De-dollarization and entrepreneurial action in emerging markets: a monetary reconfiguration perspective

Purpose This conceptual article explains how monetary reconfiguration, including de-dollarization, affects the feasibility of entrepreneurial action in emerging markets by changing the monetary architecture through which ventures finance, convert, transfer, settle and preserve economic value. Design/methodology/approach The article develops a conceptual framework through a theory-building conceptual review and an abductive synthesis of research on de-dollarization, entrepreneurship, international finance and monetary infrastructure. Findings Research shows that system-level monetary change reaches ventures only when banks, payment providers and regulators translate it into usable firm-facing conditions. It then affects entrepreneurial feasibility through three mechanisms: denomination alignment, monetary distance and monetary pathway redundancy. Three propositions specify when reconfiguration expands or constrains entrepreneurial action, and geopolitical convertibility risk acts as a boundary condition. Originality/value The article discusses monetary executability, which refers to whether a required transaction can be successfully completed, as a key factor in entrepreneurial feasibility. While entrepreneurship studies often consider it as a matter of cost, risk or access to finance, research focused on emerging markets also incorporates monetary architecture as part of the institutional environment influencing entrepreneurship. This helps explain why certain reforms may aid some ventures but exclude others.