Role of Financial Development on Entrepreneurship in the Emerging Market Economies

Year 2016, Volume: 11 Issue: 3, 131 - 152, 18.12.2016

Muhsin Kar Şerife Özşahin

https://doi.org/10.17153/oguiibf.272723

Cited By: 4

Abstract

This paper examines the role of financial development on entrepreneurship by employing panel data estimation methods for 17 emerging markets economies over the period 2004-2009. The financial development indicators, the impact of institutional factors and economic conditions on entrepreneurship will be empirically investigated in the analysis. In order to determine the linkages among the variables, two different measures for financial development and three institutional factors will be utilized in the analysis. Empirical findings indicate that while financial development and per capita income level have significantly and positively affected on entrepreneurship as theoretically expected, inflation rate has had negatively and significantly influencing entrepreneurship. Additionally, the effects of control of corruption and political stability, as institutional factors, on entrepreneurship are positive but insignificant.

Keywords

Entrepreneurship, Financial Development, Panel Data Analysis, Emerging Markets

Yükselen Piyasa Ekonomilerinde Finansal Gelişmenin Girişimcilik Üzerindeki Rolü

Abstract

Bu makale 17 yükselen piyasa ekonomisinde 2004-2009 dönemi için finansal gelişmenin girişimcilik üzerindeki rolünü panel veri tahmin metotlarını kullanarak incelemektedir. Bu amaçla, finansal gelişme göstergeleri, kurumsal faktörler ve ekonomik koşulların girişimcilik üzerine etkisi ampirik olarak araştırılacaktır. Değişkenler arasındaki bağlantıları belirlemek için, iki farklı finansal gelişme ölçütü ve üç kurumsal faktör analizlere dahil edilmiştir. Ampirik bulgular, finansal gelişme ile kişi başına gelirin girişimcilik üzerindeki etkisinin, teorik beklentilerle uyumlu bir şekilde, pozitif ve istatiksel olarak anlamlı olduğunu, enflasyonun ise negatif ve istatistiksel olarak anlamlı etkisinin bulunduğunu göstermektedir. Ayrıca kurumsal faktör olarak, yolsuzluğun kontrol edilmesi ve siyasal istikrarın girişimcilik üzerine etkisi pozitif fakat anlamsızdır.

Keywords

Girişimcilik, finansal gelişme, Panel Veri Analizi, Yükselen Piyasalar

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