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Does democracy foster entrepreneurship?

Author

Listed:
  • Luca Farè

    (Université de Namur)

  • David B. Audretsch

    (Indiana University Bloomington)

  • Marcus Dejardin

    (Université de Namur
    Université Catholique de Louvain)

Abstract

Entrepreneurship has been connected to several socio-economic issues. However, despite the growing conjectures, the links with democracy have yet to be substantiated. By using a country-level panel dataset over the 1972–2010 period, we find evidence that democracy is conducive to entrepreneurship. We shed light on the intensity and multidimensionality of democracy by showing that the promotion of free social interchange and the direct involvement of civil society in political processes are two dimensions of democracy driving such effect. We additionally observe that entrepreneurship is sensitive to both contemporaneous and historical values of democracy. By providing the first systematic empirical evidence that entrepreneurship and democracy are directly connected, this study suggests to consider their ongoing concomitant retreats as two related phenomena.

Suggested Citation

  • Luca Farè & David B. Audretsch & Marcus Dejardin, 2023. "Does democracy foster entrepreneurship?," Small Business Economics, Springer, vol. 61(4), pages 1461-1495, December.
    • Handle: RePEc:kap:sbusec:v:61:y:2023:i:4:d:10.1007_s11187-023-00737-7
    DOI: 10.1007/s11187-023-00737-7
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    8. Boudreaux, Christopher & Caudill, Steven, 2019. "Entrepreneurship, Institutions, and Economic Growth: Does the Level of Development Matter?," MPRA Paper 94244, University Library of Munich, Germany.
    9. Aparicio, Sebastian & Audretsch, David & Urbano, David, 2021. "Why is export-oriented entrepreneurship more prevalent in some countries than others? Contextual antecedents and economic consequences," Journal of World Business, Elsevier, vol. 56(3).
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    More about this item

    Keywords

    Entrepreneurship; Democracy; Knowledge; Freedom; Institutional trust;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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