Abstract
Individuals with dissimilar levels of education do not perceive and act upon entrepreneurship in the same way since their opportunity costs, access to resources and motivations differ. While the efficiency of regulations varies substantially among countries, imposing additional costs and risks entrepreneurs, we integrate insights from institutional theory and recent literature on entrepreneurship to better understand how regulatory efficiency affects opportunity entrepreneurship among individuals with dissimilar levels of education. We look into business freedom, labor freedom, and monetary freedom using data from over 845,000 individuals in 74 countries. We find that the positive effects of monetary freedom on opportunity entrepreneurship is stronger for more highly educated individuals while negative effects of business freedom is more pronounced for less highly educated individuals. Our results show that regulatory efficiency may widen the gap between individuals with dissimilar levels of education concerning new venture quality.
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