Resumen:
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In the few last decades researchers have paid attention to the role of entrepreneurship and
innovation in productivity, employment, and economic and social development. In addition,
literature has focused on the ...[+]
In the few last decades researchers have paid attention to the role of entrepreneurship and
innovation in productivity, employment, and economic and social development. In addition,
literature has focused on the entrepreneurship that occurswithin organizations, such as corporate
entrepreneurship. Also, the role of culture is crucial for the development of innovation.
Consequently, it is vital to understand why some firms are more innovative and develop more
entrepreneurial projects than others, and what determines innovation performance. This
research uses Institutional Economics as a conceptual framework with the objective of analyzing
the environmental factors that condition innovation within the firms. Specifically, the study
determines the moderating effect of cultural values on corporate entrepreneurship. The study
uses a logistic regression and the Global Entrepreneurship Monitor GEM database from the
years 2004 2008, with information of 62 different countries (718.758 observations). The main
findings highlight the impact of the environmental factors on organizational innovation, specifically
on corporate entrepreneurship. Variables such as living in an entrepreneurial culture and media
exposure (informal factors), and the number of procedures necessary to create a new business or
access to finance (formal factors), appear to be significant for corporate entrepreneurship. Moreover,
informal factors behave asmoderators between formal factors and corporate entrepreneurship. The
article has several implications from both theoretical perspective (advancing in the application of
Institutional Economics for the study of innovation within the firms) and fromthe practical point of
view (providing insights for governmental policies interested in fostering innovation and corporate
entrepreneurship).
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