Entrepreneurship Capital Types and Economic Growth: International Evidence

Technological Forecasting and Social Change, 102, 34-44

Posted: 22 Apr 2015 Last revised: 10 Mar 2017

See all articles by David Urbano

David Urbano

Autonomous University of Barcelona

Sebastian Aparicio

Durham University Business School; Autonomous University of Barcelona; Fundación ECSIM Centro de Estudios en Economía Sistémica

Date Written: January 1, 2016

Abstract

This paper analyzes the effect of entrepreneurship capital types on economic growth. We use an augmented Cobb-Douglas production function, which introduces variables such as entrepreneurship capital into the analysis of growth as endogenous factor. We differentiate our work from the previous studies by using panel data analysis, with 43 countries in the period from 2002 to 2012, and different measures of entrepreneurship capital. Our estimations suggest that these measures have a positive effect on economic growth, specifically overall TEA and opportunity TEA. Distinguishing between groups of countries and periods of time, we find that overall TEA has a greater effect on economic growth in OECD countries and in the post-crisis period for all the countries in our sample. These results suggest new elements to both theoretical discussion and public policy focusing on entrepreneurship capital as an important factor to achieve economic growth.

Keywords: Entrepreneurship capital, entrepreneurial activity, economic growth, cross-country analysis, panel data

Suggested Citation

Urbano, David and Aparicio, Sebastian, Entrepreneurship Capital Types and Economic Growth: International Evidence (January 1, 2016). Technological Forecasting and Social Change, 102, 34-44, Available at SSRN: https://ssrn.com/abstract=2597217

David Urbano

Autonomous University of Barcelona ( email )

Edifici B, Campus UAB
Bellaterra, Barcelona 08193
Spain
34935811209 (Phone)

HOME PAGE: http://www.davidurbano.eu

Sebastian Aparicio (Contact Author)

Durham University Business School ( email )

Mill Hill Lane
Durham, DH1 3LB
United Kingdom

HOME PAGE: http://https://www.dur.ac.uk/business/

Autonomous University of Barcelona ( email )

Plaça Cívica
Cerdañola del Valles
Barcelona, Barcelona 08193
Spain

Fundación ECSIM Centro de Estudios en Economía Sistémica ( email )

Cr. 43 A # 6 sur – 26, of. 423-424-425
Medellín, Antioquia
Colombia

HOME PAGE: http://www.ecsim.org

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