Nurmukhammad Yusupov
Part-time PhD student (2022-2025)
Part-time PhD student (2022-2025)
Academic biography
- 2011, Ph.D. in Management Science, Université de Nantes (France)
- 2006, M.Sc. in Financial Economics, Toulouse School of Economics (France)
- 2001, M.B.A., University of Oregon (USA)
- 1999, Bachelor’s in International Economics, University of World Economy & Diplomacy (Uzbekistan)
Employment
- 2015 – present, Solbridge International School of Business, Woosong University, Daejeon, South Korea
- 2011 – 2015, Westminster International University in Tashkent, Tashkent, Uzbekistan
Expertise
- Development economics
- Entrepreneurship and management
- Financial markets and institutions
- Behavioral models
Doctoral project
Entrepreneurship and innovation management represent fundamental drivers of economic growth and development, yet their contextualization remains complex and multifaceted. Contemporary research increasingly recognizes that entrepreneurial success and innovation management effectiveness are profoundly shaped by the intersection of institutional environments, governance structures, and individual behavioral characteristics. This doctoral research project addresses some gaps in our understanding of such dimensions, e.g. institutional, governance, and behavioral factors, particularly in the context of economic development.
The institutional environment provides the foundational framework within which entrepreneurial activities unfold. North's (1990) seminal work established that institutions—both formal rules and informal norms—fundamentally shape economic behavior by defining the incentive structures that guide individual and organizational decision-making. In the entrepreneurship context, institutional quality affects the ease of business formation, the security of property rights, the efficiency of contract enforcement, and the overall predictability of the business environment. Countries with stronger institutional frameworks typically exhibit higher rates of productive entrepreneurship, while weak institutions may channel entrepreneurial energy toward rent-seeking or unproductive activities. The regulatory environment, legal system quality, and bureaucratic efficiency emerge as particularly salient institutional factors that either facilitate or constrain entrepreneurial ventures.
However, institutional and governance factors alone cannot fully explain the heterogeneity observed in entrepreneurial outcomes. Individual behavioral characteristics and psychological dispositions play an equally important role in determining who becomes an entrepreneur and how successfully they navigate the innovation process. Risk tolerance, one of the most extensively studied entrepreneurial traits, reflects individuals' willingness to accept uncertainty in pursuit of potential rewards. Entrepreneurs typically exhibit higher risk tolerance than the general population, enabling them to pursue opportunities that others might avoid. This behavioral characteristic becomes particularly crucial when considering that entrepreneurial ventures inherently involve high degrees of uncertainty and potential failure.
This research project aims to address these limitations by providing a comprehensive empirical analysis of how institutional quality, governance structures, and individual behavioral characteristics interact to shape entrepreneurial outcomes and innovation management effectiveness. By employing econometric tools and examining these relationships across diverse economic contexts, this research will contribute to both theoretical understanding and practical policy design in the crucial areas of entrepreneurship promotion and innovation policy.
The institutional environment provides the foundational framework within which entrepreneurial activities unfold. North's (1990) seminal work established that institutions—both formal rules and informal norms—fundamentally shape economic behavior by defining the incentive structures that guide individual and organizational decision-making. In the entrepreneurship context, institutional quality affects the ease of business formation, the security of property rights, the efficiency of contract enforcement, and the overall predictability of the business environment. Countries with stronger institutional frameworks typically exhibit higher rates of productive entrepreneurship, while weak institutions may channel entrepreneurial energy toward rent-seeking or unproductive activities. The regulatory environment, legal system quality, and bureaucratic efficiency emerge as particularly salient institutional factors that either facilitate or constrain entrepreneurial ventures.
However, institutional and governance factors alone cannot fully explain the heterogeneity observed in entrepreneurial outcomes. Individual behavioral characteristics and psychological dispositions play an equally important role in determining who becomes an entrepreneur and how successfully they navigate the innovation process. Risk tolerance, one of the most extensively studied entrepreneurial traits, reflects individuals' willingness to accept uncertainty in pursuit of potential rewards. Entrepreneurs typically exhibit higher risk tolerance than the general population, enabling them to pursue opportunities that others might avoid. This behavioral characteristic becomes particularly crucial when considering that entrepreneurial ventures inherently involve high degrees of uncertainty and potential failure.
This research project aims to address these limitations by providing a comprehensive empirical analysis of how institutional quality, governance structures, and individual behavioral characteristics interact to shape entrepreneurial outcomes and innovation management effectiveness. By employing econometric tools and examining these relationships across diverse economic contexts, this research will contribute to both theoretical understanding and practical policy design in the crucial areas of entrepreneurship promotion and innovation policy.
Publications
- "The Closure of Non-Bank Microfinance Sector in Uzbekistan: Who is Harmed and by How Much." (with N.Alimukhamedova), Economics of Transition & Institutional Change, forthcoming [ABDC Level A]
- "Supply chain ESG and green innovation at midstream firms: An integrated approach with both supplier and buyer sides.", (with Z.Gan), Research in International Business & Finance, 78, 2025 [ABDC Level B]
- "Measuring the Impact of Road Infrastructure on Household Well-Being: Evidence from Azerbaijan", Developing Infrastructure in Central Asia: Impacts and Financing Mechanism, ADBI, Mar.2021. [Edited Volume]
- "Who creates jobs in transition economies? The role of entrepreneurial risk preferences" (with M.Ahunov and D.Abdurazzakova), Economics Bulletin, 39(3): 1876-1886, Aug. 2019. [ABDC Level B]
- “Risk Attitudes and Entrepreneurial Motivations: Evidence from Transition Economies” (with M.Ahunov), Economics Letters, 160(C):7-11, Nov. 2017. [ABDC Level A]
- “Do Microloan Officers Want to Lend to The Less Advantaged? Evidence from a Choice Experiment” (with M.Sagamba and O.Shchetinin), World Development, 42:182–198, Feb. 2013. [ABDC Level A]
- “Microcredit and Development in an Occupational Choice Model”, Economics Letters, 117(3):820– 823, Dec. 2012. [ABDC Level A]
- “Outlay Equivalence Analysis of Child Gender Bias in Household Expenditure Data: Evidence from Uzbekistan” (with Z.Parpiev and K.Yusupov), Economics of Transition, 20(3):549-567, July 2012. [ABDC Level A]
- "A Methodology for the Assessment of Potential Demand and Optimal Supply of Entrepreneurial Microcredit" (with A.Ayayi), Review of Development Finance, 2(2):84-92, April–June 2012.
- “Recent Advances in Lending to the Poor with Asymmetric Information” (with E.Galariotis and C.Villa), Journal of Development Studies, 47(9):1371-1390, Sept. 2011. [ABDC Level A]
Conference participations, scientific talks
- International Conference on Public Economic Theory, Lisbon, Portugal, 2025
- TIBER Symposium on Psychology and Economics, Tilburg, Netherlands, 2018
- Annual Meetings of the Society of Economics of the Household (SEHO), San Diego, CA, 2017
- Annual Australian Conference of Economists, Adelaide, Australia, 2016
- Asian Meeting of The Econometric Society, Seoul, Korea, 2011
- CSAE Conference on Economic Development in Africa, Oxford University, UK, 2011
- Northeastern Universities Development Consortium (NEUDC) Meeting, Cambridge, USA, 2010
- XVIII Int’l Tor Vergata Conference on Money, Banking, and Finance, Rome, Italy, 2009
- The Annual Forum of The Spanish Finance Association, Madrid, Spain, 2009
- International Colloquium of the French Finance Association, Brest, France, 2009
