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
| Country | No. of years | Country | No. of years |
|---|---|---|---|
| Algeria | 1 | Latvia | 2 |
| Argentina | 3 | Lithuania | 1 |
| Australia | 3 | Malaysia | 2 |
| Bangladesh | 1 | Mexico | 3 |
| Barbados | 1 | Netherlands | 3 |
| Belgium | 3 | New Zealand | 1 |
| Bosnia and Herzegovina | 1 | Nigeria | 1 |
| Brazil | 3 | Norway | 3 |
| Canada | 2 | Pakistan | 1 |
| Chile | 3 | Panama | 1 |
| China | 3 | Peru | 2 |
| Colombia | 2 | Philippines | 1 |
| Croatia | 3 | Poland | 2 |
| Czech Republic | 2 | Portugal | 1 |
| Denmark | 3 | Romania | 1 |
| Finland | 3 | Russian Federation | 3 |
| France | 3 | Singapore | 3 |
| Germany | 3 | Slovak Republic | 1 |
| Greece | 2 | Slovenia | 3 |
| Guatemala | 1 | South Africa | 3 |
| Hong Kong SAR, China | 1 | Spain | 3 |
| Hungary | 3 | Sweden | 3 |
| Iceland | 2 | Switzerland | 2 |
| India | 2 | Thailand | 3 |
| Indonesia | 1 | Trinidad and Tobago | 1 |
| Iran | 1 | Turkey | 2 |
| Ireland | 3 | United Arab Emirates | 2 |
| Israel | 1 | United Kingdom | 3 |
| Italy | 2 | United States | 3 |
| Jamaica | 2 | Uruguay | 2 |
| Japan | 3 | Venezuela | 1 |
| Korea | 2 | Total | 132 |
B Estimating entrepreneurship and inclusive growth (winsorized variables)
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
|---|---|---|---|---|---|---|---|---|---|
| Eq. 1 | TEA innovative | TEA OPP | TEA NEC | TEA innovative | TEA OPP | TEA NEC | TEA Innovative | TEA OPP | TEA NEC |
| Civic activism (CVA) | 1.765 | 0.342 | 0.634 | 2.138** | 0.344 | 0.611 | 1.871 | 0.486 | 0.394** |
| (1.237) | (1.109) | (0.808) | (0.860) | (0.590) | (0.549) | (2.067) | (1.601) | (0.189) | |
| Voluntary spirit (VOL) | 0.705 | 0.548 | 0.387 | 0.580 | 0.546 | 0.387 | 0.009 | 0.269 | 0.146 |
| (0.565) | (0.828) | (0.356) | (0.379) | (0.441) | (0.242) | (0.548) | (0.382) | (0.235) | |
| Interpersonal Safety and Trust (IST) | 0.206 | 1.917 | 0.620 | 1.586 | 1.908* | 0.610 | 1.524 | 0.779 | 1.592** |
| (0.944) | (2.025) | (0.628) | (1.168) | (1.078) | (0.427) | (1.694) | (1.360) | (0.712) | |
| Income pc | 0.000 | −0.000 | −0.000 | 0.000 | −0.000 | −0.000 | 0.000 | 0.000 | −0.000*** |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| Population aged 15–64 | 0.003 | 0.033 | −0.009 | 0.008 | 0.033** | −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 | −0.013 | 0.002 | −0.002 | −0.013** | 0.002 | −0.003 | −0.003 | 0.003 |
| (0.008) | (0.011) | (0.005) | (0.006) | (0.006) | (0.004) | (0.006) | (0.004) | (0.002) | |
| GDP pc growth | −0.008 | 0.004 | −0.011*** | −0.008** | 0.004 | −0.011*** | 0.006 | 0.011 | −0.004 |
| (0.006) | (0.008) | (0.004) | (0.004) | (0.004) | (0.003) | (0.010) | (0.008) | (0.004) | |
| Constant | −0.398 | −2.948 | 0.437 | −0.665 | −2.919** | 0.429 | 0.344 | −0.106 | −0.556 |
| (1.134) | (2.310) | (0.715) | (0.807) | (1.230) | (0.486) | (1.062) | (0.932) | (0.425) | |
| R2 | 0.724 | 0.865 | 0.823 | 0.727 | 0.865 | 0.829 | 0.273 | 0.226 | 0.510 |
| Eq. 2 | Ln GDP | Ln GDP | Ln GDP | Ln GDP | Ln GDP | Ln GDP | Ln GDP | Ln GDP | Ln GDP |
| TEA Innovative | 0.226** | 0.485*** | |||||||
| (0.105) | (0.118) | ||||||||
| TEA OPP | 0.081 | 0.334 | |||||||
| (0.158) | (0.217) | ||||||||
| TEA NEC | −0.122 | −0.014 | |||||||
| (0.183) | (0.359) | ||||||||
| Ln capital | 0.435*** | 0.417*** | 0.443*** | 0.248*** | 0.303*** | 0.339*** | |||
| (0.043) | (0.055) | (0.045) | (0.059) | (0.073) | (0.078) | ||||
| Labor force | 0.004* | 0.003 | 0.003 | −0.001 | −0.005 | −0.003 | |||
| (0.002) | (0.003) | (0.002) | (0.002) | (0.003) | (0.003) | ||||
| Ln government consumption | 0.454*** | 0.454*** | 0.435*** | 0.509*** | 0.443*** | 0.408*** | |||
| (0.042) | (0.051) | (0.042) | (0.060) | (0.068) | (0.069) | ||||
| Ln population | 0.110*** | 0.127*** | 0.121*** | 0.252*** | 0.251*** | 0.250*** | |||
| (0.017) | (0.025) | (0.021) | (0.026) | (0.033) | (0.037) | ||||
| Health expenditure | 0.005 | 0.005 | 0.007 | 0.011 | 0.005 | 0.006 | |||
| (0.008) | (0.010) | (0.008) | (0.014) | (0.016) | (0.016) | ||||
| Constant | 2.141*** | 2.391*** | 2.439*** | 3.111*** | 3.785*** | 3.804*** | |||
| (0.275) | (0.318) | (0.307) | (0.436) | (0.482) | (0.499) | ||||
| R2 | 0.991 | 0.991 | 0.991 | 0.995 | 0.994 | 0.994 | |||
| Eq. 3 | Poverty | Poverty | Poverty | Poverty | Poverty | Poverty | Poverty | Poverty | Poverty |
| Ln GDP | −6.138* | −8.113** | −6.756** | ||||||
| (3.293) | (3.224) | (3.305) | |||||||
| Gini index | 0.568*** | 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 population | 5.912*** | 6.272*** | 6.248*** | ||||||
| (1.876) | (1.732) | (1.885) | |||||||
| Ln secondary enrolment | 4.944 | 8.309 | 5.409 | ||||||
| (5.513) | (5.866) | (5.547) | |||||||
| Ln primary enrolment | 6.081** | 6.923** | 5.593* | ||||||
| (3.049) | (2.882) | (3.061) | |||||||
| Health expenditure | 1.063 | 1.721** | 1.157 | ||||||
| (0.912) | (0.873) | (0.917) | |||||||
| Constant | 53.239 | 74.234** | 58.691 | ||||||
| (35.674) | (33.939) | (35.843) | |||||||
| R2 | 0.830 | 0.847 | 0.832 | ||||||
| Observations | 99 | 81 | 110 | 111 | 81 | 110 | 35 | 29 | 35 |
| Country fixed-effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Time fixed-effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
*** 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. 1 | TEA innovative | TEA OPP | TEA NEC | TEA innovative | TEA OPP | TEA NEC |
| Civic activism (CVA) | 2.198 | 0.342 | 0.579 | 1.247 | 0.366 | 0.611 |
| (1.446) | (1.109) | (0.811) | (2.438) | (1.953) | (1.062) | |
| Voluntary spirit (VOL) | 0.146 | 0.548 | 0.444 | 0.077 | 0.272 | 0.020 |
| (0.701) | (0.828) | (0.371) | (0.644) | (0.347) | (0.280) | |
| Interpersonal Safety and Trust (IST) | 3.510* | 1.917 | 0.278 | 1.238 | 1.212 | 2.429*** |
| (1.981) | (2.025) | (0.619) | (1.925) | (1.559) | (0.838) | |
| Income pc | 0.000 | −0.000 | −0.000 | 0.000 | 0.000 | −0.000** |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| Population aged 15–64 | 0.012 | 0.033 | −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 | −0.001 | 0.003 |
| (0.009) | (0.011) | (0.005) | (0.007) | (0.005) | (0.003) | |
| GDP pc growth | −0.007 | 0.004 | −0.011*** | 0.007 | 0.009 | −0.005 |
| (0.007) | (0.008) | (0.004) | (0.012) | (0.009) | (0.005) | |
| Constant | −0.391 | −2.948 | 0.604 | 0.272 | −0.369 | −0.874* |
| (1.119) | (2.310) | (0.744) | (1.192) | (0.884) | (0.519) | |
| R2 | 0.731 | 0.869 | 0.833 | 0.285 | 0.338 | 0.513 |
| Eq. 2 | Ln GDP | Ln GDP | Ln GDP | Ln GDP | Ln GDP | Ln GDP |
| TEA Innovative | 0.185** | 0.325*** | ||||
| (0.088) | (0.108) | |||||
| TEA OPP | 0.072 | 0.250 | ||||
| (0.147) | (0.230) | |||||
| TEA NEC | −0.096 | −0.087 | ||||
| (0.153) | (0.279) | |||||
| Ln capital | 0.405*** | 0.409*** | 0.439*** | 0.269*** | 0.361*** | 0.324*** |
| (0.044) | (0.055) | (0.043) | (0.065) | (0.085) | (0.079) | |
| Labor force | 0.001 | 0.004 | 0.003 | −0.001 | −0.004 | −0.003 |
| (0.002) | (0.003) | (0.002) | (0.003) | (0.003) | (0.003) | |
| Ln government consumption | 0.456*** | 0.455*** | 0.433*** | 0.485*** | 0.411*** | 0.418*** |
| (0.041) | (0.050) | (0.039) | (0.066) | (0.081) | (0.073) | |
| Ln population | 0.141*** | 0.135*** | 0.126*** | 0.247*** | 0.228*** | 0.255*** |
| (0.019) | (0.023) | (0.019) | (0.029) | (0.036) | (0.038) | |
| Health expenditure | 0.022** | 0.005 | 0.007 | 0.011 | 0.013 | 0.010 |
| (0.008) | (0.010) | (0.008) | (0.016) | (0.019) | (0.019) | |
| Constant | 2.363*** | 2.435*** | 2.466*** | 3.363*** | 3.426*** | 3.810*** |
| (0.265) | (0.328) | (0.301) | (0.487) | (0.519) | (0.552) | |
| R2 | 0.993 | 0.991 | 0.991 | 0.995 | 0.994 | 0.994 |
| Eq. 3 | Poverty | Poverty | Poverty | Poverty | Poverty | Poverty |
| Ln GDP | −7.454** | −10.368*** | −8.686 | |||
| (3.517) | (3.278) | (5.354) | ||||
| Gini index | 0.543*** | 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 population | 6.756*** | 7.717*** | 4.128 | |||
| (2.091) | (2.100) | (2.461) | ||||
| Ln secondary enrolment | 5.004 | 8.186 | 0.923 | |||
| (5.932) | (7.082) | (5.457) | ||||
| Ln primary enrolment | 5.369* | 5.968* | 5.032* | |||
| (3.216) | (3.302) | (2.920) | ||||
| Health expenditure | 1.380 | 1.506 | 0.782 | |||
| (1.011) | (1.055) | (1.247) | ||||
| Constant | 62.618 | 103.214*** | 74.996 | |||
| (38.248) | (35.680) | (54.878) | ||||
| R2 | 0.835 | 0.872 | 0.685 | |||
| Observations | 101 | 83 | 115 | 36 | 31 | 36 |
| Country fixed-effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Time fixed-effects | Yes | Yes | Yes | Yes | Yes | Yes |
*** p < 0.01; ** p < 0.05; * p < 0.10; + = 0.10. Note: Heteroskedasticity corrected standard errors are shown in parentheses.
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