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State-Level Determinants of Entrepreneurship and a Preliminary Measure of Entrepreneurial Climate

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  • Stephan J. Goetz

    (Pennsylvania State University)

  • David Freshwater

    (University of Kentucky)

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    Abstract

    State and local governments increasingly look to entrepreneurship as a means of stimulating economic growth. However, can the public sector play a role in promoting entrepreneurial activity—and if so, what should that role be? The authors investigate independent effects of financial and human entrepreneurial capital and ideas on entrepreneurial activity in the 50 states. Financial entrepreneurial capital has an inverse U-shaped relationship with entrepreneurial activity, suggesting there are limits to using increasing amounts of financial capital to stimulate entrepreneurship, all else being equal. The authors rank each state in terms of predicted and actual entrepreneurial activity scores and propose a preliminary measure of the entrepreneurial “climate†of each state. Although most states are ranked near where casual analysis might place them, the authors find that others have predicted values that differ significantly from actual values. This suggests that climate may be an important factor in stimulating entrepreneurial activity.

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    Bibliographic Info

    Article provided by in its journal Economic Development Quarterly.

    Volume (Year): 15 (2001)
    Issue (Month): 1 (February)
    Pages: 58-70

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    Handle: RePEc:sae:ecdequ:v:15:y:2001:i:1:p:58-70

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    Cited by:
    1. Willis, David B. & Boys, Kathryn A. & Hughs, David W. & Swindall, Devin C., 2012. "Evaluating the Determinants of Self-Employed Income Across Regional Economies: A Case-Study of the U.S. Southeast," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington, Agricultural and Applied Economics Association 124912, Agricultural and Applied Economics Association.
    2. Maribel Mojica & Tesfa Gebremedhin & Peter Schaeffer, 2009. "An Empirical Analysis of the Link between Entrepreneurship and Economic Growth in West Virginia," Working Papers, Regional Research Institute, West Virginia University 200902, Regional Research Institute, West Virginia University.
    3. whitney Oliver Peake & Maria I. Marshall, 2006. "What Do We Really Know About Entrepreneurs? An Analysis Of Nascent Entrepreneurs In Indiana," Working Papers, Purdue University, College of Agriculture, Department of Agricultural Economics 06-14, Purdue University, College of Agriculture, Department of Agricultural Economics.
    4. Maribel Mojica & Tesfa Gebremedhin & Peter Schaeffer, 2009. "A County-Level Assessment of Entrepreneurship and Economic Growth in Appalachia Using Simultaneous Equations," Working Papers, Regional Research Institute, West Virginia University 200904, Regional Research Institute, West Virginia University.
    5. Sooriyakumar Krishnapillai & Henry Kinnucan, 2012. "The Impact Of Automobile Production On The Growth Of Non-Farm Proprietor Densities In Alabama'S Counties," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, Chung-Ang Unviersity, Department of Economics, vol. 37(3), pages 25-46, September.
    6. Goetz, Stephan J., 2003. "Critical Development Issues In Rural Economies," Agricultural Outlook Forum 2003, United States Department of Agriculture, Agricultural Outlook Forum 33199, United States Department of Agriculture, Agricultural Outlook Forum.
    7. Yoon Lee & Maria Marshall, 2013. "Goal Orientation and Performance of Family Businesses," Journal of Family and Economic Issues, Springer, Springer, vol. 34(3), pages 265-274, September.

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