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Entrepreneurship Capital and Economic Performance

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  • David Audretsch
  • Max Keilbach

Abstract

Audretsch D. B. and Keilbach M. (2004) Entrepreneurship capital and economic performance, Regional Studies38, 949-959. The neoclassical model of the production function, as applied by Solow when building the neoclassical model of growth, linked labour and capital to output. More recently, Romer and others have expanded the model to include measures of knowledge capital. This paper introduces a new factor, entrepreneurship capital, and links it to output in the context of a production function model. It explains what is meant by entrepreneurship capital and why it should influence economic output. A production function model including several different measures of entrepreneurship capital is then estimated for German regions. The results indicate that entrepreneurship capital is a significant and important factor shaping output and productivity. The results suggest a new direction for policy that focuses on instruments to enhance entrepreneurship capital. Audretsch D. B. et Keilbach M. (2004) Le capital entrepreneurial et la performance economique, Regional Studies38, 949-959. Le modele neo-classique de la fonction de production selon Solow, qui l'a employe dans le but de construire le modele neo- classique de croissance, relie le travail et le capital au rendement. Plus recemment, Romer, parmi d'autres, a developpe le modele afin de comporter des mesures du capital de connaissance. Cet article cherche a presenter un noveau facteur, le capital entrepreneurial, et a le relier au rendement economique sur la base d'un modele de fonction de production. D'abord, cet article cherche a expliquer la notion du capital entrepreneurial et les raisons pour lesquelles il pourrait influencer le rendement economqiue. Il s'ensuit une estimation d'un modele de fonction de production qui se rapporte aux regions allemandes et qui utlise differents mesures du capital entrepreneurial. Les resultats montrent que le capital entrepreneurial excerce un effet positif et signifiant sur le rendement economique des regions. Ces resultats laissent supposer une nouvelle orientation pour la politique qui porte sur des outils destines a augmenter le capital entrepreneurial. Audrestsch D. B. und Keilbach M. (2004) Entrepreneurship Kapital und wirtschaftliche Leistungsfahigkeit, Regional Studies38, 949-959. Das neoklassische Modell der Produktionsfunktion, wie es von Solow zur Konstruktion des neoklassischen Wachstumsmodell benutzt wurde, verband Arbeit und Kapital mit wirtschaftlichem Output. In jungster Zeit haben Romer und andere das Modell dahingehend erweitert, dass Wissenskapital einbezogen wird. In diesem Aufsatz wird ein weiterer Faktor eingefuhrt, der des Entrepreneurship Kapitals und die Produktionsfunktion mit diesem Faktor erweitert. Der Aufsatz erklart zunachst, was mit Entrepreneurship Kapital gemeint ist, und inwiefern es den wirtschaftlichen Output einer Region beeinflussen kann. Es wird sodann ein Produktionsfunktionsmodell einschliesslich mehrerer verschiedener Masse fur Entrepreneurship Kapital fur deutsche Regionen geschatzt. Die Ergebnisse weisen darauf hin, dass Entrepreneurship Kapital einen signifikanten und wichtigen Beitrag zur Beeinflussung des wirtschaftlichen Outputs der Regionen darstellt. Die Ergebnisse legen nahe, neue Wege der Wirtschaftspolitik zu beschreiten, die sich auf Instrumente zur Erhohung des Entrepreneurship Kapitals konzentrieren. Audretsch D. B. y Keilbach M. (2004) Capital entrepreneurial y comportamiento economico, Regional Studies38, 949-959. El modelo neoclasico de la funcion de produccion, tal como ha sido aplicado por Solow para desarrollar el modelo neoclasico de crecimiento, vinculo trabajo y capital a produccion. Mas recientemente, Romer y otros han expandido el modelo para incluir medidas de capital intelectual. En este articulo nosotros introducimos un nuevo factor, el capital empresarial, y lo vinculamos a la produccion en el contexto de un modelo de funcion de produccion. Este articulo explica que es a lo que nosotros nos referimos cuando hablamos de capital empresarial y por que deberia influir en la produccion economica. A continuacion se estima un modelo de funcion de produccion que incluye varias medidas diferentes de capital empresarial para las regiones alemanas. Los resultados indican que el capital empresarial es un factor importante y significativo a la hora de determinar produccion y productividad. Estos resultados sugieren una nueva direccion para las politicas que se centran en instrumentos dirigidos a aumentar el capital empresarial.

Suggested Citation

  • David Audretsch & Max Keilbach, 2004. "Entrepreneurship Capital and Economic Performance," Regional Studies, Taylor & Francis Journals, vol. 38(8), pages 949-959.
  • Handle: RePEc:taf:regstd:v:38:y:2004:i:8:p:949-959
    DOI: 10.1080/0034340042000280956
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Feldman, Maryann P. & Audretsch, David B., 1999. "Innovation in cities:: Science-based diversity, specialization and localized competition," European Economic Review, Elsevier, vol. 43(2), pages 409-429, February.
    3. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
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    5. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters,in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
    6. Edward P. Lazear, 2005. "Entrepreneurship," Journal of Labor Economics, University of Chicago Press, vol. 23(4), pages 649-680, October.
    7. Zvi Griliches, 1998. "Patent Statistics as Economic Indicators: A Survey," NBER Chapters,in: R&D and Productivity: The Econometric Evidence, pages 287-343 National Bureau of Economic Research, Inc.
    8. Jaffe, Adam B, 1989. "Real Effects of Academic Research," American Economic Review, American Economic Association, vol. 79(5), pages 957-970, December.
    9. Glaeser, Edward L & Hedi D. Kallal & Jose A. Scheinkman & Andrei Shleifer, 1992. "Growth in Cities," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1126-1152, December.
      • Edward L. Glaeser & Hedi D. Kallal & Jose A. Scheinkman & Andrei Shleifer, 1991. "Growth in Cities," NBER Working Papers 3787, National Bureau of Economic Research, Inc.
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    10. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-596, September.
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    More about this item

    Keywords

    Production function; Entrepreneurship capital; Regional economic performance;

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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