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Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes

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  • Martin, Bruce C.
  • McNally, Jeffrey J.
  • Kay, Michael J.
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    Abstract

    Effective human capital formation through the medium of entrepreneurship education and training (EET) is of increasing concern for governments, as EET is growing rapidly across the world. Unfortunately, there is a lack of consistent evidence showing that EET helps to create more or better entrepreneurs. We undertake the first quantitative review of the literature and, in the context of human capital theory, find that there is indeed support for the value of EET. Based on 42 independent samples (N=16,657), we find a significant relationship between EET and entrepreneurship-related human capital assets (rw=.217) and entrepreneurship outcomes (rw=.159). The relationship between EET and entrepreneurship outcomes is stronger for academic-focused EET interventions (rw=.238) than for training-focused EET interventions (rw=.151). We find evidence of heterogeneity in many of our correlations, and recommend that future studies examine potential moderators to more clearly delineate EET effect sizes. We also find a number of methodological weaknesses among the studies analyzed and that those studies with lower methodological rigor are overstating the effect of EET. Recommendations to improve the quality of future work in the field are provided.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0883902612000602
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Venturing.

    Volume (Year): 28 (2013)
    Issue (Month): 2 ()
    Pages: 211-224

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    Handle: RePEc:eee:jbvent:v:28:y:2013:i:2:p:211-224

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    Web page: http://www.elsevier.com/locate/jbusvent

    Related research

    Keywords: Entrepreneurship education; Human capital; Meta-analysis; Methods;

    References

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    1. Michaelides, Marios & Benus, Jacob, 2010. "Are self-employment training programs effective? Evidence from Project GATE," MPRA Paper 20883, University Library of Munich, Germany.
    2. von Graevenitz, Georg & Harhoff, Dietmar & Weber, Richard, 2010. "The effects of entrepreneurship education," Journal of Economic Behavior & Organization, Elsevier, vol. 76(1), pages 90-112, October.
    3. Zarutskie, Rebecca, 2010. "The role of top management team human capital in venture capital markets: Evidence from first-time funds," Journal of Business Venturing, Elsevier, vol. 25(1), pages 155-172, January.
    4. Souitaris, Vangelis & Zerbinati, Stefania & Al-Laham, Andreas, 2007. "Do entrepreneurship programmes raise entrepreneurial intention of science and engineering students? The effect of learning, inspiration and resources," Journal of Business Venturing, Elsevier, vol. 22(4), pages 566-591, July.
    5. Cassar, Gavin, 2006. "Entrepreneur opportunity costs and intended venture growth," Journal of Business Venturing, Elsevier, vol. 21(5), pages 610-632, September.
    6. Chandler, Gaylen N. & Hanks, Steven H., 1998. "An examination of the substitutability of founders human and financial capital in emerging business ventures," Journal of Business Venturing, Elsevier, vol. 13(5), pages 353-369, September.
    7. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66, pages 281.
    8. Justin van der Sluis & Mirjam van Praag & Wim Vijverberg, 2005. "Entrepreneurship Selection and Performance: A Meta-Analysis of the Impact of Education in Developing Economies," World Bank Economic Review, World Bank Group, vol. 19(2), pages 225-261.
    9. Davidsson, Per & Honig, Benson, 2003. "The role of social and human capital among nascent entrepreneurs," Journal of Business Venturing, Elsevier, vol. 18(3), pages 301-331, May.
    10. Colombo, Massimo G. & Grilli, Luca, 2005. "Founders' human capital and the growth of new technology-based firms: A competence-based view," Research Policy, Elsevier, vol. 34(6), pages 795-816, August.
    11. Oosterbeek, Hessel & van Praag, Mirjam & Ijsselstein, Auke, 2010. "The impact of entrepreneurship education on entrepreneurship skills and motivation," European Economic Review, Elsevier, vol. 54(3), pages 442-454, April.
    12. Katz, Jerome A., 2003. "The chronology and intellectual trajectory of American entrepreneurship education: 1876-1999," Journal of Business Venturing, Elsevier, vol. 18(2), pages 283-300, March.
    13. Unger, Jens M. & Rauch, Andreas & Frese, Michael & Rosenbusch, Nina, 2011. "Human capital and entrepreneurial success: A meta-analytical review," Journal of Business Venturing, Elsevier, vol. 26(3), pages 341-358, May.
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The Five Characteristics of Successful Innovators
      by Tomas Chamorro-Premuzic in HBR Blog Network on 2013-10-25 17:00:14
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    Cited by:
    1. Fayolle, Alain & Liñán, Francisco, 2014. "The future of research on entrepreneurial intentions," Journal of Business Research, Elsevier, vol. 67(5), pages 663-666.

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