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Purpose In developing economies, 30% of the gross domestic product on average is undertaken by unregistered businesses. The informal economy leads to high opportunity costs by preventing gains from trade with strangers. To overcome this obstacle, sellers who usually operate in the informal economy should strive to move to formal markets. Current theories are drawn from a view of markets as institutions governed by formal and informal rules. In a nutshell, informal-formal market transitions must be met with a regulative solution. However, the overall results have been disappointing. This failure invites a re-diagnosis of the problem that informal sellers face to act in formal markets and suggesting novel solutions. This paper aims to address this gap. Design/methodology/approach This is a conceptual paper. The authors adopt MacInnis’s (2011) framework to characterize the approach to theory development. Findings The authors argue that extant views of formal/informal markets differences address only one of Scott’s (2014) three pillars (regulative, normative and cultural-cognitive). By drawing on Bourdieu’s legacy, the authors propose a cultural-cognitive reading of institutions and suggest it offers a lens to understand the problem as an access challenge, and thus a marketing problem. This perspective allows us to conceptualize informal/formal markets as two distinct institutional fields and argues that all individuals inhabit a particular habitus and contend that moving between markets requires a habitus shift. Thus, acting in formal markets involves bridging a habitus gap. Finally, the authors argue the need for a market-facing intermediary that takes on a market habitus bridging role. Research limitations/implications The authors suggest future research efforts could benefit from this new conceptual lens as a means of re-diagnosing other forms of market access that have produced disappointing results. Practical implications By looking at differences between formal and informal markets as a habitus gap, the allocation of public funds to support transitions can be better targeted and spent. Social implications The concept of market-facing intermediaries suggests that the beneficiary (e.g. informal seller) and target populations can be different. This insight could catalyze social innovation and trigger novel perspectives to design systemic solutions. Originality/value Conceptualizing the formal-informal market transition as a habitus gap suggests new directions to resolve access challenges and a new mediator solution.

The article examines the current state and potential development of the domestic industry on the basis of an assessment of the existing discussion in the economic community for the validity and feasibility of the current import substitution policy in the context of the intensifying foreign policy confrontation. An overview of a number of proposed directions for improving the industrial complex of the Russian Federation using innovations in the management of development and improvement processes based on research on existing and potential achievements can help in determining a rational vector for the development of domestic production forces with further strengthening of the national economy with a simultaneous increase in the welfare of the country's population. An analysis of the measures proposed by a number of authors for the development of domestic industry is carried out, an assessment is made of the proposed plans and roadmaps based on the organization of interaction between public and private structures, to increase the effectiveness of measures taken in the creation of a modern industry on an innovative basis in both production and organizational spheres. The experience available to date in the implementation of roadmaps and international cooperation programs makes it possible to assess the previous theories. And the existing achievements in this area make it possible to further improve the processes of modernization of the management of the domestic industrial complex. The use of the institutional approach in relation to measures to improve the domestic industrial complex makes it possible to more clearly form the mechanisms for the development, implementation and control of measures, taking into account the specifics of the factors affecting the final version.

Purpose The purpose of the paper is to analyze the development of business angel networks (BANs) in emerging countries such as Chile and Colombia to understand how institutions affect their development. Design/methodology/approach This is a qualitative, exploratory, and descriptive study based on a comparative analysis between countries, with the BANs in Chile and Colombia as the unit of observation. The comparative analysis was made in relation with the creation, operation and sustainability of the BANs. The study interviews the partners/managers of the active networks in each of the countries, as well as key informants, totalling 12 interviews. Findings BAN activity in Chile and Colombia is quite recent, and the countries are on a similar level of development. However, in the long term, depending on how the cultural aspects evolve in both countries and the interest that the State may have in developing business angel activity, the results could be indeed different. Originality/value Business angel activity in Latin America is quite recent; nevertheless, this activity is increasing in the region. In that sense, this comparative analysis between Colombia and Chile contributes to a better understanding of business angel markets in Latin America and also to obtain better insights into the core challenges that these markets face in emerging countries due to the existence of institutional voids. This paper is a contribution for further knowledge of BANs in emerging countries’ economies from an institutional perspective.

Subject. The article discusses the role of the controlling function of governance as part of the evaluation of State-financed institutions' performance. Objectives. The study substantiates institutional aspects of the concept Control with reference to State-financed institutions and the specifics of their finance. I also carry out the theoretical examination of the need in controlling their performance. Methods. The study involves general scientific methods. Drawing on the systems approach and logical generalization, I sorted prevailing views on the analyzable categories. The abstraction was applied to summarize the main conclusions. Results. Scholars still interpret financial control differently. Furthermore, regulatory documents, which are adopted by both the legislature and the government, are not consistent with the existing views on financial control. Some interim types of financial control may possibly be something else, which shall be further studied. In my opinion, any activities associated with financial flows shall be qualified as financial. Therefore, the respective control is financial. governmental budgetary control is subdivided into control over budgetary and extrabudgetary finance due the specifics of budgetary institutions' finance. As the performance of State-financed institutions is evaluated in terms of the efficiency of budgetary spending on governmental functions, control should pursue the evaluation of State-financed institutions' performance by source of finance. Conclusions and Relevance. Governmental financial control includes several interim types, including budgetary and extrabudgetary activities. The performance of State-financed institutions shall be monitored by the two aspects so as to evaluate whether budgetary funds are efficiently spent on governmental functions. The findings are designated for unfolding theoretical views on the control over State-financed institutions' performance as a crucial tool for administration. The findings can be used for scientific and practical purposes in accounting and control.

The subject of the study is theoretical, methodological and practical aspects of the formation, development and functioning of the accounting compliance system as an appropriate institution for ensuring the quality of enterprise accounting information. Methodology. The methodological basis of the study is general scientific and special methods of cognition. In the course of the study, the following methods were used: abstract-logical method was used for the cognition of the essence, approaches, clarification of the concept of “compliance”, “accounting compliance”; bibliographic method was used for the study and development of scientific works devoted to the definition of the essence of the term “compliance”; graphic method was used for the design of the described processes using logical block diagrams; system-structural analysis was used to improve the mechanism for the formation and implementation of the accounting compliance system as an institution for ensuring the quality of accounting information. The objective of the study is to consider the essence of the concept of “compliance”, “accounting compliance”, to establish and define the role of accounting compliance in ensuring the quality of accounting information, to substantiate methodological approaches and practical recommendations for its formation and implementation at the enterprise. Results. The study has established that the definition of “compliance” should include an institutional approach, i.e. “compliance” should be understood as an institution of the internal control and corporate ideology system, which, using a system of regulations and a set of control mechanisms, forms the company’s ability to comply with established norms, standards, rules and procedures; a means of propaganda aimed at promoting the requirements for compliance with internal regulatory documents and generally accepted social values of the enterprise; a set of measures aimed at identifying risks accompanying the activities of the enterprise and eliminating their adverse consequences. “Accounting Compliance” is an institution of the internal control and corporate ideology system of the enterprise, which with the help of a system of measures and a set of control mechanisms provides the ability to track, monitor, evaluate and comply with the requirements of regulatory documents, regulations, instructions in the accounting system. It must be necessarily aimed at identifying, reducing and eliminating the risks of distortion, misrepresentation and falsification of accounting information. It has been substantiated that the accounting compliance system, as an appropriate institution, should be formed in stages, based on a set of specially developed internal methods, rules and procedures. It has been proved that most of the actions of the compliance system are aimed at identifying, analysing and assessing risks in the accounting system, and a significant number of documents defining its normative content are closely related to the implementation of the risk management function. Practical implications. In order to ensure the identification of compliance risks in the company’s accounting system and determine their impact on the formation and quality of accounting information, the grouping of risks by type is presented. To implement the functions of accounting compliance, it was proposed to develop and approve a number of internal standards and regulations, which will guide the employees of the Compliance Department in their work. In order to ensure the quality of accounting information to users necessary for making effective management decisions, the organizational and economic mechanism of the accounting compliance system has been developed. Conclusion of the study. Thus, accounting compliance, as an institution for ensuring the quality of accounting information at an enterprise, should be focused on finding, identifying, assessing, analysing and taking measures to minimize compliance risks in the accounting system arising from non-compliance with established rules, standards and procedures for organization and maintenance of accounting. Substantiated methodological foundations and recommendations for the formation and implementation of accounting compliance will not only ensure the quality of accounting information, but also guarantee business purity, a high level of corporate culture. The latter will contribute to improving the efficiency of economic activities and sustainable development of the enterprise.

This paper conducted a study on the operation plan of the packaging system to enhance the logistics efficiency between the manufacturer and the distributor, whose prior research in the relevant field was insignificant. By identifying problems and improvements in the operation of the packaging system between domestic manufacturers and distributors through the Retail Ready Packaging. The institutional aspects were investigated to confirm that the mediation role of government and social organizations was required to resolve issues (χ2 = 148.916, p < 0.001), and that guidelines that gathered diverse opinions for the rational operation of the packaging system were essential, while institutional aspects are needed to be supplemented to be willing to improve logistics efficiency (χ2 = 95.781, p < 0.001). In this study, even though the difference in perception between manufacturers and distributors is clear and the issue related to the operation of the packaging system is ongoing, if there is no effort to grasp the issue, the opinions between manufacturers and distributors will be left at odds and could become a social problem. Unnecessary interference from government and social organizations should be excluded, but the level of mediation to support win-win management in order to promote logistics standardization and reduce CO2 and national logistics costs can be explained as a catalyst for improving logistics efficiency through reasonable operation of the packaging system.

This study explores how the social and environmental information disclosed by organisations following a crisis is influenced by the institutional environment. Through content analysis, the study examines disclosures of apparel industry organisations after the Rana Plaza building collapse in Bangladesh. The study finds that the accountability demonstrated by global apparel buyers following a crisis is attributable to Western cultural expectations and norms, legitimacy concerns and global constituent pressures, while the limited accountability demonstrated by garment suppliers operating in a developing country occurs in response to apparel buyer pressures and business survival concerns.

The objective of this research is to understand how new social and environmental practices are introduced and developed in clusters. From an international perspective and based on cluster literatur...

Interface mechanisms in international economic law refer to international, regional, or domestic legal instruments that resolve problems arising from differences in economic systems. The existing interface mechanism regarding disciplining state-owned enterprises (SOEs)’ activities remains unclear and has led to disputes and a divergence of views among major trading partners, most notably between the United States and China. The underlying cause is the lack of an analytical framework to understand SOEs from a comparative view that may foster consensus-building discussions. This article constructs a comparative institutional framework to understand SOEs in a variety of market economy settings, which inspires new approaches in analyzing SOE-related legal issues in international economic law. This article takes the ‘public body’ issue in the WTO and the new disciplines on SOEs as examples, demonstrating that a type of activity-based approach can be a new interface mechanism for international rules on SOEs.

This work introduces a hypothetical extraction method (HEM) using weighted multipliers approach through input–output analysis, in combination with an institutional approach, to assess productivity growth in industries in both the domestic consumption goods and export goods sectors. It aims to concretely define what creates industrial growth models and to discover why some industries are less competitive than others and end up with trade deficits. For the research, China and Turkey were compared with each other. This research reveals that the transport equipment industry while China’s growth was consumption-led, Turkey’s was export growth. Both countries experienced trade deficits in the transport equipment industry, which is related to the automotive industry. The main differences in the industrial growth models of the two countries are assessed by looking at institutional factors.

The design and operation of Shallow Geothermal Energy (SGE) systems have been continuously increasing in scientific research over the past years. What hinders the wide penetration of SGE systems in most countries are issues mostly related to high installation costs, administration, stakeholders' awareness, and marketing. On top of this, SGE systems lack an in-depth economic evaluation, which is often limited to the financial inputs, and thus omitting the non-market monetized environmental benefits. This paper consists of a primer for conceptually improving understanding in regions with low levels of SGE penetration. It provides guidance to project evaluation and discusses the social and institutional strategies to assist SGE systems penetration.

In this paper, we assess the development of financial participation schemes, employee share ownership and profit-sharing in selected European countries and the degree to which they are correlated with strategic human resource management, and industrial relations, that is collective bargaining, unionization and works councils, and national context. This study adds a more dynamic perspective to the literature on the incidence of financial participation by using a longitudinal approach rarely found before. Our hypotheses are based on the theoretical frameworks of strategic human resource management (HRM), industrial relations and institutional approach. We use data drawn from the waves of the Cranet surveys on Human Resource Management: 1999/2000, 2005/06, 2010/11 and 2015/16. We find that both time and national location are important. The national context matters in particularly for profit-sharing and less for employee share ownership. For both forms of financial participation, the country regulative context is also more important than industrial relations factors and HRM strategies. In general, industrial relation factors gain importance over time and become more important than the HRM strategy for employee share ownership (ESO) but not for profit-sharing (PS). In general, over the whole period, commitment HRM is more important for the incidence of ESO and PS than control HRM, but the relative importance of these strategies varies per year.

Patients with hematological malignancies are at increased risk for severe COVID-19 with a high mortality rate. In AML, more and more patients are treated on an outpatient basis. This gives rise to two dilemmas in the face of COVID-19. The first one is whether to temporarily interrupt the oral antileukemia treatment and the second one is which patients should be intubated. Here, we describe our institutional approach and the underlying rationale in patients on lower intensity treatments for AML presenting with COVID-19

Gastrostomy tube is an effective and safe long-term feeding access that is well-tolerated by patients. The typical placement routes include surgical, endoscopic and interventional radiologic placement. In particular, percutaneous interventional radiologic gastrostomy (PIRG) has increasingly become the preferred method of choice in many practices. Although many PIRG techniques have been developed since the 1980s, there is still a paucity of evidence supporting the choice of a most-optimal PIRG technique. Hence, there is a large variation in institutional approach to PIRG. We are a large, quaternary academic institution with an extensive experience in PIRG. Therefore, we aim to present the “push” PIRG technique utilized in our institution, to review the current literature, to discuss the optimal choice of PIRG technique and to generate further interests in comparison studies.

Purpose Corporate social responsibility (CSR) has become an issue in the international banking industry, where each bank must assert its stakeholders, the social fabric and the natural environment. In the same time, legitimacy which has become one of the most critical issues for corporations, can be increased in the eyes of other stakeholders or institutions by structurally or procedurally adjusting to institutional influences. By conforming to three external institutional pressures (normative, mimetic and coercive), identified by DiMaggio and Powell (1983), organizations can build, support and gain legitimacy for their activities in specific institutional environments. Design/methodology/approach Using a qualitative approach, this research highlights the input of neo-institutional theory in the CSR context in top Lebanese banks in Lebanon. Findings This paper aims to analyze the impact of neo-institutionalism and the role of stakeholders in legitimizing CSR practices in the Lebanese banking sector. Practical implications Top Lebanese banks cannot simply comply with institutional pressures to gain their legitimacy, they need to develop their CSR activities targeted toward legitimacy-building at the local level; as for managers they cannot simply adopt managerial perspectives instrumentally to gain societal support, they need to adapt such perspectives and practices to the local needs as expressed by their internal and external stakeholders. Originality/value Managers of top Lebanese banks need to proactively engage in managing institutional pressures by adopting and adapting legitimacy-seeking strategies. This study highlights that top Lebanese banks differ in their CSR orientation because of their ownership structure, number of employees and profitability.

COVID-19, the current pandemic has created a fearful scenario for health-care professionals. Being the frontline warriors, we need to have sound knowledge about the transmission of SARS-CoV-2 and protect ourselves during this pandemic. According to the published literature, ins pite of following possible precautionary measures against transmission of disease, there is an increased number of infected health-care workers with COVID-19. The purpose of this review is to provide the information for the postgraduates, faculties, orthodontic practitioners, and to some extent, guidance on possible transmission routes, patient assessment, laboratory investigations, various radiographic imaging techniques, proper disinfectant protocol in handling the patients, orthodontic emergency management, and elective orthodontic treatment.

This paper titled Policy institutional approach to transport failure in Nigeria, Encapsulating the fundamental issue and challenges that initiated transport system failure in Nigeria, despite transport sectors having immense potentials to contribute to the growth and development of the national economy. This paper examines the challenges and failure of all forms of transport system in Nigeria with a view to digress from aged long theoretical and conceptual framework to a more practical approach, in order to reduce the existing transport problem. This has been done by looking at the institutional framework and policies from post independent till date. The author researched on the paper with dependence on primary data, secondary data, textbooks, reliable internet websites and operational case study since there is a scarcity of professional material in the subject area. At the end of the paper, the presenter proposed a number of recommendations among which is the involvement of trained transport professional intransportpolicies, training, and practice, cou- pled with frequent review and approval of transport policy papers to reflect social, economic and environmental challenges of the country. It is believed that this research will be useful for transport policy formulator, students, researchers and also stakeholders in transport practice.

Fontan-associated protein losing enteropathy is a challenge to treat and is a major contributor to morbidity and mortality in patients with palliated single ventricle. Numerous strategies for management have been proposed, with confusion as to how best to stratify and implement care among the many treatments available. Medical management can be helpful in some, while novel lymphatic interventions hold potential for remission with good results. We review our institutional approach to protein losing enteropathy after Fontan operation and provide a suggested algorithm and pathway for effective care.

This article discusses the role of mandements joyeux or joyful writs in the novel Rabelais ressuscité (1611) by the little-known French author Nicolas de Horry. The article first provides insight into the tradition and parodic nature of joyful writs. In a next step, the joyful writs in Horry’s text are identified, and the functions of these parodic passages in the narrative structure of the novel are analysed. Finally, the article demonstrates how an institutional approach to this Early Modern novel, concentrating on the identification of possible readers of the text, can contribute to a better understanding of the critical content of the joyful writs.

Background There is an urgent need to intentionally develop and expand mentoring for junior faculty from underrepresented communities in the area of HIV research. Such a goal is increasingly recognized as essential across all scientific fields because profound disparities exist regarding which doctorally prepared individuals ultimately end up entering research fields in academic settings. The purpose of this article is to describe a novel inter-Center for AIDS Research (CFAR) program designed to support underrepresented scientists in research to address the HIV epidemic in the Mid-Atlantic region. Methods Three CFARs in the Mid-Atlantic region (the District of Columbia, Johns Hopkins University CFAR, and University of Pennsylvania CFARs) developed a Scholars program designed for underrepresented minority scholars interested in studying the HIV epidemic in the region. The program provided resources for scholarship as well as cross-institutional mentoring and training. Results Scholars in the first cohort have been successful in implementing novel research that informs our understanding of the HIV epidemic in the region as well as increasing skills, publications, and grant submissions and funded applications. Lessons learned from the first cohort will inform future years of the MACC Scholars Program. Conclusions The MACC Scholars Program offers a model for other inter-CFAR collaborations wishing to find novel ways to support the next generation of scientists.

The impact of contextual influences on human resource management and management more generally has been the focus of much scholarly interest. However, we still know very little about how context impacts on the practice of ethical HRM specifically. Therefore, drawing on 59 in-depth interviews with HR practitioners in Brazil, Colombia and the UK, this paper theorizes how they perceive the ethical dimensions of their roles within their respective national contexts and how the way they act in relation to them is informed, shaped and directed by the institutional context. In doing so it provides an important insight into three key themes: first, the views of HRM practitioners and managers about ethical HRM and how they articulate what it means to be ethical; second, how they respond to perceived ethical dilemmas; and third, how their responses are influenced by institutional forces and associated beliefs, values and scripts. In addition to providing an ‘emic’ perspective of this increasingly important topic and theorizing the experience and practice of ethical HRM, the paper answers calls for more international comparisons of ethical HRM practice in contemporary organizations.

The article considers the institutional approach to organization of economic security of entrepreneurial activities. It is indicated that attention should be focused on the current set of norms, rules, regulations, organizational structures that contribute to the harmonious development of entrepreneurship, as well as the impact of institutions on entrepreneurship and its economic security. The role of the State in shaping the institutional environment of a secure economic activity is defined. The components of institutional environment of the organizational security of entrepreneurship are suggested. It is determined that the formation of economic security of entrepreneurial activities in international markets requires modern enterprises to timely identify the needs of the external environment and quickly adapt to them as necessary prerequisites for ensuring sustainable growth of competitiveness of the national economy. Ukraine's place in the international development indices (Doing Business and Forbes, which compose the ranking of the best countries for business activities) and the quality of conduct of reforms to improve the business climate and entrepreneurial activities worldwide, is defined. The experience of different countries in ensuring the economic security of entrepreneurial activities is analyzed. The features of the State policy in the countries with high levels of economic development to ensure the economic security of entrepreneurial activities are reflected. The peculiarities of applying foreign experience on the formation of economic security of entrepreneurship in Ukraine are defined.

China’s response to the global financial crisis and its post-2008 stimulus package and credit surge marked a critical juncture for its state-directed banking system. One result was the subsequent growth of the shadow banking sector marked by incremental ‘informal institutional adaptation’ and a greater role for markets. We employ historical institutionalist (HI) theory to help explain these developments but critique its current approach to critical junctures which has a limited, temporarily specific and overly static account of institutional change; one which overlooks the importance of changes on either side of the critical junctures and which is unable to integrate its emphasis on critical junctures with alternative theories, such as incremental accounts of institutional change. Using the empirical case of the evolution in China’s post-GFC banking and finance, a revised institutional approach is developed which is able to bridge these theoretical divides.

PurposeThe purpose of this paper is to examine considerations employed in decision-making processes by Israeli high school leaders, when implementing the “Courage to Change” reform. The reform gave schools large supplementary resources in the form of “weekly instruction time” and they decided how to exploit these additional hours.Design/methodology/approachQualitative analysis focused on data from interviews with staff from 19 high schools.FindingsThe research identified three types of consideration adopted by managerial staffs: “Hasty,” “Conservative” and “Path-breaking.” Findings contribute to theory concerning incremental decisions in schools concerning the allocation of resources, in line with the institutional approach, and also inform other schools coping with similar tasks.Originality/valueThe research is original both in its topic and context. Further conclusions and implications are discussed.

Purpose: to study the significance of small and medium enterprises for the functioning of the modern Russian transaction sector.Methods: the paper used General scientific research methods: analysis and synthesis, abstraction, generalization. The study used a comparative method and elements of economic analysis. The article also uses a graphical method of presenting information. The study was carried out on the basis of official statistical data provided by the Federal State Statistics Service of Russia.Results: to achieve this goal, the article solves the following tasks: 1) A review analysis of the current state of the domestic transaction sector based on the study of statistical data on the activities of Russian enterprises and organizations. This formed the basis for further research. 2) Analyzed indicators of small and medium enterprises in the transaction types of economic activity. This made it possible to identify their role in the functioning of the transaction sector. 3) Studied the statistical indicators of the financial condition of small and medium organizations of the transaction sector, which showed the problems of their activities.Conclusions and Relevance: currently, the transaction sector is a significant part of the domestic economy. This is evidenced by a General analysis of the statistical characteristics of the activities of Russian enterprises and organizations. At the same time, the majority of enterprises engaged in transactional activities have a private form of ownership. The study of the activities of small and medium enterprises showed that today more than half of them work in the transaction areas. In this regard, small and medium businesses can be considered an integral and very important part of the modern transaction sector. The flagship of the transactional activity in the business environment is small businesses. Their indicators significantly exceed the corresponding values of medium organizations. In addition, the main role of small enterprises is due to the immanent properties of small-scale companies. Nevertheless, the analysis of indicators of the financial condition of small and medium enterprises of transaction activities revealed their weak business and commercial efficiency, the presence of problems of solvency and financial stability. This threatens not only the viability of enterprises, but also the efficient functioning of the transactional sector. In this regard, there is a need to develop and conduct systemic activities aimed at supporting the development of Russian small and medium enterprises, as well as stimulating the development of the entire domestic transaction sector, consistent with the general strategy of economic development of Russia.

The general science genesis as well as particularly accounting science genesis, in search of contemporary approaches towards identification of new problems, arising at current science development stage, and methods to ensure its solution has been considered. The conclusion has been made, that the most actual although the least studied is institutional approach to accounting and financial reporting development. Institutional aspects of accounting and financial reporting have been generalized, сurrent main directions of research in the field of accounting and financial reporting have been revealed, the development of which is possible on the basis of an institutional approach.

The article discusses regulatory regime of the European financial market in its institutional aspect. Research is done as a comprehensive analysis of institutionalized European Union financial market as a complex of the five elements that determine it, namely: (1) MiFID, (2) MAR, (3) EMIR, (4) CRR and CRD, (5) AMLD. The development of financial market institutions is derived as ex-post and ex-ante reactions that determines the logic of establishing anew and transitioning to updated regulatory regimes (MiFID => MiFID II, AMLD III =>AMLD IV => AMLD V, Basel II => Basel III).

The research on institutions’ role in entrepreneurship acknowledges that formal and informal institutions matter. However, previous research has stressed less the co-existence and interaction between individual- and country-level factors that shape entrepreneurial potential, population of skillful individuals with no entrepreneurial intentions, across countries. In this study, we investigate the multilevel influence of informal institutions on entrepreneurial potential. Drawing from institutional theory and multilevel approach in a sample of 880,576 individuals for the period 2006–2016, we find that the informal country-level institutional forces compensate the lack of individual-level factors among those with low entrepreneurial potential. For instance, media coverage on entrepreneurship or education can enhance the entrepreneurial potential in its lower end. Hence, our findings provide novel evidence on the relevance and interaction of the informal institutions, and how they increase the entrepreneurial potential across countries. Our findings suggest policy implications regarding educational programs to close the gap between entrepreneurially skilled non-potential and skilled potential individuals.

The article is devoted to topical issues of innovative approaches from the standpoint of entrepreneurial structures and institutional criteria. This study substantiates the relevance of the development, implementation and improvement of approaches to the institutionalization of innovations in the context of globalization. From a theoretical point of view, the evolution of innovations in the system of entrepreneurial structures in the maritime trade market is investigated, theoretical approaches to the study of innovative systems and the principles of global innovative interaction are disclosed. This study presents an institutional approach to the implementation of innovations in the maritime market of Ukraine, as well as summarizes the practical experience of institutionalizing scientific research systems in the global maritime trade market, identifies the need for innovative and modernized development of the national maritime industry.