دانلود رایگان مقاله انگلیسی سازمان ها، کارآفرینی و رشد اقتصادی در اروپا - اشپرینگر 2018

Abstract

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.

 Conclusions

In this paper, we have tested to what extent and how institutional quality drives productive entrepreneurship that in turn promotes economic growth. With this we obtained improved estimates of the impact of entrepreneurship enhancing institutions on economic growth. To do so, we first augmented the well-established model of Islam (1995) and included various measures of entrepreneurial activity in the panel regressions for a sample of 25 European countries covering 2003–2014. Based on the existing literature on institutions and entrepreneurship, we identified relevant indicators fitting each of the three components identified by Scott (1995): regulative, cognitive, and normative. As for the regulative component, we showed that the regulation of credit, labor, and business is positively—while the size of the government is negatively—related to entrepreneurial activity. Concerning the cognitive element, nurturing a culture of entrepreneurship that stimulates awareness and perceived capabilities was found to be conducive to entrepreneurial activity. And we found a positive link between these institutional variables and GDP per capita growth that operates through all types of entrepreneurial activity. A robustness check, adopting Caselli et al. (1996) proposed econometric technique (GMM-sys) for dealing with panel data structures and one where we also allow the institutional variables under investigation to operate through factor accumulation, corroborate our main findings.