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The Determinants of Entrepreneurship at the Country Level: A Panel Data Approach

Author

Listed:
  • Gonçalo Brás

    (Faculty of Economics, University of Coimbra, Portugal)

  • Elias Soukiazis

    (Faculty of Economics, University of Coimbra, and GEMF, Portugal)

Abstract

The objective of this study is to analyse the impact of a variety of factors (economic, institutional, competitiveness, formal and informal) on the entrepreneurial activity of nations, given by the Total Entrepreneurial Activity rate (TEA). A panel data approach of 26 developed countries is used to evaluate the simultaneous influence of the referred factors on TEA over the period 2004-2011. Aiming to include a wide range of variables imposed by the multidisciplinary entrepreneurship concept, the stepwise regression approach is applied with backward elimination of insignificant variables. Our findings show an inverse relationship between TEA and the initial capital effort; a direct relation between TEA, monetary freedom, investment freedom, financial market development and education; and a non-linear concave relationship between TEA and the GDP per capita. However, the most significant impacts on TEA come from factors related to education level and the financial market conditions. The dynamic estimation approach shows a quite high speed of adjustment between the actual and desired rate of entrepreneurship.

Suggested Citation

  • Gonçalo Brás & Elias Soukiazis, 2015. "The Determinants of Entrepreneurship at the Country Level: A Panel Data Approach," GEMF Working Papers 2015-14, GEMF, Faculty of Economics, University of Coimbra.
    • Handle: RePEc:gmf:wpaper:2015-14
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    Cited by:

    1. is not listed on IDEAS
    2. Shahid, Pirzada Syed Rizwan, 2023. "Founder's Human Capital and the Entrepreneurial Process Duration," OSF Preprints yf6mg, Center for Open Science.
    3. Gonçalo Rodrigues Brás & Miguel Torres Preto, 2021. "The consequences of intrapreneurship in exporting firms: a structural-model approach," CeBER Working Papers 2021-06, Centre for Business and Economics Research (CeBER), University of Coimbra.
    4. Aleksandra Gawel & Timo Toikko, 2021. "Trust in European Institutions in Explaining the Entrepreneurship in European Union Countries," Social Sciences, MDPI, vol. 10(6), pages 1-16, May.

    More about this item

    Keywords

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    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
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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