Institutional Polycentrism, Entrepreneurs' Social Networks, and New Venture Growth
基于637位来自四国企业家的数据，研究发现弱且低效的正式制度与创业社会网络中更多的结构洞相关；结构洞对新创企业收入增长有正向作用，且在制度环境更不利时该作用更强。
What is the interrelationship among formal institutions, social networks, and new venture growth? Drawing on the theory of institutional polycentrism and social network theory, we examine this question using data on 637 entrepreneurs from four different countries. We find the confluence of weak and inefficient formal institutions to be associated with a larger number of structural holes in entrepreneurial social networks. While the effect of this institutional order on the revenue growth of new ventures is negative, a network's structural holes have a positive effect on revenue growth. Furthermore, the positive effect of structural holes on revenue growth is stronger in an environment with a more adverse institutional order (i.e., weaker and more inefficient institutions). The contributions and implications of these findings are discussed.