The Impact Of Entrepreneurship On Economic Growth

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The Impact Of Entrepreneurship On Economic Growth

The Impact Of Entrepreneurship On Economic Growth

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Author: Xiaoyan Huang Xiaoyan Huang Scilit Google Scholar * and Yuli Chen Yuli Chen Scilit Google Scholar

Received: July 30, 2021/Revision: September 9, 2021/Accepted: September 10, 2021/Published: October 13, 2021

The Impact Of Entrepreneurship Education On Job Creation And Economic Growth In India

Entrepreneurship often occurs in innovation systems, especially in cities. Cities with unique characteristics may alter the impact of entrepreneurship. This paper uses a multiple regression model to evaluate the impact of entrepreneurship on economic growth, taking into account the moderating effect of urban environment. We use gross domestic product (GDP) as the dependent variable and government spending, labor, fixed and financial capital, and entrepreneurship as independent variables. The data comes from the 2003-2017 yearbooks of Zhaoqing, Shantou and Meizhou (three cities in Guangdong, China with distinctive cultural and geographical characteristics). Our conclusions are: (1) The GDP of the three cities is highly dependent on traditional production factors (i.e. government expenditure, labor, fixed capital and financial capital) rather than entrepreneurship; (2) Meizhou’s urban environment is relatively unsupportive of its entrepreneurial contributions and Compare the GDP of Zhaoqing and Shantou. This study adds to the literature by empirically assessing and comparing entrepreneurial development in three Chinese cities; it also informs scholars and practitioners about the moderating role of urban context.

As West [1] said: “If we therefore insist on continuous open growth, not only will the pace of life inevitably accelerate, but we will have to innovate at an ever-faster pace” (p. 31). To keep our economy moving, we need continued innovation and entrepreneurship, and this often happens in cities. Cities have both tangible and intangible characteristics that influence entrepreneurial efforts and outcomes in multiple ways. For example, a city’s culture, as a specific characteristic of a place, may promote entrepreneurial activity in that city over a long period of time [2, 3, 4, 5, 6].

Research on entrepreneurship and growth covers a wide range of areas (e.g. macroeconomics, microeconomics, economic welfare) at different geographical levels and in different regions [7, 8]. At the national level, Van Stel et al. [9] estimated the macroeconomic impact of entrepreneurship in 26 OECD countries and found that the equilibrium rate of individual self-employment has nothing to do with the level of economic development, and deviations from the equilibrium rate (whether positive or negative) will weaken growth. In contrast, Nikolaev et al. [7] According to a world sample of 73 countries, the level of economic freedom is the strongest indicator of entrepreneurship. At the regional level, most studies focus on the role of entrepreneurial ecosystems [10, 11, 12, 13] and the role of its cultural, geographical and institutional components [14, 15, 16].

The Impact Of Entrepreneurship On Economic Growth

This study evaluates the impact of entrepreneurship on economic growth in three cities in China, taking into account the moderating role of urban environment (e.g., culture, geography, institutions). This article is structured as follows. Section 2 summarizes the relationship between entrepreneurship and economic growth and the relevant literature on entrepreneurship measurement. Section 3 introduces the data sources (three cities in Guangdong, China) and research methods (multiple regression). Section 4 presents the results of the multiple regression model. Section 5 discusses the research results, reflective methods and literature links. Section 6 concludes the study.

Entrepreneurship In India: The Past, The Present, And The Future

Generally speaking, entrepreneurship promotes economic growth due to its innovative nature [17, 18, 19, 20, 21, 22, 23]. As neoclassical theory holds, growth is mainly determined by fixed capital, financial capital, labor, technology and entrepreneurship [24, 25]. Entrepreneurs promote growth by managing resources in new ways [26]. This innovative growth is more organic than growth that relies on physical capital. However, entrepreneurship may also inhibit growth [5, 8, 27]. Understandably, as a popular term, it may attract more funding and personnel than it truly deserves, leading to an irrational allocation of resources.

Context (or ecosystem) may influence the relationship between entrepreneurship and economic growth. Theoretical and empirical research explores the composition, conditions, and processes of ecosystems that facilitate or inhibit entrepreneurship [5, 28, 29, 30]. For example, Isenberg [31] elaborates on six key components of an entrepreneurial ecosystem (i.e., policy, finance, culture, support, human capital, and market). The World Economic Forum [30] found that market access and high-quality human and financial capital are favorable conditions for successful entrepreneurship. Recently, Stam and van de Ven [29] proposed a procedural structure of a theoretical ecosystem with three layers, namely institutional arrangements, resource endowments, and outputs (i.e., productive entrepreneurship), which suggests that entrepreneurship can be regarded as an emerging phenomena in complex systems. At the same time, ecosystems can also be viewed as environments that mediate the relationship between entrepreneurship and growth [10, 32]. In summary, ecosystems can generate entrepreneurship or serve as a platform for the relationship between entrepreneurship and economic outcomes.

In order to measure entrepreneurship, researchers mainly measure it from five perspectives: self-employment, new business formation, early-stage entrepreneurship, necessity entrepreneurship and opportunity entrepreneurship [33, 34]. The first two (i.e., self-employment, new firm formation) are applicable to almost all entrepreneurship research, while the other three have a special focus. Entrepreneurship essentially means creating something new; self-employment can be viewed as a sole proprietorship that encourages innovation. The formation of new companies is an extended version of self-employment; this is a key indicator because new methods of production are often implemented by companies. Early-stage entrepreneurship depicts the critical life-and-death period of an entrepreneurial endeavor; it is a major driver of growth, knowledge dissemination, and creation of new jobs [7, 35, 36]. Necessity and Opportunity Entrepreneurship discusses the causes and consequences of different types of entrepreneurship. Necessity entrepreneurship indicates that the entrepreneur has no better career options; opportunity entrepreneurship indicates that the entrepreneur aims to exploit business opportunities. Furthermore, entrepreneurship can be measured indirectly through innovation [35, 37] or competition [38, 39, 40].

We use data from the yearbooks of three cities in Guangdong, China, Zhaoqing (ZQ), Shantou (ST) and Meizhou (MZ) from 2003 to 2017 [41, 42, 43]. These cities have similar population sizes but different cultural and geographical characteristics. Zhaoqing is the birthplace of Cantonese culture (e.g., Hug, Urban) and Cantonese (the official dialect of Guangdong Province). As of 2019, the city covers an area of ​​approximately 15,000 square kilometers and has a population of approximately 4.1 million; it is also the closest (approximately 110 kilometers) to the provincial capital Guangzhou. In contrast, ST and MZ are approximately equal distances from the provincial capital (approximately 420 kilometers). ST represents Chaoshan culture (diligence and pragmatism). It is a coastal city with a population size of approximately 4.2 million as of 2019; its area is approximately 2,199 square kilometers, which is much smaller than the other two cities. MZ represents Kejia culture (e.g. tradition, self-sufficiency). It is located in a remote mountainous area on the provincial border. As of 2019, it covers an area of ​​approximately 15,865 square kilometers and has a population of approximately 5.5 million.

Competitiveness And Entrepreneurship, And Their Effects On Economic Growth

According to neoclassical economic theory [24, 25], growth is mainly determined by fixed capital, financial capital, labor force, technology and entrepreneurship. We assume that the technological level of the study area remains constant during the study period. We also take into account government spending, as growth is measured by gross domestic product (GDP). In other words, growth (GDP) is a function of fixed capital, financial capital, labor and government spending.

We use two models to assess the relationship between entrepreneurship and growth. Model 1 captures the relationship between each city (i.e. ZQ, ST, MZ), as shown in formula (1); Model 2 captures the overall characteristics of the relationship by combining three cities (i.e. ZQ, ST, MZ), as shown in formula ( 2) as shown. Model 2 allows comparisons across cities by introducing virtual models of cities. In Model 2, we consider moderation

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