Economic and socio-cultural drivers of necessity and opportunity entrepreneurship depending on the business cycle phase
Abstract
This paper offers an in-depth examination of the behavior of necessity- and opportunitydriven entrepreneurship. First, it considers their relevance to total entrepreneurial activity. It then seeks to determine which socio-cultural and economic factors affect the two types of entrepreneurship, as well as their relative importance for a sample of 32 previously selected countries during a period of expansion (2001–2008) and of crisis and recovery (2009–2016). The analyzed factors include monetary and fiscal policy instruments (economic factors) and representative variables of governance and human capital (socio-cultural ones). The findings show that both necessity- and opportunity-driven entrepreneurship largely explain the behavior of total entrepreneurial activity. They moreover show that the explanatory factors of both kinds of entrepreneurship differ depending on the business cycle phase considered. These findings will be key to proposing efficient economic policy measures to promote entrepreneurial activity and, thus, economic growth in different economies around the world.
Keyword : entrepreneurship, opportunity, necessity, socio-cultural factors, economic factors, economic growth, business cycle, GEM
How to Cite
Martínez-Rodriguez, I., Callejas-Albiñana, F. E., & Callejas-Albiñana, A. I. (2020). Economic and socio-cultural drivers of necessity and opportunity entrepreneurship depending on the business cycle phase. Journal of Business Economics and Management, 21(2), 373-394. https://doi.org/10.3846/jbem.2020.11848
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Friedman, B. (2011). The relationship between governance effectiveness and entrepreneurship. International Journal of Humanities and Social Science, 1(17), 221–225.
Fritsch, M., Kritikos, A. S., & Pijnenbug, K. (2016). The effect of the business cycle on start-ups across industries and regions – An empirical analysis for Germany. DIW Berlin and Friedrich Schiller University Jena, mimeo.
Fryges, H., Kohn, K., & Ullrich, K. (2011). The interdependence of R&D activity and debt financing of business start-ups (summary). Frontiers of Entrepreneurship Research, 31(3).
Gaiotti, E., & Generale, A. (2001). Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms (Working Paper Series 110). European Central Bank.
Gemmell, N., Kneller, R., & Sanz, I. (2011). The timing and persistence of fiscal policy impacts on growth: Evidence from OECD countries. Economic Journal, 121, 33–58. https://doi.org/10.1111/j.1468-0297.2010.02414.x
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Giacomin, O., Janssen, F., Pruett, M., Shinnar, R. S., Llopis, F., & Toney, B. (2011). Entrepreneurial intentions, motivations and barriers: differences among American, Asian and European students. International Entrepreneurship and Management Journal, 7(2), 219–238. https://doi.org/10.1007/s11365-010-0155-y
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Grilo, I., & Irigoyen, J. (2006). Entrepreneurship in the EU: To wish and not to be. Small Business Economics, 26(4), 305–318. https://doi.org/10.1007/s11187-005-1561-3
Halicioglu, F., & Yolac, S. (2015). Testing the impact of unemployment on self-employment: Empirical evidence from OECD countries. Paper presented at the meeting of the World Conference on Technology, Innovation and Entrepreneurship. Istanbul University. https://doi.org/10.1016/j.sbspro.2015.06.161
Harju, J., & Kosonen, T. (2012). The impact of tax incentives on the economic activity of entrepreneurs (NBER Working Paper, 18442). https://doi.org/10.3386/w18442
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