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Effects of Schumpeterian and Kirznerian entrepreneurship on economic growth: panel data evidence

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  • João J. Ferreira
  • Alain Fayolle
  • Cristina Fernandes
  • Mário Raposo

Abstract

The relevant literature recognises Schumpeterian and Kirznerian entrepreneurship as mechanisms that can impact economic growth. This article seeks to explore the effects of these two types of entrepreneurship on economic growth across the three GEM (Global Entrepreneurship Monitor) economic ecosystems (factor-driven economy, efficiency-driven economy, innovation-driven economy). Using different databases, we applied unbalanced panel data for 43 countries (2009–2013). By estimating the econometric models, we were able to calculate the effects of these two types of entrepreneurship on economic growth in the three different types of economy. In terms of the overall model for GEM economies, neither Schumpeterian nor Kirznerian entrepreneurship return any statistically significant effects on the Global Competitiveness Index or on GDP growth. However, the Total Early-Stage Entrepreneurial Activity variable generates a positive effect on the Global Competitiveness Index. The results presented in this paper provide insights into entrepreneurship and the GEM entrepreneurial economic ecosystems.

Suggested Citation

  • João J. Ferreira & Alain Fayolle & Cristina Fernandes & Mário Raposo, 2017. "Effects of Schumpeterian and Kirznerian entrepreneurship on economic growth: panel data evidence," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 29(1-2), pages 27-50, January.
  • Handle: RePEc:taf:entreg:v:29:y:2017:i:1-2:p:27-50
    DOI: 10.1080/08985626.2016.1255431
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    References listed on IDEAS

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    1. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
    2. 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.
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    Cited by:

    1. Dvouletý, Ondřej, 2018. "How to analyse determinants of entrepreneurship and self-employment at the country level? A methodological contribution," Journal of Business Venturing Insights, Elsevier, vol. 9(C), pages 92-99.
    2. Sunny Li Sun & Weilei (Stone) Shi & David Ahlstrom & Li (Rachel) Tian, 2020. "Understanding institutions and entrepreneurship: The microfoundations lens and emerging economies," Asia Pacific Journal of Management, Springer, vol. 37(4), pages 957-979, December.
    3. Solomon, Shelby J. & Bendickson, Joshua S. & Marvel, Matt R. & McDowell, William C. & Mahto, Raj, 2021. "Agency theory and entrepreneurship: A cross-country analysis," Journal of Business Research, Elsevier, vol. 122(C), pages 466-476.
    4. Dhahri, Sabrine & Omri, Anis, 2018. "Entrepreneurship contribution to the three pillars of sustainable development: What does the evidence really say?," World Development, Elsevier, vol. 106(C), pages 64-77.
    5. Arash Ketabforoush Badri & Mohhamadreza Nahidi & Mehrdad Ghalami, 2018. "The Effects of Entrepreneurship and Education on Economic Growth in Selected Countries," Noble International Journal of Social Sciences Research, Noble Academic Publsiher, vol. 3(7), pages 46-54, July.
    6. Fischer, Bruno Brandão & Moraes, Gustavo Hermínio Salati Marcondes de & Schaeffer, Paola Rücker, 2019. "Universities' institutional settings and academic entrepreneurship: Notes from a developing country," Technological Forecasting and Social Change, Elsevier, vol. 147(C), pages 243-252.
    7. Ondřej Dvouletý, 2017. "What is the Relationship between Entrepreneurship and Unemployment in Visegrad Countries?," Central European Business Review, Prague University of Economics and Business, vol. 2017(2), pages 42-53.
    8. Zhou, Mingshan & Xiao, Dacheng & Chan, Kam C. & Fung, Hung-Gay, 2019. "The impact of pre-IPO performance pressure on research and development investments of an IPO firm: Evidence from China," Economic Modelling, Elsevier, vol. 78(C), pages 40-46.

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