We argue that the positive relationship between pro-market institutions and entrepreneurial growth aspirations is dampened for individuals with general human capital (higher education), but augmented for those with specific human capital (experience in the marketplace). However, during a crisis, the differential effect of pro-market institutions on growth aspirations manifests only for entrepreneurs with specific human capital, with stronger effects than in good economic times. We run our empirical analysis on a dataset of individual- and country-level characteristics during 2005–2020, thus exploiting variation from the Global Financial Crisis and the COVID-19 pandemic. We confirm our predictions and show stronger results for early stage (compared to nascent) entrepreneurs, and potential complementarities between human capital types. Altogether, our work paves the way to institutional adaptive policymaking.

中文翻译：

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繁荣时期和两次危机期间的人力资本、机构和雄心勃勃的创业精神

我们认为，对于具有一般人力资本（高等教育）的个人来说，亲市场制度与创业成长愿望之间的正向关系会受到削弱，但对于具有特定人力资本（市场经验）的个人来说，亲市场制度与创业成长愿望之间的正向关系会增强。然而，在危机期间，亲市场制度对增长愿望的差异效应仅对具有特定人力资本的企业家表现出来，其影响比经济繁荣时期更强。我们对 2005 年至 2020 年期间个人和国家层面特征的数据集进行了实证分析，从而利用了全球金融危机和 COVID-19 大流行的变化。我们证实了我们的预测，并为早期（与新生）企业家展示了更强的结果，以及人力资本类型之间的潜在互补性。总而言之，我们的工作为制度适应性政策制定铺平了道路。