Moderating relationship of institutions for opportunity entrepreneurship and economic development Literature review and proposed conceptual framework, Dr. Hasan Ghura, Xiaoqing Li and Arezou Harraf
Dr. Hasan Ghura
Department of Business
Box Hill College Kuwait, Abo Halifa
Kuwait
Email: hasan.ghura@brunel.ac.uk
Xiaoqing Li
Brunel Business School
Brunel University London, London
UK
Arezou Harraf
Department of Business
Box Hill College Kuwait, Abo Halifa
Kuwait
DOI: 10.1108/WJEMSD-06-2017-0031
Purpose: The purpose of this paper is to develop a conceptual framework that illustrates how resource-based countries, such as those in the Gulf Cooperation Council, can move their economies towards a more sustainable diversified model, through creating and fostering institutions that are conducive for opportunity entrepreneurship.
Design/methodology/approach: Several key variables pertaining to formal and informal institutions which impact opportunity entrepreneurship are presented in a conceptual framework based on a comprehensive, non-systematic literature review.
Findings: Findings from the comprehensive literature review suggest that institutions play a moderating role between opportunity entrepreneurship and economic development. Institutions can stimulate entrepreneur’s behaviour leading to economic growth and subsequently development. Proposals worth pursuing in empirical studies in the future are presented based on the review of the literature.
Practical implications: This framework offers a model for oil-based countries in resolving structural problems in fostering entrepreneurship when responding to economic challenges.
Originality/value: The proposed framework in this study takes into consideration a comprehensive set of formal and informal institutional factors, rarely discussed in the existing literature, that link opportunity entrepreneurship and economic growth and development. Insights offered by this study have implications for government policy changes in developing effective institutions.
Keywords: Economic development; Knowledge-based economy; Institutional economics; Economic growth; Oil-based countries; Opportunity entrepreneurship.
Citation: Ghura, H., Li, X. and Harraf, A. (2017), "Moderating relationship of institutions for opportunity entrepreneurship and economic development: Literature review and proposed conceptual framework", World Journal of Entrepreneurship, Management and Sustainable Development, Vol. 13 No. 4, pp. 350-374. https://doi.org/10.1108/WJEMSD-06-2017-0031
