Enterprise and entrepreneurship in peripheral contexts: experiences and prospects from the caribbean small island developing states
Main Article Content
Keywords
Entrepreneurship, Sustainable Development, Small Island Developing States (SIDS), Caribbean Region
Abstract
The transformative effect of entrepreneurship has been well-documented. Indeed, entrepreneurship has been linked to the growth and prosperity of nations, contributing to the sustainable development of various sectors. Developments globally have seen growing attention to the transformational effect of entrepreneurship and its potential in developing and emerging contexts. However, while many experiences have been covered, those of some developing and emerging contexts have received far less attention. Among these under-covered contexts is that of Caribbean Small Island Developing states (SIDS). It is important to note that the development of entrepreneurship as a field can benefit from a broader understanding of more contexts. This special issue is an opportunity to advance understanding of and the dimensions of entrepreneurship in a largely grey area in the literature, the Caribbean Region. This maiden paper plays a strategic role in situating the papers which follow in a larger body of research and practice relating to entrepreneurship with a focus on the Commonwealth Caribbean SIDS. Perhaps more importantly, the approach is not simply to introduce the papers but more strategically to provide rich contextual material on the quality of entrepreneurship in the region, which then forms the backdrop for the remaining papers. A comprehensive over-view of entrepreneurship is offered, alongside a discussion of some of the historical and contemporary developments, while highlighting the specific character of entrepreneurship in a region that is largely shaped by forces which have in many ways rendered it peripheral to development. Even so, the approach is not pessimistic. As such the paper ends with a demonstration of how an understanding of entrepreneurship in the Caribbean can contribute to and inform the development of practice and theorising, more generally, including advancing an understanding of developments not just in entrepreneurship but in the broader field of International Business. Indeed, the experiences of under[1]covered regions such as these are useful in that they offer novel testing ground for emerging theories and assumptions and can make relevant contributions to the development of entrepreneurship as a still emerging field of research.
Downloads
References
Arikan, I., & Shenkar, O.( 2022). “Neglected elements: What we should cover more of in international business research”, Journal of International Business Studies, 53: 1484–1507.
Audretsch, D. B. & Keilbach, M. (2008). “Resolving the knowledge paradox: Knowledge-spillover entrepreneurship and economic growth”, Research Policy, 37: 1697–1705.
Audretsch, D. B., Keilbach, M. C., & Lehmann, E. E. (2006). Entrepreneurship and Economic Growth. New York: Oxford University Press.
Audretsch, D. B., & Thurik, A. R. (2000). “Capitalism and democracy in the 21st century: from the managed to the entrepreneurial economy”, Journal of Evolutionary Economics, 10: 17–34
Baldacchino, G. (2013). Islands As Novelty. American Geographical Society, 97(2), 165–174. http://www.jstor.org/stable/30034159.
Baldacchino, G., & Bertram, G. (2009). The Beak of the Finch: Insights into the economic development of small economies. Round Table, 98(401), 141–160. https://doi.org/10.1080/00358530902757867
Baldacchino, P. J., Gauci, A., & Grima, S. (2019). Family influence in Maltese listed companies: The implications on corporate governance. International Journal of Economics and Business Administration, 7(1), 85–112. https://doi.org/10.35808/ijeba
Belz, F. M., & Binder, J. K. (2017). Sustainable entrepreneurship: A convergent process model. Business Strategy and the Environment, 26(1), 1-17.
Block, J.H., Colombo, M.G., Cumming, D.J. et al (2018). New players in entrepreneurial finance and why they are there. Small Bus Econ 50, 239–250.
Briguglio, L. (1995). Small island developing states and their economic vulnerabilities. World Development. https://doi.org/10.1016/0305-750X(95)00065-K
Binz, C., Hair, J.F., Pieper, T.M. and Baldauf, A. (2013).
Exploring the effect of distinct family firm reputation on consumers’ preferences,
Journal of Family Business Strategy, 4(1):3-11, https://doi.org/10.1016/j.jfbs.2012.12.004.
Birthwright A-T, Smith R-A (2023) Put the money where the gaps are: Priority areas for climate resilience research in the Caribbean. PLOS Clim 2(5): e0000211. https://doi.org/10.1371/journal.pclm.0000211
Brown, J. D., & Earle, J. S. (2015). Finance and growth at the firm level: evidence from SBA loans. IZA Working Paper No. 9267.
Carree, M.A. and Thurik, A.R. (2010). “The Impact of Entrepreneurship on Economic Growth”, in Z.J. Acs, D.B. Audretsch (eds.), Handbook of Entrepreneurship Research,
International Handbook Series on Entrepreneurship 5, pp 557-594.
Castles, Stephen and Miller, Mark J. (1993). The Age of Migration: International Population Movements in the Modern World. London: Macmillan.
Connell, J. and R. King (1999). “Island migration in a changing world”, In R. King and J. Connell (eds), Small Worlds, Global Lives: Islands and Migration. London, Pinter: 1- 26.
Cross, J.B. (2022). “Race, Nation, and Diaspora in the Southern Caribbean: Unsettling the Ethnic Conflict Model.” Journal of Latin American and Caribbean Anthropology 27 (3): 408–29.
Dean, T. & McMullen, J. (2007). Toward a theory of sustainable entrepreneurship: Reducing environmental degradation through entrepreneurial action. Journal of Business Venturing. 22. 50-76. 10.1016/j.jbusvent.2005.09.003.
De Nicola, F., B. Muraközy, and S.W. Tan. 2021. Spillovers from High Growth Firms: Evidence from Hungary. Small Business Economics 57, 127–150. https://doi.org/10.1007/s11187-019- 00296-w.
Dinh, H. T., & Pham, C. D. (2020). The Effect of Capital Structure on Financial Performance of Vietnamese Listing Pharmaceutical Enterprises. The Journal of Asian Finance, Economics and Business, 7(9), 329–340. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.329
Elo, M., Minto-Coy, I., Silva, SCE, and Zhang, X (2020). Diaspora networks in international marketing: how do ethnic products diffuse to foreign markets?
European Journal of International Management, 14 (4): 693-729.
Esnard, T. and Stephens. (In this issue, 2023). …
Figueroa, M. (1993). 'W. Arthur Lewis's Socioeconomic Analysis: the Development of Industrialization Policy in Jamaica 1945–1960', PhD thesis, University of Manchester.
Fritsch, M., & Mueller, P. (2004). “The effects of new business formation on regional development over time”, Regional Studies, 38: 961–975.
Global Green Growth Institute (2021). “Twenty Startups from the OECS region are participating in the Eastern Caribbean Green Entrepreneurship Initiative!” Available at: https://gggi.org/twenty-startups-from-the-oecs-region-are-participating-in-the-eastern-caribbean-green-entrepreneurship-initiative/
Granier, C., Revest, V. & Sapio, A. (2019). “SMEs and Junior Stock Markets: A Comparison between European and Japanese Markets”, Journal of Innovation Economics & Management, 29, 43-67. https://doi.org/10.3917/jie.029.0043
Granvorka, C. G., (2016). Poverty in the Caribbean. In I. Minto-Coy & E. Berman (Eds.), Public Administration and Policy in the Caribbean. Boca Raton: CRC Press.
Grøgaard, B., Sartor, M.A. & Rademaker, L.(2022). What merits greater scholarly attention in international business?. J Int Bus Stud 53, 1508–1518. https://doi.org/10.1057/s41267-022-00539-1
Hall, K.O. and Chuck-A-Sang, M. (2013). Coping with the Collapse of the Old Order: Caricom’s New External Agenda. Kingston, Jamaica: Ian Randle.
Hylton, D., Johnson, S., Malcolm, J., and Moxam, C. (2023). “The Impact of Covid-19 Relief Measures on Entrepreneurship and SME’s In Jamaica and Globally”, Mona School of Business and Management MBA Student Final Project, July 31, 2023.
Kellermanns, F. W., Eddleston, K.A., Sarathy, R. and Murphy, F. (2012).
Innovativeness in family firms: a family influence perspective, Small Business Economics
38(1): 85-101.
K’nIfe, K.; Haughton, A. (2013). “Social entrepreneurship: Reducing crime and improving the perception of police performance within developing countries”. Int. J. Entrep. 17: 61–76.
Maharaj, D. (2021). “Supporting Micro, Small and Medium Enterprises, the Backbone of Caribbean Economies”, July 29. 2021. https://today.caricom.org/2021/07/27/supporting-micro-small-and-medium-enterprises-the-backbone-of-caribbean-economies/
Markusen, A. (1996). “Sticky Places in Slippery Space: A Typology of Industrial Districts”, Economic Geography, 72: 293-313.
Mazzarol, T. (2014). Growing and sustaining entrepreneurial ecosystems: What they are and the role of government policy, White Paper WP01-2014, Small Enterprise Association of Australia and New Zealand (SEAANZ).
McLeod, N. (2021). “No Shame to Emulate Success”, Jamaica Gleaner, February 24, 2021. Available at: https://jamaica-gleaner.com/article/letters/20210224/no-shame-emulate-success
Medine, A. & Minto-Coy, I.D. (2023). "Social Entrepreneurship Strategies and Social Sector Sustainability," Springer Books: Springer.
Minto-Coy, I. D. (2019). “From the periphery to the centre: start-up and growth strategies for
minority diaspora entrepreneurs”, International Journal of Entrepreneurship and Small
Business, 36 (1-2), 189-215.
Minto-Coy, I.D., Cowell, N. and McLeod, M. (2016). “Introduction: Breaking the Barriers: Entrepreneurship, Enterprise, Competitiveness and Growth in the Caribbean.” Social and Economic Studies, vol. 65, no. 2/3, 2016, pp. 1–13. JSTOR, http://www.jstor.org/stable/26380229.
Minto-Coy, I.D., Elo, M. & Chrysostome, E. (2019). “Contextualizing Diaspora Financial and Non-financial Remittances for Capacity Building: An Analysis in Caribbean Islands and Central Asia”,Capacity Building in Developing and Emerging Countries: From Lessons to Learn to New Strategies. Elie Chrysostome, (Ed.). Springer, pp 205-242.
Minto-Coy, I.D., Lashley, J.G. & Storey, D.J. (2018). Enterprise and entrepreneurship in the Caribbean region: introduction to the special issue, Entrepreneurship & Regional Development, 30:9-10, 921-941,DOI: 10.1080/08985626.2018.1515823
Morgan, H. (2023). “National policies to support transnational diaspora entrepreneurship”, Research Handbook on Transnational Diaspora Entrepreneurship, Editors: R. Sternberg, M. Elo, J. Levy and J.E. Amorós, Edward Elgar, 315–340
Ötker, I. and Srinivasan, K. (2018). Bracing for the Storm, Finance and Development, IMF, https://www.imf.org/en/Publications/fandd/issues/2018/03/otker
Nurse, K. and Kirton, (2014). Caribbean Diasporic Entrepreneurship Analytical Report.UWI Consulting.
Nguyen, S.L.; Pham, C.D.; Truong, T.V.; Phi, T.V.; Le, L.T.; Vu, T.T.T. (2023). Relationship between Capital Structure and Firm Profitability: Evidence from Vietnamese Listed Companies. Int. J. Financial Stud., 11, 45. https://doi.org/10.3390/ijfs11010045
OECS (Organisation of Eastern Caribbean States (OECS) Commission) (2021). Youth Unemployment in Barbados and the OECS Area: A Statistical Compendium, https://www.unicef.org/easterncaribbean/media/2976/file/Youth%20unemployment%20in%20OECS.pdf
Patzelt, H., & Shepherd, D. A. (2011). Recognizing Opportunities for Sustainable Development. Entrepreneurship Theory and Practice, 35(4), 631–652.
Pontoh, W. and Ilat, V. (2013). Determinant Capital Structure and Profitability Impact (Study of Listed Company in Indonesian Stock Exchange), Research Journal of Finance and Accounting, 4 (15): 43-49, 2013
Porter, M. E. (1990). The Competitive Advantage of Nations. New York: Free Press.
Ramphal, Shridath (1993). A Time for Action: Report of the West Indian Commission. Mona: University of the West Indies Press
Robinson, K, Kerr-Campbell, M. and Patrickson-Stewart, T. (2019). “Identifying, discovering and marketing grey literature in Science in the English-speaking Caribbean: A Case Study of Jamaica’s Scientific Information Units”, Grey Literature: Scholarly Communication in a Digital World, August 23, 2019, National Library of Greece, Greece.
Robinson, O.I. (2020). Migration, Social Identities and Regionalism Within the Caribbean Community: Voices of Caribbean People. Palgrave McMillan
Singh, N. P. and Bagga, M. (2019). The Effect of Capital Structure on Profitability: An Empirical Panel Data Study, Jindal Journal of Business Research
8(1): 65–77.
Spence, J. (2022). “Trinidad and Tobago Looking to Establish Junior Stock Exchange”, Jamaica Information Service, https://jis.gov.jm/trinidad-and-tobago-looking-to-establish-junior-stock-exchange/
Storey, D. J. (2004). “Racial and gender discrimination in the micro firms credit market?: Evidence from Trinidad and Tobago”, Business Economics, 23(5), 401-422.
Vallès, H., Labaude, S., Bezault, E., Browne, D., Deacon, A., Guppy, R., Clavel, A.P., and Cézilly, F. (2021). “Low contribution of Caribbean-based researchers to academic publications on biodiversity conservation in the insular Caribbean”, Perspectives in Ecology and Conservation, 19 (4): 443-453.
van Stel, A., Carree, M., & Thurik, R. (2005). “The effect of entrepreneurial activity on national economic growth”, Small Business Economics, 24: 311–321.
Van Stel, A., Storey, d.J., & A. R. Thurik, (2007). The Effect of Business Regulation on Nascent and Young Business Entrepreneurship. Small Business Economics 28(2): 171-180. DOI 10.1007/s11187-006-9014-1
Welsh, R.O. (2012). “Overcoming Smallness through Education Development:
A Comparative Analysis of Jamaica and Singapore”, Current Issues in Comparative Education, 15(1): 114-131
Williams, D. and Morgan, B. (2012). Competitiveness of Small Nations: What Matters? Kingston, Jamaica: Arawak Publications.
Wong, Joyce and Ramakrishnan, Uma (2016). Crime and Youth Unemployment in the Caribbean, IMF,
https://www.imf.org/en/News/Articles/2017/11/13/na111417-crime-and-youth-unemployment-in-the-caribbean
World Bank (2023a). GDP Per Capita (Current US$) - Caribbean Small States https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=S3&name_desc=true
World Bank (2023b). “Unemployment, youth total (% of total labor force ages 15-24) (modeled ILO estimate). Available at: https://data.worldbank.org/indicator/SL.UEM.1524.ZS?locations=LC
Zampetakis, L. A., Bakatsaki, M., Kafetsios, K., & Moustakis, V. S. (2016). “Sex differences in entrepreneurs’ business growth intentions: An identity approach”, Journal of Innovation and
Entrepreneurship, 5(29).
Article Sidebar
Article Details
Indianna Minto-Coy, Mona School of Business and Management
PhD London School of Economics & Political Science; Deputy Executive Director & Senior Lecturer,
Mona School of Business & Management, University of the West Indies, Mona Campus. Email: indianna.
mintocoy@uwimona.edu.jm. Orcid https://orcid.org/0000-0002-4239-4197
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
a. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under aCreative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
b. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
c. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).