ACCTG 1 Lecture Notes - Lecture 26: Tacit Knowledge, Structural Funds And Cohesion Fund, William Baumol
Document Summary
Smallbone and welter (2012) - entrepreneurship and institutional change in transition economies: the commonwealth of. Independent states, central and eastern europe and china compared. 1 introduction: external conditions dominant influence on entrepreneurial behavior, two-way interaction between institutional change and entrepreneurship development, role of state as an agent of institutional change, role of entrepreneurship in contributing to institutional change. 2 institutions, institutional change and entrepreneurship: some key concepts. Concept of institution" refers to the rules of game in a society" when stable can assist in reducing uncertainty and risk for individuals behavior and transaction costs of entrepreneurial activity. Formal" institutions: constitutional, legal, organizational framework for individual action. Institutions both constraining and enabling forces with respect to entrepreneurship. In initial stages of transition often constraining because environment with high level of uncertainty, rapidly changing external conditions and major institutional deficiencies leading to significant additional operating costs for businesses.
