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Determinants of Entrepreneurshipi i

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Perspectives in Economic and Social HistorySeries Editors: Andreas Gestrich Steven King Robert E. Wright

Titles in this Series1 Migrants and Urban Change: Newcomers to Antwerp, 17601860 Anne Winter 2 Female Entrepreneurs in Nineteenth-Century Russia Galina Ulianova 3 Barriers to Competition: The Evolution of the Debate Ana Rosado Cubero 4 Rural Unwed Mothers: An American Experience, 18701950 Mazie Hough 5 English Catholics and the Education of the Poor, 18471902 Eric G. Tenbus 6 The World of Carolus Clusius: Natural History in the Making, 15501610 Florike Egmond

Forthcoming TitlesLondon Clerical Workers, 18801914: Development of the Labour Market Michael Heller Financing Indias Imperial Railways, 18751914 Stuart Sweeney Mining and the State in Brazilian Development Gail D. Triner Global Trade and Commercial Networks: Eighteenth-Century Diamond Merchants Tijl Vanneste www.pickeringchatto.com/PESH

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edited by Jos L. Garca-Ruiz and Pier Angelo Toninelli

london PICKERING & CHATTO 2010

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Published by Pickering & Chatto (Publishers) Limited 21 Bloomsbury Way, London WC1A 2TH 2252 Ridge Road, Brookfield, Vermont 05036-9704, USA www.pickeringchatto.com All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior permission of the publisher. Pickering & Chatto (Publishers) Ltd 2010 Jos L. Garca-Ruiz and Pier Angelo Toninelli 2010 British Library Cataloguing in Publication Data The determinants of entrepreneurship: leadership, culture, institutions. (Perspectives in economic and social history) 1. Entrepreneurship. 2. Leadership. 3. Corporate culture. I. Series II. Garcia Ruiz, Jose Luis, 1959 III. Toninelli, Pierangelo Maria. 338.04-dc22 ISBN-13: 9781848930711 e: 9781848930728

This publication is printed on acid-free paper that conforms to the American National Standard for the Permanence of Paper for Printed Library Materials. Typeset by Pickering & Chatto (Publishers) Limited Printed in the United Kingdom at

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List of Figures and Tables List of Contributors Introduction Jos L. Garca-Ruiz and Pier Angelo Toninelli Part I: Entrepreneurial Typologies 1 Determinants and Typologies of Entrepreneurship in the History of Industrial Italy Franco Amatori 2 Entrepreneurial Typologies in a Young Nation State: Evidence from the Founding Charters of Greek Socit Anonymes, 18301909 Ioanna Sapfo Pepelasis Part II: The Business Leaders 3 Italian Entrepreneurship: Conjectures and Evidence from a Historical Perspective Pier Angelo Toninelli and Michelangelo Vasta 4 Entrepreneurship: A Comparative Approach Gabriel Tortella, Gloria Quiroga and Ignacio Moral 5 Dynasties and Associations in Entrepreneurship: An Approach through the Catalan Case Paloma Fernndez-Prez and Nria Puig Part III: Culture or Institutions? 6 Entrepreneurial Culture or Institutions? A Twentieth-Century Resolution James Foreman-Peck and Peng Zhou 7 Entrepreneurship and Cultural Values in Latin America, 1850 2000: From Modernization, National Values and Dependency Theory towards a Business History Perspective Carlos Dvila 8 Education and Entrepreneurship in Twentieth-Century Spain: An Overview Jos L. Garca-Ruiz Notes Works Cited Index

vi viii 1



49 81



143 161 185 211 231

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Figure 3.1: Dendogram Showing Five Main Clusters from the Classification of Profiles Figure 5.1: Factors of Dynastic Entrepreneurship Table 2.1: Key Information on Seminal Entrepreneurs and SA Company Founders, 18301909 Table 3.1: Legend of the Database: Table of Variables Table 3.2: Descriptive Statistics Table 3.3: List of Variables used for the Multiple Correspondence Analysis Table 3.4: Dimension 1: Entrepreneurial Spirit Table 3.5: Dimension 2: Entrepreneurial Stability Table 3.6: Dimension 3: Innovation Table 3.7: Dimension 4: Political and Lobby Commitment Table 3.8: Cluster 1: Schumpeterian Entrepreneurs Table 3.9: Cluster 2: First-Generation Entrepreneurs Table 3.10: Cluster 3: Well-Established Entrepreneurs Table 3.11: Cluster 4: Defensive Entrepreneurs Table 3.12: Cluster 5: Entrepreneurial Managers Table 4.1: Educational Level of Spanish and English Entrepreneurs Table 4.2: Degree of Self-Sufficiency of Spanish and English Businessmen Table 4.3: Economic Sectors in which Entrepreneurs Worked Table 4.4: Spanish and English Entrepreneurs, Education Levels and Economic Sectors Table 4.5: Econometric Results Table 5.1: Associations of Entrepreneurs and Firms in the City of Barcelona, 18701969 Table 5.2: The 84 Largest Catalan Historical Family Firms in 2005 Table 5.3: Date of Foundation of the 84 Largest Catalan Historical Family Firms in 2005 Table 5.4: Main Specialization of the 84 Largest Catalan Historical Family Firms in 2005 vi

70 107

45 52 54 64 65 66 68 69 72 73 75 76 78 87 90 92 97 103 119 119 122 122

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List of Figures and Tables


Table 5.5: Catalan Historical Internationalized Family Firms in Spanish Perspective, 2005 Table 6.1: United States Immigrant Entrepreneurship Percentages Table 6.2: United States Immigrant Entrepreneurship Model: Controls (Logit Marginal Effects of Control Variables) Table 6.3: United States Immigrant Entrepreneurship Model: Culture (Logit Marginal Effects of Country of Origin Variables) Table 8.1: Global Entrepreneurship Monitor Evaluation of Factors Involved in Creating Businesses in Spain, 20035 Table 8.2: Level of Studies of Entrepreneurs and Managers in Firms with more than Fifty Workers around 1960, by Provinces Studied and Size of Firm Table 8.3: Students Registered and Graduates in Political, Economic and Business Sciences, 194370 Table 8.4: Indicators of the Educational Level of Spanish Entrepreneurs, 196475 Table 8.5: Indicators of the Educational Level of Spanish Entrepreneurs, 197686 Table 8.6: Indicators of the Educational Level of Spanish Entrepreneurs, 19872004

123 135 136 139 164

170 172 175 178 179

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Franco Amatori is Full Professor of Economic History at the Bocconi University, head of the Istituto di Storia Economica, president of the Fondazione Associazione ASSI di Storia e Studi sullImpresa, president of the Istituto per la Cultura e la Storia dImpresa Franco Momigliano and past president of the European Business History Association. He is a member of the boards of Business History Review, Enterprise and Society and Business History and a member of the advisory board of the Business History Conference. He is editor of Annali di storia dellimpresa and co-editor of Comparative Perspectives in Business History, a series of volumes from Cambridge University Press. His main publications are Big Business and the Wealth of Nations (1997, co-edited with A. D. Chandler and T. Hikino), Comunit di imprese: Sistemi locali in Italia tra Ottocento e Novecento (2001, co-edited with A. Colli) and Business History around the World (2003, co-edited with G. Jones). Carlos Dvila is Associate Professor of Economic History at the University of the Andes (Colombia) and director of the Research Group Historia y Empresariado. His main publications are La historia empresarial en Amrica Latina, in Erro (ed.), Historia empresarial: Pasado, presente y retos de futuro (2003), Empresas y empresarios en la historia de Colombia, siglos XIX y XX (2003, editor) and Books that Made a Difference: On the Theory of Social Change: How Economic Growth Begins, by Everett Hagen, Business History Review (2006). Paloma Fernndez-Prez is Associate Professor of Economic History at the University of Barcelona and a member of the board of the Centre dEstudis Antoni de Capmany dEconomia I Histria Econmica. Her recent publications are Small Firms and Networks in Capital Intensive Industries: The Case of Spanish Steel Wire Manufacturing, Business History (2007), A Silent Revolution: The Internationalization of Large Spanish Family Firms, Business History (2009, with N. Puig) and Innovation and Entrepreneurial Networks in Europe (2009, co-edited with M. B. Rose).


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List of Contributors


James Foreman-Peck is Director of the Welsh Institute for Research in Economics and Development of the Cardiff Business School. He is a former president of the European Historical Economics Society and economic adviser at HM Treasury concerned with micro-economic policy issues. His main publications are European Industrial Policy: The Twentieth-Century Experience (1999, with G. Federico), Business and Social Mobility into the British Elite, 18701914, Journal of European Economic History (2004, with J. Smith) and Measuring Historical Entrepreneurship, in Cassis and Pepelasis Minoglou (eds), Entrepreneurship in Theory and History (2005). Jos L. Garca-Ruiz is Associate Professor at the Complutense University of Madrid and co-director of the Grupo de Investigacin Complutense de Historia Empresarial (GICHE). His recent publications are Cultural Resistance and the Gradual Emergence o