Drawing on data from 47 countries, this study investigates the multiple concurrent institutional factors and complex causal mechanisms that drive entrepreneurial informal investment. The results show that: (1) A single institutional factor does not constitute a necessary condition for high entrepreneurial informal investment, but entrepreneurial culture appears simultaneously in all institutional configurations. (2) There are three paths for high entrepreneurial informal investment, among which, the “multiple-institutional-logic dominant path” and the “government-dominant market-society path” reflect the complementary and joint effects of government, market, and society on entrepreneurial informal investment, and the “society-dominant market path” indicates that in the absence of formal institutions, social institutions play a substitute role in driving informal investment. (3) The importance of different institutional logics varies and evolves according to the income level of the economy. Social logic has a positive impact on entrepreneurial informal investment in low- and middle-income countries, and as income levels rise, government logic increases in importance and dominates high-income countries.