Moderating relationship of institutions for opportunity entrepreneurship and economic development: Literature review and proposed conceptual framework
World Journal of Entrepreneurship, Management and Sustainable Development
ISSN: 2042-5961
Article publication date: 10 September 2017
Abstract
Purpose
The purpose of this paper is to develop a conceptual framework that illustrates how resource-based countries, such as those in the Gulf Cooperation Council, can move their economies towards a more sustainable diversified model, through creating and fostering institutions that are conducive for opportunity entrepreneurship.
Design/methodology/approach
Several key variables pertaining to formal and informal institutions which impact opportunity entrepreneurship are presented in a conceptual framework based on a comprehensive, non-systematic literature review.
Findings
Findings from the comprehensive literature review suggest that institutions play a moderating role between opportunity entrepreneurship and economic development. Institutions can stimulate entrepreneur’s behaviour leading to economic growth and subsequently development. Proposals worth pursuing in empirical studies in the future are presented based on the review of the literature.
Practical implications
This framework offers a model for oil-based countries in resolving structural problems in fostering entrepreneurship when responding to economic challenges.
Originality/value
The proposed framework in this study takes into consideration a comprehensive set of formal and informal institutional factors, rarely discussed in the existing literature, that link opportunity entrepreneurship and economic growth and development. Insights offered by this study have implications for government policy changes in developing effective institutions.
Keywords
Citation
Ghura, H., Li, X. and Harraf, A. (2017), "Moderating relationship of institutions for opportunity entrepreneurship and economic development: Literature review and proposed conceptual framework", World Journal of Entrepreneurship, Management and Sustainable Development, Vol. 13 No. 4, pp. 350-374. https://doi.org/10.1108/WJEMSD-06-2017-0031
Publisher
:Emerald Publishing Limited
Copyright © 2017, Emerald Publishing Limited