Even though research on the influence of institutions on entrepreneurial activities has recently gained scholarly attention, most studies are quantitative cross-country analyses that assume response homogeneity. Qualitative single-country studies that provide deeper insights into institutional peculiarities are still rare, especially in the East Asian context. Based on qualitative data generated from semi-structured interviews, this study examines the institutional environment for entrepreneurship in South Korea and its latest changes to explain the recent wave of newly established corporations. Building on Scott’s distinction of institutional dimensions, this article demonstrates how significant changes in regulative institutions pushed forward by the Korean central government have decreased individual financial risks and have created a surge in business foundations. At the same time, normative institutions have remained almost unchanged, while changes of the cognitive institutional dimension in the form of entrepreneurship education are underway. The findings suggest that regulative institutions play a bigger role for entrepreneurial activities than cognitive or normative institutions, as people start a business despite unfavorable informal institutions. Theory should therefore reevaluate the importance and effective power of each institutional dimension on entrepreneurial activities. Policymakers who put high emphasis on regulative institutions should pay attention to potential moral hazards arising from generous support programs.

尽管关于制度对创业活动影响的研究最近获得了学术界的关注，但大多数研究都是假设反应同质性的定量跨国分析。对制度特性提供更​​深入见解的定性单一国家研究仍然很少见，尤其是在东亚背景下。基于半结构化访谈产生的定性数据，本研究考察了韩国创业的制度环境及其最新变化，以解释最近一波新成立的公司。基于斯科特对制度维度的区分，本文展示了韩国中央政府推动的监管机构的重大变革如何降低个人金融风险并创造了商业基础的激增。与此同时，规范制度几乎没有改变，而创业教育形式的认知制度维度正在发生变化。研究结果表明，监管机构在创业活动中比认知或规范机构发挥更大的作用，因为人们在不利的非正式制度下创业。因此，理论应该重新评估每个制度维度对创业活动的重要性和有效力量。