Market entry of firms with different legal forms: an empirical test of the influence of institutional factors |
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| Authors: | Saioa Arando Iñaki Peña Ingrid Verheul |
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| Institution: | (1) Department of Economics and Management, Basque Institute of Competitiveness, University of Deusto, Mundaiz 50, Donostia, 20.012, Spain;(2) Rotterdam School of Economics, Centre for Advanced Small Business Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR Rotterdam, The Netherlands |
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| Abstract: | Drawing upon institutional theory we develop a conceptual model and investigate the determinants of market entry for worker
cooperatives, publicly traded and limited-liability companies. Our results show that formal institutional conditions (i.e., mercantile legislation) influence the start-up choice of entrepreneurs regarding the legal
form of their new venture. In addition, we take into account the influence of informal institutional conditions (i.e., local corporate culture) on the market entry rate of firms with different legal structures.
Findings show that, while market entry is sensitive to the general economic climate, entry rates of firms with a different
legal structure respond differently to the same economic conditions.
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| Keywords: | Market entry Institutional theory Legal structure New ventures Entrepreneurship |
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