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ENTREPRENEURSHIP FRAMEWORK CONDITIONS AS PREDICTORS OF EARLY-STAGE ENTREPRENEURIAL ACTIVITY
Abstract
The paper aims to assess the causal relationship between entrepreneurship framework conditions of an economy (12 factors) and the level of total early-stage entrepreneurial activity (TEA). The study uses data from 50 economies participating in Global Entrepreneurship Monitor (GEM) in 2019, grouped into four regions (Middle East & Africa, Asia & Pacific, Latin America & Caribbean, Europe & North America) as defined by the World Economic Forum, and into three income levels (low, middle, high). The geographical region of these economies and the level of their average income were introduced as control variables. Data used in the study were collected from GEMВ’s report and database for the year 2019. A series of multiple linear regressions were run in order to select the most relevant predictors of TEA. The study identifies the cultural and social norms conducive to entrepreneurship, the presence and quality of governmental programs directly assisting small and medium-sized enterprises, the availability of financing for entrepreneurs and research and development transfer into economy being the entrepreneurial framework conditions that best predict the level of early-stage entrepreneurial activity. While the first two factors have a positive influence on TEA, our findings show a high level of early-stage entrepreneurial activity in economies with less funding available to entrepreneurs and a low level of research and development transfer into economy. The results obtained after the introduction of control variables into the model have shown that the geographic region to which the economies belong and their level of average income fail to explain the variation in the level of total early-stage entrepreneurial activity from one economy to another.
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References6
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