This article discusses several of the insights generated by a theory of the formation of relationships between heterogeneously risk-averse individuals who lack access to formal insurance. An example illustrates the policy relevance of the theory, and demonstrates a relationship between the emergence of entrepreneurship in developing economies and higher income inequality. Reducing aggregate ris...

This conceptual paper introduces a dynamic learning perspective of entrepreneurship that builds upon existing ‘dominant’ theoretical approaches to understanding entrepreneurial activity. As many aspects of entrepreneurial learning remain poorly understood, this paper presents key conclusions from in-depth empirical work and synthesises a broad range of contributory adult, management and individ...

Entrepreneurship is largely ignored or treated in a highly simplified way in endogenous growth theory. Still, it is now widely recognized that the supply of entrepreneurial talent is likely to be important for economic growth, innovation and job creation. In this study we provide an indepth examination of how the supply of productive entrepreneurship is likely to be affected by the kind of tax ...

The principal purpose of this review article is to discover what insights on the financial management of small and medium-sized enterprises the rapidly emerging field of Behavioural Finance can provide. The evolution of Behavioural Finance as a scholarly field is first reviewed. Thereafter, the growing literature in the relatively new field of Entrepreneurial Cognition is also reviewed. The pap...

Although formal institutions and entrepreneurial orientation have both been found to contribute separately and positively to firm performance, the interplay between the two factors has not received much attention. This study draws from institutional theory and the entrepreneurship literature to argue that entrepreneurial orientation (EO) provides the mechanism through which the formal instituti...

The German economy has widely been seen as failing to develop commercial innovation competencies necessary to compete in biotechnology, information technology, and other emerging new industries. Starting in the mid-1990s the German government has instituted a series of new technology policies designed to orchestrate the development of small entrepreneurial technology firms. These policies have ...