., & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. Small Business Economics,...
  • Webb, J. W., Tihanyi, L., Ireland, R.D., & Sirmon, D. G. (2009). You say illegal, I say legitimate: entrepreneurship in the informal economy....
  • Yin, R.K. (2003). Case study research: design and methods. Thousand Oaks, CA: SAGE.
  • Zoogah, D. B., Peng, M. W., & Woldu, H. (2015). Institutions, Resources, and Organizational Effectiveness in Africa. Academy of Management...