Entrepreneurship is a cornerstone of innovation and economic growth. Yet, according to Cristina Fernandes (ORGMAN), its impact on business performance remains underexplored in empirical research. Cristina’s work addresses this gap, investigating how knowledge spillovers, entrepreneurial ecosystems, and institutional quality shape business success, economic development, and societal well-being. Her findings offer actionable insights for businesses and policymakers alike.
In a study in collaboration with João Ferreira (UBI) and Pedro Veiga (UMAIA), Cristina investigates how knowledge spillovers—the transfer of external knowledge across firms and industries—positively impact firm performance. Analyzing data from 27,727 firms across 41 countries with partial least square structural equation modeling (PLS-SEM), the study reveals that digital capabilities and innovation amplify the benefits of spillovers, particularly in economically developed contexts. The findings underscore the importance of fostering knowledge diffusion and building firms’ innovation capacity, particularly in navigating disruptions like the COVID-19 pandemic. According to Cristina, “digital capabilities must first be installed, without them the action of knowledge spillovers becomes more difficult.”
Building on the role of external factors, in another article with the same co-authors, Cristina investigates the role of entrepreneurial ecosystems in the internationalization of SMEs. Using structural equation modeling (SEM) on survey data from 120 Portuguese SMEs, the study reveals that macro-level agents, such as business associations and trade organizations, and meso-level partnerships, like suppliers and research centers, significantly enhance SMEs’ international performance. Interestingly, the study also finds that technology transfer, while boosting digital performance, can weaken meso-level relationships when over-relied upon. The findings underscore the need for well-structured entrepreneurial ecosystems to foster competitiveness in global markets. “This research had the challenge of carrying out a quantitative study on a topic that at the time only had qualitative studies, and this was one of our great contributions”, Cristina shares.
Extending the focus to institutions, Cristina is joined by João Ferreira, Pedro Veiga, and Stephan Gerschewski (Heriot-Watt University) to explore how institutions shape economic and social outcomes. Using data from 59 countries (2016–2018) and employing PLS-SEM, the study finds that both formal institutions (e.g., regulatory frameworks, property rights) and informal institutions (e.g., social norms, human capital) positively influence entrepreneurial and societal outcomes. Entrepreneurial activities mediate the relationship between informal institutions and economic performance, showing that trust in institutions fosters entrepreneurship, which drives economic growth and social well-being. The study highlights the need for policy measures that strengthen institutions and nurture entrepreneurship as a lever for development.
By uncovering the interplay between knowledge spillovers, entrepreneurial ecosystems, and institutional quality, Cristina's work provides guidance for policymakers seeking to drive innovation, competitiveness, and sustainable growth in today’s complex economic landscape.
