Institutional change generates new opportunities, yet theory remains unclear on how durable, stable institutions, which are thought to constrain individuals, may also foster variation in individual behavior. We argue that institutions might enable variation in behavior by allowing, rather than...

Prior research often focuses on how many entrepreneurial firms are created, rather than on institutions that encourage specific types of firms or entrepreneurs. This paper identifies institutional changes that reduce barriers to growth as an important factor influencing the propensity of...

We examine the role that changes to the institutional environment play in the formation, exit, and performance of ventures. We do so by taking advantage of two natural experiments in Japan that relates to the exit of a venture: successful IPO, and failure in bankruptcy. In our first study, we...

Research Summary: Governments in emerging economies often use institutional intermediaries to promote entrepreneurship, and bridge the void between ventures and public funding. While prior literature describes what institutional intermediaries do, it leaves open how intermediaries support...