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Grupo de Estudos Monetários e Financeiros

Estudos do GEMF, N.º 22 de 2014


The Nature of Entrepreneurship and its Determinants:

Opportunity or Necessity?

(Publicado em Journal of Global Economics, Management and Business Research 3(4): 177-188, 2015)

Gonçalo Brás
Faculdade de Economia da Universidade de Coimbra

Elias Soukiazis
Faculdade de Economia da Universidade de Coimbra e GEMF

Within the institutional theory of North (1990, 2005), the objective of this study is to analyse the impact of economic and institutional factors, formal and informal, in the entrepreneurial activity of nations, particularly in Total Entrepreneurial Activity (TEA). In order to evaluate the simultaneous influence of economic and institutional factors on the entrepreneurial activity, a multiple regression approach is used with cross-country data sets. The results show that TEA is negatively related to infrastructural capacity and political stability of a country, and positively related to government spending and freedom of expression and corporate associations (Voice & Accountability) at a country level. It is also tested the relationship between TEA and GDP per capita. Our results confirm a convex relationship between the two variables giving evidence that the entrepreneurial activity is mostly necessity driven rather than motivated by opportunity.

JEL Classification: L26, M13, C31

Keywords: Entrepreneurship by necessity, Entrepreneurship by opportunity, Cross-country regression models, convexity hypothesis, threshold level.

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