This study aims to investigate how the institutional environment influences an individual's entrepreneurial intention and, as a result, directs them to engage in opportunity-driven and necessity-driven entrepreneurial activity by considering the opportunity embedded in the size of the target market. Language has long been regarded as a crucial mechanism in facilitating cross-border economic interactions; it can therefore be a bridge that connects people from different countries yet speaking the same language. Thus, a common official language has been presented as a criterion to segment and calculate the size of domestic and international markets. This study uses a unique dataset that includes cross-national data from the Global Entrepreneurship Monitor (GEM), Central Intelligence Agency (CIA), and World Bank to examine the impact of market size on individuals’ entrepreneurial behavior. The data was extracted from the year 2016 and consisted of a sample with 112,710 individual respondents from 58 countries around the world.
As predicted, the findings show that the sizes of international and domestic markets moderate the relationship between institutional environment, entrepreneurial intentions, and entrepreneurship behavior. Specifically, individuals' intentions to become entrepreneurs are positively stimulated by the size of the international market rather than the size of the domestic market, while regulative and normative environments appear to be significant factors that shape entrepreneurial intentions. On the contrary, both market sizes have been discovered to decrease the power of entrepreneurial intentions in leading individuals to engage in opportunity-driven and necessity-driven entrepreneurship. In a nutshell, the supportive institutional environment indeed affects both opportunity-driven and necessity-driven entrepreneurship behaviors by stimulating individuals' entrepreneurial intentions.

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