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An inquiry into the drivers of an entrepreneurial economy: A Bayesian clustering approach

Author

Listed:
  • Maximo Camacho

    (University of Murcia)

  • Emilio Congregado

    (University of Huelva)

  • Ana Rodriguez-Santiago

    (University of Huelva)

Abstract

Understanding the worldwide drivers of qualified entrepreneurship is a key issue in economic policy design. To help policy decisions exert their intended impact, we aim to cluster a wide range of countries on the basis of their levels and trends in self-employment productivity using a finite mixture model applied to a new large dataset of 121 countries covering the period of 1991–2019. Our results point to three groups of high-, medium-, and low-productive means and tendencies, the geographical distribution of which suggests that they can be reinterpreted using the three stages of economic development, namely, innovation-, efficiency-, and factor-driven economies. Notably, we find that widespread digitalization and low unemployment enhance the probability of transitioning into a highly productive cluster. However, we failed to find that industry weight or employment protection legislation strictness serve as determinants in the transition between groups. Suggestive rationales for these results and implications for the entrepreneurship policy agenda are also provided.

Suggested Citation

  • Maximo Camacho & Emilio Congregado & Ana Rodriguez-Santiago, 2024. "An inquiry into the drivers of an entrepreneurial economy: A Bayesian clustering approach," Journal of Evolutionary Economics, Springer, vol. 34(4), pages 991-1012, December.
    • Handle: RePEc:spr:joevec:v:34:y:2024:i:4:d:10.1007_s00191-024-00863-9
    DOI: 10.1007/s00191-024-00863-9
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    More about this item

    Keywords

    Entrepreneurship; Productive self-employment; Model-based clustering; Finite mixture models; Cross-country analysis; Transition probabilities;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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