Evaluation of the impact of informal institutions on the creation of opportunistic entrepreneurship using the GMM method

Given the role of entrepreneurship in the economic development, many studies have been conducted on this field in recent years. The role of institutional environment in the implementation of entrepreneurial activities is an important issue in the field of entrepreneurship. A great number of previous studies have investigated roles of formal institutional factors in the entrepreneurship phenomenon. Therefore, due to the importance of an informal institutional environment, the present research investigated roles of informal institutions in implementing entrepreneurial activities and the creation of opportunistic entrepreneurship by an institutional approach according to North's point of view and also studied informal institutional factors affecting opportunistic entrepreneurship activities in two categories namely social norms and individual self-confidence through data of Global Entrepreneurship Monitor (GEM) using the generalized method of moment (GMM) for sixty countries in two developed and developing groups during 2009-2017. Research results indicated that the creation of opportunistic entrepreneurial activities significantly depends on the qualitative status of informal institutions. Therefore, these informal institutional factors should be considered alongside formal institutional factors in the entrepreneurial research and also designed programs for developing opportunistic entrepreneurship at the national level.