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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 EMAIL logo


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.


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.


A List of countries

CountryNo. of yearsCountryNo. of years
Belgium3New Zealand1
Bosnia and Herzegovina1Nigeria1
Czech Republic2Portugal1
Finland3Russian Federation3
Germany3Slovak Republic1
Guatemala1South Africa3
Hong Kong SAR, China1Spain3
Indonesia1Trinidad and Tobago1
Ireland3United Arab Emirates2
Israel1United Kingdom3
Italy2United States3

B Estimating entrepreneurship and inclusive growth (winsorized variables)

Civic activism (CVA)1.7650.3420.6342.138**0.3440.6111.8710.4860.394**
Voluntary spirit (VOL)0.7050.5480.3870.5800.5460.3870.0090.2690.146
Interpersonal Safety and Trust (IST)0.2061.9170.6201.5861.908*0.6101.5240.7791.592**
Income pc0.000−0.000−0.0000.000−0.000−0.0000.0000.000−0.000***
Population aged 15–640.0030.033−0.0090.0080.033**−0.009−0.012−0.002−0.001
Unemployment rate−0.004−0.0130.002−0.002−0.013**0.002−0.003−0.0030.003
GDP pc growth−0.0080.004−0.011***−0.008**0.004−0.011***0.0060.011−0.004
TEA Innovative0.226**0.485***
TEA OPP0.0810.334
TEA NEC−0.122−0.014
Ln capital0.435***0.417***0.443***0.248***0.303***0.339***
Labor force0.004*0.0030.003−0.001−0.005−0.003
Ln government consumption0.454***0.454***0.435***0.509***0.443***0.408***
Ln population0.110***0.127***0.121***0.252***0.251***0.250***
Health expenditure0.0050.0050.0070.0110.0050.006
Eq. 3PovertyPovertyPovertyPovertyPovertyPovertyPovertyPovertyPoverty
Ln GDP−6.138*−8.113**−6.756**
Gini index0.568***0.303**0.556***
Ln urban population−9.997*−11.760*−9.659
Ln rural population5.912***6.272***6.248***
Ln secondary enrolment4.9448.3095.409
Ln primary enrolment6.081**6.923**5.593*
Health expenditure1.0631.721**1.157
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

Civic activism (CVA)2.1980.3420.5791.2470.3660.611
Voluntary spirit (VOL)0.1460.5480.4440.0770.2720.020
Interpersonal Safety and Trust (IST)3.510*1.9170.2781.2381.2122.429***
Income pc0.000−0.000−0.0000.0000.000−0.000**
Population aged 15–640.0120.033−0.009−0.007−0.002−0.001
Unemployment rate−0.002−0.013−0.000−0.004−0.0010.003
GDP pc growth−0.0070.004−0.011***0.0070.009−0.005
TEA Innovative0.185**0.325***
TEA OPP0.0720.250
TEA NEC−0.096−0.087
Ln capital0.405***0.409***0.439***0.269***0.361***0.324***
Labor force0.0010.0040.003−0.001−0.004−0.003
Ln government consumption0.456***0.455***0.433***0.485***0.411***0.418***
Ln population0.141***0.135***0.126***0.247***0.228***0.255***
Health expenditure0.022**0.0050.0070.0110.0130.010
Eq. 3PovertyPovertyPovertyPovertyPovertyPoverty
Ln GDP−7.454**−10.368***−8.686
Gini index0.543***0.321**0.440
Ln urban population−8.779−10.325−0.783
Ln rural population6.756***7.717***4.128
Ln secondary enrolment5.0048.1860.923
Ln primary enrolment5.369*5.968*5.032*
Health expenditure1.3801.5060.782
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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