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The impact of the financial crisis on new firm registration

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  • Klapper, Leora
  • Love, Inessa

Abstract

The authors use panel data on the number of new firm registrations in 95 countries to study the impact of the business environment and 2008 financial crisis on new firm registration. The data show that more dynamic formal business creation occurs in countries that provide entrepreneurswith a stable legal and regulatory regime, fast and inexpensive business registration process, more flexible employment regulations, and low corporate taxes. The data also show that nearly all countries experienced a sharp drop in business entry during the crisis. This drop is more pronounced in countries with higher levels of financial development and countries more affected by the crisis.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5444.

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Date of creation: 01 Oct 2010
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Handle: RePEc:wbk:wbrwps:5444

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Keywords: Governance Indicators; E-Business; Emerging Markets; Environmental Economics&Policies; Economic Theory&Research;

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  1. Da Rin, M. & Di Giacomo, M. & Sembenelli, A., 2010. "Entrepreneurship, Firm Entry, and the Taxation of Corporate Income: Evidence from Europe," Discussion Paper, Tilburg University, Tilburg Law and Economic Center 2010-026, Tilburg University, Tilburg Law and Economic Center.
  2. Klapper, Leora & Amit, Raphael & Guillen, Mauro F. & Quesada, Juan Manuel, 2007. "Entrepreneurship and firm formation across countries," Policy Research Working Paper Series 4313, The World Bank.
  3. Philippe Aghion & Richard Blundell & Rachel Griffith & Peter Howitt & Susanne Prantl, 2006. "The Effects of Entry on Incumbent Innovation and Productivity," NBER Working Papers 12027, National Bureau of Economic Research, Inc.
  4. Raghuram G. Rajan & Luigi Zingales, . "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  5. Demirguc-Kunt, Asli & Love, Inessa & Maksimovic, Vojislav, 2006. "Business environment and the incorporation decision," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2967-2993, November.
  6. Cesar Calderon & Tatiana Didier, 2009. "Severity of the Crisis and its Transmission Channels," World Bank Other Operational Studies 10946, The World Bank.
  7. Beck, T.H.L. & Demirgüç-Kunt, A. & Maksimovic, V., 2005. "Financial and legal constraints to firm growth: Does firm size matter?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125505, Tilburg University.
  8. Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2006. "Entry regulation as a barrier to entrepreneurship," Journal of Financial Economics, Elsevier, vol. 82(3), pages 591-629, December.
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Cited by:
  1. Klapper, Leora & Richmond, Christine, 2011. "Patterns of business creation, survival and growth : evidence from Africa," Policy Research Working Paper Series 5828, The World Bank.
  2. Meghana Ayyagari & Asli Demirguc-Kunt & Vojislav Maksimovic, 2014. "Who creates jobs in developing countries?," Small Business Economics, Springer, vol. 43(1), pages 75-99, June.
  3. Mohammad Reza Farzanegan, 2014. "Can Oil-Rich Countries Encourage Entrepreneurship? ‘Yes’, ‘No’ but not ‘Perhaps’," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) 201406, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  4. Hernan Herrera Echeverry & Jerry Haar & Juan Benavides Estévez-Bretón§, 2013. "Foreign Direct Investment, Institutional Quality, Economic Freedom and Entrepreneurship in Emerging Markets," DOCUMENTOS DE TRABAJO CIEF 011809, UNIVERSIDAD EAFIT.
  5. Ács, Zoltán J. & Autio, Erkko & Szerb, László, 2014. "National Systems of Entrepreneurship: Measurement issues and policy implications," Research Policy, Elsevier, vol. 43(3), pages 476-494.
  6. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2011. "Small vs. young firms across the world : contribution to employment, job creation, and growth," Policy Research Working Paper Series 5631, The World Bank.
  7. Mohammad Reza Farzanegan, 2012. "Resource Wealth and Entrepreneurship: A Blessing or a Curse?," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) 201224, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).

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