Abstract This paper contributes to a better understanding of how place matters for the development of nascent Information and Communication Technology (ICT) entrepreneurial ecosystems (EEs). This qualitative study adopts a lens of neo-institutional theory, looking at EEs as organisational fields, and focuses on two comparative cases in Japan—Osaka-Kyoto and Fukuoka, which are developing “in the shadow”

Journal of Political Economy, Ahead of Print.

Sustainable entrepreneurs introduce new sustainable technologies and business models to the market. They thereby can help with tackling grand environmental challenges. Regional governments are increasingly implementing policies to develop a supportive ecosystem for sustainable entrepreneurship in their region. For these policies to be effective, policy makers need to understand which regional factors

Shortages of skilled labor present a critical challenge for economies worldwide. We surveyed over 1100 SME managers in Germany, revealing that most expect skill shortages to worsen and adversely affect their operations. Providing expert forecasts on future shortages to a randomly chosen subgroup of respondents barely affects the expected impacts of skill shortages on their firm, planned mitigation

Building on disadvantage theory and the capabilities framework, the research explores how two critical aspects of the poverty experience, experienced scarcity, and a limited opportunity horizon, can result in the creation of ventures that struggle to achieve marketplace success, which in turn detracts from the entrepreneur’s perceived well-being. These business struggles are traced to a commodity trap

Attention is now increasingly being drawn to the interconnectedness of different entrepreneurial ecosystems (EEs). Consequently, from a theoretical viewpoint EEs are increasingly being viewed from a multi-scaler rather than a mono-scaler perspective. This paper examines the spatial financial interlinkages between places and different forms and stages of entrepreneurial finance. Using a unique real-time

To stimulate entrepreneurship, many universities have established academic makerspaces. So far, we know little about this phenomenon. Specifically, we lack insights into the entrepreneurial motivations of academic makers and the types of opportunities they find appealing. Drawing on a conjoint experiment and a survey of 144 academic makers, we analyze their entrepreneurial motivations and identify

While research and development (R&D) spillovers have long been a central argument for the public support of private R&D activities, less is known about the existence and magnitude of innovation policy-induced spillovers. This paper presents a quasi-experimental analysis of the spillover effects of Eurostars R&D subsidies granted to small- and medium-sized firms (SMEs) from 2008 to 2019. We measure

This study examines the interconnectedness of entrepreneurial ecosystems (EEs) through a comprehensive geospatial network analysis of global investment flows. Addressing the critical need to explore EEs beyond their local boundaries, we investigate how EEs interact across regional, national, and international levels. Utilizing data from Crunchbase, which details 556,612 investment interactions among

Journal of Political Economy, Ahead of Print.

Journal of Political Economy, Ahead of Print.

National venture capitalist (VC) ecosystems are not isolated from each other, and foreign VC species may cross borders when pursuing valuable investment opportunities. The present research demonstrates that VC investments inside or outside VCs’ domestic ecosystems play a significant role in the target ventures’ valuation. VCs trade off familiarity of their domestic ecosystem for valuation. Our results

Entrepreneurial ecosystem measures should combine archival civic and self-reported entrepreneur data. This combination helps to overcome the limitations of aggregated archival data that affect our collective capacity to derive actionable insights for research and policy. Previous measurement approaches lack consistency with entrepreneurial ecosystem theory because they do not capture data at a sufficiently

We adopt a pluralistic view of productive entrepreneurship to examine how various elements of entrepreneurial ecosystems (EEs) affect both performance-based (high-growth entrepreneurship) and non-performance-based (proprietorship rate and new venture creation) outcomes. Our theoretical framework is guided by the recently developed three-step configurational approach, and our analysis employs fuzzy-set

Entrepreneurial support organizations can play an important role in nascent entrepreneurial ecosystems by enabling productive and sustainable entrepreneurship. However, in such ecosystems, entrepreneurial support organizations may struggle to access the resources they need to activate their support. Drawing upon inductive qualitative research with 31 entrepreneurial support organizations and 40 interviews

Journal of Political Economy, Ahead of Print.

This paper explores the geography of entrepreneurial ecosystems (EEs) and provides a typology of how EEs are connected trans-locally. Although the literature has mainly focused on the place-specificities of EEs, there is limited research on the trans-local connections established by entrepreneurial support organizations (ESOs) that foster exogenous dynamics. Exploiting a longitudinal dataset of European

Both urban and rural firm entry rates have declined over the last three decades, and the urban–rural gap in firm entry rates has increased. We investigate which local market factors are associated with the divergence between 1993 and 2019. Our model includes local measures of firm agglomeration, population agglomeration, human capital, consumption demand, government fiscal policies, and natural amenities

Journal of Political Economy, Volume 133, Issue 4, April 2025.

Journal of Political Economy, Volume 133, Issue 4, Page 1400-1400, April 2025.

Journal of Political Economy, Volume 133, Issue 4, April 2025.

The entrepreneurial ecosystem concept has gained significant traction in both academic and policy discussions. However, the internal mechanisms and interrelations within and between entrepreneurial ecosystems are not fully understood: entrepreneurial ecosystem black boxes need to be opened. To advance the field, this special issue identifies key research themes essential to developing a rigorous and

Journal of Political Economy, Ahead of Print.

Financial benchmarks such as LIBOR underpin the pricing of trillions of dollars of contracts around the world. We evaluate the quality of benchmark prices using a state-space model to separate information from noise. Applying the method to LIBOR benchmarks and their replacements, we find that alternative reference rates (ARRs) are less noisy in four of the five currencies. However, the USD ARR is considerably

The quality of entrepreneurial ecosystems not only enables local startups, but also affects the attraction and supply of non-local founders. We conceptualize entrepreneurial ecosystems as open systems with inflows and outflows of entrepreneurial talent. Beyond individual agency, these talent flows are driven by the quality of the origin and destination entrepreneurial ecosystems. We use network analysis

In this study, our aim was to investigate global patterns across a group of 98 countries spanning a 32-year timeframe, focusing on the connections between different forms of Foreign Direct Investment (FDI) and the emergence of new green fiscal measures within the context of transitioning to green economies. By utilizing machine learning methods and conducting Granger causality analyses, we based our

Universal access to energy is instrumental in the pursuit of sustainable development. However, energy security in the era of energy transition has become a massive challenge for energy stakeholders and policymakers. Prolonged winters and energy insecurity issues have forced residents in many European territories to depend more on pollution-intensive biomass energies (i.e., fuelwood), leading to a crackdown

Efficiency measures and benchmarking of Electricity Distribution Companies (DISCOMs) are crucial in price-cap monopoly market regulations. Benchmarking methods provide the necessary information for institutions to provide incentives or penalize based on performance. This study applies multi-stage parametric (SFA) and non-parametric (DEA) methods to benchmark the performance of Indian DISCOMs from 2015-16

Journal of Political Economy, Ahead of Print.

Whilst the literature on entrepreneurial ecosystems (EEs) predominantly concentrates on endogenously developed systems of entrepreneurial actors, this paper investigates the atypical emergence of EEs initiated by inward foreign direct investment (FDI). In these more deviant cases, international connectivity and public policy initiative are rooted in the ecosystem from the outset, but their interdependence

We investigate the international network activity of entrepreneurial firms and its implications for the territorial boundaries of entrepreneurial ecosystems. Integrating the idea that territory and networks are distinct structures that can overlap with prior work suggesting that interorganizational networks formed by entrepreneurial firms pursuing opportunities transcend geographic boundaries, we focus

Journal of Political Economy, Ahead of Print.

Public procurement can be defined as the process by which public contracting authorities purchase goods, services, and works from private suppliers, including small and medium enterprises (SMEs). The access of SMEs to public contracts is one of the objectives of public procurement policies, as they suffer from complex procedures and high transaction costs. At the same time, public procurement is increasingly

This paper estimates cost pass-through rates for retail electricity prices in New Zealand. The dataset comprises monthly panel data for 340 electricity plans from January 2018 to May 2023. We estimate not only the pass-through of total costs but also the pass-through for the two main components of total costs — the lines costs (transmission and distribution costs) and generation costs. The generation

Journal of Political Economy, Ahead of Print.

This study employs various estimation methods to examine the determinants of green gross domestic product (GDP) across 36 Organisation for Economic Co-operation and Development (OECD) countries from 1990 to 2019. The findings indicate that energy transition significantly promotes green GDP. The gross fixed capital formation also substantially enhances green GDP. School enrolment (secondary and tertiary)

With increasing global emphasis on sustainable energy development and the transition to a low-carbon economy, understanding the drivers behind consumer adoption of eco-friendly products is crucial. This paper attempts to respond to this need by analyzing the economic implications of sustainable energy consumption habits. Utilizing an extended environmental Value-Belief-Norm (VBN) model, the research

This paper employs predictive regressions to explore the predictability of sovereign Credit Default Swap (CDS) spread dynamics of relevant oil-producing countries. By incorporating oil prices and additional control variables, we predict the rate of CDS spread changes for Brazil, the UK, Malaysia, Norway, Qatar, Russia, Saudi Arabia, the US, and Venezuela. Our findings reveal that (i) the empirical

We extend the quantitative trade model of Caliendo and Parro (2015) by incorporating endogenous carbon emissions and carbon pricing. Our novel approach uses per-dollar carbon intensity to translate actual carbon prices per tonne into an ad valorem tariff rate for analysis, avoiding the common practice of estimating implicit carbon prices in most quantitative trade models. By using the hat-algebra approach

Recent research has shown how oil price uncertainty tends to switch endogenously between low and high volatility regimes, with high volatility regimes coinciding with declining prices (Cuñado and de Gracia 2003). This is at odds with the canonical storage model - the primary economic model of commodity price volatility. The model predicts lower volatility at lower prices. The purpose of this paper

A researcher can use a tightly parameterized structural model to obtain internally consistent estimates of a wide range of economically interesting targets. We ask how reliable these estimates are when the researcher’s model may be misspecified. We focus on the case of multivariate, potentially nonlinear models where the causal variable of interest is endogenous. Reliable estimates require that the

We provide a spatial framework to study competition between banks and fintechs in the lending market and examine the impact on investment and welfare. Based on the key differences between banks and fintechs, we derive results consistent with the empirical evidence available. We find that fintechs with inferior monitoring efficiency can successfully enter because of their superior flexibility in pricing

We examine immigrant self-employment in Sweden during the turbulent decade 2011–2021. This is done for different cohorts of immigrants from Africa and Asia and for unincorporated and incorporated firms. Immigrants have lower business earnings and higher exit rates from self-employment than natives, which is in line with previous research. The period in which the immigrants arrived in Sweden and the

Entrepreneurial ecosystems (EEs) literature has typically focused on the internal dynamics between actors and factors within specific territories, ignoring potential exogenous linkages. This paper examines the potential interconnections between EEs using corporate accelerators (CAs) as focus. CAs are prominent actors connecting startups to large firms, investors, universities, and governments in regional

Entrepreneurial Ecosystems (EEs) are embedded in a global network of resource exchange relationships. To explain how EEs develop, one must consider the dynamics of resource exchanges. To do this, we combine a social capital perspective with the concept of strategic action fields in an abductive study of six cases of EEs. We find three dynamics of resource exchange, each drawing on a specific type of

This article has been withdrawn at the request of the author(s) and/or editor due to an error in the publishing process. The Publisher apologizes for any inconvenience this may cause.

This paper contributes to the ongoing discussion about “ecological macroeconomics”. Specifically, we explore the effects of monetary policy, namely inflation targeting (IT), on energy consumption in a global sample of 145 countries between 1980 and 2017. We use various standard panel data approaches such as fixed effects (within) estimator, and two-step system GMM among others, followed by propensity

Since the mid-2000s, hydraulic fracturing (’fracking’) has significantly altered the U.S. energy landscape through a surge in shale gas production. Employing synthetic control methods, we evaluate the effect of the shale gas boom on U.S. emissions and various energy metrics. We find that the boom reduced average annual U.S. greenhouse gas emissions per capita by roughly 7.5%. Drawing on the existing

This study examines the anchoring of inflation expectations in Sweden during the period characterised by volatile energy prices and elevated inflation. Using inflation expectations data from Swedish households (HH) and money market participants (MMP) through June 2024, as well as financial market participants (MB) up to April 2023, we employ a kernel-based regularised least squares model to estimate

Overexploitation of natural resources has globally become a major concern. This has prompted researchers to investigate the key factors that influence natural resource utilization and identify potential solutions to mitigate the associated issues. The excessive use of natural resources relies on supply chain distribution and green innovation development. To fill the literature and empirical gap, the

We propose a partial correlation-based connectedness approach to study the directional connectedness under normal and extreme market conditions among the returns of 22 commodities and compare it with the well-known Diebold and Yilmaz (i.e. generalized forecast error variance decomposition (GFEVD)) connectedness approach estimated at the mean and tails. Considering four groups of commodities, namely

Since 2011, the Brazilian electricity regulator has applied data envelopment analysis to estimate regulatory operating costs for distribution and transmission companies. Despite the availability of environmental or contextual variables, second-stage analysis has been avoided, primarily due to inconsistent statistical results, including estimated coefficients contrary to technical evidence and significant

Fluctuations in investor demand significantly affect firms’ valuation and access to capital. To quantify their real effects, we develop a dynamic investment model, incorporating both the demand and supply sides of capital. Strong investor demand relaxes financial constraints and facilitates equity issuance and investment, while weak demand encourages opportunistic share repurchases, crowding out investment

Technological innovation, including advances related to clean energy and artificial intelligence, have increased the potential role for the use of smart devices in residences, such as smart thermostats or smart speakers used to control connected equipment. While these devices hold promise for aiding a transition to a lower-carbon energy system – in part by enabling more advanced demand-side management

Energy trade, especially oil, significantly impacts global economic and political stability. This paper introduces the concept of asymmetric interdependence from International Political Economics into energy economics for the first time and develops a measurement index for oil trade asymmetric interdependence. Using bilateral panel data focusing on Russia and its trade partners, we find that symmetric

We document large racial disparities in the ability of homeowners to access their accumulated housing wealth. Minority homeowners are significantly more likely to have their mortgage equity withdrawal (MEW) product applications rejected than White homeowners, and the unconditional disparities are significantly larger than those found in prior studies that focused on purchase and rate/term refinance

While there is ample evidence on the role of education and employment in entrepreneurship more generally, we know less about how the accumulation of specific educational paths and work experience before or during university education contributes to entrepreneurship. Using unique data from two combined surveys linking information on the population of University of Toronto graduates, we provide an analysis

Journal of Political Economy, Ahead of Print.

Achieving a net-zero emissions future hinges on integrating digital technology, renewable energy, and infrastructure development, collectively driving supply chain digitization and emissions reduction. This study explores the role of digital transformation in supply chain technologies across selected Asian countries from 2001 to 2021, analyzing the influence of enabling infrastructure, energy technology