Entrepreneurship in the EU: To Wish and not to be |
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Authors: | Isabel Grilo Jesus-Maria Irigoyen |
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Institution: | (1) DG Enterprise, European Commission, B-1049 Brussels, Belgium |
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Abstract: | The entrepreneurial capacity in an economy is a key determinant of economic growth and productivity improvements. This paper
uses survey data from the 15 EU Member States and the US to investigate two aspects of entrepreneurial capacity: latent and
actual entrepreneurship. Latent entrepreneurship is measured by the probability of a declared preference for self-employment
over employment. Other than demographic variables such as gender, age and education level, the set of explanatory variables
used includes country specific effects, the perception by respondents of administrative complexities and of availability of
financial support and a rough measure of risk tolerance. The most striking result is the lack of explanatory power of the
perception of lack of available financial support in the latent entrepreneurship equation. |
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Keywords: | access to finance administrative complexities entrepreneurship probit regression risk attitudes self-employment |
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