The Effect of Business Regulations on Nascent and Young Business
Entrepreneurship |
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Authors: | André van Stel David J Storey A Roy Thurik |
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Institution: | (1) EIM Business and Policy Research, P.O. Box 7001, 2701 AA Zoetermeer, The Netherlands;(2) Cranfield University School of Management, Cranfield, Bedford, UK;(3) Centre for Small and Medium Sized Enterprises, University of Warwick, Coventry, UK;(4) Erasmus University Rotterdam, Rotterdam, The Netherlands;(5) Max Planck Institute of Economics, Jena, Germany |
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Abstract: | We examine the relationship, across 39 countries, between regulation and entrepreneurship using a new two-equation model.
We find the minimum capital requirement required to start a business lowers entrepreneurship rates across countries, as do
labour market regulations. However the administrative considerations of starting a business – such as the time, the cost,
or the number of procedures required – are unrelated to the formation rate of either nascent or young businesses. Given the
explicit link made by Djankov et al. Djankov et al. 2002, ‹The Regulation of Entry’, Quarterly Journal of Economics
117(1), 1–37] between the speed and ease with which businesses may be established in a country and its economic performance –
and the enthusiasm with which this link has been grasped by European Union policy makers – our findings imply this link needs
reconsidering.
Prepared for: Small Business Economics (2007), Special issue GEM conference 2005 |
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Keywords: | Global Entrepreneurship Monitor nascent entrepreneurship regulation World Bank Doing Business young businesses |
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