The impact of policy uncertainty on entrepreneurial activity: a cross-country analysis

IF 3.3 1区经济学 Q2 BUSINESS

Entrepreneurship and Regional Development Pub Date : 2023-05-16 DOI:10.1080/08985626.2023.2211978

Indu Khurana, A. Habiyaremye, Veysel Avsar, S. Terjesen

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引用次数: 1

Abstract

ABSTRACT This study examines the impact of Economic Policy Uncertainty (EPU), capturing the extent to which a national economy is characterized by uncertainty about future tax codes, monetary policy, and government spending on the rate of entrepreneurial activity, including necessity entrepreneurship and opportunity entrepreneurship. Applying the system Generalized Method of Moments methodology on panel data covering 26 countries over 19 years, we show that higher EPU is associated with increased rates of necessity entrepreneurship. The results are significant even after controlling for other macro-level indicators and alternate EPU specifications. The results also suggest a lower rate of necessity entrepreneurship in developed economies, which reflects the role of safety nets as a shield against sudden loss of livelihood. We find no significant relationship between EPU and opportunity entrepreneurship, suggesting that opportunity entrepreneurship is governed by a more complex combination of factors. Our study contributes to the literature on determinants of entrepreneurship and offers important recommendations for entrepreneurs and policymakers.

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政策不确定性对创业活动的影响:一项跨国分析

本研究考察了经济政策不确定性(EPU)的影响，捕捉了未来税法、货币政策和政府支出的不确定性对创业活动(包括必要性创业和机会创业)率的影响程度。应用系统广义矩量法对覆盖26个国家19年的面板数据进行分析，我们发现较高的EPU与必要性创业率的增加有关。即使在控制了其他宏观指标和备用EPU规格之后，结果也是显著的。研究结果还表明，发达经济体的必需品创业率较低，这反映出安全网在防止生计突然丧失方面的作用。我们发现EPU与机会创业之间没有显著的关系，这表明机会创业是由更复杂的因素组合控制的。我们的研究对创业决定因素的文献有贡献，并为企业家和政策制定者提供了重要的建议。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship and Regional Development Multiple-

CiteScore

7.90

自引率

10.70%

发文量

期刊介绍： Entrepreneurship and Regional Development is unique in that it addresses the central factors in economic development - entrepreneurial vitality and innovation - as local and regional phenomena. It provides a multi-disciplinary forum for researchers and practitioners in the field of entrepreneurship and small firm development and for those studying and developing the local and regional context in which entrepreneurs emerge, innovate and establish the new economic activities which drive economic growth and create new economic wealth and employment. The Journal focuses on the diverse and complex characteristics of local and regional economies which lead to entrepreneurial vitality and endow the large and small firms within them with international competitiveness.