Determinants of the Prevalance of Start-ups and High-Growth Firms |
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Authors: | Davidsson Per Henrekson Magnus |
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Institution: | (1) Jönköping International Business School, Box 1026, SE-551 11 Jönköping, Sweden;(2) Department of Economics, Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden |
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Abstract: | The purpose of this study is to identify key institutional determinants of firm emergence and growth. We do this using various types of data from Sweden. A characterization of a number of institutions and policy measures shows that they are likely to have contributed to an environment that discourages entrepreneurial activity and firm growth. Aspects dealt with include: missing arenas for entrepreneurship in the care sectors and for household-related services, taxation of entrepreneurial income, incentives for wealth accumulation, wage-setting institutions and labor market regulations. Using original data, we provide evidence of a low prevalence of nascent entrepreneurs and a small net employment contribution by high-growth firms. We admit that indisputable evidence for the effects of institutional arrangements is almost impossible to establish. However, the consistency of our theoretical arguments and empirical data makes a strong case for the notion that the Swedish case illustrates the costs of giving too little weight to economic renewal in policy making. |
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