Small Business Economics Research Articles

The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.

What Do We Talk about When We Talk about Community? Commentary on “It Takes a Village to Sustain a Village” by Christina Hertel, Sophie Bacq, and Frank-Martin Belz

In light of Hertel et al.’s contribution, our commentary offers a constructive critique and reflects on three opportunities to continue expanding the frontiers in our limited understanding of commu...

The Digital Entrepreneurial Ecosystem—a critique and reconfiguration

Sussan and Acs (Small Business Economics, 49(1), 55–73, 2017) proposed the “Digital Entrepreneurial Ecosystem” (DEE), a novel framework to guide our understanding of entrepreneurship in the digital age. By integrating literatures on digital ecosystem and entrepreneurial ecosystem, they brought to attention the importance of examining entrepreneurship as an outcome of interactions between biotic and abiotic entities represented by four concepts: Digital User Citizenship, Digital Entrepreneurship, Digital Infrastructure Governance, and Digital Marketplace. This paper revisits, critiques, and refines the framework through the following reconfigurations: (1) Digital User Citizenship is reintroduced as a heterogeneous group of users differentiated by their primary activity, as either consumers or producers. (2) Digital Technology Entrepreneurship encompasses all agents that build complementary products and services connecting to platforms. (3) Digital Multi-sided Platform is the intermediary for transaction of goods and services, and also a medium of knowledge exchanges that enables and facilitates experimentation, entrepreneurial innovation, and value creation. The main contribution of the paper is in the reconfigurations that clearly lay the ground for a more sustainable DEE—one in which user privacy is protected, platform efficiency enhanced, market competition encouraged, and digital infrastructure secured.

The Impact of Capital Structure on Firm Performance of Vietnamese Non-financial Listed Companies Based on Agency Cost Theory

This paper investigates the impact of capital structure on firm performance using a sample of 3,122 observations of 446 non-financial listed companies on the Vietnam stock market during 2011-2017. Using firm performance measures, namely ROE and Tobin Q, we examined if higher leveraged firms are more efficient or less in their performance. We employed the fixed effect model to prove that there is an inverse U-shaped relationship between leverage and ROE, and then we can find a preferred capital structure for Vietnam non-financial firms. To deal with endogeneity problem of the leverage variable, we employ two stage least squares (2SLS) regression with instrument variable estimators, which helps us strengthen the above results.
 Keywords
 Capital structure, firm performance, leverage, efficiency, instrument variable estimator, agency cost theory
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Knowledge frontiers and boundaries in entrepreneurship research

While the disruptive potential of knowledge has been receiving growing attention in small business economics and entrepreneurship research and application over the last decade, its boundaries and frontiers, including technological, spatial, institutional, cognitive, and cultural has not been fully explored. Here we present some reflections and a collection of papers on the role of knowledge investment across different cultural, institutional, geographical, and industrial contexts for this emerging area in entrepreneurship and management research. While being careful of the swift changes in knowledge creation, dissemination, and testing in a digital age, geography of knowledge diffusion, knowledge embeddedness into industries and places, skills, and strategies continue to change the way firms assimilate, absorb, create, and transfer knowledge. In this special issue, we extend our knowledge boundaries through knowledge collaboration theory, resource theory, open innovation theory, knowledge and creativity spillover of entrepreneurship theory, economic geography, and creative class and institutional theories. We give researchers and practitioners future directions for a very relevant and fast-growing area of entrepreneurship and small business research.

Entrepreneurial intention and regional internationalization in China

This study uses a novel approach to examine the link between regional internationalization and entrepreneurial intention in China. Robust findings suggest that higher degrees of internationalization in locations like Shenzhen and Hong Kong lead to lower levels of entrepreneurial intention, while lower degrees of internationalization in Mainland China lead to higher levels of entrepreneurial intention. This striking result underscores the significance of doing a regional-level analysis rather than countrywide studies for large diverse markets like China, where regional differences in internationalization policies, economic reforms, and institutions tend to vary significantly between locations compared to smaller or more developed economies. We conclude that the relatively higher levels of necessity-based entrepreneurship in China may help explain some of the regional differences observed in total entrepreneurial activity. Our findings also contribute to the literature by revealing significant complexity in the relationship between internationalization and entrepreneurship and support findings of previous studies regarding the importance of location for entrepreneurial intentions in emerging markets like China (as reported by Pan and Yang (Small Business Economics, 2018); Zhu, Lui, He, & Lu et al. (Small Business Economics, 2018b); and Liu et al. (Small Business Economics, 2018)).

Opportunities Lie in the Demand Side: Transcending the Discovery-Creation Debate

Academy of Management ReviewVol. 43, No. 4 DialogueOpportunities Lie in the Demand Side: Transcending the Discovery-Creation DebateStratos Ramoglou and Eric W. K. TsangStratos Ramoglou() University of Southampton and Eric W. K. Tsang() University of Texas at DallasPublished Online:11 Oct 2018https://doi.org/10.5465/amr.2018.0239AboutSectionsView articleView Full TextPDF/EPUB ToolsDownload CitationsAdd to favoritesTrack Citations ShareShare onFacebookTwitterLinkedInRedditEmail View articleREFERENCESAlvarez, S. A., & Barney, J. B. 2007. Discovery and creation: Alternative theories of entrepreneurial action. Strategic Entrepreneurship Journal, 1: 11–26. Google ScholarAlvarez, S. A., Barney, J. B., McBride, R., & Wuebker, R. 2014. Realism in the study of entrepreneurship. Academy of Management Review, 39: 227–231.Link , Google ScholarAlvarez, S. A., Barney, J. B., McBride, R., & Wuebker, R. 2017. On opportunities: Philosophical and empirical implications. Academy of Management Review, 42: 726–730.Link , Google ScholarBerglund, H., & Korsgaard, S. 2017. Opportunities, time, and mechanisms in entrepreneurship: On the practical irrelevance of propensities. Academy of Management Review, 42: 730–733.Link , Google ScholarBraver, L., & Danneels, E. 2018. Propensities return us to the discovery-creation debate about entrepreneurial opportunities. Academy of Management Review, 43: 812–815.Abstract , Google ScholarCasson, M., & Wadeson, N. 2007. The discovery of opportunities: Extending the economic theory of the entrepreneur. Small Business Economics, 28: 285–300. Google ScholarDavidsson, P. 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-conceptualization. Journal of Business Venturing, 30: 674–695. Google ScholarDavidsson, P. 2017. Entrepreneurial opportunities as propensities: Do Ramoglou & Tsang move the field forward? Journal of Business Venturing Insights, 7: 82–85. Google ScholarFoss, N. J., & Klein, P. G. 2017. Entrepreneurial discovery or creation? In search of the middle ground. Academy of Management Review, 42: 733–736.Link , Google ScholarKirzner, I. M. 1973. Competition and entrepreneurship. Chicago: University of Chicago Press. Google ScholarRamoglou, S., & Tsang, E. W. K. 2016. A realist perspective of entrepreneurship: Opportunities as propensities. Academy of Management Review, 41: 410–434.Link , Google ScholarRamoglou, S., & Tsang, E. W. 2017a. In defense of common sense in entrepreneurship theory: Beyond philosophical extremities and linguistic abuses. Academy of Management Review, 42: 736–744.Link , Google ScholarRamoglou, S., & Tsang, E. W. K. 2017b. Accepting the unknowables of entrepreneurship and overcoming philosophical obstacles to scientific progress. Journal of Business Venturing Insights, 8: 71–77. Google ScholarShane, S. 2012. Reflections on the 2010 AMR Decade Award: Delivering on the promise of entrepreneurship as a field of research. Academy of Management Review, 37: 10–20.Link , Google ScholarShane, S., & Venkataraman, S. 2000. The promise of entrepreneurship as a field of research. Academy of Management Review, 25: 217–226.Link , Google ScholarFiguresReferencesRelatedDetailsCited bySocial Objectivity and Entrepreneurial OpportunitiesRuss McBride and Robert Wuebker10 January 2022 | Academy of Management Review, Vol. 47, No. 1 Vol. 43, No. 4 Permissions Metrics in the past 12 months History Published online 11 October 2018 Published in print 1 October 2018 Information© Academy of Management ReviewDownload PDF

Financing innovation: A bibliometric analysis of the field

ABSTRACTThis article presents a bibliometric analysis of the financing of innovation during the period 2001–2016. Among the most prominent journals in the field are Research Policy, Technovation and Small Business Economics; among the most influential authors are Petersen, Hall, Himmelberg, Lerner and Brown; and the most connected documents are those by Hall (2002) and Brown, Fazzari, and Petersen (2009). The field is fragmented and uses a variety of financial theoretical models. Salient topics in the field are financial constraints, funding sources (internal and external), capital structure, venture capital and financing of technology companies.

Policy Implications to Improve the Business Environment to Encourage Female Entrepreneurship in the North of Vietnam

Policy Implications to Improve the Business Environment to Encourage Female Entrepreneurship in the North of Vietnam

The governance of entrepreneurial ecosystems

The “entrepreneurial ecosystem” metaphor is capturing attention in academia, industry, and government. The entrepreneurial ecosystem approach is used in corporate, national, or local contexts, and has grown in prominence given the vital need to transform economies around the creation of innovative ideas, products, services, and technologies. Entrepreneurial ecosystems involve a network, a system, of interactions of individuals and organizations, like financial intermediaries, universities and research institutions, suppliers and customers, multinational companies, or the government. The entrepreneurial ecosystem literature has thus mainly focused on identifying the relevant stakeholders like entrepreneurial firms and entrepreneurs and how they interact with other stakeholders within a more or less defined system. Despite the popularity of the entrepreneurial ecosystem approach, the literature has almost overlooked and largely ignored the governance of entrepreneurial ecosystems. This special Issue of Small Business Economics critically examines issues concerning the governance of entrepreneurial ecosystems.

New directions in entrepreneurship research with the Kauffman Firm Survey

Data is a fundamental impediment to a better understanding of the multifaceted process of new firm creation. With better data, we can form a better understanding of the causes, constraints, and outcomes associated with the decision to launch a new business. Towards this end, the Kauffman Foundation commissioned an eight-wave panel of businesses that were formed in 2004, chronicling a single cohort’s evolution from birth through important business milestones. This issue of Small Business Economics focuses on papers that use the Kauffman Firm Survey to examine new research questions in entrepreneurship. Articles in this issue analyze new research topics in entrepreneurship as well as shed light on enduring questions in the literature.

Minority entrepreneurship in twenty-first century America

Prior to the 1970s, minority-owned small businesses were small in size and scope, and common in only a few industry niches. Business owners were severely capital-constrained, lacking in higher education, and training in skilled occupations. The median owner today, in contrast, is college educated, access to financing has expanded, and opportunities to serve corporate and public-sector clients are commonplace. Nearly 40% of all new firms created nationwide in 2015 were minority owned. Changing attitudes in mainstream society reduced traditional barriers. True equality of opportunity among small minority- and white-owned firms of similar size and scope has nonetheless not been achieved. This issue of Small Business Economics examines lingering barriers impeding the development of a more vibrant minority business community. Focusing on access to financing and government procurement markets, articles in this issue offer explicit analyses of enduring barriers, along with explanations of adoptive strategic firm behavior appropriate for reducing those barriers.

Experimental economics and business education: an interview with Nobel Laureate Vernon Lomax Smith

This interview with Nobel Laureate Vernon Lomax Smith covers a variety of topics, from Vernon’s early formative experiences growing up on a Kansas farm in the Great Depression to his path-breaking scholarship in the area of experimental economics. We set the stage for the interview by summarizing Smith’s scholarly contributions and early life experience. Our interview begins with a discussion of Smith’s childhood education and experiences which shaped his attitude toward scholarship, entrepreneurship, markets, and work. We then turn to Smith’s lifelong nurturing of scholarly interests in multiple academic fields including engineering, economics, and philosophy, and probe how this multidisciplinary approach may have led him to eschew the standard thinking about the boundaries of economics and pioneer the field of experimental economics. As Smith has been a student or professor at more than a dozen universities in a career spanning more than seven decades, we probe his philosophies on business education, including the best models for business schools. We then discuss Smith’s ability to focus intensely—a phenomenon he labels “defective switching.” The final interview questions center on topics which have fascinated Smith throughout his career: Scottish Enlightenment economist Adam Smith, ethics, and management. Our conclusion highlights Smith’s contributions and their implications for business education, particularly small business economics and entrepreneurship.

ПАРТНЕРСТВО КРУПНОГО И МАЛОГО БИЗНЕСА В СТРАТЕГИИ РАЗВИТИЯ ПРОМЫШЛЕННО РАЗВИТОГО РЕГИОНА

The article deals with the integration of large and small businesses in order to increase mutual effectiveness. Currently, large business, mainly in form of transnational and national corporations, is the foundation of the economy on a global and national scale, dominating in international trade, high technology, infrastructure and nature-exploiting industries. However, large business does not have enough mobility, it appears unable to respond quickly to the environmental turbulence. In its turn, small business demonstrates the quick response to changes in the environment, but has less resistance to the disturbance of the environment, which makes it vulnerable to market challenges. The integration of large and small businesses will be useful for both sides. The forms of such integration may be different. However, in any case, it will entail synergistic and complementary effects. The overview of the Perm region's industry by sectors (fuel and chemical industry, machine building, agriculture, construction and transport complexes), which is provided in the article, leads to the conclusion that the region's economy, focused on large business, is going through hard times. The main idea of the article is that the integration of small and medium-sized businesses with large business of the Perm region will provide a complementary and synergistic effects, which will allow for implementing a strategy for the development of the Perm region based on stirring up the investment, innovation and modernization components of the region's production and economic complex. The presented structure of small business testifies to the possibility of the integration. Keywords entrepreneurship, small business, medium business, small business structure, Perm region industry, industrially developed region, interaction of large and small businesses, regional development strategy, synergistic effect, complementary effect, integration of large and small businesses.

Editorial: Immigrant and Ethnic Entrepreneurship

The importance of businesses started and developed by immigrants is host countries is substantial. Just in the US, 90 of the enterprises listed on Fortune 500 have been founded by immigrants, and additional 114 have been started by the second-generation immigrants, i.e. children of foreign-born persons (cf. Partnership for a New American Economy, 2011). As the contribution of immigrant entrepreneurship for the global economy is recognized by policy makers and experts, it is also reflected in the growing research on this topic. Research papers on immigrant and ethnic entrepreneurship have increased in numbers in 2000s and in the second decade of 21st century, including articles in such respected journals as Entrepreneurship Theory and Practice (Drori, Honig, & Wright, 2009), Small Business Economics (Mueller, 2014) or Entrepreneurship and Regional Development (Aliaga-Isla&Rialp, 2013). Still, this emerging and rapidly growing field of study suffers from a number of limitations. The first one is the concentration of the bulk of the research on a small number of countries (mostly the US and Canada) and few, selected ethnic groups (Latino, Chinese, Korean). The second deficiency is the modest number of theoretical concepts developed for the analysis of the phenomenon, especially the development of immigrant enterprises. Another gap in the current research is the small number of quantitative approaches, as most of the studies remain qualitative. Then, there are several underserved topics, including less popular geographical locations, disadvantaged immigrant ethnic groups (especially refugees), immigrant entrepreneurs at the risk of marginalization on one hand, and the successful intentional immigrant entrepreneurs on the other, and the gender perspective just to mention the most obvious candidates. Finally, the most visible drawback in current research agenda is the limited interdisciplinary approach both to empirics and theory. Although immigrant entrepreneurship research is firmly established within the business/entrepreneurship studies, it needs a more comprehensive dialogue with the migration studies, including such disciplines as sociology and anthropology. Our thematic issue on immigrant and ethnic entrepreneurship aims to address at least some of the aforementioned research gaps.

Reflecting on a Conversation with Coase

Abstract This is a personal reflection from my experience meeting Ronald H. Coase in October 2012 for a 2-day interview together with Ning Wang. Our interview was one of the world’s last glimpses of Coase’s life and contributions, and one that conveys Coase’s contributions as both a true scholar and a gentleman. In addition to the published interview (S. Terjesen & N. Wang, 2013. Coase on entrepreneurship. Small Business Economics, 40(2), 173–184), I kept personal journal notes reflecting on eight life lessons which Coase embodied: being kind, honest, and humble, cherishing friendships, learning continuously, finding humor, serving and teaching others, and accepting chance circumstances. I was initially inspired to record these reflections for my three young children, but have often shared them with my colleagues and students. I am delighted to share Coase’s life lessons more broadly with the world of readers through Coase’s journal.

Intellectual structure of the entrepreneurship field: a tale based on three core journals

Underlying the scientific structure of a field is the network of informal communication linkages established among the most influential scholars within the area. These groups of mutually interacting and prolific scientists who exchange knowledge through communication channels are named “invisible colleges”. In this study, we perform a two-stage analysis to identify invisible colleges in the field of entrepreneurship using three core journals: Entrepreneurship Theory and Practice (ETP); Journal of Business Venturing (JBV), and Small Business Economics (SBE). Using bibliometrics, a in depth analysis was conducted on the most influential authors, their professional affiliation and educational training, in order to map the informal links between the most-cited authors. Based on over 90 thousand citations from these 3 journals two invisible colleges emerged: ETP and JBV have similar intellectual groundings, targeting especially corporate and entrepreneurship venturing, while SBE gives emphasis to more economics-oriented research, namely innovation, growth and policy, and industrial dynamics.

Studying the Origins of Social Entrepreneurship: Compassion and the Role of Embedded Agency

Academy of Management ReviewVol. 38, No. 3 DialogueStudying the Origins of Social Entrepreneurship: Compassion and the Role of Embedded AgencyMatthew G. Grimes, Jeffery S. McMullen, Timothy J. Vogus and Toyah L. MillerMatthew G. GrimesUniversity of Alberta, Jeffery S. McMullenIndiana University, Timothy J. VogusVanderbilt University and Toyah L. MillerIndiana UniversityPublished Online:6 Mar 2013https://doi.org/10.5465/amr.2012.0429AboutSectionsView articleView Full TextPDF/EPUB ToolsDownload CitationsAdd to favoritesTrack Citations ShareShare onFacebookTwitterLinkedInRedditEmail View articleREFERENCESArend R. J. 2013. A heart-mind-opportunity nexus: Distinguishing social entrepreneurship for entrepreneurs. Academy of Management Review, 38: 313–315.Link , Google ScholarBattilana J. 2006. Agency and institutions: The enabling role of individuals' social position. Organization, 13: 653–676. Google ScholarDacin M. T., Dacin P. A., Tracey P. 2011. 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Google ScholarHolm P. 1995. The dynamics of institutionalization: Transformation processes in Norwegian fisheries. Administrative Science Quarterly, 40: 398–422. Google ScholarKrueger N. F. 1993. The impact of prior entrepreneurial exposure on perceptions of new venture feasibility and desirability. Entrepreneurship Theory and Practice, 18(1): 5–21. Google ScholarLeadbeater C. 1997. The rise of the social entrepreneur. London: Demos. Google ScholarMair J., Marti I. 2006. Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of World Business, 41(1): 36–44. Google ScholarMair J., Marti I., Ventresca M. J. 2012. Building inclusive markets in rural Bangladesh: How intermediaries work institutional voids. Academy of Management Journal, 55: 819–850.Link , Google ScholarMcMullen J. S., Plummer L. A., Acs Z. J. 2007. What is an entrepreneurial opportunity? Small Business Economics, 28(4): 273–283. Google ScholarMcMullen J. S., Shepherd A. 2006. Entrepreneurial action and the role of uncertainty in the theory of the entrepreneur. Academy of Management Review, 31: 132–152.Link , Google ScholarMiller T. L., Grimes M. G., McMullen J. S., Vogus T. 2012. Venturing for others with heart and head: How compassion encourages social entrepreneurship. Academy of Management Review, 37: 616–640.Link , Google ScholarMitchell R. K., Busenitz L. W., Bird B., Gaglio M. C., McMullen J. S., Morse E. A., Smith J. B. 2007. The central question in entrepreneurial cognition research. Entrepreneurship Theory and Practice, 31: 1–27. Google ScholarPeredo A. M., McLean M. 2006. Social entrepreneurship: A critical review of the concept. Journal of World Business, 41(1): 56–65. Google ScholarSeo M., Creed W. 2002. Institutional contradictions, praxis, and institutional change: A dialectical perspective. Academy of Management Review, 27: 222–247.Link , Google ScholarShaw E., Carter S. 2007. Social entrepreneurship: Theoretical antecedents and empirical analysis of entrepreneurial processes and outcomes. Journal of Small Business and Enterprise Development, 14: 418–434. Google ScholarFiguresReferencesRelatedDetailsCited ByEntrepreneurship for the Public Good: A Review, Critique, and Path Forward for Social and Environmental Entrepreneurship ResearchSiddharth Vedula, Claudia Doblinger, Desirée Pacheco, Jeffrey G. York, Sophie Bacq, Michael V. Russo and Thomas J. Dean26 January 2022 | Academy of Management Annals, Vol. 16, No. 1Energizing through Visuals: How Social Entrepreneurs Use Emotion-Symbolic Work for Social ChangeDavid Barberá-Tomás, Itziar Castelló, Frank G. A. de Bakker and Charlene Zietsma19 December 2019 | Academy of Management Journal, Vol. 62, No. 6Why We Care about Certified B Corporations: From Valuing Growth to Certifying Values PracticesJoel Gehman, Matthew G. Grimes and Ke Cao26 March 2019 | Academy of Management Discoveries, Vol. 5, No. 1Hidden Badge of Honor: How Contextual Distinctiveness Affects Category Promotion among Certified B CorporationsJoel Gehman and Matthew Grimes23 February 2018 | Academy of Management Journal, Vol. 60, No. 6An Identity-Based Approach to Social EnterpriseTyler Wry and Jeffrey G. York8 September 2015 | Academy of Management Review, Vol. 42, No. 3An Embedded Agency Approach to Entrepreneurship Public Policy: Managerial Position and Politics in New Venture Location DecisionsJeffery S. McMullen, Matthew S. Wood and Alexander S. Kier27 July 2016 | Academy of Management Perspectives, Vol. 30, No. 3Converging Winds: Logic Hybridization in the Colorado Wind Energy FieldJeffrey G. York, Timothy J. Hargrave and Desirée F. Pacheco8 June 2015 | Academy of Management Journal, Vol. 59, No. 2 Vol. 38, No. 3 Permissions Metrics Downloaded 75 times in the past 12 months History Published online 6 March 2013 Published in print 1 July 2013 Information© Academy of Management ReviewWe thank Roy Suddaby for his editorial feedback.PDF download

Small & medium-sized enterprises and Corporate Social Responsibility: a systematic review of the literature

Most business management research to date has either failed to look at firm size as a factor or focused its attention on large companies. The fact is, however, that small and medium-sized enterprises (SMEs) are unique, making general assumptions applicable to other types of firms of little use. Corporate Social Responsibility (CSR) is no exception. Recent decades have seen a plethora of studies which debate definitions, consider content and scope, and study causal relationships with antecedents and implications of applying CSR. Yet only a small percentage of the literature has delved into SME realities. Through a systematic review of the literature, the present study aims to analyze the state of the question and identify the theoretical framework of reference, and CSR antecedents and consequences in SME contexts in order to provide a jumping off point for future empirical studies. Hence, after consulting a cross-section of internationally renowned experts and the SSCI/JCR Index, we have reviewed articles in the foremost management journals (Academy of Management Review, Academy of Management Journal, Journal of Management Studies, Journal of Management, Strategic Management Journal), SME management journals (Journal of Small Business Management, International Small Business Journal, Small Business Economics) and CSR-related journals (Business Ethics Quarterly, Corporate Governance: An International Review, Journal of Business Ethics, Business Ethics: an European Review and Business & Society). Our findings shed light on key themes including idiosyncrasies of CSR management, aspects such as terminology and language, the recommended theoretical framework, and antecedents, barriers and potential impact of CSR in the SME context.

Introduction to special issue of Small Business Economics on female entrepreneurship in developed and developing economies

Research into entrepreneurship has for many years been interested in the differences in rate of participation and performance by female entrepreneurs. The motivation for considering female entrepreneurship in both developing and developed countries arises from our increasing understanding of the significance of the role of women in creating, running and growing businesses as a fundamental driver for economic growth. This special issue examines the reasons for differences in gender participation across levels of development using empirical studies.