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Does Entrepreneurship Matter for Inclusive Growth? The Role of Social Progress Orientation

Sebastian Aparicio ORCID logo, David Audretsch and David Urbano ORCID logo

Abstract

Building upon institutional economics, we examine how social progress orientation (SPO) affects inclusive growth through innovative and opportunity entrepreneurship. Hypotheses about civic activism, voluntary spirit, and the inclusion of minorities as proxies of SPO that affect entrepreneurship directly and inclusive growth indirectly have been suggested. Using unbalanced panel data of 132 observations (63 countries) and the three-stage least-squares method (3SLS), we provide empirical evidence that these three measures of SPO significantly affect innovative and opportunity entrepreneurship. Interestingly, our endogenous measures of entrepreneurial activity have served to explain inclusive growth, which is observed through poverty reduction across countries. Public policies should focus on social values oriented to progress in order to stimulate valuable entrepreneurial activity and hence facilitate economic development that also embraces vulnerable communities.

Acknowledgements

The authors acknowledge Prof. Mat Hughes and anonymous reviewers for valuable comments and suggestions. In addition, Sebastian Aparicio acknowledges Durham University Business School for constant support. Additionally, Sebastian acknowledges COLCIENCIAS Ph.D. programme (617/2013), as well as Sapiencia-Enlaza Mundos (Municipio de Medellín) for financial support during Ph.D. studies. David Urbano acknowledges the financial support from project ECO2017-87885-P (Spanish Ministry of Economy & Competitiveness), 2017-SGR-1056 (Economy & Knowledge Department, Catalan Government), and ICREA under ICREA Academia programme.

Appendix

A List of countries

CountryNo. of yearsCountryNo. of years
Algeria1Latvia2
Argentina3Lithuania1
Australia3Malaysia2
Bangladesh1Mexico3
Barbados1Netherlands3
Belgium3New Zealand1
Bosnia and Herzegovina1Nigeria1
Brazil3Norway3
Canada2Pakistan1
Chile3Panama1
China3Peru2
Colombia2Philippines1
Croatia3Poland2
Czech Republic2Portugal1
Denmark3Romania1
Finland3Russian Federation3
France3Singapore3
Germany3Slovak Republic1
Greece2Slovenia3
Guatemala1South Africa3
Hong Kong SAR, China1Spain3
Hungary3Sweden3
Iceland2Switzerland2
India2Thailand3
Indonesia1Trinidad and Tobago1
Iran1Turkey2
Ireland3United Arab Emirates2
Israel1United Kingdom3
Italy2United States3
Jamaica2Uruguay2
Japan3Venezuela1
Korea2Total132

B Estimating entrepreneurship and inclusive growth (winsorized variables)

(1)(2)(3)(4)(5)(6)(7)(8)(9)
Eq. 1TEA innovativeTEA OPPTEA NECTEA innovativeTEA OPPTEA NECTEA InnovativeTEA OPPTEA NEC
Civic activism (CVA)1.7650.3420.6342.138**0.3440.6111.8710.4860.394**
(1.237)(1.109)(0.808)(0.860)(0.590)(0.549)(2.067)(1.601)(0.189)
Voluntary spirit (VOL)0.7050.5480.3870.5800.5460.3870.0090.2690.146
(0.565)(0.828)(0.356)(0.379)(0.441)(0.242)(0.548)(0.382)(0.235)
Interpersonal Safety and Trust (IST)0.2061.9170.6201.5861.908*0.6101.5240.7791.592**
(0.944)(2.025)(0.628)(1.168)(1.078)(0.427)(1.694)(1.360)(0.712)
Income pc0.000−0.000−0.0000.000−0.000−0.0000.0000.000−0.000***
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)
Population aged 15–640.0030.033−0.0090.0080.033**−0.009−0.012−0.002−0.001
(0.017)(0.028)(0.011)(0.012)(0.015)(0.007)(0.010)(0.009)(0.004)
Unemployment rate−0.004−0.0130.002−0.002−0.013**0.002−0.003−0.0030.003
(0.008)(0.011)(0.005)(0.006)(0.006)(0.004)(0.006)(0.004)(0.002)
GDP pc growth−0.0080.004−0.011***−0.008**0.004−0.011***0.0060.011−0.004
(0.006)(0.008)(0.004)(0.004)(0.004)(0.003)(0.010)(0.008)(0.004)
Constant−0.398−2.9480.437−0.665−2.919**0.4290.344−0.106−0.556
(1.134)(2.310)(0.715)(0.807)(1.230)(0.486)(1.062)(0.932)(0.425)
R20.7240.8650.8230.7270.8650.8290.2730.2260.510
Eq. 2Ln GDPLn GDPLn GDPLn GDPLn GDPLn GDPLn GDPLn GDPLn GDP
TEA Innovative0.226**0.485***
(0.105)(0.118)
TEA OPP0.0810.334
(0.158)(0.217)
TEA NEC−0.122−0.014
(0.183)(0.359)
Ln capital0.435***0.417***0.443***0.248***0.303***0.339***
(0.043)(0.055)(0.045)(0.059)(0.073)(0.078)
Labor force0.004*0.0030.003−0.001−0.005−0.003
(0.002)(0.003)(0.002)(0.002)(0.003)(0.003)
Ln government consumption0.454***0.454***0.435***0.509***0.443***0.408***
(0.042)(0.051)(0.042)(0.060)(0.068)(0.069)
Ln population0.110***0.127***0.121***0.252***0.251***0.250***
(0.017)(0.025)(0.021)(0.026)(0.033)(0.037)
Health expenditure0.0050.0050.0070.0110.0050.006
(0.008)(0.010)(0.008)(0.014)(0.016)(0.016)
Constant2.141***2.391***2.439***3.111***3.785***3.804***
(0.275)(0.318)(0.307)(0.436)(0.482)(0.499)
R20.9910.9910.9910.9950.9940.994
Eq. 3PovertyPovertyPovertyPovertyPovertyPovertyPovertyPovertyPoverty
Ln GDP−6.138*−8.113**−6.756**
(3.293)(3.224)(3.305)
Gini index0.568***0.303**0.556***
(0.152)(0.149)(0.153)
Ln urban population−9.997*−11.760*−9.659
(5.908)(6.153)(5.936)
Ln rural population5.912***6.272***6.248***
(1.876)(1.732)(1.885)
Ln secondary enrolment4.9448.3095.409
(5.513)(5.866)(5.547)
Ln primary enrolment6.081**6.923**5.593*
(3.049)(2.882)(3.061)
Health expenditure1.0631.721**1.157
(0.912)(0.873)(0.917)
Constant53.23974.234**58.691
(35.674)(33.939)(35.843)
R20.8300.8470.832
Observations998111011181110352935
Country fixed-effectsYesYesYesYesYesYesYesYesYes
Time fixed-effectsYesYesYesYesYesYesYesYesYes

  1. *** p < 0.01; ** p < 0.05; * p < 0.10; + = 0.10. Note: Heteroskedasticity corrected standard errors are shown in parentheses.

C Estimating entrepreneurship and inclusive growth through OLS

(1)(2)(3)(4)(5)(6)
Eq. 1TEA innovativeTEA OPPTEA NECTEA innovativeTEA OPPTEA NEC
Civic activism (CVA)2.1980.3420.5791.2470.3660.611
(1.446)(1.109)(0.811)(2.438)(1.953)(1.062)
Voluntary spirit (VOL)0.1460.5480.4440.0770.2720.020
(0.701)(0.828)(0.371)(0.644)(0.347)(0.280)
Interpersonal Safety and Trust (IST)3.510*1.9170.2781.2381.2122.429***
(1.981)(2.025)(0.619)(1.925)(1.559)(0.838)
Income pc0.000−0.000−0.0000.0000.000−0.000**
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)
Population aged 15–640.0120.033−0.009−0.007−0.002−0.001
(0.017)(0.028)(0.011)(0.012)(0.009)(0.005)
Unemployment rate−0.002−0.013−0.000−0.004−0.0010.003
(0.009)(0.011)(0.005)(0.007)(0.005)(0.003)
GDP pc growth−0.0070.004−0.011***0.0070.009−0.005
(0.007)(0.008)(0.004)(0.012)(0.009)(0.005)
Constant−0.391−2.9480.6040.272−0.369−0.874*
(1.119)(2.310)(0.744)(1.192)(0.884)(0.519)
R20.7310.8690.8330.2850.3380.513
Eq. 2Ln GDPLn GDPLn GDPLn GDPLn GDPLn GDP
TEA Innovative0.185**0.325***
(0.088)(0.108)
TEA OPP0.0720.250
(0.147)(0.230)
TEA NEC−0.096−0.087
(0.153)(0.279)
Ln capital0.405***0.409***0.439***0.269***0.361***0.324***
(0.044)(0.055)(0.043)(0.065)(0.085)(0.079)
Labor force0.0010.0040.003−0.001−0.004−0.003
(0.002)(0.003)(0.002)(0.003)(0.003)(0.003)
Ln government consumption0.456***0.455***0.433***0.485***0.411***0.418***
(0.041)(0.050)(0.039)(0.066)(0.081)(0.073)
Ln population0.141***0.135***0.126***0.247***0.228***0.255***
(0.019)(0.023)(0.019)(0.029)(0.036)(0.038)
Health expenditure0.022**0.0050.0070.0110.0130.010
(0.008)(0.010)(0.008)(0.016)(0.019)(0.019)
Constant2.363***2.435***2.466***3.363***3.426***3.810***
(0.265)(0.328)(0.301)(0.487)(0.519)(0.552)
R20.9930.9910.9910.9950.9940.994
Eq. 3PovertyPovertyPovertyPovertyPovertyPoverty
Ln GDP−7.454**−10.368***−8.686
(3.517)(3.278)(5.354)
Gini index0.543***0.321**0.440
(0.170)(0.159)(0.287)
Ln urban population−8.779−10.325−0.783
(6.598)(7.426)(7.621)
Ln rural population6.756***7.717***4.128
(2.091)(2.100)(2.461)
Ln secondary enrolment5.0048.1860.923
(5.932)(7.082)(5.457)
Ln primary enrolment5.369*5.968*5.032*
(3.216)(3.302)(2.920)
Health expenditure1.3801.5060.782
(1.011)(1.055)(1.247)
Constant62.618103.214***74.996
(38.248)(35.680)(54.878)
R20.8350.8720.685
Observations10183115363136
Country fixed-effectsYesYesYesYesYesYes
Time fixed-effectsYesYesYesYesYesYes

  1. *** p < 0.01; ** p < 0.05; * p < 0.10; + = 0.10. Note: Heteroskedasticity corrected standard errors are shown in parentheses.

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Published Online: 2020-02-28

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