The relationship between economic development and business ownership revisited
AbstractThis paper revisits the two-equation model of Carree, van Stel, Thurik and Wennekers (2002) where deviations from the 'equilibrium' rate of business ownership play a central role determining both the growth of business ownership and that of economic development. Two extensions of the original setup are addressed: using longer time series of averaged data of 23 OECD countries (up to 2004) we can discriminate between different functional forms of the 'equilibrium' rate and we allow for different penalties for being above or under the 'equilibrium' rate. The additional data do not provide evidence of a superior statistical fit of a U-shaped 'equilibrium' relationship when compared to an L-shaped one. There appears to be a growth penalty for having too few business owners but not so for having too many.
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Bibliographic InfoPaper provided by Maastricht University in its series Open Access publications from Maastricht University with number urn:nbn:nl:ui:27-15264.
Date of creation: 2007
Date of revision:
Publication status: Published in Entrepreneurship & regional development (2007) v.19, p.281-291
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Other versions of this item:
- Martin Carree & AndrÃ© Van Stel & Roy Thurik & Sander Wennekers, 2007. "The relationship between economic development and business ownership revisited," Entrepreneurship & Regional Development, Taylor and Francis Journals, vol. 19(3), pages 281-291, May.
- André van Stel & Roy Thurik & Sander Wennekers & Martin Carree, 2007. "The relationship between economic development and business ownership revisited," Scales Research Reports H200705, EIM Business and Policy Research.
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