High-growth or innovative entrepreneurship, who is leading the way to economic growth? A panel data approach.
Abstract:
Scholars and policymakers have recognized the importance of entrepreneurship for the improvement of national development. Yet, it can be difficult to identify what type of entrepreneurship is relevant to promote. Using a panel data covering advanced, emerging and developed countries for the years 2000-2014, we attempt to answer this question by means of an extended Cobb-Douglas production function. Specifically, we analyze the contribution of highgrowth and innovative entrepreneurship to the country-level economic growth. Entrepreneurship research is often criticized by the ambiguity on its measurements; for this reason, we test different configurations for the entrepreneurship measurements. We find that innovative ventures with higher export intensity have a higher positive effect, compared to ventures with different configurations of job creation levels. Our main findings reveal that innovative entrepreneurship is positively related with economic growth. However, we do not find evidence for the relationship between high-growth entrepreneurship and growth. A robust empirical approach should account for model uncertainty, especially when having a wide set of possible covariates. We use Bayesian Model Averaging to prove the robustness of entrepreneurship measurements as determinants of economic growth. Here, we found innovative entrepreneurship and the total early-stage entrepreneurial activity as robust determinants of economic growth.
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Tipo de documento:
Other
Estado:
Acceso abierto
Áreas de conocimiento:
- Emprendimiento
- Emprendimiento
- Emprendimiento
Áreas temáticas:
- Economía
- Producción
- Dirección general