Informal Institution Social Arrangements, Network, And...

Informal institution is related to social arrangements, network, and loosely structures. Its role is to support the early entrepreneurial activity and to substitute the weak of formal institutions when there is no property right system (Estrin and Prefezer 2011, cited in Etrin 2011, p.8). Williamson places the informal institution on the top of his four level of hierarchy considering its deepest rooted and slowest changing which is indicated by corruption. The other three levels are formal institutions which relate to the enforcement of property rights and law as the basic for entering market; governance which could prevent anti-competitive behaviour; and resource allocation and employment (2000, cited in Etrin 2011, pp.8-9). It is clear that rules, regulations, and property rights important to promote entrepreneurship. The enforcement of those factors by government could increase certainty environment and trust which is important particularly for country with high uncertainty avoidance. The risk of low and fluctuate income of being entrepreneur could be minimised when the property rights system strong enough in protecting the patent of new innovations. The access on resources is also important for the creation of new venture. The new entrepreneurs mostly start their business with lack of wealthy, therefore financial support to penetrate market entry barriers is needed. It requires the financial institution to facilitate the liquidity constraints (Fogel et al 2005,Show MoreRelatedOrganizational Culture At Elim Care824 Words   |  4 PagesA strong culture is important to today’s organizations in a fast pace environment affected by a diverse internal workforce (Baker, 2002 p. 4). 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