Suchergebnisse

A latent class model is applied to allow entrepreneurial ecosystems (EEs) to influence the effect of entrepreneurial activity on growth in European Union regions. Using this methodology, clusters of regions that differ significantly in their relationship between entrepreneurial activity and growth are identified. This is consistent with the hypothesis that EEs affect this relationship. Subsequently, cluster membership is related to regional characteristics representing a range of components of EEs and marked differences in a variety of these regional characteristics are found. Taken together, the results support the notion that EEs help shape the impact of entrepreneurial activity on growth.

A latent class model is applied to allow entrepreneurial ecosystems (EEs) to influence the effect of entrepreneurial activity on growth in European Union regions. Using this methodology, clusters of regions that differ significantly in their relationship between entrepreneurial activity and growth are identified. This is consistent with the hypothesis that EEs affect this relationship. Subsequently, cluster membership is related to regional characteristics representing a range of components of EEs and marked differences in a variety of these regional characteristics are found. Taken together, the results support the notion that EEs help shape the impact of entrepreneurial activity on growth.

Institutions have a decisive impact on the prevalence and nature of entrepreneurship. To date, the impact of institutions on (productive) entrepreneurship and the effects of entrepreneurship on economic growth have largely been investigated in isolation. In this paper, we bring together institutions, entrepreneurship, and economic growth using a parsimonious growth model in a 3SLS specification. In our first stage, we regress multiple measures of entrepreneurial activity on institutional proxies that are known to correlate with more productive forms of entrepreneurial activity. Using the fitted values of this first-stage regression as our proxy for productive entrepreneurship, we can then estimate a panel growth regression following Islam (1995) in a second stage. The third stage then optimizes the estimation of the two equations simultaneously. Our results show that productive entrepreneurship contributes to economic growth. In our set of proxies for institutional quality, financial stability, small government, and perceived start-up skills are the most important predictors of such productive entrepreneurship.

Institutions have a decisive impact on the prevalence and nature of entrepreneurship. To date, the impact of institutions on (productive) entrepreneurship and the effects of entrepreneurship on economic growth have largely been investigated in isolation. In this paper, we bring together institutions, entrepreneurship, and economic growth using a parsimonious growth model in a 3SLS specification. In our first stage, we regress multiple measures of entrepreneurial activity on institutional proxies that are known to correlate with more productive forms of entrepreneurial activity. Using the fitted values of this first-stage regression as our proxy for productive entrepreneurship, we can then estimate a panel growth regression following Islam (1995) in a second stage. The third stage then optimizes the estimation of the two equations simultaneously. Our results show that productive entrepreneurship contributes to economic growth. In our set of proxies for institutional quality, financial stability, small government, and perceived start-up skills are the most important predictors of such productive entrepreneurship.