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Figure 1 Correlation between opportunity entrepreneurship (OPP) and the transaction characteristics and economic institutions characteristics component (TI).
The first is the variables expressing the cultural traits, and the other is the variables expressing transaction characteristics and economic institutions characteristics.
From the variables indicating transaction characteristics and economic institutions characteristics, one PC emerges (TI) that explains 58.86% of the total variance and presents an initial eigenvalue of 3.53.
The paper examines the formation of opportunity entrepreneurship by dividing the examined forces into two groups: (1) the cultural traits and (2) the transaction and economic institutions characteristics.
The goal is to observe the impact of cultural traits, transaction characteristics and economic institutions characteristics on shaping opportunity entrepreneurship under these changing circumstances in societies.
Under these circumstances, the promotion of entrepreneurship is no longer dependent on the cultural traits, which presents 'entrepreneurial maturity', but on the transaction and economic institutions characteristics.
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"A lot of institutions characteristic of the police state and Communism have returned," said Ferenc Koszeg, president of the Hungarian Helsinki Committee.
The fourth is institution, in that the creation of works of art takes place under the influence of the social and cultural institutions characteristic of any given location.
The Hellenistic kings founded numerous new cities, bringing in Greek and Macedonian settlers who Hellenized part of the local population; in this way the institutions characteristic of the polis spread through much of the Middle East.
'The theoretical background' section presents the theoretical work on entrepreneurship in general and, specifically, on opportunity entrepreneurship, the cultural traits, transaction characteristics and economic institutions characteristic, and describes the variables used.
Institutions and institutional characteristics are here defined as the 'rules that govern the conduct of individuals, groups and organizations' [ 11] and, related to this, the 'patterns of behaviour that determine how individuals, groups and organizations interact with one another' [ 40].
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