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.
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Positioned as the premier research journal within the field of entrepreneurship, the Entrepreneurship Research Journal (ERJ) is a forum for scholarly discussion on entrepreneurs and their activities, contexts, processes, strategies and outcomes. It seeks to encourage a scholarly exchange between researchers from any field of study who focus on entrepreneurs and includes both theoretical and empirical articles.
01 Jan 2011
Rania Labaki, Thomas Lyons, Ramona K. Zachary and Chandra Mishra