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Determining Factors of Entrepreneurial Motivation: Evidence from EU Countries

Author

Listed:
  • Angela Roman

    (“Alexandru Ioan Cuza” University of Iasi)

  • Valentina Diana Rusu

    (Department of Interdisciplinary Research – Human and Social, “Alexandru Ioan Cuza” University of Iasi)

Abstract

The aim of our paper is to identify the main determinants of entrepreneurial motivations and to empirically evaluate their impact in 18 EU member states, over the period 2002-2014. The empirical analysis is performed based on data from the Global Entrepreneurship Monitor and the World Bank. In the econometric model, we considered as dependent variables, alternatively, opportunity-driven entrepreneurial activity and necessity-driven entrepreneurial activity. As independent variables we took into account 11 factors that could have an impact on the motivations of entrepreneurs. The empirical results indicate that the motivation of entrepreneurial activity is influenced by unemployment rates, inflation rates, tax rates, domestic credit to private sector, fear of failure, entrepreneurial intentions and perceived capabilities. Overall, our study highlights that macroeconomic conditions and the perception of the entrepreneurs about entrepreneurial activity are affecting significantly and with opposite signs the entrepreneurial activity depending on the motivation of entrepreneurs (opportunity or necessity).

Suggested Citation

  • Angela Roman & Valentina Diana Rusu, 2016. "Determining Factors of Entrepreneurial Motivation: Evidence from EU Countries," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 97-103, July.
    • Handle: RePEc:ovi:oviste:v:xvi:y:2016:i:1:p:97-103
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    More about this item

    Keywords

    entrepreneurship; motivation of entrepreneurs; entrepreneurship opportunity; necessity entrepreneurs;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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