Abstract
How entrepreneurial opportunities are formed and exploited depends upon the institutional environment in which they are embedded. The varying amounts of risk and uncertainty across and within heterogeneous institutional environments have important implications for the types of opportunity developed. While the international business and entrepreneurship literatures consider the effect of environmental risk and uncertainty on firms, risk and uncertainty are often treated as interchangeable or synonymous, and rarely are both considered to be present together. To address this, we develop a new theoretical model based on institutional economics, describing how institutional arrangements promoting stability – thus supporting an entrepreneur’s ability to assess risk – will lead to more imitative opportunities, while institutions promoting flexibility – thus supporting an entrepreneur’s ability to respond to uncertainty by iterating – will foster more innovative opportunities. We test this framework using cross-national data across 40 countries from the GEM survey, finding that institutional arrangements that promote stability do lead to more imitation, while institutions that promote flexibility foster more innovation. By treating risk and uncertainty as distinct constructs, our study makes theoretical contributions to research on institutional environments and opportunity types, with implications for future research on subsidiary initiatives, the evolution of MNEs, and born-global firms.
Résumé
La manière dont les opportunités entrepreneuriales sont formées et exploitées dépend de l’environnement institutionnel dans lequel elles sont plongées. Les degrés variables de risque et d’incertitude entre et au sein des environnements institutionnels hétérogènes ont des implications importantes sur les types d’opportunités développés. Si la littérature en international business et en entrepreneuriat considère l’effet du risque et de l’incertitude de l’environnement sur les firmes, le risque et l’incertitude sont souvent traités comme interchangeables ou comme des synonymes, les deux sont rarement considérés comme étant présents en même temps. Face à ce constat, nous développons un nouveau modèle théorique fondé sur l’économie institutionnelle décrivant comment les arrangements institutionnels qui favorisent la stabilité - supportant ainsi l’habileté de l’entrepreneur à évaluer le risque - entraîneront plus d’opportunités d’initiative ; alors que les institutions favorisant la flexibilité - supportant ainsi l’habileté de l’entrepreneur à répondre à l’incertitude par itération - favoriseront plus d’opportunités d’innovation. Nous testons ce modèle en utilisant les données internationales de 40 pays de l’enquête GEM, trouvant que les arrangements institutionnels qui favorisent la stabilité entraînent plus d’initiatives, tandis que les institutions qui favorisent la flexibilité génèrent plus d’innovations. En traitant le risque et l’incertitude comme des construits distincts, notre étude offre des contributions théoriques concernant la recherche sur les environnements institutionnels et sur les types d’opportunités, avec des implications pour la recherche future sur les initiatives des filiales, l’évolution des FMN et les entreprises nées globales.
Resumen
Como las oportunidades empresariales son formadas y explotadas dependen del ambiente institucional en el cual están integradas. Las cantidades cambiantes de riesgo y de incertidumbre entre y dentro los heterogéneos entornos institucionales tienen implicaciones importantes para los tipos de oportunidades desarrolladas. Mientras que las literaturas de negocios internacionales y de emprendimiento consideran el efecto del riesgo y de la incertidumbre del entorno en las empresas, el riesgo y la incertidumbre son con frecuencia tratadas como intercambiables o sinónimas, y raramente son las dos consideradas estar presentes juntas. Para direccionar esto, desarrollamos un modelo teórico nuevo basado en la economía institucional, describiendo como las disposiciones institucionales que promueven la estabilidad – así como el apoyo a la habilidad de un emprendedor para evaluar el riesgo – llevarán a oportunidades más imitativas, mientras que las instituciones promoviendo flexibilidad – apoyando la habilidad de un emprendedor para responder a la incertidumbre mediante la reiteración – fomentarán más oportunidades innovadoras. Probamos este marco usando datos cruzados de la encuesta GEM de 40 países, encontrando que las disposiciones institucionales que promueven la estabilidad llevan a mayor imitación, mientras que las instituciones que promueven flexibilidad promueven más innovación. Al tratar el riesgo y la incertidumbre como constructos distintos, nuestro estudio hace contribuciones teóricas para investigar entornos institucionales y tipos de oportunidades, con implicaciones para futuras investigaciones en iniciativas de subsidiarias, la evolución de las multinacionales, y las empresas que nacieron globales (born-global).
Resumo
Como as oportunidades empreendedoras são formadas e exploradas dependem do ambiente institucional no qual elas estão inseridas. As quantidades variáveis de risco e incerteza entre e dentro de ambientes institucionais heterogêneos têm implicações importantes para os tipos de oportunidade exploradas. Embora a literatura em negócios internacionais e empreendedorismo levem em conta o efeito do risco ambiental e a incerteza sobre as empresas, o risco e a incerteza são frequentemente tratados como intercambiáveis ou sinônimos, e raramente ambos são considerados como simultaneamente presentes. Para abordar isso, desenvolvemos um novo modelo teórico baseado na economia institucional, descrevendo como os arranjos institucionais que promovem a estabilidade - apoiando assim a capacidade de um empreendedor de avaliar o risco - levará a oportunidades mais imitativas, enquanto as instituições que promovem a flexibilidade - apoiando assim a capacidade de um empreendedor de responder à incerteza pela iteração - promoverá oportunidades mais inovadoras. Nós testamos esse quadro usando dados transnacionais em 40 países da pesquisa GEM, descobrindo que os arranjos institucionais que promovem a estabilidade levam a mais imitação, enquanto que as instituições que promovem a flexibilidade levam a mais inovação. Ao tratar risco e incerteza como construtos distintos, nosso estudo faz contribuições teóricas para a pesquisa sobre ambientes institucionais e tipos de oportunidade, com implicações para pesquisas futuras sobre iniciativas subsidiárias, a evolução das MNEs e as empresas born-global.
概要
创业机会如何形成和利用取决于它们所嵌入的制度环境。跨异质制度环境和处于异质制度环境中的不同量的风险和不确定性对开发的各类机会有重要的启示。虽然国际商务和创业文献有考虑环境风险和不确定性对公司的影响,风险和不确定性经常被视为可相互交换或是代名词,它俩很少被认为会一起出现。为解决这个问题,我们基于制度经济学开发了一个新的理论模型,描述了促进稳定性的制度安排 — 因而支持企业家评估风险的能力 — 如何将导致更多的模仿机会,而促进灵活性的制度 — 因而支持企业家通过重复来应对不确定性的能力 — 将培育更多的创新机会。我们使用全球创业观察(GEM)问卷在40个国家的跨国数据来测试这个框架,发现促进稳定性的制度安排确实导致更多的模仿,而促进灵活性的制度则培育更多的创新。通过将风险和不确定性处理为不同的构建,我们的研究对制度环境和机会类型研究做出了理论贡献,对今后在子公司倡议,跨国公司(MNEs)演变,及天生全球化公司的研究有启示。
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Acknowledgements
An earlier version of this article received feedback in the Junior Faculty and Doctoral Student Paper Development Workshop on International Entrepreneurship held during the 2015 Academy of International Business conference, sponsored by CU Denver’s CIBER and the Jabs Center for Entrepreneurship, and the Social Sciences and Humanities Research Council of Canada. The authors would like to thank the following scholars for their helpful suggestions and comments: Mona Makhija, William Newburry, Aya Chacar, Sumit Kundu, Eric Monsen, Dimo Dimov, John Cantwell, Chris Sutter, Brett Smith, Trevor Israelsen, Brian Bergman, and Jeff York, Patricia McDougall, Stephanie Fernhaber, Ivo Zander, Josh Ault, Karl Warner, and Jialiang Zhang. Last but not least, we also like to thank the special issue editors Gary Knight, Peter Liesch, Lianxi Zhou, and most especially Becky Reuber, as well as the three anonymous reviewers, who helped us improve this article through their invaluable feedback.
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Accepted by Becky Reuber, Area Editor, 24 April 2017. This article has been with the authors for four revisions.
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Young, S.L., Welter, C. & Conger, M. Stability vs. flexibility: The effect of regulatory institutions on opportunity type. J Int Bus Stud 49, 407–441 (2018). https://doi.org/10.1057/s41267-017-0095-7
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DOI: https://doi.org/10.1057/s41267-017-0095-7