Building entrepreneurial infrastructure: Discursive strategies and the development of China's venture financing system

Qi J.; Zhang W.; White S. Research Policy. DOI: 10.1016/j.respol.2026.105452

While entrepreneurial infrastructure (EI)—the resources and institutions supporting entrepreneurial activity—has received attention by both scholars and policymakers, less attention has been directed to understanding how the EI systems that generate those resources develop. To address this gap, we propose an extension of existing conceptual entrepreneurial ecosystem frameworks to include the EI systems of actors and institutions that generate those resources, applying it to the case of China's venture financing system that emerged and developed over 40 years. Based on our findings, we propose a discourse-driven process model of system change that included both policymaking and industry activity. First was policymaking, characterized by a tentative governance mode, with co-creation by policymakers and non-government actors leading to incremental changes in institutions (regulative, normative and cognitive) and, in turn, how new institutions created, allowed or legitimated new actors, or delegitimated others, over time. Second was industry activity by which new norms, beliefs and actors emerged as a result of non-government stakeholders (e.g., investors, venture capital firms, startups, stock exchanges) undertaking activities in pursuit of their organizational interests. Discourse and discursive strategies, including framing, theorizing, lobbying, convening, promulgating and demonstrating, among and between policymakers and non-government actors play a central role in the change process. We also show how these processes were affected by prior developments in the venture financing system, as well as national and international macroenvironmental factors. The findings have implications for entrepreneurial ecosystem and infrastructure research, as well as for policymakers wishing to develop and improve the infrastructure supporting new venture creation. © 2026 Elsevier B.V.

Entrepreneurial ecosystem playbooks: configurations of routines and resourcing sustainable entrepreneurship

Audretsch D.B.; Fiedler A.; Fath B.; Verreynne M.-L. Industry and Innovation. DOI: 10.1080/13662716.2026.2637176

This article explores how playbooks in entrepreneurial ecosystems (EEs) have become more accessible for sustainable entrepreneurship. We draw on evolutionary economics literature to argue that EE playbooks are a partially codified configuration of individual routines of different EE actors, guiding how resources are assembled and made accessible to entrepreneurs. Entrepreneurs who use place-based EE playbooks allocate resources more effectively than those who do not. We identify five key mechanisms that make EE playbooks more accessible for sustainable entrepreneurs: changing entrepreneurial role identities, goal diversity, openness to outsiders, malleability of the dominant knowledge regime, and entrepreneurial culture. While these mechanisms individually alter the capacity of the EE to support sustainable entrepreneurship, an EE playbook logic highlights how these changes jointly shape this transition. Overall, this study conceptualises EE playbooks as ecosystem-level routines that explain how resources are assembled within EEs and thus impact the sustainability transitions of EEs. © 2026 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.

Taking startup ecosystem rankings seriously: What is the relationship between benchmarks and the entrepreneurial ecosystems they rank?

Harris J.L. Journal of Business Venturing Insights. DOI: 10.1016/j.jbvi.2026.e00606

The last decade has seen the growth of a benchmarking industry that purports to measure, compare, and ultimately rank the performance of ‘startup ecosystems’ globally. While entrepreneurial ecosystem scholars frequently utilize these rankings to justify their case studies, there has been little critical interrogation of these benchmark and ranking practices. This paper uses a case study of the Singapore FinTech entrepreneurial ecosystem, which has been consistently ranked as one of the best globally, to question how the rankings were achieved and whether they were warranted. Findings suggest that the Singapore FinTech entrepreneurial ecosystem benefit from the timely emergence of FinTech benchmarking practices that placed significant emphasis on government policy interventions in their methodologies, and which may have overestimated the effects of these interventions in the high rankings they ordained. The study produces several key insights: 1) that EE rankings are normatively constructed using subjective and limited methodologies; 2) that the significant emphasis placed on policy interventions means that rankings could potentially be ‘gamed’ should policymakers introduce superficial or ineffective yet favourably viewed policies; and 3) that EE rankings serve as cultural artifacts that can be strategically used in the venture-level framing strategies of entrepreneurs and the system-level narratives of EEs to drive development outcomes. Consequently, this paper calls for entrepreneurship scholars to take EE benchmarks and rankings more seriously, with important implications for literatures on entrepreneurial framing, hype, and entrepreneurial ecosystems, more broadly. © 2026 The Author

Cultivating outside-out open innovation: How a corporate accelerator orchestrates its ecosystem

Demir F.; Lukes M.; Vanhaverbeke W. Technological Forecasting and Social Change. DOI: 10.1016/j.techfore.2026.124608

The outside-out mode of open innovation (OI) has recently been conceptualized to emphasize the influence of ecosystems on innovation outcomes. However, the impact of ecosystems on this emerging mode remains poorly understood, and the constituents, including underlying mechanisms, actors, practices, and actual outcomes of outside-out OI require further exploration. Adopting an in-depth case study approach, this paper investigates outside-out OI within an ecosystem centered around a corporate accelerator (CA). The study reveals how a CA constructs its ecosystem and demonstrates the five key orchestration mechanisms of outside-out OI: co-designing, co-selecting, co-accelerating, co-investing, and reconciling. It also identifies three distinctive practices of co-acceleration: startup matchmaking, business pivoting, and product validation. The study further advances the conceptualization of the outside-out mode by examining its benefits for different ecosystem actors. Finally, it identifies a new role in the CA context, a pathfinder that plays a critical role in the implementation of the outside-out mode by navigating, connecting, and inspiring startups. By linking ecosystem literature with OI literature, we demonstrate the influence of ecosystems on innovation outcomes and how a CA orchestrates outside-out knowledge flows within its ecosystem. © 2026 The Authors

Public perception, government support, and the formation of AI startups: An institution-based view

Gholipour H.F.; Andargoli A.; Tajaddini R.; Farzanegan M.R.; Chege F. Technovation. DOI: 10.1016/j.technovation.2026.103523

This study investigates cross-country differences in artificial intelligence (AI) startup formation through an institution-based view. Public perception of science and technology (S&T) is conceptualised as an informal institution influencing societal acceptance of innovation, while government AI strategies are framed as formal institutions shaping policy, resources, and regulation. Using data from 40 developed and emerging economies, and controlling for macroeconomic, innovation, and talent-related factors, multiple regression analyses show higher startup activity in countries with more positive public views of S&T and stronger, well-resourced AI strategies. Spiritual concerns about S&T have a stronger negative relationship with AI entrepreneurship than material concerns, highlighting the role of cultural influences in technology adoption. The findings suggest that alignment between formal and informal institutions is essential for entrepreneurial success in frontier technologies. Policy implications include fostering public trust through education and ethical governance, and strengthening AI ecosystems through targeted investments in talent, infrastructure, and enabling regulation. © 2026

Forging sustainable transitions: a systematic literature review on sustainable entrepreneurial ecosystems

Joel J.; Harima A.; Demiankova E.; Akter R. Industry and Innovation. DOI: 10.1080/13662716.2026.2626974

Sustainable Entrepreneurial Ecosystems (SEEs) have gained increasing scholarly and policy attention as part of a global effort to advance sustainable development through entrepreneurship. Despite growing attention, this field is characterised by conceptual plurality and lacks theoretical integration regarding how ecosystems contribute to sustainable development. Therefore, this study aims to address this gap by examining how existing research conceptualises the relationship between sustainability and EEs and how these conceptualisations shape the emerging notion of SEEs. Accordingly, we ask: How does current literature conceptualise the relationship between sustainability and EEs? To answer this question, this study conducts a systematic literature review of 91 peer-reviewed studies published between 2006 and 2025 through the multi-level perspective from sustainability transition studies. The analysis identifies four research streams: (1) ecosystems for sustainable ventures, (2) sustainability orientation of ecosystems, (3) sustainable economic growth of EEs, and (4) EE for sustainable transitions. The review reveals conceptual ambiguity, methodological heterogeneity, and limited attention to multi-level dynamics. This study contributes by systematising fragmented insights, enhancing construct clarity, and proposing an integrative framework that bridges EE and sustainable transition theories, thereby providing a foundation for cumulative theorisation and guiding future research and policy on SEEs. © 2026 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.

Filming Location, Fan Cultural Capital and Loyalty: The Case of a Unique Game of Thrones Event

Gómez-Morales B.; Sánchez-Castillo S.; Nieto-Ferrando J. International Journal of Tourism Research. DOI: 10.1002/jtr.70222

This paper tests a model based on hypothesized relationships between program event, place attachment, participants' fan cultural capital and event satisfaction as antecedents of behavioral intentions. The relationships are explored among a sample of people attending Cáceres: City of Dragons, a unique event for fans of the A Song of Ice and Fire universe (n = 352). The structural model indicated that the attributes that make the event unique (the combination of the convention program and the visit to a key filming location) and the participants' fan cultural capital have a positive effect on satisfaction with the event, which in turn has a direct positive effect on loyalty. This suggests that strategies to capitalize on and monetize resources to continue attracting film tourists to a filming location in the long term should include events offering highly specialized activities specifically targeting fans of the film or series in question. © 2026 The Author(s). International Journal of Tourism Research published by John Wiley & Sons Ltd.

Competitiveness of Global Apparel Industry: A Study Based on Transaction Cost Theory

Kamal Y.; Yesmin S. Global Business Review. DOI: 10.1177/09721509221124169

This article explores global competitiveness in the apparel industry and its implications on the competitive performance of China and Bangladesh through the lens of transaction cost theory (TCT). The study has been conducted based on qualitative method of social science research. The primary evidence for this study has been collected through semi-structured in-depth personal interviews with key resource persons in international trade. The study finds that rising competition in global apparel trade largely influences Bangladesh’s competitiveness in the apparel industry compared to China. However, China’s apparel industry faces challenges from rising production costs. It also finds that unrestricted trade flows among Asian competitors through bilateral and comprehensive trade agreements have severe implications on Bangladesh’s competitiveness in apparel sector, while trade protectionism remains the key barrier towards China’s share of exports in global apparel market. The findings of the study will be crucial for both Chinese and Bangladeshi policy makers and stakeholders to address existing impediments, including future challenges to gain a competitive advantage in their apparel exports. The study is among the first to compare the international competitiveness of apparel industries between the two major apparel exporting countries by using TCT. © 2022 IMI

Gender Equality and Industrial Districts: Funding Opportunities for Creative SMEs

Paoloni P.; Procacci V.; Ievolella S. SIDREA Series in Accounting and Business Administration. DOI: 10.1007/978-3-032-12528-6_9

This study explores the interplay between territorial embeddedness and gender dynamics in shaping access to public innovation funding among Italian small and medium-sized enterprises (SMEs), with a particular focus on the cultural and creative sectors. The analysis is centered on the TOCC (Digital Transition of Cultural and Creative Organisations) programme, promoted by the Italian Ministry of Culture within the framework of the National Recovery and Resilience Plan (PNRR). The programme provides non-repayable grants to support the digital transformation of micro and small enterprises. Drawing on an original dataset of 887 firms, 345 of which successfully obtained funding, this research adopts an Exploratory Descriptive Qualitative (EDQ) approach to investigate how industrial district affiliation and the gender of executive leadership affect firms’ ability to access public support. The analysis integrates official TOCC rankings with firm-level data from the ORBIS database, allowing for a nuanced interpretation of structural, geographical, and gender-related patterns. The results highlight a marked territorial asymmetry: successful applicants are predominantly concentrated in central and northern regions, particularly within industrial districts, which appear to offer enabling conditions such as organizational infrastructures, collaborative networks, and project development capabilities. In contrast, southern regions remain underrepresented, indicating uneven institutional absorption capacity. The gender dimension reveals a persistent disparity: only 26% of applications were submitted by women-led firms, though their success rate is marginally higher (31%). This suggests that, despite the quality of proposals, structural and informational barriers continue to limit female entrepreneurs’ engagement with public funding opportunities. Furthermore, industrial districts do not appear to mitigate this gender gap. By examining the intersection of geography, gender, and access to innovation policy, the study contributes to the ongoing debate on inclusive economic development and offers valuable insights for the design of more equitable public policy instruments. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2026.

The Impact of Mergers and Acquisitions on Shared Value Creation: Evidence From Chinese Firms

Li W.-J.; Wang F.; Zhu W. Business Strategy and Development. DOI: 10.1002/bsd2.70286

This study empirically investigates whether and how mergers and acquisitions (M&As) facilitate shared value creation. Using a sample of Chinese A-share listed enterprises from 2008 to 2023, we construct a novel shared value creation indicator that integrates ESG performance and return on assets within a two-dimensional evaluation framework. Employing multiple measures of M&A activity, we find robust evidence that M&As significantly enhance shared value creation. Mechanism analyses reveal that M&As promote shared value creation through three key channels: stimulating new product development, improving production efficiency, and strengthening cluster-level collaboration. Further heterogeneity analyses show that the positive effects of M&As on shared value creation are more pronounced in firms operating in less competitive market environments, firms with stronger stakeholder engagement, and firms with weaker dynamic capabilities. This study contributes to sustainable strategic management literature by demonstrating M&As' role in balancing shareholder and stakeholder interests, offering practical insights for firms to leverage M&As for shared value creation through innovation-driven strategies, operational synergies, and cluster engagement. © 2026 ERP Environment and John Wiley & Sons Ltd.