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Nascent Entrepreneurship and the Level of Economic Development

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Author Info
Sander Wennekers ()
André van Wennekers
Roy Thurik
Paul Reynolds

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Abstract

Based upon two strands of literature, this paper hypothesizes a U-shaped relationship between a country’s rate of entrepreneurial dynamics and its level of economic development. This would imply a different scope for entrepreneurship policy across subsequent stages of development. Regressing global entrepreneurship (GEM) 2002 data for nascent entrepreneurship in 36 countries on the level of economic development as measured either by per capita income or by an index for innovative capacity, we find support for a U-shaped relationship. The results suggest that a ‘natural rate’ of nascent entrepreneurship is to some extent governed by ‘laws’ related to the level of economic development. For the most advanced nations, improving incentive structures for business start-ups and promoting the commercial exploitation of scientific findings offer the most promising approach for public policy. Developing nations, however, may be better off pursuing the exploitation of scale economies, fostering foreign direct investment and promoting management education. Copyright Springer 2005

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File URL: http://hdl.handle.net/10.1007/s11187-005-1994-8
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Publisher Info
Article provided by Springer in its journal Small Business Economics.

Volume (Year): 24 (2005)
Issue (Month): 3 (04)
Pages: 293-309
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Handle: RePEc:kap:sbusec:v:24:y:2005:i:3:p:293-309

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Web page: http://www.springerlink.com/link.asp?id=100338

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Keywords: economic development nascent entrepreneurship

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bleaney, Michael & Nishiyama, Akira, 2002. " Explaining Growth: A Contest between Models," Journal of Economic Growth, Springer, vol. 7(1), pages 43-56, March. [Downloadable!] (restricted)
  2. David G. Blanchflower, 2000. "Self-Employment in OECD Countries," NBER Working Papers 7486, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Yamada, Gustavo, 1996. "Urban Informal Employment and Self-Employment in Developing Countries: Theory and Evidence," Economic Development and Cultural Change, University of Chicago Press, vol. 44(2), pages 289-314, January.
  4. Heleen Stigter & Niels Bosma & Sander Wennekers, 2002. "The Long Road to the Entrepreneurial Society," Scales Research Reports A200115, EIM Business and Policy Research. [Downloadable!]
  5. Noorderhaven, N. & Thurik, A.R. & Wennekers, A.R.M. & Stel, A.J. van, 2003. "Self-Employment Across 15 European Countries:," Research Paper ERS-2003-081-ORG Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
  6. Catherine Armington & Zoltan J. Acs, 2002. "The Determinants of Regional Variation in New Firm Formation," Regional Studies, Taylor and Francis Journals, vol. 36(1), pages 33-45, February. [Downloadable!] (restricted)
  7. Acs, Zoltán J & Audretsch, David B & Evans, David S, 1994. "Why Does the Self-Employment Rate Vary Across Countries and Over Time?," CEPR Discussion Papers 871, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  8. André Stel & Martin Carree & Roy Thurik, 2005. "The Effect of Entrepreneurial Activity on National Economic Growth," Small Business Economics, Springer, vol. 24(3), pages 311-321, 02. [Downloadable!] (restricted)
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  9. Schultz, T Paul, 1990. "Women's Changing Participation in the Labor Force: A World Perspective," Economic Development and Cultural Change, University of Chicago Press, vol. 38(3), pages 457-88, April.
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  10. David B. Audretsch & A. Roy Thurik, 2000. "Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 17-34. [Downloadable!] (restricted)
  11. Richard Florida & Zoltan Acs & Sam Youl Lee, 2004. "Creativity and Entrepreneurship: A Regional Analysis of New Firm Formation," Discussion Papers on Entrepreneurship, Growth and Public Policy 2004-17, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
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  12. André van Stel & Roy Thurik & Sander Wennekers & Niels Noorderhaven, 2004. "The role of dissatisfaction and per capita income in explaining self-employment across 15 European countries," Scales Research Reports N200407, EIM Business and Policy Research. [Downloadable!]
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  13. André van Stel & Roy Thurik & Sander Wennekers & Paul D. Reynolds, 2004. "Explaining variation in nascent entrepreneurship," Scales Research Reports H200401, EIM Business and Policy Research. [Downloadable!]
  14. David Audretsch & Roy Thurik, 2004. "A Model of the Entrepreneurial Economy," Discussion Papers on Entrepreneurship, Growth and Public Policy 2004-12, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
  15. Paul Reynolds & David Storey & Paul Westhead, 1994. "Cross-national Comparisons of the Variation in New Firm Formation Rates," Regional Studies, Taylor and Francis Journals, vol. 28(4), pages 443-456, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Sander Wennekers & Roy Thurik & André Stel & Niels Noorderhaven, 2007. "Uncertainty avoidance and the rate of business ownership across 21 OECD countries, 1976–2004," Journal of Evolutionary Economics, Springer, vol. 17(2), pages 133-160, April. [Downloadable!] (restricted)
    Other versions:
  2. Hessels, S.J.A. & Stel, A.J. van, 2007. "Export Orientation among New Ventures and Economic Growth," Research Paper ERS-2007-008-ORG Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
    Other versions:
  3. Andreas Freytag & Roy Thurik, 2007. "Entrepreneurship and its determinants in a cross-country setting," Journal of Evolutionary Economics, Springer, vol. 17(2), pages 117-131, April. [Downloadable!] (restricted)
    Other versions:
  4. Stel, A.J. van & Storey, D. & Thurik, A.R., 2006. "The Effect of Business Regulations on Nascent and Young Business Entrepreneurship," Research Paper ERS-2006-052-ORG Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
    Other versions:
  5. Isabel Grilo & Roy Thurik, 2005. "Entrepreneurial engagement levels in the European Union," Discussion Papers on Entrepreneurship, Growth and Public Policy 2005-29, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
    Other versions:
  6. Martin Carree & André van Stel & Roy Thurik & Sander Wennekers, 2007. "The Relation between Economic Development and Business Ownership revisited," Tinbergen Institute Discussion Papers 07-022/3, Tinbergen Institute. [Downloadable!]
  7. Verheul, I. & Stel, A.J. van & Thurik, A.R., 2005. "Explaining Female and Male Entrepreneurship at the Country Level," Research Paper ERS-2005-089-ORG Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
    Other versions:
  8. Andre van Stel & David Storey & Roy Thurik, 2006. "The effect of business regulations on nascent and actual entrepreneurship," Discussion Papers on Entrepreneurship, Growth and Public Policy 2006-04, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
  9. Leitão, João & Ferreira, João, 2007. "Liberalization of European Telecommunications and Entrepreneurship: Why German and Portuguese Experiences are so Equal and so Different?," MPRA Paper 5728, University Library of Munich, Germany. [Downloadable!]
  10. Andre van Stel & David Storey & Roy Thurik & Sander Wennekers, 2005. "From nascent to actual entrepreneurship: the effect of entry barriers," Discussion Papers on Entrepreneurship, Growth and Public Policy 2005-35, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
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  11. Roy Thurik & Isabel Grilo, 2005. "Determinants of entrepreneurial engagement levels in Europe and the US," Discussion Papers on Entrepreneurship, Growth and Public Policy 2005-25, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
    Other versions:
  12. Lorraine Uhlaner & Roy Thurik, 2005. "Post-Materialism Influencing Total Entrepreneurial Activity Across Nations," Discussion Papers on Entrepreneurship, Growth and Public Policy 2005-20, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
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  13. Sjoerd Beugelsdijk, 2007. "Entrepreneurial culture, regional innovativeness and economic growth," Journal of Evolutionary Economics, Springer, vol. 17(2), pages 187-210, April. [Downloadable!] (restricted)
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