
Sebastian (Sebas) Aparicio, Ph.D.
Associate Professor (Agregat) Serra Hunter Fellow, Department of Business
Research Fellow, CREIS & CIEU
Universitat Autònoma de Barcelona
Currently I am an Associate Professor (Agregat) Serra Hunter Fellow in the Department of Business at Universitat Autònoma de Barcelona (UAB). In addition, I am affiliated as a Research Fellow in the Centre for Entrepreneurship and Social Innovation Research (CREIS-UAB) and Centre for University Entrepreneurship (Centre d’Iniciatives Emprenedores Universitàries CIEU-UAB–); and as a Junior Research Fellow in the Institute for Development Strategies at the School of Public and Environmental Affairs (IDS-SPEA, Indiana University). I participate in different research and consulting projects at UAB (e.g. GUESSS-UAB - Global University Entrepreneurial Spirit Students' Survey), and Fundación ECSIM Centro de Estudios en Economía Sistémica. I act as a Country Vice-President for Spain at the European Council for Small Business and Entrepreneurship (ECSB). I also sit on the Editorial Board of the journals Entrepreneurship Theory and Practice, Small Business Economics, and Entrepreneurship Research Journal, among others. I am also the Research Seminars coordinator at the Department of Business, and the Vice-Coordinator of the Master in Applied Research in Economics and Business (MAREB-UAB).
I received a degree in Economics from Universidad de Antioquia, a M.Sc. in Economics from Universidad EAFIT, a M.Phil. in Applied Research in Economics & Business (MAREB), and a Ph.D. in Economics & Business (route Entrepreneurship & Management -IDEM-) from UAB. During my Ph.D. studies, I was Visiting Scholar in the IDS-SPEA at Indiana University.
I am mainly interested in the effects of entrepreneurial activity and innovation on economic growth and development under the institutional lenses. Some of my research has been published in various international journals such as Journal of World Business, Strategic Entrepreneurship Journal, Small Business Economics, and Entrepreneurship & Regional Development, among others.

(27/3/2024) CALL FOR CHAPTERS: INSTITUTIONS, INSTITUTIONAL CHANGE, AND ENTREPRENEURSHIP (with David Audretsch and David Urbano)
This Call-for-chapters invites scholars interested in the interface between institutions, institutional change, and entrepreneurship, to contribute to the book with literature reviews, empirical studies (either qualitative or quantitative), historical analyses, etc. Deadline: December 31st, 2024.

(2/09/2025) FROM NOVICE TO SERIAL ENTREPRENEUR: HOW INSTITUTIONS INFLUENCE RELAUNCHING DECISIONS ON INTERNATIONAL CROWDFUNDING PLATFORM (with Ahmed Sewaid and Shaker Zahra)
We examine the relationship between formal institutions and entrepreneurs' campaign launching decisions, drawing on institutional economics and using data from 177,499 crowdfunding campaigns across developed and developing countries.

(26/08/2025) THE RAISE OF THE CHANCER ENTREPRENEUR: INSTITUTIONS AND DIGITAL TECHNOLOGY FOR ENTREPRENEURSHIP IN UNCERTAIN TIMES (with Nicholas Litsardopoulos and George Saridakis)
Limited research explores how institutional support and digitalisation jointly shape entrepreneurial behaviour during crises. This study addresses that gap by asking: how do government support mechanisms and digital technologies influence entrepreneurship amid economic disruption? Drawing on institutional economics and technology affordance theories, we focus on chancer entrepreneurs—individuals who leverage government aid and digital tools to navigate uncertainty and seize business opportunities.

(09/07/2025) MANAGING DESTRUCTIVE ENTREPRENEURSHIP IN PLACE: FORMAL AND INFORMAL INSTITUTIONS FOR THE ACHIEVEMENT OF REGIONAL ECONOMIC GROWTH (with Diego Martinez-Moya, Juan Carlos Muñoz-Mora, and David Urbano)
This study explores how institutions condition destructive entrepreneurial activity, which is linked to the economic growth of Colombian regions.
[39] Perez, J. P., Martins, I., Aparicio, S., Lopez, T., & Urbano, D. (2026). Crafting individual entrepreneurial orientation through education and institutions: Evidence from efficiency and innovation-driven economies. The International Journal of Management Education.
https://doi.org/10.1016/j.ijme.2025.101328
[35] Aparicio, S., Lengler, J., Aguzzoli, R., Sousa, C. M. P., Bennito, G. R. G., & Urbano, D. (2025). Unfair competition and export intensity of Latin American SMEs: The role of regulations. International Business Review, 34(4), 102463.
[33] Urbano, D., Aparicio, S., Muñoz-Mora, J. C., & Martinez-Moya, D. (2025). The spatial interplay between productive and destructive entrepreneurship: Do institutions meet expectations in rural areas? Entrepreneurship & Regional Development, 37(3-4), 350-374. Accepted Manuscript.
[31] Rodriguez-Vahos, A., Aparicio, S., & Urbano, D. (2025). Business Acceleration Program as City Sowers: Assessing Public Funding's Impact on New Ventures in an Emerging Economy. Journal of Entrepreneurship in Emerging Economies, 17(7), 97-126. Accepted Manuscript.
[30] Audretsch, D. B., Aparicio, S., Hughes, M., & Urbano, D. (2025). Linking entrepreneurship and society: solutions for today and tomorrow. International Journal of Entrepreneurial Behavior & Research. In press, doi: https://doi.org/10.1108/IJEBR-08-2024-0864. Accepted Manuscript.
[28] Epure, M., Martin-Sanchez, V., Aparicio, S., & Urbano, D. (2024). Human Capital, Institutions, and Ambitious Entrepreneurship During Good Times and Two Crises. Strategic Entrepreneurship Journal, 18(2), 414-447. Doi: 10.1002/sej.1492. Accepted Manuscript.
[27] Urbano, D., Aparicio, S., Scott, S., & Martinez-Moya, D. (2024). Inside out: The interplay between institutions and digital technologies for SMEs performance. Entrepreneurship & Regional Development, 36(1-2), 162-181. Accepted Manuscript.
[21] Plata, G., Aparicio, S., & Scott, S. (2021). The sum of its parts: Examining the institutional effects on entrepreneurial nodes in extensive innovation ecosystems. Industrial Marketing Management, 99, 136-152. Accepted Manuscript.
[20] Aparicio, S., Audretsch, D., & Urbano, D. (2021). Does entrepreneurship matter for inclusive growth? The role of social progress orientation. Entrepreneurship Research Journal 11(4), 20190308. Accepted Manuscript.
[18] Urbano, D., Felix, C., & Aparicio, S. (2021). Informal institutions and leadership behavior in a developing country: A comparison between rural and urban areas. Journal of Business Research, 132, 544-556. Accepted Manuscript.
[16] Aparicio, S., Audretsch, D., & Urbano, D. (2021). Why is export-oriented entrepreneurship more prevalent in some countries than others? Contextual antecedents and economic consequences. Journal of World Business, 56(3), 101177. Accepted Manuscript.
[11] Urbano, D., Aparicio, S., & Audretsch, D. (2019). Twenty-five years of research on institutions, entrepreneurship, and economic growth: What has been learned? Small Business Economics, 53(1), 21-49. Accepted Manuscript.
[10] Aparicio, S., Urbano, D., Audretsch, D., & Noguera, M. (2019). Female and male entrepreneurship during the economic crisis: An institutional tale of European countries. World Economy Review (Revista de Economía Mundial), 51, 163-184.
[7] Urbano, D., Aparicio, S., Guerrero, M., Noguera, M., & Torrent-Sellens, J. (2017). Institutional determinants of student employer entrepreneurs at Catalan universities. Technological Forecasting and Social Change, 123, 271-282. Accepted Manuscript.
[9] Alwakid, W., Aparicio, S., & Urbano, D. (2021). Governmental Supportive Policies for Green Entrepreneurial Activity in Saudi Arabia: An Institutional Analysis. In: Faghih, N. & Samadi, A. H. (Eds.), Legal-Economic Institutions, Entrepreneurship, and Management: Perspectives on the Dynamics of Institutional Change from Emerging Markets. Cham, Springer. Accepted Manuscript.
[8] Aparicio, S., Turro, A., Noguera, M., & Urbano, D. (2021). From entrepreneurial intentions to entrepreneurial behavior: The role of institutional factors. In: Saiz-Álvarez, J. M., Olalla-Caballero, B. (Eds.), Quality Management for Competitive Advantage in Global Markets (pp. 110-135). Hershey: IGI Global. Accepted Manuscript.
[6] Felix, C., Aparicio, S., & Urbano, D. (2020). Entrepreneurial leadership across countries: The role of informal institutions. In: Saiz-Álvarez, J. M., Leitão, J., & Palma-Ruiz, J. M. (Eds.), Entrepreneurship and Family Business Vitality. Surviving and Flourishing in the Long Term (pp. 67-83). Switzerland: Springer International Publishing. Accepted Manuscript.
10.5465/AMBPP.2019.15408abstract.
Entrepreneurship, Master MUDOTE (UAB)
Entrepreneurship, Master MUGEH (UAB)
Family Firms (UAB)
Projects and consulting:
"Meaningful learning as cognitive and attitudinal transformation: open educational resources, experimentation and learning challenges for proactive participation in university and throughout life." AMD_2025_01. Funded by Faculty of Economics and Business Studies, Universitat Autònoma de Barcelona. Funding: 1,000 Euros. Principal Researchers: G. Lamberti and S. Aparicio, 2025-2026
"Institutional and organizational determinants of international entrepreneurship in a digital and sustainable context". PID2022-141777NB-I00. Funded by Ministerio Español de Ciencia e Innovación. Funding: 84,600 Euros. Principal Researchers: D. Urbano, 2023-2027
"HEI Capacity Building Initiative: Boosting Innovation and Entrepreneurship through European Universities". 21585-A2115. Funded by the European Institute of Innovation and Technology and the European Union. Funding: 1,200,000 Euros. Project partners: University of Trento –project lead; Trentino Innovation Hub – Foundation; Link¨oping University; University of Stavanger; Kaunas University of Technology; and National Institute of Applied Sciences of Toulouse. Principal Researcher at UAB: A. Turro. 2021-2023
"Developing an International Entrepreneurship Behaviour on Brazilian new ventures and SMEs". Funded by SIMECS (Brazil) and Durham University ESRC Impact Acceleration (UK). Funding: £19,000. Research Team: Jorge Lengler, Sebastian Aparicio, Roberta Aguzzoli, Carlos Sousa. 2020-2021.
"Dynamic capabilities and institutions as determinants of international entrepreneurship". Universitat Autònoma de Barcelona, ECO2017-87885-P, Principal Researchers: D. Urbano. Funded by the Spanish Ministry of Economy & Competitiveness. 2018-2021.
"Historical roots of conflict and development: From the prehistory to the colonization experience". Universitat Pompeu Fabra, EC-H2020-HISTROOTS, Principal Researcher: M. Reynal. Funded by The European Commission. 2016 -2017.
“Determining factors of international entrepreneurship: institutions, organizational capabilities, and networks". Universitat Autònoma de Barcelona, ECO2013-44027-P, Principal Researchers: D. Urbano. Funded by Spanish Ministry of Economy & Competitiveness. 2014 -2017.
"Monitoring and analyzing of EPM's Financing Program for Small firms. Funded by Empresas Públicas de Medellin". 2013-2014.
"Updating legal and economic impact of 'labor collective convention' of Empopasto S.A. E.S.P and its workers union". Funded by Empopasto S.A. E.S.P. 2013.
"Reviewing and restructuring descriptive statistics on a report entitled 'intellectual properties on Colombian universities and enterprises 2010-2011'". Funded by Corporacion Tecnnova. 2013.
“Global Entrepreneurship Monitor (GEM) Antioquia Annual Report 2012”. Funded by Gobernación de Antioquia. 2012.
“Restructuring and updating of development´s social management model for Antioquia”. Funded by Cámara de Comercio de Medellín para Antioquia. 2012.
“Intragroup analysis of child labor in Colombia: a pilot qualitative and quantitative exercise”. Funded by Fundación Telefónica. 2012.
“Determinants of a set of Intellectual Property Indicators (IPI)”. Funded by Corporación Tecnnova. 2012.
“Dynamic Model with Modular structure of the Colombian Economy under System Dynamics and Geographic Information Interface”. Funded by Colciencias. 2011-2012.
“Dynamic simulation models for decision making in the business of energy, water and telecommunications”. Funded by Empresas Públicas de Medellín. 2009-2011.
“Analysis and dynamic simulation of industry clusters in Medellin-Colombia”. Funded by Cámara de Comercio de Medellín para Antioquia. 2010-2011.
“Child Labour: School attendance versus children and youth employment in the main cities of Colombia. Is it a road to poverty?” Funded by Fundación Telefónica. 2010.
“Metropolitan Competitiveness”. Funded by Área Metropolitana y Cámara de Comercio de Medellín para Antioquia. 2010.
“Impact on capital formation of social interests”. Funded by Empresas Públicas de Medellín. 2008. “Updated, adjustment and modification of micro-world for policy planning for social intervention in the Medellin neighborhoods as a tool to support the formulation of the development plan 20082011. An application of systemic economics' models based on system dynamics”. Funded by Municipio de Medellín. 2008.
“A general model of the Colombian economy and 15 productive sectors: An application of systemic economics' models based on system dynamics”. Funded by Compañía Suramericana de Seguros. 2008.
Contact information:
Universitat Autònoma de Barcelona Department of Business
Edifici B, Campus UAB, 08193, Cerdanyola del Vallès (Barcelona), Spain.