The impact of entrepreneurship on economic growth: Empirical evidence in the Mekong Delta
Nội dung chính của bài viết
Tóm tắt
Entrepreneurship is the main motivation of economic development, a large amount of literature analyzing the impact of entrepreneurship on solid growth and survival has appeared. This paper aims to quantify the impact of entrepreneurship on economic growth using a balanced panel data of 8 provinces in the Mekong Delta region over 20 years. Two indicators of entrepreneurship (Private Employment Rate, Self-Employment Rate) are identified and incorporated into the traditional growth regression model demonstrated using the Feasible Generalized Least Square (FGLS) method. The results show that entrepreneurship has a positive impact on economic growth and this finding is very strong through the private employment rate of 8 Mekong Delta provinces but does not provide enough evidence that the self-employment rate has a positive impact on growth. Public policies that promote entrepreneurship should be expected to positively influence economic growth
Chi tiết bài viết
Từ khóa
Entrepreneurship, Economic Growth, Private employment
Tài liệu tham khảo
Acs, Z. J., & Audretsch, D. B. (1990). Innovation and small firms. MIT press.
Acs, Z. J., & Varga, A. (2005). Entrepreneurship, agglomeration and technological change. Small Business Economics, 24(3), 323-334. https://doi.org/10.1007/s11187-005-1998-4
Acs, Z., & Armington, C. (2004). Employment growth and entrepreneurial activity in cities. Regional Studies, 38(8), 911-927. https://doi.org/10.1080/0034340042000280938
Aghion, P., & Howitt, P. (1997). Endogenous Growth Theory (Vol. 1). The MIT Press.
Aidis, R., Estrin, S., & Mickiewicz, T. (2008). Institutions and entrepreneurship development in Russia: A comparative perspective. Journal of Business Venturing, 23(6), 656-672. https://doi.org/10.1016/j.jbusvent.2008.01.005
Anokhin, S., & Schulze, W. S. (2009). Entrepreneurship, innovation, and corruption. Journal of Business Venturing, 24(5), 465-476. https://doi.org/10.1016/j.jbusvent.2008.06.001
Audretsch, D. B. (1995). Innovation, growth and survival. International Journal of Industrial Organization, 13(4), 441-457. https://doi.org/10.1016/0167-7187(95)00499-8
Audretsch, D. B., & Feldman, M. P. (1996). R&D spillovers and the geography of innovation and production. The American Economic Review, 86(3), 630-640. https://www.jstor.org/stable/2118216
Audretsch, D. B., & Keilbach, M. (2004). Entrepreneurship and regional growth: an evolutionary interpretation. Journal of Evolutionary Economics, 14, 605-616. https://doi.org/10.1007/s00191-004-0228-6.
Audretsch, D. B., & Stephan, P. E. (1996). Company-scientist locational links: The case of biotechnology. The American Economic Review, 86(3), 641-652. https://www.jstor.org/stable/2118217
Audretsch, D. B., Keilbach, M. C., & Lehmann, E. E. (2006). Entrepreneurship and economic growth. Oxford University Press.
Barro, R. J. (1991). Economic growth in a cross section of countries. The Quarterly Journal of Economics, 106(2), 407-443. https://doi.org/10.2307/2937943
Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647. doi:10.2307/2082979
Berkowitz, D., & DeJong, D. N. (2005). Entrepreneurship and post‐socialist growth. Oxford Bulletin of Economics and Statistics, 67(1), 25-46. https://doi.org/10.1111/j.1468-0084.2005.00108.x
Beugelsdijk, S., & Noorderhaven, N. (2004). Entrepreneurial attitude and economic growth: A cross-section of 54 regions. The Annals of Regional Science, 38(2), 199–218. https://doi.org/10.1007/s00168-004-0192-y
Bjørnskov, C., & Foss, N. J. (2008). Economic freedom and entrepreneurial activity: Some cross-country evidence. Public Choice, 134(3), 307-328. https://doi.org/10.1007/s11127-007-9229-y
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
Carree, M., Van Stel, A. V., Thurik, R., & Wennekers, S. (2002). Economic development and business ownership: An analysis using data of 23 OECD countries in the period 1976–1996. Small Business Economics, 19, 271–290.
Cohen, W. M., & Levinthal, D. A. (1989). Innovation and learning: the two faces of R & D. The Economic Journal, 99(397), 569-596. https://doi.org/10.2307/2233763
Dreher, A., & Gassebner, M. (2013). Greasing the wheels? The impact of regulations and corruption on firm entry. Public Choice, 155(3), 413-432. https://doi.org/10.1007/s11127-011-9871-2
Ericson, R., & Pakes, A. (1995). Markov-perfect industry dynamics: A framework for empirical work. The Review of Economic Studies, 62(1), 53-82. https://doi.org/10.2307/2297841
Estrin, S., & Mickiewicz, T. (2010). Entrepreneurship in Transition Economies: The Role of Institutions and Generational Change (No. 4805). Institute of Labor Economics (IZA).
Foelster, S. (2000). Do entrepreneurs create jobs?. Small Business Economics, 14(2), 137-148. https://doi.org/10.1023/A:1008141516160
Georgellis, Y., & Wall, H. J. (2000). What makes a region entrepreneurial? Evidence from Britain. The Annals of Regional Science, 34, 385–403. https://doi.org/10.1007/s001689900014
Glaeser, E. (2007). Entrepreneurship and the City (No. 13551). National Bureau of Economic Research, Inc.
Hoang Hong Hiep, Chau Ngoc Hoe, Hoang Thi Thu Huong, Vu Thai Hanh (2018). Tác động của đầu tư trực tiếp nước ngoài đến tăng trưởng kinh tế vùng Nam trung Bộ giai đoạn 2001-2016 [Impacts of foreign direct investment on economic growth in the South Central region in the period 2001-2016]. Journal of Economic Research, 6(481), 58-63.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The stata Journal, 7(3), 281-312.
Hopenhayn, H.(19 92). Entry, Exit and Firm Dynamics in Long Run Equilibrium. Econometrica, 60, 1127–1150. https://doi.org/10.2307/2951541
Jacobs, J. (1969). The economy of cities. Random House, New York.
Johnson, S., McMillan, J., & Woodruff, C. (2002). Courts and relational contracts. Journal of Law, Economics, and Organization, 18(1), 221-277. https://doi.org/10.1093/jleo/18.1.221
Jovanovic, B. (1982). Selection and the Evolution of Industry. Econometrica, 50(3), 649-670.. https://doi.org/10.2307/1912606
Klepper, S. (1996). Entry, Exit, Growth, and Innovation over the Product Life Cycle. American Economic Review, 86(3), 562-83. https://www.jstor.org/stable/2118212.
Kshetri, N., & Dholakia, N. (2011). Regulative institutions supporting entrepreneurship in emerging economies: A comparison of China and India. Journal of International Entrepreneurship, 9(2), 110-132. https://doi.org/10.1007/s10843-010-0070-x
Lambson, V. E. (1991). Industry evolution with sunk costs and uncertain market conditions. International Journal of Industrial Organization, 9(2), 171-196. https://doi.org/10.1016/S0167-7187(05)80001-3
Le Tai Thu (2021). Sử dụng mô hình VAR phân tích ảnh hưởng của nguồn vốn FDI đến tăng trưởng kinh tế Việt Nam [Using VAR modeling to analyze the impact of FDI on Vietnam's economic growth]. Journal of Industry and Trade, 8, 50-55.
Li, H., Yang, Z., Yao, X., Zhang, H., & Zhang, J. (2012). Entrepreneurship, private economy and growth: Evidence from China. China Economic Review, 23(4), 948-961. https://doi.org/10.1016/j.chieco.2012.04.015
Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7
Romer, P. M. (1989). Increasing Returns and New Developments in the Theory of Growth (No. 3098). National Bureau of Economic Research, Inc.
Romer, P. M. (1994). The origins of endogenous growth. Journal of Economic Perspectives, 8(1), 3-22. DOI: 10.1257/jep.8.1.3
Santarelli, E., & Tran, H. T. (2012). Growth of Incumbent Firms and Entrepreneurship in V ietnam. Growth and Change, 43(4), 638-666. https://doi.org/10.1111/j.1468-2257.2012.00601.x
Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship, Available at SSRN: https://ssrn.com/abstract=1496199
Stel, A. V., Carree, M., & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. Small Business Economics, 24, 311-321. https://doi.org/10.1007/s11187-005-1996-6
Zelekha, Y., Avnimelech, G., & Sharabi, E. (2014). Religious institutions and entrepreneurship. Small business Economics, 42, 747-767.
Djankov, S., Qian, Y., Roland, G., & Zhuravskaya, E. (2006). Entrepreneurship in China and Russia compared. Journal of the European Economic Association, 4(2-3), 352-365. https://doi.org/10.1162/jeea.2006.4.2-3.352
Lee, S. Y., Florida, R., & Acs, Z. (2004). Creativity and entrepreneurship: A regional analysis of new firm formation. Regional Studies, 38(8), 879-891. https://doi.org/10.1080/0034340042000280910
Acs, Z. J., & Varga, A. (2005). Entrepreneurship, agglomeration and technological change. Small Business Economics, 24(3), 323-334. https://doi.org/10.1007/s11187-005-1998-4
Acs, Z., & Armington, C. (2004). Employment growth and entrepreneurial activity in cities. Regional Studies, 38(8), 911-927. https://doi.org/10.1080/0034340042000280938
Aghion, P., & Howitt, P. (1997). Endogenous Growth Theory (Vol. 1). The MIT Press.
Aidis, R., Estrin, S., & Mickiewicz, T. (2008). Institutions and entrepreneurship development in Russia: A comparative perspective. Journal of Business Venturing, 23(6), 656-672. https://doi.org/10.1016/j.jbusvent.2008.01.005
Anokhin, S., & Schulze, W. S. (2009). Entrepreneurship, innovation, and corruption. Journal of Business Venturing, 24(5), 465-476. https://doi.org/10.1016/j.jbusvent.2008.06.001
Audretsch, D. B. (1995). Innovation, growth and survival. International Journal of Industrial Organization, 13(4), 441-457. https://doi.org/10.1016/0167-7187(95)00499-8
Audretsch, D. B., & Feldman, M. P. (1996). R&D spillovers and the geography of innovation and production. The American Economic Review, 86(3), 630-640. https://www.jstor.org/stable/2118216
Audretsch, D. B., & Keilbach, M. (2004). Entrepreneurship and regional growth: an evolutionary interpretation. Journal of Evolutionary Economics, 14, 605-616. https://doi.org/10.1007/s00191-004-0228-6.
Audretsch, D. B., & Stephan, P. E. (1996). Company-scientist locational links: The case of biotechnology. The American Economic Review, 86(3), 641-652. https://www.jstor.org/stable/2118217
Audretsch, D. B., Keilbach, M. C., & Lehmann, E. E. (2006). Entrepreneurship and economic growth. Oxford University Press.
Barro, R. J. (1991). Economic growth in a cross section of countries. The Quarterly Journal of Economics, 106(2), 407-443. https://doi.org/10.2307/2937943
Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647. doi:10.2307/2082979
Berkowitz, D., & DeJong, D. N. (2005). Entrepreneurship and post‐socialist growth. Oxford Bulletin of Economics and Statistics, 67(1), 25-46. https://doi.org/10.1111/j.1468-0084.2005.00108.x
Beugelsdijk, S., & Noorderhaven, N. (2004). Entrepreneurial attitude and economic growth: A cross-section of 54 regions. The Annals of Regional Science, 38(2), 199–218. https://doi.org/10.1007/s00168-004-0192-y
Bjørnskov, C., & Foss, N. J. (2008). Economic freedom and entrepreneurial activity: Some cross-country evidence. Public Choice, 134(3), 307-328. https://doi.org/10.1007/s11127-007-9229-y
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
Carree, M., Van Stel, A. V., Thurik, R., & Wennekers, S. (2002). Economic development and business ownership: An analysis using data of 23 OECD countries in the period 1976–1996. Small Business Economics, 19, 271–290.
Cohen, W. M., & Levinthal, D. A. (1989). Innovation and learning: the two faces of R & D. The Economic Journal, 99(397), 569-596. https://doi.org/10.2307/2233763
Dreher, A., & Gassebner, M. (2013). Greasing the wheels? The impact of regulations and corruption on firm entry. Public Choice, 155(3), 413-432. https://doi.org/10.1007/s11127-011-9871-2
Ericson, R., & Pakes, A. (1995). Markov-perfect industry dynamics: A framework for empirical work. The Review of Economic Studies, 62(1), 53-82. https://doi.org/10.2307/2297841
Estrin, S., & Mickiewicz, T. (2010). Entrepreneurship in Transition Economies: The Role of Institutions and Generational Change (No. 4805). Institute of Labor Economics (IZA).
Foelster, S. (2000). Do entrepreneurs create jobs?. Small Business Economics, 14(2), 137-148. https://doi.org/10.1023/A:1008141516160
Georgellis, Y., & Wall, H. J. (2000). What makes a region entrepreneurial? Evidence from Britain. The Annals of Regional Science, 34, 385–403. https://doi.org/10.1007/s001689900014
Glaeser, E. (2007). Entrepreneurship and the City (No. 13551). National Bureau of Economic Research, Inc.
Hoang Hong Hiep, Chau Ngoc Hoe, Hoang Thi Thu Huong, Vu Thai Hanh (2018). Tác động của đầu tư trực tiếp nước ngoài đến tăng trưởng kinh tế vùng Nam trung Bộ giai đoạn 2001-2016 [Impacts of foreign direct investment on economic growth in the South Central region in the period 2001-2016]. Journal of Economic Research, 6(481), 58-63.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The stata Journal, 7(3), 281-312.
Hopenhayn, H.(19 92). Entry, Exit and Firm Dynamics in Long Run Equilibrium. Econometrica, 60, 1127–1150. https://doi.org/10.2307/2951541
Jacobs, J. (1969). The economy of cities. Random House, New York.
Johnson, S., McMillan, J., & Woodruff, C. (2002). Courts and relational contracts. Journal of Law, Economics, and Organization, 18(1), 221-277. https://doi.org/10.1093/jleo/18.1.221
Jovanovic, B. (1982). Selection and the Evolution of Industry. Econometrica, 50(3), 649-670.. https://doi.org/10.2307/1912606
Klepper, S. (1996). Entry, Exit, Growth, and Innovation over the Product Life Cycle. American Economic Review, 86(3), 562-83. https://www.jstor.org/stable/2118212.
Kshetri, N., & Dholakia, N. (2011). Regulative institutions supporting entrepreneurship in emerging economies: A comparison of China and India. Journal of International Entrepreneurship, 9(2), 110-132. https://doi.org/10.1007/s10843-010-0070-x
Lambson, V. E. (1991). Industry evolution with sunk costs and uncertain market conditions. International Journal of Industrial Organization, 9(2), 171-196. https://doi.org/10.1016/S0167-7187(05)80001-3
Le Tai Thu (2021). Sử dụng mô hình VAR phân tích ảnh hưởng của nguồn vốn FDI đến tăng trưởng kinh tế Việt Nam [Using VAR modeling to analyze the impact of FDI on Vietnam's economic growth]. Journal of Industry and Trade, 8, 50-55.
Li, H., Yang, Z., Yao, X., Zhang, H., & Zhang, J. (2012). Entrepreneurship, private economy and growth: Evidence from China. China Economic Review, 23(4), 948-961. https://doi.org/10.1016/j.chieco.2012.04.015
Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7
Romer, P. M. (1989). Increasing Returns and New Developments in the Theory of Growth (No. 3098). National Bureau of Economic Research, Inc.
Romer, P. M. (1994). The origins of endogenous growth. Journal of Economic Perspectives, 8(1), 3-22. DOI: 10.1257/jep.8.1.3
Santarelli, E., & Tran, H. T. (2012). Growth of Incumbent Firms and Entrepreneurship in V ietnam. Growth and Change, 43(4), 638-666. https://doi.org/10.1111/j.1468-2257.2012.00601.x
Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship, Available at SSRN: https://ssrn.com/abstract=1496199
Stel, A. V., Carree, M., & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. Small Business Economics, 24, 311-321. https://doi.org/10.1007/s11187-005-1996-6
Zelekha, Y., Avnimelech, G., & Sharabi, E. (2014). Religious institutions and entrepreneurship. Small business Economics, 42, 747-767.
Djankov, S., Qian, Y., Roland, G., & Zhuravskaya, E. (2006). Entrepreneurship in China and Russia compared. Journal of the European Economic Association, 4(2-3), 352-365. https://doi.org/10.1162/jeea.2006.4.2-3.352
Lee, S. Y., Florida, R., & Acs, Z. (2004). Creativity and entrepreneurship: A regional analysis of new firm formation. Regional Studies, 38(8), 879-891. https://doi.org/10.1080/0034340042000280910
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