By Natasha Zhang Foutz, University of Virginia, USA, firstname.lastname@example.org
Generating more than $2 trillion worldwide, entertainment encompasses numerous industries, such as the motion picture, publishing, music, sports, broadcasting, gaming, event, and tourism. It is rapidly growing and waging an enormous impact on the global economy, culture, and consumer well-being. It also serves as an essential platform for advertisers, relaying brand messages to entertainment audiences via advertising, sponsorship, and other forms of branded entertainment. The distinct properties of entertainment, such as its experiential nature, short lifecycle, integration with human talents, sequential distribution, and complementary consumption with technology hardware, entail unique challenges to executives and academics. This monograph thus delineates a general framework of entertainment marketing and synthesizes the relevant studies that address some of these challenges. It concludes by inviting continued research on the intriguing and rapidly changing entertainment and media landscape.
Formal economic institutions that have been identified as particularly important for entrepreneurship include the protection of private property, tax codes, social insurance systems, employment protection legislation, competition policy, trade policies, capital market regulation, contract enforcement, and law and order. Yet much remains to be learned concerning the relationship between institutions and entrepreneurship. Entrepreneurship and Institutions: A Bidirectional Relationship argues that the view that institutions determine the extent to which entrepreneurial activity is productive is only part of the story. Rather, causality is bidirectional, in that entrepreneurship is also, for better or for worse, one of the main drivers of institutional change.
After a brief introduction, Section 2 provides a precursory framework for institutions as functional responses to deviations, followed by an introduction of the idea of entrepreneurs as deviators. Section 3 begins by categorizing the three entrepreneurial responses to institutions – abide, alter and evade – before discussing the first two at greater length. The subsequent two sections are devoted to evasive entrepreneurship with Section 4 defining the concept and discussing the institutional features that make it possible, while Section 5 describes its economic consequences and its potential to usher in institutional change. Section 6 concludes by discussing the implications of this work for policy and future research.