Institutions and entrepreneurial environment in Visegrad four countries and Finland

The main aim of the paper is to point out the differences in entrepreneurial environment institutional frameworks between the Visegrad four countries (the Czech Republic, Slovakia, Poland and Hungary - V4) and Finland. The comparison of institutions affecting entrepreneurship was based on creation and analysis of institutional profiles comprising of four pillars essential to understand the emergence of entrepreneurship - regulative, cognitive, normative and conducive dimensions. Our results suggest that entrepreneurial environment in V4 countries substantially differs from that of Finland. V4 countries lack in development of regulative attributes as well as in conducive dimension crucial for innovative entrepreneurship. Subsequently, different quality of environment is reflected in different quality of business activity, and its allocation between independent entrepreneurship and intrapreneurship.